In April 2025, electronics 3D printing firm Nano Dimension completed its long-anticipated acquisition of industrial 3D printer manufacturer Desktop Metal (DM), nine months after announcing the $179.3 million deal. Shortly thereafter, Nano Dimension closed its $116 million takeover of Markforged, a Massachusetts-based FDM and binder jetting 3D printer OEM, first disclosed last September.
The deals followed a protracted stretch of M&A uncertainty, marked by lawsuit filings and boardroom upheaval. For Julien Lederman, Nano Dimension’s new Chief Business Officer (CBO), strategic change is imperative.
In a recent discussion with 3D Printing Industry, he explained the rationale behind Nano Dimension’s new direction. The updated leadership team, now led by CEO Ofir Baharav, is prioritizing growth and shareholder return amid expanding market potential. Lederman cites the Prismark Printed Circuit Report as indicating that the targeted addressable market for the company’s electronics business will approach $12 billion by 2028.
“Nano Dimension has lost money in the past, and that needs to change,” emphasized the CBO. Nano Dimension reported a $86.4M operating loss in FY’24, a 30.8% improvement YoY from -$124.9M in FY’23. For the former World Economic Forum executive, profitability requires stricter fiscal discipline and a sharper investment focus. These principles underpin the firm’s shift away from its previous M&A-heavy strategy.
Lederman provided a status update on the Desktop Metal and Markforged acquisitions. He detailed plans to tackle Markforged’s high operational costs and explained how consolidation will impact employee headcount, while Desktop Metal is going through an independent strategic assessment. Lederman also addressed Nano Dimension’s decision to discontinue its Admatec, DeepCube, Fabrica, and Formatec product lines, which is expected to help unlock $20M in annualized savings.
New Nano Dimension strategy targets shareholder value
Lederman joined Nano Dimension in 2021, as the company experienced a surge in capital investment. On $7M in revenue in 2020, the company raised approximately $1.5 billion through a series of secondary offerings on Nasdaq. “That’s a lot of capital for a company that was relatively small,” explained Lederman, who was tasked with growing the business through M&A, strategy, and corporate development.
Following 2024’s boardroom shuffle that ousted then-CEO Yoav Stern, Lederman was appointed Interim CEO. This move came amid a shift in doctrine at the Israel-headquartered 3D printer OEM. “The company needed, and to some extent still needs, a transformation,” added Lederman. His mandate spans post-merger integration, strategy, communications, and other strategic initiatives aimed at enhancing shareholder value.
Lederman believes Nano Dimension’s leadership change followed a clear message from shareholders, many of whom felt “Nano Dimension was not where it needed to be for a public company.” In particular, Lederman highlighted Nano’s stock price. He noted that the company was trading “at approximately a 50% discount to cash.” This reflected a lack of confidence from investors who saw Nano Dimension as “destroying value.” This “objective reality is a strong indication that change is required,” Lederman explained.
As a result, Nano Dimension’s new leadership is charting a course focused on financial discipline and cost reduction. Lederman acknowledged that this strategy will require “tough decisions” that benefit investors, customers, and employees by “building a company to last.” He added that while Nano Dimension aims to “maintain our position as the best capitalized company in the industry,” this requires avoiding a “short-term mindset,” which often leads to rapid cash burn and forced decisions. The accumulation of capital did not go unnoticed, attracting the attention of an activist investor.
Under the oversight of Yoav Stern, the previous executive team had a public feud with Murchinson Ltd., an activist shareholder that owns approximately 10% of Nano’s outstanding shares. This fraught relationship came to a head in 2023 when Murchinson led an unsuccessful hostile boardroom takeover, accusing the Stern-led administration of “underperformance and terrible corporate governance.” Lederman says Nano Dimension has now “taken a different tone with shareholders.”
This relationship has smoothed since December 2024, when Nano Dimension’s Directors were replaced with Murchinson-backed candidates. According to Lederman, this new-look leadership team is collaborating closely with its shareholders, rather than “trying to villainize or overly critique them.” He explicitly stated that the company is working to avoid “the public issues that were on display in the past,” between Murchinson and Stern. “We’re a public company,” Lederman stressed. “[Increasing shareholder value] is our greatest responsibility.”
Looking ahead, Nano Dimension is prioritizing consolidation over fresh M&A dealmaking. “Acquiring is easy, but integrating is very difficult. That’s where either the value creation happens, or the bad deal happens,” Lederman explained. Therefore, the current focus lies in managing the addition of Desktop Metal and Markforged.
However, Lederman clarified that “this doesn’t mean we will never do an acquisition again.” Instead, Nano Dimension will follow a strategic approach that is mindful of the two new acquisitions and how they fit into the broader company.
He offered a frank assessment of the difficulties ahead. “You’re bringing potentially three organizations together: different cultures, operations, technology stacks, leadership teams.” Beyond the technology or price tag, Lederman believes the cultural and organizational elements are critical. “It’s not just about the tech, but also whether these organizations fit together well. That was certainly factored in when we did this.”
Update on Desktop Metal and Markforged acquisitions
Although the acquisition has been completed, Desktop Metal’s future at Nano Dimension remains uncertain. Immediately after confirming the deal, Baharav called the combination a “significant opportunity” and shared his excitement at offering “leading customers more innovative technologies.”
However, following its acquisition, the multi-technology 3D printer manufacturer initiated a strategy review while operating as an independent subsidiary of Nano Dimension. This ongoing process is exploring all options, including potential restructuring. Desktop Metal’s financial position raises pressing concerns. The company possesses limited liquidity and substantial liabilities. This includes $115M in outstanding convertible notes, issued before the acquisition. Desktop Metal reportedly lacks the liquidity to repurchase the notes, as required by the indenture, or to meet its other obligations. Nano Dimension provided limited financing to address short-term liquidity needs and support its strategic review, but has not yet committed additional capital.
Lederman noted that Desktop Metal offers “some great technologies,” an overlapping customer base, and a shared focus on industrial development. However, he stressed that the macro environment has shifted dramatically since the July 2024 agreement, particularly following the election of Donald Trump as the 45th U.S. President. Ultimately, more clarity is expected following the completion of Desktop Metal’s internal review, which is being conducted independently from Nano Dimension, the parent company. “There are opportunities in the future, but it’s too early to say what that looks like,” Lederman added.
The future appears more secure for Markforged. Lederman highlighted the synergy between Nano Dimension’s legacy in electronics and Markforged’s strength in mechanical industrial components. He believes “without a doubt, there is an expansion with our applications.”
Nano Dimension has also highlighted the value of Markforged’s cloud-based AI inspection and monitoring software, Blacksmith. In a press release, the company called this “a leap forward in AI-enhanced manufacturing,” emphasizing that Markforged addresses “critical” repeatability challenges. Lederman echoed this sentiment. He stated that Nano Dimension is “excited about their portfolio in general, particularly their software offering.” He added that Markforged’s software portfolio “could become a strategic asset.”
While Lederman acknowledged Markforged’s high operational costs, he expressed confidence in tackling the issue. He outlined his plan to align expenses, particularly management and general administrative costs, with “normal expense ratio benchmarks.”
Nano Dimension will also work to break down organisational silos and ensure efficiencies, “especially in how we serve Markforged customers.”
Additionally, Lederman revealed a plan to “drive operational improvements in every other domain.” In particular, this will include “consolidation at the management level” to create a “flatter organisation that can innovate and execute more effectively.” He revealed that Nano Dimension is in the process of conducting production rationalization, with a focus on long-term competitiveness, growth potential, and shareholder return on investment.
Is Nano Dimension planning redundancies following its acquisitions of Desktop Metal and Markforged? Lederman stated that no plan has been announced concerning headcount, but acknowledged that “some consolidation” is expected. “We are actively reviewing structural requirements,” Lederman added. “We also expect to find an array of organizational synergies, and we will adapt the organization accordingly.”
Additive manufacturing electronics poised for growth
Amid the addition of two new 3D printing technology portfolios, Nano Dimension’s commitment to Additive Manufacturing Electronics (AME) remains firm. “It’s core to our differentiation,” Lederman said. “We believe we have the best printers in this space.”
Lederman sees no direct rivals to Nano Dimension within the 3D printing sector. While companies like BotFactory also 3D print PCBs (printed circuit boards), he noted they target “simpler applications.” Instead, he views the real competition as conventional PCB and electronics manufacturers. Nano Dimension’s strategy is not to compete with other disruptors, but to replace legacy processes with faster, more flexible additive manufacturing processes.
When asked about scalability, Lederman noted that most of the additive manufacturing sector still centers on prototyping. The same holds for Nano Dimension, which remains “in the early part of that curve” for high-mix, low-volume production. He believes the only way to “really advance” 3D printing is to move beyond prototyping and into industrial-scale manufacturing.
That shift is already underway. Through its Swiss subsidiary Essemtec, Nano has established a foothold in high-mix, low-volume applications. Essemtec specializes in electronic assembly equipment and supplies components for high-value sectors such as aerospace and automotive. According to Lederman, it has already scaled to producing thousands of end-use parts, used in everything from spaceships to cars.
To maintain its focus on AME, Nano Dimension announced plans to discontinue Admatec, Formatec, Fabrica, and DeepCube, products it described as “non-core.” Acquired between 2021 and 2022, these businesses specialize in ceramic 3D printing, micro additive manufacturing, and deep learning AI software.
Lederman explained that the decision stemmed from the product groups “not quite meeting our ROI objectives for our shareholders.” Shuttering these operations is expected to help cut over $20M in annualized operating expenses and boost revenue per employee by 52%, from $147,000 to $223,000.
The future of 3D printing at Nano Dimension
For the future of Nano Dimension, Lederman painted a clear strategic ambition marked by “growth, profitability, and focus.” Like many 3D printer OEMs, Nano Dimension remains unprofitable. However, Lederman is confident this can change.
“The key is high margin with lower OpEx,” he said, contrasting the industry’s tendency toward low-margin products supported by unsustainably high operational costs. It’s a straightforward formula, but one that requires discipline.
Lederman called for a focus on markets where Nano Dimension can be a “market leader” and maintain pricing power. This will ensure that the company is not disrupted by low-cost competitors, “because we focus on products and services where we have a competitive advantage.”
Nano Dimension’s new CBO wants to position the company as a leading “enabler of future developments.” He drew parallels with Corning Glass, which was vital in the development of the iPhone. “The original iPhone would not have happened without Corning,” Lederman explained. “We want to be like that technology, enabling the future to happen.”
As Nano Dimension moves forward, its leadership is betting on focus, fiscal discipline, and deep technological integration to turn the page on past turbulence. With a redoubled focus on AME, the company is targeting financial growth and profitability to boost shareholder return. If successful, this could shift Nano Dimension from a capital-heavy disruptor to a leaner enabler of the next generation of manufacturing.
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Featured image shows Julien Lederman, Nano Dimension’s CBO. Photo via Nano Dimension
