After concluding the Markforged acquisition, Nano Dimension has reported full-year (FY) 2024 revenue of $57.8 million, a 2.6% increase from $56.3 million in FY 2023. Fourth-quarter (Q4) revenue reached $14.6 million, up 0.8% Y/Y from $14.5 million in Q4 2023. On a sequential basis, revenue was down by 1.9% from $14.9M in Q3’24. Gross profit for the year declined to $25.0 million, down 1.8% Y/Y, while Q4 gross profit was $4.9 million, a 31% decrease from $7.0 million in Q4 2023. Alongside these results, the company implemented structural changes, including a narrower product focus, a $20 million reduction in annual operating expenses, and a 52% increase in revenue per employee. This was driven by capital discipline and long-term profitability goals, despite a Purchasing Managers Index (PMI) below 50. “We’re shifting from chaos to discipline,” said CFO Assaf Zipori. He explained that cost reductions stemmed from a focused strategy and improved structural alignment, resulting in “formerly a bloated cost structure now materially reduced.” Sales growth in a challenging macro environment. Image via Nano Dimension. Aggressive expansion to focused execution  A lot can change in a year, and Nano Dimension’s trajectory is a clear example of that. The shift from then-CEO Yoav Stern to Ofir Baharav brought more than just a change in leadership; it signaled a broader transformation in tone, priorities, and direction. During the Q4 2023 earnings call, Stern presented a business focused on rapid growth and consolidation. He described 2023 as “a fantastic year for Nano Dimension,” citing a 29% revenue increase and improved gross margins.  Confident in the company’s significant cash position, he outlined a strategy based on acquisitions, saying, “If we end up with $10 million, 12 million cash burn a year, with $1 billion in cash, which is going to be used for acquisitions and for R&D, we’re in an excellent, excellent shape. Stern’s message was forward-looking and ambitious. He highlighted customers such as NASA and the U.S. Department of Defense and emphasized Nano’s role in what he called a business domain, rather than conventional industry. Software development and AM innovation featured heavily in his narrative. Fast forward to the Q4 2024 earnings call, Baharav’s tone was more grounded. He described 2024 as “a year of transformation,” shaped by execution and financial fundamentals. The company exited non-core units including Admatec, DeepCube, Formatec, and Fabrica as highlighted in a letter to shareholders by activist investor Murchinson. This move helped Nano reduce operating costs by $20 million, and focus on profitability. That shift was echoed by CFO Assaf Zipori, who said, “Efficiency matters. We have already made big changes and we don’t plan to stop.” The team highlighted a major increase in revenue per employee (from $147,000 to $223,000) as a result of structural improvements rather than staff expansion. Unlike Stern’s abstract vision, Baharav emphasized tangible, measurable results. Both leaders acknowledged the importance of software, but with contrasting approaches. Stern discussed its potential to reshape the industry, while Baharav focused on Markforged’s platform as a near-term asset within a focused investment strategy. Taken together, the calls reflect a company moving from aggressive expansion to focused execution, shifting its priority from scale to sustainability. Update on Desktop Metal and Markforged Alongside its internal overhaul, Nano Dimension has begun reviewing its acquisitions, particularly Desktop Metal and Markforged. Both are under strategic assessment to determine how they fit into the company’s long-term vision. Markforged is viewed as a strong asset for its software and broad installed base, while Desktop Metal raises financial concerns. CFO Assaf Zipori explained that the acquisition was completed under court order, with Nano paying nearly $180 million to Desktop Metal shareholders. The company has since provided limited secured financing to support short-term obligations but has not committed to any additional funding. Zipori addressed the situation directly, calling Desktop Metal “the elephant in the room.” He noted that the company faces significant financial liabilities, including $115 million in outstanding convertible notes, all incurred prior to the acquisition. He reiterated that any further involvement would depend on clear strategic fit. Internally, leadership said site visits revealed new cost-saving opportunities and ways to align operations. These observations informed decisions to consolidate roles and streamline offerings. According to management, this cultural reset aimed not only to improve margins but to unlock innovation by reducing organizational friction. By simplifying structure and holding teams accountable to profitability metrics, Nano believes it is now better equipped to deliver complex, high-performance parts across key sectors. Nano Dimension 3D printed electronics on display at RAPID + TCT 2024. Photo by 3D Printing Industry. Guidance for FY 2025 Though the company did not issue formal guidance for FY 2025, it shared preliminary figures. Q1 2025 revenue is expected to reach $14.4 million, up 8% from the prior year. Cash and cash equivalents stood at around $840 million as of March 31, 2025, excluding contributions from Q2 acquisitions. Leadership emphasized that future investments, including further involvement with Desktop Metal, will be evaluated based on their alignment with Nano Dimension’s focus on margin improvement and shareholder value. Management expects to have clarity on Desktop Metal’s strategic review by the end of June. Looking ahead, the company plans to strengthen its presence in four core markets: aerospace and defense, automotive, electronics, and medical. These sectors align with Nano Dimension’s core capabilities and the growing demand for complex, high-performance parts. Bringing the call to a close, executives noted that with transformation underway and strategic priorities now clarified, FY 2025 is expected to be defined by disciplined execution and measurable outcomes. What 3D printing trends should you watch out for in 2025? How is the future of 3D printing shaping up? To stay up to date with the latest 3D printing news, don’t forget to subscribe to the 3D Printing Industry newsletter or follow us on Twitter, or like our page on Facebook. While you’re here, why not subscribe to our Youtube channel? Featuring discussion, debriefs, video shorts, and webinar replays. Featured image shows sales growth in a challenging macro environment. Image via Nano Dimension.