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 was perhaps one of the dullest we’ve seen since launching the leaderboard. The larger market was very slightly down, and evidently the 3D print companies followed suit, more or less. In fact some companies had literally zero change in valuation this week.
While most companies were flat or up and down a couple of percents, there were a couple of notable items.
First, voxeljet dropped in value almost 15%. This is a significant move due to the flatness of the market this week. What happened? It turns out that the company announced a stock offering of US$4.4M. In other words, the company is selling some of their value to the public to raise funds.
The company’s valuation has been consistently dropping for a very long time. As you can see in this long term chart, the company’s value peaked in the 2014 era with a stock price of almost US$300, putting their value then in the billions. However, they never seem to have recovered from the crash of 2015 that affected many 3D print stocks.
The problem is that they are burning cash faster than they are bringing in revenue. The resulting cash shortage forced them to restructure debt, which apparently didn’t go very well. As a result they sold their headquarters, but still face challenging financials going forward. The cash raised from the stock issue can help, but in the long term voxeljet had better sell a lot more machines to recover.
If there was a winner declared this week it would likely be Titomic, whose value soared by over four percent. The company released their annual report this week, and it showed them increasing revenue strongly, and reducing after-tax loss very slightly. That appeared to be good enough news to investors to bump the company slightly upwards. The net result is the company drifts up to 14th spot on the leaderboard.
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.