Nano Dimension Ltd.

Non-GAAP revenue for Q1 2026 was $29.7 million versus $14.4 million in Q1 2025, an increase of approximately 106%. Markforged contributed $17.1 million of revenue; excluding Markforged, standalone revenue was $12.6 million, down approximately 12% year over year. Gross profit was $13.6 million and adjusted gross margin was approximately 45.9%, compared with $6.2 million and 43.3% a year ago. Adjusted EBITDA was a loss of $12.5 million versus losses of $10.1 million in Q1 2025 and $9.8 million in Q4 2025. Total cash, cash equivalents, deposits, restricted deposits and marketable equity securities were approximately $441.6 million at March 31, 2026, down from $459.6 million at the prior quarter-end. Management withdrew full-year financial guidance, citing the range of strategic outcomes under review and the potential timing/scope of monetization actions.

Dave Stehlin framed the quarter as a strategic inflection point and emphasized that the company is executing a three-phase plan in parallel: streamlining operations, monetizing product lines, and evaluating go-forward strategic alternatives. He said demand trends remain healthy in FFF and SMT, highlighted an expansion with a major U.S.-based automotive manufacturer, and pointed to growth in defense, electronics, AI-related manufacturing, and space/satellite applications. His tone was upbeat and confident, but it was dominated by the transaction process and value-creation narrative rather than near-term operating detail.

John Brenton focused on the financial mechanics of the quarter: revenue of $29.7 million, adjusted gross margin of 45.9%, operating expenses of $26.1 million, and adjusted EBITDA loss of $12.5 million. He noted the Markforged inclusion drove much of the year-over-year change, while standalone operating expenses declined about 22% year over year and operating cash burn continued to trend down. He also said cash and liquid investments were $441.6 million and that full-year guidance was withdrawn because pending strategic actions could materially change the financial profile.

The main analyst concern was shareholder skepticism about management’s repeated emphasis on mergers, strategic alternatives, and excitement after prior disappointments. Dave Stehlin responded that Houlihan Lokey has narrowed more than a dozen partner opportunities to a short list and that the company is not a SPAC, but a business with operating assets seeking value-creating alternatives. Moshe Sarfaty also challenged the economics of the AME sale, arguing that the business burned more cash than it was sold for; Stehlin replied that the deal includes up to $10.5 million of additional upside beyond the $2 million upfront payment. When asked who found the buyer, management declined to comment beyond saying the bankers were involved.