Nano Dimension Announces Financial Results for Q3 2025

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Nano Dimension Ltd., a leader in digital manufacturing solutions, announced financial results for the third quarter ended September 30, 2025.

The consolidated results incorporate the financial position and performance of Markforged Holding Corporation from the acquisition date of April 25, 2025. Desktop Metal, Inc. 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 Condensed Consolidated Statement of Operations.

Third Quarter 2025 Results:

• Revenue: $26.9 million, a 81% increase from $14.9 million year-over-year
• Gross Margin (“GM”): 30.3%, down from 48.0% year-over-year
• Adjusted Gross Margin (“Adjusted GM”): 47.4%, down from 50.0% year-over-year
• Adjusted EBITDA loss: $16.6 million, from a loss of $15.3 million year-over-year
• Net Loss from Continuing Operations: $29.5 million, up from a loss of $9.9 million year-over-year
• Total Cash, cash equivalents, deposits and investable securities: $515.5 million as of September 30, 2025, down from $551.0 million as of June 30, 2025

Year-to-date 2025 Results:

• Revenue: $67.1 million, a 55.4% increase from $43.2 million year-over-year
• Gross Margin (“GM”): 31.3%, down from 46.5% year-over-year
• Adjusted Gross Margin (“Adjusted GM”): 45.5%, down from 48.4% year-over-year
• Adjusted EBITDA loss: $43.3 million, from a loss of $44.7 million year-over-year
• Net Loss from Continuing Operations: $66.4 million, down from a loss of $90.5 million year-over-year

David Stehlin, Chief Executive Officer, commented, "Since becoming CEO in September, I committed to transforming Nano Dimension with speed, discipline and greater transparency, and that is exactly what we are accomplishing. In the third quarter and accelerating into the fourth, we are achieving measurable reductions in operating expenses, deepening customer relationships, expanding our customer base and delivering revenue growth. We believe that our stock is significantly undervalued and have recently repurchased more than 10 million shares. For the first time in the Company's recent history, we are providing financial guidance. We are beginning to realize the benefits of a laser focused approach to improving operations and driving results, all while enhancing our position with critical customers. Nano Dimension is making meaningful improvements on all fronts."

Recent Developments

Acceleration of Cost Reduction Initiatives: The Company expects total savings of approximately 10% to 15%, based on second quarter reported results adjusted to reflect a full quarter of Markforged, resulting in a non-GAAP operating expense from continuing operations baseline of roughly $32.5 million. In the third quarter, non-GAAP operating expenses were already about 10% below this baseline, and the Company expects to realize the full run rate savings in early 2026.

Leadership Change: John Brenton was appointed Chief Financial Officer, effective November 1, 2025. John's disciplined approach and operational depth will be instrumental in accelerating the execution of our cost reduction initiatives.

Issued Financial Guidance: For the first time in recent history, the Company provided non-GAAP financial guidance for the fourth quarter of 2025, including revenue of $31.5 million to $33.5 million, gross margin of 47% to 48.5%, operating expenses of $28 million to $29 million, and adjusted EBITDA loss of $12 million to $14 million.

Share Repurchases: The Company has repurchased approximately 10.1 million shares year to date for approximately $17.1 million. This includes $5.6 million, or 3.5 million shares, repurchased during the third quarter and $11.5 million, or 6.6 million shares, repurchased subsequent to quarter-end.

Strategic Alternative Review: As previously announced in September, the Board, with the support of Guggenheim Securities, LLC and Houlihan Lokey, is conducting a structured, data driven evaluation of all alternatives. The process is active and rigorous, and remains aligned with the Company's objectives to maximize shareholder value and unlock the potential of its technology, assets, and operations. While no timeline has been set for completing the review, the Board remains engaged, and the Company is committed to providing updates when there is something definitive to report.

2025 Financial Guidance

The following fourth quarter 2025 estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of November 19, 2025. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the “forward-looking statements” included in this press release when considering this information.

For the fourth quarter of 2025, the Company anticipates revenue in the range of $31.5 million to $33.5 million, non-GAAP gross margin of 47% to 48.5%, non-GAAP operating expenses of $28 million to $29 million, and Adjusted EBITDA loss in the range of $12 million to $14 million.

Financial Results

Financial results for the third quarter ended September 30, 2025

Total revenues for the third quarter of 2025 were $26.9 million, compared to $14.9 million in the third quarter of 2024. $17.5 million of revenues increase is attributed from the acquisition of Markforged, which was partially offset by lower revenues from the European business as tariffs are still impacting sales.

Total cost of revenues for the third quarter of 2025 was $18.7 million, compared to $7.7 million in the third quarter of 2024. $13.1 million of the increase is attributed to the consolidation of Markforged, including $4.2 million for the impact of inventory step-up amortization and intangible asset amortization from purchase accounting.

Research and development (“R&D”) expenses for the third quarter of 2025 were $8.5 million, compared to $10.0 million in the third quarter of 2024. The decrease is mainly attributed to a decrease in legacy payroll and related expenses, subcontractors and professional services. These decreases were partially offset by the acquisition of Markforged, which increased expenses $3.8 million.

Sales and marketing (“S&M”) expenses for the third quarter of 2025 were $10.1 million, compared to $7.1 million in the third quarter of 2024. The increase is mainly attributed to the acquisition of Markforged which added $6.6 million, partially offset by a decrease in legacy payroll and related expenses, largely associated with organizational synergies.

General and administrative (“G&A”) expenses for the third quarter of 2025 were $14.2 million, compared to $10.6 million in the third quarter of 2024. The increase is due to the acquisition of Markforged, which added $7.1 million, partially offset by a decrease in legacy payroll related costs.

During the third quarter of 2025 restructuring expenses of $2.0 million, $0.7 million of Desktop Litigation expenses, and $5.7 million of impairment losses were incurred. The impairment losses were due to a partial impairment of the Company's lease at 60 Tower Road, Waltham, MA.

Net loss attributable to owners of the Company from continuing operations in the third quarter of 2025 was $29.5 million, or a loss of $0.13 per share, compared to net loss of $9.6 million, or a loss of $0.04 per share, in the third quarter of 2024. The increase is primarily due to the integration of Markforged in 2025, including partial impairment of the Company's 60 Tower lease, and restructuring costs.

Desktop Metal was deconsolidated in the third quarter of 2025 following the Chapter 11 bankruptcy filing. This led to the consolidation of losses from discontinued operations during the period of $10.6 million and a loss from deconsolidation of $12.9 million.

Financial results for the nine months ended September 30, 2025

Total revenues for the nine months ended September 30, 2025, were $67.1 million, compared to $43.2 million in the nine months ended September 30, 2024. $33.6 million of revenues increase is attributed from the acquisition of Markforged, which was partially offset by lower revenues from the European business as tariffs are still impacting sales.

Total cost of revenues for the nine months ended September 30, 2025, were $46.1 million, compared to $23.1 million in the nine months ended September 30, 2024. $25.8 million of the increase is attributed to the consolidation of Markforged, including $8.4 million for the impact of inventory step-up amortization and intangible asset amortization from purchase accounting.

R&D expenses for the nine months ended September 30, 2025, were $22.6 million, compared to $30.1 million in the nine month ended September 30, 2024. The decrease is attributed mostly to a decrease in legacy payroll and related expenses, subcontractors and professional services, and materials, largely associated with organizational synergies. These decreases were partially offset by the acquisition of Markforged, which increased expenses by $7.0 million.

S&M expenses for the nine months ended September 30, 2025, were $25.6 million, compared to $21.2 million in the nine months ended September 30, 2024. The increase is mainly attributed to the acquisition of Markforged which added $11.8 million, partially offset by a decrease in legacy payroll and related expenses, largely associated with organizational synergies.

G&A expenses for the nine months ended September 30, 2025, were $42.0 million, compared to $31.2 million in the nine months ended September 30, 2024. The increase is due to the acquisition of Markforged, which added $12.2 million.

During the nine months ended September 30, 2025, restructuring expenses of $5.4 million, $32.0 million of Desktop Litigation expenses, and $8.4 million of impairment losses were incurred. The impairment losses were due to a partial impairment of the Company's 60 Tower lease and the partial impairment of the Company’s former Israel headquarters.

Net loss attributable to owners of the Company from continuing operations in the nine months ended September 30, 2025 was $66.1 million, or a loss of $0.30 per share, compared to net loss of $89.8 million, or a loss of $0.41 per share, in the third quarter of 2024. The net loss improvement is due to the change in Stratasys share price during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This was partially offset by an increase in operating expenses in the nine months ended September 30, 2025, which includes the consolidation of Markforged, transaction and legal expenses for the Markforged and Desktop Metal acquisitions, restructuring costs, and impairment losses.

Full impairment of the Desktop Metal asset group of $139.4 million was recorded in the second quarter and is included in Discontinued Operations. Desktop Metal was deconsolidated in the third quarter of 2025 following the Chapter 11 bankruptcy filing. In addition to the impairment of the Desktop Metal asset group, losses from discontinued operations during the period were $41.0 million and a loss on deconsolidation of $12.9 million.