Printing Money

Welcome to Printing Money Episode 33!

Troy Jensen (Managing Director, Cantor Fitzgerald) returns in joining Danny to help our audience analyze the Q2 2025 earnings season.

Danny and Troy parse the financials and offer impactful analysis of earnings reports from DDD, SSYS, MTLS, NNDM, and Nikon SLM Solutions (Nikon: 7731.JP), guidance from EOS and Formlabs, and a lot more.

Danny opens the episode noting some recent notable private financings and Troy picks up on that noting recent uplift in public 3DP/AM companies’ pricing.  Despite that uplift, one theme of this episode is the far hea...

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...

Printing Money Episode 31 is here!

Danny’s guest for this episode is Fabian Alefeld (Director Business Development & Academy, Global Additive Minds | EOS North America, and Podcast Host, Additive Snack).  Fabian’s title is a mouthful, but his efficiency in 3DP/AM industry analysis is impressive.

Fabian and Danny are efficient, but a lot of deals have accrued for discussion, so this episode is hefty, clocking in at 71 minutes.  First, they talk a bit about what Fabian does at EOS.  Then the conversation zooms out and brushes on significant trends in the 3DP/AM market.  This sets the...

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 seeming...

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 o...

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 Jori...

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.<...

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 Resea...

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...

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.

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, K...

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...

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) indu...

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 tha...

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 reve...

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 coal...

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...

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...

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 mark...

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 uti...

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 educationa...

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...

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...

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, moti...

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 th...

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 3...

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 la...

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...

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...

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 an...

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...

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 con...

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 constr...