<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>