WALTHAM, MA – Nano Dimension reported record revenue of $56.3 million in 2023, an increase of 29% compared to 2022.

For the fourth quarter, the company's $14.5 million in revenue represented a year-over-year increase of 19%.

"After much focus on revenue over the last 2-4 years, the market is returning to some element of reasonableness in the realigning of attention around the bottom-line," said CEO Yoav Stern. "In this spirit, the Initiative was launched in mid-Q4/2023 and is critical as we reorient our financial objectives. It is specifically designed to enable Nano Dimension to become operating income positive in 2025, and potentially cash flow positive earlier. We have thought and will continue to think highly critically about our operating expenses across R&D, sales & marketing, and general & administrative costs. We made some notable changes in Q4/2023, including reducing the Company’s workforce worldwide by approximately 25% and shrinking the Executive Management group by 25%.

"This Initiative has produced an estimated annualized savings of $30 million, which we expect to start reflecting in our Q1/2024 results.

"It is important to note that while we are not yet delivering a positive bottom-line now, it is a choice based on our capital allocation to secure R&D innovation and establish go-to-market channels and customer relationships. We are positioning ourselves with a sharp focus on gross margin. It grew to 45%. This improvement indicates our clear direction toward a goal of over 50% gross margin, preferably close to 60%. At that level, we expect to be profitable. From there onward, we expect to see savings in operating expenses."