This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: NNDM Rating: Sell Published: 2026-08-13 Checkpoint: 2026-10-13 Entry price: $1.65 Latest price: $1.51 as of 2026-10-12 Stock return since entry: -8.5% Signal return: +8.5% Verdict: Correct so far
This is the 2-month checkpoint for this call. LF0 publishes monthly Scorecard updates through month 6, using the closest available daily close on or before the checkpoint date.
Read the original LF0 analysis
What I Said
I rated NNDM a Sell because I thought the post-acquisition reset still had not translated into durable earnings, even though the company had a large cash cushion. My original concern was that the business was still running with a deeply negative operating margin and weak free cash flow, while the valuation still assumed a much cleaner recovery than the numbers justified. I said I would get more constructive only if quarterly revenue stayed above $30M and margins improved.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| NNDM (this call) | -8.5% |
| AVAV | -32.1% |
| DDD | -11.6% |
| PKE | -26.9% |
| PRLB | -0.5% |
| SSYS | -16.2% |
Why It’s Working (Or Not)
A short position would have earned 8.5% over this tracking window, so the Sell call has worked to date. The stock has moved lower while the peer set has also been mostly down, which means my bearish view has not been contradicted by a broad rebound in the comparable group. The specific thesis point that matters most here is still the same one I highlighted at the start: the company has cash, but it has not yet shown durable earnings power, and the price action has not forced me to abandon that view. The move has been modest rather than dramatic, so I would call this a valid but not yet decisive confirmation of the original thesis.
What Could Still Prove Me Wrong
I would turn more constructive if NNDM can keep quarterly revenue above $30M for several quarters and show that EBITDA losses are narrowing toward positive operating margin. I would also want to see cash burn move close to breakeven, because that would tell me the $432.1M cash balance is supporting a stronger operating model rather than just extending a weak one. If revenue slips back below $25M or losses widen again, that would reinforce the bearish case instead of weakening it.
The August 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| SDGR | Sell | $17.40 | $25.91 | +48.9% | -48.9% | Incorrect so far |
| VNOM | Sell | $41.67 | $43.37 | +4.1% | -4.1% | Incorrect so far |
| AES | Sell | $14.71 | $14.98 | +1.8% | -1.8% | Incorrect so far |
| GTN | Sell | $4.83 | $4.43 | -8.3% | +8.3% | Correct so far |
| LHX | Sell | $260.92 | $238.25 | -8.7% | +8.7% | Correct so far |
| ADTN | Sell | $7.76 | $7.03 | -9.4% | +9.4% | Correct so far |
| NUTX | Buy | $188.41 | $206.15 | +9.4% | +9.4% | Correct so far |
| LRCX | Sell | $343.48 | $309.56 | -9.9% | +9.9% | Correct so far |
| BA | Sell | $210.46 | $189.50 | -10.0% | +10.0% | Correct so far |
| RRGB | Sell | $9.51 | $8.54 | -10.2% | +10.2% | Correct so far |
| OI | Sell | $6.79 | $5.92 | -12.8% | +12.8% | Correct so far |
| PENN | Sell | $18.56 | $15.40 | -17.0% | +17.0% | Correct so far |
| NXE | Sell | $10.40 | $8.58 | -17.5% | +17.5% | Correct so far |
| STXS | Sell | $1.39 | $1.14 | -18.0% | +18.0% | Correct so far |
| WGS | Sell | $77.88 | $63.82 | -18.1% | +18.1% | Correct so far |
| ALT | Sell | $3.15 | $2.56 | -18.7% | +18.7% | Correct so far |
| OWLT | Sell | $5.81 | $4.62 | -20.5% | +20.5% | Correct so far |
| SPHR | Sell | $147.34 | $104.13 | -29.3% | +29.3% | Correct so far |
| SRG | Strong Sell | $2.11 | $1.57 | -25.6% | +38.4% | Correct so far |
Live LF0 scorecard: The Scorecard | Research Performance dashboard
Past performance does not guarantee future results. Nothing here is investment advice or a recommendation to buy or sell securities. Returns use LF0’s daily-close scorecard methodology.
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