Printing Money

Printing Money Episode 27: Q4 2024 Public 3D Printing Earnings Review with Troy Jensen, Cantor Fitzgerald


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Q2 2025 has already begun, but public markets reporting has only just finished with Q4 2024. To tie a bow on Q4 2024, we are thankful to have Troy Jensen (Managing Director, Cantor Fitzgerald) return and join Danny Piper (Managing Partner, NewCap Partners) for Printing Money Episode 27.

Danny and Troy kick off this episode discussing themes they’ve noticed in public and private additive manufacturing (AM) markets as 2024 completed and 2025 began. It’s mentioned later in the episode, but you might say there’s a FUD (Fear, Uncertainty, and Doubt) factor hanging over the industry—further exacerbated by global macro issues.

Looking through these “FUD-dy” lenses, Danny and Troy then move on to the 2024 annual 3D printing market data reports recently issued by AM Research and AMPOWER. How well did these reports sync with what our esteemed host and guest are seeing in their worlds?

Then, Danny and Troy dive into what this quarterly check-in is all about—the quarterly reporting from the publicly traded AM companies. Fact is, there are fewer public companies out there nowadays, and even fewer that are reporting their numbers with regularity. So, Episode 27 is relatively brief, but chock full of value.

RAPID + TCT, the largest 3D printing event in the USA, takes place this week, so if you want to sound smart on the trade show floor or in one of the many expert sessions, perhaps take some tidings from Episode 27.

Please enjoy Episode 27, and please join Danny, Troy, and your other favorite Printing Money personalities at RAPID in Detroit this week!

This episode was recorded March 31, 2025.

Timestamps:

00:14 – Welcome to Episode 27 and welcome back to Troy Jensen (Cantor Fitzgerald)

00:41 – Themes coming out of Q4 into 2025: Tariff stagnation, flat-to-slightly-up guidance, low visibility, reasons for optimism
02:13 – Private 3DP/AM markets picking back up
02:33 – Recent market data reports from AM Research and AMPOWER
03:37 – Nikon SLM Solutions (7731.JP) Q4 2024 results and analysis
05:35 – BLT (688333.SH) Q4 2024 results and analysis
06:10 – Valuation dislocation? China 3DP/AM stock performance
08:06 – Deal on?! Legal victory for Desktop Metal (DM) over Nano Dimension (NNDM)
11:07 – Balancing act: NNDM-DM-MKFG integration challenges and industry implications
14:38 – FUD Factor (Fear, Uncertainty, and Doubt)
15:03 – Stratasys (SSYS) Q4 2024 results and analysis
17:05 – 3D Systems (DDD) Q4 2024 results and analysis
20:15 – Materialise (MTLS) Q4 2024 results and analysis
21:38 – Investors need to wake up and stop looking for software returns in manufacturing
24:15 – AM production in Europe is in shambles
25:15 – Public markets expectations are built into stock pricing
26:38 – Looking forward to RAPID
27:21 – Thanks again to Troy and thanks for listening

Disclaimer:

This content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer, or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.

Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for, tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

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