Printing Money

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 ...

Q2 2025 has already begun, but public markets reporting has only just finished with Q4 2024. To tie a bow on Q4 2024, we are thankful to have Troy Jensen (Managing Director, Cantor Fitzgerald) return and join Danny Piper (Managing Partner, NewCap Partners) for Printing Money Episode 27. Danny and Troy kick off this episode discussing themes they've noticed in public and private additive manufacturing (AM) markets as 2024 completed and 2025 began. It's mentioned later in the episode, but you might say there's a FUD (Fear, Uncertainty, and Doubt) factor hanging over the industry—further exacerbated by global macro issues. Looking through these “FUD-dy” lenses, Danny and Troy then move on to the 2024 annual 3D printing market data reports recently issued by AM Research and AMPOWER. How well did these reports sync with what our esteemed host and guest are seeing in their worlds? Then, Danny and Troy dive into what this quarterly check-in is all about—the quarterly reporting from the publicly traded AM companies. Fact is, there are fewer public companies out there nowadays, and even fewer that are reporting their numbers with regularity. So, Episode 27 is relatively brief, but chock full of value. RAPID + TCT, the largest 3D printing event in the USA, takes place this week, so if you want to sound smart on the trade show floor or in one of the many expert sessions, perhaps take some tidings from Episode 27. Please enjoy Episode 27, and please join Danny, Troy, and your other favorite Printing Money personalities at RAPID in Detroit this week! This episode was recorded March 31, 2025. Timestamps: 00:14 – Welcome to Episode 27 and welcome back to Troy Jensen (Cantor Fitzgerald) 00:41 – Themes coming out of Q4 into 2025: Tariff stagnation, flat-to-slightly-up guidance, low visibility, reasons for optimism 02:13 – Private 3DP/AM markets picking back up 02:33 – Recent market data reports from AM Research and AMPOWER 03:37 – Nikon SLM Solutions (7731.JP) Q4 2024 results and analysis 05:35 – BLT (688333.SH) Q4 2024 results and analysis 06:10 – Valuation dislocation? China 3DP/AM stock performance 08:06 – Deal on?! Legal victory for Desktop Metal (DM) over Nano Dimension (NNDM) 11:07 – Balancing act: NNDM-DM-MKFG integration challenges and industry implications 14:38 – FUD Factor (Fear, Uncertainty, and Doubt) 15:03 – Stratasys (SSYS) Q4 2024 results and analysis 17:05 – 3D Systems (DDD) Q4 2024 results and analysis 20:15 – Materialise (MTLS) Q4 2024 results and analysis 21:38 – Investors need to wake up and stop looking for software returns in manufacturing 24:15 – AM production in Europe is in shambles 25:15 – Public markets expectations are built into stock pricing 26:38 – Looking forward to RAPID 27:21 – Thanks again to Troy and thanks for listening Disclaimer: This content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer, or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for, tax, legal, or investment advice. Investors should consult with their own tax, legal,

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...

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. Timestamps: 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. Timestamps: 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 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.

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. Timestamps: 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 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.    

Another month, another episode of Printing Money. For Episode 20, Danny is joined by Rajeev Kulkarni. Rajeev worked at 3D Systems for more than twenty-five years, the last number of which saw him at the forefront of a plethora of asset sales and acquisitions. Now, Rajeev is on his own and works with three 3D printing startups: Axtra3D, Caracol, and Ackuretta.  We are thankful to have Rajeev for this episode and we are sure you the listener will appreciate it too. The previous episode featured Cantor's Troy Jensen and therefore centered on quarterly earnings reports. The episode prior to that, we had Mark Burnham from the Additive Manufacturing Coalition to discuss their DC fly-in.  So, it's been some time since we've focused on deals and market activity, and this episode had plenty to cover. In Episode 20 of Printing Money Danny and Rajeev discuss: Nano Dimension's (NNDM) announced acquisition of Desktop Metal (DM) BASF's spin out of Forward AM,  Formlabs buying a company mid-Kickstarter campaign, VC raises including  Mantle, Rapid Liquid Print, and Inkbit, financial doings from Divergent, the death of Shapeways, and plenty more. Please enjoy Episode 20! Timestamps: 00:22 – Welcome to our guest, Rajeev Kulkarni 01:15 – Rajeev's career history: From 25 years at 3D Systems 03:55 – A company of many platforms 06:40 – M&A at 3D Systems 09:02 – Is consolidation the answer? 12:56 – The composites industry as analog for the 3DP/AM industry 16:03 – Scalability, market penetration, and (ensuing) profitability 18:43 – Nano Dimension (NNDM) to acquire Desktop Metal (DM) 25:48 – More consolidation shoes to drop?  Or collaboration? Or closure? 28:27 – Twenty-seven 3D printing startups in eight countries 31:54 – BASF spins out Forward AM 37:07 – Formlabs acquires Micronics mid-Kickstarter campaign 39:07 – Sinterit raises $1.85M bridge round 40:00 – Tech Soft 3D acquires Actify 41:45 – NSL Analytical acquired by PE firm Levine Leichtman 41:58 – Indurate Alloys acquired by Wall Colmonoy 42:22 – Materialise acquires FEops 43:42 – Mantle raises $20M Series C 45:59 – Inkbit raises $19M round including strategic Ingersoll Rand 48:14 – Rapid Liquid Print raises $7M led by HZG and BMW Ventures 49:30 – Quantica raises EUR 20M 50:57 – Scrona raises $5M round 52:13 – Divergent3D receives $47M term loan from Bridge Bank 54:32 – Stratasys invests in AM Craft 56:42 – Solideon raises $5M 57:22 – Craft Health raises $1M bridge round 57:42 – Sanofi invests in CTIBiotech 57:55 – RIP Shapeways 1:01:22 – AM Research publishes Q1 2024 3DP/AM market data; 8% year over year growth 1:03:01 – Thank you to Rajeev, and closing remarks 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.

We are back with Episode 19 of Printing Money.  The world does not stop turning. One not-so-profound reminder of that is the quarterly earnings reports of publicly traded companies.  It never ends, and we are always there to cover this aspect of the 3D printing world. Last episode, we zoomed out to talk about policies which shape the additive manufacturing (AM) industry. For Episode 19  we are zooming back in, welcoming back Wall Street analyst Troy Jensen (Cantor Fitzgerald) and looking at the Q1 2024 earnings reports of the variously publicly traded 3D printing companies.  Unfortunately, there were a few negative themes including reverse stock splits, missed earnings reports, and negative enterprise values.  But we also touch on positive trends for some with increasing gross margins, materials consumption, and healthy cash positions. Please enjoy Episode 19 and stay tuned for future shows. See you at RAPID! Timestamps: 00:13 – Hello, and welcome back, Troy Jensen. 00:43 – Getting ready for RAPID 2024 01:42 – Q1 2024 AM Public Company Earnings 01:50 – 3D Systems (NYSE: DDD), the earnings results that weren't (or, haven't been) 02:28 – 3D Systems makes a big deal with Align Technologies (ALGN) 08:18 – Stratasys (SSYS) Q1 2024 earnings 10:17 – Speculation (speculation only!) about a tie-up between Stratasys and HP (HPQ) 14:07 – Desktop Metal (DM) Q1 2024 earnings 16:41 – Desktop Metal reverse stock split 18:09 – Markforged (MKFG) Q1 2024 earnings 18:50 – Markforged loses $17M judgement on claim by Continuous Composites 22:03 – Nano Dimension (NNDM) Q1 2024 earnings 25:17 – Velo3D (VLD) Q1 2024 earnings 28:10 – Nikon (TSE: 7731) SLM Solutions and the growth in metal laser sintering 29:17 – voxeljet (VX8B: FRA) Q1 2024 earnings, and delisting from the US exchanges 30:07 – Materialise (MTLS) Q1 2024 earnings 32:35 – Shapeways (SHPW), the other earnings results that haven't been 32:33 – Xometry (XMTR) Q1 2024 earnings 36:06 – Proto Labs (PRLB) Q1 2024 earnings 37:00 – Conclusions and looking forward to the rest of 2024

It's only been a week since the previous show, but Printing Money is back already with Episode 18. Certain events call for Printing Money's coverage, and the recent 2nd Annual DC Fly-In from the Additive Manufacturing Coalition (AddMfgCoalition) is one of those. Initiatives such as the Fly-In help to shape the government funding and policies that often lead to facilitating the very deals that Printing Money is famous for analyzing. For Episode 18, Danny is joined by Mark Burnham, Director of Policy for the AddMfgCoalition. Danny and Mark discuss the genesis of the AddMfgCoalition, its mission, and the efforts the coalition is making on behalf of the 3D printing industry. We hear about who attended the Fly-In earlier this month, the format of the Fly-In, and a number of the topics that were covered as additive manufacturing representatives met with members of Congress and their staff, and even representatives from the White House. The event featured seventy meetings on Capitol Hill concerning R&D Tax Credits, the national defense industrial strategy, medical policy, the Council on Supply Chain Resilience, and much more.  All in the name of additive manufacturing.  All in just two and half days. Please enjoy this episode and stay tuned in coming months for our next episodes analyzing all the deals fit for coverage as well as the Q1 2024 public company earnings reports. Timestamps: 00:15 – Welcome to Mark Burnham 01:01 – What is the Additive Manufacturing Coalition? 03:12 – Mark's career path leading to AddMfgCoalition 07:03 – Who attended the 2nd AddMfgCoalition Fly-In? 09:52 – North America is the #1 place to integrate AM technologies, but not always the #1 place to develop AM technologies 12:15 – The Fly-In Agenda; 6 Teams, 70 meetings, 2.5 Days 16:00 – R&D Tax Credits 20:36 – The National Defense Industrial Strategy 25:54 – All-in on advanced manufacturing 27:22 – A gap in the market; who will fund advanced manufacturing innovation? 31:51 – The US government as a customer 34:16 – Discussions at the Fly-In around Medical 39:03 – Providing congress with the tools to ask the right questions 40:36 – Supply chains and 3D printing 43:57 – Different colors of money; the funding dilemma 44:32 – What's next for AddMfgCoalition? 46:56 – Concluding remarks

Printing Money is back with Episode 17!  Our host, NewCap Partners' Danny Piper, is joined by Alex Kingsbury for this episode, so you can prepare yourself for smart coverage laced with witty banter. Alex and Danny discuss reseller market consolidation, muse and lament about recent venture capital (VC)-funded outcomes, and talk strategic divestments. Because the last couple of episodes were focused on public company earnings and market data, there were a lot of VC and investment deals to discuss on this episode!  See the timestamps below for all of the companies we cover, and please enjoy Episode 17. Timestamps: 00:15 – Welcome to our guest, Alex Kingsbury 00:45 – LPBF trends from Alex's perspective 02:11 – Designers in Europe, Users in North America 04:24 – Sandvik acquires CIMQUEST 07:57 – MatterHackers acquires Source Graphics ; consolidates Formlabs market share 09 :30 – Holo acquired by Green Group Industries (a Tinicum company) 11:15 – Sintratec files for bankruptcy 11:27 – Unintended outcomes in venture funded companies 14:29 – A different breed of founders, a different breed of investors 15:20 – Prodways sells Solidscape wax printer division to unnamed investor 17:08 – Magnus Metals raises $74M Series B for digital casting 20:10 – More on casting: Foundry Lab, Skuld, Eagle Engineered Solutions (Beehive), et al. 22:29 – From running shoes to aerospace parts: Arris Composites raises $34M led by Bosch Ventures and Zebra Ventures 26:03 – Equispheres closes $39.9M Series B plus $17M nondilutive grants 29:03 – Velo3D (VLD) raises $12M on secondary offering 29:59 – AML3D raises A$3.9M (US $2.6M) for Ohio expansion 30:50 – Supporting the defense industrial base: BlueForge Alliance, ASTRO America, et al. 33:45 – Sodick invests in Prima Additive 35:12 – Firestorm Labs raises $12.5M to automate drone production including from Lockheed Ventures 37:21 – Q5D raises $3.5M from Lockheed and others for automated wire harness manufacturing 39:06 – Fluent Metal raises $5.5M 40:34 – Diagon raises $5.1M for equipment sourcing software (A must listen for Harry Potter fans!) 42:45 – Luminary Cloud raises $115M for CAE (Computer Aided Engineering) 43:56 – Carcinotech raises GBP 4.2M to fight cancer with 3D printed tumor models 44:53 – DR Horton invests in Apis Cor 45:59 – So long for now, but stay tuned for Episode 18 coming soon!

The Q4 earnings season is a wrap, and to put a bow on it here is Episode 16 of Printing Money, with Troy Jensen (Cantor Fitzgerald) returning to join Danny and review the quarter and year that was. Danny and Troy discuss the expectations they had for Q4 based in part on their impressions of the various additive manufacturing (AM) CEOs that attended February's AMS New York City conference.  Then, they dive in. In under 40 minutes Troy and Danny cover all the AM Q4 and annual earnings reports, and analyze what's driving the numbers, the outlooks and the strategies.  Nobody is officially calling a “Haines Bottom” for the public 3D printing companies, but there are reasons to hope. Please enjoy Episode 16! Timestamps: 00:23    Welcome Troy Jensen back to Printing Money 00:50    AMS 2024, and framing the Q4 3DP/AM industry earnings 02:40    The drive to profitability; specialization vs. scale 04:30    Brigitte de Vet: “It's a slow revolution but the potential for AM remains large.” 06:36    Stratasys (SSYS) 08:55    Consumables, margins, and DMG Mori (6141:TSE) 10:25    Stratasys acquires Arevo IP 11:20    NNDM most recent offer to acquire SSYS hangs out there 12:38    3D Systems (DDD) 15:53    What of Cubicure, Align, and 3D Systems? 18:18    3D Systems' regenerative medicine strategy 19:43    Markforged (MKFG) 22:44    Desktop Metal (DM) 27:05    Nano Dimension (NNDM) 27:22    Proto Labs (PRLB) 28:05    Materialise (MTLS) 31:15    Fathom (FATH) going private 31:35    Voxeljet delisting in the US (VX8:FRA) 32:48    Velo3D (VLD) 34:55    Nikon SLM Solutions (7731:TSE) 35:13    Xometry (XOM) 35:28    Is this the bottom? 36:23    HP (HPQ) 37:17    Closing remarks, and see you at RAPID in June!

Printing Money returns with Episode 15! This month, NewCap Partners' Danny Piper is joined by Scott Dunham, Executive Vice President of Research at Additive Manufacturing (AM) Research, and Matthias Schmidt-Lehr, Executive Partner at AMPOWER.  Last month, we zoomed out with The Association for Manufacturing Technology's Chris Chidzik and examined the broader manufacturing market. This month, we zoom back in with two of the leading AM market analysts. Scott and Matthias took part in a market data panel at the 2024 Additive Manufacturing Strategies business summit earlier this month, and continue the conversation here. Danny queries Matthias and Scott on their respective market tracking methodologies and gets their views on global and regional trends across metals, polymers, hardware and services. The second part of Episode 15 takes a look at notable deals and market activity in the last month, including news from Wayland Additive, Desktop Metal, CORE Industrial, SOLIZE, Prototal, and others. Enjoy Episode 15 and stay tuned for more!   Time Stamps: 00:16 Danny introduces our guests 01:35 Meet Scott Dunham, EVP Research at AM Research 02:42 Meet Matthias Schmidt-Lehr, Executive Partner, AMPOWER 04:22 Wall Street research analysts vs. market research analysts 05:18 AM Research data methodology 07:18 AMPOWER data methodology 09:39 AM market trends: A regional discussion 14:01 Print services market trends: Specialized versus broader approach 18:38 OEM market trends: Does Chris Chidzik's broader manufacturing view apply to AM? 22:41 Build size: Is bigger better? 27:36 AMPOWER:  AM Ventures venture capital market study 32:25 Wayland Additive raises GBP 4.2M 37:38 More construction 3DP raises: Azure raises $5M & Black Buffalo raises $4.25M 39:48 Desktop Metal files $250M mixed shelf offering with Cantor Fitzgerald 40:20 CORE Industrial raises $887M 40:57 SOLIZE IPOs in Japan 42:16 Prototal acquires CA Models 44:53 NUBURU (NASD: BURU) seeking strategic alternatives 46:23 RIP 3D Printing: Arevo assets up for sale, Uniformity Labs equipment auction, Shapeways liquidating Desktop Metal hardware, Morf3D being phased out 48:59 Thanks to Scott and Matthias! 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.

For Printing Money's first episode in 2024, Danny is joined by returning guest Dayton Horvath, Director of Emerging Technology at AMT, and by Dayton's colleague, Chris Chidzik, Principal Economist at AMT.  First, we zoom out and look with Chris at the manufacturing sector as a whole. Then we zoom back in with Dayton, and focus on the additive manufacturing (AM) market activity in the last month. Any market knowledge of the 3D printing industry is incomplete without a grasp on the larger manufacturing industry, and Dayton, Chris, and AMT are the perfect combination to address this topic.  You will learn about utilization, machinery orders vs tooling orders, the market effects of interest rates and geopolitics, and of course all the deals and AM analysis Printing Money listeners love to hear about. If Episode 14 doesn't sate your manufacturing market appetite, we recommend attending the AMT Winter Economic Forum webinar on Friday January 26.  Also, Dayton, Danny, and many of the people and companies mentioned in this episode will be on-site at AMS NYC, this February 6-8.  Come meet us! 00:25   Introduction 01:20   Meet Chris Chidzik, Principal Economist, AMT 02:08   Meet Dayton Horvath, Director of Emerging Technology, AMT 02:35   Historical look at the manufacturing equipment market 09:40   Looking forward to the 2024 manufacturing equipment market 11:15   Interest Rates as a market driver 13:45  Geopolitics and reshoring as a market driver 17:59  AMT Winter Economic Forum Webinar 19:49  AMS NYC conference 21:16  Synopsys to acquire Ansys 24:01  Accuron to acquire WAAM3D 28:13  Nano Dimension (NNDM) makes new offer to buy Stratasys (SSYS) 31:05  Align Technology closes Cubicure acquisition and Nexa closes Essentium acquisition 32:10  3DEO receives investment from Seiko Epson, FusionX, and Bank of Japan 37:03  Velo3D $18M direct offering 39:15  Red Wolf Technology raises $2.5M for 3D printing mobile phone cases 41:30  3DK Tech raises seed round of around $2.5M from investors including HAX/SOSV 45:48  AMufacture raises around $1M 47:08  Closing remarks 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.

Happy holidays to our esteemed Printing Money listeners. Alex re-joins for this episode, and we also welcome back Arno Held from AM Ventures. There have been a number of thought provoking 3DP/AM transactions and impressive venture rounds since we last covered these topics in Episode 11.  Danny, Alex and Arno have you covered with a wealth of knowledge about all of it.  We begin with some ruminations and reminiscence on Formnext 2023, then we cover M&A and VC, and dive a bit into the private financing environment. Along the way you'll notice some interesting themes including corporate streamlining, and an educational and entertaining ode to tungsten! 0:13   Introductions 0:51   Formnext 2023 impressions 4:35   Cumberland Additive acquires Stratasys Direct division 9:43   3D Systems likely selling Oqton? 10:47 Nexa acquires Essentium 13:05 BigRep buys HAGE3D, and pursues German SPAC 17:05 Desktop Metal sells Aerosint to Schaeffler 22:00 Sandvik acquires Buffalo Tungsten 23:48 6K Additive purchases Global Metal Powders 26:27 Vectoflow closes €4M Series A 31:15 Divergent closes $230M Series D, and buys Sigma Additive's IP 33:41 Immensa lands $20M Series B 37:07 Precipart takes growth equity from KKR 39:12 Cognitive Designs raises €2M 41:15 Lithoz invests in Amarea 43:00 Multi-material printing 45:45 Norsk Titanium secures €2M bridge loan 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 12 of Printing Money brings with it a slightly different approach, as Alex Kingsbury sits this one out while Danny runs the show.  Equity research analyst Troy Jensen, now of Cantor Fitzgerald, joins Danny for this episode, with a slew of Q3 2023 quarterly reports to consider.  Danny and Troy review earnings from the majority of publicly listed 3D printing hardware and services companies.  Along the way, we highlight some takeaways from Formnext 2023 in Frankfurt last month, and some interesting transactions as they relate to the quarterly earnings, including General Motors' purchase of Tooling & Equipment International (TEI), and CORE Industrial Partners' offer to buyout Fathom.  All signs point to the business of AM coalescing with that of traditional manufacturing. Also note: you can meet Alex, Danny, Troy, and CEOs from many of the companies mentioned in today's episode all at Additive Manufacturing Strategies, this February 6-8 in New York City.  We hope to meet you in-person! 0.00:   Danny's intro, and where is Alex? 2:15:   Troy has a new job, at Cantor Fitzgerald 3:05:   The role of an equity research analyst vs. the investment banker 6:35:   Disclaimer on our use of Pitchbook and other publicly available information 8:15:   Reviewing Q3 2023 public company reporting, from the perspective of 9 months over 9 months growth rates 8:45:   Velo3D (VLD) 11:45: Chinese Metal 3D Printing at Formnext 2023 12:38: voxeljet (VJET), and GM buys TEI 14:33: Markforged (MKFG) 17:08: Stratasys (SSYS) 19:39: Desktop Metal (DM) 22:50: 3D Systems (DDD) 25:42: Xometry (XMTR) 27:37: Materialise (MTLS) 30:28: Proto Labs (PRLB) 32:15: Shapeways (SHPW) 33:57: Fathom (FATH), and buyout offer from CORE Inudstrial Partners 37:07: Nano Dimension (NNDM) and Prodways (PWG.PA) 37:40: 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.

Start-up advisor and corporate strategy consultant Tali Rosman joins Alex and Danny for this episode packed with M&A deals and VC financings. The trio start with a conversation on M&A activity around service bureaus with metal bureau provider i3D MFG being acquired by ERA Industries, then onto polymers withy Rapid processing Solutions being acquired by GoEngineer. Some encouraging activity is happening in the VC world with Mighty Buildings raising $52m in their Series B, to name a few. Finally, some less good news in the public markets, with voxeljet and SmileDirectClub reevaluating their current positions while facing an unclear future. 0.00: Meet Tali Rosman, including background and pedigree in 3D printing 3.35: i3D MFG acquired by ERA Industries 7.30: Rapid Processing Solutions acquired by GoEngineer 10.51: Interfacial Consultants acquires 3D printing group of M. Holland 11.44: Stratasys (NASDAQ: SSYS) sells urethane manufacturing assets 25.00: restor3D raises $29m and closes Conformis acquisition 26.35: TrioLabs raises $2.13m in venture funding 30.26: Haddy raises $3.5m in venture funding 31.36: Mighty Buildings raises $52m in Series B 34.04: voxeljet (NASDAQ: VJET) to review strategic alternatives. Update since recording: voxeljet awarded contract by GE. 37.20: SmileDirect Club (OTCMKTS: SDCCQ) files for Chapter 11 bankruptcy 41.12: Stratasys-Desktop Metal merger terminated 44.16: Wrap-up and acknowledgement of Israel 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.

In this bonus episode, Alex and Danny interview Ric Fulop, co-founder and CEO of Desktop Metal. Desktop Metal has recently concluded merger talks with Stratasys after a shareholder vote led to a termination of the deal. In this interview, Ric dives into his motivations for the merger, and shares much of the background context on Desktop Metal's history with Stratasys, plus other players such as Nano Dimension and 3D Systems. Additionally, Alex and Danny dive into some of the history around Desktop Metal, Ric's move from VC back into the entrepreneurial world, his thesis for forming Desktop Metal, motivations for the SPAC, and the acquisition strategy thereafter.   0.00: Intros   3.56: Ric's background and DM's history   11.20: Development and launch of DMs Production System   15.45: Ric's move from VC to Founder   17.50: DMs fundraising prior to their SPAC   22.05: The reasons DM listed via a SPAC   26.45: DM's acquisition strategy and early talks with ExOne   28.07: DMs initial offer to acquire Stratasys in January 2021   31.26: DM's acquisition of EnvisionTEC and Adaptive3D   34.39: Nano Dimension's offers to acquire Desktop Metal   38.25: 3D Systems offers put to Stratasys   39.14: Termination of merger with Desktop Metal and Stratasys   40.55: Did Stratasys shareholders make the wrong decision?   45.17: Latest DM financials and cost savings   48.35: Integration strategy of DM of the acquired companies   51.55: What will Nano Dimension, 3D Systems and Stratasys do next?   54.32: Potential for another Desktop Metal merger in future?   55.50: Any future Desktop Metal acquisitions?   57.55: Wrap-up  

Episode 9 of Printing Money starts with some positive industry news as Alex and Danny discuss Vienna-based Cubicure being acquired by orthodontic company Align Technology. However it's swings and roundabouts in the 3D printing industry, as Sigma Additive announces plans to sell its additive manufacturing IP to become an online travel company. In the venture world, a number of start-ups have made progress in the last month, with Metafold3D, Saeki Robotics, and Kind Designs all closing seed rounds. Finally, the merger talks between Stratasys and 3D Systems appear to have come to an end for now, with Stratasys rejecting the latest merger offer from 3D Systems. Update since recording: 3D Systems have delivered a binding offer to Stratasys 1.40: Align (Nasdaq: ALGN) acquires Cubicure GmbH for €79 million 11.30: Nano Dimension (Nasdaq: NNDM) acquires Additive Flow 15.37: Sigma Additive (Nasdaq: SASI) sells 3D printing IP to become an online travel company 22.30: Azul3D raises $4m in Series A2 25.40: Elementum3D raises $3m of venture funding 29.27: Metafold3D raises $1.78 million seed funding 30.26: SAEKI Robotics raises $2.3 million in seed funding 33.03: Kind Designs raises $5 million seed funding 35.25: SQ4D aiming to raise $20 million 38.03: Stratasys concludes merger discussions with 3D Systems 49.21: Closing remarks

A summer slow down in financings means that Troy, Danny, and Alex get to spend more time on acquisitions and the public markets this episode. Two acquisitions are up for discussion: SLM Solutions purchase of Adira Addcreative, and that of Xerox's Elem Additive by ADDiTEC. Next, the public markets have just completed Q2 reporting, so Troy Jensen, Senior Research Analyst from Lake Street Capital gives his market roundup. Together, Troy, Danny, and Alex continue the discussion on the Stratasys-3D Systems-Desktop Metal-Nano Dimension merger fest, and also consider the positions of Markforged and Velo3D. Then the trio discuss the 3D printing service bureaus, both publicly listed and also non-public, and how private equity is moving in the 3D printing industry. 0.48: Summer slowdown in financings 1.42: SLM Solutions acquires Adira Addcreative 6.25: ADDiTEC acquires Elem Additive 11.05: OEM public companies general commentary 12.27: Velo3D Q2 results and $70 million convertible offering 13.28: Markforged Q2 results, rumors of new machine and share price movement 16.10: Nano Dimension, Markforged, Velo3D results and merger discussion 20.22: Desktop Metal has a healthy Q2 21.08: 3D Systems faces challenging conditions in dental and industrial  22.13: Stratasys Q2 and negotiation tactics with 3D Systems 27.40: Consolidation in the industry and need for scale 29.23: Service bureau public companies general commentary: Fathom, Protolabs, Xometry, Shapeways 33.41: Market dynamics for 3d printing service bureaus, both public and private 41.07: Data 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.   

The deals didn't take a break over the summer, as Alex and Danny have plenty to discuss in this July episode of Printing Money. Applications increasingly take centre stage as Conformis is acquired by restor3D, and Lightforce raise an impressive Series D, showing maturity in the medical and dental fields; while Sintavia and Agile Space attracted funding showing strength in the aerospace and space sector. Broader economic conditions are still precipitating events as Sakuu cancelling their SPAC and Shapeways doing a reverse stock split, while the offers on Stratasys keep rolling in and the speculation deepens with the latest SEC filings and an about face from Stratasys. 1.07: Conformis is acquired by restor3D 7.32: CADS Additive acquired by Hexagon 11.45: What is the difference between M&A and VC/investment? 18.32: Sintavia receives strategic investment from Lockheed Martin 25.20: Albert Invent raises $7.5 million seed round 29.55: Chromatic3D raise venture funding 32.02: PostProcess raises bridge round of $1.4 million 34.02: AIM3D raises undisclosed amount 36.58: FononTech raises €2.3 million 39.10: Agile Space raises $13.85 million in a combined seed round 42.22: Replique raises seed round 44.02: Sakuu terminates SPAC with Plum Acquisition Corp. 45.25: Shapeways reverse stock split 48.34: Round up of Stratasys offers from 3D Systems and Nano Dimension 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. 

Dayton Horvath, director of Emerging Technology at the Association of Manufacturing Technology, joins Alex and Danny for a look at the public and private markets in 3D printing. Starting with the 3D Systems bid for Stratasys, the trio recap what has led to this most recent bid and weigh up the different outcomes for Stratasys. Two personalised implant companies are also up for discussion in this episode, with OSSIS being acquired by Zimmer Biomet and Restor3D crowd funding their latest raise. Artificial Intelligence (AI) has been a popular field of investment in an environment of shrinking capital, and 3D printing has several AI-based start-ups attracting funding recently, including Ai Build, 3DSpark, and Voxel. A number of bigger funding rounds were seen coming out of the Boston innovation ecosystem, with Alloy Enterprises, Fortify, and Boston Micro Fabrication all closing big rounds. Finally, some investment from Mitsubishi Electric in an intriguing Japanese start-up shows signs of the Japanese investment community gearing up commitment to 3d printing technologies. See the timestamped outline below: Intro: Welcome Dayton Horvath from AMT 3.30: Investment trends in additive manufacturing 5.25: Sales trends in Q1, 2023 7.30: Geographic split in markets 8.35: 3D Systems makes unsolicited bid for Stratasys 20.30: Zimmer Biomet acquired OSSIS 29.00: Solid Solutions acquires 3DPRINTUK and 3DVerkstan 31.25: VC investment in artificial intelligence in the 3d printing industry 32.43: AI investment 1 - Ai Build 36.15: AI investment 2 - 3D Spark 38.07: AI investment 3 - Restor3D 39.05: AI investment 4 - Voxel 40.40: Alloy Enterprises Series A 45.28: Fortify joint strategic investment 47.55: Boston Micro Fabrication closes Series D 48.30: Elephantech and Mitsubishi Electric/ME Innovation Fund 52.15: Thanks to Dayton Horvath and Redondo Union High Schoolers!

In what is shaping up to be the biggest deal in the 3D printing industry of 2023, Stratasys and Desktop Metal will combine to form a $1.8 billion company. Alex and Danny unpack the particulars of the deal, including some of the motivations behind it, namely repeated takeover attempts of Stratasys by Nano Dimension. The product portfolios of both Stratasys (Nasdaq: SSYS) and Desktop Metal (NYSE: DM) are discussed in relation to what the merged company may look like, how it may operate, and what potential cost savings are realistic. Additionally, ramifications for the broader industry and current listed companies are unpacked. The merger is still subject to shareholder approval however, so the value of this merger for shareholders on both sides is examined.

Arno Held, Managing Partner of AM Ventures, joins Alex and Danny for an episode heavily focused on recent VC deals, from series A to C+ across the globe, including ARRIS Composites, Quantica, Boston Micro Fabrication, and stealth-mode start-up Fluent Metal. IPOs from Farsoon and XJET are discussed; with some commentary on the latest quarterly results from the public markets showing a soft capital equipment market, but a more optimistic outlook for service providers. The trio also comment on the CFO resignation and NYSE non-compliance notice of Markforged (NYSE: MKFG). Time stamps of the episode below! 0.00: Introductions - Arno's background and AM Ventures 9.40: Farsoon IPO 14.58: XJET IPO 21.05: Arris Composites Series C-1 25.45: Caracol AM Series A 31.43: Quantica Series A 38.25: Zellerfeld 3rd seed round 33.38: Wayland Additive new funding 47.05: Boston Micro Fabrication Series C+ 49.57: Lynxter Series A 51.40: Fluent Metal seed funding 54.00: 3D Systems acquires Wematter 57.40: Public markets Q1 results, including departure of Markforged CFO Mark Schwartz

Special guest Troy Jensen, Senior Research Analyst with Lake Street Capital Markets, joins Alex and Danny for a closer look at some of the biggest publicly listed 3d printing companies. In this episode Alex, Danny, and Troy discuss the hostile takeover attempt of Stratasys by Nano Dimension, 3D Systems' performance and valuation, Desktop Metal versus Markforged, Velo3D's point of difference. They then take a look at the services companies such as Protolabs, Xometry, and Fathom. A recent VC financing for Makerverse is also covered, as well as notable acquisitions by Stratasys and Nexa3D. With the recent release of numerous additive manufacturing market reports, Alex, Danny and Troy reflect on this fresh dataset as it relates to investor appetite within the 3D printing industry. 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. 

So many 3D printing companies rely on venture capital (VC) to fund development and growth plans, so the recent collapse of Silicon Valley Bank was a huge shock to the additive manufacturing industry. In this episode of "Printing Money," we discuss how the news relates to some recent significant VC announcements: Fabric8Labs raising its Series B, plus another application-centric company Sakuu announcing the potential for a SPAC, Zeda Inc.'s series B, Freeform coming out of stealth, and Hexagon's investment in Divergent Technologies. Disclaimer on No Investment Advice: The 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. 

As the additive manufacturing industry continues to rapidly grow and evolve, so too does the financing that enables the technology innovation. ‘Printing Money' takes a deeper look at the transactions behind some of the most innovative 3D printing businesses. Episode 1 sees us unpack the current state of the 3D printing public markets and M&A activity, covering Nano Dimension's (Nasdaq: NNDM) offer to acquire Stratasys (Nasdaq: SSYS), Sigma Additive, SLM Solutions/Nikon acquisition closing; and two recent private equity deals: SyBridge Technologies and ADDMAN Engineering. Disclaimer on No Investment Advice: The 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.