Nano Dimension Ltd.

Good afternoon, everyone, and welcome to the Nano Dimension first quarter 2026 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touchtone telephone. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I would like to turn the floor over to Sanaria, Director of Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. Welcome to Data Dimensions' first quarter 2026 earnings caucus call. Joining me today is our CEO, Dave Stalen, and our CFO, John Brenton. Before we begin, I will remind you that certain information provided on this call may contain forward-looking statements within the meaning of federal securities law. Forward-looking statements are not guaranteed and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. The Safe Harbor Statement outlined in today's earnings press release also pertains to statements made on this call. For a discussion of these risks and uncertainties, please refer to our filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements except as required by law. In addition, I would like to point out that we will be discussing non-GAAP results, which exclude certain items and reflect the results of continuing operations. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures that we provide. I encourage you to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, which can be found in the press release available on the company's website. If you have not received a copy of the press release, please view it in the investor relations section of the company's website. A replay of today's call will also be available on the investor relations section of the company's website. With that, I will turn the call over to Dave.

Thank you, Purva, and good afternoon, everyone. We appreciate you joining us today. I want to start by making as clear as possible what our strategic plan is and where we are in our process. We're now at a very clear inflection point, and today I'll walk through what we have already accomplished, what is currently underway, and what to expect going forward. I'll also take you through our three-phase strategic plan in detail and provide an update on each phase. Before that, I'll begin with an overview of our performance in Q1. In the first quarter, our two largest product lines, Fuse Filament Fabrication, or FFF, which represents the largest component of Markforged, and SMTech's Surface Mount Technology, or SMT, product line each delivered solid revenue performances. Results were in line with typical seasonal patterns where the first quarter is historically our lightest period following a strong fourth quarter. Underlying demand trends remain healthy with continued expansion across key industry segments and strong customer engagement. In our FFF business, we secured a significant expansion with a major US-based automotive manufacturer. The deployment of multiple systems across several sites reflects the growing adoption of our solutions in production-oriented environments, and we expect further expansion over time. We also continue to see growth in defense-related opportunities across multiple applications and multiple regions, and we expect this segment to further expand throughout this year. Additionally, the SMTech-SMT product line had a solid start to the year, and we expect momentum to continue to build throughout the year. The combination of our PCB placement accuracy and flexibility, speed, and high-quality engineering is winning exciting and significant new business in electronics and AI-related manufacturing, including engagements with leading global electronic manufacturing services companies serving large-scale customers. We're also seeing continued expansion in the deployment of our SMTech solutions with leading space and satellite companies, reinforcing the applicability of our technologies in highly complex, mission-critical environments. More broadly, we continue to see strong traction across industrial production environments, including repeat orders and expansion with global customers operating at scale. These trends reflect a broader shift across industries, where customers are increasingly prioritizing supply chain resilience, production flexibility, and cost efficiency, areas where our technologies are well positioned. Overall, we remain confident that each of these product lines is positioned to deliver solid performances in 2026. Now, turning to our three-phase strategic plan. These phases are operating in parallel, not in series, and reflect significant actions underway across the company. Nano Dimension today is a set of product lines built over time through acquisitions completed by prior management teams and overseen by prior boards. all within the broader digital manufacturing ecosystem. This includes both additive manufacturing or 3D printing technologies, as well as electronics manufacturing technologies, such as surface mount technology. Our products support some of the most advanced and fastest growing industries, and we have an expanding base of success with companies and governments around the world. At the same time, the board concluded that while these product lines have strong technologies and excellent teams, The ability to fully integrate them and get strong synergies and cost reductions would be highly challenging, require significant capital investment, and introduce unnecessary execution risk. As a result, we initiated the previously described strategic alternatives review process in Q3 of last year to determine how to focus on certain product lines, reduce cash burn, and maximize long-term shareholder value. Earlier last year, we divested out of certain product lines, and as we started phase one in Q3 of 25, we then focused on streamlining the remaining product lines, reducing operating costs while preserving growth potential, and not impairing long-term value creation. We began to see a significant reduction in cash burn in Q4 of 25, and that trend has continued into 26. As discussed in our previous updates, we've taken on meaningful actions to reduce costs and that discipline continues. John will speak to the details, but the overall trend in operating expenses and cash burn remains favorable. Phase two has been underway for a few months now and includes an aggressive and detailed evaluation of our remaining operating product lines. With the support of Guggenheim Securities, one of our two previously announced investment banking relationships, we are presenting the board with alternatives to support the monetization of our product lines. Our first completed transaction was the sale of the AME and Fabrica product lines, which closed on April 6th, just a month ago. This transaction reduces complexity, improves focus, and lowers our cost structure. It also includes both upfront and performance-based deferred considerations, allowing us to participate in potential upside under new ownership. Importantly, this step is expected to reduce annualized cash burn by approximately $10 million while strengthening our liquidity position. As part of our ongoing strategic alternatives review process in Q1 of this year, we identified factors that required us to perform a goodwill impairment review for the Markforged FFF product line. As a result, we determined that the full goodwill balance associated with Markforged, totaling $40.4 million, was impaired as of quarter end. This is a non-cash adjustment and does not impact our liquidity or execution of the plan. We're close to announcing the sale of another product line and are in the regulatory phase of approval. We expect to have more information on this in the coming weeks. We are also actively pursuing the right opportunities for each of our other product lines and expect continued progress toward our objectives in the coming weeks and months. I previously mentioned that the three phases of our plan are operating in parallel and phase three is focused on maximizing long-term value in 2026 and beyond. The Board and management have been working with Houlihan Loki to evaluate and refine a focused set of go-forward alternatives, which may include, but not limited to, a strategic merger, a reverse merger, or other strategic transactions. Our financial resources and public company platform create a compelling opportunity to pursue alternatives that could unlock value that better reflects our underlying balance sheet while also delivering significant long-term upside. Over the past few months, we've been pleased to review a significant number of interesting opportunities and potential partners and have narrowed the list. We're deep in the review process of this narrowed down and short list of exciting opportunities. And we'll present more details to our shareholders as our plan becomes firm. Again, each of these three phases of our plan are continuing forward. Streamlining operations and cash burn reduction, product line monetization, and go forward alternative selection. And they're moving forward at a rapid pace. We expect to provide additional updates and announcements over the next few months as execution continues. In closing, I hope that you can now more clearly see the steps in our three-phase strategic plan initiated by this Board in late Q3 of last year, the measurable and positive results we're seeing, and the potential for exciting opportunities in the near future. With that, I'll turn the call over to John to review our financial results and provide an update on guidance. John?