Reverse Stock Split

On June 27, 2025, the stockholders of the Company approved an amendment to the Company’s Certificate of Incorporation, as amended, to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $0.00001 per share, at a ratio ranging from 1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s Board. On July 18, 2025, the Board approved the reverse stock split at a ratio of 1-for-15 (the “2025 Reverse Stock Split”). On July 25, 2025, the Company filed a Certificate of Amendment to the Company's Certificate of Incorporation, as amended with the Secretary of State of the State of Delaware to effect the 2025 Reverse Stock Split, effective as of July 28, 2025.

As a result of the 2025 Reverse Stock Split, every 15 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock. No fractional shares were issued in connection with the 2025 Reverse Stock Split. Any fractional shares resulting from the 2025 Reverse Stock Split were rounded up to the nearest whole share. The par

value of the Company’s common stock was not adjusted as a result of the 2025 Reverse Stock Split nor did it change the total number of the Company's authorized shares of common stock. All of the Company’s share numbers, per share amounts, and related stockholders’ equity (deficit) balances presented herein have been retroactively adjusted to reflect the 2025 Reverse Stock Split. In addition, the exercise prices, conversion rates and other terms of the Company’s securities that adjusted pursuant to their terms as a result of the 2025 Reverse Stock Split have been presented after giving effect to such adjustments.

Financial Condition, Liquidity and Capital Resources

In prior periods, including in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, the Company disclosed that conditions and events raised substantial doubt about its ability to continue as a going concern, primarily as a result of historical operating losses, cash usage and the Company's anticipated funding requirements.

The Company has incurred recurring operating losses and negative cash flows from operations since inception and expects to continue to incur operating losses in the near term. As of September 30, 2026, the Company had an accumulated deficit of $531.8 million and cash and cash equivalents on hand of approximately $75.7 million.

Management evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about the Company's ability to continue as a going concern for the twelve-month period following the issuance of these unaudited condensed consolidated interim financial statements in accordance with ASC 205-40, Presentation of Financial Statements—Going Concern. In performing this assessment, management considered the Company's current liquidity position, historical and forecasted operating cash flows, expected operating cash requirements, recurring working capital needs, non-cancellable purchase commitments, scheduled debt obligations and other contractual obligations and expected cash requirements during the assessment period.

During the nine months ended September 30, 2026, the Company completed financing activities that increased its available liquidity. The Company completed a firm commitment underwritten registered direct offering that generated gross proceeds of approximately $50.0 million, entered into an At-the-Market equity program with an aggregate offering capacity of $100.0 million, issued shares of common stock upon conversion of secured convertible notes into equity by the holders thereof, and repaid certain debt obligations. Specific to the At-the-Market equity program, the Company entered into a sales agreement (the "Sales Agreement") with Needham & Company, LLC ("Needham"), Cantor Fitzgerald & Co. ("Cantor") and Craig-Hallum Capital Group, LLC ("Craig-Hallum") as agents, pursuant to which the Company may offer and sell, from time to time through the agents, shares of its common stock pursuant to the Company's effective shelf registration statement on Form S-3 (the “Shelf Registration Statement”), which was filed with the SEC on April 3, 2026 and declared effective on April 8, 2026, including the base prospectus contained in the Shelf Registration Statement, as supplemented by a prospectus supplement filed with the SEC on May 15, 2026 pursuant to Rule 424(b) under the Securities Act. As of September 30, 2026, the Company had sold 2.2 million shares pursuant to the Sales Agreement for gross proceeds of $59.4 million. After deducting issuance costs of $2.0 million, the Company received net proceeds of $57.4 million. Additional information regarding these transactions is included in Note 9, Debt, Note 10, Equity Instruments and Note 16, At-the-Market Offering to the unaudited condensed consolidated interim financial statements. The resolution of the conditions and events that previously raised substantial doubt reflects the financing activities completed during 2026 and the reduction in the Company's outstanding debt described above, together with the following changes since June 30, 2026: a reduction in cash used in operating activities during the third quarter of 2026 compared with the first half of 2026, and management's updated forecast for the assessment period, which excludes uncommitted expansion capital expenditures, including those for Phase 1 of the Livermore production facility, that the Company has the present ability not to incur and expects to undertake as financing becomes available, together with the operating cash flows associated with that expansion. The forecast retains the Company's contractual obligations, including its lease commitments and scheduled debt payments. Based on this assessment, management concluded that the Company's existing liquidity and expected cash flows are sufficient to meet its obligations as they become due for twelve months following the issuance of these unaudited condensed consolidated interim financial statements.

The Company may continue to evaluate opportunities to raise additional capital through equity or debt financings, strategic transactions or other financing alternatives to support its strategic initiatives and longer-term growth plans. The Company's assessment does not assume that additional financing is required to fund operations or satisfy obligations during the assessment period. There can be no assurance that the Company's plans will be successful, that actual cash requirements will not exceed current expectations, or that

additional financing will be available on acceptable terms, or at all, if needed.

Product Warranties

Our 3D printers are generally sold with a one-year warranty. The warranty period generally commences upon installation at the customer’s designated operating facility. For systems sold under ship-in-place arrangements, the warranty period may commence prior to physical delivery or installation based on the terms of the applicable customer agreement. After the warranty period, we generally offer service contracts that enable our customers to continue service and maintenance coverage. These service contracts are offered with various levels of support and options and are priced accordingly. One entitlement of our service contracts is our service engineers provide periodic preventive maintenance visits to customer sites. Additionally, we provide training to our partners to enable them to also perform these services. Another contract entitlement on certain printer models is proactive remote troubleshooting capability through the Company’s integrated platform. From time to time, we also offer upgrade kits for certain of our printers that enable our existing customers to take advantage of new or enhanced printer capabilities. In some cases, we have discontinued upgrade support and maintenance agreements for certain of our older legacy printers.

Printers and certain other products include a warranty that covers workmanship, software, and hardware components under which we provide maintenance for periods up to one year. For these initial product warranties, estimated costs are accrued at the time of the sale of the product. These cost estimates are established using historical information regarding the nature, frequency and average cost of claims for each type of printer or other product, as well as assumptions about future activity and events. Revisions to expense accruals are made as necessary based on changes in these historical and future factors.

Equipment Subject to Operating Lease

Our 3D printers subject to operating leases are classified using the following criteria:

If the 3D printer does not meet the above criteria, the equipment is classified under property and equipment, net.

For more information, see Note 7, Equipment Subject to Operating Lease, Net.

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard provides a practical expedient allowing entities to assume that current economic conditions at the measurement date remain unchanged over the remaining life of the receivable. The Company adopted this standard on January 1, 2026, on a prospective basis. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated interim financial statements.

Recently Issued Accounting Pronouncements

In September 2025, the FASB issued ASU No. 2025-07, which (1) refines the scope of the guidance on derivatives in ASC Topic 815 and (2) clarifies the guidance on share-based payments from a customer in ASC Topic 606. The ASU is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. ASU Topic 2025-07 is effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. Early adoption of the standard is permitted in an interim or annual reporting period for which financial statements have not been issued or made available for issuance. If an entity elects to early adopt the standard in an interim period, the entity must apply the standard as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact this standard will have on its condensed consolidated interim financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This update contains amendments that require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments are expected to impact only the Company's financial statement disclosures and are not expected to affect the recognition or measurement of amounts reported in the consolidated financial statements. The Company will continue to evaluate the impact of adopting this standard on its financial statement disclosures.