Printing Money

Welcome to Printing Money Episode 42. Troy Jensen (Managing Director, Cantor) returns, joining Danny Piper (Managing Partner, NewCap) to review Q2 2026 publicly traded 3DP/AM company earnings reports. Troy’s quarterly appearances on Printing Money provide listeners with a consistent touchpoint to take the pulse of Wall Street’s outlook for 3D printing / additive manufacturing. The theme of Episode 42 is squarely a nod to growth in global manufacturing, nice timing for North America’s largest manufacturing event, IMTS, which is this week in Chicago. Growth is a trend the 3DP/AM industry is experiencing as well, and you can even find it in the public markets, you just have to look a little harder. The heart of Episode 42 is the 3DP/AM public company earnings analysis. Troy and Danny break down the balance sheets, P&Ls, and strategies for Stratasys, 3D Systems, Velo3D, Materialise, Xometry, and Protolabs. Easter eggs: Companies mentioned but not timestamped include: EOS, Nikon SLM Solutions, Divergent, VulcanForms, Freeform, Incodema, AFM, I3D, BTX, Burloak, Sintavia, Oerlikon, Bambu Labs, and more. Please enjoy Episode 42, and check out our previous episodes too. This episode was recorded September 11, 2026. Timestamps: 00:13 – Welcome to Episode 42, and welcome back to Troy Jensen, Cantor 00:59 – The ISM PMI, AMT machine tool data, and more indicators all look positive in advance of IMTS (this week in Chicago!) 03:43 – The 3D printing industry seems healthy and growing, but is at the expense of the public markets companies? 05:38 – Stratasys (SSYS) Q2 2026 earnings review 09:13 – The “race to the bottom” is not just against Chinese 3D printing companies 12:10 – Can pellet based systems such as AIM3D disrupt the polymer AM market? 12:53 – 3D Systems (DDD) Q2 2026 earnings review; CEO transition announced 17:23 – Velo3D (VELO) Q2 2026 earnings review 24:48 – SpaceX’s (SPCX) direct and indirect role in shaping Velo’s business and the 3D printing industry 27:27 – Materialise (MTLS) Q2 2026 earnings review 30:45 – Xometry (XMTR) Q2 2026 earnings review 33:11 – Protolabs (PRLB) Q2 2026 earnings review 37:08 – Thanks again to Troy for joining, and see you all at IMTS! 37:33 – Disclaimer Disclaimer: 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. 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.

Welcome to Printing Money Episode 41. Danny is joined for this episode by Daniel Johns. Dan has deep 3DP/AM industry experience with the likes of 3T, BEAMIT, Oerlikon, GKN, Airbus, and Howmet, and currently runs TAAG, an industrialization and investment platform. Episode 41 starts by looking at Dan Johns’ impressive career in 3DP/AM, at aerospace providers, service providers and now in an independent role. It’s a great backdrop for some holistic discussion on the evolution and state of the 3DP/AM industry, which has come a long way towards standardization. Positive signals abound thanks to expiration of core IP enabling better economics, and a more product focused orientation. Next, Danny and Dan analyze some recent M&A in the 3DP/AM industry, and a keen ear will spot those positive signals clearly at work throughout the discussion. One recurring theme that gets some airtime is that service bureaus are hitting their stride in the USA, but not quite yet in Europe. To wit, Beehive Industries. Next, the discussion turns to 3DP/AM financings. Notably, we covered Meshy AI in the last episode, but there’s more to talk about already with an eyebrow-raising $400M raise and $1.5B post-money valuation. Tying up the financing section, the conversation touches on a couple RIPs and liquidations. Last, a call to join Danny, Dan (and also the 3DPrint and AM Research teams) at IMTS in a few weeks in Chicago, and some recommended reading on the 3DP/AM market for drones. Please enjoy Episode 41 and check out our previous episodes too. This episode was recorded August 11, 2026. Timestamps: 00:13 – Welcome to Episode 41, and welcome to Dan Johns, TAAG 01:38 – Dan Johns’ career, early years 05:26 – Dan Johns’ time at Airbus, GKN and Oerlikon 08:40 – Dan Johns’ career, the Sandvik, BEAMIT and 3T years 15:50 – AM has become a more normalized manufacturing process 19:00 – TAAG’s advisory, investment, and exchange platform 22:23 – Reindustrializing the West and how to get started 26:55 – Crossing the Chasm: M&A in the captive 3DP/AM market 28:58 – Beehive acquires two Cincinnati-area machine shops 36:32 – New Zealand EBM contract manufacturer Zenith Tecnica acquired in part by internal investors 39:17 – Ricoh sells 3D Healthcare unit to former executives, new company named Myrava 41:15 – Roboze acquires Dimanex’ IP 42:15 – 3D Prod acquires Sculpteo 43:45 – Meshy AI raises $400M Series B 49:42 – Kind Designs raises additional $10M 52:43 – IperionX (IPX) $50M offering led by Cantor Fitzgerald 54:13 – ALM Ortho closes small round, size undisclosed 55:04 – BigRep deslisting and liquidating 56:35 – 3DEO insolvency and liquidation 57:04 – Black Buffalo files bankruptcy 57:42 – IMTS 2026 next month, see you there? 58:38 – UAS/Drones market coverage from AM Research 59:01 – Thanks to Dan for joining, and thanks to you for listening! 59:53 – Disclaimer Disclaimer: 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. 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.

Welcome to Printing Money Episode 40. Matthias Schmidt-Lehr (AMPOWER, Executive Partner) joins Danny for this episode and we are very thankful to have him back. In Episode 40, Danny and Matthias approach markets and deals largely with AI in mind. AI is a huge enabler for the 3DP/AM industry, but in different ways for different parts of the industry. First, Danny and Matthias discuss the desktop 3DP/AM market with respect to industrial users and of course also with respect to AI. Then the discussion shifts upstream to industrial 3DP/AM applications of AI. Along the way, there are some very topical 3DP/AM deals and financings to reference. Finally, Danny and Matthias manage to exhaust the limits of AI, with respect to 3DP/AM deals anyway. So, they dive in for a few laps of more general deal analysis. Throughout this episode there are a lot of reference to past deals and episodes. Historical references are made to Backflip, Axial3D, Euler, Interspectral, Freeform, Seurat, VulcanForms, Alloy Enterprises, Metal Powder Works, 6K Additive, and more. We mentioned Matthias’ past appearance on Printing Money, but also a heads up to stay tuned for some more great AMPOWER content coming to 3DPrint.com soon. Please enjoy Episode 40 and check out our previous episodes too. This episode was recorded July 14, 2026. Timestamps: 00:13 – Welcome to Episode 40, and welcome back to Matthias Schmidt-Lehr, AMPOWER 01:34 – Insights on AI and what it means for 3DP/AM 07:28 – Analyzing the desktop 3DP/AM market and its relevance to industrial users 09:24 – Meshy.ai raises $50m for AI 3D model generation (BAI Capital invested) 13:37 – Hi3D.ai raises undisclosed seed round for AI 3D maker creation (BAI Capital invested again) 17:07 – AI is already an enabler for the desktop consumer 3DP/AM market 19:54 – Replasia receives minority investment from Materialise and Andy Christenson for 3DP medical devices 24:54 – AI for industrial 3DP/AM 29:22 – Phase3D raises $2.9M for in-situ monitoring 33:45 – FreeForm, Seurat, VulcanForms, and scaling metal LPBF 37:39 – Limitless Labs raises $20M for agentic CAD 40:09 – TDK acquiring Fabric8Labs for $400M+ for AI infrastructure 44:12 – Sandvik exits 3D printing business to carve-out firm Mimir 48:55 – Spectrum Filaments receives investment from Blue Gravity Capital 49:45 – HeyGears raises approximately $44M for desktop 3D printing 51:45 – Rem3dy/Nourished raises GBP 14M for 3D printed nutrition gummies 53:07 – …and Curify Labs raises $14M for 3d printed medicine 54:29 – Fabri raises $13.5M to create digital foundry from Raytheon, Lockheed Martin 55:49 – Foundation Alloy raises $22M for metal powders 57:22 – Thanks again to Matthias for joining, thanks to you for listening, and hold on to your seats for the AI wave! 59:03 – Disclaimer Disclaimer: 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. 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.

Welcome to Printing Money Episode 39, (or, “The one where they all went to market”). It’s that quarterly time, so Troy Jensen (Managing Director, Cantor Fitzgerald) joins Danny for a review and analysis of the Q1 2026 public 3DP/AM company earnings. Episode 39 opens with a nod to the recent spate of positive financings and M&A outcomes for 3DP/AM companies. Danny and Troy review the reasons for this, but they are sure to curb their enthusiasm as a mega-IPO cycle is imminent which could dry up liquidity for smaller players such as…all 3DP/AM companies! Next, to the heart of things. Danny and Troy analyze the Q1 2026 reports for Stratasys (SSYS), 3D Systems (DDD), Velo3D (VELO), Materialise (MTLS), Xometry (XMTR) and Protolabs (PRLB). Included in the analysis is coverage of many of these firms’ significant financings or transactions. Tune in for analysis of Stratasys’ Markforged acquisition, 3D Systems’ cash raise, Velo’s cash raise, Xometry’s cash raise, Materialise’s stock buyback, and more. The public markets 3DP/AM players are in a better place, with stronger balance sheets and increased optionality. Good times may indeed be ahead, but smart Additive Manufacturing Strategies will be needed to execute properly and deliver value. Please enjoy Episode 39 and check out our previous episodes too. This episode was recorded June 9, 2026. Timestamps: 00:13 – Welcome to Episode 39, and welcome back to Troy Jensen (Cantor Fitzgerald) 00:46 – Healthy 3DP/AM M&A and Financings are back 01:55 – Troy’s general perspective on recent 3DP/AM deals 03:00 – Strike while the iron is hot 03:42 – SpaceX vacuum? (and Anthropic, and OpenAI) What these mega-IPOs mean for 3DP/AM companies in H2 2026 06:15 – Stratasys (SSYS) Q1 2025 earnings and Markforged acquisition analysis 12:44 – Can Stratasys unlock Markforged value with in-house IP from Arevo and 9T Labs? 14:47 – 3D Systems (DDD) Q1 2026 earnings and $50M secondary analysis 19:52 – Velo3D (VELO) Q1 2026 earnings, $50M secondary, and $100M ATM analysis 25:52 – Materialise (MTLS) Q1 2026 earnings, stock buyback, and spinouts analysis 32:43 – Xometry (XMTR) and Protolabs (PRLB) surging on Q1 2026 earnings; XMTR $225M secondary 35:29 – Good times ahead? Strong balance sheets auger a need for smart additive manufacturing strategies 36:55 – Thanks very much to Troy for joining, and thanks very much to you for listening! 37:21 – Disclaimer Disclaimer: 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. 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.

Welcome to Printing Money Episode 38. Rajeev Kulkarni returns for this episode, and we find it hard to believe it’s been nearly two years since his first appearance. In the interim, one of Rajeev’s three focus-companies (Ackuretta) was acquired in a positive outcome and the other two (Axtra3D and Caracol) have experienced significant growth and fundraising. 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 RAPID event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&A and financing world. Did we say 3DP/AM M&A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy all 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. Please enjoy Episode 38 and check out our previous episodes too. This episode was recorded May 12, 2026. Timestamps: 00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni 00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more 05:48 – Workflow considerations for 3DP/AM business growth 07:00 – RAPID 2026 review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance 08:52 – Real market growth, not evenly distributed 11:16 – For OEMs, it’s time to polarize your products 14:15 – Bullish M&A trends for 3DP/AM 14:47 – AFM acquires Incodema3D 15:32 – BTX Precision subsidiary I3D acquires Burloak from Samuel (breaking news as of this recording date!) 21:18 – Prodways (PWG.PA) sells its software business for EUR 35M 25:12 – Materialise (MTLS) transferring its RapidFit business to management team 30:56 – Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension 35:36 – What will come of what’s left at Nano Dimension? 36:30 – Johnson Controls (JCI) acquiring Alloy Enterprises 41:09 – EOS acquires Metalpine 42:11 – Amnovis acquires Westconn 44:37 – Tethon3D acquires Fortify3D IP 48:33 – Freeform raises $67M Series B 50:53 – Firestorm raises $82M Series B 55:06 – Nanochon closes $4.1M Seed Round 57:11 – Kureha invests in Z-Polymers 59:57 – Velo3D (VELO) $50M private placement offering 1:01:50 – Thanks again to Rajeev, and thanks to you for listening! Disclaimer: 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. 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.