Printing Money

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.    

Equity research analyst Troy Jensen joins Danny to review Q3 2023 earnings reports of 3D printing companies. They discuss takeaways from Formnext 2023, General Motors' purchase of TEI, and CORE Industrial Partners' offer to buyout Fathom. They highlight the coalescing of AM and traditional manufacturing business. They also mention challenges in the industry, capital needs, and strategic options for companies.

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  

In this episode, the hosts discuss the acquisition of Cubicure by Align Technology and Sigma Additive's move to become an online travel company. They also cover recent funding rounds for start-ups like Metafold3D, Saeki Robotics, and Kind Designs. Additionally, the podcast highlights the end of merger talks between Stratasys and 3D Systems.

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.