Printing Money

<p>Welcome to <i>Printing Money </i>Episode 38. <a href="https://www.linkedin.com/in/rajeevkulkarni/"><span class="s1">Rajeev Kulkarni</span></a> returns for this episode, and we find it hard to believe it’s been nearly two years since his <a href="https://3dprint.com/311700/printing-money-episode-20-additive-manufacturing-ma-and-more-with-rajeev-kulkarni/"><span class="s1">first appearance</span></a>.<span class="Apple-converted-space"> </span>In the interim, one of Rajeev’s three focus-companies (<a href="https://3dprint.com/320463/pac-dent-buys-ackuretta/"><span class="s1">Ackuretta</span></a>) was acquired in a positive outcome and the other two (<a href="https://axtra3d.com/"><span class="s1">Axtra3D</span></a> and <a href="https://www.caracol-am.com/"><span class="s1">Caracol</span></a>) have experienced significant growth and fundraising.</p> <p>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 <a href="https://www.rapid3devent.com/"><span class="s1">RAPID</span></a> event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&#38;A and financing world.</p> <p>Did we say 3DP/AM M&#38;A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy <i>all</i> 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.</p> <p>Please enjoy Episode 38 and check out our <a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"><span class="s1">previous episodes</span></a> too.</p> <p><em>This episode was recorded May 12, 2026.</em></p> <p><strong>Timestamps:</strong></p> <p class="p1">00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni</p> <p class="p1">00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more</p> <p class="p1">05:48 – Workflow considerations for 3DP/AM business growth</p> <p class="p1">07:00 – <span class="s1">RAPID 2026</span> review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance</p> <p class="p1">08:52 – Real market growth, not evenly distributed</p> <p class="p1">11:16 – For OEMs, it’s time to polarize your products</p> <p class="p1">14:15 – Bullish M&#38;A trends for 3DP/AM</p> <p class="p2"><span class="s2">14:47 – <a href="https://3dprint.com/322369/sintokogio-buys-boschs-ceramics-unit-plans-global-am-expansion/"><span class="s1">AFM acquires Incodema3D</span></a></span></p> <p class="p2"><span class="s2">15:32 – <a href="https://www.i3dmfg.com/i3d-news-press/i3d-acquires-burloak-technologies/"><span class="s1">BTX Precision subsidiary I3D acquires Burloak from Samuel</span></a> (breaking news as of this recording date!)</span></p> <p class="p2"><span class="s2">21:18 – <a href="https://www.metal-am.com/prodways-group-to-sell-software-business-for-e35m/"><span class="s1">Prodways (PWG.PA) sells its software business for EUR 35M</span></a></span></p> <p class="p2"><span class="s2">25:12 – <a href="https://3dprint.com/324971/3d-printing-news-briefs-4-2-2026/"><span class="s1">Materialise (MTLS) transferring its RapidFit business to management team</span></a></span></p> <p class="p2"><span class="s2">30:56 – <a href="https://3dprint.com/325057/analysis-nano-dimension-sells-additive-manufactured-electronics-business/"><span class="s1">Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension</span></a></span></p> <p class="p1">35:36 – What will come of what’s left at Nano Dimension?</p> <p class="p2"><span class="s2">36:30 – </span><a href="https://3dprint.com/325212/alloy-enterprises-is-being-acquired-as-am-consolidation-continues/"><span class="s3">Johnson Controls (JCI) acquiring Alloy Enterprises</span></a></p> <p class="p2"><span class="s2">41:09 – <a href="https://3dprint.com/325317/eos-buys-metalpine-but-whats-behind-the-move/?utm_source=dlvr.it&#38;utm_medium=linkedin"><span class="s1">EOS acquires Metalpine</span></a></span></p> <p class="p2"><span class="s2">42:11 – <a href="https://www.tctmagazine.com/amnovis-acquires-westconn-precision-technologies-sets-up-north-american-operation/"><span class="s1">Amnovis acquires Westconn</span></a></span></p> <p class="p2"><span class="s2">44:37 – <a href="https://3dprint.com/324754/tethon-3d-buys-fortify-ip/"><span class="s1">Tethon3D acquires Fortify3D IP</span></a></span></p> <p class="p2"><span class="s2">48:33 – <a href="https://techcrunch.com/2026/02/19/freeform-raises-67m-series-b-to-scale-up-laser-ai-manufacturing/"><span class="s1">Freeform raises $67M Series B</span></a></span></p> <p class="p2"><span class="s2">50:53 – <a href="https://www.axios.com/pro/all-deals/2026/04/29/firestorm-labs-mobile-drone-factory-container-magy"><span class="s1">Firestorm raises $82M Series B</span></a></span></p> <p class="p2"><span class="s2">55:06 – <a href="https://3dprint.com/323893/3d-printed-orthopedic-device-startup-nanochon-closes-11-3m-oversubscribed-seed-round/"><span class="s1">Nanochon closes $4.1M Seed Round</span></a></span></p> <p class="p2"><span class="s2">57:11 – <a href="https://3dprint.com/325000/chemical-manufacturer-kureha-makes-strategic-investment-in-z-polymers-advanced-3d-printing-materials/"><span class="s1">Kureha invests in Z-Polymers</span></a></span></p> <p class="p2"><span class="s2">59:57 – <a href="https://3dprint.com/325703/cantor-fitzgerald-behind-velo3d-raise-and-elmet-ipo/"><span class="s1">Velo3D (VELO) $50M private placement offering</span></a></span></p> <p class="p1">1:01:50 – Thanks again to Rajeev, and thanks to you for listening!</p> <p><strong>Disclaimer:</strong></p> <p><em>This content</em> <i>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.</i><i></i></p> <p><em>Danny Piper</em> <i>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.</i></p>

<p>Welcome to <i>Printing Money </i>Episode 37. Troy Jensen (Managing Director, <a href="https://www.cantor.com/"><span class="s1">Cantor Fitzgerald</span></a>) returns for his quarterly analysis of the public company earnings reports, specifically Q4 2025. Nowadays, in terms of significant publicly traded 3DP/AM pure plays, that’s not so many, so Troy fine-tunes his approach in including public-<i>related</i> coverage of the privates.</p> <p>Episode 37 starts off with a summary look at 2025 and an enthusiastic nod to the beginning of 2026, as seen through the lens of <a href="http://additivemanufacturingstrategies.com/"><span class="s1">AMS</span></a> last month in NYC. Sadly, both Danny and Troy were unable to attend AMS due to the blizzard (remember that?), but they both got to watch the livestream from main keynote Yoav Zeif (CEO, Stratasys), and they both heard plenty from those who did attend.</p> <p>Next, Danny and Troy consider a number of bullish indicators across the 3DP/AM industry. They start with metal AM, highlighting positive acquisition outcomes, excellent performance outlooks from industrial leaders and lower cost upstarts alike, and also including some VC and strategic financings. There’s also reason for optimism in polymers, with a potentially promising IPO pipeline from the likes of Formlabs and Carbon.</p> <p>Then, Troy and Danny dive into the 3DP/AM public company earnings reports for Q4 2025. SSYS, DDD, MTLS, and VELO all offer unique upside and also face their own challenges. <i> Printing Money </i>synthesizes it all.</p> <p>Could the likes of EOS, VELO, and SSYS be on the acquisition trail?<span class="Apple-converted-space">  </span>Please enjoy Episode 37 and check out our <a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"><span class="s1">previous episodes</span></a> too.</p> <p class="p1"><i>This episode was recorded March 27, 2026.</i></p> <p><strong>Timestamps:</strong></p> <p class="p1">00:12 – Welcome to Episode 37, and welcome back to Troy Jensen, Cantor Fitzgerald</p> <p class="p1">00:44 – 2025 in review</p> <p class="p1">01:20 – Return of large financing deals to the AM industry</p> <p class="p1">02:02 – AMS 2026 in review</p> <p class="p2"><span class="s1">03:13 – <a href="https://3dprint.com/324405/incodema3d-bought-by-afm-capital-analysis/"><span class="s2">AFM Capital acquires Incodema3D</span></a></span></p> <p class="p2"><span class="s1">04:32 – <a href="https://3dprint.com/322369/sintokogio-buys-boschs-ceramics-unit-plans-global-am-expansion/"><span class="s2">AFM Capital also acquired Owens Industries</span></a></span></p> <p class="p1">05:39 – Metal AM markets and deal pipeline look strong</p> <p class="p1">06:47 – EOS Q4 2025 review and analysis</p> <p class="p1">08:59 – Nikon SLM Solutions (7731.JP) Q4 2025 review and analysis</p> <p class="p2"><span class="s1">09:49 – <a href="https://3dprint.com/323958/nikon-reassesses-metal-am-strategy-with-591m-write-down/"><span class="s2">Nikon writes down cost of SLM acquisition</span></a></span></p> <p class="p2"><span class="s1">10:27 – <a href="https://3dprint.com/324410/nikon-invests-in-vast-vastronauts-analysis/"><span class="s2">Nikon invests in Vast Space</span></a></span></p> <p class="p2"><span class="s1">12:36 – <a href="https://3dprint.com/324789/3d-printing-financials-velo3d-sees-rising-demand-and-defense-growth-but-losses-persist/"><span class="s2">Velo (VELO) Q4 2025 earnings and analysis</span></a></span></p> <p class="p2"><span class="s1">16:27 – <a href="https://3dprint.com/323327/xact-metal-reports-growth/"><span class="s2">XACT Metal announces 30% growth in 2025</span></a></span></p> <p class="p2"><span class="s1">17:54 – <a href="https://techcrunch.com/2026/02/19/freeform-raises-67m-series-b-to-scale-up-laser-ai-manufacturing/"><span class="s2">FreeForm raises $67M Series B from Nvidia and more</span></a></span></p> <p class="p2"><span class="s1">19:54 – <a href="https://3dprint.com/324264/ams-2026-in-photos-snow-songs-and-serious-conversations/"><span class="s2">Formlabs reveals $250M+ revenue in 2025 (at AMS 2026)</span></a></span></p> <p class="p1">23:05 – Carbon 2025 business review and analysis (raises $60M)</p> <p class="p2"><span class="s1">24:36 – <a href="https://3dprint.com/324524/3d-printing-financials-healthcare-and-aerospace-drive-growth-at-3d-systems/"><span class="s2">3D Systems (DDD) Q4 2025 earnings and analysis</span></a></span></p> <p class="p2"><span class="s1">28:08 – <a href="https://3dprint.com/324392/3d-printing-financials-stratasys-tightens-operations-in-slow-market/"><span class="s2">Stratasys (SSYS) Q4 2025 earnings and analysis</span></a></span></p> <p class="p2"><span class="s1">33:08 – <a href="https://3dprint.com/324196/3d-printing-financials-materialise-reports-strong-finish-to-2025-led-by-medical-growth/"><span class="s2">Materialise (MTLS) Q4 2025 earnings and analysis</span></a></span></p> <p class="p1">37:42 – See you at <a href="https://www.rapid3devent.com/marketing/discover-the-advantages-of-additive-3dprint/?utm_source=3dprint&#38;utm_medium=banner&#38;utm_campaign=rp26ep"><span class="s2">RAPID</span></a> in a couple weeks</p> <p class="p1">38:04 – Disclaimer and thank you for listening!</p> <p>&#160;</p> <p class="p1"><b>Disclaimer:</b><b></b></p> <p class="p1"><i>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.</i><i></i></p> <p class="p1"><i>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.</i></p>

<p class="p1">Welcome to <i>Printing Money </i>Episode 36!<span class="Apple-converted-space">  </span>For this episode Danny is joined by a new guest, John Barnes (Founder and President, <a href="https://www.barnesglobaladvisors.com/"><span class="s1">The Barnes Global Advisors</span></a>, Founder and CEO, <a href="https://www.metalpowderworks.com/"><span class="s1">Metal Powder Works</span></a> (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.</p> <p class="p1">This episode starts with a look at John’s background and what’s brought him to this point.<span class="Apple-converted-space"> </span>Then, Danny and John review the MILAM 2026 event which occurred earlier this month in Tampa Bay.</p> <p class="p1">From Tampa the conversation heads to Australia as a nexus for the global metal AM powder market.<span class="Apple-converted-space">  </span>John and Danny dive into dynamics driving that.</p> <p class="p1">After the low-down down under, the conversation turns to <i>Printing Money’s</i> why and wherefore &#8212; 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.</p> <p class="p1">The best quote of the episode is actually a paraphrase from <a href="https://en.wikipedia.org/wiki/The_Marine_Biologist"><span class="s1"><i>Seinfeld</i></span></a><i>, </i>as John drops <i>“The whale is the largest mammal in the world, but it doesn’t have to be!” </i>seamlessly amidst incisive deal analysis.</p> <p class="p1">Danny and John will continue the discussion in person at <a href="http://additivemanufacturingstrategies.com/"><span class="s1"><b>AMS 2026</b></span></a><b> this</b> <b>week</b> <b>in New York City</b>.<span class="Apple-converted-space">  </span>Meanwhile, please enjoy Episode 36 and check out our <a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"><span class="s1">previous episodes</span></a> too.</p> <p class="p1"><i>This episode was recorded February 17, 2026.</i></p> <p class="p1"><b>Timestamps</b>:</p> <p class="p1">00:12 – Welcome to Episode 36 and welcome to John Barnes (TBGA &#38; MPW)</p> <p class="p1">01:14 – John Barnes’ career, in his own words: Sandia, Lockheed/Skunkworks, CSIRO, RTI</p> <p class="p1">06:25 – TBGA founded in 2017, MPW founded shortly thereafter</p> <p class="p1">07:44 – Can 3DP/AM materials companies be parts producers?</p> <p class="p1">09:45 – <a href="https://www.militaryam.com/"><span class="s1">MILAM 2026 review</span></a>: A displacement between capabilities and use?</p> <p class="p1">13:35 – Dissociating sustainment from new builds</p> <p class="p1">15:00 – An impressive sense of urgency (at MILAM 2026)</p> <p class="p1">17:12 – DoW inefficiencies stymie return on investment</p> <p class="p1">21:21 – The global metal AM powder market</p> <p class="p1">24:59 – The ASX (Australian stock market) applicability for metal AM powder companies (MPW, 6KA, 3DA, TTT, etc)</p> <p class="p1">25:22 – Scaling, and the value proposition for metal AM powders</p> <p class="p2"><span class="s2">30:00 – <a href="https://3dprint.com/322529/6k-additive-goes-public-on-asx/"><span class="s1">6K Additive IPOs in Australia</span></a></span></p> <p class="p1">30:33 – Metal Powder Works’ path to public markets in Australia</p> <p class="p1">35:55 – List in Australia, scale operations in the United States</p> <p class="p2"><span class="s2">37:10 – <a href="https://www.marketindex.com.au/asx/mpw/announcements/mpw-completes-a15m-placement-to-institutional-investors-6A1282572"><span class="s1">MPW.ASX raises AUD 15M in follow-on offering</span></a></span></p> <p class="p2"><span class="s2">38:21 – <a href="https://www.prnewswire.com/news-releases/hadrian-launches-additive-manufacturing-division-to-expand-us-defense-production-capacity-302668241.html"><span class="s1">Hadrian receives investment for advanced manufacturing facility</span></a></span></p> <p class="p2"><span class="s2">38:39 – <a href="https://3dprint.com/323605/vulcanforms-raises-220m-as-investors-back-scaled-u-s-metal-3d-printing/"><span class="s1">VulcanForms raises $220M from Eclipse, 1789 Capital and more</span></a></span></p> <p class="p2"><span class="s2">43:08 – <a href="https://3dprint.com/323727/machina-labs-raises-124-million/"><span class="s1">Machina Labs raises $124M from Lockheed Martin, NVIDIA, and more</span></a></span></p> <p class="p2"><span class="s2">45:44 – <a href="https://3dprint.com/323698/additive-drives-raises-funding-as-electric-motor-makers-look-beyond-rare-earths/"><span class="s1">Additive Drives $20M+ round</span></a></span></p> <p class="p2"><span class="s2">48:09 – <a href="https://3dprint.com/323862/uptool-emerges-from-stealth/"><span class="s1">Uptool raises $6M from Khosla, Bessemer, Kleiner Perkins, et al.</span></a></span></p> <p class="p2"><span class="s2">50:47 – <a href="https://3dprint.com/322680/d-embargo-10-december-8am-estsnapmaker-raises-series-b-round/"><span class="s1">Kickstart <i>this</i>: Snapmaker raises a more classical Series B</span></a></span></p> <p class="p2"><span class="s2">52:38 – <a href="https://3dprint.com/323354/e73-million-investment-round-into-swissto12/"><span class="s1">SWISSTO12 raises EUR 73M (not all equity)</span></a></span></p> <p class="p2"><span class="s2">54:48 – <a href="https://3dprint.com/323825/lockheed-martin-ventures-make-strategic-investment-in-perseus-materials-large-format-composite-3d-printing-vision/"><span class="s1">Perseus Materials receives strategic investment from Lockheed Martin</span></a></span></p> <p class="p2"><span class="s2">57:53 – <a href="https://www.globenewswire.com/news-release/2026/01/05/3213256/0/en/Vulcan-and-Burgmaster-Merge-to-Form-Mastrex-Strengthening-the-Future-of-American-Manufacturing.html"><span class="s1">Vulcan and Burgmaster merge to form MASTREX for <i>very </i>low cost metal LPBF</span></a></span></p> <p class="p2"><span class="s2">1:03:27 – <a href="https://3dprint.com/323741/d-embargo-february-12th-2026-at-1200-est-thingiverse-bought-by-myminifactory/"><span class="s1">Thingiverse to be acquired by MyMiniFactory</span></a></span></p> <p class="p1">1:03:53 – Reasons for optimism for the metal AM market</p> <p class="p1">1:04:52 – Thanks again to John, thanks for listening, and <a href="https://additivemanufacturingstrategies.com/"><span class="s1">see you at AMS this week</span></a>!</p> <p class="p1">1:05:19 – Disclaimer</p> <p class="p1"><b>Disclaimer:</b><b></b></p> <p class="p1"><i>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.</i><i></i></p> <p class="p1"><i>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.</i></p>

<p class="p1">Welcome to <i>Printing Money </i>Episode 35 and let us be the last to wish you a happy new year.</p> <p class="p1">For this episode Danny is joined by Arno Held (Managing Partner, <a href="https://amventures.com/"><span class="s1">AM Ventures</span></a>) and Alex Kingsbury (Market Development Manager, <a href="https://www.nlight.net/"><span class="s1">nLIGHT</span></a>), both certified <i>Printing Money </i>OG’s.</p> <p class="p1">Coming off back-to-back “Troy Jensen” episodes focused on public company earnings reports, there was a lot of 3DP/AM transaction news to cover, so we covered a lot.<span class="Apple-converted-space">  </span>Even still, we can’t cover <a href="http://3dprint.com/"><span class="s1"><i>all</i> the 3D printing business news</span></a>.</p> <p class="p1">Themes from Episode 35 include AI for 3DP/AM (and vice versa) and Australia, Smart M&#38;A, all underlaid by a healthy dose of optimism.<span class="Apple-converted-space">  </span>The episode opens with a look at 2025 through each of our host’s respective lens. Then, it’s a discussion of notable 3DP/AM financings in recent months. Last, Danny, Arno and Alex analyze recent M&#38;A activity.<span class="Apple-converted-space">  </span>After the manic highs and depressive lows of the 2020-2025 3DP/AM business cycle, is the industry signaling a new normal?</p> <p class="p1">Danny, Alex and Arno will all continue the discussion in person at <a href="http://additivemanufacturingstrategies.com/"><span class="s1">AMS 2026</span></a> next month in New York City.<span class="Apple-converted-space">  </span>Meanwhile, please enjoy Episode 35 and check out our <a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"><span class="s1">previous episodes</span></a> too.</p> <p class="p1"><i>This episode was recorded January 13, 2026.</i></p> <p class="p1"><b>Timestamps</b>:</p> <p class="p1">00:12 – Welcome to Episode 35, and welcome back to Arno Held and Alex Kingsbury</p> <p class="p1">01:19 – A tale of two halves: The 2025 year in review for the 3DP/AM industry</p> <p class="p1">03:55 – Tariffs and government budgeting uncertainty were a speed bump in 2025</p> <p class="p1">06:30 – 2026 sentiments; European 3DP/AM is not out of the woods but the light is clearing</p> <p class="p1">08:54 – 2020-2025 as a complete cycle for the 3DP/AM markets</p> <p class="p1">09:48 – Poised for success amidst geopolitical uncertainty</p> <p class="p1">12:30 – <a href="https://3dprint.com/321996/euler-raises-e2m-for-ai-fault-detection-in-lpbf/"><span class="s1">Euler raises EUR 2M</span></a> for AI fault detection in LPBF</p> <p class="p1">18:45 – <a href="https://www.metal-am.com/headmades-e1-8m-funding-round-led-by-jet-ventures/"><span class="s1">Headmade raises EUR 1.8M</span></a> to scale its Cold Metal Fusion tech</p> <p class="p1">21:03 – <a href="https://3dprint.com/322134/50m-to-boost-fabric8labs-electrochemical-am-capacity-in-the-u-s/"><span class="s1">Fabric8Labs raises $50M</span></a> to scale its ECAM technology</p> <p class="p3"><span class="s2">23:06 – <a href="https://3dprint.com/323055/velo3ds-space-hardware-win-comes-just-weeks-after-30-million-capital-raise/"><span class="s1">Velo3D (VELO) $30M private placement</span></a> of common stock</span></p> <p class="p1">27:32 – <a href="https://3dprint.com/320883/h3d-raises-5-8m-to-speed-up-custom-dental-hearing-devices/"><span class="s1">H3D raises $5.8M Series A</span></a> for dental and hearables</p> <p class="p1">32:01 – <a href="https://3dprint.com/321726/customed-gets-6-million-for-ai-3d-printed-orthopedics/"><span class="s1">CustoMED raises $6M</span></a> for AI 3DP orthopedics</p> <p class="p1">35:20 – <a href="https://holdson.co.uk/2025/09/25/holdson-secures-1-5m-investment-to-accelerate-growth-of-electroform-technology/"><span class="s1">Holdson raises GBP 1.5M</span></a> for electroform post-processing</p> <p class="p1">36:30 – <a href="https://www.linkedin.com/posts/ascendmanufacturing_ascend-manufacturing-updates-2025-activity-7403845293118705665-2Ekt"><span class="s1">Ascend Manufacturing raises $1M</span></a> for its LAPS technology</p> <p class="p3"><span class="s2">37:36 – <a href="https://3dprint.com/320755/arc-takes-over-desktop-metal-with-a-focus-on-ai-and-u-s-manufacturing/"><span class="s1">Arc Impact acquires Desktop Metal binder jetting (and other) assets</span></a></span></p> <p class="p3"><span class="s2">39:32 – <a href="https://3dprint.com/323069/addman-buys-forecast3d/"><span class="s1">ADDMAN acquires Forecast3D</span></a></span></p> <p class="p3"><span class="s2">41:41 – <a href="https://3dprint.com/321073/caracol-acquires-webers-3d-printing-assets/"><span class="s1">Caracol acquires AM assets/IP from Hans Weber</span></a></span></p> <p class="p3"><span class="s2">45:12 – <a href="https://3dprint.com/321661/dyemansion-buys-asm-in-smart-move-into-entry-level-post-processing/"><span class="s1">DyeMansion acquires ASM</span></a></span></p> <p class="p3"><span class="s2">47:16 – <a href="https://3dprint.com/321903/tier-1-auto-supplier-angstrom-group-acquires-3d-printed-tooling-specialist-mantle/"><span class="s1">Mantle acquired by Angstrom Group</span></a></span></p> <p class="p3"><span class="s2">49:37 – <a href="https://3dprint.com/322369/sintokogio-buys-boschs-ceramics-unit-plans-global-am-expansion/"><span class="s1">Sintokogio buys Bosch’s ceramics unit</span></a></span></p> <p class="p3"><span class="s2">54:02 – <a href="https://www.metal-am.com/niobium-am-specialist-thrustworks-acquired-by-the-exploration-company/"><span class="s1">Thrustworks acquired by The Exploration Company</span></a> for Niobium AM</span></p> <p class="p1">57:58 – Thank you to Alex and Arno, thank you All for listening, and Disclaimer</p> <p class="p1"><b>Disclaimer:</b><b></b></p> <p class="p1"><i>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.</i><i></i></p> <p class="p1"><i>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.</i></p>

<p class="p1">Welcome to <i>Printing Money </i>Episode 34, or “The one where they got back ahead of the curve.&#8221;<span class="Apple-converted-space"> </span>Troy Jensen (Managing Director, <a href="https://www.cantor.com/our-business/research/"><span class="s1">Cantor Fitzgerald</span></a>) returns for back-to-back appearances in the name of delivering to you, the listener, analysis as timely as possible.</p> <p class="p1">Herein, Danny and Troy review Q3 2025 3DP/AM public market earnings, but this episode was recorded just a week after <a href="https://formnext.mesago.com/frankfurt/en.html"><span class="s1">Formnext 2025</span></a>, 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.</p> <p class="p1">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.<span class="Apple-converted-space">  </span>Stratasys’ entrance into metal AM, 3D Systems’ healthcare and defense segments, scaling manufacturing at Materialise, and gross margins at Velo all get due coverage.</p> <p class="p1">Happy holiday season, and please enjoy Episode 34 and check out our <a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"><span class="s1">previous episodes</span></a> too.</p> <p class="p1"><i>This episode was recorded December 2, 2025.</i></p> <p class="p1"><b>Timestamps</b>:</p> <p class="p1">00:12 – Welcome to Episode 34, and welcome back to Troy Jensen (Cantor Fitzgerald)</p> <p class="p1">00:35 – Formnext 2025 impressions: A touch of optimism, with strength in metals, aerospace &#38; defense, and from China.</p> <p class="p1">04:01 – Ultra low-cost LPBF: China’s biggest 3DP competition comes from within?</p> <p class="p3"><span class="s2">06:10 – <a href="https://3dprint.com/322419/3d-printing-news-briefs-11-29-2025/"><span class="s1">Nikon SLM Solutions (Nikon: 7771.JP) shows off momentum</span></a>, brings massive printer to Formnext</span></p> <p class="p3"><span class="s2">07:40 – <a href="https://3dprint.com/322166/eos-launches-m4-onyx-3d-printer-at-formnext-2025/"><span class="s1">EOS flexes, launches its M4 Onyx metal printer at Formnext</span></a></span></p> <p class="p3"><span class="s2">09:15 –<a href="https://3dprint.com/322397/3d-printing-news-briefs-11-27-2025/"><span class="s1"> nLIGHT and Dyndrite help power EOS</span></a></span></p> <p class="p3"><span class="s2">10:39 – <a href="https://3dprint.com/321573/3d-printing-news-briefs-10-25-2025/"><span class="s1">XACT Metal had a busy booth</span></a> at Formnext</span></p> <p class="p1">11:42 – HP (HPQ) launches a high-temp FFF 3D printer at Formnext, looking to expand lines through consolidation?</p> <p class="p3"><span class="s2">14:21 – <a href="https://3dprint.com/322106/carbon-dls-boosted-by-60m-in-latest-funding-round/"><span class="s1">Carbon raises $60M</span></a></span></p> <p class="p3"><span class="s2">17:24 – <a href="https://3dprint.com/321402/40m-round-propels-caracols-large-format-3d-printing-ambitions/"><span class="s1">Caracol raises $40M Series B</span></a></span></p> <p class="p1">19:38 – Formlabs demonstrating healthy growth</p> <p class="p3"><span class="s2">20:55 – <a href="https://3dprint.com/321954/3d-printing-financials-stratasys-holds-its-ground-as-tariffs-drag-down-margins/"><span class="s1">Stratasys (SSYS) Q3 2025 earnings analysis</span></a></span></p> <p class="p1">22:41 – <a href="https://3dprint.com/322233/stratasys-adds-metal-ceramic-with-tritone-investment/"><span class="s1">Stratasys invests in Tritone</span></a>, dipping into metals</p> <p class="p3"><span class="s2">26:00 – <a href="https://3dprint.com/321930/3d-printing-financials-3d-systems-sees-signs-of-stabilization-as-new-hardware-sales-lift-outlook/"><span class="s1">3D Systems (DDD) Q3 2025 earnings analysis</span></a></span></p> <p class="p3"><span class="s2">28:06 – <a href="https://3dprint.com/321720/3d-printing-financials-another-strong-quarter-for-materialises-medical-segment/"><span class="s1">Materialise (MTLS) Q3 2025 earnings analysis</span></a></span></p> <p class="p1">31:10 – “In Europe, Olive is the new green”</p> <p class="p3"><span class="s2">33:10 – <a href="https://3dprint.com/322045/3d-printing-financials-velo3d-lists-on-nasdaq-and-tightens-its-path-to-profitability/?utm_source=3DPrint.com+Daily+Newsletter&#38;utm_campaign=7ebb3cb4be-3dprint_daily_newsletter&#38;utm_medium=email&#38;utm_term=0_8ba29602e9-7ebb3cb4be-72786390"><span class="s1">Velo3D (VELO) Q3 2025 earnings analysis</span></a></span></p> <p class="p1">35:06 – Thanks again to Troy and thank you all for listening!</p> <p class="p1"><b>Disclaimer:</b><b></b></p> <p class="p1"><i>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.</i><i></i></p> <p class="p1"><i>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.</i></p>