🧾 What This Document Is

This is an earnings release, a formal announcement where a company shares its financial results for the last quarter (Q4 2025) and the full year. It's like a report card for investors, showing how the business performed and what management is thinking for the future. It also includes important updates on their strategy and plans.

🏢 What The Company Does

In simple terms, Nano Dimension builds high-tech 3D printers that make parts for electronics and other advanced products. Think of them as a digital factory for specialized items used in defense, aerospace, and medical devices. They help companies make small, custom batches of complex parts quickly and securely.

💰 Financial Highlights

Here’s the scorecard for 2025. The big story is big sales growth, but still deep losses.

Full Year 2025:

• Revenue: $102.4 million (up 77% from last year). This huge jump is partly because they bought two other companies (Markforged and Desktop Metal).
• Net Loss: $100.4 million (from continuing operations). The company is still losing money as it grows and integrates its acquisitions.
• Cash: They ended the year with $459.6 million in cash and investments. This is a key safety net.

Fourth Quarter 2025:

• Revenue: $35.3 million (up 142% from last year's Q4).
• Adjusted EBITDA Loss: $9.8 million. This is a "normalized" loss metric. It's much improved from a loss of $18.9 million a year ago, showing progress on cutting costs.

👉 Why it matters: The company is successfully growing its top line (revenue) at a rapid pace after its acquisitions. However, it's still firmly in the "investing and integrating" phase, which is why profitability remains a challenge. The improving Adjusted EBITDA loss is a sign their cost-cutting might be working.

🚀 Key Moves & Strategic Shifts

This isn't just a numbers report. Nano is making some major strategic plays.

• Cost Cutting is Working: They aggressively cut operating expenses. Non-GAAP operating expenses fell to $27.3 million in Q4, a 16%+ reduction from their baseline. They expect to see the full benefits in early 2026.
• A "Path Forward" Coming Soon: The Board, with the help of financial advisors, is reviewing all its options—its products, technology, and market position. They plan to announce a clear plan to maximize shareholder value in Q2 2026. This could mean anything from focusing on core tech to potential mergers or other major changes.
• Becoming a "Homegrown" U.S. Company: Effective Jan 1, 2026, Nano started reporting as a U.S. domestic issuer, not a foreign one. They expect to complete this "re-domestication" in the first half of 2026, which should simplify their structure and reporting for U.S. investors.
• Buying Back Shares: They spent $19.2 million in Q4 to buy back ~10.9 million of their own shares. However, they paused guidance on future buybacks while they figure out their strategic plan.

📦 Financial Position & Balance Sheet

Let's look at what they own and owe.

• Cash is Down, But Still Strong: Their total cash, deposits, and securities dropped from $515.5M to $459.6M during Q4. This was due to share buybacks ($19.8M) and some investment value changes.
• Assets Increased from Acquisitions: Their total assets are $638.2 million. The big additions here are Goodwill ($40.4M) and Intangible Assets ($19.4M) from buying Markforged, representing the value of those companies' brands and technology.
• Liabilities Grew: Total liabilities are $86.2 million, up from ~$42M, largely due to new debt and obligations taken on from the acquisitions.

👉 Why it matters: The balance sheet is still very strong with a large cash cushion, but it's being used to fund losses and strategic actions. The new assets from acquisitions must perform to justify their price tag.

💸 The Cash Flow Story

Where is the money actually going?

• Operating Activities: The core business used $70.3 million in cash in 2025. This is the "cash burn" from running the company and integrating new parts.
• Investing Activities: They spent $267.8 million in cash to acquire other companies (mainly Markforged).
• Financing Activities: They spent $25 million mostly on share buybacks.

👉 Why it matters: The company is burning cash from operations and spending heavily on acquisitions. It's using its large existing cash pile to fund this growth and transition period.

🔮 2026 Financial Guidance

For the first time, the company is giving a forecast for the entire year of 2026. This shows more predictability after integrating Markforged.

• Revenue: $130 million to $140 million.
• Adjusted EBITDA Loss: -$40 million to -$50 million.
• Non-GAAP Gross Margin: 46% to 48%.
• Non-GAAP Operating Expenses: $106 million to $111 million.

👉 Why it matters: The guidance projects continued solid revenue growth (~33% at the midpoint) and a narrowing Adjusted EBITDA loss. This suggests the company believes its cost cuts will slow its cash burn in 2026.

⚖️ Big Picture: Strengths & Risks

👍 Strengths:

• Strong Revenue Growth: Demonstrated ability to grow, both organically and through acquisition.
• Healthy Cash Position: A $460M+ war chest provides runway and flexibility.
• Clear Cost-Cutting Execution: Management is delivering on promised expense reductions.
• Strategic Review: Actively seeking the best path forward, not just staying the course.

⚠️ Risks:

• Not Yet Profitable: Consistent net losses and negative operating cash flow continue.
• Integration Complexity: Successfully merging and making sense of multiple acquired companies is a huge challenge.
• Strategic Uncertainty: The "strategic alternatives" review could lead to major changes, creating both opportunity and risk for investors.
• Market Competition: Operates in the competitive industrial 3D printing and digital manufacturing space.

🧠 The Analogy

Think of Nano Dimension as a renovator who bought a big, old house (made of its acquisitions). They have a lot of savings in the bank (cash). Right now, they're spending heavily on demolition, new wiring, and fixing the foundation (integration and losses). They've hired a foreman who is cutting costs and working efficiently (cost cuts). They've paused big new purchases (share buybacks) and are drawing up a final blueprint (strategic review) to decide which rooms to keep, which to rebuild, and how to make the whole house valuable before they can move in and live comfortably (achieve profitability).

📇 Key Contacts & People

Investors: Purva Sanariya Director, Investor Relations [email protected]

Media: Samuel Manning Principal Manager, External Communications [email protected]

Leadership: David Stehlin Chief Executive Officer

🧩 Final Takeaway

Nano Dimension delivered impressive sales growth in 2025 but remains unprofitable. It's using its large cash reserves to cut costs and integrate acquisitions while preparing to announce a major strategic plan in Q2 2026. Investors should watch for that plan, which will define the company's path to future profitability.