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 | $2,141 | -49 |
| 2 | Bright Laser | $1,491 | -23 |
| 3 | Farsoon | $1,313 | +32 |
| 4 | Proto Labs | $972 | +2 |
| 5 | Stratasys | $648 | -5 |
| 6 | Nano Dimension | $553 | -15 |
| 7 | 3D Systems | $460 | -4 |
| 8 | Materialise | $453 | +29 |
| 9 | Titomic | $153 | +9 |
| 10 | Desktop Metal | $101 | +21 |
| 11 | Markforged | $69 | +2 |
| 12 | AML3D | $63 | +12 |
| 13 | BigRep | $28 | +1 |
| 14 | Aurora Labs | $20 | +0 |
| 15 | Massivit | $12 | +3 |
| 16 | Velo3D | $7 | +1 |
| 17 | Steakholder Foods | $5 | +0 |
| 18 | Sygnis | $2 | +0 |
| 19 | Freemelt | $2 | +0 |
| TOTAL | $8,492 | +14 |
This week saw a slight downward trend on the markets overall, but the 3D print leaderboard actually rose slightly. Most companies had pretty flat results, but, as usual, there were some exceptions.
Near the top of the leaderboard we have two large Chinese companies, Bright Laser and Farsoon. For the period we’ve been tracking them, Bright Laser has been far ahead of Farsoon. However, in recent weeks Farsoon seems to be closing the gap, and now the two are separated by only US$178M (12%). I’m not sure what’s driving the shift, as the visibility into these markets is limited.
There were a number of interesting corporate maneuvers this week that certainly affected the valuations of particular companies.
Nano Dimension was the subject of not one, but two lawsuits from Desktop Metal. Both intend on forcing the company to rapidly complete the merger agreement struck earlier this year. However, due to the wholesale replacement of Nano Dimension’s board of directors and subsequent dismissal of their acquisition-prone CEO, the deal may not complete. Desktop Metal seems to be angling for a larger breakup fee.
Meanwhile, Nano Dimension’s acquisition of Markforged is also in limbo. However, the second lawsuit raised by Desktop Metal also targets Markforged, as Desktop Metal believes Nano Dimension was not permitted to undertake a second acquisition while theirs was still outstanding.
Plenty of action this week!
What was the effect on the valuations of these companies? Nano Dimension dropped not quite four percent, reflective of the negativity of the lawsuits, but also the positivity of new leadership. Markforged was up slightly, perhaps with investors seeing a way towards higher breakup fees to the company, should the acquisition be cancelled by Nano Dimension.
Desktop Metal was up almost 25% this week, very likely due to the lawsuits. Investors may believe Nano Dimension may have to pay higher fees to Desktop Metal, and that gets reflected in the stock price.
AML3D rose 23% for no official reason. However, it may be that investors are finally discovering that the relatively unknown company announced an expansion into the US a few weeks ago.
Massivit, the Israeli company that produces large-format 3D printers, rose an unexpected 30% in value this week. The company’s valuation has been sliding since the summer, when it was almost triple last week’s valuation. This week the valuation jumped up substantially, but is nowhere near their prior valuation. Without any official news from the company, it could be that investors have seen the bottom and are stabilizing at what they believe the proper valuation could be.
Finally, we have Velo3D. The company’s volatile valuation dropped so low a few months ago that it was kicked off the stock market, and now trades on the over the counter market at a much lower valuation. Last week it was announced that the company has been taken over by a major debtor, with a commitment to maintaining the technology. That was worth a 14% boost to the company’s value, according to investors. Perhaps at some point in the future Velo3D could re-appear on the public stock markets, if things continue to go well for them.
Upcoming Changes
We’ve heard very little about companies intending to become publicly traded recently. This is due to the ongoing lack of investor interest in the technology. The technology’s reputation has suffered immensely in the investment community because of multiple large-scale investment failures in the past few years.
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.
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