Research Reports

Q4 2025 consolidated revenue was $140M, down 6.9% YoY (prepared).
Product revenue fell to $97.6M vs $105.1M in Q4 2024; within product, system revenue was $37.8M (up 18% sequentially), consumables revenue was $59.8M (up 2.4% YoY) (CFO).
Service revenue was $42.4M vs $45.3M in Q4 2024; customer support revenue was $29.6M vs $30.6M (CFO).
Full-year 2025 consolidated revenue: $551.1M vs $572.5M in 2024 (CFO).
Non-GAAP gross margin: Q4 2025 = 46.3% vs 49.6% YoY; full-year 2025 = 46.9% vs 49.2% in 2024 (CFO).
Q4 2025 adjusted EBITDA: $9.2M (6.6% margin) vs $14.5M (9.6%) in Q4 2024 (CFO, CEO).
Full-year 2025 adjusted EBITDA: $28.5M (5.2% of revenue) vs $26M (4.5%) in 2024 (CFO).
Q4 2025 adjusted EPS: $0.07; full-year 2025 adjusted EPS: $0.15 (CEO, CFO).
Cash and equivalents at end of 2025: $244.5M, no debt (CEO).

FY2026 revenue: $565M – $575M, with sequential quarterly growth; Q1 expected to be the lowest.
FY2026 non-GAAP gross margin: 46.7% – 47.1%; second half stronger than first half.
FY2026 non-GAAP net income: $8M – $12.5M; $0.09 – $0.14 per diluted share.
FY2026 adjusted EBITDA: 4.5% – 5.0% of revenue; $25M – $30M.
FY2026 GAAP net loss: $67M – $83M; $0.76 – $0.95 per diluted share.
FY2026 operating expenses: $260M – $262M.
FY2026 operating income: 0.7% – 1.5% of revenue.
FY2026 CapEx: $20M – $25M.
FY2026 cash flow: positive operating cash flow expected, subject to FX/tariff uncertainty.

"We generated 37.5% of our revenues from manufacturing, up from 36% in 2024 and from just over 25% when we started tracking in 2020." (CEO)
"In the fourth quarter, we delivered $9.2 million in adjusted EBITDA, a 6.6% margin, and $0.07 in adjusted EPS." (CEO)
"Our top three customers at our SBM parts manufacturing division are all large military drone suppliers." (CEO)
"The main increase, almost the only increase year over year for 2026, is driven by the shekel. That is why we also highlighted this today." (CFO)
"We expect consumables revenue in 2026 to increase over 2025." (CFO)