Revenue has roughly doubled to $29.0 million in 2026Q2 with gross margin rebounding to 45.9% and operating loss narrowing to $6.8 million, but SG&A of $21.3 million still consumes more than the $13.3 million of gross profit generated.
Nano Dimension Ltd. (NNDM) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 125.92M | 102.44M | 57.77M | 56.31M | 43.63M | 10.49M | 3.4M | 7.07M | 5.1M | 829K | 46K | 6K | 17.57K | -431.59K |
| Revenue Growth % | 54.14% | 77.3% | 2.59% | 29.06% | 315.83% | 208.71% | -51.92% | 38.63% | 515.2% | 1702.17% | 666.67% | -65.85% | 104.07% | - |
| Cost of Goods Sold | 72.74M | 68.09M | 32.89M | 30.26M | 29.58M | 9.37M | 2.33M | 5.08M | 4.37M | 1.15M | 193K | 36.29K | 0 | 0 |
| COGS % of Revenue | - | 66.47% | 56.92% | 53.73% | 67.8% | 89.31% | 68.67% | 71.91% | 85.61% | 138.96% | 419.57% | 604.85% | - | - |
| Gross Profit | 53.18M | 34.34M | 24.89M | 26.06M | 14.05M | 1.12M | 1.06M | 1.99M | 734K | -323K | -147K | -30.29K | 0 | 0 |
| Gross Margin % | 42.23% | 33.53% | 43.08% | 46.27% | 32.2% | 10.69% | 31.33% | 28.09% | 14.39% | -38.96% | -319.57% | -504.85% | - | - |
| Gross Profit Growth % | - | 37.99% | -4.49% | 85.45% | 1152.32% | 5.35% | -46.37% | 170.57% | 327.24% | -119.73% | -385.29% | - | - | - |
| Operating Expenses | 141.94M | 125.53M | 113.2M | 155.38M | 145.05M | 84.04M | 36.76M | 16.82M | 15.88M | 16.36M | 8.87M | 5.73M | 1.21M | 258.44K |
| OpEx % of Revenue | - | 122.55% | 195.94% | 275.91% | 332.44% | 800.94% | 1081.55% | 237.92% | 311.45% | 1974.07% | 19276.09% | 95533.33% | 6876.14% | -59.88% |
| Selling, General & Admin | 115.57M | 95.48M | 73.64M | 90.23M | 65.63M | 42.15M | 26.81M | 8.66M | 7.19M | 5.55M | 4.82M | 2.88M | 356.71K | 38.48K |
| SG&A % of Revenue | - | 93.21% | 127.47% | 160.23% | 150.42% | 401.67% | 788.7% | 122.5% | 141.04% | 669% | 10486.96% | 47950% | 2030.45% | -8.92% |
| Research & Development | 26.37M | 30.05M | 39.56M | 65.15M | 75.76M | 41.69M | 9.88M | 8.08M | 8.62M | 10.82M | 4.04M | 2.86M | 905.22K | 231.44K |
| R&D % of Revenue | - | 29.34% | 68.47% | 115.68% | 173.64% | 397.27% | 290.61% | 114.31% | 169.08% | 1305.07% | 8789.13% | 47616.67% | 5152.65% | -53.62% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 3.66M | 210K | 76K | 78K | 68K | 0 | 0 | 0 | -10.79K | -11.49K |
| Operating Income | -95.44M | -91.19M | -88.31M | -129.32M | -131M | -82.92M | -35.7M | -14.84M | -15.15M | -16.69M | -9.01M | -5.74M | -1.21M | -271.08K |
| Operating Margin % | -75.79% | -89.02% | -152.86% | -229.64% | -300.24% | -790.25% | -1050.22% | -209.83% | -297.06% | -2013.03% | -19595.65% | -95716.67% | -6876.14% | 62.81% |
| Operating Income Growth % | - | -3.26% | 31.71% | 1.28% | -57.98% | -132.29% | -140.63% | 2.08% | 9.22% | -85.13% | -56.96% | -375.41% | -345.62% | - |
| EBITDA | -84.06M | -70.73M | -85.67M | -127.35M | -123.72M | -75.54M | -33.04M | -12.17M | -13.21M | -15.38M | -8.65M | -5.71M | -1.2M | -241.34K |
| EBITDA Margin % | -66.75% | -69.05% | -148.28% | -226.14% | -283.54% | -719.89% | -972.02% | -172.12% | -258.96% | -1854.89% | -18802.17% | -95114.68% | -6832.29% | 55.92% |
| EBITDA Growth % | -8.36% | 17.44% | 32.73% | -2.93% | -63.78% | -128.63% | -171.5% | 7.86% | 14.11% | -77.79% | -51.55% | -375.46% | -397.34% | - |
| D&A (Non-Cash Add-back) | 11.38M | 20.45M | 2.64M | 1.97M | 7.28M | 7.38M | 2.66M | 2.67M | 1.94M | 1.31M | 365K | 36.12K | 7.7K | 29.74K |
| EBIT | -117.5M | -107.45M | -98.79M | -56.65M | -227.85M | -205.49M | -48.1M | -7.93M | -15.08M | -16.69M | -9.01M | -5.38M | -3.94M | -2.92M |
| Net Interest Income | 16.62M | 35.29M | 41.91M | 47.22M | 18.27M | 3.6M | -171.19K | -440.42K | 53.82K | 0 | -29.54K | 0 | -8.99K | -8.9K |
| Interest Income | 17.12M | 35.4M | 42.57M | 47.58M | 18.45M | 3.83M | 249.74K | 0 | 53.82K | 0 | 0 | 0 | 257 | 9.23K |
| Interest Expense | 493K | 111K | 668K | 367K | 180K | 237K | 420.93K | 440.42K | 0 | 0 | 29.54K | 6.4K | 9.24K | 9.19K |
| Other Income/Expense | -60.83M | -16.37M | -11.15M | 72.31M | -97.03M | -122.81M | -12.8M | 6.48M | -270K | -815K | 38K | 355.19K | -2.43M | 1.73K |
| Pretax Income | -156.26M | -107.56M | -99.46M | -57.01M | -228.03M | -205.73M | -48.49M | -8.35M | -15.42M | -17.5M | -8.98M | -5.4M | -3.95M | -5.2M |
| Pretax Margin % | -124.1% | -105% | -172.15% | -101.24% | -522.61% | -1960.64% | -1426.71% | -118.15% | -302.35% | -2111.34% | -19513.04% | -90033.33% | -22506.83% | 1205.73% |
| Income Tax | -7.2M | -7.2M | 397K | 62K | 264K | -4.91M | 0 | 0 | 0 | 0 | 0 | -13.32K | 257 | 9.19K |
| Effective Tax Rate % | 4.61% | 6.7% | -0.4% | -0.11% | -0.12% | 2.38% | 0% | 0% | 0% | 0% | 0% | 0.25% | -0.01% | -0.18% |
| Net Income | -149.06M | -293.3M | -98.83M | -55.97M | -227.42M | -200.78M | -48.49M | -8.35M | -15.49M | -17.5M | -8.98M | -5.39M | -3.64M | -5.82M |
| Net Margin % | -118.38% | -286.32% | -171.06% | -99.38% | -521.22% | -1913.44% | -1426.71% | -118.15% | -303.69% | -2111.34% | -19513.04% | -89783.33% | -20713.8% | 1349.45% |
| Net Income Growth % | 44.41% | -196.77% | -76.59% | 75.39% | -13.27% | -314.02% | -480.56% | 46.07% | 11.51% | -95% | -66.62% | -48.04% | 37.52% | - |
| Net Income (Continuing) | -110.41M | -100.36M | -99.86M | -57.08M | -228.29M | -200.82M | -48.49M | -8.35M | -15.42M | -17.5M | -8.98M | -5.39M | -3.95M | -4.86M |
| Discontinued Operations | 0 | -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) | -0.71 | -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 % | 57.38% | -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 | 209.41M | 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 | 209.41M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
SG&A exceeds gross profit
Metrics are mathematically derived from official filings.
Revenue Doubling Remains Volatile
Quarterly revenue has roughly doubled to $29.0 million in 2026Q2 from $13.4 million in 2024Q1, with year-over-year growth accelerating to 105.8% in 2026Q1, according to NNDM's reported income statements; however, quarterly swings between $14.4 million and $35.3 million suggest the growth path remains uneven and potentially lumpy.
The step-change in revenue scale appears to have begun around 2025Q2, when the top line jumped from $14.4 million to $25.8 million and has since held above $25 million in five of six quarters, which suggests the company has moved into a new volume regime rather than experiencing a one-off spike. Still, the decline from $35.3 million in 2025Q4 to $29.6 million and $29.0 million in the two following quarters implies the growth cadence is not yet stable, and investors should treat the 105.8% figure as a recovery from a soft prior-year base rather than a clean trend line.
Gross Margin Rebound Under Scrutiny
Gross margin swung from 46.7% in 2024Q1 to a trough of 27.3% in 2025Q2 before recovering to 45.9% in 2026Q2, as reported in NNDM's quarterly filings, placing it near Stratasys' 47.0% but well above Xometry's 39.1% amid wide quarterly dispersion.
The recovery from 30.3% in 2025Q3 to 45.9% in 2026Q2 appears to reflect a combination of rising revenue absorbing fixed manufacturing cost and a lower COGS line of $15.7 million versus $18.0 million in the prior quarter, which suggests improving mix or utilization rather than demonstrated pricing power. The 19-point spread between the 2025Q2 trough and the recent print is unusually wide for a hardware business and may indicate that quarterly gross margin is still sensitive to volume volatility, making the current 45.9% level one that warrants confirmation across further periods before being treated as structural.
Operating Losses Narrow Sharply
Operating loss narrowed to $6.8 million in 2026Q2 from $40.1 million in 2025Q1, with operating margin improving to -23.5% from -154.7%, based on NNDM's reported results; this suggests operating leverage is beginning to emerge as revenue scales against a comparatively fixed cost base.
Gross profit grew roughly 2.3x from $5.9 million in 2025Q1 to $13.3 million in 2026Q2 while the operating loss shrank by more than $33 million, implying that a meaningful portion of the overhead base did not scale with volume and that cost actions taken through 2025 are holding. The read-through is cautiously positive, but the -23.5% operating margin still indicates the company has not crossed the contribution threshold, and investors should monitor whether the $6.8 million loss reflects durable efficiency or simply a quarter with lower R&D and SG&A spend of $5.8 million and $21.3 million respectively.
SG&A Dominates Cost Structure
SG&A consumed $21.3 million against $13.3 million of gross profit in 2026Q2, while R&D fell to $5.8 million from $9.8 million in 2024Q3, according to NNDM's income statements, indicating overhead—not production cost—remains the dominant drag on the bottom line.
SG&A has declined from its $32.1 million peak in 2025Q2 but still absorbs roughly 73% of revenue, a level that appears unsustainably high relative to a manufacturing peer set and suggests the cost of running the commercial and corporate organization has not yet been right-sized to the current revenue base. The simultaneous reduction in R&D from $9.8 million to $5.8 million is a double-edged signal: it supports near-term loss reduction but may also indicate a pull-back in product investment that could pressure the gross margin trajectory if it weakens the company's technology differentiation.
Overhead Still Outruns Gross Profit
Even at 2026Q2's improved run-rate, SG&A and R&D of $27.1 million exceeded gross profit of $13.3 million by roughly 2x, as shown in NNDM's quarterly data, meaning profitability would require either another step-change in volume or a deeper overhead reduction than recent quarters demonstrate.
A short-seller would likely focus on the fact that net margin has been negative in every one of the ten reported quarters, with cumulative net losses exceeding $450 million, and that the $181.0 million loss in 2025Q2 signals exposure to large non-operating or write-down items that the operating line alone does not explain. Additionally, gross margin of 45.9% sits below Stratasys' 47.0% despite NNDM's smaller scale, suggesting limited pricing leverage, and the possibility that the recent margin rebound reflects favorable quarterly mix rather than a durable structural shift warrants further investigation before the improvement is extrapolated.