Once again we take a look at the valuations of the major 3D printing companies over the past week.
Publicly traded companies are required to post their financial reports, as well as appear on stock markets. From there we can calculate the total value of their company by multiplying the current stock price by the number of outstanding shares. This number is the market capitalization, and represents the current valuation of the company.
It’s a great number of compare companies, as the market capitalization can be leveraged to provide more capabilities for the company. Shares could, for example, be used as collateral for a loan. That and similar maneuvers could generate cash with which the company might undertake new projects.
In other words, “market cap”, as it is known, is quite important.
You might think it’s not important to monitor these companies each week, as their value is realized only when stocks are sold. However, events happen to companies occasionally that cause their value to rise and fall, and this weekly post is where we track such things.
Note that our list here does not include all major 3D print companies. Not all 3D print companies are publicly traded, and thus we cannot officially know their true size, such as EOS. Others, like HP or Siemens, have very large 3D printing divisions, but are part a much larger enterprises and we cannot know the true size of their 3D printing activities.
Let’s take a look at the 3D printing companies on this week’s list.
3D Printing Leaderboard
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This week saw a pretty flat week; so flat that the leaderboard total changed (upwards) by less than a single percent. As usual, there were some divergences from this pattern, which is unusual for this group of companies.
On the positive side of the ledger, Velo3D’s valuation rose by over 13% this week. Velo3D’s value has been extraordinarily variable over the past year, and it seems to go up and down for no apparent reason. That was again the case this week, as they company posted the date on which they will post their financials — but not the financials themselves. We’ll have to wait until May 1st for them.
Another positive move this week came from Xometry. The company had been tops on the leaderboard for quite some time until dropping significantly a few weeks ago as a result of downgrades by analysts. This week their value rose by over 13%. While that sounds like a huge number, it’s really just a tiny bump back towards their previous valuation in the long term. In other words, this is likely a delayed bounce back from the initial drop in March.
Desktop Metal’s valuation rose by almost nine percent, quite a healthy bump. Like Velo3D, Desktop Metal merely announced the date of their next financial release (May 10). I suspect investors are expecting good things in this upcoming report, hence the boost in company value.
On the negative side, FATHOM’s valuation dropped a whopping 15% this week. This is likely a result of the notice they received from the NYSE last week, which threatened de-listing due to their share value being less than US$1. There are multiple ways to rectify that, for example doing a reverse stock split. However, the presence of the notice may be spooking investors.
Another week, another event in the ongoing Stratasys – Nano Dimension takeover battle. Last week Nano Dimension upped their proposed amount for acquiring Stratasys for cash by US$1 per share, likely stretching Nano Dimension’s finances to the edge.
Late this past week Stratasys’ board of directors issued yet another rejection of this bid, citing serious concerns with Nano Dimension’s ability to execute a takeover considering there is currently a major lawsuit against Nano Dimension that could very likely make major management changes at that company.
In the midst of all this kerfuffle, how did their valuations fare? Stratasys’s value dropped slightly – about one percent — while Nano Dimension’s value continued to drop, this week to the tune of 2.35%. Generally, Stratasys seems to be faring better than Nano Dimension as a result of their unsolicited acquisition offer.
Will we see yet another raised offer by Nano Dimension, as they’ve now done twice? My suspicion is no, for two reasons. First, it would seem Nano Dimension may not be able to afford to raise the offer much more, and secondly, it is highly likely to be rejected yet again by Stratasys.
But that’s what I thought the last time around.
A company set to appear was Essentium, who announced plans to use a SPAC-merger to launch on NASDAQ. However, that deal has been suspended so we’re wondering what the company’s next steps might be.
One company I’ve started to watch is ICON, the Texas-based construction 3D printer manufacturer. This privately-held company has been raising a significant amount of investment to the tune of almost half a billion dollars. At that level it is likely they will be discussing a transition to public markets at some point, which would certainly place them at or near the top of our leaderboard.
Another company that would seem logical to go public is VulcanForms, a manufacturing service using an advanced metal 3D printing process. They are currently privately valued at over US$1B, and going public could cause that to go even higher.
If you are aware of any other publicly-traded 3D print companies that should be on our leaderboard, please let us know!
Others In The Industry
While we’ve been following the public companies, don’t forget there are a number of private companies that don’t appear on any stock exchange. These privately-held companies likely have significant value, it’s just that we can’t know exactly what it is at any moment. The suspected bigger companies include EOS, Carbon and Formlabs.
Perhaps someday some of them will appear on our major players list.
Finally, there are a number of companies that are deeply engaged in the 3D print industry, but that activity is only a small slice of their operations. Thus it’s not fair to place them on the lists above because we don’t really know where their true 3D print activities lie.