Nano Dimension (NNDM) FY2025 results: revenue $102 million, up 77.3% on the year
Nano Dimension Ltd. (NNDM) reported revenue of $102 million for fiscal 2025, the year ended 31 December 2025, up 77.3% on the year before. Net income was -$293 million, and diluted earnings per share $-1.36. The figures are the company's own, from the 10-K it filed with the SEC on 31 March 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised.
- Revenue expected above prior guidance: Preliminary, unaudited Q4 2025 revenue is expected above the range given on the prior earnings call. The figures are not final until audited.
- Markforged and Essemtec led results: Management named the Markforged and Essemtec product lines as the source of the quarter's strongest performance.
- Defense and aerospace momentum cited: Management cited momentum in defense, aerospace, next-generation networking, automotive and food and beverage.
- Momentum and key customer relationships: CEO said revenue above the top of guidance shows momentum building and expanded key customer relationships.
- Cash burn being reduced: CEO said the company is operating with greater focus and discipline while reducing cash burn.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 102 | 57.8 | 56.3 | +77.3% | |
| Cost of revenue | 68.1 | 32.9 | 30.3 | +107.1% | |
| Gross profit | 34.3 | 24.9 | 26.1 | +38.0% | |
| Gross margin | 33.5% | 43.1% | 46.3% | ||
| Research and development | 30.1 | 39.6 | 65.1 | -24.0% | |
| Operating income | -140 | -89.6 | -129 | ||
| Operating margin | -137.0% | -155.1% | -229.6% | ||
| Interest expense | 0.1 | 0.7 | 0.4 | -83.4% | |
| Pre-tax income | -108 | -99.5 | -57.0 | ||
| Income tax | -7.2 | 0.4 | 0.1 | ||
| Net income | -293 | -98.8 | -56.0 | ||
| Net margin | -286.3% | -171.1% | -99.4% | ||
| Diluted EPS | -$1.36 | -$0.45 | -$0.23 |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | -101 | -18.9 | -68.7 | ||
| Capital expenditure | 1.1 | 2.2 | 9.1 | -51.5% | |
| Free cash flow | -102 | -21.1 | -77.8 | ||
| Free cash flow margin | -99.9% | -36.5% | -138.1% | ||
| Cash from investing | n/a | 97.2 | -199 | ||
| Cash from financing | n/a | -69.7 | -110 | ||
| Depreciation and amortisation | 20.5 | 2.6 | 2.0 | +674.2% | |
| Share-based compensation | 5.9 | 15.7 | 22.1 | -62.7% | |
| Buybacks | n/a | 69.8 | 96.4 | ||
| Diluted shares, weighted | 216m | 218m | 248m | -1.2% | |
| Shares outstanding at period end | n/a | 216m | 236m |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 552 | 860 | 1,018 | -35.8% | |
| Non-controlling interest | n/a | 0.7 | 1.0 | ||
| Debt | n/a | 0.4 | n/a | ||
| Operating lease liabilities | 23.3 | 6.7 | 9.2 | +247.7% | |
| Other liabilities | 62.9 | 34.7 | 36.5 | +81.5% | |
| Total liabilities and equity | 638 | 903 | 1,065 | -29.3% | |
| Fixed assets | 24.8 | 14.1 | 16.7 | +75.6% | |
| Goodwill | 40.4 | 0.0 | n/a | ||
| Intangible assets | 19.4 | 2.2 | 2.2 | +801.8% | |
| Investments | 0.0 | 86.2 | n/a | ||
| Cash and equivalents | 205 | 317 | 310 | -35.5% | |
| Receivables | 26.0 | 9.1 | 12.7 | +184.9% | |
| Inventory | 32.9 | 16.9 | 18.4 | +94.6% | |
| Other assets | 290 | 457 | 705 | -36.5% | |
| Total assets | 638 | 903 | 1,065 | -29.3% |
10-K for the year ended 31 December 2025, filed 31 March 2026: the filing.