Nano Dimension Ltd. reported third‑quarter 2025 results on November 19, 2025, showing consolidated revenue of $26.9 million, an 81% year‑over‑year increase from $14.9 million in Q3 2024. The jump is largely driven by the Markforged acquisition, which added $12 million in revenue and lifted the revenue‑per‑employee metric to $223,000 from $147,000 in the prior year. The company’s legacy business, however, saw a 37% decline in standalone revenue, underscoring the reliance on M&A for top‑line growth.
The company’s GAAP gross margin contracted to 30.3% from 48.0% in Q3 2024, a drop largely attributable to a non‑cash inventory step‑up amortization charge related to the Markforged integration. Non‑GAAP gross margin, which excludes the charge, remained more stable at 47.4% versus 50.0% in the prior year, indicating that core operating profitability is less affected by the one‑time charge. The compression signals pricing pressure in the high‑margin 3D‑printing segment and the impact of the Desktop Metal impairment, which added $8.5 million in one‑time losses.
Nano Dimension’s adjusted EBITDA loss widened to $16.6 million from $15.3 million in Q3 2024, reflecting higher operating costs and the Desktop Metal impairment. The company has announced a $20 million annual reduction in core operating expenses, a cost‑cutting initiative that is expected to fully materialize in 2026. Despite the loss, the company’s cash burn has slowed, bringing it closer to cash‑flow breakeven in the second half of 2025. EPS for the quarter was a loss of $0.13 per share, missing analyst expectations of a narrower loss and contributing to a 1.3% decline in aftermarket trading.
For the fourth quarter, Nano Dimension guided revenue of $31.5 million to $33.5 million, a 17% to 25% increase over the prior quarter. Management projected a non‑GAAP gross margin of 47% to 48.5% and an adjusted EBITDA loss of $12 million to $14 million, signaling confidence that cost discipline and margin improvement will continue as the company integrates Markforged and addresses the Desktop Metal legacy. The guidance reflects expectations of sustained demand in the industrial 3D‑printing market and the gradual realization of the planned operating expense reductions.
Management emphasized that the company is actively reviewing strategic alternatives with financial advisors Guggenheim Securities and Houlihan Lokey. The review aims to unlock shareholder value amid the ongoing challenges posed by the Desktop Metal acquisition and the need for a clearer focus on core competencies. The CFO highlighted that the cost‑cutting program is on track and that the company’s cash position remains robust, providing flexibility to pursue growth opportunities or return capital to shareholders.
Nano Dimension’s stock experienced a modest 1.3% decline in aftermarket trading, driven primarily by the EPS miss and the continued net losses. Investors weighed the strong revenue growth against the lack of profitability and the significant one‑time charges, leading to a cautious market reaction.
The company’s strategic focus on cost discipline, integration of high‑growth acquisitions, and a comprehensive review of its capital structure positions it to improve profitability in the coming quarters, but the immediate impact of the Desktop Metal impairment and the need for further margin expansion remain key risks.
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