Nano Dimension reports $25.8 million in Q2 revenue, up by 72% YoY
And oh, right, former U.S. Marine Captain and member of the Board David S. Stehlin is the new CEO
In the midst of a very complex period following recent acquisitions, closures and sales of assets, Nano Dimension has reported growing revenues (+72%) in its financial Q2 2025 but also significant (but decreasing) losses. With all that’s going on, it would be easy to miss yet another change at the helm of the company as Ofir Baharav was removed from his position, and David S. Stehlin, who joined the Board in February 2025, has assumed the role of Chief Executive Officer.
The Nano Dimension Q2 2025 report marks a significant milestone as it incorporates the financial contributions and challenges arising from recent acquisitions, including Markforged Holding Corporation and Desktop Metal. The company’s quarterly performance reflected both growth opportunities and transitional pressures. Revenue reached $25.8 million, representing a 72.4% increase year-over-year compared with $15.0 million in the same quarter of 2024. This substantial rise was primarily fueled by the integration of Markforged, which added $16.1 million in revenue since its acquisition on April 25, 2025. Markforged contributed a gross profit of $3.4 million, though it also carried a GAAP net loss of $10.3 million during the reporting period.
Despite higher revenue, the company’s reported gross margin fell to 27.3%, down from 44.7% a year earlier. On an adjusted basis, the gross margin was 44.7%, slightly lower than the prior year’s 46.1%. Adjusted EBITDA reflected a loss of $16.7 million, compared with a loss of $14.6 million year-over-year. However, one key improvement was seen in the bottom line: net loss from continuing operations decreased significantly to $11.4 million, a sharp reduction from the $44.6 million loss recorded in the second quarter of 2024.
The company ended the quarter with $551.0 million in total cash, cash equivalents, deposits, and investable securities. This figure represents a decline from $840.4 million as of March 31, 2025, primarily due to the financial outlays associated with the acquisitions of both Markforged and Desktop Metal.
Desktop Metal, acquired on April 2, 2025, presented particular challenges. Upon acquisition, Nano Dimension classified the Desktop Metal asset group as “assets held for sale,” leading to its recording as such on the consolidated balance sheet. In the quarter, Nano recognized an impairment of $139.4 million related to Desktop Metal, as well as a loss from operations of $30.4 million for the post-acquisition period, both of which were included within “net loss from discontinued operations.”
The situation escalated further in July 2025, when Desktop Metal and several of its subsidiaries filed voluntary petitions under Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. The filing followed a strategic review by Desktop Metal’s independent board to address its liabilities and liquidity challenges, many of which stemmed from decisions made by its prior leadership. As part of the Chapter 11 proceedings, the Bankruptcy Court approved the sale of certain assets under Section 363 of the Bankruptcy Code, a process designed to maximize recovery value.
Commenting on the results and the company’s trajectory, David Stehlin, the new Chief Executive Officer of Nano Dimension, emphasized a focus on resilience and future growth. “As the new CEO of Nano Dimension, I am focused on building on our many strengths while also addressing challenges head-on,” he said. “Last week we initiated a strategic alternatives review, a deliberate and thoughtful process designed to unlock the full potential of Nano Dimension and maximize value for our shareholders. While this review is underway, we continue to advance our operations and pursue new opportunities. The addition of Markforged in the second quarter has expanded our reach into new markets and customers, bringing market-leading products and exceptional talent. While the Desktop Metal process has been challenging and cost-intensive, our balance sheet remains among the strongest in the industry.”
Looking ahead, Stehlin reiterated the company’s commitment to disciplined execution in the second half of 2025. Nano Dimension intends to focus on advancing its technologies, deepening customer relationships, and leveraging its strong financial position to fuel the next phase of growth.
This brings us to the appointment of David Stehlin as the new CEO last week, when Nano Dimension’s Board of Directors initiated a process to explore and evaluate a comprehensive range of strategic alternatives to reinforce the Company’s commitment to maximizing shareholder value. To assist in this process, the Board engaged Guggenheim Securities, LLC and Houlihan Lokey as its exclusive financial advisors. This is when Nano Dimension also announced the executive leadership change.
“I am honored to lead Nano Dimension at this critical moment and provide a clear direction for our future. It is my priority to ensure transparency and build trust with our customers, investors and employees,” said Dave Stehlin. “I recognize that Nano Dimension has been going through a very challenging period, but we now have a strong understanding of the value we can unlock through a clear focus on fiscal responsibility and targeted growth opportunities. I have been very impressed by the Nano Dimension team as their expertise and commitment to this exciting company and industry give me added confidence that we can make a measurable difference in the multiple, forward-leaning and strategic industry segments that are leading the digital manufacturing revolution.”
“On behalf of the Board of Directors, we have full confidence in Dave’s ability to lead Nano Dimension at this critical time,” said Robert Pons, Chairman of the Board. “Dave’s proven track record of value creation and deep and broad technology industry expertise will be invaluable as we navigate this transition and pursue a path to maximize shareholder value through our strategic review process.”
Mr. Stehlin brings more than 40 years of technology leadership, with a strong track record of leading both public and private companies as Chief Executive Officer, developing and implementing winning strategies, and successfully executing on M&A initiatives. He has significant expertise in overcoming technology and operational challenges in rapidly changing markets. He has a proven ability to build value through sustained revenue and profit growth in complex and multi-national environments. He holds a Bachelor of Science degree from the U.S. Naval Academy in Annapolis, MD, and an M.B.A. from National University in San Diego, CA. Before his business career, Dave was a Captain in the U.S. Marine Corps.
