Good afternoon, everyone, and welcome to the Nano Dimension Fourth Quarter and Full Year 2025 Financial Results Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note today's event is being recorded. At this time, I would like to turn the conference call over to Purva Sanariya, Director of Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. Welcome to Nano Dimension's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining me today is our CEO, Dave Stehlin; 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 guarantees 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. 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'm pleased to update you on our performance for the Fourth Quarter and Full Year 2025. And more importantly, how we are positioning the company as we move through 2026. Before discussing our results in detail, I want to briefly highlight the progress we made during the second half of 2025, following the meaningful actions we implemented to sharpen the strategic focus of the business. During that period, we streamlined operations, reduced cash burn and aligned resources around forward leading industries and our technologies, where we see the strongest long-term opportunities. We also provided financial guidance for the first time in recent history and exceeded our fourth quarter expectations. In addition, we repurchased more than 14.4 million shares in the last 3.5 months of the year because we believe that our stock is undervalued. As we move into 2026, we're seeing the benefits of these actions reflected in improved execution, stronger engagement with strategic customers and increasing momentum across our priority industry segments while leveraging our partner network to help us drive growth. Additionally, we're continuing to reduce expenses, both by trimming as needed, and more significantly by eliminating costs in areas where we do not see long-term value. This allows us to continue growing in high-value industries while remaining disciplined and capital efficient. Turning to our fourth quarter results. As I mentioned, we delivered performance that exceeded the financial guidance we provided on the third quarter call. This marked our first time providing financial guidance in recent history reflecting improved execution and coordination across the Nano Dimension organization and the strengthening demand of our advanced digital manufacturing solutions, particularly in the key industry segments where we're focused. Momentum during the quarter was generally broad-based with strength…

Thank you, Dave. It's a pleasure to be here with you all today. Together with Dave and the global leadership team, we remain focused on executing our key priorities to improve the company's performance and enhance shareholder value. Unless stated otherwise, all numbers I will be discussing today are on a non-GAAP basis and reflect continuing operations. A reminder that the fourth quarter represents the second full quarter of Markforged being included in our consolidated financial results. Desktop Metal is excluded from our non-GAAP results as it is classified as discontinued operations following its Chapter 11 filing and deconsolidation during the third quarter of 2025. Turning to our fourth quarter performance. As Dave mentioned, we delivered results that exceeded the financial guidance we outlined on our third quarter call, reflecting improved execution, stronger demand across our priority industry segments and disciplined cost management. Revenue for the fourth quarter was $35.3 million, representing a year-over-year growth of approximately 142% compared to $14.6 million in the fourth quarter of 2024. This increase was driven primarily by the inclusion of Markforged, which contributed $20.7 million. Excluding Markforged, Nano Dimension's stand-alone revenue was approximately $14.6 million in line with the prior year as underlying growth offset the impact of divestments. On a sequential basis, revenue for the fourth quarter increased approximately 31% from $26.9 million in the third quarter of 2025, driven by improved customer engagement, stronger order activity and continued adoption of our advanced digital manufacturing solutions across key industry segments, including advanced electronics, aerospace, automotive, defense, food and beverage and next-generation computing infrastructure. Gross profit for the quarter was $17.6 million, with an adjusted gross margin of approximately 49.7% compared to $5.3 million and 36.3% in the prior year quarter. This increase was driven primarily by the prior year inclusion of a…

Thank you, John. In summary, our actions we implemented in the second half of 2025 are driving meaningful results today. We believe our momentum is positive and our potential is excellent. We have grown revenue, reduced expenses, one critical new and strategic customers. We've provided financial guidance, repurchased shares and implemented a comprehensive strategic alternatives review that is rapidly progressing toward key decisions. We fully expect that 2026 will bring an excellent opportunity to maximize shareholder value. We look forward to keeping you updated on our progress. With that, operator, please open the line for questions.

At this time, we'll begin the question-and-answer session. [Operator Instructions] Our first question today comes from [ Moshe Sarsari ] from [indiscernible].

Thank you for the very elaborate call. I want to ask -- I see that you closed the Markforged acquisition on April 25 of 2025. That means you had two months in Q2 with Markforged under the Nano Dimension umbrella, plus Q3 and Q4. If I compare total revenue of Markforged in the same time in 2024 to what you reported, revenue at Markforged is actually down compared to 2024. And I say that the rest of Nano Dimension revenue is also down. How does that reconcile with what I just heard about continued momentum? And also, how is that not misleading the first line in the press release is how revenue grew by more than 100%, implying that it's all organic. Well, it's clearly not organic, it's also not growing.

First off, thank you very much for the question. As we're stating about the revenue growth year-over-year, that's comparing the consolidated business now after the acquisition with the prior year, which did not include Markforged. So that's specific to the comparisons to the prior year. As it relates to MarkForged specifically in the fourth quarter, consolidated, the growth that we're talking about is the sequential growth in Q4 over Q3. And the continued improvement within the key areas and product lines that were specified. So that's the improvement that we're speaking of and what we're anticipating continuing into the 2026 year.

Right. Again, I'm sorry, it escapes me how writing that the revenue is up by 100% -- more than 100% is not an attempt to mislead the readers.

Moshe, it's definitely not an attempt to mislead. It's the requirements on how we have to compare our actual financials year-over-year before we had Markforged. And then if you read deeper into the press release and what we talked about on the call, we described the various comparisons, both year-over-year with and without Markforged.

I see. Okay. What about the share repurchases program? Why are you discontinuing it? .

Yes. As we described in the call, we think that there are better uses for our money at this point, which will become very clear in the second quarter, as we said during the call. That's number one. And there we have not taken it off the table. It's still an option. We're just not going to talk about it in advance.

I see. Okay. I just don't understand how buying $2 in something for $1.70. How can you have a better use for the cash than that? Is there anything at all that can be more immediately accretive than buying $1 for $0.85.

Understand the point. And as we said, in Q2, things should become a whole lot more clear.

That is very not encouraging, I have to say, it's very abstract, there is no explanation here. It's just a promise that just like the ones we heard from you often that in a few quarters, everything is going to turn around.

Appreciate the question. And as I said, you'll learn a whole lot more in this next quarter.

[Operator Instructions]. And at this time, I'm showing there are no further questions. I'd like to turn the floor back over to Dave for closing remarks.

Thanks for joining us today and for your continued interest in Nano Dimension. Have a great day, and goodbye.

And with that, ladies and gentlemen, we'll be concluding today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.