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Welcome to Printing Money Episode 42. Troy Jensen (Managing Director, Cantor) returns, joining Danny Piper (Managing Partner, NewCap) to review Q2 2026 publicly traded 3DP/AM company earnings reports. Troy’s quarterly appearances on Printing Money provide listeners with a consistent touchpoint to take the pulse of Wall Street’s outlook for 3D printing / additive manufacturing. The theme of Episode 42 is squarely a nod to growth in global manufacturing, nice timing for North America’s largest manufacturing event, IMTS, which is this week in Chicago. Growth is a trend the 3DP/AM industry is experiencing as well, and you can even find it in the public markets, you just have to look a little harder. The heart of Episode 42 is the 3DP/AM public company earnings analysis. Troy and Danny break down the balance sheets, P&Ls, and strategies for Stratasys, 3D Systems, Velo3D, Materialise, Xometry, and Protolabs. Easter eggs: Companies mentioned but not timestamped include: EOS, Nikon SLM Solutions, Divergent, VulcanForms, Freeform, Incodema, AFM, I3D, BTX, Burloak, Sintavia, Oerlikon, Bambu Labs, and more. Please enjoy Episode 42, and check out our previous episodes too. This episode was recorded September 11, 2026. Timestamps: 00:13 – Welcome to Episode 42, and welcome back to Troy Jensen, Cantor 00:59 – The ISM PMI, AMT machine tool data, and more indicators all look positive in advance of IMTS (this week in Chicago!) 03:43 – The 3D printing industry seems healthy and growing, but is at the expense of the public markets companies? 05:38 – Stratasys (SSYS) Q2 2026 earnings review 09:13 – The “race to the bottom” is not just against Chinese 3D printing companies 12:10 – Can pellet based systems such as AIM3D disrupt the polymer AM market? 12:53 – 3D Systems (DDD) Q2 2026 earnings review; CEO transition announced 17:23 – Velo3D (VELO) Q2 2026 earnings review 24:48 – SpaceX’s (SPCX) direct and indirect role in shaping Velo’s business and the 3D printing industry 27:27 – Materialise (MTLS) Q2 2026 earnings review 30:45 – Xometry (XMTR) Q2 2026 earnings review 33:11 – Protolabs (PRLB) Q2 2026 earnings review 37:08 – Thanks again to Troy for joining, and see you all at IMTS! 37:33 – 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.

Welcome to Printing Money Episode 41. Danny is joined for this episode by Daniel Johns. Dan has deep 3DP/AM industry experience with the likes of 3T, BEAMIT, Oerlikon, GKN, Airbus, and Howmet, and currently runs TAAG, an industrialization and investment platform. Episode 41 starts by looking at Dan Johns’ impressive career in 3DP/AM, at aerospace providers, service providers and now in an independent role. It’s a great backdrop for some holistic discussion on the evolution and state of the 3DP/AM industry, which has come a long way towards standardization. Positive signals abound thanks to expiration of core IP enabling better economics, and a more product focused orientation. Next, Danny and Dan analyze some recent M&A in the 3DP/AM industry, and a keen ear will spot those positive signals clearly at work throughout the discussion. One recurring theme that gets some airtime is that service bureaus are hitting their stride in the USA, but not quite yet in Europe. To wit, Beehive Industries. Next, the discussion turns to 3DP/AM financings. Notably, we covered Meshy AI in the last episode, but there’s more to talk about already with an eyebrow-raising $400M raise and $1.5B post-money valuation. Tying up the financing section, the conversation touches on a couple RIPs and liquidations. Last, a call to join Danny, Dan (and also the 3DPrint and AM Research teams) at IMTS in a few weeks in Chicago, and some recommended reading on the 3DP/AM market for drones. Please enjoy Episode 41 and check out our previous episodes too. This episode was recorded August 11, 2026. Timestamps: 00:13 – Welcome to Episode 41, and welcome to Dan Johns, TAAG 01:38 – Dan Johns’ career, early years 05:26 – Dan Johns’ time at Airbus, GKN and Oerlikon 08:40 – Dan Johns’ career, the Sandvik, BEAMIT and 3T years 15:50 – AM has become a more normalized manufacturing process 19:00 – TAAG’s advisory, investment, and exchange platform 22:23 – Reindustrializing the West and how to get started 26:55 – Crossing the Chasm: M&A in the captive 3DP/AM market 28:58 – Beehive acquires two Cincinnati-area machine shops 36:32 – New Zealand EBM contract manufacturer Zenith Tecnica acquired in part by internal investors 39:17 – Ricoh sells 3D Healthcare unit to former executives, new company named Myrava 41:15 – Roboze acquires Dimanex’ IP 42:15 – 3D Prod acquires Sculpteo 43:45 – Meshy AI raises $400M Series B 49:42 – Kind Designs raises additional $10M 52:43 – IperionX (IPX) $50M offering led by Cantor Fitzgerald 54:13 – ALM Ortho closes small round, size undisclosed 55:04 – BigRep deslisting and liquidating 56:35 – 3DEO insolvency and liquidation 57:04 – Black Buffalo files bankruptcy 57:42 – IMTS 2026 next month, see you there? 58:38 – UAS/Drones market coverage from AM Research 59:01 – Thanks to Dan for joining, and thanks to you for listening! 59:53 – 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.

Welcome to Printing Money Episode 40. Matthias Schmidt-Lehr (AMPOWER, Executive Partner) joins Danny for this episode and we are very thankful to have him back. In Episode 40, Danny and Matthias approach markets and deals largely with AI in mind. AI is a huge enabler for the 3DP/AM industry, but in different ways for different parts of the industry. First, Danny and Matthias discuss the desktop 3DP/AM market with respect to industrial users and of course also with respect to AI. Then the discussion shifts upstream to industrial 3DP/AM applications of AI. Along the way, there are some very topical 3DP/AM deals and financings to reference. Finally, Danny and Matthias manage to exhaust the limits of AI, with respect to 3DP/AM deals anyway. So, they dive in for a few laps of more general deal analysis. Throughout this episode there are a lot of reference to past deals and episodes. Historical references are made to Backflip, Axial3D, Euler, Interspectral, Freeform, Seurat, VulcanForms, Alloy Enterprises, Metal Powder Works, 6K Additive, and more. We mentioned Matthias’ past appearance on Printing Money, but also a heads up to stay tuned for some more great AMPOWER content coming to 3DPrint.com soon. Please enjoy Episode 40 and check out our previous episodes too. This episode was recorded July 14, 2026. Timestamps: 00:13 – Welcome to Episode 40, and welcome back to Matthias Schmidt-Lehr, AMPOWER 01:34 – Insights on AI and what it means for 3DP/AM 07:28 – Analyzing the desktop 3DP/AM market and its relevance to industrial users 09:24 – Meshy.ai raises $50m for AI 3D model generation (BAI Capital invested) 13:37 – Hi3D.ai raises undisclosed seed round for AI 3D maker creation (BAI Capital invested again) 17:07 – AI is already an enabler for the desktop consumer 3DP/AM market 19:54 – Replasia receives minority investment from Materialise and Andy Christenson for 3DP medical devices 24:54 – AI for industrial 3DP/AM 29:22 – Phase3D raises $2.9M for in-situ monitoring 33:45 – FreeForm, Seurat, VulcanForms, and scaling metal LPBF 37:39 – Limitless Labs raises $20M for agentic CAD 40:09 – TDK acquiring Fabric8Labs for $400M+ for AI infrastructure 44:12 – Sandvik exits 3D printing business to carve-out firm Mimir 48:55 – Spectrum Filaments receives investment from Blue Gravity Capital 49:45 – HeyGears raises approximately $44M for desktop 3D printing 51:45 – Rem3dy/Nourished raises GBP 14M for 3D printed nutrition gummies 53:07 – …and Curify Labs raises $14M for 3d printed medicine 54:29 – Fabri raises $13.5M  to create digital foundry from Raytheon, Lockheed Martin 55:49 – Foundation Alloy raises $22M for metal powders 57:22 – Thanks again to Matthias for joining, thanks to you for listening, and hold on to your seats for the AI wave! 59:03 – 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.

Welcome to Printing Money Episode 39, (or, “The one where they all went to market”). It’s that quarterly time, so Troy Jensen (Managing Director, Cantor Fitzgerald) joins Danny for a review and analysis of the Q1 2026 public 3DP/AM company earnings. Episode 39 opens with a nod to the recent spate of positive financings and M&A outcomes for 3DP/AM companies. Danny and Troy review the reasons for this, but they are sure to curb their enthusiasm as a mega-IPO cycle is imminent which could dry up liquidity for smaller players such as…all 3DP/AM companies! Next, to the heart of things. Danny and Troy analyze the Q1 2026 reports for Stratasys (SSYS), 3D Systems (DDD), Velo3D (VELO), Materialise (MTLS), Xometry (XMTR) and Protolabs (PRLB). Included in the analysis is coverage of many of these firms’ significant financings or transactions. Tune in for analysis of Stratasys’ Markforged acquisition, 3D Systems’ cash raise, Velo’s cash raise, Xometry’s cash raise, Materialise’s stock buyback,  and more. The public markets 3DP/AM players are in a better place, with stronger balance sheets and increased optionality. Good times may indeed be ahead, but smart Additive Manufacturing Strategies will be needed to execute properly and deliver value. Please enjoy Episode 39 and check out our previous episodes too. This episode was recorded June 9, 2026. Timestamps: 00:13 – Welcome to Episode 39, and welcome back to Troy Jensen (Cantor Fitzgerald) 00:46 – Healthy 3DP/AM M&A and Financings are back 01:55 – Troy’s general perspective on recent 3DP/AM deals 03:00 – Strike while the iron is hot 03:42 – SpaceX vacuum? (and Anthropic, and OpenAI) What these mega-IPOs mean for 3DP/AM companies in H2 2026 06:15 – Stratasys (SSYS) Q1 2025 earnings and Markforged acquisition analysis 12:44 – Can Stratasys unlock Markforged value with in-house IP from Arevo and 9T Labs? 14:47 – 3D Systems (DDD) Q1 2026 earnings and $50M secondary analysis 19:52 – Velo3D (VELO) Q1 2026 earnings, $50M secondary, and $100M ATM analysis 25:52 – Materialise (MTLS) Q1 2026 earnings, stock buyback, and spinouts analysis 32:43 – Xometry (XMTR) and Protolabs (PRLB) surging on Q1 2026 earnings; XMTR $225M secondary 35:29 – Good times ahead?  Strong balance sheets auger a need for smart additive manufacturing strategies 36:55 – Thanks very much to Troy for joining, and thanks very much to you for listening! 37:21 – 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.

Welcome to Printing Money Episode 38. Rajeev Kulkarni returns for this episode, and we find it hard to believe it’s been nearly two years since his first appearance. In the interim, one of Rajeev’s three focus-companies (Ackuretta) was acquired in a positive outcome and the other two (Axtra3D and Caracol) have experienced significant growth and fundraising. Episode 38 begins with a look at Rajeev’s career and current work. From there, Danny and Rajeev set the stage by reviewing last month’s RAPID event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&A and financing world. Did we say 3DP/AM M&A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy all the nuggets of knowledge and analysis. Themes include private equity’s deepening embrace of the AM services business, notable transactions from publicly traded companies, ongoing developments in the Nano Dimension telenovela, validated speculation about EOS’ acquisition trail, and a number of impressive VC rounds and strategic investments. Please enjoy Episode 38 and check out our previous episodes too. This episode was recorded May 12, 2026. Timestamps: 00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni 00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more 05:48 – Workflow considerations for 3DP/AM business growth 07:00 – RAPID 2026 review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance 08:52 – Real market growth, not evenly distributed 11:16 – For OEMs, it’s time to polarize your products 14:15 – Bullish M&A trends for 3DP/AM 14:47 – AFM acquires Incodema3D 15:32 – BTX Precision subsidiary I3D acquires Burloak from Samuel (breaking news as of this recording date!) 21:18 – Prodways (PWG.PA) sells its software business for EUR 35M 25:12 – Materialise (MTLS) transferring its RapidFit business to management team 30:56 – Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension 35:36 – What will come of what’s left at Nano Dimension? 36:30 – Johnson Controls (JCI) acquiring Alloy Enterprises 41:09 – EOS acquires Metalpine 42:11 – Amnovis acquires Westconn 44:37 – Tethon3D acquires Fortify3D IP 48:33 – Freeform raises $67M Series B 50:53 – Firestorm raises $82M Series B 55:06 – Nanochon closes $4.1M Seed Round 57:11 – Kureha invests in Z-Polymers 59:57 – Velo3D (VELO) $50M private placement offering 1:01:50 – Thanks again to Rajeev, and thanks to 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.

Welcome to Printing Money Episode 37. Troy Jensen (Managing Director, Cantor Fitzgerald) returns for his quarterly analysis of the public company earnings reports, specifically Q4 2025. Nowadays, in terms of significant publicly traded 3DP/AM pure plays, that’s not so many, so Troy fine-tunes his approach in including public-related coverage of the privates. Episode 37 starts off with a summary look at 2025 and an enthusiastic nod to the beginning of 2026, as seen through the lens of AMS last month in NYC. Sadly, both Danny and Troy were unable to attend AMS due to the blizzard (remember that?), but they both got to watch the livestream from main keynote Yoav Zeif (CEO, Stratasys), and they both heard plenty from those who did attend. Next, Danny and Troy consider a number of bullish indicators across the 3DP/AM industry. They start with metal AM, highlighting positive acquisition outcomes, excellent performance outlooks from industrial leaders and lower cost upstarts alike, and also including some VC and strategic financings. There’s also reason for optimism in polymers, with a potentially promising IPO pipeline from the likes of Formlabs and Carbon. Then, Troy and Danny dive into the 3DP/AM public company earnings reports for Q4 2025. SSYS, DDD, MTLS, and VELO all offer unique upside and also face their own challenges. Printing Money synthesizes it all. Could the likes of EOS, VELO, and SSYS be on the acquisition trail?  Please enjoy Episode 37 and check out our previous episodes too. This episode was recorded March 27, 2026. Timestamps: 00:12 – Welcome to Episode 37, and welcome back to Troy Jensen, Cantor Fitzgerald 00:44 – 2025 in review 01:20 – Return of large financing deals to the AM industry 02:02 – AMS 2026 in review 03:13 – AFM Capital acquires Incodema3D 04:32 – AFM Capital also acquired Owens Industries 05:39 – Metal AM markets and deal pipeline look strong 06:47 – EOS Q4 2025 review and analysis 08:59 – Nikon SLM Solutions (7731.JP) Q4 2025 review and analysis 09:49 – Nikon writes down cost of SLM acquisition 10:27 – Nikon invests in Vast Space 12:36 – Velo (VELO) Q4 2025 earnings and analysis 16:27 – XACT Metal announces 30% growth in 2025 17:54 – FreeForm raises $67M Series B from Nvidia and more 19:54 – Formlabs reveals $250M+ revenue in 2025 (at AMS 2026) 23:05 – Carbon 2025 business review and analysis (raises $60M) 24:36 – 3D Systems (DDD) Q4 2025 earnings and analysis 28:08 – Stratasys (SSYS) Q4 2025 earnings and analysis 33:08 – Materialise (MTLS) Q4 2025 earnings and analysis 37:42 – See you at RAPID in a couple weeks 38:04 – Disclaimer 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.

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.

Welcome to Printing Money Episode 35 and let us be the last to wish you a happy new year. For this episode Danny is joined by Arno Held (Managing Partner, AM Ventures) and Alex Kingsbury (Market Development Manager, nLIGHT), both certified Printing Money OG’s. Coming off back-to-back “Troy Jensen” episodes focused on public company earnings reports, there was a lot of 3DP/AM transaction news to cover, so we covered a lot.  Even still, we can’t cover all the 3D printing business news. Themes from Episode 35 include AI for 3DP/AM (and vice versa) and Australia, Smart M&A, all underlaid by a healthy dose of optimism.  The episode opens with a look at 2025 through each of our host’s respective lens. Then, it’s a discussion of notable 3DP/AM financings in recent months. Last, Danny, Arno and Alex analyze recent M&A activity.  After the manic highs and depressive lows of the 2020-2025 3DP/AM business cycle, is the industry signaling a new normal? Danny, Alex and Arno will all continue the discussion in person at AMS 2026 next month in New York City.  Meanwhile, please enjoy Episode 35 and check out our previous episodes too. This episode was recorded January 13, 2026. Timestamps: 00:12 – Welcome to Episode 35, and welcome back to Arno Held and Alex Kingsbury 01:19 – A tale of two halves: The 2025 year in review for the 3DP/AM industry 03:55 – Tariffs and government budgeting uncertainty were a speed bump in 2025 06:30 – 2026 sentiments; European 3DP/AM is not out of the woods but the light is clearing 08:54 – 2020-2025 as a complete cycle for the 3DP/AM markets 09:48 – Poised for success amidst geopolitical uncertainty 12:30 – Euler raises EUR 2M for AI fault detection in LPBF 18:45 – Headmade raises EUR 1.8M to scale its Cold Metal Fusion tech 21:03 – Fabric8Labs raises $50M to scale its ECAM technology 23:06 – Velo3D (VELO) $30M private placement of common stock 27:32 – H3D raises $5.8M Series A for dental and hearables 32:01 – CustoMED raises $6M for AI 3DP orthopedics 35:20 – Holdson raises GBP 1.5M for electroform post-processing 36:30 – Ascend Manufacturing raises $1M for its LAPS technology 37:36 – Arc Impact acquires Desktop Metal binder jetting (and other) assets 39:32 – ADDMAN acquires Forecast3D 41:41 – Caracol acquires AM assets/IP from Hans Weber 45:12 – DyeMansion acquires ASM 47:16 – Mantle acquired by Angstrom Group 49:37 – Sintokogio buys Bosch’s ceramics unit 54:02 – Thrustworks acquired by The Exploration Company for Niobium AM 57:58 – Thank you to Alex and Arno, thank you All for listening, and 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.

Welcome to Printing Money Episode 34, or “The one where they got back ahead of the curve.” Troy Jensen (Managing Director, Cantor Fitzgerald) returns for back-to-back appearances in the name of delivering to you, the listener, analysis as timely as possible. Herein, Danny and Troy review Q3 2025 3DP/AM public market earnings, but this episode was recorded just a week after Formnext 2025, so the conversation starts with a review of the 3DP/AM industry’s largest annual tradeshow. Large format polymer, LPBF Metals, China, Defense, Aerospace, and High-Temp FFF are all keywords. Next comes the classical Q3 2025 analysis. The number of significant pureplay public 3DP/AM firms has gotten smaller, and with Nano Dimension (NNDM) currently in limbo, its earnings become less relevant and the number is even smaller.  Stratasys’ entrance into metal AM, 3D Systems’ healthcare and defense segments, scaling manufacturing at Materialise, and gross margins at Velo all get due coverage. Happy holiday season, and please enjoy Episode 34 and check out our previous episodes too. This episode was recorded December 2, 2025. Timestamps: 00:12 – Welcome to Episode 34, and welcome back to Troy Jensen (Cantor Fitzgerald) 00:35 – Formnext 2025 impressions: A touch of optimism, with strength in metals, aerospace & defense, and from China. 04:01 – Ultra low-cost LPBF: China’s biggest 3DP competition comes from within? 06:10 – Nikon SLM Solutions (Nikon: 7771.JP) shows off momentum, brings massive printer to Formnext 07:40 – EOS flexes, launches its M4 Onyx metal printer at Formnext 09:15 – nLIGHT and Dyndrite help power EOS 10:39 – XACT Metal had a busy booth at Formnext 11:42 – HP (HPQ) launches a high-temp FFF 3D printer at Formnext, looking to expand lines through consolidation? 14:21 – Carbon raises $60M 17:24 – Caracol raises $40M Series B 19:38 – Formlabs demonstrating healthy growth 20:55 – Stratasys (SSYS) Q3 2025 earnings analysis 22:41 – Stratasys invests in Tritone, dipping into metals 26:00 – 3D Systems (DDD) Q3 2025 earnings analysis 28:06 – Materialise (MTLS) Q3 2025 earnings analysis 31:10 – “In Europe, Olive is the new green” 33:10 – Velo3D (VELO) Q3 2025 earnings analysis 35:06 – Thanks again to Troy and thank you all 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.

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.

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.

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 investment.

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 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.

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.

Welcome to Episode 28 of Printing Money.  For this one Danny is joined by our own, Joris Peels (Executive Editor, 3DPrint.com). This crossover-pod is indeed quite meta-level but it’s not entirely new – some months ago Danny appeared on Joris’ own podcast, the 3DPOD.  We encourage you to listen to that episode as well. Episode 28 begins with an introduction to Joris, and a look at his nearly two decades in 3D printing. From Philips to Shapeways, to Materialise and Formlabs, and consulting across the industry, Joris has some reach, to say the least. Next, Danny and Joris review RAPID, the largest 3DP/AM event in the USA, which took place earlier this month in Detroit. The cautiously optimistic tone that has been 2025 was decidedly in force at RAPID, and oh by-the-way there was a noticeable presence from the Chinese brands, tariffs or not. From RAPID the conversation shifts to geopolitics, the regulatory environment, and yes, tariffs. Amongst the analysis are some great quotables to look for, including “Manufacturing itself is a weapons system,” and “Uncertainty is the new normal,” all amidst a whole lot of 3DP/AM industry food for thought. And all that is only the first half. In the second half of the episode, Danny and Joris dive into Printing Money’s raison d’etre - deals and analysis! Specifically, this episode focuses on recent M&A, including coverage of the Nano Dimension-Desktop Metal-Markforged tie-up, BICO’s new direction under Maria Forss, Fictiv’s eye-catching acquisition by Misumi, and the trend of traditional Japanese manufacturers embracing 3DP/AM. Please enjoy Episode 28 and check out our previous episodes too. This episode was recorded April 24, 2025. Timestamps: 00:12 – Welcome to Episode 28, and welcome to Joris Peels! 00:42 – 3DP/AM since 2008: Joris through the years 03:17 – RAPID 2025 review 06:08 – Were the Chinese booths at RAPID 2025 the largest? 07:09 – Some notable startups at RAPID 2025 were not the flashiest: Manifest Technologies, PanOptimization, Euler, and more 08:48 – Geopolitics and the 3D printing industry 11:29 – European financial markets: Rheinmetall, BAE, were amongst top Q1 performers 12:22 – Direct impacts from geopolitics can hit 3D printing deals 13:58 – 3D Printed Drone Swarms: Has the industry accepted its role in defense? 16:12 – Manufacturing itself is a weapons system 17:52 – Tariffs and the 3D printing industry 21:40 – Uncertainty is the new normal 23:44 – Regulatory hurdles to reshoring 25:15 – Is M&A coming back? 26:22 – Fictiv to be acquired by Misumi (TSE: 9962) for $350M 29:45 – Fictiv’s valuation and Misumi’s valuation versus, say that of Xometry (XMTR) 32:14 – Desktop Metal (DM) officially acquired by Nano Dimension (NNDM), and  Markforged is (MKFG) next 36:57 – BICO (STO: BICO) selling MatTek and Visikol to Sartorius (ETR: SRT3) for $80M 40:45 – Fortissimo’s $120M investment in Stratasys has been completed 41:03 – nTop acquires cloudfluid 45:22 – Fabrisonic acquired by UPM, an O’Neal Industries company 49:18 – Sodick to full acquire Prima Additive 55:12 – The Japanese machine tool industry: Nidec attempting to takeover Makino 58:45 – Japanese manufacturers helping to bridge 3DP/AM into tradiitonal manufacturing (Nikon SLM Solution, Seiko Epson, DMG Mori, Sodick, JEOL, Nidec, and more…) 1:01:25 – Thanks to Joris and thanks to our audience for listening to Episode 28 of Printing Money 1:02:02 – 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.