Printing Money

Welcome to Printing Money Episode 38. Rajeev Kulkarni returns for this episode, and we find it hard to believe it’s been nearly two years since his first appearance. In the interim, one of Rajeev’s three focus-companies (Ackuretta) was acquired in a positive outcome and the other two (Axtra3D and Caracol) have experienced significant growth and fundraising. Episode 38 begins with a look at Rajeev’s career and current work. From there, Danny and Rajeev set the stage by reviewing last month’s RAPID event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&A and financing world. Did we say 3DP/AM M&A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy all the nuggets of knowledge and analysis. Themes include private equity’s deepening embrace of the AM services business, notable transactions from publicly traded companies, ongoing developments in the Nano Dimension telenovela, validated speculation about EOS’ acquisition trail, and a number of impressive VC rounds and strategic investments. Please enjoy Episode 38 and check out our previous episodes too. This episode was recorded May 12, 2026. Timestamps: 00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni 00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more 05:48 – Workflow considerations for 3DP/AM business growth 07:00 – RAPID 2026 review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance 08:52 – Real market growth, not evenly distributed 11:16 – For OEMs, it’s time to polarize your products 14:15 – Bullish M&A trends for 3DP/AM 14:47 – AFM acquires Incodema3D 15:32 – BTX Precision subsidiary I3D acquires Burloak from Samuel (breaking news as of this recording date!) 21:18 – Prodways (PWG.PA) sells its software business for EUR 35M 25:12 – Materialise (MTLS) transferring its RapidFit business to management team 30:56 – Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension 35:36 – What will come of what’s left at Nano Dimension? 36:30 – Johnson Controls (JCI) acquiring Alloy Enterprises 41:09 – EOS acquires Metalpine 42:11 – Amnovis acquires Westconn 44:37 – Tethon3D acquires Fortify3D IP 48:33 – Freeform raises $67M Series B 50:53 – Firestorm raises $82M Series B 55:06 – Nanochon closes $4.1M Seed Round 57:11 – Kureha invests in Z-Polymers 59:57 – Velo3D (VELO) $50M private placement offering 1:01:50 – Thanks again to Rajeev, and thanks to you for listening! Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

Welcome to Printing Money Episode 36! For this episode Danny is joined by a new guest, John Barnes (Founder and President, The Barnes Global Advisors, Founder and CEO, Metal Powder Works (MPW.ASX). From career foundations in industrial development John has built both an AM consultancy and a metal AM powders company. We are thankful to have his perspective here. This episode starts with a look at John’s background and what’s brought him to this point. Then, Danny and John review the MILAM 2026 event which occurred earlier this month in Tampa Bay. From Tampa the conversation heads to Australia as a nexus for the global metal AM powder market. John and Danny dive into dynamics driving that. After the low-down down under, the conversation turns to Printing Money’s why and wherefore — 3DP/AM deal analysis around the globe from VulcanForms and Hadrian in the USA, to SWISSTO12 and Additive Drives in Europe, to Snapmaker in China, and more. The best quote of the episode is actually a paraphrase from Seinfeld, as John drops “The whale is the largest mammal in the world, but it doesn’t have to be!” seamlessly amidst incisive deal analysis. Danny and John will continue the discussion in person at AMS 2026 this week in New York City. Meanwhile, please enjoy Episode 36 and check out our previous episodes too. This episode was recorded February 17, 2026. Timestamps: 00:12 – Welcome to Episode 36 and welcome to John Barnes (TBGA & MPW) 01:14 – John Barnes’ career, in his own words: Sandia, Lockheed/Skunkworks, CSIRO, RTI 06:25 – TBGA founded in 2017, MPW founded shortly thereafter 07:44 – Can 3DP/AM materials companies be parts producers? 09:45 – MILAM 2026 review: A displacement between capabilities and use? 13:35 – Dissociating sustainment from new builds 15:00 – An impressive sense of urgency (at MILAM 2026) 17:12 – DoW inefficiencies stymie return on investment 21:21 – The global metal AM powder market 24:59 – The ASX (Australian stock market) applicability for metal AM powder companies (MPW, 6KA, 3DA, TTT, etc) 25:22 – Scaling, and the value proposition for metal AM powders 30:00 – 6K Additive IPOs in Australia 30:33 – Metal Powder Works’ path to public markets in Australia 35:55 – List in Australia, scale operations in the United States 37:10 – MPW.ASX raises AUD 15M in follow-on offering 38:21 – Hadrian receives investment for advanced manufacturing facility 38:39 – VulcanForms raises $220M from Eclipse, 1789 Capital and more 43:08 – Machina Labs raises $124M from Lockheed Martin, NVIDIA, and more 45:44 – Additive Drives $20M+ round 48:09 – Uptool raises $6M from Khosla, Bessemer, Kleiner Perkins, et al. 50:47 – Kickstart this: Snapmaker raises a more classical Series B 52:38 – SWISSTO12 raises EUR 73M (not all equity) 54:48 – Perseus Materials receives strategic investment from Lockheed Martin 57:53 – Vulcan and Burgmaster merge to form MASTREX for very low cost metal LPBF 1:03:27 – Thingiverse to be acquired by MyMiniFactory 1:03:53 – Reasons for optimism for the metal AM market 1:04:52 – Thanks again to John, thanks for listening, and see you at AMS this week! 1:05:19 – Disclaimer Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

Welcome to Printing Money Episode 34, or “The one where they got back ahead of the curve.” Troy Jensen (Managing Director, Cantor Fitzgerald) returns for back-to-back appearances in the name of delivering to you, the listener, analysis as timely as possible. Herein, Danny and Troy review Q3 2025 3DP/AM public market earnings, but this episode was recorded just a week after Formnext 2025, so the conversation starts with a review of the 3DP/AM industry’s largest annual tradeshow. Large format polymer, LPBF Metals, China, Defense, Aerospace, and High-Temp FFF are all keywords. Next comes the classical Q3 2025 analysis. The number of significant pureplay public 3DP/AM firms has gotten smaller, and with Nano Dimension (NNDM) currently in limbo, its earnings become less relevant and the number is even smaller. Stratasys’ entrance into metal AM, 3D Systems’ healthcare and defense segments, scaling manufacturing at Materialise, and gross margins at Velo all get due coverage. Happy holiday season, and please enjoy Episode 34 and check out our previous episodes too. This episode was recorded December 2, 2025. Timestamps: 00:12 – Welcome to Episode 34, and welcome back to Troy Jensen (Cantor Fitzgerald) 00:35 – Formnext 2025 impressions: A touch of optimism, with strength in metals, aerospace & defense, and from China. 04:01 – Ultra low-cost LPBF: China’s biggest 3DP competition comes from within? 06:10 – Nikon SLM Solutions (Nikon: 7771.JP) shows off momentum, brings massive printer to Formnext 07:40 – EOS flexes, launches its M4 Onyx metal printer at Formnext 09:15 – nLIGHT and Dyndrite help power EOS 10:39 – XACT Metal had a busy booth at Formnext 11:42 – HP (HPQ) launches a high-temp FFF 3D printer at Formnext, looking to expand lines through consolidation? 14:21 – Carbon raises $60M 17:24 – Caracol raises $40M Series B 19:38 – Formlabs demonstrating healthy growth 20:55 – Stratasys (SSYS) Q3 2025 earnings analysis 22:41 – Stratasys invests in Tritone, dipping into metals 26:00 – 3D Systems (DDD) Q3 2025 earnings analysis 28:06 – Materialise (MTLS) Q3 2025 earnings analysis 31:10 – “In Europe, Olive is the new green” 33:10 – Velo3D (VELO) Q3 2025 earnings analysis 35:06 – Thanks again to Troy and thank you all for listening! Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

Welcome to Printing Money Episode 32! Also known as “The one with the 61x Multiple.” Danny’s guest for this episode is Tali Rosman (RHH Advisory). Tali last joined as a guest back in January and has been busy advising startups and brokering transactions since. So first, Danny and Tali discuss Tali’s recent experiences in dealmaking and at events such as FABTECH. They consider the China factor and the wherewithal of the US Defense-Industrial Base to keep pace. Then, Danny and Tali get to it. They analyze recent industry transactions with an eye towards earnings (or lack thereof) and multiples (sometimes reasonable, sometimes 61x). There is discussion of IPOs in Korea and China, of PIPEs in the United States and Australia, and questionable transactions originating out of Sweden. Danny and Tali also cover notable deals in the dental 3DP market. The episode rounds out with some corporate news, both good (from RICOH) and bad (from Arburg). Danny often delivers memorable one-liners, but in Episode 32, Tali steals the quip show with hits like, “You don’t need an IP moat when you have a flood,” and “You can’t out-China China”. Please enjoy Episode 32 and check out our previous episodes, too. This episode was recorded September 15, 2025. Timestamps: 00:12 – Welcome to Episode 32, and welcome back to Tali Rosman 00:58 – Tali’s take on 2025 so far 02:47 – Defense tech infrastructure is slow, but getting more nimble 03:32 – The bull case for AM in reshoring 06:24 – Graphy (318060-KQ) goes public in Korea 08:45 – 3DP materials companies doing well in public markets; Metal Powder Works (MPW-ASX), IperionX (IPX – NASD), et al 09:19 – Creality going public in China 11:46 – Low-priced competition from Bambu Labs, and more low-priced competition coming (see: Fibre Seek and more) 13:57 – PIPE financing of $18m for Norsk Titanium (NTI – NO) 15:27 – DED now is where LPBF was in 2025 (see: FormAlloy, Big Metal Additive, Lincoln Electric, Trumpf, and more) 17:49 – Amaero launches PIPE deal for up to AUM 53M (3DA – ASX) 20:32 – Divergent Series E of $290M at $2.3B valuation 27:11 – Former Hexagon CEO sells Hexagon shares to back Divergent (HEXA.B – ST) 27:28 – Rochefort: The Kyle Bass connection 27:59 – AmPd Labs $2M seed round 31:15 – SBO AG (owner of Knust-Godwin) to acquire 3T for GBP 4.76M 34:32 – 3DPOD shoutout: Knust-Godwin interview from 2020 35:22 – Pac-Dent acquires Ackuretta for dental 3DP 38:31 – SprintRay acquires EnvisionTEC dental portfolio 41:25 – SwissTo12 Buys Hanwha Phasor’s Antenna Assets and IP for 3DP RF components 46:06 – Coral Construction Technologies acquired by MTX Group and Purposia Group for concrete 3DP 48:23 – Ricoh spins out Ricoh 3D for Healthcare 49:32 – RIP: Arburg dropping its 3D printing business 51:33 – Thanks again to Tali, and thank you for listening Disclaimer: This content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer, or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

Printing Money is back with Episode 30, and it’s that quarterly time, so we are happy and thankful to welcome back Troy Jensen (Managing Director, Cantor Fitzgerald) to review the Q1 2025 3DP/AM public market earnings. Public market valuations are based on forward looking earnings, but the reporting calendar means we recorded this “Q1 2025” episode on the very last day of Q2. That is to say, we are looking back as fast as possible in order to look forward. Danny and Troy start off by ruminating on the lack of 3DP/AM participation in a seemingly general public market momentum. Tariffs and interest rates play their roles, still it is incumbent upon the 3DP/AM industry to find its footing. Next, Danny and Troy dive into the Q1 2025 public market earnings. What of Stratasys and its new cash stockpile? Can 3D Systems engineer a financial turnaround? What is the path ahead for Nano Dimension under a new CEO? Does Q1 2025 show that Materialise’s Q4 2024 disappointment was just an outlier? From here, Danny and Troy turn to some private market players, in part because there are not as many relevant pubic pure-plays nowadays, but also because these privates are significant and can have impacts on the public market players’ performance. The conversation transitions to some green shoot success stories and last, a quick a look ahead at Q2, which of course has already happened… Please enjoy Episode 30 and check out our previous episodes too. This episode was recorded June 30, 2025. Timestamps: 00:12 – Welcome to Episode 30 and welcome back to Troy Jensen (Cantor Fitzgerald) 00:45 – The public markets have come back, but not so for 3DP/AM stocks 01:30 – Little to no institutional interest, lack of profitability, not enough growth 02:41 – AI and other hot tech moves fast, 3DP/AM moves slow 03:03 – Tariff impact to capital equipment buying decisions 04:15 – Interest rates impact to capital equipment buying decisions 05:55 – Regional performance of metal AM (source: AMPOWER) 07:19 – Stratasys (SSYS) Q1 2025 earnings review 09:18 – Stratasys acquires BASF spinout Forward AM, others next? 14:03 – 3D Systems (DDD) Q1 earnings review 17:25 – 3D Systems’ business with Align Technologies (ALGN) 19:35 – Healthcare 3DP/AM strong: 3D Systems (ex-Align) and Materialise (MTLS) 20:40 – Nano Dimension (NNDM) Q1 2025 earnings 21:36 – What is coming of Desktop Metal? 22:45 – Ofir Baharav and the Nano Dimension vision 23:45 – (Speculation only) DDD and NNDM, a synergistic match? 25:47 – Materialise (MTLS) Q1 2025 earnings 28:41 – Formlabs business overview 29:47 – Bambu Lab business overview 30:05 – Nikon SLM Solutions (Nikon – 7731:JP), EOS, Velo3D (VLDX) business overviews 30:31 – Green shoots: 3DP/AM services for Aerospace/Defense 31:14 – LPBF for production: Incodema and I3D 33:15 – Wag the dog: 3DP/AM materials are entrenching into the supply chain 34:37 – Q2 2025 look ahead (considering it’s already Q3…) 35:33 – Thank you to Troy and thank you for listening Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

Welcome to Episode 28 of Printing Money. For this one Danny is joined by our own, Joris Peels (Executive Editor, 3DPrint.com). This crossover-pod is indeed quite meta-level but it’s not entirely new – some months ago Danny appeared on Joris’ own podcast, the 3DPOD. We encourage you to listen to that episode as well. Episode 28 begins with an introduction to Joris, and a look at his nearly two decades in 3D printing. From Philips to Shapeways, to Materialise and Formlabs, and consulting across the industry, Joris has some reach, to say the least. Next, Danny and Joris review RAPID, the largest 3DP/AM event in the USA, which took place earlier this month in Detroit. The cautiously optimistic tone that has been 2025 was decidedly in force at RAPID, and oh by-the-way there was a noticeable presence from the Chinese brands, tariffs or not. From RAPID the conversation shifts to geopolitics, the regulatory environment, and yes, tariffs. Amongst the analysis are some great quotables to look for, including “Manufacturing itself is a weapons system,” and “Uncertainty is the new normal,” all amidst a whole lot of 3DP/AM industry food for thought. And all that is only the first half. In the second half of the episode, Danny and Joris dive into Printing Money’s raison d’etre – deals and analysis! Specifically, this episode focuses on recent M&A, including coverage of the Nano Dimension-Desktop Metal-Markforged tie-up, BICO’s new direction under Maria Forss, Fictiv’s eye-catching acquisition by Misumi, and the trend of traditional Japanese manufacturers embracing 3DP/AM. Please enjoy Episode 28 and check out our previous episodes too. This episode was recorded April 24, 2025. Timestamps: 00:12 – Welcome to Episode 28, and welcome to Joris Peels! 00:42 – 3DP/AM since 2008: Joris through the years 03:17 – RAPID 2025 review 06:08 – Were the Chinese booths at RAPID 2025 the largest? 07:09 – Some notable startups at RAPID 2025 were not the flashiest: Manifest Technologies, PanOptimization, Euler, and more 08:48 – Geopolitics and the 3D printing industry 11:29 – European financial markets: Rheinmetall, BAE, were amongst top Q1 performers 12:22 – Direct impacts from geopolitics can hit 3D printing deals 13:58 – 3D Printed Drone Swarms: Has the industry accepted its role in defense? 16:12 – Manufacturing itself is a weapons system 17:52 – Tariffs and the 3D printing industry 21:40 – Uncertainty is the new normal 23:44 – Regulatory hurdles to reshoring 25:15 – Is M&A coming back? 26:22 – Fictiv to be acquired by Misumi (TSE: 9962) for $350M 29:45 – Fictiv’s valuation and Misumi’s valuation versus, say that of Xometry (XMTR) 32:14 – Desktop Metal (DM) officially acquired by Nano Dimension (NNDM), and Markforged is (MKFG) next 36:57 – BICO (STO: BICO) selling MatTek and Visikol to Sartorius (ETR: SRT3) for $80M 40:45 – Fortissimo’s $120M investment in Stratasys has been completed 41:03 – nTop acquires cloudfluid 45:22 – Fabrisonic acquired by UPM, an O’Neal Industries company 49:18 – Sodick to full acquire Prima Additive 55:12 – The Japanese machine tool industry: Nidec attempting to takeover Makino 58:45 – Japanese manufacturers helping to bridge 3DP/AM into tradiitonal manufacturing (Nikon SLM Solution, Seiko Epson, DMG Mori, Sodick, JEOL, Nidec, and more…) 1:01:25 – Thanks to Joris and thanks to our audience for listening to Episode 28 of Printing Money 1:02:02 – Disclaimer Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.

Welcome to Printing Money Episode 26! For this episode, Danny is joined by Dayton Horvath, Director of Emerging Technology at AMT (and Printing Money alum!). Danny and Dayton had some quality time to plan this episode, having both just been at Additive Manufacturing Strategies a couple weeks ago. And the planning was needed, because there have been a lot of noteworthy deals not just in the last month, but also some in Q4 which we hadn’t had time to cover. Danny and Dayton start off by reviewing AMS 2025. Speeches by Stratasys CEO Yoav Zeif, AM Research’s Scott Dunham, and The Barnes Global Advisors’ John Barnes are all referenced as the additive manufacturing (AM) “industry” struggles to establish its value and confronts its status as a standalone (or not?) technology. Next, drawing upon AMT data, Dayton takes us through the 2024 year that was in 3D printing M&A and investment (Hint… not a great year!). Danny and Dayton also highlight some of the most notable 2024 deals. Then Danny and Dayton jump into Printing Money’s bread and butter, analyzing recent deals across the 3D printing landscape. Some themes include software companies buying simulation companies, a continuing focus on AM for military and defense, and AUKUS, more specifically Australia. Please enjoy Episode 26, and check out our prior episodes. This episode was recorded February 18, 2025. Timestamps: 00:14 – Welcome Dayton Horvath (AMT) to Episode 26 00:33 – Additive Manufacturing Strategies 2025 review 01:22 – Specialization vs generalization for AM solutions 02:26 – AM fits in the manufacturing ecosystem, not on an island 02:56 – John Barnes: “Stop calling it ‘postprocessing’ — it’s just ‘processing’ a04:30 – A continuing focus on defense for AM 05:20 – The focus on defense zoomed in even more the following week at MILAM 06:10 – 2024 3DP/AM investments, through the lens of AMT: A big drop! 08:32 – 2024 3DP/AM M&A, through the lens of AMT: A consistent number of deals, but how good were they? 10:33 – Notable M&A in 2024: ADDMAN and KAM 10:58 – Software buys simulation, Part 1: Synopsys (SNPS) and Ansys (ANSS) 11:25 – Status of the Nano Dimension (NNDM) acquisitions of Desktop Metal (DM) and Markforged (MKFG). Shareholder letter issued in January. 12:06 – Software buys simulation, Part 2: Siemens (SIEGY) to acquire Altair (ALTR) 14:30 – 3D Systems (DDD) sells Geomagics to Hexagon (HXGBY) 16:40 – Shapeways acquires Thangs 17:32 – BICO (CLLKF) continues to divest, sells Nanoscribe to LAB14 for EUR 26M 20:11 – KTI-G (KTG.ASX) set to acquire and rebrand to Metal Powder Works 25:25 – GoEngineer acquires CAD MicroSolutions 27:18 – American Axel Manufacturing (AXL) acquiring GKN Metallurgy and GKN Automotive 31:50 – Stratasys (SSYS) to receive $120M investment from Fortissimo Partners 34:58 – Backflip raises $30M for text to 3D print software 37:12 – Axial3D raises $18M for AI-driven medical 3DP software 41:00 – Amaero receives $23.5M loan from US Import-Export Bank, and AUD $22M Private Placement 44:22 – AML3D (AL3.ASX) receives AUD $30M financing 45:44 – Firehawk Aerospace raises $60M from Donald Trump, Jr. (sort of…) 49:10 – Aspect Biosystems raises $115B Series B for bioprinting 49:56 – Sintavia receives $10M debt financing from Stifel North America and ASTRO America 52:53 – Mighty Buildings seeks an exit 53:24 – Toyota invests $44M in Interstellar 53:35 – AscendArc raises $4M 53:47 – Eric Schmidt invests in Relativity Space 54:45 – Thanks again to Dayton Horvath 55:21 – Disclaimer Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information. Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.  

Welcome to 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 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.

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.

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

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!

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.