Free cash flow remains consistently negative, highlighted by a trough margin of -178.6% in 2025Q2, indicating that the $355.3 million cash balance is being actively consumed to fund persistent operating losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -88.14M | -102.09M | -57.01M | -105.07M | -92.05M | -42.58M | -9.65M | -12.68M | -13.45M | -16.37M | -5.91M | -3.33M | -890.62K | -33.31K |
| Operating CF Margin % | - | -99.66% | -98.68% | -186.58% | -210.97% | -405.78% | -283.79% | -179.41% | -263.67% | -1906.37% | -12849.86% | -55456.5% | -5069.54% | 7.72% |
| Operating CF Growth % | -210.44% | -79.07% | 45.74% | -14.14% | -116.2% | -341.42% | 23.95% | 5.67% | 17.84% | -176.9% | -77.64% | -273.61% | -2573.77% | - |
| Net Income | -337.46M | -100.36M | -96.92M | -55.97M | -228.29M | -200.82M | -48.49M | -8.35M | -15.49M | -18.13M | -8.96M | -5.38M | -3.64M | -268.2K |
| Depreciation & Amortization | 15.98M | 20.45M | 6.67M | 6.54M | 7.28M | 7.38M | 2.66M | 2.67M | 1.94M | 1.36M | 363.96K | 36.12K | 7.7K | 1.44K |
| Stock-Based Compensation | 5.42M | 4.93M | 13.88M | 20.1M | 32.56M | 29.78M | 20.5M | 439K | 402K | 1.82M | 2.02M | 1.91M | 15.92K | 0 |
| Deferred Taxes | 0 | -7.46M | 0 | -11K | -581K | -5.01M | 0 | 18K | 537K | 83.15K | 0 | -314.58K | 0 | 0 |
| Other Non-Cash Items | 58.44M | -11.57M | 11.61M | -68.48M | 98.14M | 123.38M | 12.77M | -6.67M | 412K | 814.25K | 121.41K | 100.93K | 2.6M | 214.5K |
| Working Capital Changes | -21.95M | -8.09M | 7.75M | -7.26M | -1.17M | 2.72M | 2.92M | -782K | -1.25M | -2.31M | 541K | 321.75K | 124.3K | 18.95K |
| Change in Receivables | 4.94M | -1.53M | 9.03M | -5.6M | -1.99M | -449K | 1.1M | -503K | -1.22M | -50.64K | -38.74K | -108.87K | 180.54K | -1.44K |
| Change in Inventory | 5.7M | 5.6M | 387K | -340K | -4.6M | 2.38M | 229K | -442K | -1.41M | -2.31M | 129.46K | 0 | 0 | 0 |
| Change in Payables | -18.47M | 6.87M | 47K | 1.09M | 628K | 74K | -99K | -1.06M | 1.13M | -199.39K | 69.67K | 273.85K | -56.24K | 0 |
| Cash from Investing | -34.02M | 969.63K | 140.05M | -166.6M | -67.67M | -496.68M | -86.76M | -641K | -1.23M | -3.82M | -4.55M | -2.58M | -290.45K | 1.72K |
| Capital Expenditures | -939.16K | -1.06M | -2.2M | -9.1M | -9.39M | -425.78M | -1.36M | -601K | -1.32M | -3.64M | -4.55M | -2.34M | -290.45K | -8.62K |
| CapEx % of Revenue | 0.8% | 1.04% | 3.8% | 16.16% | 21.52% | 4057.75% | 39.98% | 8.5% | 25.86% | 423.89% | 9887.9% | 39065.9% | 1653.3% | -2% |
| Acquisitions | -210.89K | -267.82M | 0 | -9.26M | -31.06M | -74.57M | 4.03K | 0 | 997 | 2.02K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -126.34M | 269.85M | 41.72M | 32.21M | 8.99M | 3.67M | 96K | -40K | 87K | -183.28K | -3.42M | -237.73K | 0 | 0 |
| Cash from Financing | -14.03M | -15.11M | -74.45M | -105.41M | -5.27M | 804.18M | 677.73M | 13.44M | 12.48M | 13.5M | 13.9M | 14.44M | 1.39M | 18.66K |
| Debt Issued (Net) | 926.73K | -149K | -4.7M | -5.36M | -4.56M | -2.31M | -1.12M | -1.09M | 0 | 0 | 0 | 0 | 18.75K | 18.66K |
| Equity Issued (Net) | -25.02M | -24.86M | -69.75M | -96.39M | 0 | 805.5M | 676.13M | 14.37M | 12.47M | 12.42M | 12.33M | 14.22M | 1.22M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -25.02M | -24.86M | -69.75M | -96.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 10.06M | 9.89M | 12K | -3.67M | -716K | 990K | 2.71M | 169K | 9K | 1.08M | 1.83M | 285.25K | 151.96K | 0 |
| Net Change in Cash | -131.62M | -112.91M | 7.6M | -375.79M | -168.26M | 268.29M | 581.44M | 141K | -2.35M | -7.61M | 3.58M | 8.45M | 205.7K | -12.92K |
| Free Cash Flow | -89.08M | -103.16M | -59.92M | -115.69M | -101.44M | -468.36M | -11.01M | -13.29M | -14.77M | -20.01M | -10.46M | -5.67M | -1.18M | -41.92K |
| FCF Margin % | -75.69% | -100.71% | -103.71% | -205.44% | -232.49% | -4463.54% | -323.77% | -187.91% | -289.53% | -2330.26% | -22737.75% | -94522.41% | -6722.84% | 9.71% |
| FCF Growth % | -46.95% | -72.17% | 48.21% | -14.05% | 78.34% | -4155.87% | 17.16% | 10.03% | 26.19% | -91.28% | -84.42% | -380.19% | -2717.17% | - |
| FCF per Share | -0.43 | -0.48 | -0.27 | -0.47 | -0.39 | -1.89 | -0.06 | -0.08 | -0.16 | -0.35 | -0.26 | -10.57 | -0.09 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.26x | 0.35x | 0.59x | 1.93x | 0.40x | 0.21x | 0.20x | 1.52x | 0.87x | 0.94x | 0.66x | 0.62x | 0.24x | 0.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating from 0.10 in 2026Q1 to an extreme 28.03 in 2023Q4, suggesting that accounting accruals significantly distort the company's true operational cash generation capability.
The wide variance between net losses and operating cash flow suggests that non-cash charges and working capital adjustments are masking the underlying cash burn. Investors should monitor this divergence closely, as it indicates that reported earnings are not a reliable proxy for the company's actual ability to generate liquidity from its core business activities.
Based on NNDM's reported figures, free cash flow margins have remained consistently negative, reaching a trough of -178.6% in 2025Q2, which highlights the company's ongoing struggle to achieve self-sustaining cash flow despite aggressive efforts to scale its specialized additive manufacturing hardware and consumable ecosystem.
The persistent negative FCF trajectory suggests that the company's current business model requires continuous external funding to support its operational requirements. The lack of a clear path toward positive FCF margins warrants further investigation into whether the current revenue growth is sufficient to eventually cover the high fixed-cost base.
According to recent SEC filings, working capital changes have been highly volatile, swinging from a $19.5 million inflow in 2025Q1 to a $19.0 million outflow in 2025Q2, indicating that the company's cash conversion cycle is heavily influenced by irregular inventory management and inconsistent collection patterns.
This volatility in working capital suggests that management may be struggling to synchronize its supply chain with the erratic demand for its DragonFly systems. Such fluctuations imply that cash flow is susceptible to sudden, unpredictable shifts in inventory requirements or payment terms, which could further strain liquidity in future periods.
As indicated by historical cash flow data, NNDM has utilized significant capital for share repurchases, including $51.6 million in 2024Q1, while simultaneously maintaining a strategy of acquiring external assets, which suggests a management focus on capital deployment that may be disconnected from core operational profitability.
The decision to prioritize share buybacks alongside M&A activity appears to be a strategic choice to manage the company's equity base, yet it raises questions about the opportunity cost of this capital. Investors should monitor whether these deployment choices continue to dilute the cash runway available for essential R&D and operational scaling.
Quick answers to the most common questions about buying NNDM stock.
Nano Dimension Ltd. (NNDM) generated $-102.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nano Dimension Ltd. (NNDM) reported negative free cash flow of $103.2M in 2025, indicating capital requirements exceeded cash from operations.
Nano Dimension Ltd. (NNDM) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Nano Dimension Ltd. (NNDM) spent $24.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.