Nano Dimension Ltd.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
NNDM$1.32+5.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-211930
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338523
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 126 current paragraphs.
82 unchanged; 18 reworded; 20 added; 4 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Restructuring and other
Current report
Total revenue increased $3.1 million due to Surface Mount Technology ("SMT") product line revenue increasing $6.5 million. During the three months ended June 30, 2025, demand was negatively impacted by tariff uncertainty. The increase in revenue was partially offset by a decrease in revenue due to the sale of the product line of AME, of $1.1 million, and a decrease in FFF product line revenue of $2.0 million.
Current report
Cost of revenue decreased $3.1 million, of which, $3.8 million is the decrease in inventory step-up amortization and intangible asset amortization from purchase accounting. Cost savings initiatives continue to positively impact margins across the product lines, partially offsetting these factors is the increase in cost of revenue due to increased sales volume.
Current report
Research and development expense decreased $2.3 million, primarily due to a decrease in legacy payroll and related expenses, largely associated with lower payroll costs due to lower headcount from organizational synergies and divestments.
Current report
Sales and marketing expense decreased $1.5 million largely associated with lower payroll costs due to lower headcount from organizational synergies and divestments.
Current report
General and administrative expense decreased $9.3 million primarily due the second quarter of 2025 including $8.3 million of Markforged and Desktop Metal transaction costs. The remaining change is due to a decrease in legacy payroll and related expenses, largely associated with lower payroll costs due to lower headcount from organizational synergies and divestments.
Current report
Restructuring and other expense increased $3.0 million due to the ongoing strategic alternative review announced on September 9, 2025. These costs include professional service fees from our banking partners, legal services, and other related costs. Offsetting the increase in related fees, the loss from sale of business assets was $1.3 million in the second quarter of 2026 versus $1.7 million from the loss of deconsolidation of subsidiaries in the second quarter of 2025.
Current report
The impairment loss in the second quarter of 2025 related to the right-of-use asset impairment of Nano's previous Massachusetts office.
Current report
Net Loss from Discontinued Operations
Current report
We incurred a loss from discontinued operations of $169.8 million for the three months ended June 30, 2025. This is due to the full impairment of the Desktop Metal asset group of $139.4 million and loss from discontinued operations during the three months ended June 30, 2025 of $30.4 million.
Current report
Comparison of the six months ended June 30, 2026 and 2025
Current report
Revenue and Net Loss
Current report
Total revenue increased $18.6 million, of which $15.1 million was attributable to the inclusion of two quarters of Markforged versus one in 2025. During the six months ended June 30, 2025, demand was negatively impacted by tariff uncertainty. This increase in revenue was partially offset by a decrease due to the sale of the product line of AME of $1.1 million.
Current report
Cost of revenue increased $5.9 million, of which $10.5 million was attributable to the acquisition of Markforged. Cost savings initiatives continue to positively impact margins across the product lines, partially offsetting these factors is the increase in cost of revenue due to increased sales volume.
Current report
Research and development expense decreased $0.3 million due to lower payroll costs due to lower headcount from organizational synergies and divestments.
Current report
Finance Income and Expense
Current report
Net Loss from Discontinued Operations
Current report
We incurred a loss from discontinued operations of $169.8 million for the six months ended June 30, 2025. This was due to the full impairment of the Desktop Metal asset group of $139.4 million and loss from discontinued operations during the six months ended June 30, 2025 of $30.4 million.
Current report
Discontinued Operations
Current report
Net cash used in discontinued operations is related the activity of Desktop Metal for the period from acquisition in April 2025 through June 30, 2025.
Removed paragraphs (4)
Previous report
Restructuring
Previous report
Total revenue increased $15.3 million, of which $17.1 million was attributable to the acquisition of Markforged, which comprised $13.1 million of product revenue and $4.0 million of service revenue. The Nano legacy product lines experienced lower sales volume largely attributed to increased tariffs and the impact of divestments.
Previous report
Cost of revenue increased $9.0 million, of which $9.9 million was attributable to the acquisition of Markforged, $1.6 million cost of service revenue and $8.3 million cost of product revenue, of which $0.6 million is the impact of inventory step-up amortization and intangible asset amortization from purchase accounting. This increase was partially offset by the costs associated with the reduction in revenue due to the lower sales volumes for the Nano legacy businesses.
Previous report
Research and development expense increased $2.3 million, of which $2.7 million was attributable to the acquisition of Markforged. This increase was partially offset by a decrease in legacy payroll and related expenses, largely associated with lower payroll costs due to lower headcount from organizational synergies.
Reworded paragraphs (18)
Previous wording
Since our inception, we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend on the successful further development and commercialization of our products. We generated revenue of $29.7 million and $14.4 million for the three months ended March 31, 2026 and 2025, respectively, and incurred net losses of $69.6 million, inclusive of $40.4 million of goodwill impairment, and $25.5 million, respectively, for those same periods. As of March 31, 2026, we had an accumulated loss of $1,040.6 million and cash, cash equivalents, bank deposits and marketable securities of $439.8 million. We expect to continue to incur operating losses over the next twelve months while we continue to evaluate our business operations for opportunities to improve performance.
Current wording
Since our inception, we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend on the successful further development and commercialization of our products. We generated revenue of $58.7 million and $40.2 million for the six months ended June 30, 2026 and 2025, respectively, and incurred net losses of $76.5 million, inclusive of $40.4 million of goodwill impairment, and $36.9 million, respectively, for those same periods. As of June 30, 2026, we had an accumulated loss of $1,047.3 million and cash, cash equivalents, bank deposits and marketable securities of $432.1 million. We expect to continue to incur operating losses over the next twelve months while we continue to evaluate our business operations for opportunities to improve performance.
Previous wording
Restructuring costs are costs incurred related to cost savings initiatives and the Strategic Alternative Review announced on September 9, 2025, including losses from the deconsolidation of subsidiaries that do not meet the definition of discontinued operations.
Current wording
Restructuring costs are costs incurred related to cost savings initiatives and the Strategic Alternative Review announced on September 9, 2025, including losses from the deconsolidation of subsidiaries, or sale of business assets, that do not meet the definition of discontinued operations.
Previous wording
The condensed consolidated statements of operations and comprehensive loss for the year ended December 31, 2025 includes impairment of the asset group of $139.4 million and loss from operations for the period of acquisition through the date that the bankruptcy plan was approved of $53.9 million, which are both included within net loss from discontinued operations.
Current wording
The condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 includes impairment of the asset group of $139.4 million and loss from operations for the period of acquisition through June 30, 2025 of $30.4 million, which are both included within net loss from discontinued operations.
Previous wording
On April 25, 2025, we acquired Markforged, a provider of cloud-based software products (including its software enabled platform, the Digital Forge) and hardware products, including precise and reliable 3D printers, proprietary metal and composite materials to bring industrial production to the point of need on the factory floor. Taking control of Markforged is expected to enable us to access Markforged’s additive manufacturing technology, facilitating a broader, more integrated product portfolio. The purchase price of Markforged was $116.2 million. The acquisition was funded through available cash.
Current wording
On April 25, 2025, we acquired Markforged, a provider of cloud-based software products (including its software enabled platform, the Digital Forge) and hardware products, including precise and reliable 3D printers, proprietary metal and composite materials to bring industrial production to the point of need on the factory floor. Taking control of Markforged was expected to enable us to access Markforged’s additive manufacturing technology, facilitating a broader, more integrated product portfolio. The purchase price of Markforged was $116.2 million. The acquisition was funded through available cash. On May 27, 2026, we announced that we have entered into a definitive agreement to sell MarkForged to Stratasys Ltd. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
Previous wording
We incurred $28.1 million of litigation expense associated with the 2025 Desktop Metal acquisition litigation during the three months ended March 31, 2025 that did not recur in the three months ended March 31, 2026.
Current wording
We incurred $3.2 million of litigation expense associated with the 2025 Desktop Metal acquisition litigation during the three months ended June 30, 2025 that did not recur in the three months ended June 30, 2026.
Previous wording
We recognized net financial income of $3.2 million for the three months ended March 31, 2026, compared to $7.6 million for the three months ended March 31, 2025, a decrease of $4.4 million. The decrease is primarily attributed to a decrease of in bank interest due to lower cash balances and interest rates.
Current wording
We recognized net financial income of $6.7 million for the three months ended June 30, 2026 compared to $14.1 million for the three months ended June 30, 2025 a decrease of $7.4 million. The decrease is primarily attributed to a decrease in bank interest due to lower cash balances and interest rates.
Previous wording
Sales and marketing expense increased $4.0 million due primarily to the acquisition of Markforged which added $6.8 million, partially offset by a decrease in legacy payroll and related expenses, largely associated with lower payroll costs due to lower headcount from organizational synergies.
Current wording
Sales and marketing expense increased $2.7 million due primarily to the acquisition of Markforged which added $6.8 million, partially offset by a decrease in legacy payroll and related expenses, largely associated with lower payroll costs due to lower headcount from organizational synergies.
Previous wording
General and administrative expense increased $9.5 million partially due to the acquisition of Markforged, which added $3.5 million of general and administrative costs. Stock based compensation expense increased $3.6 million due to one-time grants to our directors in the first quarter of 2026 contrasted with the reversal of expense in the first quarter of 2025 due to executive turnover. The remaining change is attributed to an increase in accrual for contingencies and related professional service costs.
Current wording
General and administrative expense increased $0.4 million. Stock based compensation expense increased $2.7 million due to one-time grants to our directors in the first quarter of 2026 contrasted with the reversal of expense in the first quarter of 2025 due to executive turnover. The increases in expense were largely offset by lower payroll costs due to lower headcount from organizational synergies and divestments.
Previous wording
Restructuring expense increased $1.9 million due to the ongoing strategic alternative review announced on September 9, 2025. These costs include professional service fees from our banking partners, legal services, and other related costs.
Current wording
Restructuring and other expense increased $4.9 million due to the ongoing strategic alternative review announced on September 9, 2025. These costs include professional service fees from our banking partners, legal services, and other related costs. Offsetting the increase in related fees, the sale of business assets was $1.3 million in the second quarter of 2026 versus $1.7 million for the loss from deconsolidation of subsidiaries in the second quarter of 2025.
Previous wording
Impairment losses increased $39.2 million in 2026 due to impairment of the Markforged FFF product line goodwill balance of $40.4 million. The impairment loss in the first quarter of 2025 consisted of property, plant, and equipment related to the discontinuation of product lines, primarily Admatec.
Current wording
Impairment losses increased $37.7 million in 2026 due to impairment of the Markforged FFF product line goodwill balance of $40.4 million. The impairment loss in 2025 consisted of property, plant, and equipment related to the discontinuation of product lines, primarily Admatec, and right-of-use asset impairment of Nano's previous Massachusetts office.
Previous wording
Loss on investment in marketable equity securities for the three months ended March 31, 2026 was a loss of $8.4 million compared to a gain of $8.7 million for the three months ended March 31, 2025. These changes are consistent with the change in share price of Stratasys Ltd. (SYSS) over both periods.
Current wording
Loss on investment in marketable equity securities for the six months ended June 30, 2026 was a loss of $1.2 million compared to a gain of $25.0 million for the six months ended June 30, 2025. These changes are consistent with the change in share price of Stratasys Ltd. (SYSS) over both periods.
Previous wording
Since our inception through March 31, 2026, we have funded our operations principally with $1.6 billion from issuance of Ordinary Shares, warrants and convertible notes. As of March 31, 2026, we held $355.3 million in cash and cash equivalents along with an additional $8.8 million in short-term unrestricted bank deposits.
Current wording
Since our inception through June 30, 2026, we have funded our operations principally with $1.6 billion from issuance of Ordinary Shares, warrants and convertible notes. As of June 30, 2026, we held $349.1 million in cash and cash equivalents.
Previous wording
Our material cash requirements from known contractual and other obligations relate to minimum operating lease obligations. We are also subject to ongoing payment obligations. For example, pursuant to the Settlement Agreement, we will be required to make installment payments thereafter of $2.0 million and $4.0 million in the fourth quarters of fiscal years 2026 and 2027, respectively, which payments represent substantial ongoing payment obligations.
Current wording
Our material cash requirements from known contractual and other obligations relate to minimum operating lease obligations, including the $13.0 million cash payment to exit the headquarters lease paid in the third quarter of 2026. We are also subject to ongoing payment obligations. For example, pursuant to the Settlement Agreement, we will be required to make installment payments thereafter of $2.0 million and $4.0 million in the fourth quarters of fiscal years 2026 and 2027, respectively, which payments represent substantial ongoing payment obligations.
Previous wording
Net cash used in operating activities of $7.1 million during the three months ended March 31, 2026 was primarily used for payment of payroll and related expenses, professional services, and costs related to restructuring efforts, offset by interest received from banks.
Current wording
Net cash used in operating activities of $31.0 million during the six months ended June 30, 2026 was primarily used for payment of payroll and related expenses, professional services, and costs related to restructuring efforts, offset by interest received from banks.
Previous wording
Net cash used in operating activities of $7.5 million during the three months ended March 31, 2025 was primarily used for payment of payroll and related expenses, rental fees and maintenance, travel and other miscellaneous expenses, offset by interest received from banks and the accrual of litigation and transaction related costs for the Desktop Metal and Markforged acquisitions.
Current wording
Net cash used in operating activities of $50.6 million during the six months ended June 30, 2025 was primarily used for payment of payroll and related expenses, rental fees and maintenance, travel and other miscellaneous expenses, offset by interest received from banks and the accrual of litigation and transaction related costs for the Desktop Metal and Markforged acquisitions.
Previous wording
Net cash from investing activities of $157.5 million during the three months ended March 31, 2026 was primarily due to the maturity of long term deposits (investments) being reinvested in short term deposits to maximize available liquidity and are classified as cash and cash equivalents on the condensed consolidated balance sheets.
Current wording
Net cash from investing activities of $170.5 million during the six months ended June 30, 2026 was primarily due to the maturity of long term deposits (investments) being reinvested in short term deposits to maximize available liquidity and are classified as cash and cash equivalents on the condensed consolidated balance sheets. In addition, proceeds of $2.0 million from the sale of AME assets were received in the second quarter of 2026.
Previous wording
Net cash from investing activities of $177.1 million during the three months ended March 31, 2025 was the offset of the change in our cash in bank deposits used to finance the purchase of Desktop Metal in April 2025.
Current wording
Net cash used in investing activities of $78.3 million during the six months ended June 30, 2025 due to the purchases of Desktop Metal and Markforged in April 2025, partially offset by the change in bank deposits used to finance the acquisitions.
Previous wording
Net cash used in financing activities was immaterial for the three months ended March 31, 2026 and 2025.
Current wording
Net cash used in financing activities was immaterial for the six months ended June 30, 2026 and 2025.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Gain (loss) on investment in marketable equity securities
Current report — wording carried from elsewhere
Gain on Investment in Marketable Equity Securities
Current report — wording carried from elsewhere
Gain on investment in marketable equity securities for the three months ended June 30, 2026 decreased $9.0 million compared to the three months ended June 30, 2025. These changes are consistent with the change in share price of Stratasys Ltd. (SYSS) over both periods.
Current report — wording carried from elsewhere
The following table presents consolidated revenue and net loss:
Current report — wording carried from elsewhere
We incurred $31.3 million of litigation expense associated with the 2025 Desktop Metal acquisition litigation during the six months ended June 30, 2025 that did not recur in the six months ended June 30, 2026.
Current report — wording carried from elsewhere
We recognized net financial income of $9.9 million for the six months ended June 30, 2026 compared to $21.8 million for the six months ended June 30, 2025, a decrease of $11.8 million. The decrease is primarily attributed to a decrease in bank interest due to lower cash balances and interest rates.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(Loss) Gain on Investment in Marketable Equity Securities