Revenue growth has accelerated to 105.8% year-over-year as of 2026Q1, yet gross margins have compressed to 39.1% from a 2023Q4 peak of 49.1%, suggesting difficulty in maintaining pricing power.
| 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 |
|---|
| Sales/Revenue | 117.68M | 102.44M | 57.77M | 56.31M | 43.63M | 10.49M | 3.4M | 7.07M | 5.1M | 858.56K | 46K | 6K | 17.57K | -431.59K |
| Revenue Growth % | 100.28% | 77.3% | 2.59% | 29.06% | 315.83% | 208.71% | -51.92% | 38.63% | 494.02% | 1766.43% | 666.67% | -65.85% | 104.07% | - |
| Cost of Goods Sold | 77.57M | 68.09M | 32.78M | 30.86M | 29.58M | 9.37M | 2.33M | 5.08M | 4.37M | 1.15M | 192.38K | 36.29K | 0 | 0 |
| COGS % of Revenue | - | 66.47% | 56.74% | 54.79% | 67.8% | 89.31% | 68.67% | 71.91% | 85.61% | 134.18% | 418.21% | 604.85% | - | - |
| Gross Profit | 40.11M | 34.34M | 25M | 26.06M | 14.05M | 1.12M | 1.06M | 1.99M | 734K | -323K | -147K | -30.29K | 0 | 0 |
| Gross Margin % | 34.08% | 33.53% | 43.26% | 46.27% | 32.2% | 10.69% | 31.33% | 28.09% | 14.39% | -37.62% | -319.57% | -504.85% | - | - |
| Gross Profit Growth % | - | 37.41% | -4.08% | 85.45% | 1152.32% | 5.35% | -46.37% | 170.57% | 327.24% | -119.73% | -385.29% | - | - | - |
| Operating Expenses | 147.68M | 125.53M | 111.42M | 150.34M | 186.54M | 84.04M | 36.76M | 16.82M | 15.88M | 16.95M | 9.04M | 5.73M | 1.21M | 258.44K |
| OpEx % of Revenue | - | 122.55% | 192.84% | 266.96% | 427.53% | 800.94% | 1081.55% | 237.92% | 311.45% | 1974.13% | 19654.35% | 95533.33% | 6876.14% | -59.88% |
| Selling, General & Admin | 109.15M | 95.48M | 63.88M | 87.67M | 65.63M | 42.36M | 26.88M | 8.74M | 7.26M | 5.55M | 4.82M | 2.88M | 356.71K | 38.48K |
| SG&A % of Revenue | - | 93.21% | 110.57% | 155.67% | 150.42% | 403.67% | 790.94% | 123.61% | 142.37% | 645.97% | 10486.96% | 47950% | 2030.45% | -8.92% |
| Research & Development | 32.29M | 30.05M | 37.16M | 58M | 75.76M | 41.69M | 9.88M | 8.08M | 8.62M | 10.62M | 3.9M | 2.86M | 905.22K | 231.44K |
| R&D % of Revenue | - | 29.34% | 64.31% | 102.99% | 173.64% | 397.27% | 290.61% | 114.31% | 169.08% | 1237.08% | 8480.43% | 47616.67% | 5152.65% | -53.62% |
| Other Operating Expenses | 439.84K | 0 | 10.38M | 4.68M | 45.15M | 0 | 0 | 78K | 68K | 105.31K | -114K | 0 | -10.79K | -11.49K |
| Operating Income | -107.58M | -91.19M | -86.42M | -126.18M | -131M | -82.92M | -35.7M | -14.84M | -15.15M | -16.69M | -9.01M | -5.74M | -1.21M | -271.08K |
| Operating Margin % | -91.42% | -89.02% | -149.58% | -224.07% | -300.24% | -790.25% | -1050.22% | -209.83% | -297.06% | -1943.73% | -19595.65% | -95716.67% | -6876.14% | 62.81% |
| Operating Income Growth % | - | -5.52% | 31.51% | 3.68% | -57.98% | -132.29% | -140.63% | 2.08% | 9.22% | -85.13% | -56.96% | -375.41% | -345.62% | - |
| EBITDA | -86.2M | -70.73M | -79.75M | -119.64M | -123.75M | -75.54M | -33.02M | -12.17M | -13.21M | -15.38M | -8.65M | -5.71M | -1.2M | -241.34K |
| EBITDA Margin % | -73.25% | -69.05% | -138.03% | -212.45% | -283.61% | -719.89% | -971.46% | -172.12% | -258.96% | -1791.03% | -18802.83% | -95114.68% | -6832.29% | 55.92% |
| EBITDA Growth % | 15.02% | 11.3% | 33.34% | 3.32% | -63.82% | -128.76% | -171.35% | 7.86% | 14.11% | -77.78% | -51.56% | -375.46% | -397.34% | - |
| D&A (Non-Cash Add-back) | 21.38M | 20.45M | 6.67M | 6.54M | 7.25M | 7.38M | 2.68M | 2.67M | 1.94M | 1.31M | 364.7K | 36.12K | 7.7K | 29.74K |
| EBIT | -102.87M | -107.45M | -96.33M | -55.12M | -226.81M | -205.56M | -48.41M | -7.94M | -15.08M | -16.69M | -9.01M | -5.38M | -3.94M | -2.92M |
| Net Interest Income | 30.49M | 35.29M | 42.12M | 45.18M | 18.05M | 3.53M | -171.19K | -440.42K | 54K | -28K | -29K | 0 | -8.99K | -8.9K |
| Interest Income | 31.23M | 35.4M | 42.78M | 45.79M | 18.38M | 3.83M | 249.74K | 0 | 54K | 105.31K | 180.68K | 0 | 257 | 9.23K |
| Interest Expense | 737.33K | 111K | 655.09K | 603.71K | 326.72K | 307.21K | 420.93K | 440.42K | 0 | 949.76K | 143.24K | 6.4K | 9.24K | 9.19K |
| Other Income/Expense | -43.93M | -16.37M | -10.11M | 70.68M | -97.03M | -122.81M | -12.8M | 6.48M | -288K | -815K | 38K | 355.19K | -2.43M | 1.73K |
| Pretax Income | -151.51M | -107.56M | -96.53M | -57.01M | -228.03M | -205.73M | -48.49M | -8.35M | -15.42M | -18.13M | -8.98M | -5.4M | -3.95M | -5.2M |
| Pretax Margin % | -128.74% | -105% | -167.07% | -101.24% | -522.61% | -1960.64% | -1426.71% | -118.15% | -302.35% | -2111.45% | -19513.04% | -90033.33% | -22506.83% | 1205.73% |
| Income Tax | -7.22M | -7.2M | 397K | 62K | 264K | -4.91M | 0 | 0 | 54K | -1.22M | 0 | -13.32K | 257 | 9.19K |
| Effective Tax Rate % | 4.77% | 6.7% | -0.41% | -0.11% | -0.12% | 2.38% | 0% | 0% | -0.35% | 6.75% | 0% | 0.25% | -0.01% | -0.18% |
| Net Income | -337.46M | -293.3M | -95.89M | -54.55M | -227.42M | -200.78M | -48.49M | -8.35M | -15.49M | -17.5M | -8.98M | -5.39M | -3.64M | -5.82M |
| Net Margin % | -286.76% | -286.32% | -165.98% | -96.87% | -521.22% | -1913.44% | -1426.71% | -118.15% | -303.69% | -2038.66% | -19513.04% | -89783.33% | -20713.8% | 1349.45% |
| Net Income Growth % | -297.49% | -205.85% | -75.79% | 76.01% | -13.27% | -314.02% | -480.56% | 46.07% | 11.51% | -95% | -66.62% | -48.04% | 37.52% | - |
| Net Income (Continuing) | -144.28M | -100.36M | -96.92M | -57.08M | -228.29M | -200.82M | -48.49M | -8.35M | -15.42M | -17.5M | -8.98M | -5.39M | -3.95M | -4.86M |
| Discontinued Operations | -2M | -193.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.97M |
| Minority Interest | 0 | 0 | 715K | 1.01M | 767K | 875K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.63 | -1.37 | -0.44 | -0.22 | -0.88 | -0.81 | -0.27 | -0.09 | -8.50 | -15.97 | -11.05 | -0.20 | -0.31 | -1.06 |
| EPS Growth % | -290% | -211.36% | -100% | 75% | -8.64% | -200% | -186.02% | 98.89% | 46.78% | -44.52% | -5425% | 35.48% | 70.75% | - |
| EPS (Basic) | - | -1.37 | -0.44 | -0.22 | -0.88 | -0.81 | -0.27 | -0.09 | -0.17 | -15.97 | -11.05 | -0.20 | -0.31 | -1.06 |
| Diluted Shares Outstanding | 207.5M | 215.74M | 218.38M | 248.12M | 257.89M | 248.13M | 181.27M | 175.63M | 91.8M | 56.54M | 40.76M | 536.38K | 12.75M | 5.49M |
| Basic Shares Outstanding | 207.5M | 215.74M | 218.31M | 248.02M | 257.79M | 247.34M | 181.27M | 175.63M | 91.8M | 56.54M | 40.76M | 536.38K | 12.75M | 5.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
According to the provided financial data, Nano Dimension achieved a significant revenue surge to $29.6 million in 2026Q1, representing a 105.8% year-over-year increase, though this trajectory appears heavily influenced by aggressive acquisition activity rather than purely organic expansion of the core DragonFly hardware installed base.
The sharp acceleration in top-line figures suggests that the company is successfully integrating acquired subsidiaries to scale its footprint. However, investors should monitor whether this growth is sustainable or merely a reflection of consolidating disparate revenue streams that may lack long-term synergistic cohesion.
As reported in recent income statements, gross margins have trended downward from a peak of 49.1% in 2023Q4 to 39.1% in 2026Q1, suggesting that the company is struggling to maintain pricing power while scaling its specialized nanotechnology ink and hardware production processes.
The inability to hold margins above the 40% threshold indicates that the cost of goods sold is rising in tandem with revenue, potentially due to the integration of lower-margin industrial components. This trend warrants further investigation into whether the 'razor-and-blade' model is achieving the expected economies of scale.
Based on the quarterly income statements, Nano Dimension continues to exhibit significant operating losses, with SG&A expenses of $24.9 million in 2026Q1 nearly doubling the gross profit of $11.6 million, indicating a lack of meaningful operating leverage despite the rapid top-line growth.
The persistent gap between revenue expansion and operating expenses suggests that the company's current cost structure is heavily burdened by administrative overhead and R&D requirements. Without a clear inflection point where operating income scales faster than gross profit, the path to profitability appears increasingly distant.
Analysis of the reported figures reveals extreme volatility in net income, ranging from a $181 million loss in 2025Q2 to a $69.5 million loss in 2026Q1, which suggests that non-operating items and acquisition-related charges are significantly distorting the company's true underlying operational performance.
The erratic nature of the bottom line makes it difficult to assess the company's core earnings power, as investors must look past significant quarterly fluctuations. The reliance on non-operating adjustments implies that the reported net income is currently an unreliable metric for gauging long-term viability.
While the company maintains a substantial cash position, the income statement data suggests that the current strategy of using capital to fund persistent operating losses and aggressive M&A may be unsustainable, as evidenced by the $20.9 million operating loss reported in 2026Q1.
Short-sellers would likely focus on the disconnect between the company's high cash reserves and its inability to generate positive operating cash flow. This suggests that the current valuation may be overly dependent on the balance sheet rather than the operational success of the underlying technology.
Quick answers to the most common questions about buying NNDM stock.
For fiscal year 2025, Nano Dimension Ltd. (NNDM) reported total revenue of $102.4M.
Nano Dimension Ltd. (NNDM) reported a net loss of $293.3M for the fiscal year ending 2025.
Nano Dimension Ltd. (NNDM) reported an operating income of $-91.2M, resulting in an operating profit margin of -89.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Nano Dimension Ltd. (NNDM) generated $34.3M in gross profit for the year, representing a gross profit margin of 33.5%. This demonstrates the company's core pricing power and production efficiency.