Nano Dimension‘s (Nasdaq: NNDM) second-quarter 2025 results show a company working through major changes. Revenue more than doubled compared to a year ago, thanks largely to its acquisition of Markforged. Meanwhile, losses widened and the company disclosed new details about the purchase and later sale of Desktop Metal. Management stressed that Nano remains “well-capitalized,” with over $520 million in cash and investments, and pointed to progress in defense contracts and industrial customers like Nestlé as “signs of momentum.” The report also marked the first earnings call with newly appointed CEO David Stehlin, and it comes after a complete overhaul of the board, with every current director having joined since December 2024.

Shedding Light on Desktop Metal

Let’s start with what may be one of the most important details in Nano’s latest earnings: what really happened with Desktop Metal. Until now, it wasn’t fully clear what state the business was in when Nano bought it back on April 2, 2025. Now, with the numbers out this week, we finally have a clearer picture.

David Stehlin, Nano Dimension CEO. Image courtesy of David Stehlin.

Stehlin told investors during an earnings call on September 17, 2025, that as soon as the deal closed, Nano put Desktop Metal in the “held for sale” bucket. That is basically a way of saying that Nano didn’t plan to keep it for long. Under accounting rules, this triggered a “revaluation.” The result was a $139.4 million write-down. This means Nano bought Desktop Metal for $179 million, but almost right away had to admit it was worth about $139 million less. It’s only an accounting loss, not money spent again, but it proves they overpaid for Desktop Metal.

On top of that, we also learned that during the period Nano owned the company, between April and June 2025, Desktop Metal lost $30.4 million in operations. The company was still generating sales. In fact, we know that Desktop Metal had brought in close to $40 million in revenue in earlier quarters. But operating costs were high, so the company kept losing money just to keep Desktop Metal running.

By July 28, Desktop Metal’s independent board decided the only option was Chapter 11 bankruptcy. Nano called this move part of “safeguarding” its balance sheet. Since then, Desktop Metal’s U.S. operating assets have been approved for sale to Arc Impact for around $7 million. Meanwhile, other units were sold separately. Anzu Partners acquired EnvisionTEC GmbH, and the German and Japanese units of ExOne and SprintRay took over EnvisionTEC’s dental portfolio.

After paying nearly $179 million, it’s unlikely that Nano will see anything back from those sales, since proceeds go to the debtor estate and its creditors in the bankruptcy process. At the same time, management is framing this as a clean break.

With Desktop Metal’s future now in the hands of new owners, Stehlin stated: “We believe this removes a significant overhang on our business and provides a clearer path forward. Nano Dimension remains one of the best capitalized companies in its ecosystem and is focused on maintaining financial strength.”

Nano Dimension sells Desktop Metal. Image courtesy of 3DPrint.com

The Role of Markforged

Meanwhile, Nano’s other big move this year, the acquisition of Markforged, is already showing up in its quarterly numbers. Nano closed that deal on April 25, 2025, and the integration is said to be “progressing as planned.” According to Stehlin, teams from both companies have been working to align operations and look for synergies.

“Markforged brings an exceptional team and highly respected products that serve critical applications for many leading companies. These efforts, together with our work to streamline our portfolio and sharpen our commercial focus, are helping us to build a more agile and scalable company capable of delivering strong results over time,” explained the executive.

The early results are already visible in the numbers. Out of Nano’s $25.8 million in revenue for the quarter, more than half ($16.1 million) came directly from Markforged. Without that contribution, Nano’s revenue would have been $9.7 million, down 35% from the year before. Thanks to Markforged, total revenue grew 72% compared to last year.

Markforged also brought with it some big customers. Nestlé, for example, recently announced plans to expand its use of Markforged systems at multiple production sites in the U.K. The food giant expects to manufacture more than 5% of its site inventory using 3D printing, a step that Nano says proves both the scalability of the technology and the return on investment customers are seeing.

Stehlin claimed that this momentum, paired with cost-cutting measures elsewhere in the business, is helping Nano become a more agile company with stronger long-term prospects.

Markforged’s new HQ. Image courtesy of Markforged.

Beyond the headlines around its latest acquisitions, Nano Dimension’s organic revenue was $9.7 million in the quarter, down 35% from last year. That drop points to the divestitures and macro pressures like high interest rates and tariffs. The company ended the quarter with a net loss of about $152 million, driven largely by the Desktop Metal write-down and operating losses. Still, Nano pointed to defense contracts, such as a $3 million order completed in Q2, as examples of where it still sees demand.

With a new CEO, a new board, and more than half a billion dollars in cash, the company says it is focused on “financial discipline” and “long-term growth in digital manufacturing.” In fact, as part of that effort, Nano has also launched a formal process to explore “strategic alternatives,” a review that could include different options to “unlock shareholder value.”