This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: NNDM Rating: Sell Published: 2026-08-13 Checkpoint: 2026-11-13 Entry price: $1.65 Latest price: $1.26 as of 2026-11-12 Stock return since entry: -23.6% Signal return: +23.6% Verdict: Correct so far
This is the 3-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.
Previous checkpoint: our 2-month review (2026-10-13) was correct (stock return -12.1% since entry). Each monthly review is judged on its own date, so the verdict can change from one month to the next.
Read the original LF0 analysis
What I Said
I rated NNDM a Sell because I thought the portfolio reset still had not translated into durable earnings, even with a large cash cushion. My original call leaned on the gap between that cash balance and the still-weak operating profile: TTM operating margin was -47.7%, FCF margin was -1.4%, and the stock was trading at a rich 163.0x forward P/E on a recovery basis. I also said I would become more constructive only if quarterly revenue stayed above $30M and margins improved.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| NNDM (this call) | -23.6% |
| AVAV | -36.2% |
| DDD | -54.4% |
| PKE | -33.5% |
| PRLB | -25.7% |
| SSYS | -35.2% |
Why It’s Working (Or Not)
Over this tracking window, following my Sell call would have earned 23.6%, which means the bearish signal has worked to date. NNDM is down from my entry price, and that move has come alongside a peer group that was also broadly lower, so the stock has not been an outlier against a strong comparable backdrop. The specific concern I highlighted still matters here: the business has not yet shown that the post-acquisition reset has produced durable earnings, and the market has continued to price that skepticism into the shares. On the evidence available in this review, the original thesis has held up rather than been disproven.
What Could Still Prove Me Wrong
I would start to reconsider the Sell if quarterly revenue can hold above $30M for several quarters and the company shows clear margin improvement, because that would support the idea that the reset is finally creating operating leverage. I would also be less bearish if EBITDA loss narrows materially and cash burn moves close to breakeven, since that would show the cash balance is supporting a stronger model rather than just funding losses. If revenue slips back below $25M or margins deteriorate again, that would reinforce the original downside case.
The August 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| SDGR | Sell | $17.40 | $30.85 | +77.3% | -77.3% | Incorrect so far |
| GTN | Sell | $4.83 | $5.81 | +20.3% | -20.3% | Incorrect so far |
| NUTX | Buy | $188.41 | $171.41 | -9.0% | -9.0% | Incorrect so far |
| LHX | Sell | $260.92 | $271.84 | +4.2% | -4.2% | Incorrect so far |
| AES | Sell | $14.54 | $14.91 | +2.6% | -2.6% | Incorrect so far |
| VNOM | Sell | $41.16 | $40.88 | -0.7% | +0.7% | Correct so far |
| PENN | Sell | $18.56 | $17.53 | -5.5% | +5.5% | Correct so far |
| RRGB | Sell | $9.51 | $8.83 | -7.2% | +7.2% | Correct so far |
| SPHR | Sell | $147.34 | $123.66 | -16.1% | +16.1% | Correct so far |
| BA | Sell | $210.46 | $171.55 | -18.5% | +18.5% | Correct so far |
| OWLT | Sell | $5.81 | $4.62 | -20.5% | +20.5% | Correct so far |
| NXE | Sell | $10.40 | $7.87 | -24.3% | +24.3% | Correct so far |
| OI | Sell | $6.79 | $4.88 | -28.1% | +28.1% | Correct so far |
| LRCX | Sell | $343.48 | $233.78 | -31.9% | +31.9% | Correct so far |
| WGS | Sell | $77.88 | $51.87 | -33.4% | +33.4% | Correct so far |
| ADTN | Sell | $7.76 | $4.86 | -37.4% | +37.4% | Correct so far |
| STXS | Sell | $1.39 | $0.85 | -38.8% | +38.8% | Correct so far |
| SRG | Strong Sell | $2.11 | $1.54 | -27.0% | +40.5% | Correct so far |
Sector Scorecard: Technology
How are our Technology calls doing overall, and where does NNDM sit among them?
| Peer call | Rating | Published | Signal return |
|---|---|---|---|
| CIFR | Sell | 2026-07-08 | +67.3% |
| INOD | Strong Sell | 2026-10-10 | +59.1% |
| SOUN | Sell | 2026-06-14 | +50.9% |
| UMAC | Strong Sell | 2026-10-14 | +49.9% |
| AEHR | Sell | 2026-06-18 | +47.1% |
| SMTC | Strong Sell | 2026-10-13 | +46.3% |
| AMKR | Sell | 2026-07-27 | +38.7% |
| ICHR | Sell | 2026-09-27 | +37.6% |
We saw Technology lead the league table with 25 calls, an 88% hit rate, and a +24.4% average signal return, with CIFR +67.3% as the best call and NLST -135.2% as the worst. Industrials followed at 75% and +19.3%, while Utilities was thin at 3 calls and posted a 33% hit rate with a +16.0% average signal return, so we do not treat it as a leader or laggard. Financial Services and Basic Materials both showed 80% hit rates and +15.2% average signal returns, Energy was at 83% and +10.7%, and Consumer Cyclical at 75% and +10.1%, while Communication Services and Healthcare trailed on hit rate at 60% and 50% with +5.8% and +3.1% average signal returns. Thin sectors outside the ranking were Real Estate, Consumer Defensive, and Unclassified, each with fewer than 3 calls.
Sector League Table
| Sector | Calls | Hit rate | Avg signal return | Best | Worst |
|---|---|---|---|---|---|
| Technology | 25 | 88% | +24.4% | CIFR +67.3% | NLST -135.2% |
| Industrials | 16 | 75% | +19.3% | BW +72.6% | LUNR -35.8% |
| Utilities | 3 | 33% | +16.0% | FLNC +67.2% | TLN -16.5% |
| Financial Services | 5 | 80% | +15.2% | MARA +38.3% | BMNR -4.0% |
| Basic Materials | 5 | 80% | +15.2% | LAR +44.3% | MP -0.0% |
| Energy | 6 | 83% | +10.7% | BORR +23.4% | SM -18.8% |
| Consumer Cyclical | 4 | 75% | +10.1% | OI +28.1% | FLUT -0.3% |
| Communication Services | 5 | 60% | +5.8% | LUMN +37.5% | GTN -20.3% |
| Healthcare | 12 | 50% | +3.1% | STXS +38.8% | SDGR -77.3% |
| Real Estate* | 2 | 50% | +11.2% | SRG +40.5% | SKYH -18.1% |
| Consumer Defensive* | 1 | 0% | +0.0% | PG -0.0% | PG -0.0% |
| Unclassified* | 2 | 50% | -5.6% | NXE +24.3% | FISV -35.5% |
\* Fewer than 3 calls: not ranked.
Sector by Publish Month
| Sector | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 | Oct 2026 | Nov 2026 |
|---|---|---|---|---|---|---|
| Technology | +49.0% (2) | +5.9% (7) | +31.0% (3) | +27.7% (6) | +30.1% (7) | — |
| Industrials | +72.6% (1) | +41.7% (5) | +7.2% (2) | +7.4% (3) | +2.3% (3) | -8.0% (2) |
| Healthcare | -5.1% (1) | — | +1.3% (5) | +35.1% (1) | +1.2% (3) | -1.2% (2) |
| Energy | — | +19.1% (1) | +0.7% (1) | +23.4% (1) | +7.0% (3) | — |
| Basic Materials | — | +1.3% (1) | — | +44.3% (1) | +15.1% (2) | +0.0% (1) |
| Communication Services | — | +8.3% (1) | -2.1% (2) | -12.9% (1) | +37.5% (1) | — |
| Financial Services | — | +23.8% (3) | — | — | +3.7% (1) | +1.0% (1) |
| Consumer Cyclical | — | — | +13.6% (3) | — | — | -0.3% (1) |
| Utilities | — | +67.2% (1) | -2.6% (1) | — | -16.5% (1) | — |
| Real Estate | -18.1% (1) | — | +40.5% (1) | — | — | — |
| Unclassified | — | — | +24.3% (1) | — | -35.5% (1) | — |
| Consumer Defensive | — | — | — | — | — | +0.0% (1) |
Each cell: average signal return to date of the calls published that month (calls in brackets). Signal return is direction-adjusted, so a positive number means our call is right.
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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