EMERGENCY NEWS: Desktop Metal has filed for bankruptcy!
The cringe series comes to an even more cringeworthy finale
So, it has happened. The inevitable has come to pass. Honestly? They managed to keep it going far longer than many expected.
Desktop Metal has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code.
Nano Dimension has no interest in acquiring anything from the bankruptcy estate. They just want to sell off whatever they can and pay down the debts.
Thus ends a decade-long saga of one of the biggest—or at least the loudest—companies in the AM industry. A story marked by both triumphs and disasters. Moments of glory, embarrassment, and pure cringe.
This also marks the end of the third era of the 3D printing industry.
Yes, it’s over.
What comes next will be something entirely new. The old has officially gone bankrupt.
More on this in next week 3DP War Journal article.
The decision to file for bankruptcy was made by an independent board of directors at Desktop Metal, citing the need to restructure the company’s obligations and long-standing liquidity problems, which stemmed from the decisions made by the company’s former leadership.
While Desktop Metal has officially been a subsidiary of Israeli-based Nano Dimension since April 2025, the bankruptcy proceedings are being conducted under a framework of operational independence.
Nano Dimension, which was forced to acquire Desktop Metal following a court ruling in March of this year, emphasizes that its actions are aimed at protecting its own financial standing and enabling selective investments from what it calls “a position of maximum strength.”
Ofir Baharav, Nano Dimension’s CEO, said:
“We are safeguarding our financial strength and preserving our position as the best capitalized company in our ecosystem. This is what enables the Company to pursue strategic opportunities from a position of maximum strength—and that is exactly what the Company’s shareholders should expect from us.”
The bankruptcy filing also includes key subsidiaries of Desktop Metal, such as EnvisionTEC US (operating as ETEC), ExOne Americas, Adaptive3D Technologies, and other entities from the dental and medical 3D printing space.
In total, 15 affiliated entities were listed in the proceedings 😮
In court documents, the company disclosed assets and liabilities in the range of $100 million to $500 million.
Andrew Hinkelman has been appointed as the new Chief Restructuring Officer, tasked with navigating the company through its bankruptcy.
As part of its restructuring plan, Desktop Metal has signed an agreement with Anzu Partners to sell selected international assets.
The deal—still subject to bankruptcy court approval—includes ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and the Italian company Aidro s.r.l.
The sale of these assets is intended to repay part of the debt and stabilize what’s left of the corporate group.
The bankruptcy of Desktop Metal brings to a close a year-long takeover saga by Nano Dimension…
The process was initiated in July 2024 by the infamous Yoav Stern, but dragged on until Q1 2025.
In the meantime, Stern lost his job.
Ultimately, Nano Dimension was forced to complete the acquisition of Desktop Metal following a Delaware court ruling, which determined that Nano had failed to exert “best reasonable efforts” to obtain the required regulatory approvals from CFIUS—the U.S. Committee on Foreign Investment.
Desktop Metal filed a lawsuit in December 2024, claiming that Nano had intentionally delayed submitting documents to sabotage the deal.
The court sided with Desktop Metal and ordered the merger to proceed under the original terms.
After the deal closed in April 2025, new tensions emerged—this time over the fees owed to the law firm Quinn Emanuel.
The attorneys who represented Desktop Metal in the litigation are demanding a $30 million success fee from Nano Dimension, which, due to treble damages provisions, has now ballooned to $90 million.
Nano, despite having more than $840 million in cash reserves, has not made the payment.
According to the law firm, this is a deliberate tactic aimed at dodging the financial obligation by pushing Desktop Metal into bankruptcy.
One way or another, this mess is coming to an end.
And it will be just as ugly as the shotgun marriage that brought these two companies together.
As the bankruptcy case unfolds in a Texas court, the future of Desktop Metal’s remaining assets remains uncertain.
Nano Dimension has yet to provide specific information about its plans for the rest of the portfolio, merely stating that further updates will be shared “directly with stakeholders in the coming days.”
Let’s just hope that some of the company’s more valuable assets—ExOne, EnvisionTEC, among others—survive in some meaningful form.
Because honestly, that’s the only part that deserves saving.
The main carcass of the Frankenstein creation built by Ric Fulop belongs in an unmarked grave alongside the other failed AM startups.
Nano isn't paying out the stock brokerages either for the DM stock they purchased in the open market from retail investors, opening themselves to SEC scrutiny or a class action. I have doubts about that 840MM cash they claim to have.
I feel sorry for the employees who worked at these poorly run AM companies-Nexa, DM, Markforged. Met some brilliant names over the years. Would love to use them on any projects. if any VC is reading this I have a pitch deck ready for AM3.0 ..just need seed capital lol