3D Printing Financials: 2024 Results In, Nano Dimension Gears Up with Markforged and Desktop Metal

Nano Dimension (Nasdaq: NNDM) is going through a major transformation. In just a few weeks, the company has finalized not one, but two major acquisitions: Desktop Metal and Markforged. On top of that, it’s now sharing full-year 2024 financial results and a better sense of where it’s headed next. After months of news, lawsuits, and strategy changes, this feels like a turning point. Nano Dimension is betting on a much more focused future, moving on from what didn’t work and doubling down on what it believes can.

The company’s 2024 results show some progress but also ongoing challenges. Revenue grew slowly compared to the year before, and the company says it’s improving efficiency. However, Nano Dimension still reported losses, including a large hit related to its investment in Stratasys. Still, it has a lot of cash and uses that to reshape its portfolio and scale up through acquisitions.

Going forward, the company will focus on two main areas: additively manufactured electronics (AME) and surface-mount technology (SMT). These are the products Nano believes have the strongest commercial potential.

As part of this shift, it has discontinued several businesses in 2024, like DeepCube, Fabrica, Admatec, and Formatec, which ranged from AI software to ceramic and micro-scale 3D printing. According to the company, this streamlining will help it save over $20 million in annual costs.

CEO Ofir Baharav, appointed in April 2025 to lead this new phase, called 2024 a year of transition. In a letter to shareholders, the executive said the company’s goal is to build a more efficient business focusing on what it does best. This means fewer distractions and a sharper strategy. With fewer product lines, Nano Dimension says it has already improved its revenue per employee by more than 50% in just a year.

“There has never been a more important moment to align with this vision. Global trade and production are undergoing a once-in-a-generation disruption, and digital manufacturing – driven by rapid production to enable re-shoring, supply chain resilience, IP security, and sustainability – is emerging at its core,” noted Baharav. “To execute on this strategy, we are driving change starting with Nano Dimension’s core business, which—even prior to the recent acquisitions—was in urgent need of transformation. We implemented a clear playbook: assess, transform, invest, and grow.”

Revenue in 2024 reached $57.8 million, a slight increase from the year before, thanks to a more focused product lineup and simpler strategy. In the final quarter of the year, revenue came in at $14.6 million, roughly flat compared to the same period in 2023. While growth was limited, Nano Dimension says this reflects early progress in its strategy to become more efficient and selective about where it competes.

The company posted a net loss of $95.9 million for the year. It says a large part of that was due to a drop in the value of its investment in Stratasys, a company Nano Dimension attempted to acquire between 2023 and early 2024. Even if it didn’t gain control of Stratasys, the pursuit—and the shares—cost the company money on its bottom line.

But now Nano Dimension seems to be moving on. After officially acquiring Desktop Metal, the company admitted that its new asset faces tough liquidity issues. Desktop Metal was also dealing with financial trouble, including $115 million in debt that it needed to repay soon. Nano Dimension said it “has provided limited funding” to keep the business running, but it’s not yet clear how it plans to fix the situation in the long term.

“Clarity is a key tenet of my management team. Our goal is to prioritize forthrightness and trust with investors and build credibility with all stakeholders. While we are in the early stages of our review of Markforged, and while Desktop Metal is currently in the process of evaluating strategic alternatives, we commit to providing timely updates on these processes,” indicated Baharav.

Meanwhile, the Markforged acquisition looks a little more promising. Markforged brought in over $85 million in revenue in 2024, with solid gross margins. Nano Dimension believes this deal will complement its core technologies and bring in additional capabilities in industrial 3D printing. Compared to the areas it shut down, Nano Dimension sees Markforged as a key addition to support its next phase.

Despite the losses, Nano Dimension still has a strong cash position, ending 2024 with $845 million in cash and equivalents. That’s a slight drop from the year before, but it gives the company room to invest and restructure. It also reported an adjusted EBITDA loss of $65.2 million for the year, which is actually an improvement of 35% compared to 2023. While it hasn’t said exactly when it expects to turn a profit, management points to reduced spending and a “leaner business” as signs it’s moving in the right direction.

Looking ahead, Nano Dimension plans to host a strategic update in June 2025. For now, it has shared early estimates for the first quarter of 2025, which show it expects to report $14.4 million in revenue for the quarter. As of the end of March, it still had around $840 million in revenue in cash, deposits, and investable securities. Although these are only preliminary numbers and could change, they suggest Nano Dimension is starting the year with strong resources and stable revenue.

The biggest story here is the company’s strategy change. The leadership and board have also been going through changes. After pressure from shareholders last year, Nano Dimension replaced its entire board of directors. That change in leadership eventually led to the appointment of a new CEO, who now hopes to turn all the technology bets into real business successes.

Images courtesy of Nano Dimension.