Welcome to Printing Money Episode 35 and let us be the last to wish you a happy new year.

For this episode Danny is joined by Arno Held (Managing Partner, AM Ventures) and Alex Kingsbury (Market Development Manager, nLIGHT), both certified Printing Money OG’s.

Coming off back-to-back “Troy Jensen” episodes focused on public company earnings reports, there was a lot of 3DP/AM transaction news to cover, so we covered a lot.  Even still, we can’t cover all the 3D printing business news.

Themes from Episode 35 include AI for 3DP/AM (and vice versa) and Australia, Smart M&A, all underlaid by a healthy dose of optimism.  The episode opens with a look at 2025 through each of our host’s respective lens. Then, it’s a discussion of notable 3DP/AM financings in recent months. Last, Danny, Arno and Alex analyze recent M&A activity.  After the manic highs and depressive lows of the 2020-2025 3DP/AM business cycle, is the industry signaling a new normal?

Danny, Alex and Arno will all continue the discussion in person at AMS 2026 next month in New York City.  Meanwhile, please enjoy Episode 35 and check out our previous episodes too.

This episode was recorded January 13, 2026.

Timestamps:

00:12 – Welcome to Episode 35, and welcome back to Arno Held and Alex Kingsbury

01:19 – A tale of two halves: The 2025 year in review for the 3DP/AM industry

03:55 – Tariffs and government budgeting uncertainty were a speed bump in 2025

06:30 – 2026 sentiments; European 3DP/AM is not out of the woods but the light is clearing

08:54 – 2020-2025 as a complete cycle for the 3DP/AM markets

09:48 – Poised for success amidst geopolitical uncertainty

12:30 – Euler raises EUR 2M for AI fault detection in LPBF

18:45 – Headmade raises EUR 1.8M to scale its Cold Metal Fusion tech

21:03 – Fabric8Labs raises $50M to scale its ECAM technology

23:06 – Velo3D (VELO) $30M private placement of common stock

27:32 – H3D raises $5.8M Series A for dental and hearables

32:01 – CustoMED raises $6M for AI 3DP orthopedics

35:20 – Holdson raises GBP 1.5M for electroform post-processing

36:30 – Ascend Manufacturing raises $1M for its LAPS technology

37:36 – Arc Impact acquires Desktop Metal binder jetting (and other) assets

39:32 – ADDMAN acquires Forecast3D

41:41 – Caracol acquires AM assets/IP from Hans Weber

45:12 – DyeMansion acquires ASM

47:16 – Mantle acquired by Angstrom Group

49:37 – Sintokogio buys Bosch’s ceramics unit

54:02 – Thrustworks acquired by The Exploration Company for Niobium AM

57:58 – Thank you to Alex and Arno, thank you All for listening, and Disclaimer

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.

Welcome to Printing Money Episode 34, or “The one where they got back ahead of the curve.” Troy Jensen (Managing Director, Cantor Fitzgerald) returns for back-to-back appearances in the name of delivering to you, the listener, analysis as timely as possible.

Herein, Danny and Troy review Q3 2025 3DP/AM public market earnings, but this episode was recorded just a week after Formnext 2025, so the conversation starts with a review of the 3DP/AM industry’s largest annual tradeshow. Large format polymer, LPBF Metals, China, Defense, Aerospace, and High-Temp FFF are all keywords.

Next comes the classical Q3 2025 analysis. The number of significant pureplay public 3DP/AM firms has gotten smaller, and with Nano Dimension (NNDM) currently in limbo, its earnings become less relevant and the number is even smaller.  Stratasys’ entrance into metal AM, 3D Systems’ healthcare and defense segments, scaling manufacturing at Materialise, and gross margins at Velo all get due coverage.

Happy holiday season, and please enjoy Episode 34 and check out our previous episodes too.

This episode was recorded December 2, 2025.

Timestamps:

00:12 – Welcome to Episode 34, and welcome back to Troy Jensen (Cantor Fitzgerald)

00:35 – Formnext 2025 impressions: A touch of optimism, with strength in metals, aerospace & defense, and from China.

04:01 – Ultra low-cost LPBF: China’s biggest 3DP competition comes from within?

06:10 – Nikon SLM Solutions (Nikon: 7771.JP) shows off momentum, brings massive printer to Formnext

07:40 – EOS flexes, launches its M4 Onyx metal printer at Formnext

09:15 – nLIGHT and Dyndrite help power EOS

10:39 – XACT Metal had a busy booth at Formnext

11:42 – HP (HPQ) launches a high-temp FFF 3D printer at Formnext, looking to expand lines through consolidation?

14:21 – Carbon raises $60M

17:24 – Caracol raises $40M Series B

19:38 – Formlabs demonstrating healthy growth

20:55 – Stratasys (SSYS) Q3 2025 earnings analysis

22:41 – Stratasys invests in Tritone, dipping into metals

26:00 – 3D Systems (DDD) Q3 2025 earnings analysis

28:06 – Materialise (MTLS) Q3 2025 earnings analysis

31:10 – “In Europe, Olive is the new green”

33:10 – Velo3D (VELO) Q3 2025 earnings analysis

35:06 – Thanks again to Troy and thank you all 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.

Welcome to Printing Money Episode 33!

Troy Jensen (Managing Director, Cantor Fitzgerald) returns in joining Danny to help our audience analyze the Q2 2025 earnings season.

Danny and Troy parse the financials and offer impactful analysis of earnings reports from DDD, SSYS, MTLS, NNDM, and Nikon SLM Solutions (Nikon: 7731.JP), guidance from EOS and Formlabs, and a lot more.

Danny opens the episode noting some recent notable private financings and Troy picks up on that noting recent uplift in public 3DP/AM companies’ pricing.  Despite that uplift, one theme of this episode is the far healthier multiples that Chinese 3DP/AM companies enjoy in their market. Other themes include the Nano Dimension unwind and speculation on a landing place for Markforged, and reshoring and aerospace/defense as drivers for the 3DP/AM industry,

We are reviewing Q2 2025 reporting, yet we are already in Q4 — maybe President Trump might actually temper the quarterly reporting hamster wheel.  Perhaps while the President is at it, he could also mandate more punctual reporting so we can really stay current here on the Printing Money pod.

Jokes and light tone aside, we encourage you to listen to this and all Printing Money episodes for informed and incisive coverage of the 3DP/AM markets.

Please enjoy Episode 33 and check out our previous episodes too.

This episode was recorded October 16, 2025.

Timestamps:

00:12 – Welcome to Episode 33 and welcome back to Troy Jensen

00:30 – Notable private financings since Troy last joined Printing Money in July (Divergent $290M, Caracol $40M)

01:07 – The public AM markets since July, and already looking at 2026

02:48 – 3D Systems (DDD) Q2 2025 earnings analysis and the Align (ALGN) story

06:01 – Fair market value? DDD stock price has improved since July

08:41 – Stratasys (SSYS) Q2 2025 earnings analysis; profitable, with lower guidance

11:24 – A tale of two multiples; Publicly traded Chinese 3D printing companies vs US counterparts

11:54 – Formlabs company analysis; not publicly traded but growth worth tracking

13:08 – Nikon SLM Solutions update; growth and profitability?

14:05 – EOS update; metals growth, polymers more stagnant

15:11 – Metal AM services scarcity in Europe; at least 3T will live on at SBO

16:34 – More on multiples: Farsoon and BLT with “healthy” multiples

19:11 – Nano Dimension (NNDM) update; change of CEO, again; activist investors are in charge now

22:55 – Speculation only: Could Nano Dimension end up in Stratasys’ hands?

24:27 – Materialise (MTLS) Q2 2025 earnings analysis

26:50 – European growth in aerospace & defense bodes well for AM

27:27 – Looking ahead to a Q3 review pretty soon, and expectations for Q4

28:32 – See you in a few weeks at Formnext 2025 in Frankfurt

28:46 – 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.

Welcome to Printing Money Episode 32! Also known as “The one with the 61x Multiple.”

Danny’s guest for this episode is Tali Rosman (RHH Advisory). Tali last joined as a guest back in January and has been busy advising startups and brokering transactions since.

So first, Danny and Tali discuss Tali’s recent experiences in dealmaking and at events such as FABTECH. They consider the China factor and the wherewithal of the US Defense-Industrial Base to keep pace.

Then, Danny and Tali get to it. They analyze recent industry transactions with an eye towards earnings (or lack thereof) and multiples (sometimes reasonable, sometimes 61x). There is discussion of IPOs in Korea and China, of PIPEs in the United States and Australia, and questionable transactions originating out of Sweden. Danny and Tali also cover notable deals in the dental 3DP market. The episode rounds out with some corporate news, both good (from RICOH) and bad (from Arburg).

Danny often delivers memorable one-liners, but in Episode 32, Tali steals the quip show with hits like, “You don’t need an IP moat when you have a flood,” and “You can’t out-China China”.

Please enjoy Episode 32 and check out our previous episodes, too.

This episode was recorded September 15, 2025.

Timestamps:

00:12 – Welcome to Episode 32, and welcome back to Tali Rosman

00:58 – Tali’s take on 2025 so far

02:47 – Defense tech infrastructure is slow, but getting more nimble

03:32 – The bull case for AM in reshoring

06:24 – Graphy (318060-KQ) goes public in Korea

08:45 – 3DP materials companies doing well in public markets; Metal Powder Works (MPW-ASX), IperionX (IPX – NASD), et al

09:19 – Creality going public in China

11:46 – Low-priced competition from Bambu Labs, and more low-priced competition coming (see: Fibre Seek and more)

13:57 – PIPE financing of $18m for Norsk Titanium (NTI – NO)

15:27 – DED now is where LPBF was in 2025 (see: FormAlloy, Big Metal Additive, Lincoln Electric, Trumpf, and more)

17:49 – Amaero launches PIPE deal for up to AUM 53M (3DA – ASX)

20:32 – Divergent Series E of $290M at $2.3B valuation

27:11 – Former Hexagon CEO sells Hexagon shares to back Divergent (HEXA.B – ST)

27:28 – Rochefort: The Kyle Bass connection

27:59 – AmPd Labs $2M seed round

31:15 – SBO AG (owner of Knust-Godwin) to acquire 3T for GBP 4.76M

34:32 – 3DPOD shoutout: Knust-Godwin interview from 2020

35:22 – Pac-Dent acquires Ackuretta for dental 3DP

38:31 – SprintRay acquires EnvisionTEC dental portfolio

41:25 – SwissTo12 Buys Hanwha Phasor’s Antenna Assets and IP for 3DP RF components

46:06 – Coral Construction Technologies acquired by MTX Group and Purposia Group for concrete 3DP

48:23 – Ricoh spins out Ricoh 3D for Healthcare

49:32 – RIP: Arburg dropping its 3D printing business

51:33 – Thanks again to Tali, 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.

Printing Money Episode 31 is here!

Danny’s guest for this episode is Fabian Alefeld (Director Business Development & Academy, Global Additive Minds | EOS North America, and Podcast Host, Additive Snack).  Fabian’s title is a mouthful, but his efficiency in 3DP/AM industry analysis is impressive.

Fabian and Danny are efficient, but a lot of deals have accrued for discussion, so this episode is hefty, clocking in at 71 minutes.  First, they talk a bit about what Fabian does at EOS.  Then the conversation zooms out and brushes on significant trends in the 3DP/AM market.  This sets the stage for a perfectly executed (yes, 10.0) dive into recent deals, financings, bankruptcies, and more.

Even in the twenty-four hours since recording this episode, there has been some notable 3D printing market action.  As Danny notes in his closing thoughts, a new cycle may be nigh.  In any case, Printing Money looks forward to covering the 3DP/AM deals to come.

Please enjoy Episode 31 and check out our previous episodes, too.

This episode was recorded August 19, 2025.

Timestamps:

00:12 – Welcome to Episode 31, and welcome to our guest, Fabian Alefeld (EOS)

01:10 – What is Additive Minds?

03:25 – What is Additive Minds Academy?

04:32 – NASA and EOS in-person Master Class

05:16 – Additive Snack podcast

07:06 – Fabian’s AM journey and focus

10:30 – AM is a mile wide and a mile deep, but metal LPBF has been a bright spot

11:30 – The bigger picture in AM before diving into recent deals

15:32 – BCN3D falters, but saved by investor group

20:41 – Castor files for liquidation

25:32 – 3D Systems spinout Systemic Bio shutters

30:11 – Voxeljet through the wringer – failed buyout by Anzu

33:52 – Nano Dimension sends Desktop Metal into bankruptcy

34:30 – Anzu Partners purchases ExOne and more from Desktop Metal

37:21 – Speculation only: Might Anzu flip the Aidro asset?

38:13 – Admatec and Formatec rescue themselves after Nano Dimension divestiture

38:52 – Stratasys acquires Nexa3D assets and more

43:04 – Trumpf sells its AM business to a German PE firm

47:57 – MX3D raises EUR 7M Series A for Wire-Arc AM

50:14 – Insight Surgery raises $2.5M for surgical guides

52:54 – Koobz raises $7.2M seed round for 3D printed footwear

57:56 – Novenda raises $6.1M for dental 3D printing

59:30 – Firestorm Labs raises $47M Series A for 3D printing drones

1:07:29 – Carlsmed raises $101M in IPO

1:09:54 – This time with optimism; closing thoughts

1:10:31 – Thank you to Fabian, 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 investment.

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.

Printing Money is back with Episode 29. Alex Kingsbury (Product Line Manager – AM, nLIGHT) is back. Need we say more to convince you to listen? Either way, we’ll say a little more.

Episode 29 marks the first recording where Danny and Alex were in the same room. No promises, but maybe we’ll add a video element one of these days. Themes from this episode include metal powders transactions, Los Angeles, Hamburg, Australia (not even including Alex’s obvious Australian connection), and AM adjacent deals, and a number of follow-on rounds the companies of which we’ve been tracking on Printing Money for some time now.

And yes, we devote some coverage to Nano Dimension!

There are, as always, some very memorable lines sprinkled amongst (and very much part of) the fount of knowledge and insight that Danny and Alex offer.

Please enjoy Episode 29 and check out our previous episodes too.

This episode was recorded May 14, 2025.

Timestamps:

00:12 – Welcome to Episode 29 and cheers to that!

01:05 – The Space Coast AM landscape; putting the LA in “Laser”

03:52 – Are there signs of an uptick in 3D printing deals?

04:21 – Metal Powder Works (ASX: MPW) lists publicly in Australia

07:10 – The ASX, no stranger to 3D printing

08:09 – Alloyed raises GBP 37M Series B

11:36 – IperionX (IPX) receives (up to) $47.1M from DoD

13:35 – Government supported AM

14:44 – restor3d raises another $38M

18:24 – PinPrint receives strategic funding from Continuity Biosciences

21:14 – ATLANT 3D raises $15M Series A

22:32 – To some extent the semiconductor industry is 3D printing

23:43 – amsight raises undisclosed seed round

25:07 – 3D Spark raises EUR 2M

26:00 – Kind Designs raises $1M from Overlay Capital

27:16 – Nano Dimension (NNDM) completes Markforged acquisition

29:27 – Ametek (AME) to acquire FARO (FARO)

31:44 – Siemens acquires Wevolver

34:29 – Tethon 3D acquires division from Sintx (SINT)

36:54 – Anzu Partners’ buyout of Voxeljet fails

40:24 – Thank you for listening to Episode 29

40:44 – Disclaimer

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.

Welcome to Episode 28 of Printing Money.  For this one Danny is joined by our own, Joris Peels (Executive Editor, 3DPrint.com). This crossover-pod is indeed quite meta-level but it’s not entirely new – some months ago Danny appeared on Joris’ own podcast, the 3DPOD.  We encourage you to listen to that episode as well.

Episode 28 begins with an introduction to Joris, and a look at his nearly two decades in 3D printing. From Philips to Shapeways, to Materialise and Formlabs, and consulting across the industry, Joris has some reach, to say the least.

Next, Danny and Joris review RAPID, the largest 3DP/AM event in the USA, which took place earlier this month in Detroit. The cautiously optimistic tone that has been 2025 was decidedly in force at RAPID, and oh by-the-way there was a noticeable presence from the Chinese brands, tariffs or not.

From RAPID the conversation shifts to geopolitics, the regulatory environment, and yes, tariffs. Amongst the analysis are some great quotables to look for, including “Manufacturing itself is a weapons system,” and “Uncertainty is the new normal,” all amidst a whole lot of 3DP/AM industry food for thought.

And all that is only the first half. In the second half of the episode, Danny and Joris dive into Printing Money’s raison d’etre – deals and analysis! Specifically, this episode focuses on recent M&A, including coverage of the Nano Dimension-Desktop Metal-Markforged tie-up, BICO’s new direction under Maria Forss, Fictiv’s eye-catching acquisition by Misumi, and the trend of traditional Japanese manufacturers embracing 3DP/AM.

Please enjoy Episode 28 and check out our previous episodes too.

This episode was recorded April 24, 2025.

Timestamps:

00:12 – Welcome to Episode 28, and welcome to Joris Peels!

00:42 – 3DP/AM since 2008: Joris through the years

03:17 – RAPID 2025 review

06:08 – Were the Chinese booths at RAPID 2025 the largest?

07:09 – Some notable startups at RAPID 2025 were not the flashiest: Manifest Technologies, PanOptimization, Euler, and more

08:48 – Geopolitics and the 3D printing industry

11:29 – European financial markets: Rheinmetall, BAE, were amongst top Q1 performers

12:22 – Direct impacts from geopolitics can hit 3D printing deals

13:58 – 3D Printed Drone Swarms: Has the industry accepted its role in defense?

16:12 – Manufacturing itself is a weapons system

17:52 – Tariffs and the 3D printing industry

21:40 – Uncertainty is the new normal

23:44 – Regulatory hurdles to reshoring

25:15 – Is M&A coming back?

26:22 – Fictiv to be acquired by Misumi (TSE: 9962) for $350M

29:45 – Fictiv’s valuation and Misumi’s valuation versus, say that of Xometry (XMTR)

32:14 – Desktop Metal (DM) officially acquired by Nano Dimension (NNDM), and  Markforged is (MKFG) next

36:57 – BICO (STO: BICO) selling MatTek and Visikol to Sartorius (ETR: SRT3) for $80M

40:45 – Fortissimo’s $120M investment in Stratasys has been completed

41:03 – nTop acquires cloudfluid

45:22 – Fabrisonic acquired by UPM, an O’Neal Industries company

49:18 – Sodick to full acquire Prima Additive

55:12 – The Japanese machine tool industry: Nidec attempting to takeover Makino

58:45 – Japanese manufacturers helping to bridge 3DP/AM into tradiitonal manufacturing (Nikon SLM Solution, Seiko Epson, DMG Mori, Sodick, JEOL, Nidec, and more…)

1:01:25 – Thanks to Joris and thanks to our audience for listening to Episode 28 of Printing Money

1:02:02 – Disclaimer

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.

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)

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.

Welcome to Printing Money Episode 26!  For this episode, Danny is joined by Dayton Horvath, Director of Emerging Technology at AMT (and Printing Money alum!).

Danny and Dayton had some quality time to plan this episode, having both just been at Additive Manufacturing Strategies a couple weeks ago.  And the planning was needed, because there have been a lot of noteworthy deals not just in the last month, but also some in Q4 which we hadn’t had time to cover.

Danny and Dayton start off by reviewing AMS 2025.  Speeches by Stratasys CEO Yoav Zeif, AM Research’s Scott Dunham, and The Barnes Global Advisors’ John Barnes are all referenced as the additive manufacturing (AM) “industry” struggles to establish its value and confronts its status as a standalone (or not?) technology.

Next, drawing upon AMT data, Dayton takes us through the 2024 year that was in 3D printing M&A and investment (Hint… not a great year!).   Danny and Dayton also highlight some of the most notable 2024 deals.

Then Danny and Dayton jump into Printing Money’s bread and butter, analyzing recent deals across the 3D printing landscape.  Some themes include software companies buying simulation companies, a continuing focus on AM for military and defense, and AUKUS, more specifically Australia.

Please enjoy Episode 26, and check out our prior episodes.

This episode was recorded February 18, 2025.

Timestamps:

00:14 – Welcome Dayton Horvath (AMT) to Episode 26

00:33 – Additive Manufacturing Strategies 2025 review

01:22 – Specialization vs generalization for AM solutions

02:26 – AM fits in the manufacturing ecosystem, not on an island

02:56 – John Barnes: “Stop calling it ‘postprocessing’ — it’s just ‘processing’

a04:30 – A continuing focus on defense for AM

05:20 – The focus on defense zoomed in even more the following week at MILAM

06:10 – 2024 3DP/AM investments, through the lens of AMT: A big drop!

08:32 – 2024 3DP/AM M&A, through the lens of AMT: A consistent number of deals, but how good were they?

10:33 – Notable M&A in 2024: ADDMAN and KAM

10:58 – Software buys simulation, Part 1: Synopsys (SNPS) and Ansys (ANSS)

11:25 – Status of the Nano Dimension (NNDM) acquisitions of Desktop Metal (DM) and Markforged (MKFG). Shareholder letter issued in January.

12:06 – Software buys simulation, Part 2: Siemens (SIEGY) to acquire Altair (ALTR)

14:30 – 3D Systems (DDD) sells Geomagics to Hexagon (HXGBY)

16:40 – Shapeways acquires Thangs

17:32 – BICO (CLLKF) continues to divest, sells Nanoscribe to LAB14 for EUR 26M

20:11 – KTI-G (KTG.ASX) set to acquire and rebrand to Metal Powder Works

25:25 – GoEngineer acquires CAD MicroSolutions

27:18 – American Axel Manufacturing (AXL) acquiring GKN Metallurgy and GKN Automotive

31:50 – Stratasys (SSYS) to receive $120M investment from Fortissimo Partners

34:58 – Backflip raises $30M for text to 3D print software

37:12 – Axial3D raises $18M for AI-driven medical 3DP software

41:00 – Amaero receives $23.5M loan from US Import-Export Bank, and AUD $22M Private Placement

44:22 – AML3D (AL3.ASX) receives AUD $30M financing

45:44 – Firehawk Aerospace raises $60M from Donald Trump, Jr. (sort of…)

49:10 – Aspect Biosystems raises $115B Series B for bioprinting

49:56 – Sintavia receives $10M debt financing from Stifel North America and ASTRO America

52:53 – Mighty Buildings seeks an exit

53:24 – Toyota invests $44M in Interstellar

53:35 – AscendArc raises $4M

53:47 – Eric Schmidt invests in Relativity Space

54:45 – Thanks again to Dayton Horvath

55:21 – Disclaimer

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.