Nano Dimension Reports First Quarter 2025 Financial Results
- Revenue growth of 8% year-over-year to $14.4 million
- Net loss improved by 31% to $24.0 million compared to previous year
- Adjusted EBITDA loss improved by 33% to $9.0 million
- Implementation of $20 million in annualized cost savings through strategic restructuring
- Strong cash position of $840 million as of March 31, 2025
- Strategic acquisitions of Desktop Metal and Markforged completed in April 2025
- Gross margin declined to 41% from 46% year-over-year
- Cash position decreased by $67 million from $907M to $840M year-over-year
- Desktop Metal facing liabilities and liquidity issues requiring strategic assessment
- Discontinuation of multiple product lines including Admatec, DeepCube, Fabrica, and Formatec
- Significant expenses ($30.8M) related to Desktop Metal litigation
Insights
NNDM shows modest 8% revenue growth amid major transformation efforts, reducing losses while integrating recent acquisitions.
Nano Dimension's Q1 2025 results present a mixed picture with some positive signals amid ongoing transformation efforts. The company achieved
The company's margins are facing pressure, with gross margin declining to
On a more positive note, NNDM has made substantial progress in reducing losses. Adjusted EBITDA loss improved by
NNDM's financial position remains exceptionally strong with
Most notable is the comment about Desktop Metal initiating an "independent strategic assessment to address liabilities and liquidity issues." This suggests NNDM may have acquired a company with significant financial challenges, which could create integration risks and potential write-downs in future quarters. The Markforged acquisition appears to be progressing more smoothly with integration "underway."
The
Core Business Revenue of
Conference Call Today at 4:30 PM EDT
WALTHAM, Mass., June 12, 2025 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension” or the “Company”), a leader in Digital Manufacturing solutions, today announced its financial results for the first quarter ended March 31, 2025.
The following information does not reflect the results or impact of Desktop Metal, Inc. (“Desktop Metal”) or Markforged Holding Corporation (“Markforged”) unless stated otherwise, as transactions concerning these companies were completed after the conclusion of the first quarter.
First Quarter 2025 Highlights
- Revenue:
$14.4 million , an8% increase from$13.4 million year-over-year - Gross Margin (“GM”):
41% , down from46% year-over-year - Adjusted Gross Margin (“Adjusted GM”):
44% , down from50% year-over-year - Adjusted EBITDA loss:
$9.0 million , down from a loss of$13.6 million or33% improved year-over-year - Net Loss:
$24.0 million , down from a loss of$35.0 million or31% improved year-over-year - Total Cash, cash equivalents, deposits and investable securities:
$840 million as of March 31, 2025, down from$907 million year-over-year
Details regarding Adjusted EBITDA and Adjusted Gross Margin can be found below in this press release under “Non-IFRS Measures.”
Ofir Baharav, Chief Executive Officer, commented, “In spite of the challenging economic environment, we were able to grow revenue while meeting our cost cutting commitments. Our transformation is well underway as we focused the Core business on the most impactful, high-performance customer solutions, and applied a disciplined operating model to drive efficiency and long-term value creation. We took action designed to realize more than
“Since our Markforged acquisition in April 2025, we’ve been applying the same rigorous approach to ensure their alignment with our financial and operational standards and we are well on our way to realize operational synergies, along with product and customer focus.
“This is a pivotal time for Nano Dimension. We remain focused on building a scalable, profitable platform, and will continue updating shareholders, including in regard to Desktop Metal’s ongoing strategic assessment.”
Business Transformation & Recent Developments
- Core Business Strategic Review: Delivered
$20 million in annualized cost savings from Q4 2025 onwards through:- Discontinuation of underperforming product lines including Admatec, DeepCube, Fabrica, and Formatec.
- Targeted headcount reductions and process optimization while preserving investment in high-growth areas.
- Desktop Metal Acquisition (Closed April 2, 2025):
- Desktop Metal has initiated an independent strategic assessment to address liabilities and liquidity issues.
- Markforged Acquisition (Closed April 25, 2025):
- Post-merger integration underway, following the same playbook applied to Core business.
- Operational Leveraging:
- Reviewing manufacturing footprint for optimization opportunities.
- Unifying software division to build a scalable platform and reduce backend costs.
- Product Innovation:
- Launched FOX Ultra and PUMA Ultra, next-gen SMT solutions from Essemtec.
- Corporate governance:
- Strengthening of board of directors with the addition of technology and growth experts Andy Sriubas and Eileen Tanghal (June 11, 2025)
Financial results in detail
First Quarter 2025 Financial Results
- Total revenues for the first quarter of 2025 were
$14.4 million , compared to$13.4 million in the first quarter of 2024. The increase is attributed mostly to increased sales efforts for Nano Dimension’s diversified product portfolio. - Total cost of revenues for the first quarter of 2025 was
$8.5 million , compared to$7.2 million in the first quarter of 2024. The increase is mainly attributed to the above-mentioned increase in revenues. - Research and development ("R&D") expenses for the first quarter of 2025 were
$5.0 million , compared to$9.1 million in the first quarter of 2024. The decrease is mainly attributed to a decrease in payroll and related expenses, share-based payments, subcontractor and professional fees and other R&D expenses. - Sales and marketing ("S&M") expenses for the first quarter of 2025 were
$5.5 million , compared to$6.5 million in the first quarter of 2024. The decrease is mainly attributed to payroll and related expenses, as well as share-based payments and other S&M expenses. - General and administrative ("G&A") expenses for the first quarter of 2025 were
$3.5 million , compared to$9.6 million in the first quarter of 2024. The decrease is mainly attributed to a decrease in share-based payments, professional services and payroll and related expenses. - Other expenses for the first quarter of 2025 were
$30.8 million , compared to other income, net of$109 thousand for the first quarter of 2024. In the first quarter of 2025 the amount is mainly attributed to Desktop Metal litigation related expenses. - Net loss attributable to owners for the first quarter of 2025 was
$23.8 million or$0.11 loss per share, compared to net loss of$34.8 million , or$0.15 loss per share, in the first quarter of 2024.
Conference Call Today
Nano Dimension will host a conference call to discuss its financial results and strategic outlook today, June 12, 2025, at 4:30 p.m. EDT.
Participants can also dial-in/connect by following the below:
- Listen in via US dial-in: 1-844-695-5517
- Listen via international dial-in: 1-412-902-6751
- Listen and view presentation via webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=uKTBW5Ak
For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.
About Nano Dimension
Driven by strong trends in onshoring, national security, and increasing product customization, Nano Dimension (Nasdaq: NNDM) delivers advanced Digital Manufacturing technologies to the defense, aerospace, automotive, electronics, and medical devices industries, enabling rapid deployment of high-mix, low-volume production with IP security and sustainable manufacturing practices.
For more information, please visit https://www.nano-di.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding Nano’s future growth, strategic plan and value to shareholders, and all other statements other than statements of historical fact that address activities, events or developments that Nano intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. These forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Because such statements deal with future events and are based on the current expectations of Nano, they are subject to various risks and uncertainties. The forward-looking statements contained or implied in this communication are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano’s annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on May 12, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this communication.
Contacts:
Investors: nano-di@icrinc.com
Media: NanoDimension@feintuchpr.com
| Unaudited Consolidated Statements of Financial Position as at (In thousands of USD) | |||||||||
| March 31, | December 31, | ||||||||
| 2024 | 2025 | 20241 | |||||||
| (Unaudited) | (Unaudited) | ||||||||
| Assets | |||||||||
| Cash and cash equivalents | 251,858 | 487,438 | 317,169 | ||||||
| Bank deposits | 541,164 | 257,227 | 440,790 | ||||||
| Restricted deposits | 60 | 60 | 537 | ||||||
| Trade receivables | 11,840 | 12,300 | 9,141 | ||||||
| Other receivables | 6,419 | 5,076 | 4,790 | ||||||
| Inventory | 19,698 | 16,832 | 16,899 | ||||||
| Total current assets | 831,039 | 778,933 | 789,326 | ||||||
| Restricted deposits | 879 | 766 | 768 | ||||||
| Investment in securities | 112,657 | 94,915 | 86,190 | ||||||
| Property plant and equipment, net | 16,078 | 13,057 | 14,143 | ||||||
| Right-of-use assets | 11,084 | 8,484 | 9,307 | ||||||
| Intangible assets | 2,235 | 2,076 | 2,155 | ||||||
| Total non-current assets | 142,933 | 119,298 | 112,563 | ||||||
| Total assets | 973,972 | 898,231 | 901,889 | ||||||
| Liabilities | |||||||||
| Trade payables | 4,123 | 30,685 | 4,249 | ||||||
| Other payables | 21,837 | 18,798 | 22,461 | ||||||
| Current portion of lease liability | 4,317 | 3,921 | 3,968 | ||||||
| Current portion of bank loan | 138 | 142 | 138 | ||||||
| Total current liabilities | 30,415 | 53,546 | 30,816 | ||||||
| Liability in respect of government grants | 1,989 | 873 | 843 | ||||||
| Employee benefits | 4,009 | 4,827 | 4,700 | ||||||
| Long term lease liability | 7,900 | 5,855 | 6,547 | ||||||
| Bank loan | 380 | 248 | 276 | ||||||
| Total non-current liabilities | 14,278 | 11,803 | 12,366 | ||||||
| Total liabilities | 44,693 | 65,349 | 43,182 | ||||||
| Equity | |||||||||
| Non-controlling interests | 857 | 491 | 715 | ||||||
| Share capital | 404,366 | 410,973 | 409,145 | ||||||
| Share premium and capital reserves | 1,298,973 | 1,300,382 | 1,304,617 | ||||||
| Treasury shares | (149,461 | ) | (167,651 | ) | (167,651 | ) | |||
| Foreign currency translation reserve | 1,249 | 1,625 | 1,044 | ||||||
| Remeasurement of net defined benefit liability (IAS 19) | (726 | ) | (2,062 | ) | (2,062 | ) | |||
| Accumulated loss | (625,979 | ) | (710,876 | ) | (687,101 | ) | |||
| Equity attributable to owners of the Company | 928,422 | 832,391 | 857,992 | ||||||
| Total equity | 929,279 | 832,882 | 858,707 | ||||||
| Total liabilities and equity | 973,972 | 898,231 | 901,889 | ||||||
___________________
1 The December 31, 2024, balances were derived from the Company’s audited annual financial statements
| Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income (In thousands of USD, except per share amounts) | |||||||||
| Three Months Ended March 31, | Year ended December 31, | ||||||||
| 2024 | 2025 | 2024 | |||||||
| Revenues | 13,364 | 14,401 | 57,775 | ||||||
| Cost of revenues | 7,142 | 8,392 | 31,125 | ||||||
| Cost of revenues - write-down of inventories and amortization of technology | 44 | 103 | 1,655 | ||||||
| Total cost of revenues | 7,186 | 8,495 | 32,780 | ||||||
| Gross profit | 6,178 | 5,906 | 24,995 | ||||||
| Research and development expenses | 9,133 | 4,977 | 37,157 | ||||||
| Sales and marketing expenses | 6,517 | 5,506 | 26,951 | ||||||
| General and administrative expenses | 9,602 | 3,472 | 40,059 | ||||||
| Other expenses (income), net | (109 | ) | 30,810 | 5,966 | |||||
| Impairment losses | — | 1,229 | 1,283 | ||||||
| Operating loss | (18,965 | ) | (40,088 | ) | (86,421 | ) | |||
| Finance income | 11,311 | 18,035 | 43,540 | ||||||
| Finance expenses | 27,324 | 1,935 | 53,645 | ||||||
| Loss before taxes on income | (34,978 | ) | (23,988 | ) | (96,526 | ) | |||
| Taxes (expenses) benefit | 16 | (23 | ) | (397 | ) | ||||
| Loss for the period | (34,962 | ) | (24,011 | ) | (96,923 | ) | |||
| Loss attributable to non-controlling interests | (190 | ) | (236 | ) | (1,029 | ) | |||
| Loss attributable to owners | (34,772 | ) | (23,775 | ) | (95,894 | ) | |||
| Loss per share | |||||||||
| Basic loss per share | (0.15 | ) | (0.11 | ) | (0.44 | ) | |||
| Other comprehensive income items that after initial recognition in comprehensive income were or will be transferred to profit or loss | |||||||||
| Foreign currency translation differences for foreign operations | (1,704 | ) | 593 | (1,944 | ) | ||||
| Other comprehensive income items that will not be transferred to profit or loss | |||||||||
| Remeasurement of net defined benefit liability (IAS 19), net of tax | (1,433 | ) | — | (2,769 | ) | ||||
| Total other comprehensive income (loss) for the period | (3,137 | ) | 593 | (4,713 | ) | ||||
| Total comprehensive loss for the period | (38,099 | ) | (23,418 | ) | (101,636 | ) | |||
| Comprehensive loss attributable to non-controlling interests | (214 | ) | (224 | ) | (1,088 | ) | |||
| Comprehensive loss attributable to owners of the Company | (37,885 | ) | (23,194 | ) | (100,548 | ) | |||
| Consolidated Statements of Changes in Equity (Unaudited) (In thousands of USD) | |||||||||||||||||||||||||
| Share capital | Share premium and capital reserves | Remeasurement of IAS 19 | Treasury shares | Foreign currency reserve | Accumulated loss | Total | Non- controlling interests | Total equity | |||||||||||||||||
| Balance as of December 31, 2024 | 409,145 | 1,304,617 | (2,062 | ) | (167,651 | ) | 1,044 | (687,101 | ) | 857,992 | 715 | 858,707 | |||||||||||||
| Loss for the period | — | — | — | — | — | (23,775 | ) | (23,775 | ) | (236 | ) | (24,011 | ) | ||||||||||||
| Other comprehensive income for the period | — | — | — | — | 581 | — | 581 | 12 | 593 | ||||||||||||||||
| Exercise of warrants, options and vesting of RSUs | 1,828 | (1,828 | ) | — | — | — | — | — | — | — | |||||||||||||||
| Share-based payments | — | (2,407 | ) | — | — | — | — | (2,407 | ) | — | (2,407 | ) | |||||||||||||
| Balance as of March 31, 2025 | 410,973 | 1,300,382 | (2,062 | ) | (167,651 | ) | 1,625 | (710,876 | ) | 832,391 | 491 | 832,882 | |||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) (In thousands of USD) | |||||||||
| Three Months Ended March 31, | Year ended December 31 | ||||||||
| 2024 | 2025 | 2024 | |||||||
| Cash flow from operating activities: | |||||||||
| Net loss | (34,962 | ) | (24,011 | ) | (96,923 | ) | |||
| Adjustments: | |||||||||
| Depreciation and amortization | 2,066 | 1,500 | 6,675 | ||||||
| Impairment losses | — | 1,229 | 1,283 | ||||||
| Financing income, net | (9,798 | ) | (7,383 | ) | (42,183 | ) | |||
| Loss (gain) from revaluation of financial assets and liabilities accounted at fair value | 25,811 | (8,717 | ) | 52,288 | |||||
| Share-based payments | 3,460 | (2,407 | ) | 13,883 | |||||
| Other | 43 | (32 | ) | 217 | |||||
| 21,582 | (15,810 | ) | 32,163 | ||||||
| Changes in assets and liabilities: | |||||||||
| Decrease (increase) in inventory | (2,287 | ) | 340 | 387 | |||||
| Decrease (increase) in other receivables | 4,589 | (371 | ) | 6,078 | |||||
| Decrease (increase) in trade receivables | 313 | (2,881 | ) | 2,950 | |||||
| Decrease in other payables | (1,917 | ) | (4,026 | ) | (1,150 | ) | |||
| Increase (decrease) in employee benefits | 51 | 38 | (562 | ) | |||||
| Increase (decrease) in trade payables | (345 | ) | 26,362 | 47 | |||||
| 404 | 19,462 | 7,750 | |||||||
| Net cash used in operating activities | (12,976 | ) | (20,359 | ) | (57,010 | ) | |||
| Cash flow from investing activities: | |||||||||
| Change in bank deposits | (6,594 | ) | 177,395 | 100,530 | |||||
| Interest received | 17,154 | 14,010 | 42,806 | ||||||
| Change in restricted bank deposits | (11 | ) | 474 | (377 | ) | ||||
| Acquisition of property plant and equipment | (776 | ) | (295 | ) | (2,196 | ) | |||
| Acquisition of intangible asset | (711 | ) | — | (711 | ) | ||||
| Net cash from investing activities | 9,062 | 191,584 | 140,052 | ||||||
| Cash flow from financing activities: | |||||||||
| Lease payments | (1,140 | ) | (1,082 | ) | (4,524 | ) | |||
| Repayment long-term bank debt | (73 | ) | (35 | ) | (180 | ) | |||
| Proceeds from non-controlling interests | — | — | 555 | ||||||
| Amounts recognized in respect of government grants liability | (36 | ) | (43 | ) | (180 | ) | |||
| Payments of share price protection recognized in business combination | (363 | ) | — | (363 | ) | ||||
| Repurchase of treasury shares | (51,565 | ) | — | (69,755 | ) | ||||
| Net cash used in financing activities | (53,177 | ) | (1,160 | ) | (74,447 | ) | |||
| Increase (decrease) in cash and cash equivalents | (57,091 | ) | 170,065 | 8,595 | |||||
| Cash and cash equivalents at beginning of the period | 309,571 | 317,169 | 309,571 | ||||||
| Effect of exchange rate fluctuations on cash | (622 | ) | 204 | (997 | ) | ||||
| Cash and cash equivalents at end of the period | 251,858 | 487,438 | 317,169 | ||||||
| Non-cash transactions: | |||||||||
| Property plant and equipment acquired on credit | 286 | 54 | 69 | ||||||
| Recognition of a right-of-use asset | 158 | 55 | 1,275 | ||||||
Non-IFRS Measures
The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:
| For the Three-Month Period Ended March 31, 2025 | |||
| In thousands of USD | |||
| Net loss | (24,011 | ) | |
| Tax expenses | 23 | ||
| Depreciation and amortization | 1,500 | ||
| Interest income | (9,309 | ) | |
| EBITDA (loss) | (31,797 | ) | |
| Finance income from revaluation of assets and liabilities | (8,396 | ) | |
| Exchange rate differences | 1,573 | ||
| Share-based payments | (2,407 | ) | |
| Desktop Metal litigation related expenses | 28,069 | ||
| Desktop Metal and Markforged transaction related expenses | 1,515 | ||
| Restructuring costs | 1,180 | ||
| Impairment losses | 1,229 | ||
| Adjusted EBITDA (loss) | (9,034 | ) | |
| Gross profit | 5,906 | ||
| Depreciation and amortization | 209 | ||
| Share-based payments | 190 | ||
| Adjusted gross profit | 6,305 | ||
EBITDA is a non-IFRS measure and is defined as earnings before interest income, income tax, depreciation and amortization. We believe that EBITDA, as described above, should be useful in evaluating the performance of our business. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively) and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is defined as earnings before interest income, income tax, depreciation and amortization, share-based payments, exchange rate differences, finance expenses (income) for revaluation of assets and liabilities, Desktop Metal litigation related expenses, Desktop Metal and Markforged transaction related expenses, restructuring costs and impairment losses. We believe that Adjusted EBITDA, as described above, should also be useful in evaluating the performance of our business. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payment payments, restructuring costs and impairment losses, and Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to non-cash items, such as expenses related to share-based payments.
Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be useful in evaluating the performance of our business. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company’s performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.
EBITDA and Adjusted EBITDA, and Adjusted gross profit can be useful in evaluating our performance by eliminating the effect of financing and non-cash expenses such as share-based payments, however, we may incur such expenses in the future, which could impact future results. In addition, other companies, including companies in our industry, may calculate non-GAAP metrics differently or not at all, which may reduce the usefulness of this measure as a tool for comparison
FAQ
What were Nano Dimension's (NNDM) Q1 2025 revenue and earnings?
How much cash does Nano Dimension (NNDM) have as of Q1 2025?
What cost-saving measures did NNDM implement in Q1 2025?
When did Nano Dimension acquire Desktop Metal and Markforged?
What is happening with Desktop Metal after NNDM's acquisition?
