<description>&lt;p class="p1"&gt;&lt;i&gt;Printing Money &lt;/i&gt;is back with Episode 30, and it’s that quarterly time, so we are happy and thankful to welcome back Troy Jensen (Managing Director, &lt;a href="https://www.cantor.com/"&gt;&lt;span class="s1"&gt;Cantor Fitzgerald&lt;/span&gt;&lt;/a&gt;) to review the Q1 2025 3DP/AM public market earnings.&lt;/p&gt; &lt;p class="p1"&gt;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.&lt;span class="Apple-converted-space"&gt;  &lt;/span&gt;That is to say, we are looking back as fast as possible in order to look forward.&lt;/p&gt; &lt;p class="p1"&gt;Danny and Troy start off by ruminating on the lack of 3DP/AM participation in a seemingly general public market momentum.&lt;span class="Apple-converted-space"&gt;  &lt;/span&gt;Tariffs and interest rates play their roles, still it is incumbent upon the 3DP/AM industry to find its footing.&lt;/p&gt; &lt;p class="p1"&gt;Next, Danny and Troy dive into the Q1 2025 public market earnings.&lt;span class="Apple-converted-space"&gt;  &lt;/span&gt;What of Stratasys and its new cash stockpile?&lt;span class="Apple-converted-space"&gt;  &lt;/span&gt;Can 3D Systems engineer a financial turnaround?&lt;span class="Apple-converted-space"&gt;  &lt;/span&gt;What is the path ahead for Nano Dimension under a new CEO?&lt;span class="Apple-converted-space"&gt;  &lt;/span&gt;Does Q1 2025 show that Materialise’s Q4 2024 disappointment was just an outlier?&lt;/p&gt; &lt;p class="p1"&gt;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.&lt;/p&gt; &lt;p class="p1"&gt;The conversation transitions to some green shoot success stories and last, a quick a look ahead at Q2, which of course has already happened…&lt;/p&gt; &lt;p class="p1"&gt;Please enjoy Episode 30 and check out our &lt;a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"&gt;&lt;span class="s1"&gt;previous episodes&lt;/span&gt;&lt;/a&gt; too.&lt;/p&gt; &lt;p class="p1"&gt;&lt;i&gt;This episode was recorded June 30, 2025.&lt;/i&gt;&lt;/p&gt; &lt;p class="p1"&gt;&lt;b&gt;Timestamps&lt;/b&gt;:&lt;/p&gt; &lt;p class="p1"&gt;00:12 – Welcome to Episode 30 and welcome back to Troy Jensen (Cantor Fitzgerald)&lt;/p&gt; &lt;p class="p1"&gt;00:45 – The public markets have come back, but not so for 3DP/AM stocks&lt;/p&gt; &lt;p class="p1"&gt;01:30 – Little to no institutional interest, lack of profitability, not enough growth&lt;/p&gt; &lt;p class="p1"&gt;02:41 – AI and other hot tech moves fast, 3DP/AM moves slow&lt;/p&gt; &lt;p class="p1"&gt;03:03 – Tariff impact to capital equipment buying decisions&lt;/p&gt; &lt;p class="p1"&gt;04:15 – Interest rates impact to capital equipment buying decisions&lt;/p&gt; &lt;p class="p1"&gt;05:55 – Regional performance of metal AM (source: &lt;a href="https://ampower.eu/"&gt;&lt;span class="s1"&gt;AMPOWER&lt;/span&gt;&lt;/a&gt;)&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;07:19 – &lt;a href="https://3dprint.com/318013/3d-printing-financials-stratasys-kicks-off-2025-with-fresh-cash-and-a-tight-grip-on-strategy/"&gt;&lt;span class="s1"&gt;Stratasys (SSYS) Q1 2025 earnings review&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;09:18 – &lt;a href="https://3dprint.com/318145/stratasys-acquires-forward-ams-operations-assets-launches-mass-additive-manufacturing/"&gt;&lt;span class="s1"&gt;Stratasys acquires BASF spinout Forward AM, others next?&lt;/span&gt;&lt;/a&gt; &lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;14:03 – &lt;a href="https://3dprint.com/318060/3d-printing-financials-3d-systems-cuts-costs-bets-on-a-future-comeback/"&gt;&lt;span class="s1"&gt;3D Systems (DDD) Q1 earnings review&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p1"&gt;17:25 – 3D Systems’ business with Align Technologies (ALGN)&lt;/p&gt; &lt;p class="p1"&gt;19:35 – Healthcare 3DP/AM strong: 3D Systems (ex-Align) and Materialise (MTLS)&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;20:40 – &lt;a href="https://investors.nano-di.com/press-releases/news-details/2025/Nano-Dimension-Reports-First-Quarter-2025-Financial-Results/default.aspx"&gt;&lt;span class="s1"&gt;Nano Dimension (NNDM) Q1 2025 earnings&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p1"&gt;21:36 – What is coming of Desktop Metal?&lt;/p&gt; &lt;p class="p1"&gt;22:45 – Ofir Baharav and the Nano Dimension vision&lt;/p&gt; &lt;p class="p1"&gt;23:45 – (Speculation only) DDD and NNDM, a synergistic match?&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;25:47 – &lt;a href="https://3dprint.com/317645/3d-printing-financials-medical-drives-materialises-q1-2025/"&gt;&lt;span class="s1"&gt;Materialise (MTLS) Q1 2025 earnings&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;28:41 – &lt;a href="https://formlabs.com/"&gt;&lt;span class="s1"&gt;Formlabs business overview&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;29:47 – &lt;a href="https://bambulab.com/en"&gt;&lt;span class="s1"&gt;Bambu Lab business overview&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;30:05 – &lt;a href="https://www.nikon.com/company/ir/ir_library/result/#y2025"&gt;&lt;span class="s1"&gt;Nikon SLM Solutions (Nikon &amp;#8211; 7731:JP)&lt;/span&gt;&lt;/a&gt;, &lt;a href="https://www.eos.info/"&gt;&lt;span class="s1"&gt;EOS&lt;/span&gt;&lt;/a&gt;, &lt;a href="https://3dprint.com/318080/3d-printing-financials-velo3d-looks-to-bounce-back-with-defense-deals/"&gt;&lt;span class="s1"&gt;Velo3D&lt;/span&gt;&lt;/a&gt; (VLDX) business overviews&lt;/span&gt;&lt;/p&gt; &lt;p class="p1"&gt;30:31 – Green shoots: 3DP/AM services for Aerospace/Defense&lt;/p&gt; &lt;p class="p1"&gt;31:14 – LPBF for production: &lt;a href="https://www.incodema3d.com/"&gt;&lt;span class="s1"&gt;Incodema&lt;/span&gt;&lt;/a&gt; and &lt;a href="https://www.i3dmfg.com/"&gt;&lt;span class="s1"&gt;I3D&lt;/span&gt;&lt;/a&gt;&lt;/p&gt; &lt;p class="p1"&gt;33:15 – Wag the dog: 3DP/AM materials are entrenching into the supply chain&lt;/p&gt; &lt;p class="p1"&gt;34:37 – Q2 2025 look ahead (considering it’s already Q3…)&lt;/p&gt; &lt;p class="p1"&gt;35:33 – Thank you to Troy and thank &lt;i&gt;you&lt;/i&gt; for listening&lt;/p&gt; &lt;p class="p1"&gt;&lt;b&gt;Disclaimer:&lt;/b&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;p class="p1"&gt;&lt;i&gt;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.&lt;/i&gt;&lt;i&gt;&lt;/i&gt;&lt;/p&gt; &lt;p class="p1"&gt;&lt;i&gt;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.&lt;/i&gt;&lt;/p&gt;</description>

Printing Money

Printing Money

Printing Money Episode 30: Q1 2025 Public 3D Printing Earnings Review with Troy Jensen, Cantor Fitzgerald

JUL 7, 202536 MIN
Printing Money

Printing Money Episode 30: Q1 2025 Public 3D Printing Earnings Review with Troy Jensen, Cantor Fitzgerald

JUL 7, 202536 MIN

Description

<p class="p1"><i>Printing Money </i>is back with Episode 30, and it’s that quarterly time, so we are happy and thankful to welcome back Troy Jensen (Managing Director, <a href="https://www.cantor.com/"><span class="s1">Cantor Fitzgerald</span></a>) to review the Q1 2025 3DP/AM public market earnings.</p> <p class="p1">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.<span class="Apple-converted-space">  </span>That is to say, we are looking back as fast as possible in order to look forward.</p> <p class="p1">Danny and Troy start off by ruminating on the lack of 3DP/AM participation in a seemingly general public market momentum.<span class="Apple-converted-space">  </span>Tariffs and interest rates play their roles, still it is incumbent upon the 3DP/AM industry to find its footing.</p> <p class="p1">Next, Danny and Troy dive into the Q1 2025 public market earnings.<span class="Apple-converted-space">  </span>What of Stratasys and its new cash stockpile?<span class="Apple-converted-space">  </span>Can 3D Systems engineer a financial turnaround?<span class="Apple-converted-space">  </span>What is the path ahead for Nano Dimension under a new CEO?<span class="Apple-converted-space">  </span>Does Q1 2025 show that Materialise’s Q4 2024 disappointment was just an outlier?</p> <p class="p1">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.</p> <p class="p1">The conversation transitions to some green shoot success stories and last, a quick a look ahead at Q2, which of course has already happened…</p> <p class="p1">Please enjoy Episode 30 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 June 30, 2025.</i></p> <p class="p1"><b>Timestamps</b>:</p> <p class="p1">00:12 – Welcome to Episode 30 and welcome back to Troy Jensen (Cantor Fitzgerald)</p> <p class="p1">00:45 – The public markets have come back, but not so for 3DP/AM stocks</p> <p class="p1">01:30 – Little to no institutional interest, lack of profitability, not enough growth</p> <p class="p1">02:41 – AI and other hot tech moves fast, 3DP/AM moves slow</p> <p class="p1">03:03 – Tariff impact to capital equipment buying decisions</p> <p class="p1">04:15 – Interest rates impact to capital equipment buying decisions</p> <p class="p1">05:55 – Regional performance of metal AM (source: <a href="https://ampower.eu/"><span class="s1">AMPOWER</span></a>)</p> <p class="p2"><span class="s2">07:19 – <a href="https://3dprint.com/318013/3d-printing-financials-stratasys-kicks-off-2025-with-fresh-cash-and-a-tight-grip-on-strategy/"><span class="s1">Stratasys (SSYS) Q1 2025 earnings review</span></a></span></p> <p class="p2"><span class="s2">09:18 – <a href="https://3dprint.com/318145/stratasys-acquires-forward-ams-operations-assets-launches-mass-additive-manufacturing/"><span class="s1">Stratasys acquires BASF spinout Forward AM, others next?</span></a> </span></p> <p class="p2"><span class="s2">14:03 – <a href="https://3dprint.com/318060/3d-printing-financials-3d-systems-cuts-costs-bets-on-a-future-comeback/"><span class="s1">3D Systems (DDD) Q1 earnings review</span></a></span></p> <p class="p1">17:25 – 3D Systems’ business with Align Technologies (ALGN)</p> <p class="p1">19:35 – Healthcare 3DP/AM strong: 3D Systems (ex-Align) and Materialise (MTLS)</p> <p class="p2"><span class="s2">20:40 – <a href="https://investors.nano-di.com/press-releases/news-details/2025/Nano-Dimension-Reports-First-Quarter-2025-Financial-Results/default.aspx"><span class="s1">Nano Dimension (NNDM) Q1 2025 earnings</span></a></span></p> <p class="p1">21:36 – What is coming of Desktop Metal?</p> <p class="p1">22:45 – Ofir Baharav and the Nano Dimension vision</p> <p class="p1">23:45 – (Speculation only) DDD and NNDM, a synergistic match?</p> <p class="p2"><span class="s2">25:47 – <a href="https://3dprint.com/317645/3d-printing-financials-medical-drives-materialises-q1-2025/"><span class="s1">Materialise (MTLS) Q1 2025 earnings</span></a></span></p> <p class="p2"><span class="s2">28:41 – <a href="https://formlabs.com/"><span class="s1">Formlabs business overview</span></a></span></p> <p class="p2"><span class="s2">29:47 – <a href="https://bambulab.com/en"><span class="s1">Bambu Lab business overview</span></a></span></p> <p class="p2"><span class="s2">30:05 – <a href="https://www.nikon.com/company/ir/ir_library/result/#y2025"><span class="s1">Nikon SLM Solutions (Nikon &#8211; 7731:JP)</span></a>, <a href="https://www.eos.info/"><span class="s1">EOS</span></a>, <a href="https://3dprint.com/318080/3d-printing-financials-velo3d-looks-to-bounce-back-with-defense-deals/"><span class="s1">Velo3D</span></a> (VLDX) business overviews</span></p> <p class="p1">30:31 – Green shoots: 3DP/AM services for Aerospace/Defense</p> <p class="p1">31:14 – LPBF for production: <a href="https://www.incodema3d.com/"><span class="s1">Incodema</span></a> and <a href="https://www.i3dmfg.com/"><span class="s1">I3D</span></a></p> <p class="p1">33:15 – Wag the dog: 3DP/AM materials are entrenching into the supply chain</p> <p class="p1">34:37 – Q2 2025 look ahead (considering it’s already Q3…)</p> <p class="p1">35:33 – Thank you to Troy and thank <i>you</i> 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>