Printing Money Episode 34: Formnext Review and Q3 2025 Public 3D Printing Earnings Review with Troy Jensen, Cantor Fitzgerald
<p class="p1">Welcome to <i>Printing Money </i>Episode 34, or “The one where they got back ahead of the curve.”<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 & 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&utm_campaign=7ebb3cb4be-3dprint_daily_newsletter&utm_medium=email&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>
