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Stratasys, 2025: the 120 million dollar cheque that changed who is in charge

Nozzle4 · · 2 min read

Stratasys spent 2022 and 2023 saying no. No to Nano Dimension’s takeover, no to 3D Systems, no, in the end, to its own board’s Desktop Metal merger once shareholders rejected it. Saying no kept the company independent. It did not fix the thing that made Stratasys a target in the first place, which was a business shrinking faster than its cost base.

The numbers set the scene. Full-year revenue was 627.6 million dollars in 2023 and 572.5 million in 2024, a drop of roughly nine percent, with a net loss of 120.3 million in 2024 on top of a 123.1 million loss the year before. That is a company with a real brand, real installed base and real technology, losing money while low-cost competitors chip at the bottom of its market. Independence is only worth something if you can fund it.

So in February 2025 Stratasys took the cheque. Fortissimo Capital, an Israeli private-equity firm, agreed to put in 120 million dollars for about 14 percent of the company, buying newly issued shares at 10.30 dollars each, a small premium to the prior close. The deal closed on 10 April 2025.

Two things came with the money, and the second one matters more than the headline.

First, balance-sheet room. Stratasys went into the deal with cash and no debt, and the investment added to that, which is what you want when your revenue line is still falling and you need to outlast a downturn rather than get forced into a bad merger.

Second, and quietly, the pecking order changed. Fortissimo became the largest shareholder, passing Nano Dimension, which had sat at the top of the register since 2022 and had used that position to launch its takeover attempt. Fortissimo’s managing partner took a board seat; CEO Yoav Zeif gave up his own seat to make room but stayed on running the company. The investment agreement even lets Fortissimo build toward a quarter of the company over time. In one transaction, the shareholder that had spent two years trying to control Stratasys was no longer the one with the most weight.

That is the real story of Stratasys in 2025. The takeover war of 2023 ended without a deal, but it did not end the pressure. What ended the pressure, for now, was letting a friendlier large holder in the door on Stratasys’s own terms, which is a very different outcome from being bought, and a better one for a board that had spent two years insisting the company was worth more than anyone was offering.

Whether the money buys a real turnaround or just more time is the open question, and the one the share price will answer. The live chart and the full dated history are on the Stratasys page. For how the takeover fight got here, see 2023.

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