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
| RANK | COMPANY | CAP | CHG |
| 1 | Bright Laser | $1,815 | +34 |
| 2 | Xometry | $1,587 | +35 |
| 3 | Farsoon | $1,341 | +3 |
| 4 | Proto Labs | $1,046 | +36 |
| 5 | Stratasys | $685 | +0 |
| 6 | Nano Dimension | $533 | +55 |
| 7 | Materialise | $490 | +50 |
| 8 | 3D Systems | $393 | -4 |
| 9 | Titomic | $135 | -57 |
| 10 | Desktop Metal | $132 | -7 |
| 11 | Markforged | $79 | -3 |
| 12 | AML3D | $64 | +15 |
| 13 | BigRep | $31 | -5 |
| 14 | Aurora Labs | $20 | -1 |
| 15 | Velo3D | $11 | -2 |
| 16 | Massivit | $8 | +1 |
| 17 | Steakholder Foods | $6 | -0 |
| 18 | Freemelt | $5 | -3 |
| 19 | Sygnis | $2 | +0 |
| TOTAL | $8,384 | +148 |
This week saw mixed results on the markets, but tech stocks generally rose. That was good news for the 3D print industry, where our leaderboard rose a healthy 1.6% this week.
The major development this week took place with Nano Dimension. The company’s valuation rose notably this week, almost twelve percent. What caused this jump? It turns out there was corporate boardroom drama of the highest order.
The company has long been in a battle with some shareholders regarding the direction and leadership of the company. Court decisions directed the company to add certain directors to the board, in addition to board member elections.
The Institutional Shareholder Services Inc. an independent proxy advisory firm explained:
“In compliance with last week’s Israeli court ruling, Nano Dimension has welcomed Murchinson Ltd.’s (“Murchinson”) prior nominees, Kenneth Traub and Dr. Joshua Rosensweig, as full members to Nano’s Board. We disagree with any recommendation supporting the addition of more of Murchinson’s nominees to Nano’s Board, as well as the recommendations to vote against Nano’s compensation proposals and for the elimination of the staggered Board structure. The addition of Traub and Rosensweig provides Murchinson with reasonable and appropriate representation on the Board. If our shareholders do not vote for Nano’s proposals, including the election of CEO Yoav Stern and General Garrett to the Board, they risk facilitating Murchinson’s path to gain control of the Board, which would prevent the Company from maximizing long-term value for all our shareholders.”
In the vote during the following week, the results were quite interesting. Among the results, from Nano Dimension’s press release:
“Approved the Company’s proposed compensation for all non-executive directors.
Did not approve the compensation terms for the Company’s Chief Executive Officer, Yoav Stern.
Did not approve de-staggering the Company’s Board by amending the Company’s amended and restated articles of association.”
In other words, it seems that existing management of the company appears to have a bit less control than before the vote. Company CEO Stern has been removed from the board, and his compensation package was not approved. The markets evidently were quite pleased with this result and pushed up the company’s valuation significantly.
Materialise rose a similar amount this week, but without specific news driving the change. It may be that their prior announcement of an arrangement with a large Chinese 3D printer manufacturer may have finally reached investors. China is an enormous market, and if Materialise is able to sell freely there, they could be in line for a lot more revenue.
Titomic fell almost 30% this week, a significant decline in value. There was no particular news from the company to drive this shift. However, Titomic’s valuation has soared incredibly high over the past few months, and it may be that investors were cashing out to take advantage of the peak value.
AML3D rose a whopping 30% this week. While this may seem gigantic, it seems to be part of a longer trend. The company’s valuation has been steadily rising for months, with some ups and downs. This week’s bump corresponds with a bit of a drop in previous weeks, making it seem a lot more dramatic than it actually is.
BigRep dropped 13% this week, continuing a long term trend for the newly-public company. It now appears that it was drastically overvalued when they went public in September.
Aurora Labs announced a new customer contract, but the market didn’t seem to notice and their valuation fell by around six percent.
Velo3D, which departed the public markets a few weeks ago, still trades on the OTC market. There they seem to have settled in on around a US$10M valuation, with some ups and downs. This week they lost 18% in value, but that may bounce back next week given this company’s volatility.
Upcoming Changes
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.
Related Companies
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.
