Core Business Revenue of $14.4 Million, 8% Higher Year-Over-Year
Conference Call Today at 4:30 PM EDT
WALTHAM, Mass., June 12, 2025 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) ("Nano Dimension" or the "Company"), a leader in Digital Manufacturing solutions, today announced its financial results for the first quarter ended March 31, 2025.
The following information does not reflect the results or impact of Desktop Metal, Inc. ("Desktop Metal") or Markforged Holding Corporation ("Markforged") unless stated otherwise, as transactions concerning these companies were completed after the conclusion of the first quarter.
First Quarter 2025 Highlights
-- Revenue: $14.4 million, an 8% increase from $13.4 million year-over-year
-- Gross Margin ("GM"): 41%, down from 46% year-over-year
-- Adjusted Gross Margin ("Adjusted GM"): 44%, down from 50% year-over-year
-- Adjusted EBITDA loss: $9.0 million, down from a loss of $13.6 million or
33% improved year-over-year
-- Net Loss: $24.0 million, down from a loss of $35.0 million or 31%
improved year-over-year
-- Total Cash, cash equivalents, deposits and investable securities: $840
million as of March 31, 2025, down from $907 million year-over-year
Details regarding Adjusted EBITDA and Adjusted Gross Margin can be found below in this press release under "Non-IFRS Measures."
Ofir Baharav, Chief Executive Officer, commented, "In spite of the challenging economic environment, we were able to grow revenue while meeting our cost cutting commitments. Our transformation is well underway as we focused the Core business on the most impactful, high-performance customer solutions, and applied a disciplined operating model to drive efficiency and long-term value creation. We took action designed to realize more than $20 million in annualized operating costs savings from Q4 2025 onwards, targeting an improvement of revenue per employee of approximately 50% over historical levels.
"Since our Markforged acquisition in April 2025, we've been applying the same rigorous approach to ensure their alignment with our financial and operational standards and we are well on our way to realize operational synergies, along with product and customer focus.
"This is a pivotal time for Nano Dimension. We remain focused on building a scalable, profitable platform, and will continue updating shareholders, including in regard to Desktop Metal's ongoing strategic assessment."
Business Transformation & Recent Developments
-- Core Business Strategic Review: Delivered $20 million in annualized cost
savings from Q4 2025 onwards through:
-- Discontinuation of underperforming product lines including Admatec,
DeepCube, Fabrica, and Formatec.
-- Targeted headcount reductions and process optimization while
preserving investment in high-growth areas.
-- Desktop Metal Acquisition (Closed April 2, 2025):
-- Desktop Metal has initiated an independent strategic assessment to
address liabilities and liquidity issues.
-- Markforged Acquisition (Closed April 25, 2025):
-- Post-merger integration underway, following the same playbook
applied to Core business.
-- Operational Leveraging:
-- Reviewing manufacturing footprint for optimization opportunities.
-- Unifying software division to build a scalable platform and reduce
backend costs.
-- Product Innovation:
-- Launched FOX Ultra and PUMA Ultra, next-gen SMT solutions from
Essemtec.
-- Corporate governance:
-- Strengthening of board of directors with the addition of
technology and growth experts Andy Sriubas and Eileen Tanghal
(June 11, 2025)
Financial results in detail
First Quarter 2025 Financial Results
-- Total revenues for the first quarter of 2025 were $14.4 million, compared
to $13.4 million in the first quarter of 2024. The increase is attributed
mostly to increased sales efforts for Nano Dimension's diversified
product portfolio.
-- Total cost of revenues for the first quarter of 2025 was $8.5 million,
compared to $7.2 million in the first quarter of 2024. The increase is
mainly attributed to the above-mentioned increase in revenues.
-- Research and development ("R&D") expenses for the first quarter of 2025
were $5.0 million, compared to $9.1 million in the first quarter of 2024.
The decrease is mainly attributed to a decrease in payroll and related
expenses, share-based payments, subcontractor and professional fees and
other R&D expenses.
-- Sales and marketing ("S&M") expenses for the first quarter of 2025 were
$5.5 million, compared to $6.5 million in the first quarter of 2024. The
decrease is mainly attributed to payroll and related expenses, as well as
share-based payments and other S&M expenses.
-- General and administrative ("G&A") expenses for the first quarter of 2025
were $3.5 million, compared to $9.6 million in the first quarter of 2024.
The decrease is mainly attributed to a decrease in share-based payments,
professional services and payroll and related expenses.
-- Other expenses for the first quarter of 2025 were $30.8 million, compared
to other income, net of $109 thousand for the first quarter of 2024. In
the first quarter of 2025 the amount is mainly attributed to Desktop
Metal litigation related expenses.
-- Net loss attributable to owners for the first quarter of 2025 was $23.8
million or $0.11 loss per share, compared to net loss of $34.8 million,
or $0.15 loss per share, in the first quarter of 2024.
Conference Call Today
Nano Dimension will host a conference call to discuss its financial results and strategic outlook today, June 12, 2025, at 4:30 p.m. EDT.
Participants can also dial-in/connect by following the below:
-- Listen in via US dial-in: 1-844-695-5517
-- Listen via international dial-in: 1-412-902-6751
-- Listen and view presentation via webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=uKTBW5Ak
For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension's website at http://investors.nano-di.com/events-and-presentations.
About Nano Dimension
Driven by strong trends in onshoring, national security, and increasing product customization, Nano Dimension (Nasdaq: NNDM) delivers advanced Digital Manufacturing technologies to the defense, aerospace, automotive, electronics, and medical devices industries, enabling rapid deployment of high-mix, low-volume production with IP security and sustainable manufacturing practices.
For more information, please visit https://www.nano-di.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding Nano's future growth, strategic plan and value to shareholders, and all other statements other than statements of historical fact that address activities, events or developments that Nano intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management's beliefs and assumptions made based on information currently available to management. These forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Because such statements deal with future events and are based on the current expectations of Nano, they are subject to various risks and uncertainties. The forward-looking statements contained or implied in this communication are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Nano's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on May 12, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this communication.
Contacts:
Investors: nano-di@icrinc.com
Media: NanoDimension@feintuchpr.com
Unaudited Consolidated Statements of Financial Position
as at
(In thousands of USD)
March 31, December 31,
------------------------ --------------
2024 2025 2024(1)
----------- ----------- --------------
(Unaudited) (Unaudited)
Assets
Cash and cash
equivalents 251,858 487,438 317,169
Bank deposits 541,164 257,227 440,790
Restricted deposits 60 60 537
Trade receivables 11,840 12,300 9,141
Other receivables 6,419 5,076 4,790
Inventory 19,698 16,832 16,899
---------- ---------- -----------
Total current assets 831,039 778,933 789,326
Restricted deposits 879 766 768
Investment in
securities 112,657 94,915 86,190
Property plant and
equipment, net 16,078 13,057 14,143
Right-of-use assets 11,084 8,484 9,307
Intangible assets 2,235 2,076 2,155
---------- ---------- -----------
Total non-current assets 142,933 119,298 112,563
---------- ---------- -----------
Total assets 973,972 898,231 901,889
---------- ---------- -----------
Liabilities
Trade payables 4,123 30,685 4,249
Other payables 21,837 18,798 22,461
Current portion of
lease liability 4,317 3,921 3,968
Current portion of bank
loan 138 142 138
---------- ---------- -----------
Total current liabilities 30,415 53,546 30,816
---------- ---------- -----------
Liability in respect of
government grants 1,989 873 843
Employee benefits 4,009 4,827 4,700
Long term lease
liability 7,900 5,855 6,547
Bank loan 380 248 276
Total non-current
liabilities 14,278 11,803 12,366
---------- ---------- -----------
Total liabilities 44,693 65,349 43,182
---------- ---------- -----------
Equity
Non-controlling
interests 857 491 715
Share capital 404,366 410,973 409,145
Share premium and
capital reserves 1,298,973 1,300,382 1,304,617
Treasury shares (149,461) (167,651) (167,651)
Foreign currency
translation reserve 1,249 1,625 1,044
Remeasurement of net
defined benefit
liability (IAS 19) (726) (2,062) (2,062)
Accumulated loss (625,979) (710,876) (687,101)
---------- ---------- -----------
Equity attributable to
owners of the Company 928,422 832,391 857,992
---------- ---------- -----------
Total equity 929,279 832,882 858,707
---------- ---------- -----------
Total liabilities and
equity 973,972 898,231 901,889
---------- ---------- -----------
___________________
(1) The December 31, 2024, balances were derived from the Company's audited annual financial statements
Unaudited Consolidated Statements of Profit or Loss
and Other Comprehensive Income
(In thousands of USD, except per share amounts)
Three Months Ended Year ended
March 31, December 31,
---------------------- ---------------
2024 2025 2024
------------ -------- ---------------
Revenues 13,364 14,401 57,775
Cost of revenues 7,142 8,392 31,125
Cost of revenues - write-down
of inventories and
amortization of technology 44 103 1,655
-------- ------- ------------
Total cost of revenues 7,186 8,495 32,780
-------- ------- ------------
Gross profit 6,178 5,906 24,995
Research and development
expenses 9,133 4,977 37,157
Sales and marketing expenses 6,517 5,506 26,951
General and administrative
expenses 9,602 3,472 40,059
Other expenses (income), net (109) 30,810 5,966
Impairment losses -- 1,229 1,283
-------- ------- ------------
Operating loss (18,965) (40,088) (86,421)
Finance income 11,311 18,035 43,540
Finance expenses 27,324 1,935 53,645
-------- ------- ------------
Loss before taxes on income (34,978) (23,988) (96,526)
Taxes (expenses) benefit 16 (23) (397)
-------- ------- ------------
Loss for the period (34,962) (24,011) (96,923)
======== ======= ============
Loss attributable to
non-controlling interests (190) (236) (1,029)
Loss attributable to owners (34,772) (23,775) (95,894)
Loss per share
Basic loss per share (0.15) (0.11) (0.44)
Other comprehensive income
items that after initial
recognition in comprehensive
income were or will be
transferred to profit or
loss
Foreign currency translation
differences for foreign
operations (1,704) 593 (1,944)
Other comprehensive income
items that will not be
transferred to profit or
loss
Remeasurement of net defined
benefit liability (IAS 19),
net of tax (1,433) -- (2,769)
Total other comprehensive
income (loss) for the
period (3,137) 593 (4,713)
Total comprehensive loss for
the period (38,099) (23,418) (101,636)
Comprehensive loss
attributable to
non-controlling interests (214) (224) (1,088)
Comprehensive loss
attributable to owners of
the Company (37,885) (23,194) (100,548)
-------- ------- ------------
Consolidated Statements of Changes in Equity (Unaudited)
(In thousands of USD)
Share
premium
and Remeasurement Foreign Non-
Share capital of Treasury currency Accumulated controlling Total
capital reserves IAS 19 shares reserve loss Total interests equity
------- ---------- --------------- --------- -------- ----------- -------- ------------- ----------
Balance as of
December 31,
2024 409,145 1,304,617 (2,062) (167,651) 1,044 (687,101) 857,992 715 858,707
Loss for the
period -- -- -- -- -- (23,775) (23,775) (236) (24,011)
Other
comprehensive
income for the
period -- -- -- -- 581 -- 581 12 593
Exercise of
warrants,
options and
vesting of
RSUs 1,828 (1,828) -- -- -- -- -- -- --
Share-based
payments -- (2,407) -- -- -- -- (2,407) -- (2,407)
------- --------- ---------- --- -------- -------- ---------- ------- -------- --- -------
Balance as of
March 31,
2025 410,973 1,300,382 (2,062) (167,651) 1,625 (710,876) 832,391 491 832,882
------- --------- ---------- -------- -------- ---------- ------- -------- --- -------
Consolidated Statements of Cash Flows (Unaudited)
(In thousands of USD)
Three Months Ended Year ended
March 31, December 31
---------------------- --------------
2024 2025 2024
------------ -------- --------------
Cash flow from operating
activities:
Net loss (34,962) (24,011) (96,923)
Adjustments:
Depreciation and amortization 2,066 1,500 6,675
Impairment losses -- 1,229 1,283
Financing income, net (9,798) (7,383) (42,183)
Loss (gain) from revaluation
of financial assets and
liabilities accounted at fair
value 25,811 (8,717) 52,288
Share-based payments 3,460 (2,407) 13,883
Other 43 (32) 217
-------- ------- -----------
21,582 (15,810) 32,163
Changes in assets and
liabilities:
Decrease (increase) in
inventory (2,287) 340 387
Decrease (increase) in other
receivables 4,589 (371) 6,078
Decrease (increase) in trade
receivables 313 (2,881) 2,950
Decrease in other payables (1,917) (4,026) (1,150)
Increase (decrease) in
employee benefits 51 38 (562)
Increase (decrease) in trade
payables (345) 26,362 47
404 19,462 7,750
-------- ------- -----------
Net cash used in operating
activities (12,976) (20,359) (57,010)
-------- ------- -----------
Cash flow from investing
activities:
Change in bank deposits (6,594) 177,395 100,530
Interest received 17,154 14,010 42,806
Change in restricted bank
deposits (11) 474 (377)
Acquisition of property plant
and equipment (776) (295) (2,196)
Acquisition of intangible
asset (711) -- (711)
-------- ------- -----------
Net cash from investing
activities 9,062 191,584 140,052
-------- ------- -----------
Cash flow from financing
activities:
Lease payments (1,140) (1,082) (4,524)
Repayment long-term bank debt (73) (35) (180)
Proceeds from non-controlling
interests -- -- 555
Amounts recognized in respect
of government grants
liability (36) (43) (180)
Payments of share price
protection recognized in
business combination (363) -- (363)
Repurchase of treasury shares (51,565) -- (69,755)
-------- ------- -----------
Net cash used in financing
activities (53,177) (1,160) (74,447)
-------- ------- -----------
Increase (decrease) in cash
and cash equivalents (57,091) 170,065 8,595
======== ======= ===========
Cash and cash equivalents at
beginning of the period 309,571 317,169 309,571
Effect of exchange rate
fluctuations on cash (622) 204 (997)
Cash and cash equivalents at
end of the period 251,858 487,438 317,169
-------- ------- -----------
Non-cash transactions:
Property plant and equipment
acquired on credit 286 54 69
Recognition of a right-of-use
asset 158 55 1,275
Non-IFRS Measures
The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards ("IFRS"), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:
For the Three-Month Period
Ended March 31, 2025
----------------------------
In thousands of USD
----------------------------
Net loss (24,011)
Tax expenses 23
Depreciation and amortization 1,500
Interest income (9,309)
-----------------------
EBITDA (loss) (31,797)
Finance income from revaluation of assets and
liabilities (8,396)
Exchange rate differences 1,573
Share-based payments (2,407)
Desktop Metal litigation related expenses 28,069
Desktop Metal and Markforged transaction
related expenses 1,515
Restructuring costs 1,180
Impairment losses 1,229
----------------------- ---
Adjusted EBITDA (loss) (9,034)
Gross profit 5,906
Depreciation and amortization 209
Share-based payments 190
Adjusted gross profit 6,305
----------------------- ---
EBITDA is a non-IFRS measure and is defined as earnings before interest income, income tax, depreciation and amortization. We believe that EBITDA, as described above, should be useful in evaluating the performance of our business. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively) and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to the items mentioned above.
Adjusted EBITDA is a non-IFRS measure and is defined as earnings before interest income, income tax, depreciation and amortization, share-based payments, exchange rate differences, finance expenses (income) for revaluation of assets and liabilities, Desktop Metal litigation related expenses, Desktop Metal and Markforged transaction related expenses, restructuring costs and impairment losses. We believe that Adjusted EBITDA, as described above, should also be useful in evaluating the performance of our business. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payment payments, restructuring costs and impairment losses, and Adjusted EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to non-cash items, such as expenses related to share-based payments.
Adjusted gross profit, excluding depreciation and amortization and share-based compensation expenses, is a non-IFRS measure and is defined as gross profit excluding amortization expenses. We believe that adjusted gross profit, as described above, should also be useful in evaluating the performance of our business. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company's performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.
EBITDA and Adjusted EBITDA, and Adjusted gross profit can be useful in evaluating our performance by eliminating the effect of financing and non-cash expenses such as share-based payments, however, we may incur such expenses in the future, which could impact future results. In addition, other companies, including companies in our industry, may calculate non-GAAP metrics differently or not at all, which may reduce the usefulness of this measure as a tool for comparison
(END) Dow Jones Newswires
June 12, 2025 16:05 ET (20:05 GMT)
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