Dear Fellow Shareholders,

I am writing to update you on our progress and on what lies ahead for Nano Dimension.

When I became CEO last September, it was clear that the product lines acquired over a number of years under prior leadership did not have the level of integration and synergies required to support sustainable, Company level profitability at scale. Many of these product lines have competitive technologies and talented teams, but without meaningful operating leverage across the business and consistent growth across end markets, achieving sustained profitability within the existing structure was challenging. In addition, certain commitments made under prior leadership required significant capital deployment in 2025. With the benefit of hindsight, those acquisitions were too costly for the benefits gained. This Board inherited that situation. Now, my job and the Board's job is straightforward: reduce cash burn, monetize product lines, and build long term value for shareholders.

To accomplish this, we launched a structured, data-driven strategic review process in September 2025, supported by financial advisors Guggenheim Securities, LLC, and Houlihan Lokey, Inc., to evaluate all alternatives and identify the most compelling path forward for shareholders. That process produced our three-phase strategic plan:

 

  1. Streamline operations and reduce cash burn
  2. Monetize product lines to simplify the business and strengthen the balance sheet
  3. Evaluate and select the most compelling path forward



     

Since the plan was initiated last September, the Company has made tangible progress.

Phase 1 is delivering results. Standalone operating expenses fell by approximately 22% year-over-year in Q1 2026 and 20% compared against our baseline of approximately $32.5 million, which reflected second-quarter 2025 operating expenses adjusted to include a full quarter of Markforged. Operating cash burn has declined every quarter since Q3 2025.

Phase 2 is progressing toward completion. We sold the AME and Fabrica product lines for $2.0 million upfront, with up to $10.5 million in potential deferred consideration, and announced the $42.5 million all-cash sale of MarkForged, Inc. to Stratasys. These transactions are expected to reduce annualized cash burn by approximately $25 million. The Company maintains a strong liquidity position with total cash, cash equivalents, deposits, restricted deposits, and marketable equity securities of approximately $441.6 million as of March 31, 2026.

Phase 3 is now approaching a critical milestone. Following months of evaluation and review, the Board and management have narrowed their focus to a small subset of strategic alternatives, each targeting high-growth opportunities that could better leverage Nano's balance sheet, public company platform, and strategic flexibility. We expect to announce a path forward in the coming weeks.

I also want to address two subjects that I know are on shareholders' minds.

Share repurchases: Buyback activity has been restricted by legal and regulatory requirements related to our strategic review process. The Company, its directors, and executive officers have been prohibited from repurchasing or buying shares due to material non-public information ("MNPI") associated with the ongoing strategic review process. These restrictions are a normal and necessary part of any process involving MNPI and are designed to protect the integrity of the process and all shareholders. As we moved closer to determining the Company's go-forward plan, we decided to preserve cash and maintain financial flexibility, allowing us to continue advancing the evaluation of strategic alternatives and position the Company to pursue the most compelling path forward for maximizing long-term shareholder value.

Personal shareholdings: I purchased shares on the open market in the fall of 2025, which was publicly reported, and I continue to hold them. As my restricted stock units ("RSUs") vest, the Company's standard tax withholding program automatically sells a portion of shares to cover the resulting tax liability. This process applies to all employees, is administered in accordance with established procedures, and is entirely out of my control.

Nano is at an important inflection point. Over the past several months, we have taken decisive steps to reduce cash burn, simplify the business, strengthen our financial position, and evaluate the best path forward for shareholders. The Board and I believe these actions are positioning Nano for a more focused, compelling, and value-creating future.

We know shareholders expect transparency, clarity, and decisive action. We also know trust is earned through execution. Our commitment is to continue acting with urgency, discipline, and accountability as we pursue the path we believe is in the best interests of all shareholders.

As Phase 3 advances, we expect to provide additional information regarding our strategic plan in the coming weeks. Any strategic transaction requiring shareholder approval will be submitted to shareholders for a vote. We look forward to sharing more with you soon.

Thank you for your continued support and engagement.

Sincerely,

David Stehlin, Chief Executive Officer