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 | Xometry | $782 | +111 |
| 2 | Protolabs | $712 | -33 |
| 3 | Stratasys | $502 | -65 |
| 4 | Nano Dimension | $450 | -70 |
| 5 | 3D Systems | $330 | -112 |
| 6 | Materialise | $325 | -60 |
| 7 | BigRep | $147 | -82 |
| 8 | Desktop Metal | $140 | -6 |
| 9 | Titomic | $116 | +24 |
| 10 | Markforged | $49 | -20 |
| 11 | AML3D | $39 | +0 |
| 12 | Aurora Labs | $20 | +1 |
| 13 | Velo3D | $19 | -2 |
| 14 | Massivit | $11 | -1 |
| 15 | Freemelt | $10 | -2 |
| 16 | Steakholder Foods | $8 | +0 |
| 17 | Sygnis | $4 | +0 |
| TOTAL | $3,664 | -316 |
This week saw basically disastrous results all around. While the markets were up, most notably on the tech-heavy NASDAQ, the 3D print company results did not match. NASDAQ was up four percent this week, while the leaderboard dropped a huge eight percent.
Half of the leaderboard suffered double-digit (or more) decreases in valuation this week, leading to the lowest leaderboard total since we began tracking this data in 2021.
The only winner this week seems to be Xometry, which rose 16% on a very positive quarterly financial report. Their gain of US$111M this week was sufficient to put them back in top spot, leaping over Protolabs.
Hold on, there was one more winner: Titomic. The Australian metal 3D printer company rose 26% this week. The company has had a number of mysterious gains and losses in valuation for months now, almost all without proper explanation. This rise, opposite to market trends, also had no official explanation from the company.
The biggest loss was from 3D Systems, which dropped 25% in value this week. Rivals Nano Dimension and Stratasys also fell 13% and 11% respectively. The gap between Nano Dimension and 3D Systems has now widened to US$120M.
Newcomer BigRep made a splash last week with their introduction to the market and the leaderboard. However, the good news didn’t last as the company’s valuation plummeted this week, dropping almost 36%. That must be incredibly disappointing for those who invested in the company last week.
Markforged dropped almost 29% in value this week on news of their previous quarter’s financial results. While margins were up, the company’s revenue dropped about 15%. The company posted a slightly smaller loss due to cost efficiencies, and they’ve now announced a major US$25M cost reduction program.
The company is in the midst of new product launches, so some of this is understandable. However, they indicated their financial forecast for next year is lower than previously forecasted. That didn’t seem to go well with investors, who revalued the company appropriately.
In addition, their forecast did not account for financial penalties that may result from a recent court case. Markforged explained:
“This guidance does not reflect any additional relief Continuous Composites may receive as a result of its post-trial claims. Continuous Composites has asserted through post-trial motions claims for royalty payments for sales of certain products manufactured or sold in the United States after December 31, 2023. Markforged anticipates a final ruling to occur in the second half of 2024. Markforged strongly disagrees with the verdict handed down in the Continuous Composites litigation and with the associated post-trial royalty claims. Markforged has retained a leading law firm to support efforts to overturn the verdict.”
It seems that many investors have truly lost confidence in the 3D print industry by the looks of this week’s results.
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.
