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 not a lot of movement on the leaderboard. The markets in general were down very slightly this week, about the same amount as the leaderboard total. That’s actually unusual, as 3D printing companies tend to exaggerate market trends, so enjoy the week while you can.
By far the most notable shift this week was from Markforged, which had their valuation skyrocket by almost 25%. As usual, there was no particular formal investor announcement from the company to warrant this change, but I have one thought here.
It could be that the company’s recently announced PX100 binder jet metal system is becoming noticed. It’s likely they will be displaying the product at upcoming events, and thus gaining attention. The system is able to produce metal objects at production scales, and thus could be a product that sells well given recent interest in AM technology. It may be that investors are catching on to this product in advance of upcoming publicity and pushed the company valuation upwards.
On the other side of the ledger, Xometry dropped almost ten percent in valuation this week, placing them in fifth spot. While they still have not released their 2022 financials, it may be that investors are speculating on the results and adjusting their portfolios in advance of the announcement. Alternatively, Xometry’s valuation fell sharply a few weeks ago, and this could merely be a bit of a bounce-back.
FATHOM fell just over ten percent this week, and this seems to continue a trend for the manufacturing service, which has been consistently dropping since December.
Finally, we’ve removed Tinkering from the leaderboard. The tiny Vancouver-based company produces 3D printers and associated services for educators, and has long been at the bottom of the leaderboard. However, it seems their stock has not been traded since early March, and they do not appear to have published financial reports after 2022Q3, which is rather suspicious. If they reactivate we will move them back on the leaderboard.
The thing to remember is that this leaderboard is quite malleable: new companies arrive, others depart, and some join together.
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.