Printing Money Printing Money

It’s only been a week since the previous show, but Printing Money is back already with Episode 18. Certain events call for Printing Money’s coverage, and the recent 2nd Annual DC Fly-In from the Additive Manufacturing Coalition (AddMfgCoalition) is one of those. Initiatives such as the Fly-In help to shape the government funding and policies that often lead to facilitating the very deals that Printing Money is famous for analyzing.



For Episode 18, Danny is joined by Mark Burnham, Director of Policy for the AddMfgCoalition. Danny and Mark discuss the genesis of the AddMfgCoalition, its mission, and the efforts the coalition is making on behalf of the 3D printing industry. We hear about who attended the Fly-In earlier this month, the format of the Fly-In, and a number of the topics that were covered as additive manufacturing representatives met with members of Congress and their staff, and even representatives from the White House.



The event featured seventy meetings on Capitol Hill concerning R&D Tax Credits, the national defense industrial strategy, medical policy, the Council on Supply Chain Resilience, and much more.  All in the name of additive manufacturing.  All in just two and half days.



Please enjoy this episode and stay tuned in coming months for our next episodes analyzing all the deals fit for coverage as well as the Q1 2024 public company earnings reports.



Timestamps:



00:15 – Welcome to Mark Burnham



01:01 – What is the Additive Manufacturing Coalition?



03:12 – Mark’s career path leading to AddMfgCoalition



07:03 – Who attended the 2nd AddMfgCoalition Fly-In?



09:52 – North America is the #1 place to integrate AM technologies, but not always the #1 place to develop AM technologies



12:15 – The Fly-In Agenda; 6 Teams, 70 meetings, 2.5 Days



16:00 – R&D Tax Credits



20:36 – The National Defense Industrial Strategy



25:54 – All-in on advanced manufacturing



27:22 – A gap in the market; who will fund advanced manufacturing innovation?



31:51 – The US government as a customer



34:16 – Discussions at the Fly-In around Medical



39:03 – Providing congress with the tools to ask the right questions



40:36 – Supply chains and 3D printing



43:57 – Different colors of money; the funding dilemma



44:32 – What’s next for AddMfgCoalition?



46:56 – Concluding remarks

Printing Money is back with Episode 17!  Our host, NewCap Partners' Danny Piper, is joined by Alex Kingsbury for this episode, so you can prepare yourself for smart coverage laced with witty banter. Alex and Danny discuss reseller market consolidation, muse and lament about recent venture capital (VC)-funded outcomes, and talk strategic divestments. Because the last couple of episodes were focused on public company earnings and market data, there were a lot of VC and investment deals to discuss on this episode!  See the timestamps below for all of the companies we cover, and please enjoy Episode 17.

Timestamps:

00:15 – Welcome to our guest, Alex Kingsbury



00:45 – LPBF trends from Alex’s perspective



02:11 – Designers in Europe, Users in North America



04:24 – Sandvik acquires CIMQUEST



07:57 – MatterHackers acquires Source Graphics ; consolidates Formlabs market share



09 :30 – Holo acquired by Green Group Industries (a Tinicum company)



11:15 – Sintratec files for bankruptcy



11:27 – Unintended outcomes in venture funded companies



14:29 – A different breed of founders, a different breed of investors



15:20 – Prodways sells Solidscape wax printer division to unnamed investor



17:08 – Magnus Metals raises $74M Series B for digital casting



20:10 – More on casting: Foundry Lab, Skuld, Eagle Engineered Solutions (Beehive), et al.



22:29 – From running shoes to aerospace parts: Arris Composites raises $34M led by Bosch Ventures and Zebra Ventures



26:03 – Equispheres closes $39.9M Series B plus $17M nondilutive grants



29:03 – Velo3D (VLD) raises $12M on secondary offering



29:59 – AML3D raises A$3.9M (US $2.6M) for Ohio expansion



30:50 – Supporting the defense industrial base: BlueForge Alliance, ASTRO America, et al.



33:45 – Sodick invests in Prima Additive



35:12 – Firestorm Labs raises $12.5M to automate drone production including from Lockheed Ventures



37:21 – Q5D raises $3.5M from Lockheed and others for automated wire harness manufacturing



39:06 – Fluent Metal raises $5.5M



40:34 – Diagon raises $5.1M for equipment sourcing software (A must listen for Harry Potter fans!)



42:45 – Luminary Cloud raises $115M for CAE (Computer Aided Engineering)



43:56 – Carcinotech raises GBP 4.2M to fight cancer with 3D printed tumor models



44:53 – DR Horton invests in Apis Cor



45:59 – So long for now, but stay tuned for Episode 18 coming soon!

The Q4 earnings season is a wrap, and to put a bow on it here is Episode 16 of Printing Money, with Troy Jensen (Cantor Fitzgerald) returning to join Danny and review the quarter and year that was. Danny and Troy discuss the expectations they had for Q4 based in part on their impressions of the various additive manufacturing (AM) CEOs that attended February’s AMS New York City conference.  Then, they dive in.



In under 40 minutes Troy and Danny cover all the AM Q4 and annual earnings reports, and analyze what’s driving the numbers, the outlooks and the strategies.  Nobody is officially calling a “Haines Bottom” for the public 3D printing companies, but there are reasons to hope. Please enjoy Episode 16!

Timestamps:

00:23    Welcome Troy Jensen back to Printing Money



00:50    AMS 2024, and framing the Q4 3DP/AM industry earnings



02:40    The drive to profitability; specialization vs. scale



04:30    Brigitte de Vet: “It’s a slow revolution but the potential for AM remains large.”



06:36    Stratasys (SSYS)



08:55    Consumables, margins, and DMG Mori (6141:TSE)



10:25    Stratasys acquires Arevo IP



11:20    NNDM most recent offer to acquire SSYS hangs out there



12:38    3D Systems (DDD)



15:53    What of Cubicure, Align, and 3D Systems?



18:18    3D Systems’ regenerative medicine strategy



19:43    Markforged (MKFG)



22:44    Desktop Metal (DM)



27:05    Nano Dimension (NNDM)



27:22    Proto Labs (PRLB)



28:05    Materialise (MTLS)



31:15    Fathom (FATH) going private



31:35    Voxeljet delisting in the US (VX8:FRA)



32:48    Velo3D (VLD)



34:55    Nikon SLM Solutions (7731:TSE)



35:13    Xometry (XOM)



35:28    Is this the bottom?



36:23    HP (HPQ)



37:17    Closing remarks, and see you at RAPID in June!

Printing Money returns with Episode 15! This month, NewCap Partners' Danny Piper is joined by Scott Dunham, Executive Vice President of Research at Additive Manufacturing (AM) Research, and Matthias Schmidt-Lehr, Executive Partner at AMPOWER.  Last month, we zoomed out with The Association for Manufacturing Technology’s Chris Chidzik and examined the broader manufacturing market. This month, we zoom back in with two of the leading AM market analysts.



Scott and Matthias took part in a market data panel at the 2024 Additive Manufacturing Strategies business summit earlier this month, and continue the conversation here. Danny queries Matthias and Scott on their respective market tracking methodologies and gets their views on global and regional trends across metals, polymers, hardware and services.



The second part of Episode 15 takes a look at notable deals and market activity in the last month, including news from Wayland Additive, Desktop Metal, CORE Industrial, SOLIZE, Prototal, and others. Enjoy Episode 15 and stay tuned for more!  

Time Stamps:

00:16 Danny introduces our guests



01:35 Meet Scott Dunham, EVP Research at AM Research



02:42 Meet Matthias Schmidt-Lehr, Executive Partner, AMPOWER



04:22 Wall Street research analysts vs. market research analysts



05:18 AM Research data methodology



07:18 AMPOWER data methodology



09:39 AM market trends: A regional discussion



14:01 Print services market trends: Specialized versus broader approach



18:38 OEM market trends: Does Chris Chidzik's broader manufacturing view apply to AM?



22:41 Build size: Is bigger better?



27:36 AMPOWER:  AM Ventures venture capital market study



32:25 Wayland Additive raises GBP 4.2M



37:38 More construction 3DP raises: Azure raises $5M & Black Buffalo raises $4.25M



39:48 Desktop Metal files $250M mixed shelf offering with Cantor Fitzgerald



40:20 CORE Industrial raises $887M



40:57 SOLIZE IPOs in Japan



42:16 Prototal acquires CA Models



44:53 NUBURU (NASD: BURU) seeking strategic alternatives



46:23 RIP 3D Printing: Arevo assets up for sale, Uniformity Labs equipment auction, Shapeways liquidating Desktop Metal hardware, Morf3D being phased out



48:59 Thanks to Scott and Matthias!



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.

For Printing Money's first episode in 2024, Danny is joined by returning guest Dayton Horvath, Director of Emerging Technology at AMT, and by Dayton's colleague, Chris Chidzik, Principal Economist at AMT.  First, we zoom out and look with Chris at the manufacturing sector as a whole. Then we zoom back in with Dayton, and focus on the additive manufacturing (AM) market activity in the last month. Any market knowledge of the 3D printing industry is incomplete without a grasp on the larger manufacturing industry, and Dayton, Chris, and AMT are the perfect combination to address this topic.  You will learn about utilization, machinery orders vs tooling orders, the market effects of interest rates and geopolitics, and of course all the deals and AM analysis Printing Money listeners love to hear about.



If Episode 14 doesn't sate your manufacturing market appetite, we recommend attending the AMT Winter Economic Forum webinar on Friday January 26.  Also, Dayton, Danny, and many of the people and companies mentioned in this episode will be on-site at AMS NYC, this February 6-8.  Come meet us!



00:25   Introduction



01:20   Meet Chris Chidzik, Principal Economist, AMT



02:08   Meet Dayton Horvath, Director of Emerging Technology, AMT



02:35   Historical look at the manufacturing equipment market



09:40   Looking forward to the 2024 manufacturing equipment market



11:15   Interest Rates as a market driver



13:45  Geopolitics and reshoring as a market driver



17:59  AMT Winter Economic Forum Webinar



19:49  AMS NYC conference



21:16  Synopsys to acquire Ansys



24:01  Accuron to acquire WAAM3D



28:13  Nano Dimension (NNDM) makes new offer to buy Stratasys (SSYS)



31:05  Align Technology closes Cubicure acquisition and Nexa closes Essentium acquisition



32:10  3DEO receives investment from Seiko Epson, FusionX, and Bank of Japan



37:03  Velo3D $18M direct offering



39:15  Red Wolf Technology raises $2.5M for 3D printing mobile phone cases



41:30  3DK Tech raises seed round of around $2.5M from investors including HAX/SOSV



45:48  AMufacture raises around $1M



47:08  Closing remarks



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.

Happy holidays to our esteemed Printing Money listeners. Alex re-joins for this episode, and we also welcome back Arno Held from AM Ventures. There have been a number of thought provoking 3DP/AM transactions and impressive venture rounds since we last covered these topics in Episode 11.  Danny, Alex and Arno have you covered with a wealth of knowledge about all of it.  We begin with some ruminations and reminiscence on Formnext 2023, then we cover M&A and VC, and dive a bit into the private financing environment. Along the way you'll notice some interesting themes including corporate streamlining, and an educational and entertaining ode to tungsten!



0:13   Introductions



0:51   Formnext 2023 impressions



4:35   Cumberland Additive acquires Stratasys Direct division



9:43   3D Systems likely selling Oqton?



10:47 Nexa acquires Essentium



13:05 BigRep buys HAGE3D, and pursues German SPAC



17:05 Desktop Metal sells Aerosint to Schaeffler



22:00 Sandvik acquires Buffalo Tungsten



23:48 6K Additive purchases Global Metal Powders



26:27 Vectoflow closes €4M Series A



31:15 Divergent closes $230M Series D, and buys Sigma Additive's IP



33:41 Immensa lands $20M Series B



37:07 Precipart takes growth equity from KKR



39:12 Cognitive Designs raises €2M



41:15 Lithoz invests in Amarea



43:00 Multi-material printing



45:45 Norsk Titanium secures €2M bridge loan



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.