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Printing Money

Printing Money
Printing Money
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  • Printing Money Episode 33: Q2 2025 Public 3D Printing Earnings Review with Troy Jensen, Cantor Fitzgerald
    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.
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  • Printing Money Episode 32: 3D Printing Deal Analysis with Tali Rosman
    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,
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  • Printing Money Episode 31: AM Deals and Analysis with Fabian Alefeld, EOS
    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 invest...
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  • Printing Money Episode 30: Q1 2025 Public 3D Printing Earnings Review with Troy Jensen, Cantor Fitzgerald
    Printing Money is back with Episode 30, and it’s that quarterly time, so we are happy and thankful to welcome back Troy Jensen (Managing Director, Cantor Fitzgerald) to review the Q1 2025 3DP/AM public market earnings. 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.  That is to say, we are looking back as fast as possible in order to look forward. Danny and Troy start off by ruminating on the lack of 3DP/AM participation in a seemingly general public market momentum.  Tariffs and interest rates play their roles, still it is incumbent upon the 3DP/AM industry to find its footing. Next, Danny and Troy dive into the Q1 2025 public market earnings.  What of Stratasys and its new cash stockpile?  Can 3D Systems engineer a financial turnaround?  What is the path ahead for Nano Dimension under a new CEO?  Does Q1 2025 show that Materialise’s Q4 2024 disappointment was just an outlier? 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. The conversation transitions to some green shoot success stories and last, a quick a look ahead at Q2, which of course has already happened… Please enjoy Episode 30 and check out our previous episodes too. This episode was recorded June 30, 2025. Timestamps: 00:12 – Welcome to Episode 30 and welcome back to Troy Jensen (Cantor Fitzgerald) 00:45 – The public markets have come back, but not so for 3DP/AM stocks 01:30 – Little to no institutional interest, lack of profitability, not enough growth 02:41 – AI and other hot tech moves fast, 3DP/AM moves slow 03:03 – Tariff impact to capital equipment buying decisions 04:15 – Interest rates impact to capital equipment buying decisions 05:55 – Regional performance of metal AM (source: AMPOWER) 07:19 – Stratasys (SSYS) Q1 2025 earnings review 09:18 – Stratasys acquires BASF spinout Forward AM, others next? 14:03 – 3D Systems (DDD) Q1 earnings review 17:25 – 3D Systems’ business with Align Technologies (ALGN) 19:35 – Healthcare 3DP/AM strong: 3D Systems (ex-Align) and Materialise (MTLS) 20:40 – Nano Dimension (NNDM) Q1 2025 earnings 21:36 – What is coming of Desktop Metal? 22:45 – Ofir Baharav and the Nano Dimension vision 23:45 – (Speculation only) DDD and NNDM, a synergistic match? 25:47 – Materialise (MTLS) Q1 2025 earnings 28:41 – Formlabs business overview 29:47 – Bambu Lab business overview 30:05 – Nikon SLM Solutions (Nikon - 7731:JP), EOS, Velo3D (VLDX) business overviews 30:31 – Green shoots: 3DP/AM services for Aerospace/Defense 31:14 – LPBF for production: Incodema and I3D 33:15 – Wag the dog: 3DP/AM materials are entrenching into the supply chain 34:37 – Q2 2025 look ahead (considering it’s already Q3…) 35:33 – Thank you to Troy 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...
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  • Printing Money Episode 29: 3D Printing Deals and Analysis with Alex Kingsbury
    Printing Money is back with Episode 29. Alex Kingsbury (Product Line Manager – AM, nLIGHT) is back. Need we say more to convince you to listen? Either way, we’ll say a little more. Episode 29 marks the first recording where Danny and Alex were in the same room. No promises, but maybe we’ll add a video element one of these days. Themes from this episode include metal powders transactions, Los Angeles, Hamburg, Australia (not even including Alex’s obvious Australian connection), and AM adjacent deals, and a number of follow-on rounds the companies of which we’ve been tracking on Printing Money for some time now. And yes, we devote some coverage to Nano Dimension! There are, as always, some very memorable lines sprinkled amongst (and very much part of) the fount of knowledge and insight that Danny and Alex offer. Please enjoy Episode 29 and check out our previous episodes too. This episode was recorded May 14, 2025. Timestamps: 00:12 – Welcome to Episode 29 and cheers to that! 01:05 – The Space Coast AM landscape; putting the LA in “Laser” 03:52 – Are there signs of an uptick in 3D printing deals? 04:21 – Metal Powder Works (ASX: MPW) lists publicly in Australia 07:10 – The ASX, no stranger to 3D printing 08:09 – Alloyed raises GBP 37M Series B 11:36 – IperionX (IPX) receives (up to) $47.1M from DoD 13:35 – Government supported AM 14:44 – restor3d raises another $38M 18:24 – PinPrint receives strategic funding from Continuity Biosciences 21:14 – ATLANT 3D raises $15M Series A 22:32 – To some extent the semiconductor industry is 3D printing 23:43 – amsight raises undisclosed seed round 25:07 – 3D Spark raises EUR 2M 26:00 – Kind Designs raises $1M from Overlay Capital 27:16 – Nano Dimension (NNDM) completes Markforged acquisition 29:27 – Ametek (AME) to acquire FARO (FARO) 31:44 – Siemens acquires Wevolver 34:29 – Tethon 3D acquires division from Sintx (SINT) 36:54 – Anzu Partners’ buyout of Voxeljet fails 40:24 – Thank you for listening to Episode 29 40:44 – 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.
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Over Printing Money

As the additive manufacturing industry continues to rapidly grow and evolve, so too does the financing that enables the technology innovation. ‘Printing Money’ takes a deeper look at the transactions behind some of the most innovative 3D printing businesses. We explore everything from mergers, acquisitions, fundraising, and the public markets, while considering broader technology trends and market movements in the AM industry. Each episode, we’ll dive into the latest investments in the 3D printing industry and understand how they’ll shape the future of the industry. With our combined expertise in finance and additive manufacturing, we’ll give you the context you need to better understand the deals done in our industry.
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