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.