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.