Nano Dimension’s Post-Acquisition Focus Turns to Profitability

After finalizing its acquisitions of Desktop Metal and Markforged, Nano Dimension (Nasdaq: NNDM) is moving away from aggressive M&A and toward stronger strategic integration and long-term profitability. Julien Lederman, the company’s Chief Business Officer, spoke with 3DPrint.com about the integration efforts, strategy shifts, and tough decisions shaping Nano Dimension’s next chapter. Lederman helped steer this transition during a critical four-month period as interim CEO, before handing the reins to Ofir Baharav in April 2025.

Three Companies, One Goal

Nano Dimension signed two major merger agreements in 2024: to acquire multi-printing technology firm Desktop Metal and high-performance material additive manufacturing specialist Markforged. These moves came after months of industry speculation, including Nano Dimension’s earlier (and higher) bids for Desktop Metal in 2023, which were initially rejected.

But now, the companies are officially under one roof. Markforged is already being integrated, with its products, software, and team merging into Nano Dimension’s operations. At the same time, Desktop Metal, now operating as an independent subsidiary of Nano Dimension, is going through a strategic assessment of its liabilities and liquidity needs.

“Desktop Metal itself is going through its own strategic assessment process,” explained Lederman. “Yes, we acquired them… but it is still a distinct legal entity and a subsidiary of Nano Dimension. It has to go through its own process, and we’re letting that play out.”

While the Desktop Metal situation is still unfolding, Nano Dimension has already moved quickly to restructure other parts of its business. In recent months, the company shut down units like Fabrica and Admatec, both of which struggled to stay competitive in crowded markets. It also launched a cost-cutting effort to save $20 million annually by trimming R&D, sales, and management expenses. That urgency is unlike the slower, more cautious approach with Desktop Metal.

From Holding to Cohesion

Lederman was clear: the days of Nano Dimension resembling a tech holding company are over.

“We do not want to consider ourselves a holding company or an investor of other assets,” he said. “We are looking to bring things together as much as possible. There’s far more that connects the different parts of our business than sets them apart. We have many of the same customers — aerospace and defense, automotive, medical, electronics, and general industry. We all rely on software. We all care about material science. It’s the lifeblood of what makes our applications what they are.”

One of the clearest examples of that synergy is software. Nano Dimension plans to build on Markforged’s “exemplary software suite” while continuing to lead in its core strength: electronics manufacturing, especially in 3D printed circuit boards and electronic devices.

Shifting Toward Profitability

One of the most pressing goals now is financial sustainability, Lederman admitted.

“It’s not surprising to anyone that the companies in our space have historically had loss-making business models. We’re very focused on building a sustainable business, not just in the environmental sense, but in terms of the business model.”

That includes cutting costs, rationalizing products, and boosting revenue per employee. It also means deciding which technologies or subsidiaries to keep and which to shut down.

Nano Dimension recently decided to discontinue Fabrica, a company that made 3D printing systems for microscale applications, and Admatec, which focused on digital light processing (DLP) printing for ceramics. Lederman said the choice came down to focus and where the company perceives to have a long-term advantage.

“We want to make sure we’re in the domains where we can be a category leader,” he explained. “Particularly when either there’s a lot of competition or we see more and more competition, especially from the Far East.”

He pointed to the growing number of low-cost alternatives in markets like DLP printing, where Fabrica had operated. Rather than pouring more money into R&D and sales just to stay afloat, Nano Dimension chose to exit.

“It didn’t qualify versus the expectations we set for ourselves. We asked: Can we maintain a competitive advantage without pouring endless sums into R&D and marketing? If not, we step back.”

Financial Strategy: Rightsizing for the Future

In 2024, Nano Dimension reported a 3% increase in revenue but also posted a loss, mainly due to the revaluation of its earlier investment in Stratasys. To reduce financial ups and downs, the company is working to better balance how it spends across different parts of the business.

“We have to make sure our spending is in line with what’s reasonable for a company our size,” noted Lederman. “We’re looking closely at what percentage of revenue goes to sales and marketing, R&D, and overhead like management and IT.”

Lederman also noted that while many 3D printing companies were spending heavily through M&A during the market’s peak, Nano Dimension took a more cautious approach: “We didn’t spend so much at the market highs. An element of strategic patience paid off.”

While Nano Dimension did make big acquisitions, Lederman said the company waited for better deals.

Rethinking Consolidation

The past few years have seen a wave of consolidation in the 3D printing universe, especially among public companies that have struggled with low margins and slow growth. But Lederman clarified that Nano Dimension’s current leadership isn’t focused on “getting bigger just for the sake of it.”

“We’re not necessarily exceedingly driven by the idea of consolidation for consolidation’s sake. We think we’re at a good size now and need to figure out how to be financially successful at that size. Adding more companies won’t help unless the new business units offer long-term competitiveness and the ability to produce high-value parts at scale.”

Looking ahead, Nano Dimension sees continued demand in aerospace and defense, a key area for the company’s high-performance electronics and manufacturing capabilities.

“Whether it’s for the unfortunate realities of global conflict or the more exciting things like space exploration, aerospace and defense is in general a strong vertical for us,” he considered.

He also sees opportunities for growth in countries dealing with trade uncertainty and supply chain instability. In many cases, Nano Dimension’s ability to print parts on-site rather than relying on imports gives it a strategic advantage.

From Here On

Lederman hinted that the company may have more integration surprises in store this year. While some plans are still under wraps, he shared excitement about combining Nano Dimension’s historical strength in electronics with Markforged’s software capabilities and scaling it across the different products.

With Baharav as the new CEO, Nano Dimension is focusing on running more efficiently while continuing to develop new technology.

“He brings leadership on both sides, not just around technology and innovation, but also business management,” Lederman concluded. “In my experience, leaders are usually either one or the other, but they’re rarely both.”

If executed well, that combination could help Nano Dimension finally become what others in the sector failed to be: a profitable, growing, and integrated 3D printing business.

Images courtesy of Nano Dimension.