Welcome to Printing Money Episode 36! For this episode Danny is joined by a new guest, John Barnes (Founder and President, The Barnes Global Advisors, Founder and CEO, Metal Powder Works (MPW.ASX). From career foundations in industrial development John has built both an AM consultancy and a metal AM powders company. We are thankful to have his perspective here.

This episode starts with a look at John’s background and what’s brought him to this point. Then, Danny and John review the MILAM 2026 event which occurred earlier this month in Tampa Bay.

From Tampa the conversation heads to Australia as a nexus for the global metal AM powder market. John and Danny dive into dynamics driving that.

After the low-down down under, the conversation turns to Printing Money’s why and wherefore — 3DP/AM deal analysis around the globe from VulcanForms and Hadrian in the USA, to SWISSTO12 and Additive Drives in Europe, to Snapmaker in China, and more.

The best quote of the episode is actually a paraphrase from Seinfeld, as John drops “The whale is the largest mammal in the world, but it doesn’t have to be!” seamlessly amidst incisive deal analysis.

Danny and John will continue the discussion in person at AMS 2026 this week in New York City. Meanwhile, please enjoy Episode 36 and check out our previous episodes too.

This episode was recorded February 17, 2026.

Timestamps:

00:12 – Welcome to Episode 36 and welcome to John Barnes (TBGA & MPW)

01:14 – John Barnes’ career, in his own words: Sandia, Lockheed/Skunkworks, CSIRO, RTI

06:25 – TBGA founded in 2017, MPW founded shortly thereafter

07:44 – Can 3DP/AM materials companies be parts producers?

09:45 – MILAM 2026 review: A displacement between capabilities and use?

13:35 – Dissociating sustainment from new builds

15:00 – An impressive sense of urgency (at MILAM 2026)

17:12 – DoW inefficiencies stymie return on investment

21:21 – The global metal AM powder market

24:59 – The ASX (Australian stock market) applicability for metal AM powder companies (MPW, 6KA, 3DA, TTT, etc)

25:22 – Scaling, and the value proposition for metal AM powders

30:00 – 6K Additive IPOs in Australia

30:33 – Metal Powder Works’ path to public markets in Australia

35:55 – List in Australia, scale operations in the United States

37:10 – MPW.ASX raises AUD 15M in follow-on offering

38:21 – Hadrian receives investment for advanced manufacturing facility

38:39 – VulcanForms raises $220M from Eclipse, 1789 Capital and more

43:08 – Machina Labs raises $124M from Lockheed Martin, NVIDIA, and more

45:44 – Additive Drives $20M+ round

48:09 – Uptool raises $6M from Khosla, Bessemer, Kleiner Perkins, et al.

50:47 – Kickstart this: Snapmaker raises a more classical Series B

52:38 – SWISSTO12 raises EUR 73M (not all equity)

54:48 – Perseus Materials receives strategic investment from Lockheed Martin

57:53 – Vulcan and Burgmaster merge to form MASTREX for very low cost metal LPBF

1:03:27 – Thingiverse to be acquired by MyMiniFactory

1:03:53 – Reasons for optimism for the metal AM market

1:04:52 – Thanks again to John, thanks for listening, and see you at AMS this week!

1:05:19 – 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.