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.

Welcome to 2025, and welcome to Printing Money Episode 25!  For this episode Danny welcomes back a couple of previous guests: Arno Held (AM Ventures) and startup advisor Tali Rosman.

It’s a new year so, naturally, this episode has its share of reflecting on the 2024 that was and the 2025 (and beyond) that will be. Danny, Arno, and Tali start off by harkening back one last time to Formnext – what is traditionally the end of the 3D printing year turned out only to be a prelude to a whole lot of industry-shifting news in December.

So yes, Danny, Arno and Tali discuss Shapeways’ rebirth, Forward AM’s insolvency, Velo’s restructuring, voxeljet’s go-private. And this is all really interesting, but it’s only the appetizer.

Next, Episode 25 wades into the deep end, analyzing and opining on the goings-on with Nano Dimension. Will the acquisitions of Desktop Metal and Markforged happen? Will the shareholder activists force the company to unwind? And what’s this about tin foil hats and Russian oligarchs?

After the Nano Dimension discussion, Episode 25 moves on to review some of 2024’s venture capital raises, including a few recent ones.  Then, Danny, Arno and Tali consider the current artificial intelligence (AI) revolution and how it might dovetail with what’s to come for additive manufacturing (AM) this year and further into the future.

Please enjoy Episode 25, and please join Danny, Arno, Tali, and your other favorite Printing Money personalities at AM Strategies next month, Feb 4-6 in New York City.

This episode was recorded January 8, 2025.

Timestamps:

00:14 – Welcome to Episode 25

00:31 – Welcome back to Arno Held (AM Ventures) and Tali Rosman

01:21 – Reflections on Formnext and summing up 2024

03:48 – BASF Forward AM insolvency filing

05:11 – So much happened after Formnext!

07:38 – Shapeways reborn

09:14 – Velo3D (VLDX) restructured

11:31 – Voxeljet acquired by its investor, Anzu Partners

12:10 – Whither Nano Dimension (NNDM), Desktop Metal (DM), and Markforged (MKFG)?

13:11 – A pile of cash, shareholder activism, lawsuits…

15:01 – russianoligarchs.com (That’s not a typo!)

17:32 – The Oerlikon (OERLY) connection

21:45 – What should/could Nano Dimension do?

26:35 – Siemens to acquire Altair, 3D Systems selling Geomagic to Hexagon

28:23 – Buyers’ market: VC into AM has dropped 80% in twenty-four months

30:33 – Broad themes for 2025: M&A is coming back, Reshoring is now, Materials in focus

35:10 – Fabri raises $5M for investment casting

36:33 – Industrializing AM technology: Conflux raises $11M Series B

38:23 – AM Ventures and HZG Group co-invest on Spectroplast

39:43 – HZG invests in Craftcloud/All3DP

40:31 – AI in the 3D printing industry

41:46 – 1000 Kelvin and Euler deploy AI to 3DP/AM

45:27 – The next wave for 3DP/AM has already gotten started

47:02 – Come meet us at AMS (Feb 4-6 in NYC)!

47:43 – Thanks to Arno and Tali!

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.

Welcome to Printing Money Episode 24. Troy Jensen, Managing Director of Cantor Fitzgerald, joins Danny Piper, Managing Partner at NewCap Partners, once again as it is time to review the Q3 2024 earnings in the additive manufacturing (AM) industry. Give us 36 minutes and we’ll give you the 3D printing world!

Danny and Troy discuss all of the public company earnings reports, of course. Thanks to some data from AM Research, Danny and Troy also provide commentary on sales and traction from some of the more difficult companies (privately owned, or non-reporting parts of larger public companies) to track.

First Danny and Troy layout the macro picture through which to view the Q3 numbers.  Next, they discuss takeaways from Formnext 2024.  Then they jump in and run through the financial performance of all the significant 3D printing manufacturers.  Along the way they sprinkle in relevant discussion of components and peripherals such as lasers and powder companies.

You can be sure that Printing Money Episode 24 also includes the latest analysis on the consolidating landscape (ie; NNDM buying DM and MKFG) and the biggest hot button issues (ie; Chinese 3D printing vs the West).

Please enjoy Episode 24.

This episode was recorded December 2, 2024.

Timestamps:

00:24 – Welcome to Episode 24, and welcome to Troy Jensen (Cantor Fitzgerald)

01:14 – Bigger picture: Q3 was full of geopolitics, let alone a US presidential election

02:05 – The tenor at Formnext 2024

03:32 – Evidence of a bottom; the Q3 2024 numbers for the 3DP/AM industry

04:38 – Rotation time?  Large cap tech has outperformed for a couple years

06:03 – Nikon SLM Solutions Q3 2024, in light of AM Research data

07:19 – BLT and Farsoon take flight with Airbus

10:43 – EOS Q3 2024, considering AM Research data

11:41 – nLIGHT (LASR) beaming into the laser metal AM markets

13:17 – Velo3D (VLDX) to the pink sheets, and the SpaceX deal

15:54 – Stratasys (SSYS) Q3 2024

20:05 – 3D Systems (DDD) Q3 2024

21:00 – Relationship status for 3D Systems and Align (ALGN)

23:41 – Nano Dimension (NNDM) Q3 2024

24:17 – Shareholder activism at NNDM

24:45 – Desktop Metal (DM) Q3 2024

25:37 – Markforged (MKFG) Q3 2024

26:25 – Financials and outlook for NNDM, DM and MKFG combined

30:10 – Materialise (MTLS) Q3 2024

34:06 – Voxeldance booth shut-down by German authorities at Formnext 2024

35:22 – IperionX (IPX) and Carpenter (CRS): Metal powder companies doing well in the stock market

36:36 – Thanks again to Troy, and thanks everybody 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.

Episode 23 is here, and it’s chock-full. Alex Kingsbury, nLIGHT Market Development Manager and, not to mention, co-creator of the Printing Money podcast, re-joins Danny and the result is 60 minutes of additive manufacturing (AM) deals and analysis.

First, we jump right in to cover Nano Dimension’s in-progress deals with Desktop Metal and Markforged. Then, we cover services bureaus, major public-private funding news, and a lot of venture capital (VC) raises and financings. Last, we touch on the recent news of the postponement of Formnext Chicago.

Here are just a few companies that get mentioned in this episode: Incodema, I3D, KAM, ADDMAN, Sintavia, Stifel North Atlantic, ASTRO America, Summers Value Partners, Stellantis, In-Q-Tel, Embedded Ventures, SpaceX, nTop, Seurat, NVIDIA, AE Ventures, HorizonX, Nimble Partners, AM Ventures, Breakthrough Victoria, Finindus, Sumitomo, and more.

Please enjoy Episode 23, and see you later this month at Formnext in Frankfurt, or, as Danny so well puts it, “The Super Bowl of 3D printing.”

This episode was recorded October 29, 2024.

00:14 – Welcome to Episode 23, and welcome to Alex Kingsbury

01:37 – We have a lot to cover!

02:03 –AMS was a telling preview of 2024

02:53 – Nano Dimension (NNDM) acquiring Desktop Metal (DM)

05:21 – NNDM-DM last steps before closing in Q4 2024

08:04 – Nano Dimension (NNDM) acquiring Markforged (MKFG)

10:25 – An enormous amount of efficiencies

12:09 – How will NNDM, DM, and MKFG integrate?

14:19 – Markforged settles litigation from Continuous Composites

15:41 – ADDMAN acquires KAM

19:18 – AM service bureau markets: All boats are floating in the US, and all boats are sinking in Europe (Or, “Europe makes the printers, The USA prints the parts”)

20:02 – Sandvik divesting investment in BEAMIT

20:26 – Proto Labs closing metal LPBF facility in Germany

23:36 – AM Forward fund is approved by SBIC

26:26 – Restor3d closes $70m financing ($55M equity, $15M debt)

27:56 – 6K $82M Series E round

31:17 – Chromatic3D closes $6M round

32:55 – Freeform raises $14M

35:15 – NVIDIA backs 3D printing!

38:11 – nTop receives investment from NVIDIA

40:34 – AM Ventures’ portfolio companies get a boost

40:53 – Conflux raises $11M Series B for heat exchangers

43:58 – Fortius Metals raises $2M from Finindus

45:15 – Sun Metalon raises $21M Series A led by Sumitomo

47:49 – UpNano raises EUR 7M

48:33 – NematX raises EUR 1.5M

50:33 – Mosaic Manufacturing raises CAD 28M

52:01 – Formnext Chicago is postponed

56:55 – See you at Formnext Frankfurt in a few weeks!

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.

Episode 22 of Printing Money comes with a twist: this episode is from a live recording on the Formnext stage at IMTS on September 9, 2024.  We were lucky enough to have Danny joined by Dave Burns (Senior Advisor, AMT) for an executive perspective on the additive manufacturing (AM) markets, replete with decades of first-hand experience, first as CEO of Gleason Corporation and then as a co-founder and President of ExOne (now part of Desktop Metal).

First we talk through Dave’s career, with a focus on the founding of ExOne in 2005 through its IPO in 2013. Then we view the current state of the 3D printing industry, discussing market capitalizations, transaction values, and investing for the long game. This is followed by a look ahead at the drivers to propel the AM industry into maturity, with a focus on applications. Last, we have the heretofore unique chance to field questions from our live audience.

Please forgive us any audio imperfections. Considering this was recorded live using an iPhone and amid a crowd of 100,000+ IMTS attendees, we are proud of it, and thankful to have such a great podcast producer (thank you, Jake!).

So, please enjoy Episode 22, stay tuned for coming episodes, and browse our recent discussions while you wait for the next ones.

00:15 – Welcome to Printing Money Live at IMTS!

00:37 – Introducing Dave Burns (AMT)

01:26 – Dave Burns’ career in manufacturing technology

03:32 – AM and traditional manufacturing are co-dependent

04:14 – From 3D printing start-up to IPO: Dave’s experience at ExOne

08:00 – Market Caps in the context of historical 3DP/AM deals

08:56 – Patient Money: 3DEO receives $3.5M investment from Mizuho

12:09 – Existential De-risking: Key drivers for a long-term AM strategy

16:20 – What does the maturity of the 3D printing industry look like?

18:33 – A different mindset: Application specific printers to compete with larger all-purpose machines?

22:21 – Audience Q&A: More on the value of application specific 3D printing

24:58 – Audience Q&A: Are we solving the same problem?

27:17 – Audience Q&A: Reshoring via government funding as a path to 3DP/AM industry maturity?

29:51 – Wrap-up and thank you

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.

Like sands through the hourglass, so is the Q2 2024 earnings season.  All of the publicly traded 3D printing companies have reported their financials, so it is time to welcome back Cantor Fitzgerald Managing Director Troy Jensen to discuss and analyze the numbers.

Problematic balance sheets and challenging operating environments serve as a backdrop for some negative themes including strategic reviews, slashed operating expenses, and dwindling market capitalizations. But it’s not all gloom and doom. Nikon SLM Solutions continues to experience growth, and some services and software providers performed well enough too.  And through it all, the additive manufacturing (AM) industry is still growing, so Danny and Troy point to some of the private companies where growth seems apparent. AM Research has more than a decade of historical data on private and public 3D printing companies alike and can certainly back up Danny and Troy’s thoughts on the privates.

Please enjoy Episode 21, and, if you are at IMTS this week, come find Danny, and Troy, and the 3DPrint.com and AM Research teams, all of which will be presenting on either the Formnext Stage or at the Investor Forum.

00:21 – Welcome back, Troy Jensen (Cantor Fitzgerald)

00:50 – See us live at IMTS!

01:32 – Q2 2024 earnings themes

02:20 – 3D Systems (DDD) Q2 2024 (and Q1 2024) earnings

04:55 – Cost cutting at 3D Systems, and some nice new industrial sales, but a dwindling valuation

08:06 – Stratasys (SSYS) Q2 2024 earnings

09:43 – Stratasys sues Bambu Labs

12:01 – Stratasys’ strategic review

14:28 – Inkbit, AM Craft, and Stratasys’ strategy

15:57 – Speculation: Let Nano Dimension (NNDM) acquire Desktop Metal (DM), and then merge with Nano Dimension?

17:16 – Desktop Metal (DM) Q2 2024 earnings

21:32 – Markforged (MKFG) Q2 2024 earnings

23:00 – Speculation: Should Markforged tie-up with Continuous Composites?

25:25 – Impossible Objects impresses at RAPID

26:15 – Velo3D (VLD) Q2 2024 earnings

26:42 – Nikon SLM Solutions Q2 growth

27:33 – ADDMAN to acquire KAM

28:27 – Speculation: This is the quarter that we find out what happens to Velo3D

30:24 – Reshoring: Nikon SLM rebrands Morf3D into Nikon AM Synergy

31:36 – Formlabs launches Form 4

32:42 – Materialise (MTLS) Q2 2024 earnings

33:58 – Materialise acquires FEops

36:21 – Proto Labs (PRLB) Q2 2024 earnings

36:58 – Xometry (XMTR) Q2 2024 earnings

37:43 – IMTS Investor Forum

38:28 – Shapeways’ Netherlands unit gets a bid

39:00 – Q3 2024 earnings preview and episode wrap-up

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.