Form 8-K

8-K — Nano Dimension Ltd.

Accession: 0001193125-26-134468

Filed: 2026-03-31

Period: 2026-03-31

CIK: 0001643303

SIC: 3672 (PRINTED CIRCUIT BOARDS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nndm-20260331.htm (Primary)

EX-99.1 (nndm-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: nndm-20260331.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 31, 2026

NANO DIMENSION LTD.

(Exact name of registrant as specified in its charter)

State of Israel

(State or Other Jurisdiction

of Incorporation)

001-37600

52-0029109

(Commission File Number)

(I.R.S. Employer Identification No.)

60 Tower Road

Waltham, MA

02451

(Address of Principal Executive Offices)

(Zip Code)

(866) 496-1805

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading

Symbol:

Name of Each Exchange

on Which Registered:

American Depositary Shares each representing one Ordinary Share par value NIS 5.00 per share (1) Ordinary Shares, par value NIS 5.00 per share (2)

NNDM

The Nasdaq Stock Market LLC

Rights to Purchase American Depositary Shares, each American Depositary Share representing one Ordinary Share, par value NIS 5.00 per share

NNDM

The Nasdaq Stock Market LLC

(1) Evidenced by American Depositary Receipts.

(2) Not for trading, but only in connection with the listing of the American Depositary Shares.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

CONTENTS

Item 2.02.

Results of Operations and Financial Condition.

On March 31, 2026, Nano Dimension Ltd. (the “Registrant”) issued a press release titled “Nano Dimension Announces Financial Results for Fourth Quarter and Full Year 2025,” a copy of which is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The sections titled “Fourth Quarter 2025 Results” and “Full Year 2025 Results” and “Forward-Looking Statements” and the GAAP financial statements of Exhibit 99.1 to this Current Report on Form 8-K are incorporated by reference into the Registrant’s registration statements on Form F-3 (File No. Nos. 333-255960, 333-233905, 333-251155, 333-252848, and 333-278368) and Form S-8 (File No. 333-214520, 333-248419 and 333-269436), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release issued by the registrant on March 31, 2026, furnished herewith.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Nano Dimension Ltd.

(Registrant)

Date: March 31, 2026

By:

/s/ John Brenton

John Brenton

Chief Financial Officer

EX-99.1

Filename: nndm-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Nano Dimension Announces Financial Results for the Fourth Quarter and Full Year 2025

Full-Year 2025 revenue of $102.4 million, a 77.3% increase over the prior-year period

Company Continues to Drive Meaningful Cost Reductions

Company Issues Full Year 2026 Financial Guidance

Strategic Alternatives Review Advancing with Clear Path Forward Expected in Q2

WALTHAM, MASSACHUSETTS -- March 31, 2026 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, “Nano”, or the “Company”), a leader in digital manufacturing solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.

The consolidated results incorporate the financial position and performance of Markforged Holding Corporation (“Markforged”) from the acquisition date of April 25, 2025. Desktop Metal, Inc. (“Desktop Metal”) was acquired by the Company on April 2, 2025. The results of Desktop Metal from April 2, 2025 through July 28, 2025 as well as impairment charges related to the Desktop Metal assets and the costs associated with the bankruptcy and deconsolidation are included in Discontinued Operations on the Consolidated Statement of Operations.

Fourth Quarter 2025 Results:

•

Revenue: $35.3 million, a 142.4% increase from $14.6 million year-over-year

•

Gross Margin (“GM”): 37.7%, up from 32.9% year-over-year

•

Adjusted Gross Margin (“Adjusted GM”): 49.7%, up from 36.3% year-over-year

•

Adjusted EBITDA loss: $9.8 million, down from a loss of $18.9 million year-over-year

•

Net Loss from Continuing Operations: $33.9 million, up from a loss of $9.3 million year-over-year

•

Total cash, cash equivalents, deposits and marketable equity securities: $459.6 million as of December 31, 2025, down from $515.5 million as of September 30, 2025. This change of approximately $55.9 million includes $19.8 million of cash used for share repurchases during the quarter and $24.4 million related to changes in the fair value of marketable equity securities.

Full Year 2025 Results:

•

Revenue: $102.4 million, a 77.3% increase from $57.8 million year-over-year

•

GM: 33.5%, down from 43.1% year-over-year

•

Adjusted GM: 46.9%, up from 45.4% year-over-year

•

Adjusted EBITDA loss: $53.2 million, down from a loss of $63.6 million year-over-year

•

Net Loss from Continuing Operations: $100.4 million, up from a loss of $99.9 million year-over-year

More information, including a reconciliation of Adjusted EBITDA and Adjusted Gross Margin to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”

David Stehlin, Chief Executive Officer, commented, “We delivered a strong finish to 2025, exceeding our fourth-quarter top and bottom line financial guidance. As we move through 2026, we are building on this momentum by continuing to drive operational discipline, reduce our cost structure and lower cash burn across the business. Our focus remains on executing these actions to create value for our shareholders.”

Recent Developments

•

Operating Discipline and Cost Savings: During 2025, the Company made meaningful progress driving cost savings by streamlining operations and focusing resources on priority industry segments and products. Non-GAAP operating expenses* declined sequentially in the fourth quarter to $27.3 million, representing a reduction of more than 16% relative to the previously identified baseline of approximately $32.5 million, which reflects second quarter 2025 operating expenses adjusted to include a full quarter of Markforged. This reduction highlights the substantial execution of the

Company’s previously announced cost reduction initiatives, with the full benefits expected to be realized in early 2026. The Company continues to evaluate additional opportunities to enhance operational performance and believes these initiatives position it to drive improved operating leverage over time.

•

Re-domestication and U.S. Reporting Transition: Effective January 1, 2026, Nano Dimension began reporting as a U.S. domestic issuer. The Company filed its Form 10-K today and anticipates completing the re-domestication process in the first half of 2026, subject to customary approvals. This transition aligns the Company’s reporting and governance framework with U.S. market standards while enhancing transparency for shareholders.

•

Share Repurchases and Capital Allocation: During 2025, the Company remained disciplined in capital allocation while preserving balance sheet strength and strategic flexibility. In the fourth quarter, the Company repurchased approximately 10.9 million shares for approximately $19.2 million under its existing $150 million authorization. Given the ongoing strategic alternatives review process, the Board is carefully evaluating capital deployment priorities and will not be providing forward-looking updates regarding repurchase activity at this time.

•

Strategic Alternatives Review: The Board, with the support of Guggenheim Securities, LLC and Houlihan Lokey, has conducted a thorough and disciplined review of strategic alternatives, evaluating product lines, core technologies, market dynamics and competitive positioning. The Company has made meaningful progress, including reducing losses and improving its product portfolio, while recognizing that a gap remains to achieving sustained profitability. Nano Dimension expects to announce a series of actions in the second quarter of 2026 to clearly define its path forward to maximizing shareholder value.

* More information, including a reconciliation of non-GAAP operating expenses to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”

2026 Financial Guidance

Following improved visibility exiting 2025 and continued integration of Markforged, the Company is implementing annual financial guidance beginning in 2026 to better reflect the mix of recurring revenue and larger strategic orders that can create quarterly variability.

For the full year 2026, the Company anticipates revenue in the range of $130 million to $140 million, non-GAAP gross margin of 46% to 48%, non-GAAP operating expenses of $106 million to $111 million and Adjusted EBITDA loss in the range of $40 million to $50 million.

Non-GAAP gross margin, non-GAAP operating expenses and Adjusted EBITDA represent non-GAAP financial measures. Additional information can be found below in this press release under “Non-GAAP Financial Measures.”

Conference Call Today

Nano Dimension will host a conference call today at 4:30 p.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2025.

Participants can pre-register for the conference call in order to receive dial in information via this link: https://dpregister.com/sreg/10206850/10359dca11a

Participants can also dial-in/connect by following the below:

Listen in via U.S. dial-in: 1-844-695-5517

Listen via international dial-in: 1-412-902-6751

Listen via Israel toll free: 1-80-9212373

Listen via webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=1YPvoqSL

For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at https://investors.nano-di.com/events-and-presentations.

About Nano Dimension Ltd.

Driven by strong trends in onshoring, national security, and increasing product customization, Nano Dimension Ltd. (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/.

Non-GAAP Financial Measures

EBITDA is a non-GAAP measure and is defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization. We believe that EBITDA should be useful in evaluating the performance of our business and operations. 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 and operating expenses are non-GAAP measures and are defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, 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, impact of deconsolidation, impairment losses, litigation settlements and step-up amortization from purchase accounting. We believe that Adjusted EBITDA and operating expenses, 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 payments, restructuring costs, impairment losses, and step-up amortization from purchase accounting. Adjusted EBITDA and operating expenses are 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, share-based compensation expenses, and step-up amortization from purchase accounting, is a non-GAAP measure. 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, Adjusted gross profit and non-GAAP operating expenses 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.

Nano Dimension does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period.

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. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. 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: Purva Sanariya

Director, Investor Relations

ir@nano-di.com

Media: Samuel Manning

Principal Manager, External Communications

press@nano-di.com

NANO DIMENSION LTD.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data) (audited)

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

204,672

317,169

Bank deposits

168,997

440,790

Marketable equity securities

84,154

—

Restricted bank deposits

123

537

Trade receivables, net of allowance for doubtful

accounts ($861 and $811, respectively)

26,047

9,141

Inventory

32,878

16,899

Other current assets

8,938

4,790

Total current assets

525,809

789,326

Restricted bank deposits

1,610

768

Marketable equity securities

—

86,190

Property, plant and equipment, net

24,840

14,143

Operating lease right-of-use assets

23,789

9,958

Deferred tax assets

424

—

Goodwill

40,388

—

Intangible assets, net

19,434

2,155

Other assets

1,930

—

Total assets

638,224

902,540

Liabilities and Equity

Current liabilities:

Trade payables

11,999

4,249

Accrued liabilities

19,514

18,771

Deferred revenue

11,873

3,523

Current portion of lease liability

8,923

3,421

Current portion of bank loan

158

138

Total current liabilities

52,467

30,102

Employee benefits

3,697

4,700

Operating lease right-of-use liabilities

23,323

6,707

Bank loan

158

276

Long-term settlement payable

2,974

—

Long-term deferred revenue

3,617

—

Total liabilities

86,236

41,785

Commitments and contingencies

Non-controlling interests

—

715

Equity:

Share capital of NIS 5 par value each; 500,000,000 ordinary shares

authorized; 206,811,875 and 215,777,000 shares outstanding as of December 31, 2025 and

December 31, 2024, respectively, and 279,306,522 and 273,847,185 shares issued

as of December 31, 2025 and December 31, 2024, respectively.

417,084

409,145

Additional paid-in capital

1,297,323

1,297,348

Treasury stock

(192,507

)

(167,651

)

Accumulated other comprehensive income (loss)

1,048

(1,137

)

Accumulated loss

(970,960

)

(677,665

)

Total equity attributable to common shareholders

551,988

860,040

Total equity

551,988

860,755

Total liabilities and equity

638,224

902,540

NANO DIMENSION LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data) (audited)

For the Year Ended December 31,

2025(1)

2024

2023

Revenue:

Product

80,385

45,557

47,231

Service

22,052

12,218

9,083

Total revenue

102,437

57,775

56,314

Cost of revenue:

Product

57,923

26,308

23,358

Service

10,169

6,578

6,898

Total cost of revenue

68,092

32,886

30,256

Gross profit

34,345

24,889

26,058

Operating expenses:

Research and development

30,054

39,558

65,146

Sales and marketing

35,713

27,657

34,258

General and administrative

59,766

45,987

55,973

Restructuring

7,581

—

Desktop Metal litigation

31,046

—

Impairment losses

10,516

1,283

—

Operating loss

(140,331

)

(89,596

)

(129,319

)

(Loss) gain on investment in marketable equity securities

(2,036

)

(52,256

)

23,462

Other (expense) income, net

(479

)

486

1,627

Finance income

35,400

42,573

47,584

Finance expense

(111

)

(668

)

(367

)

Loss before income taxes

(107,557

)

(99,461

)

(57,013

)

Income tax benefit (expense)

7,202

(397

)

(62

)

Net loss from continuing operations

(100,355

)

(99,858

)

(57,075

)

Net loss from discontinued operations, net of income tax of nil

(193,263

)

—

Net loss

(293,618

)

(99,858

)

(57,075

)

Less: Net loss attributable to non-controlling interests

(323

)

(1,029

)

(1,110

)

Net loss attributable to common shareholders

(293,295

)

(98,829

)

(55,965

)

Net loss attributable to common shareholders:

Continuing operations - basic and diluted

(0.46

)

(0.45

)

(0.23

)

Discontinued operations - basic and diluted

(0.90

)

—

Weighted average common shares outstanding, basic and diluted

215,742

218,311

248,019

Net loss

(293,618

)

(99,858

)

(57,075

)

Other comprehensive income (loss):

Foreign currency translation adjustment

1,791

(1,944

)

2,368

Remeasurement of pension and post-employment benefit plans, net of tax

312

(2,769

)

(1,920

)

Comprehensive loss

(291,515

)

(104,571

)

(56,627

)

Less: Comprehensive loss attributable to non-controlling interests

(323

)

(1,088

)

(1,088

)

Comprehensive loss attributable to common shareholders

(291,192

)

(103,483

)

(55,539

)

(1) The results for the year ended December 31, 2025 include the consolidation of Markforged revenue of $54.3 million, gross profit of $13.3 million, and GAAP net loss of $30.0 million.

NANO DIMENSION LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (audited)

For the Year Ended December 31,

2025

2024

2023

Cash flow from operating activities

Net loss from continuing operations

(100,355

)

(99,858

)

(57,075

)

Adjustments:

Depreciation, amortization and non-cash lease interest

20,455

2,642

1,972

Impairment losses

10,516

1,350

326

Changes in fair value of equity securities

2,037

52,256

(23,462

)

Loss from deconsolidation of subsidiaries

1,666

—

Share-based compensation expense

4,930

15,721

22,110

Changes in assets and liabilities:

Decrease (increase) in inventory

5,596

387

(340

)

(Increase) decrease in other current assets

(175

)

6,078

(5,775

)

(Increase) decrease in trade receivables

(1,535

)

2,950

(5,603

)

Increase in deferred tax assets

(7,456

)

—

(11

)

(Decrease) increase in other payables

(9,993

)

(1,150

)

4,856

(Decrease) increase in employee benefits

(1,393

)

(562

)

(1,478

)

Increase in trade payables

6,866

1,089

Other

(1,426

)

1,218

(5,266

)

Net cash used in operating activities

(70,267

)

(18,921

)

(68,657

)

Cash flow relating to investing activities

Change in bank deposits

270,755

100,530

(189,060

)

Purchase of property plant and equipment

(1,064

)

(2,196

)

(9,098

)

Acquisition of intangible asset

—

(711

)

(1,524

)

Acquisition of subsidiaries, net of cash acquired

(267,816

)

—

Deconsolidation of subsidiaries

(476

)

—

Other

—

835

Net cash from (used in) investing activities

1,399

97,623

(198,847

)

Cash flow relating to financing activities

Repayment long-term bank debt

(149

)

(180

)

(536

)

Proceeds from non-controlling interests

—

555

1,089

Payment of a liability for contingent consideration in a business combination

—

(9,255

)

Payments of share price protection recognized in business combination

—

(363

)

(4,459

)

Repurchase of treasury shares

(24,856

)

(69,755

)

(96,387

)

Net cash used in financing activities

(25,005

)

(69,743

)

(109,548

)

Cash flow relating to discontinued operations

Net cash used in operating activities

(31,017

)

—

Net cash used in investing activities

(437

)

—

Net cash provided by financing activities

10,009

—

Net cash used in discontinued operations

(21,445

)

—

(Decrease) increase in cash, cash equivalents and restricted cash

(115,318

)

8,959

(377,052

)

Effect of exchange rate fluctuations on cash

3,249

(997

)

1,292

Cash, cash equivalents and restricted cash at beginning of the year

318,474

310,512

686,272

Cash, cash equivalents and restricted cash at end of the year

206,405

318,474

310,512

Supplemental disclosures of cash flow information

Cash and cash equivalents

204,672

317,169

309,571

Restricted cash in restricted deposits, current

123

537

Restricted cash in restricted deposits, non-current

1,610

768

881

Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows

206,405

318,474

310,512

Non-cash operating activity

Intangible asset acquired on credit

—

711

Property plant and equipment acquired on credit

214

Lease liabilities arising from obtaining right-of-use assets

1,167

1,275

929

Non-cash investing activity

Acquisition replacement awards for pre-combination service

2,055

—

Supplemental disclosure of cash flow information

Income taxes paid during the year

115

314

136

NANO DIMENSION LTD.

RECONCILIATION OF US GAAP TO NON-GAAP MEASURES

(In thousands)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

GAAP Net loss from continuing operations

(33,942

)

(9,333

)

(100,355

)

(99,858

)

Tax expense (benefit)

(7,325

)

319

(7,202

)

397

Depreciation and amortization

2,407

772

7,433

2,642

Interest expense

543

—

971

—

Interest income

(4,503

)

(10,092

)

(24,636

)

(42,573

)

Non-GAAP EBITDA (loss)

(42,820

)

(18,334

)

(123,789

)

(139,392

)

Finance expenses (income) from revaluation of assets and liabilities

24,431

(5,583

)

2,056

52,344

Exchange rate differences

(2,264

)

(2,150

)

(10,764

)

485

Share-based payments expense

1,912

3,213

4,930

15,721

Desktop Metal litigation related expenses

138

—

31,046

—

Desktop Metal and Markforged transaction related expenses

106

3,010

10,614

6,452

Restructuring costs

532

—

7,581

—

Impairment losses

2,110

1,283

10,516

1,283

Acquisition inventory step-up amortization

3,209

—

10,661

—

Litigation settlements and contingencies

3,521

—

4,621

—

Other non-GAAP

(711

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(371

)

(711

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(486

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Non-GAAP Adjusted EBITDA from continuing operations

(9,836

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(18,932

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(53,239

)

(63,593

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Three Months Ended

December 31,

Year Ended

December 31,

Non-GAAP Cost of Revenue

2025

2024

2025

2024

GAAP Cost of revenue

21,998

9,775

68,092

32,886

Share-based payments expense

172

228

669

938

Depreciation and amortization

856

266

2,400

374

Acquisition inventory step-up amortization

3,209

—

10,661

—

Non-GAAP Cost of revenue

17,761

9,281

54,362

31,574

Three Months Ended

December 31,

Year Ended

December 31,

Non-GAAP Gross Profit

2025

2024

2025

2024

GAAP Gross profit

13,317

4,794

34,345

24,889

Share-based payments expense

172

228

669

938

Depreciation and amortization

856

266

2,400

374

Acquisition inventory step-up amortization

3,209

—

10,661

—

Non-GAAP Gross profit

17,554

5,288

48,075

26,201

Three Months Ended

December 31,

Year Ended

December 31,

Non-GAAP Research and Development Expenses

2025

2024

2025

2024

GAAP Research and development expenses

7,466

9,449

30,054

39,558

Share-based payments expense

454

1,215

1,708

6,079

Depreciation and amortization

424

493

1,432

1,355

Non-GAAP Research and development expenses

6,588

7,741

26,914

32,124

Three Months Ended

December 31,

Year Ended

December 31,

Non-GAAP Sales and Marketing Expenses

2025

2024

2025

2024

GAAP Sales and marketing expenses

10,065

6,504

35,713

27,657

Share-based payments expense

208

274

896

1,649

Depreciation and amortization

769

143

2,221

518

Non-GAAP Sales and marketing expenses

9,088

6,087

32,596

25,490

Three Months Ended

December 31,

Year Ended

December 31,

Non-GAAP General and Administrative Expenses

2025

2024

2025

2024

GAAP General and administrative expenses

16,681

14,743

59,766

45,987

Share-based payments expense

1,078

1,496

1,657

7,055

Depreciation and amortization

358

(130

)

1,380

395

Desktop Metal and Markforged transaction related expenses

106

3,010

10,614

6,452

Other non-GAAP

—

(115

)

Litigation settlements and contingencies

3,521

—

4,621

—

Non-GAAP General and administrative expenses

11,618

10,367

41,494

32,200

Three Months Ended

December 31,

Year Ended

December 31,

Non-GAAP Operating Loss

2025

2024

2025

2024

GAAP Operating loss

(23,675

)

(27,185

)

(140,331

)

(89,596

)

Share-based payments expense

1,912

3,213

4,930

15,721

Depreciation and amortization

2,407

772

7,433

2,642

Desktop Metal litigation related expenses

138

—

31,046

—

Desktop Metal and Markforged transaction related expenses

106

3,010

10,614

6,452

Restructuring costs

532

—

7,581

—

Impairment losses

2,110

1,283

10,516

1,283

Acquisition inventory step-up amortization

3,209

—

10,661

—

Litigation settlements and contingencies

3,521

—

4,621

—

Other non-GAAP

—

(115

)

Non-GAAP Operating loss

(9,740

)

(18,907

)

(52,929

)

(63,613

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