Nano Dimension (NASDAQ:NNDM) executives said actions taken in the second half of 2025—streamlining operations, reducing cash burn, and narrowing strategic focus—helped the company exceed its fourth-quarter expectations and set the stage for 2026. On the company’s fourth-quarter and full-year 2025 earnings call, CEO David Stehlin and CFO John Brenton pointed to improving execution, stronger engagement with strategic customers, and continued cost discipline as key themes heading into the new year.
Strategic focus and market momentum
Stehlin said the company sharpened its focus around “forward-leaning industries” and technology areas with the “strongest long-term opportunities,” adding that Nano Dimension began providing financial guidance “for the first time in recent history” and exceeded its fourth-quarter expectations. He also said the company repurchased more than 14.4 million shares in the last three and a half months of 2025 because management believed the stock was undervalued.
Stehlin acknowledged challenges earlier in the year, noting that the second quarter was difficult and included “the subsequent bankruptcy of one of the two acquisitions completed during that period.” He said management responded in the second half by narrowing focus and strengthening its position in “production-oriented additive and digital manufacturing applications.”
Platform updates: defense, industrial additive, and electronics manufacturing
Stehlin highlighted momentum in the company’s composite and metal manufacturing platform, particularly in defense-related applications where customers require “secure, repeatable, and traceable production, not simply prototyping capability.” He said Nano Dimension expanded deployments of X7, FX10, and FX20 systems with defense programs and research institutions during 2025.
He added that in some cases FX20 platforms were incorporated into “field-deployed manufacturing systems supporting U.S. and allied operations in Europe,” enabling localized production of spare parts in constrained environments.
Stehlin also emphasized adoption of the FX10 platform, which he described as “the world’s first industrial system capable of producing both high-performance composite and metal parts within the same platform.” He said the dual-material capability is driving interest across aerospace, defense, and advanced industrial segments.
On partnerships, Stehlin said Nano Dimension expanded its partnership with Phillips Corporation to strengthen customer support and accelerate adoption of its industrial additive manufacturing platform across the Southeast United States, with an emphasis on access to hardware, materials, and the Eiger software platform, along with application engineering and faster technical support.
Stehlin also pointed to the SMT business as a “meaningful and growing contributor” in the fourth quarter and full year 2025. He said the unit expanded relationships with tier-one customers across regions, driven by applications tied to advanced communications, advanced electronics, automotive, and defense. He highlighted product innovation in jetting and dispensing technologies and referenced platforms including the FOX Ultra All-in-One and PUMA Ultra Systems. He also cited collaborations with Inventec, Performance Chemicals, and other fluidic developers aimed at enhancing high-speed solder paste jetting and dispensing capabilities.
Financial results: Q4 and full-year 2025
Brenton said all figures discussed were on a non-GAAP basis and reflected continuing operations. He noted the fourth quarter was the second full quarter of Markforged being included in consolidated results, while Desktop Metal was excluded from non-GAAP results as discontinued operations following its Chapter 11 filing and deconsolidation during the third quarter of 2025.
- Fourth-quarter revenue: $35.3 million, up about 142% year over year from $14.6 million. Brenton attributed the increase primarily to Markforged, which contributed $20.7 million. Excluding Markforged, standalone revenue was approximately $14.6 million, “in line with the prior year.”
- Sequential revenue growth: Up about 31% from $26.9 million in the third quarter, driven by improved customer engagement and stronger order activity, Brenton said.
- Gross profit and margin: $17.6 million with adjusted gross margin of about 49.7%, compared with $5.3 million and 36.3% in the prior year quarter. Brenton said the change was driven primarily by a prior-year one-time unfavorable inventory adjustment. Sequentially, gross profit increased about 38% from $12.7 million, with margin up about 230 basis points from 47.4%.
- Operating expenses: $27.3 million, up about 13% year over year due mainly to Markforged inclusion. Brenton said on a standalone basis Nano Dimension operating expenses declined about 42% year over year. Sequentially, operating expenses fell more than 6% from $29.2 million.
- Adjusted EBITDA: Loss of $9.8 million, improving from a loss of $18.9 million in the prior-year quarter and $16.6 million in the third quarter of 2025.
For full-year 2025, Brenton reported revenue of $102.4 million, up about 77% from $57.8 million in 2024, driven by Markforged’s $54.3 million contribution and adoption across key segments, partially offset by divestitures and “softer demand amid macroeconomic uncertainties, including tariffs.” Gross profit was $48.1 million with adjusted gross margin of about 46.9% versus $26.2 million and 45.4% a year earlier. Operating expenses were $101 million, up about 12% year over year, and adjusted EBITDA was a loss of $53.2 million versus a loss of $63.6 million in 2024.
On liquidity, Brenton said that as of Dec. 31, 2025, total cash equivalents, deposits, and marketable equity securities were approximately $459.6 million, down from about $515.5 million at the end of the prior quarter. He said the change included $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.
2026 outlook and corporate updates
Brenton provided annual guidance for 2026, citing the mix of recurring “book-and-ship activity” and larger strategic orders that can create quarterly variability. The company expects:
- Revenue: $130 million to $140 million
- Non-GAAP gross margin: 46% to 48%
- Non-GAAP operating expenses: $106 million to $111 million
- Adjusted EBITDA loss: $40 million to $50 million
Brenton said revenue is expected to be “modest in the first half” and ramp in the second half, with the first quarter typically the lightest and the fourth quarter the strongest.
Stehlin also provided updates on several corporate initiatives. On the strategic alternatives review announced last September, he said limited communications were intentional while the board and management conducted a “thorough and disciplined evaluation” with advisers Guggenheim Securities and Houlihan Lokey. He said the company expects to make “a series of announcements” in the second quarter that will “make clear our path forward to maximizing shareholder value.”
Stehlin said Nano Dimension began reporting as a U.S. domestic issuer as of Jan. 1, 2026, aligning reporting and governance with SEC rules and U.S. GAAP. He said the company anticipates completing its redomestication process in the first half of 2026, subject to customary approvals, and noted the shift shortened the Form 10-K filing timeline to 75 days. He also said the company filed its Form 10-K on the day of the call and disclosed a material weakness in internal control over financial reporting “primarily related to resource limitations impacting accounting for and disclosure of business combinations and related valuation analysis.” Stehlin said the company had not identified errors in previously issued financial statements, did not expect restatements, and believed its 2025 reporting results were materially correct.
Regarding capital allocation, Stehlin said Nano Dimension repurchased approximately 10.9 million shares for about $19.2 million in the fourth quarter, and more than 14.4 million shares for about $24.9 million when including earlier repurchases in late third quarter, under an existing authorization of up to $150 million. He said the board is evaluating capital deployment priorities during the strategic review and the company will not provide forward-looking updates on repurchases at this time.
Analyst questions focus on organic growth and buybacks
During the Q&A, Moshe Sarsadi of Merchant questioned management’s characterization of momentum, arguing that Markforged revenue appeared down compared to the same period in 2024 and that Nano Dimension standalone revenue was also down. He also challenged the company’s presentation of year-over-year revenue growth as potentially implying organic growth.
Management responded that the year-over-year comparison reflected consolidated results including Markforged versus a prior year that did not include the acquisition, and said the improvements discussed were driven by sequential growth in the fourth quarter versus the third quarter and continued improvement in key areas and product lines.
Sarsadi also questioned why the company was discontinuing share repurchases. Management said it believed there were better uses for cash that would become clearer in the second quarter, adding that repurchases had not been taken “off the table” but the company would not discuss them in advance.
About Nano Dimension (NASDAQ:NNDM)
Nano Dimension Ltd. (NASDAQ: NNDM) is a provider of advanced additive manufacturing solutions tailored for the electronics industry. Founded in 2012 and headquartered in Ness Ziona, Israel, the company develops integrated hardware, software and material platforms designed to accelerate the design and production of printed circuit boards (PCBs) and conformal electronic devices. Its flagship DragonFly printers use patented inkjet-based 3D printing technology to produce multi-layer PCB prototypes in a single build process, reducing lead times and enabling rapid design iterations.
In addition to its 3D printing systems, Nano Dimension offers a suite of proprietary conductive and dielectric inks, as well as workflow software that connects designers, engineers and manufacturers.
