Quarterly Revenue Surge (YoY and Sequential)
Q4 revenue of $35.3M, up ~142% year-over-year from $14.6M in Q4 2024 (primarily driven by inclusion of Markforged which contributed $20.7M). Sequentially, Q4 revenue increased ~31% from $26.9M in Q3 2025.
Full-Year Revenue Growth
Full-year 2025 revenue was $102.4M, representing ~77% year-over-year growth versus $57.8M in 2024, driven largely by the inclusion of Markforged (contribution ~$54.3M).
Improved Gross Margins and Profitability Trends
Q4 gross profit of $17.6M with adjusted gross margin ~49.7% (vs 36.3% in prior-year quarter). Gross profit increased ~38% sequentially from $12.7M in Q3 2025, with margin expansion of ~230 basis points (47.4% to 49.7%). Full-year adjusted gross margin improved to ~46.9% from 45.4% in 2024.
Reduction in Adjusted EBITDA Losses
Q4 adjusted EBITDA loss narrowed to $9.8M from a $18.9M loss in Q4 2024 and $16.6M in Q3 2025. Full-year adjusted EBITDA loss improved to $53.2M from $63.6M in 2024, reflecting revenue growth and cost discipline.
Cost Discipline and Operating Expense Improvements
Q4 operating expenses of $27.3M (up ~13% YoY primarily due to Markforged inclusion), but on a stand-alone basis Nano Dimension reduced operating expenses ~42% YoY. Sequential OpEx declined >6% from $29.2M in Q3 2025 and >16% versus the previously identified baseline (~$32.5M).
Positive 2026 Financial Guidance
Management provided 2026 annual guidance: revenue $130M–$140M (midpoint >30% growth vs 2025), gross margin 46%–48%, operating expenses $106M–$111M, and adjusted EBITDA loss $40M–$50M (meaningful improvement at midpoint vs 2025).
Strong Cash Resources and Share Repurchases
As of Dec 31, 2025, cash, cash equivalents, deposits and marketable equity securities totaled ~$459.6M. The company repurchased >14.4M shares (~$24.9M total), including ~10.9M shares (~$19.2M) in Q4, signaling shareholder-value focus.
Product and Commercial Momentum in Target Verticals
Notable deployments and customer adoption across advanced electronics, aerospace, automotive, defense, and next-gen computing infrastructure. Expanded deployments of X7, FX10, FX20 (including field-deployed FX20 systems), and growing SM Tech contribution with new Tier 1 relationships and product innovations (FOX Ultra, PUMA Ultra).
Strategic & Governance Actions
Company narrowed strategic focus, streamlined operations, began reporting as a U.S. domestic issuer (Jan 1, 2026), filed Form 10-K, and initiated a strategic alternatives review with advisors; remediation plan implemented for identified control weakness.