NNDM

NNDM is a deep-value/turnaround optics situation, not a fundamental growth story. FY2025 revenue jumped 77.3% to $102M, but management's own MD&A frames this as an inorganic, roll-up-driven business ('industrial manufacturing solutions... combining hardware, software, and materials science') that has 'incurred significant operating losses since inception' with a $971M accumulated deficit. The headline -$293M net loss is partly optical — MD&A discloses $193.3M of it came from the one-time disposition of Desktop Metal — but strip that out and you still have roughly a -$100M underlying loss, a -137% operating margin, and -$70.3M of operating cash burn. Gross margin of 33.5% is thin for a 'high value' hardware franchise and there is no demonstrated path to breakeven in the numbers provided.

What keeps this from a sell/avoid is the balance sheet. Liabilities/equity is just 0.16x, equity is $552M, and MD&A states cash, equivalents, deposits and marketable securities of $457.8M as of 12/31/2025 — against a market cap of only $302M. In other words, the stock trades meaningfully below its liquid assets and below net current asset value (current assets $526M less total liabilities $86.2M ≈ $440M, or ~$2.11/share). At $1.45 you are paying a discount to cash for the operating business, which caps downside and buys several years of runway at the current burn rate.