Nano Dimension Ltd. (“Nano Dimension”, “Nano”, or the “Company”), a leader in digital manufacturing solutions, announced financial results for the fourth quarter and full year ended December 31, 2025.
The consolidated results incorporate the financial position and performance of Markforged Holding Corporation (“Markforged”) from the acquisition date of April 25, 2025. Desktop Metal, Inc. (“Desktop Metal”) was acquired by the Company on April 2, 2025. The results of Desktop Metal from April 2, 2025 through July 28, 2025 as well as impairment charges related to the Desktop Metal assets and the costs associated with the bankruptcy and deconsolidation are included in Discontinued Operations on the Consolidated Statement of Operations.
Fourth Quarter 2025 Results:
- Revenue: $35.3 million, a 142.4% increase from $14.6 million year-over-year
- Gross Margin (“GM”): 37.7%, up from 32.9% year-over-year
- Adjusted Gross Margin (“Adjusted GM”): 49.7%, up from 36.3% year-over-year
- Adjusted EBITDA loss: $9.8 million, down from a loss of $18.9 million year-over-year
- Net Loss from Continuing Operations: $33.9 million, up from a loss of $9.3 million year-over-year
- Total cash, cash equivalents, deposits and marketable equity securities: $459.6 million as of December 31, 2025, down from $515.5 million as of September 30, 2025. This change of approximately $55.9 million includes $19.8 million of cash used for share repurchases during the quarter and $24.4 million related to changes in the fair value of marketable equity securities.
Full Year 2025 Results:
- Revenue: $102.4 million, a 77.3% increase from $57.8 million year-over-year
- GM: 33.5%, down from 43.1% year-over-year
- Adjusted GM: 46.9%, up from 45.4% year-over-year
- Adjusted EBITDA loss: $53.2 million, down from a loss of $63.6 million year-over-year
- Net Loss from Continuing Operations: $100.4 million, up from a loss of $99.9 million year-over-year
More information, including a reconciliation of Adjusted EBITDA and Adjusted Gross Margin to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”
David Stehlin, Chief Executive Officer, commented, “We delivered a strong finish to 2025, exceeding our fourth-quarter top and bottom line financial guidance. As we move through 2026, we are building on this momentum by continuing to drive operational discipline, reduce our cost structure and lower cash burn across the business. Our focus remains on executing these actions to create value for our shareholders.”
Recent Developments
- Operating Discipline and Cost Savings: During 2025, the Company made meaningful progress driving cost savings by streamlining operations and focusing resources on priority industry segments and products. Non-GAAP operating expenses* declined sequentially in the fourth quarter to $27.3 million, representing a reduction of more than 16% relative to the previously identified baseline of approximately $32.5 million, which reflects second quarter 2025 operating expenses adjusted to include a full quarter of Markforged. This reduction highlights the substantial execution of the Company’s previously announced cost reduction initiatives, with the full benefits expected to be realized in early 2026. The Company continues to evaluate additional opportunities to enhance operational performance and believes these initiatives position it to drive improved operating leverage over time.
- Re-domestication and U.S. Reporting Transition: Effective January 1, 2026, Nano Dimension began reporting as a U.S. domestic issuer. The Company filed its Form 10-K today and anticipates completing the re-domestication process in the first half of 2026, subject to customary approvals. This transition aligns the Company’s reporting and governance framework with U.S. market standards while enhancing transparency for shareholders.
- Share Repurchases and Capital Allocation: During 2025, the Company remained disciplined in capital allocation while preserving balance sheet strength and strategic flexibility. In the fourth quarter, the Company repurchased approximately 10.9 million shares for approximately $19.2 million under its existing $150 million authorization. Given the ongoing strategic alternatives review process, the Board is carefully evaluating capital deployment priorities and will not be providing forward-looking updates regarding repurchase activity at this time.
- Strategic Alternatives Review: The Board, with the support of Guggenheim Securities, LLC and Houlihan Lokey, has conducted a thorough and disciplined review of strategic alternatives, evaluating product lines, core technologies, market dynamics and competitive positioning. The Company has made meaningful progress, including reducing losses and improving its product portfolio, while recognizing that a gap remains to achieving sustained profitability. Nano Dimension expects to announce a series of actions in the second quarter of 2026 to clearly define its path forward to maximizing shareholder value.
* More information, including a reconciliation of non-GAAP operating expenses to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”
2026 Financial Guidance
Following improved visibility exiting 2025 and continued integration of Markforged, the Company is implementing annual financial guidance beginning in 2026 to better reflect the mix of recurring revenue and larger strategic orders that can create quarterly variability.
For the full year 2026, the Company anticipates revenue in the range of $130 million to $140 million, non-GAAP gross margin of 46% to 48%, non-GAAP operating expenses of $106 million to $111 million and Adjusted EBITDA loss in the range of $40 million to $50 million.
Non-GAAP gross margin, non-GAAP operating expenses and Adjusted EBITDA represent non-GAAP financial measures. Additional information can be found below in this press release under “Non-GAAP Financial Measures.”
