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Ongoing Strategic Actions Expected to Reduce Annualized Cash Burn by Approximately $25 Million

Announced Agreement to Sell MarkForged, Inc. to Stratasys; Transaction Expected to Close in the Second Half of 2026

Completed Sale of AME and Fabrica Product Lines

WALTHAM, Mass., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, “Nano”, or the “Company”) today reported financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights:

Revenue: $29.0 million, a 12.1% increase from $25.8 million year-over-yearGross Margin (“GM”): 45.9%, up from 27.3% year-over-yearAdjusted Gross Margin (“Adjusted GM”): 48.8%, up from 44.7% year-over-yearNet Loss from Continuing Operations: $6.8 million, an improvement compared to a loss of $11.4 million year-over-yearAdjusted EBITDA Loss from Continuing Operations: $9.6 million, an improvement compared to a loss of $16.7 million year-over-yearTotal cash, cash equivalents, deposits, restricted deposits and marketable equity securities: $433.3 million as of June 30, 2026, compared to $441.6 million as of March 31, 2026 Adjusted EBITDA and Adjusted Gross Margin are non-GAAP financial measures. More information, including a reconciliation of Adjusted EBITDA and Adjusted Gross Margin to the most directly comparable GAAP financial measure can be found below in this press release under “Non-GAAP Financial Measures” and “Reconciliation of US GAAP to Non-GAAP Measures.”

Second Quarter 2026 Financial Details:

Revenue increased 12.1% year-over-year to $29.0 million, driven primarily by continued strength in the Company's Essemtec product line. Markforged contributed $14.1 million of revenue during the quarter, a decrease of $2.0 million compared to the prior-year period. Excluding Markforged, revenue increased $5.2 million, or 53.1%, year-over-year, primarily reflecting growth in the Essemtec product line, partially offset by a $1.1 million decrease in revenue due to the sale of the AME product line.

GAAP gross profit increased 88.8% year-over-year to $13.3 million, while gross margin improved to 45.9%, compared to 27.3% in the prior-year period. The improvement was primarily driven by the non-recurrence of non-cash charges recognized in the second quarter of 2025, higher sales volumes, a more favorable product mix, and the continued execution of margin improvement initiatives across the Company. The Company's continued focus on margin improvement is also reflected in non-GAAP gross profit, which increased 22.3% year-over-year to $14.1 million, while Adjusted gross margin improved to 48.8%, compared to 44.7% in the prior-year period.

The Essemtec product line delivered a record quarterly performance, driven by continued demand across electronics manufacturing, AI-related manufacturing applications, and aerospace and defense applications, including continued expansion with space and satellite customers.

Markforged experienced softer sales during the second quarter. However, customer engagement and underlying demand trends remain strong. Approximately $3.0 million of orders received were not reflected in second quarter revenue due to production timing and are expected to be fulfilled in the third quarter. During the second quarter, the Company secured a significant order from a major aerospace manufacturer and continued to see momentum across aerospace and defense applications in multiple regions, as well as in other advanced manufacturing environments. At the same time, Markforged continued to benefit from cost reduction initiatives, which contributed to improved margins.

GAAP operating expenses declined 30.4% year-over-year reflecting lower one-time items and continued execution of cost reduction initiatives during the quarter. Non-GAAP operating expenses declined 16.0% year-over-year and 27.2% relative to the previously identified baseline of approximately $32.5 million. This baseline represents second quarter 2025 non-GAAP operating expenses adjusted to include a full quarter of Markforged. These cost reduction initiatives, together with improved operating performance, contributed to a 40.1% improvement in net loss from continuing operations and a 42.5% improvement in Adjusted EBITDA loss compared to the prior-year period.

Management Commentary:

“Our second quarter results demonstrate continued progress in improving operating performance through disciplined execution and cost reduction initiatives,” said John Brenton, Chief Financial Officer. “We delivered strong margin performance, reduced operating expenses, and significantly improved Adjusted EBITDA compared to the prior-year period. We remain focused on maintaining financial discipline, improving operational efficiency and preserving financial flexibility.”

Moshe Rozenbaum, Interim Chief Executive Officer, commented, “Since assuming the role of Interim CEO in July, I have been working closely with the Board and leadership team to evaluate the Company's operations, capital allocation priorities, and strategic direction. Our priorities are clear and disciplined. We are committed to maximizing shareholder value through disciplined capital allocation, operational excellence, rigorous execution and financial strength. Over the coming quarters, our focus is on four key priorities: reducing our cost structure, monetizing non-core assets, driving the business toward positive cash flow, and returning excess capital to shareholders when appropriate and consistent with our capital allocation framework. We recognize that shareholders expect accountability and tangible results, and we are committed to transparent communication as we advance these priorities.”

Corporate Updates and Business Highlights:

Leadership Update: Effective July 21, 2026, Moshe Rozenbaum was appointed Interim Chief Executive Officer.

Governance Update: On July 17, 2026, the Company entered into a settlement agreement with Murchinson Ltd. and its affiliated entities, resulting in a refreshed Board of Directors (the “Board”) through the appointment of three new directors and the departure of four directors. The Board has appointed Phillip Borenstein as Chairman of the Board.

Corporate Headquarters Lease Termination: On July 15, 2026, the Company entered into an agreement to terminate the lease for its current corporate headquarters, effective December 31, 2026, substantially reducing the Company’s future lease obligations. The Company expects to eliminate approximately $38 million of cumulative future lease costs through 2031. After accounting for the approximately $13 million lease termination payment, the Company expects to realize approximately $25 million of cumulative net cash savings.

Sale of MarkForged, Inc: On May 27, 2026, the Company entered into a definitive agreement to sell MarkForged, Inc. to Stratasys Ltd. in an all-cash transaction valued at $42.5 million. The transaction is expected to enhance financial flexibility and reduce annualized cash burn by approximately $15 million. This estimate includes approximately $7.5 million of annualized lease-related
cost savings associated with the corporate headquarters lease. The transaction is expected to close in the second half of 2026 and remains subject to customary closing conditions and regulatory approvals. The Company will provide updates as appropriate.

Sale of AME and Fabrica Product Lines: On April 6, 2026, the Company announced the sale of its additively manufactured electronics (AME) product line and its previously discontinued Fabrica product line to Inspira Technologies OXY B.H.N. Ltd. for total consideration of up to $12.5 million, including a $2.0 million upfront cash payment and up to $10.5 million in performance-based deferred payments over the next twelve months. The transaction is expected to reduce annualized cash burn by approximately $10 million.

2026 Financial Guidance Update

As previously announced in May 2026, given the Company’s ongoing actions under its strategic plan and the potential for additional changes across the business, the Company has suspended its full year 2026 financial guidance.

Conference Call

   Given the Company’s ongoing strategic initiatives, Nano Dimension will not host a second quarter 2026 earnings conference call. Additional information on the Company’s second quarter 2026 results can be found on Form 10-Q being filed with the Securities and Exchange Commission on the date hereof. The Company remains committed to transparent communication and will continue to provide updates on material developments as appropriate.

About Nano Dimension Ltd.

Nano Dimension Ltd. (Nasdaq: NNDM) has historically delivered advanced digital manufacturing technologies, including serving customers across the defense, aerospace, automotive, electronics and medical device industry segments. For more information, please visit https://www.nano-di.com/.

Non-GAAP Financial Measures

EBITDA is a non-GAAP measure and is defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization. We believe that EBITDA should be useful in evaluating the performance of our business and operations. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively) and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to the items mentioned above.

Adjusted EBITDA and operating expenses are non-GAAP measures and are defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, exchange rate differences, finance expenses (income) for revaluation of assets and liabilities, Desktop Metal litigation related expenses, Desktop Metal and Markforged transaction related expenses, restructuring costs, impact of deconsolidation, impairment losses, litigation settlements and step-up amortization from purchase accounting. We believe that Adjusted EBITDA and operating expenses, as described above, should also be useful in evaluating the performance of our business. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payments, restructuring costs, impairment losses, and step-up amortization from purchase accounting. Adjusted EBITDA and operating expenses are useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to non-cash items, such as expenses related to share-based payments.

Adjusted gross profit, excluding depreciation and amortization, share-based compensation expenses, and step-up amortization from purchase accounting, is a non-GAAP measure. We believe that adjusted gross profit, as described above, should also be useful in evaluating the performance of our business. Adjusted gross profit facilitates gross profit and gross margin comparisons from period to period and company to company by backing out potential differences caused by variations in amortization of inventory and intangible assets. Adjusted gross profit is useful to an investor in evaluating our performance because it enables investors, securities analysts and other interested parties to measure a company’s performance without regard to non-cash items, such as amortization expenses. Adjusted gross margin is calculated by dividing the adjusted gross profit by the revenues.

EBITDA and Adjusted EBITDA, Adjusted gross profit and non-GAAP operating expenses can be useful in evaluating our performance by eliminating the effect of financing and non-cash expenses such as share-based payments, however, we may incur such expenses in the future, which could impact future results. In addition, other companies, including companies in our industry, may calculate non-GAAP metrics differently or not at all, which may reduce the usefulness of this measure as a tool for comparison.

Nano Dimension does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding Nano’s future growth, strategic plan and value to shareholders; the Company’s expectation that the phases of the strategic plan will increase shareholder value, streamline operations, monetize product lines and progress toward potentially selecting a compelling opportunity; the expected timeline of the sale of MarkForged, Inc., the Company’s expectations in the success of future strategic alternatives in reducing complexity, lowering annualized cash burn, strengthening the Company’s financial flexibility and delivering significant long term value creation in 2026 and beyond; and all other statements other than statements of historical fact that address activities, events or developments that Nano intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. These forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Because such statements deal with future events and are based on the current expectations of Nano, they are subject to various risks and uncertainties. The forward-looking statements contained or implied in this communication are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2026, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this communication.

Contacts:

NANO DIMENSION LTD.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data) (Unaudited)  June 30,  December 31,  2026  2025 Assets     Cash and cash equivalents$349,108  $204,672 Bank deposits —   168,997 Marketable equity securities 82,990   84,154 Restricted bank deposits 383   123 Trade receivables, net of allowance for doubtful
accounts ($950 and $861, respectively) 23,309   26,047 Inventory 28,253   32,878 Other current assets 13,085   8,938 Total current assets 497,128   525,809 Restricted bank deposits 805   1,610 Property, plant and equipment, net 19,521   24,840 Operating lease right-of-use assets 19,752   23,789 Deferred tax assets 424   424 Goodwill —   40,388 Intangible assets, net 17,494   19,434 Other assets 1,646   1,930 Total assets$556,770  $638,224 Liabilities and Equity     Trade payables$10,137  $11,999 Accrued liabilities 18,722   19,514 Deferred revenue 10,398   11,873 Current portion of lease liability 7,216   8,923 Current portion of bank loan 155   158 Total current liabilities 46,628   52,467 Employee benefits 2,607   3,697 Operating lease right-of-use liabilities 19,802   23,323 Bank loan 77   158 Long-term settlement payable 3,273   2,974 Long-term deferred revenue 2,893   3,617 Total liabilities 75,280   86,236 Commitments and contingencies     Equity:     Share capital of NIS 5 par value each; 500,000,000 ordinary shares
authorized; 210,589,406 and 206,811,875 shares outstanding as of June 30, 2026
and December 31, 2025, respectively, and 283,084,053 and 279,306,522 shares
issued as of June 30, 2026 and December 31, 2025, respectively. 423,305   417,084 Additional paid-in capital 1,296,049   1,297,323 Treasury stock (192,507)  (192,507)Accumulated other comprehensive income 2,069   1,048 Accumulated loss (1,047,426)  (970,960)Total equity 481,490   551,988 Total liabilities and equity$556,770  $638,224        NANO DIMENSION LTD.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data) (Unaudited)  Three months ended June 30,  Six months ended June 30,  2026  2025  2026  2025 Revenue:           Product$23,981  $20,064  $46,912  $31,743 Service 4,982   5,773   11,776   8,495 Total revenue 28,963   25,837   58,688   40,238 Cost of revenue:           Product 13,186   16,410   27,408   23,491 Service 2,483   2,384   5,859   3,863 Total cost of revenue 15,669   18,794   33,267   27,354 Gross profit 13,294   7,043   25,421   12,884 Operating expenses:           Research and development 5,785   8,114   13,989   14,058 Sales and marketing 8,405   9,907   18,097   15,551 General and administrative 12,912   22,189   28,121   27,856 Restructuring 6,764   3,767   9,891   4,947 Desktop Metal litigation —   3,246   —   31,315 Impairment losses —   1,456   40,388   2,685 Operating loss (20,572)  (41,636)  (85,065)  (83,528)Gain (loss) on investment in marketable equity securities 7,272   16,287   (1,163)  25,013 Other expense, net (8)  (56)  (8)  (56)Finance income 6,901   14,353   10,413   23,673 Finance expense (247)  (234)  (493)  (1,913)Loss before income taxes (6,654)  (11,286)  (76,316)  (36,811)Income tax expense (150)  (76)  (150)  (99)Net loss from continuing operations (6,804)  (11,362)  (76,466)  (36,910)Net loss from discontinued operations, net of income tax of nil —   (169,761)  —   (169,761)Net loss (6,804)  (181,123)  (76,466)  (206,671)Less: Net loss attributable to non-controlling interests —   (87)  —   (323)Net loss attributable to common shareholders$(6,804) $(181,036) $(76,466) $(206,348)            Net loss attributable to common shareholders:           Continuing operations - basic and diluted$(0.03) $(0.05) $(0.37) $(0.17)Discontinued operations - basic and diluted$—  $(0.78) $—  $(0.78)            Weighted average common shares outstanding, basic and diluted 209,342   217,338   208,671   217,057 Net loss$(6,804) $(181,123) $(76,466) $(206,671)Other comprehensive income:           Foreign currency translation adjustment 174   1,085   367   1,678 Remeasurement of pension and post-employment benefit plans, net of tax 654   —   654   — Comprehensive loss (5,976)  (180,038)  (75,445)  (204,993)Less: Comprehensive loss attributable to non-controlling interests —   (99)  —   (224)Comprehensive loss attributable to common shareholders$(5,976) $(179,939) $(75,445) $(204,769)             NANO DIMENSION LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
    For the Six Months Ended June 30,  2026  2025 Cash flow from operating activities     Net loss$(76,466) $(36,910)Adjustments:     Depreciation, amortization and non-cash lease interest 5,978   8,282 Impairment losses 40,388   2,685 Changes in fair value of equity securities 1,163   (25,013)Loss from deconsolidation of subsidiaries —   1,666 Loss from sale of business assets 1,314   — Share-based compensation expense 3,798   1,644 Share-based settlement payment 1,215   — Changes in assets and liabilities:     (Increase) decrease in inventory (426)  3,203 (Increase) in other current assets (1,237)  (772)Decrease (increase) in trade receivables 2,534   (914)Decrease in other payables (3,308)  (7,219)(Decrease) increase in employee benefits (417)  77 Increase in trade payables (1,811)  6,044 Other (3,678)  (3,367)Net cash used in operating activities (30,953)  (50,594)Cash flow relating to investing activities     Change in bank deposits 168,756   190,466 Purchase of property plant and equipment (213)  (461)Acquisition of subsidiaries, net of cash acquired —   (267,806)Deconsolidation of subsidiaries —   (476)Proceeds from sale of AME assets 2,000   — Net cash provided by (used in) investing activities 170,543   (78,277)Cash flow relating to financing activities     Repayment long-term bank debt (81)  (72)Net cash used in financing activities (81)  (72)Cash flow relating to discontinued operations     Net cash used in operating activities —   (15,733)Net cash used in investing activities —   (437)Net cash provided by financing activities —   10,009 Net cash used in discontinued operations —   (6,161)Increase (decrease) in cash, cash equivalents and restricted cash 139,509   (135,104)Effect of exchange rate fluctuations on cash 4,382   2,856 Cash, cash equivalents and restricted cash at beginning of the period 206,405   318,474 Cash, cash equivalents and restricted cash at end of the period$350,296  $186,226       Supplemental disclosures of cash flow information     Cash and cash equivalents$349,108   184,545 Restricted cash in restricted deposits, current 383   60 Restricted cash in restricted deposits, non-current 805   1,621 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows$350,296  $186,226       Non-cash operating and investing activity     Lease liabilities arising from obtaining right-of-use assets —   119 Non-cash investing and financing activity     Share issuance as part of settlement 1,215   — Fair value of contingent consideration (earnout) received in connection with sale of business assets 2,933   — Acquisition replacement awards for pre-combination service —   2,054 Supplemental disclosure of cash flow information     Income taxes paid during the year —   48          NANO DIMENSION LTD. RECONCILIATION OF US GAAP TO NON-GAAP MEASURES (In thousands) (Unaudited)               ​Three Months Ended
June 30, ​Six Months Ended
June 30,  ​2026  2025 ​2026  2025 GAAP Net loss from continuing operations​$(6,804) $(11,362)​$(76,466) $(36,910)Tax expense​ 150   76 ​ 150   99 Depreciation and amortization  1,704   1,936   4,136   2,510 Interest expense  221   184   442   184 Interest income  (3,804)  (5,944)  (7,456)  (15,253)Non-GAAP EBITDA (loss)  (8,533)  (15,110)  (79,194)  (49,370)Finance (income) expense from revaluation of assets and liabilities  (7,272)  (16,266)  1,162   (24,992)Exchange rate differences  (3,098)  (8,363)  (2,958)  (6,724)Share-based compensation expense  873   2,430   3,798   1,644 Desktop Metal litigation related expenses  —   3,246   —   31,315 Desktop Metal and Markforged transaction related expenses  58   8,305   614   9,820 Restructuring and other  6,764   3,767   9,891   4,947 Impairment losses  —   1,456   40,388   2,685 Acquisition inventory step-up amortization  —   3,849   616   3,849 Litigation, settlements, and contingencies  1,616   —   3,567   — Non-GAAP Adjusted EBITDA from continuing operations​$(9,592) $(16,686)​$(22,116) $(26,826)                      ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP Cost of Revenue​2026  2025 ​2026  2025 GAAP Cost of revenue​$15,669  $18,794 ​$33,267  $27,354 Share-based payments expense​ 105   80 ​ 263   326 Depreciation and amortization  730   577 ​ 1,468   719 Acquisition inventory step-up amortization  —   3,849   616   3,849 Non-GAAP Cost of revenue $14,834  $14,288  $30,920  $22,460               ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP Gross Profit​2026  2025 ​2026  2025 GAAP Gross profit​$13,294  $7,043 ​$25,421  $12,884 Share-based payments expense​ 105   80 ​ 263   326 Depreciation and amortization  730   577 ​ 1,468   719 Acquisition inventory step-up amortization  —   3,849   616   3,849 Non-GAAP Gross profit $14,129  $11,549  $27,768  $17,778               ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP Gross Margin​2026  2025 ​2026  2025 GAAP Gross margin​ 45.9%  27.3%​ 43.3%  32.0%Share-based payments expense​ 0.4%  0.3%​ 0.4%  0.8%Depreciation and amortization  2.5%  2.2%​ 2.6%  1.8%Acquisition inventory step-up amortization  0.0%  14.9%​ 1.0%  9.6%Non-GAAP Gross margin  48.8%  44.7%​ 47.3%  44.2%              ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP Research and Development Expenses​2026  2025 ​2026  2025 GAAP Research and development expenses​$5,785  $8,114 ​$13,989  $14,058 Share-based payments expense​ (46)  644 ​ 432   713 Depreciation and amortization  250   364 ​ 654   573 Non-GAAP Research and development expenses $5,581  $7,106  $12,903  $12,772               ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP Sales and Marketing Expenses​2026  2025 ​2026  2025 GAAP Sales and marketing expenses​$8,405  $9,907 ​$18,097  $15,551 Share-based payments expense​ 119   225 ​ 319   548 Depreciation and amortization  375   593 ​ 1,279   636 Non-GAAP Sales and marketing expenses $7,911  $9,089  $16,499  $14,367                            ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP General and Administrative Expenses​2026  2025 ​2026  2025 GAAP General and administrative expenses​$12,912  $22,189 ​$28,121  $27,856 Share-based payments expense​ 695   1,481 ​ 2,784   57 Depreciation and amortization  349   402 ​ 735   582 Desktop Metal and Markforged transaction related expenses  58   8,305   614   9,820 Litigation, settlements, and contingencies  1,616   —   3,567   — Non-GAAP General and administrative expenses $10,194  $12,001  $20,421  $17,397               ​Three Months Ended
June 30, ​Six Months Ended
June 30, Non-GAAP Operating Loss​2026  2025 ​2026  2025 GAAP Operating loss​$(20,572) $(41,636)​$(85,065) $(83,528)Share-based payments expense​ 873   2,430 ​ 3,798   1,644 Depreciation and amortization  1,704   1,936 ​ 4,136   2,510 Desktop Metal litigation related expenses  —   3,246   —   31,315 Desktop Metal and Markforged transaction related expenses  58   8,305   614   9,820 Restructuring costs and other  6,764   3,767   9,891   4,947 Impairment losses  —   1,456   40,388   2,685 Acquisition inventory step-up amortization  —   3,849   616   3,849 Litigation, settlements, and contingencies  1,616   —   3,567   — Non-GAAP Operating loss $(9,557) $(16,647) $(22,055) $(26,758)