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 | Protolabs | 877 | -89 |
| 2 | Stratasys | 830 | -29 |
| 3 | Xometry | 798 | -85 |
| 4 | Nano Dimension | 729 | -10 |
| 5 | 3D Systems | 607 | -67 |
| 6 | Materialise | 294 | -23 |
| 7 | Desktop Metal | 210 | -13 |
| 8 | Markforged | 149 | +4 |
| 9 | Velo3D | 108 | +14 |
| 10 | Massivit | 43 | -4 |
| 11 | FATHOM | 32 | +1 |
| 12 | Titomic | 27 | +6 |
| 13 | Steakholder Foods | 17 | +1 |
| 14 | Freemelt | 14 | -7 |
| 15 | Shapeways | 11 | -2 |
| 16 | AML3D | 10 | -1 |
| 17 | Sygnis | 6 | +0 |
| 18 | Aurora Labs | 5 | -0 |
| 19 | voxeljet | 4 | -5 |
| TOTAL | 4,771 | -313 |
This week saw wild changes in valuation in both directions. The leaderboard total valuation dropped a significant six percent, an unsustainable level if happening every week.
On the positive side there were two curious winners.
One was Velo3D, which surprisingly rose 14% this week. That has to be one of their biggest valuation jumps since they went public. The growth has occurred since the week of March 4, when the company announced a big deal involving the military. It may be that investors, who are gradually discovering the announcement, feel that it may lead to larger business deals.
Another surprising jump was from Titomic, the Australian metal 3D printing company. This firm has recently been involved in a series of dramatic rises — and falls — of their stock price. Interestingly, the company has issued no news to trigger this effect. In fact, they even issued a formal response to the stock market, which had asked why the valuation had changed so dramatically. Their answer: “We don’t know anything”.
That’s apparently still the case, as they jumped up a whopping 27% this week. It might be that this company’s valuation may bop up and down in the next few weeks as speculators may drive the bus.
At the top of the leaderboard, 3D print service providers Protolabs and Xometry both took a nine percent haircut this week. Both companies had previously issued their financial results, so the drop might be due to investors souring slightly on the service concept.
The three companies we’ve been closely following, Nano Dimension, Stratasys and 3D Systems all fell this week, but in different amounts. Of the three, 3D Systems dropped the most, almost ten percent. This leaves Stratasys ahead of Nano Dimension by about US$100M, while the gap between Nano Dimension rises to US$113M.
There’s one other interesting drop this week: voxeljet. This week their valuation suddenly dropped, in a single day, by over 50%. Why did this occur? It was because the company announced they intend on withdrawing from NASDAQ.
In a statement, they explained:
“The Company has concluded that the benefits associated with a NASDAQ listing do not justify the costs and demands on management’s time necessary to comply with SEC requirements. Consequently, the Company intends to start the process to delist the Company’s shares from NASDAQ. After the NASDAQ delisting becomes effective, the Company intends to promptly initiate the process for suspending its reporting obligations under the Securities Exchange Act of 1934, as amended (“Exchange Act”).”
Obviously this affected investor sentiment, causing the sudden drop. The company is now worth only US$4M on the leaderboard, and has fallen to the bottom spot.
This is quite a fall for the company, which once was valued at nearly US$400 ten years ago. At a price of only US$4M, it would be an easy acquisition for many of the larger players — yet they have not done so. I’m not sure what that says about voxeljet.
Finally, we’ve removed Sigma Additive Solutions from the leaderboard. Some months ago they were reverse-acquired by another company and intend on changing their business to the travel industry. That has now taken place. Their 3D print software is to be sold to another party, but they don’t belong on the leaderboard any longer.
Upcoming Changes
BigRep announced plans to go public via the SPAC approach, so we will soon see them appear on the leaderboard.
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.
