Printing Money

Printing Money
Printing Money

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. We explore everything from mergers, acquisitions, fundraising, and the public markets, while considering broader technology trends and market movements in the AM industry. Each episode, we’ll dive into the latest investments in the 3D printing industry and understand how they’ll shape the future of the industry. With our combined expertise in finance and additive manufacturing, we’ll give you the context you need to better understand the deals done in our industry.

  1. 5 DEC

    Printing Money Episode 24: Q3 2024 Earnings Review with Troy Jensen, Cantor Fitzgerald

    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.

    37 min

  2. 5 NOV

    Printing Money Episode 23: Additive Manufacturing Deal Analysis with Alex Kingsbury

    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.

    59 min

  3. 25 SEPT

    Printing Money Episode 22: Dave Burns, AMT Senior Advisor, “Live” from IMTS

    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.

    30 min

  4. 9 SEPT

    Printing Money Episode 21: Q2 2024 Earnings Analysis with Troy Jensen, Cantor Fitzgerald

    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.

    40 min

  5. 30 JUL

    Printing Money Episode 20: Additive Manufacturing M&A and More, with Rajeev Kulkarni

    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.

    1h 4m

  6. 24 JUN

    Printing Money Episode 19: Q1 Earnings Analysis with Troy Jensen, Cantor Fitzgerald

    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

    38 min

  7. 21 MAY

    Printing Money Episode 18: The DC Fly-In with Mark Burnham, AddMfgCoalition

    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

    48 min

  8. 15 MAY

    Printing Money Episode 17: Recent 3D Printing Deals, with Alex Kingsbury

    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!

    47 min
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About

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. We explore everything from mergers, acquisitions, fundraising, and the public markets, while considering broader technology trends and market movements in the AM industry. Each episode, we’ll dive into the latest investments in the 3D printing industry and understand how they’ll shape the future of the industry. With our combined expertise in finance and additive manufacturing, we’ll give you the context you need to better understand the deals done in our industry.

Information

  • Creator
    Printing Money
  • Years Active
    2023 - 2024
  • Episodes
    24
  • Rating
    Clean

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