Printing Money

Welcome to Printing Money Episode 42. Troy Jensen (Managing Director, Cantor) returns, joining Danny Piper (Managing Partner, NewCap) to review Q2 2026 publicly traded 3DP/AM company earnings reports. Troy’s quarterly appearances on Printing Money provide listeners with a consistent touchpoint to take the pulse of Wall Street’s outlook for 3D printing / additive manufacturing.

The theme of Episode 42 is squarely a nod to growth in global manufacturing, nice timing for North America’s largest manufacturing event, IMTS, which is this week in Chicago. Growth is a trend the 3DP/AM industry is experiencing as well, and you can even find it in the public markets, you just have to look a little harder.

The heart of Episode 42 is the 3DP/AM public company earnings analysis. Troy and Danny break down the balance sheets, P&Ls, and strategies for Stratasys, 3D Systems, Velo3D, Materialise, Xometry, and Protolabs.

Easter eggs: Companies mentioned but not timestamped include: EOS, Nikon SLM Solutions, Divergent, VulcanForms, Freeform, Incodema, AFM, I3D, BTX, Burloak, Sintavia, Oerlikon, Bambu Labs, and more.

Please enjoy Episode 42, and check out our previous episodes too.

This episode was recorded September 11, 2026.

Timestamps:

00:13 – Welcome to Episode 42, and welcome back to Troy Jensen, Cantor

00:59 – The ISM PMI, AMT machine tool data, and more indicators all look positive in advance of IMTS (this week in Chicago!)

03:43 – The 3D printing industry seems healthy and growing, but is at the expense of the public markets companies?

05:38 – Stratasys (SSYS) Q2 2026 earnings review

09:13 – The “race to the bottom” is not just against Chinese 3D printing companies

12:10 – Can pellet based systems such as AIM3D disrupt the polymer AM market?

12:53 – 3D Systems (DDD) Q2 2026 earnings review; CEO transition announced

17:23 – Velo3D (VELO) Q2 2026 earnings review

24:48 – SpaceX’s (SPCX) direct and indirect role in shaping Velo’s business and the 3D printing industry

27:27 – Materialise (MTLS) Q2 2026 earnings review

30:45 – Xometry (XMTR) Q2 2026 earnings review

33:11 – Protolabs (PRLB) Q2 2026 earnings review

37:08 – Thanks again to Troy for joining, and see you all at IMTS!

37:33 – 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 41. Danny is joined for this episode by Daniel Johns. Dan has deep 3DP/AM industry experience with the likes of 3T, BEAMIT, Oerlikon, GKN, Airbus, and Howmet, and currently runs TAAG, an industrialization and investment platform.

Episode 41 starts by looking at Dan Johns’ impressive career in 3DP/AM, at aerospace providers, service providers and now in an independent role. It’s a great backdrop for some holistic discussion on the evolution and state of the 3DP/AM industry, which has come a long way towards standardization. Positive signals abound thanks to expiration of core IP enabling better economics, and a more product focused orientation.

Next, Danny and Dan analyze some recent M&A in the 3DP/AM industry, and a keen ear will spot those positive signals clearly at work throughout the discussion. One recurring theme that gets some airtime is that service bureaus are hitting their stride in the USA, but not quite yet in Europe. To wit, Beehive Industries.

Next, the discussion turns to 3DP/AM financings. Notably, we covered Meshy AI in the last episode, but there’s more to talk about already with an eyebrow-raising $400M raise and $1.5B post-money valuation. Tying up the financing section, the conversation touches on a couple RIPs and liquidations.

Last, a call to join Danny, Dan (and also the 3DPrint and AM Research teams) at IMTS in a few weeks in Chicago, and some recommended reading on the 3DP/AM market for drones.

Please enjoy Episode 41 and check out our previous episodes too.

This episode was recorded August 11, 2026.

Timestamps:

00:13 – Welcome to Episode 41, and welcome to Dan Johns, TAAG

01:38 – Dan Johns’ career, early years

05:26 – Dan Johns’ time at Airbus, GKN and Oerlikon

08:40 – Dan Johns’ career, the Sandvik, BEAMIT and 3T years

15:50 – AM has become a more normalized manufacturing process

19:00 – TAAG’s advisory, investment, and exchange platform

22:23 – Reindustrializing the West and how to get started

26:55 – Crossing the Chasm: M&A in the captive 3DP/AM market

28:58 – Beehive acquires two Cincinnati-area machine shops

36:32 – New Zealand EBM contract manufacturer Zenith Tecnica acquired in part by internal investors

39:17 – Ricoh sells 3D Healthcare unit to former executives, new company named Myrava

41:15 – Roboze acquires Dimanex’ IP

42:15 – 3D Prod acquires Sculpteo

43:45 – Meshy AI raises $400M Series B

49:42 – Kind Designs raises additional $10M

52:43 – IperionX (IPX) $50M offering led by Cantor Fitzgerald

54:13 – ALM Ortho closes small round, size undisclosed

55:04 – BigRep deslisting and liquidating

56:35 – 3DEO insolvency and liquidation

57:04 – Black Buffalo files bankruptcy

57:42 – IMTS 2026 next month, see you there?

58:38 – UAS/Drones market coverage from AM Research

59:01 – Thanks to Dan for joining, and thanks to you for listening!

59:53 – 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 40. Matthias Schmidt-Lehr (AMPOWER, Executive Partner) joins Danny for this episode and we are very thankful to have him back.

In Episode 40, Danny and Matthias approach markets and deals largely with AI in mind. AI is a huge enabler for the 3DP/AM industry, but in different ways for different parts of the industry.

First, Danny and Matthias discuss the desktop 3DP/AM market with respect to industrial users and of course also with respect to AI. Then the discussion shifts upstream to industrial 3DP/AM applications of AI. Along the way, there are some very topical 3DP/AM deals and financings to reference.

Finally, Danny and Matthias manage to exhaust the limits of AI, with respect to 3DP/AM deals anyway. So, they dive in for a few laps of more general deal analysis.

Throughout this episode there are a lot of reference to past deals and episodes. Historical references are made to Backflip, Axial3D, Euler, Interspectral, Freeform, Seurat, VulcanForms, Alloy Enterprises, Metal Powder Works, 6K Additive, and more.

We mentioned Matthias’ past appearance on Printing Money, but also a heads up to stay tuned for some more great AMPOWER content coming to 3DPrint.com soon.

Please enjoy Episode 40 and check out our previous episodes too.

This episode was recorded July 14, 2026.

Timestamps:

00:13 – Welcome to Episode 40, and welcome back to Matthias Schmidt-Lehr, AMPOWER

01:34 – Insights on AI and what it means for 3DP/AM

07:28 – Analyzing the desktop 3DP/AM market and its relevance to industrial users

09:24 – Meshy.ai raises $50m for AI 3D model generation (BAI Capital invested)

13:37 – Hi3D.ai raises undisclosed seed round for AI 3D maker creation (BAI Capital invested again)

17:07 – AI is already an enabler for the desktop consumer 3DP/AM market

19:54 – Replasia receives minority investment from Materialise and Andy Christenson for 3DP medical devices

24:54 – AI for industrial 3DP/AM

29:22 – Phase3D raises $2.9M for in-situ monitoring

33:45 – FreeForm, Seurat, VulcanForms, and scaling metal LPBF

37:39 – Limitless Labs raises $20M for agentic CAD

40:09 – TDK acquiring Fabric8Labs for $400M+ for AI infrastructure

44:12 – Sandvik exits 3D printing business to carve-out firm Mimir

48:55 – Spectrum Filaments receives investment from Blue Gravity Capital

49:45 – HeyGears raises approximately $44M for desktop 3D printing

51:45 – Rem3dy/Nourished raises GBP 14M for 3D printed nutrition gummies

53:07 – …and Curify Labs raises $14M for 3d printed medicine

54:29 – Fabri raises $13.5M  to create digital foundry from Raytheon, Lockheed Martin

55:49 – Foundation Alloy raises $22M for metal powders

57:22 – Thanks again to Matthias for joining, thanks to you for listening, and hold on to your seats for the AI wave!

59:03 – 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 39, (or, “The one where they all went to market”). It’s that quarterly time, so Troy Jensen (Managing Director, Cantor Fitzgerald) joins Danny for a review and analysis of the Q1 2026 public 3DP/AM company earnings.

Episode 39 opens with a nod to the recent spate of positive financings and M&A outcomes for 3DP/AM companies. Danny and Troy review the reasons for this, but they are sure to curb their enthusiasm as a mega-IPO cycle is imminent which could dry up liquidity for smaller players such as…all 3DP/AM companies!

Next, to the heart of things. Danny and Troy analyze the Q1 2026 reports for Stratasys (SSYS), 3D Systems (DDD), Velo3D (VELO), Materialise (MTLS), Xometry (XMTR) and Protolabs (PRLB). Included in the analysis is coverage of many of these firms’ significant financings or transactions. Tune in for analysis of Stratasys’ Markforged acquisition, 3D Systems’ cash raise, Velo’s cash raise, Xometry’s cash raise, Materialise’s stock buyback,  and more.

The public markets 3DP/AM players are in a better place, with stronger balance sheets and increased optionality. Good times may indeed be ahead, but smart Additive Manufacturing Strategies will be needed to execute properly and deliver value.

Please enjoy Episode 39 and check out our previous episodes too.

This episode was recorded June 9, 2026.

Timestamps:

00:13 – Welcome to Episode 39, and welcome back to Troy Jensen (Cantor Fitzgerald)

00:46 – Healthy 3DP/AM M&A and Financings are back

01:55 – Troy’s general perspective on recent 3DP/AM deals

03:00 – Strike while the iron is hot

03:42 – SpaceX vacuum? (and Anthropic, and OpenAI) What these mega-IPOs mean for 3DP/AM companies in H2 2026

06:15 – Stratasys (SSYS) Q1 2025 earnings and Markforged acquisition analysis

12:44 – Can Stratasys unlock Markforged value with in-house IP from Arevo and 9T Labs?

14:47 – 3D Systems (DDD) Q1 2026 earnings and $50M secondary analysis

19:52 – Velo3D (VELO) Q1 2026 earnings, $50M secondary, and $100M ATM analysis

25:52 – Materialise (MTLS) Q1 2026 earnings, stock buyback, and spinouts analysis

32:43 – Xometry (XMTR) and Protolabs (PRLB) surging on Q1 2026 earnings; XMTR $225M secondary

35:29 – Good times ahead?  Strong balance sheets auger a need for smart additive manufacturing strategies

36:55 – Thanks very much to Troy for joining, and thanks very much to you for listening!

37:21 – 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 Printing Money Episode 38. Rajeev Kulkarni returns for this episode, and we find it hard to believe it’s been nearly two years since his first appearance. In the interim, one of Rajeev’s three focus-companies (Ackuretta) was acquired in a positive outcome and the other two (Axtra3D and Caracol) have experienced significant growth and fundraising.

Episode 38 begins with a look at Rajeev’s career and current work. From there, Danny and Rajeev set the stage by reviewing last month’s RAPID event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&A and financing world.

Did we say 3DP/AM M&A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy all the nuggets of knowledge and analysis. Themes include private equity’s deepening embrace of the AM services business, notable transactions from publicly traded companies, ongoing developments in the Nano Dimension telenovela, validated speculation about EOS’ acquisition trail, and a number of impressive VC rounds and strategic investments.

Please enjoy Episode 38 and check out our previous episodes too.

This episode was recorded May 12, 2026.

Timestamps:

00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni

00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more

05:48 – Workflow considerations for 3DP/AM business growth

07:00 – RAPID 2026 review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance

08:52 – Real market growth, not evenly distributed

11:16 – For OEMs, it’s time to polarize your products

14:15 – Bullish M&A trends for 3DP/AM

14:47 – AFM acquires Incodema3D

15:32 – BTX Precision subsidiary I3D acquires Burloak from Samuel (breaking news as of this recording date!)

21:18 – Prodways (PWG.PA) sells its software business for EUR 35M

25:12 – Materialise (MTLS) transferring its RapidFit business to management team

30:56 – Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension

35:36 – What will come of what’s left at Nano Dimension?

36:30 – Johnson Controls (JCI) acquiring Alloy Enterprises

41:09 – EOS acquires Metalpine

42:11 – Amnovis acquires Westconn

44:37 – Tethon3D acquires Fortify3D IP

48:33 – Freeform raises $67M Series B

50:53 – Firestorm raises $82M Series B

55:06 – Nanochon closes $4.1M Seed Round

57:11 – Kureha invests in Z-Polymers

59:57 – Velo3D (VELO) $50M private placement offering

1:01:50 – Thanks again to Rajeev, and thanks to 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.

Welcome to Printing Money Episode 37. Troy Jensen (Managing Director, Cantor Fitzgerald) returns for his quarterly analysis of the public company earnings reports, specifically Q4 2025. Nowadays, in terms of significant publicly traded 3DP/AM pure plays, that’s not so many, so Troy fine-tunes his approach in including public-related coverage of the privates.

Episode 37 starts off with a summary look at 2025 and an enthusiastic nod to the beginning of 2026, as seen through the lens of AMS last month in NYC. Sadly, both Danny and Troy were unable to attend AMS due to the blizzard (remember that?), but they both got to watch the livestream from main keynote Yoav Zeif (CEO, Stratasys), and they both heard plenty from those who did attend.

Next, Danny and Troy consider a number of bullish indicators across the 3DP/AM industry. They start with metal AM, highlighting positive acquisition outcomes, excellent performance outlooks from industrial leaders and lower cost upstarts alike, and also including some VC and strategic financings. There’s also reason for optimism in polymers, with a potentially promising IPO pipeline from the likes of Formlabs and Carbon.

Then, Troy and Danny dive into the 3DP/AM public company earnings reports for Q4 2025. SSYS, DDD, MTLS, and VELO all offer unique upside and also face their own challenges. Printing Money synthesizes it all.

Could the likes of EOS, VELO, and SSYS be on the acquisition trail?  Please enjoy Episode 37 and check out our previous episodes too.

This episode was recorded March 27, 2026.

Timestamps:

00:12 – Welcome to Episode 37, and welcome back to Troy Jensen, Cantor Fitzgerald

00:44 – 2025 in review

01:20 – Return of large financing deals to the AM industry

02:02 – AMS 2026 in review

03:13 – AFM Capital acquires Incodema3D

04:32 – AFM Capital also acquired Owens Industries

05:39 – Metal AM markets and deal pipeline look strong

06:47 – EOS Q4 2025 review and analysis

08:59 – Nikon SLM Solutions (7731.JP) Q4 2025 review and analysis

09:49 – Nikon writes down cost of SLM acquisition

10:27 – Nikon invests in Vast Space

12:36 – Velo (VELO) Q4 2025 earnings and analysis

16:27 – XACT Metal announces 30% growth in 2025

17:54 – FreeForm raises $67M Series B from Nvidia and more

19:54 – Formlabs reveals $250M+ revenue in 2025 (at AMS 2026)

23:05 – Carbon 2025 business review and analysis (raises $60M)

24:36 – 3D Systems (DDD) Q4 2025 earnings and analysis

28:08 – Stratasys (SSYS) Q4 2025 earnings and analysis

33:08 – Materialise (MTLS) Q4 2025 earnings and analysis

37:42 – See you at RAPID in a couple weeks

38:04 – Disclaimer 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.

Welcome to Printing Money Episode 36!  For this episode Danny is joined by a new guest, John Barnes (Founder and President, The Barnes Global Advisors, Founder and CEO, Metal Powder Works (MPW.ASX). From career foundations in industrial development John has built both an AM consultancy and a metal AM powders company. We are thankful to have his perspective here.

This episode starts with a look at John’s background and what’s brought him to this point. Then, Danny and John review the MILAM 2026 event which occurred earlier this month in Tampa Bay.

From Tampa the conversation heads to Australia as a nexus for the global metal AM powder market.  John and Danny dive into dynamics driving that.

After the low-down down under, the conversation turns to Printing Money’s why and wherefore — 3DP/AM deal analysis around the globe from VulcanForms and Hadrian in the USA, to SWISSTO12 and Additive Drives in Europe, to Snapmaker in China, and more.

The best quote of the episode is actually a paraphrase from Seinfeld, as John drops “The whale is the largest mammal in the world, but it doesn’t have to be!” seamlessly amidst incisive deal analysis.

Danny and John will continue the discussion in person at AMS 2026 this week in New York City.  Meanwhile, please enjoy Episode 36 and check out our previous episodes too.

This episode was recorded February 17, 2026.

Timestamps:

00:12 – Welcome to Episode 36 and welcome to John Barnes (TBGA & MPW)

01:14 – John Barnes’ career, in his own words: Sandia, Lockheed/Skunkworks, CSIRO, RTI

06:25 – TBGA founded in 2017, MPW founded shortly thereafter

07:44 – Can 3DP/AM materials companies be parts producers?

09:45 – MILAM 2026 review: A displacement between capabilities and use?

13:35 – Dissociating sustainment from new builds

15:00 – An impressive sense of urgency (at MILAM 2026)

17:12 – DoW inefficiencies stymie return on investment

21:21 – The global metal AM powder market

24:59 – The ASX (Australian stock market) applicability for metal AM powder companies (MPW, 6KA, 3DA, TTT, etc)

25:22 – Scaling, and the value proposition for metal AM powders

30:00 – 6K Additive IPOs in Australia

30:33 – Metal Powder Works’ path to public markets in Australia

35:55 – List in Australia, scale operations in the United States

37:10 – MPW.ASX raises AUD 15M in follow-on offering

38:21 – Hadrian receives investment for advanced manufacturing facility

38:39 – VulcanForms raises $220M from Eclipse, 1789 Capital and more

43:08 – Machina Labs raises $124M from Lockheed Martin, NVIDIA, and more

45:44 – Additive Drives $20M+ round

48:09 – Uptool raises $6M from Khosla, Bessemer, Kleiner Perkins, et al.

50:47 – Kickstart this: Snapmaker raises a more classical Series B

52:38 – SWISSTO12 raises EUR 73M (not all equity)

54:48 – Perseus Materials receives strategic investment from Lockheed Martin

57:53 – Vulcan and Burgmaster merge to form MASTREX for very low cost metal LPBF

1:03:27 – Thingiverse to be acquired by MyMiniFactory

1:03:53 – Reasons for optimism for the metal AM market

1:04:52 – Thanks again to John, thanks for listening, and see you at AMS this week!

1:05:19 – 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 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.