Printing Money

Welcome to Printing Money Episode 35 and let us be the last to wish you a happy new year.

For this episode Danny is joined by Arno Held (Managing Partner, AM Ventures) and Alex Kingsbury (Market Development Manager, nLIGHT), both certified Printing Money OG’s.

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.  Even still, we can’t cover all the 3D printing business news.

Themes from Episode 35 include AI for 3DP/AM (and vice versa) and Australia, Smart M&A, all underlaid by a healthy dose of optimism.  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&A activity.  After the manic highs and depressive lows of the 2020-2025 3DP/AM business cycle, is the industry signaling a new normal?

Danny, Alex and Arno will all continue the discussion in person at AMS 2026 next month in New York City.  Meanwhile, please enjoy Episode 35 and check out our previous episodes too.

This episode was recorded January 13, 2026.

Timestamps:

00:12 – Welcome to Episode 35, and welcome back to Arno Held and Alex Kingsbury

01:19 – A tale of two halves: The 2025 year in review for the 3DP/AM industry

03:55 – Tariffs and government budgeting uncertainty were a speed bump in 2025

06:30 – 2026 sentiments; European 3DP/AM is not out of the woods but the light is clearing

08:54 – 2020-2025 as a complete cycle for the 3DP/AM markets

09:48 – Poised for success amidst geopolitical uncertainty

12:30 – Euler raises EUR 2M for AI fault detection in LPBF

18:45 – Headmade raises EUR 1.8M to scale its Cold Metal Fusion tech

21:03 – Fabric8Labs raises $50M to scale its ECAM technology

23:06 – Velo3D (VELO) $30M private placement of common stock

27:32 – H3D raises $5.8M Series A for dental and hearables

32:01 – CustoMED raises $6M for AI 3DP orthopedics

35:20 – Holdson raises GBP 1.5M for electroform post-processing

36:30 – Ascend Manufacturing raises $1M for its LAPS technology

37:36 – Arc Impact acquires Desktop Metal binder jetting (and other) assets

39:32 – ADDMAN acquires Forecast3D

41:41 – Caracol acquires AM assets/IP from Hans Weber

45:12 – DyeMansion acquires ASM

47:16 – Mantle acquired by Angstrom Group

49:37 – Sintokogio buys Bosch’s ceramics unit

54:02 – Thrustworks acquired by The Exploration Company for Niobium AM

57:58 – Thank you to Alex and Arno, thank you All for listening, and 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 34, or “The one where they got back ahead of the curve.” Troy Jensen (Managing Director, Cantor Fitzgerald) returns for back-to-back appearances in the name of delivering to you, the listener, analysis as timely as possible.

Herein, Danny and Troy review Q3 2025 3DP/AM public market earnings, but this episode was recorded just a week after Formnext 2025, 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.

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.  Stratasys’ entrance into metal AM, 3D Systems’ healthcare and defense segments, scaling manufacturing at Materialise, and gross margins at Velo all get due coverage.

Happy holiday season, and please enjoy Episode 34 and check out our previous episodes too.

This episode was recorded December 2, 2025.

Timestamps:

00:12 – Welcome to Episode 34, and welcome back to Troy Jensen (Cantor Fitzgerald)

00:35 – Formnext 2025 impressions: A touch of optimism, with strength in metals, aerospace & defense, and from China.

04:01 – Ultra low-cost LPBF: China’s biggest 3DP competition comes from within?

06:10 – Nikon SLM Solutions (Nikon: 7771.JP) shows off momentum, brings massive printer to Formnext

07:40 – EOS flexes, launches its M4 Onyx metal printer at Formnext

09:15 – nLIGHT and Dyndrite help power EOS

10:39 – XACT Metal had a busy booth at Formnext

11:42 – HP (HPQ) launches a high-temp FFF 3D printer at Formnext, looking to expand lines through consolidation?

14:21 – Carbon raises $60M

17:24 – Caracol raises $40M Series B

19:38 – Formlabs demonstrating healthy growth

20:55 – Stratasys (SSYS) Q3 2025 earnings analysis

22:41 – Stratasys invests in Tritone, dipping into metals

26:00 – 3D Systems (DDD) Q3 2025 earnings analysis

28:06 – Materialise (MTLS) Q3 2025 earnings analysis

31:10 – “In Europe, Olive is the new green”

33:10 – Velo3D (VELO) Q3 2025 earnings analysis

35:06 – Thanks again to Troy and thank you all 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.

Welcome to Printing Money Episode 33!

Troy Jensen (Managing Director, Cantor Fitzgerald) returns in joining Danny to help our audience analyze the Q2 2025 earnings season.

Danny and Troy parse the financials and offer impactful analysis of earnings reports from DDD, SSYS, MTLS, NNDM, and Nikon SLM Solutions (Nikon: 7731.JP), guidance from EOS and Formlabs, and a lot more.

Danny opens the episode noting some recent notable private financings and Troy picks up on that noting recent uplift in public 3DP/AM companies’ pricing.  Despite that uplift, one theme of this episode is the far healthier multiples that Chinese 3DP/AM companies enjoy in their market. Other themes include the Nano Dimension unwind and speculation on a landing place for Markforged, and reshoring and aerospace/defense as drivers for the 3DP/AM industry,

We are reviewing Q2 2025 reporting, yet we are already in Q4 — maybe President Trump might actually temper the quarterly reporting hamster wheel.  Perhaps while the President is at it, he could also mandate more punctual reporting so we can really stay current here on the Printing Money pod.

Jokes and light tone aside, we encourage you to listen to this and all Printing Money episodes for informed and incisive coverage of the 3DP/AM markets.

Please enjoy Episode 33 and check out our previous episodes too.

This episode was recorded October 16, 2025.

Timestamps:

00:12 – Welcome to Episode 33 and welcome back to Troy Jensen

00:30 – Notable private financings since Troy last joined Printing Money in July (Divergent $290M, Caracol $40M)

01:07 – The public AM markets since July, and already looking at 2026

02:48 – 3D Systems (DDD) Q2 2025 earnings analysis and the Align (ALGN) story

06:01 – Fair market value? DDD stock price has improved since July

08:41 – Stratasys (SSYS) Q2 2025 earnings analysis; profitable, with lower guidance

11:24 – A tale of two multiples; Publicly traded Chinese 3D printing companies vs US counterparts

11:54 – Formlabs company analysis; not publicly traded but growth worth tracking

13:08 – Nikon SLM Solutions update; growth and profitability?

14:05 – EOS update; metals growth, polymers more stagnant

15:11 – Metal AM services scarcity in Europe; at least 3T will live on at SBO

16:34 – More on multiples: Farsoon and BLT with “healthy” multiples

19:11 – Nano Dimension (NNDM) update; change of CEO, again; activist investors are in charge now

22:55 – Speculation only: Could Nano Dimension end up in Stratasys’ hands?

24:27 – Materialise (MTLS) Q2 2025 earnings analysis

26:50 – European growth in aerospace & defense bodes well for AM

27:27 – Looking ahead to a Q3 review pretty soon, and expectations for Q4

28:32 – See you in a few weeks at Formnext 2025 in Frankfurt

28:46 – Thanks again to Troy, and thanks 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.

Welcome to Printing Money Episode 32! Also known as “The one with the 61x Multiple.”

Danny’s guest for this episode is Tali Rosman (RHH Advisory). Tali last joined as a guest back in January and has been busy advising startups and brokering transactions since.

So first, Danny and Tali discuss Tali’s recent experiences in dealmaking and at events such as FABTECH. They consider the China factor and the wherewithal of the US Defense-Industrial Base to keep pace.

Then, Danny and Tali get to it. They analyze recent industry transactions with an eye towards earnings (or lack thereof) and multiples (sometimes reasonable, sometimes 61x). There is discussion of IPOs in Korea and China, of PIPEs in the United States and Australia, and questionable transactions originating out of Sweden. Danny and Tali also cover notable deals in the dental 3DP market. The episode rounds out with some corporate news, both good (from RICOH) and bad (from Arburg).

Danny often delivers memorable one-liners, but in Episode 32, Tali steals the quip show with hits like, “You don’t need an IP moat when you have a flood,” and “You can’t out-China China”.

Please enjoy Episode 32 and check out our previous episodes, too.

This episode was recorded September 15, 2025.

Timestamps:

00:12 – Welcome to Episode 32, and welcome back to Tali Rosman

00:58 – Tali’s take on 2025 so far

02:47 – Defense tech infrastructure is slow, but getting more nimble

03:32 – The bull case for AM in reshoring

06:24 – Graphy (318060-KQ) goes public in Korea

08:45 – 3DP materials companies doing well in public markets; Metal Powder Works (MPW-ASX), IperionX (IPX – NASD), et al

09:19 – Creality going public in China

11:46 – Low-priced competition from Bambu Labs, and more low-priced competition coming (see: Fibre Seek and more)

13:57 – PIPE financing of $18m for Norsk Titanium (NTI – NO)

15:27 – DED now is where LPBF was in 2025 (see: FormAlloy, Big Metal Additive, Lincoln Electric, Trumpf, and more)

17:49 – Amaero launches PIPE deal for up to AUM 53M (3DA – ASX)

20:32 – Divergent Series E of $290M at $2.3B valuation

27:11 – Former Hexagon CEO sells Hexagon shares to back Divergent (HEXA.B – ST)

27:28 – Rochefort: The Kyle Bass connection

27:59 – AmPd Labs $2M seed round

31:15 – SBO AG (owner of Knust-Godwin) to acquire 3T for GBP 4.76M

34:32 – 3DPOD shoutout: Knust-Godwin interview from 2020

35:22 – Pac-Dent acquires Ackuretta for dental 3DP

38:31 – SprintRay acquires EnvisionTEC dental portfolio

41:25 – SwissTo12 Buys Hanwha Phasor’s Antenna Assets and IP for 3DP RF components

46:06 – Coral Construction Technologies acquired by MTX Group and Purposia Group for concrete 3DP

48:23 – Ricoh spins out Ricoh 3D for Healthcare

49:32 – RIP: Arburg dropping its 3D printing business

51:33 – Thanks again to Tali, and thank 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.

Printing Money Episode 31 is here!

Danny’s guest for this episode is Fabian Alefeld (Director Business Development & Academy, Global Additive Minds | EOS North America, and Podcast Host, Additive Snack).  Fabian’s title is a mouthful, but his efficiency in 3DP/AM industry analysis is impressive.

Fabian and Danny are efficient, but a lot of deals have accrued for discussion, so this episode is hefty, clocking in at 71 minutes.  First, they talk a bit about what Fabian does at EOS.  Then the conversation zooms out and brushes on significant trends in the 3DP/AM market.  This sets the stage for a perfectly executed (yes, 10.0) dive into recent deals, financings, bankruptcies, and more.

Even in the twenty-four hours since recording this episode, there has been some notable 3D printing market action.  As Danny notes in his closing thoughts, a new cycle may be nigh.  In any case, Printing Money looks forward to covering the 3DP/AM deals to come.

Please enjoy Episode 31 and check out our previous episodes, too.

This episode was recorded August 19, 2025.

Timestamps:

00:12 – Welcome to Episode 31, and welcome to our guest, Fabian Alefeld (EOS)

01:10 – What is Additive Minds?

03:25 – What is Additive Minds Academy?

04:32 – NASA and EOS in-person Master Class

05:16 – Additive Snack podcast

07:06 – Fabian’s AM journey and focus

10:30 – AM is a mile wide and a mile deep, but metal LPBF has been a bright spot

11:30 – The bigger picture in AM before diving into recent deals

15:32 – BCN3D falters, but saved by investor group

20:41 – Castor files for liquidation

25:32 – 3D Systems spinout Systemic Bio shutters

30:11 – Voxeljet through the wringer – failed buyout by Anzu

33:52 – Nano Dimension sends Desktop Metal into bankruptcy

34:30 – Anzu Partners purchases ExOne and more from Desktop Metal

37:21 – Speculation only: Might Anzu flip the Aidro asset?

38:13 – Admatec and Formatec rescue themselves after Nano Dimension divestiture

38:52 – Stratasys acquires Nexa3D assets and more

43:04 – Trumpf sells its AM business to a German PE firm

47:57 – MX3D raises EUR 7M Series A for Wire-Arc AM

50:14 – Insight Surgery raises $2.5M for surgical guides

52:54 – Koobz raises $7.2M seed round for 3D printed footwear

57:56 – Novenda raises $6.1M for dental 3D printing

59:30 – Firestorm Labs raises $47M Series A for 3D printing drones

1:07:29 – Carlsmed raises $101M in IPO

1:09:54 – This time with optimism; closing thoughts

1:10:31 – Thank you to Fabian, and thank 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 investment.