Printing Money is back with Episode 30, and it’s that quarterly time, so we are happy and thankful to welcome back Troy Jensen (Managing Director, Cantor Fitzgerald) to review the Q1 2025 3DP/AM public market earnings.

Public market valuations are based on forward looking earnings, but the reporting calendar means we recorded this “Q1 2025” episode on the very last day of Q2.  That is to say, we are looking back as fast as possible in order to look forward.

Danny and Troy start off by ruminating on the lack of 3DP/AM participation in a seemingly general public market momentum.  Tariffs and interest rates play their roles, still it is incumbent upon the 3DP/AM industry to find its footing.

Next, Danny and Troy dive into the Q1 2025 public market earnings.  What of Stratasys and its new cash stockpile?  Can 3D Systems engineer a financial turnaround?  What is the path ahead for Nano Dimension under a new CEO?  Does Q1 2025 show that Materialise’s Q4 2024 disappointment was just an outlier?

From here, Danny and Troy turn to some private market players, in part because there are not as many relevant pubic pure-plays nowadays, but also because these privates are significant and can have impacts on the public market players’ performance.

The conversation transitions to some green shoot success stories and last, a quick a look ahead at Q2, which of course has already happened…

Please enjoy Episode 30 and check out our previous episodes too.

This episode was recorded June 30, 2025.

Timestamps:

00:12 – Welcome to Episode 30 and welcome back to Troy Jensen (Cantor Fitzgerald)

00:45 – The public markets have come back, but not so for 3DP/AM stocks

01:30 – Little to no institutional interest, lack of profitability, not enough growth

02:41 – AI and other hot tech moves fast, 3DP/AM moves slow

03:03 – Tariff impact to capital equipment buying decisions

04:15 – Interest rates impact to capital equipment buying decisions

05:55 – Regional performance of metal AM (source: AMPOWER)

07:19 – Stratasys (SSYS) Q1 2025 earnings review

09:18 – Stratasys acquires BASF spinout Forward AM, others next?

14:03 – 3D Systems (DDD) Q1 earnings review

17:25 – 3D Systems’ business with Align Technologies (ALGN)

19:35 – Healthcare 3DP/AM strong: 3D Systems (ex-Align) and Materialise (MTLS)

20:40 – Nano Dimension (NNDM) Q1 2025 earnings

21:36 – What is coming of Desktop Metal?

22:45 – Ofir Baharav and the Nano Dimension vision

23:45 – (Speculation only) DDD and NNDM, a synergistic match?

25:47 – Materialise (MTLS) Q1 2025 earnings

28:41 – Formlabs business overview

29:47 – Bambu Lab business overview

30:05 – Nikon SLM Solutions (Nikon - 7731:JP), EOS, Velo3D (VLDX) business overviews

30:31 – Green shoots: 3DP/AM services for Aerospace/Defense

31:14 – LPBF for production: Incodema and I3D

33:15 – Wag the dog: 3DP/AM materials are entrenching into the supply chain

34:37 – Q2 2025 look ahead (considering it’s already Q3…)

35:33 – Thank you to Troy and thank you 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.