Nano Dimension (NNDM) Q4 2025 earnings summary

Executive summary

• Streamlined operations and reduced cash burn in the second half of 2025, focusing on high-value industry segments and advanced technologies.

• Achieved full-year 2025 revenue of $102.4 million, up 77.3% year-over-year, driven by acquisitions and organic growth.

• Exceeded fourth quarter financial guidance and initiated share repurchases, buying over 14.4 million shares in late 2025.

• Completed two major acquisitions (Desktop Metal and Markforged), with Desktop Metal deconsolidated after Chapter 11 and Markforged integrated into results.

• Initiated a strategic alternatives review, with announcements expected in Q2 2026 to clarify the path to profitability and shareholder value.

Financial highlights

• Q4 2025 revenue was $35.3M, up 142% year-over-year, mainly due to Markforged acquisition; standalone revenue flat at $14.6M.

• Full-year 2025 revenue was $102.4M, up 77% year-over-year; adjusted EBITDA loss was $53.2M, improved from $63.6M in 2024.

• Q4 operating expenses were $27.3M, up 13% year-over-year due to Markforged, but standalone expenses fell 42% year-over-year.

• Q4 adjusted EBITDA loss was $9.8M, improving from $18.9M loss in Q4 2024 and $16.6M in Q3 2025.

• Cash, equivalents, and marketable securities were $459.6M at year-end, down from $515.5M in Q3, reflecting share repurchases and market value changes.

Outlook and guidance

• 2026 revenue guidance: $130M–$140M, over 30% growth at midpoint, driven by continued momentum in key segments.

• Non-GAAP gross margin expected at 46%–48%; operating expenses $106M–$111M; adjusted EBITDA loss $40M–$50M, showing improvement.

• Revenue expected to ramp in the second half of 2026, with Q1 typically the lightest and Q4 the strongest.