Nano Dimension (NNDM) Q3 2025 earnings summary

Executive summary

• New CFO John Brenton appointed, bringing over 30 years of experience and a focus on operational discipline, effective November 1, 2025.

• CEO transition occurred in September, with immediate focus on profitability, revenue growth, and asset maximization.

• Strategic alternatives review process is underway, supported by top-tier advisors, with no timeline set for completion.

• Significant cost reduction initiatives underway, with non-GAAP operating expenses already 10% below the new baseline.

• Net loss from continuing operations increased to $29.5M from $9.9M year-over-year, mainly due to integration and impairment costs.

Financial highlights

• Q3 2025 revenue was $26.9M, up 81% year-over-year, driven by Markforged acquisition; standalone revenue (excluding Markforged) was $9.4M, down 37% year-over-year.

• Gross profit was $12.7M with an adjusted gross margin of 47.4%, down from 50% last year due to lower revenue and product mix.

• Operating expenses were $29.2M, up 29% year-over-year due to Markforged; standalone OPEX decreased 42% year-over-year.

• Adjusted EBITDA loss was $16.6M, compared to a $15.3M loss in Q3 2024.

• Cash, cash equivalents, and investment securities totaled $515.5M as of September 30, 2025 (down from $551.0M at June 30, 2025).

Outlook and guidance

• Q4 2025 revenue expected between $31.5M and $33.5M, representing nearly 21% sequential growth at midpoint.

• Non-GAAP gross margin guidance of 47%-48.5% for Q4, reflecting improved operating leverage.

• Operating expenses expected between $28M and $29M, with 10%-15% savings targeted versus Q2 baseline.

• Adjusted EBITDA loss projected between $12M and $14M, a 22% improvement at midpoint over Q3.