Nano Dimension Q3 boosted by Markforged, impacted by Desktop Metal exit
Nano Dimension, headquartered in Waltham, Massachusetts, USA, has announced its financial results for the third quarter ended September 30, 2025. The consolidated results incorporate the financial position and performance of Markforged Holding Corporation from April 25, 2025, the date of the acquisition. Desktop Metal, Inc. 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 Condensed Consolidated Statement of Operations.
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Total revenues for the third quarter of 2025 were $26.9 million, compared to $14.9 million in the third quarter of 2024. $17.5 million of the revenue increase is attributed to the acquisition of Markforged, which was partially offset by lower revenues from the European business as tariffs are still impacting sales. Gross margin was 30.3%, down from 48.0% year-over-year and adjusted EBITDA loss was reported as $16.6 million, compared to a loss of $15.3 million year-over-year. Net loss from continuing operations was $29.5 million, up from a loss of $9.9 million year-over-year, and total cash, cash equivalents, deposits, and investable securities were $515.5 million as of September 30, 2025, down from $551.0 million as of June 30, 2025.
Desktop Metal was deconsolidated in the third quarter of 2025 following the Chapter 11 bankruptcy filing. This resulted in a $10.6 million loss from discontinued operations during the period, as well as a $12.9 million loss from the deconsolidation of operations.
David Stehlin, Chief Executive Officer, commented, “Since becoming CEO in September, I committed to transforming Nano Dimension with speed, discipline and greater transparency, and that is exactly what we are accomplishing. In the third quarter and accelerating into the fourth, we are achieving measurable reductions in operating expenses, deepening customer relationships, expanding our customer base and delivering revenue growth. We believe that our stock is significantly undervalued and have recently repurchased more than 10 million shares. For the first time in the Company’s recent history, we are providing financial guidance. We are beginning to realise the benefits of a laser focused approach to improving operations and driving results, all while enhancing our position with critical customers. Nano Dimension is making meaningful improvements on all fronts.”
The company expects total savings of approximately 10% to 15%, based on the second quarter reported results adjusted to reflect a full quarter of Markforged, resulting in a non-GAAP operating expense from continuing operations baseline of roughly $32.5 million. In the third quarter, non-GAAP operating expenses were already about 10% below this baseline, and the company expects to realise the full run rate savings in early 2026 due to the acceleration of cost reduction initiatives.
John Brenton was appointed Chief Financial Officer, effective November 1, 2025. The company believes that Brenton’s disciplined approach and operational experience will be instrumental in accelerating the execution of its cost reduction initiatives.
For the first time, the company also issued non-GAAP guidance for the fourth quarter of 2025, including revenue of $31.5 million to $33.5 million, gross margin of 47% to 48.5%, operating expenses of $28 million to $29 million, and adjusted EBITDA loss of $12 million to $14 million.
The company has repurchased approximately 10.1 million shares year-to-date for approximately $17.1 million. This includes $5.6 million, or 3.5 million shares, repurchased during the third quarter and $11.5 million, or 6.6 million shares, repurchased subsequent to quarter-end.
As announced in September, the board, with the support of Guggenheim Securities, LLC and Houlihan Lokey, is conducting a structured, data-driven evaluation of all alternatives. The process remains aligned with the company’s objectives to maximise shareholder value and unlock the potential of its technology, assets, and operations. While no timeline has been set for completing the review, the board is reportedly still engaged, and the company is committed to providing updates when there is something definitive to report.
