Core Insights - The company reported a mixed performance in Q3 2025, with overall revenue under pressure but strong growth in the medical unit, particularly in the cardiac segment, driven by the acquisition of FEops and advancements in AI-driven simulation technology [5][6][17]. Business Highlights - The medical unit achieved double-digit growth, with a record revenue of EUR 33.3 million, up more than 10% compared to Q3 2024 [18][22]. - The cardiac segment saw significant advancements, including the release of a new version of FEops' heart guide and additional clinical evidence supporting the benefits of cardiac planners [6][7]. - The software segment experienced a 7% revenue decline to EUR 10.3 million, attributed to macroeconomic headwinds and unfavorable foreign exchange impacts, although 83% of the revenue was recurring [19][24]. - The manufacturing segment faced challenges, with a 17% revenue decline to EUR 22.7 million, but showed slight improvement compared to Q2 2025 [25][26]. Financial Performance - Consolidated revenue for Q3 2025 was EUR 66.3 million, a 3.5% decrease from the previous year, with a gross profit margin of 56.8% [17][27]. - Adjusted EBIT for the quarter was EUR 2.9 million, with an adjusted EBIT margin of 4.4% [17][20]. - The company generated a net profit of EUR 1.8 million, increasing its net cash position to EUR 67.7 million, driven by strong free cash flow [18][30]. Future Outlook - The company maintained its full-year guidance for 2025, expecting revenues between EUR 265 million and EUR 280 million and adjusted EBIT between EUR 6 million and EUR 10 million [33]. - The management expressed confidence in the company's resilience and ability to capture growth opportunities once market conditions improve [33].

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was EUR 66.3 million, a decrease of 3.5% compared to the same period last year, despite a 2% growth from Q2 2025 [15][16] - Gross profit margin remained strong at 56.8%, consistent with the margin for the first nine months of 2025 [15][23] - Adjusted EBIT for Q3 2025 was EUR 2.9 million, representing an adjusted EBIT margin of 4.4% [15][17] - Net profit for the quarter was EUR 1.8 million, with a net cash position increasing to EUR 67.7 million [15][25] Business Line Data and Key Metrics Changes - Materialise Medical achieved record revenue of EUR 33.3 million, growing over 10% compared to Q3 2024 [16][19] - Materialise Software revenue decreased by 7% to EUR 10.3 million, impacted by macroeconomic conditions [20] - Materialise Manufacturing revenue declined by 17% to EUR 22.7 million, reflecting ongoing market challenges [22] Market Data and Key Metrics Changes - Materialise Medical accounted for 50% of total revenue, while Materialise Software and Manufacturing contributed 16% and 34%, respectively [16][17] - The software segment's transition to a subscription-based model saw 83% of revenue being recurring, up from 74% in the previous year [21] Company Strategy and Development Direction - The company is focusing on growth in the cardiac segment, having acquired FEops to enhance its capabilities in AI-driven simulation technology [5][6] - Continued investment in R&D, particularly in the medical segment, is planned to drive future growth [19] - The company is also expanding its presence in the defense sector, leveraging additive manufacturing capabilities to meet industry needs [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic headwinds affecting the software and manufacturing segments but expressed confidence in the company's resilience and growth potential [28] - The guidance for fiscal year 2025 remains unchanged, with expected revenues between EUR 265 million and EUR 280 million and adjusted EBIT between EUR 6 million and EUR 10 million [28] Other Important Information - The company reported a strong balance sheet with cash reserves increasing to EUR 132 million [25][26] - Capital expenditures for Q3 amounted to EUR 5.3 million, with a significant portion allocated to non-recurring investments [26] Q&A Session Summary Question: Update on medical segment exposure and growth potential - Management indicated that existing markets like CMF and orthopedics are mature, while new markets such as cardiac and respiratory are expected to grow faster in the future [33] Question: Size of aerospace and defense as a percentage of revenue - Aerospace has shown continuous growth, while defense is a newer segment with potential for future growth [34][35] Question: Manufacturing profitability and recovery prospects - Management highlighted cost reduction measures already in place and emphasized the need for recovery in European and automotive markets to improve profitability [37][38]

Core Insights - 3D Systems and Dussur established the National Additive Manufacturing Innovation Company (NAMI) to support Saudi Arabia's Vision 2030 Program, focusing on advanced 3D printing technologies in the defense and energy sectors [1][2] - NAMI has achieved significant milestones, including partnerships with major companies like Saudi Electric Company and Lockheed Martin, enhancing local manufacturing capabilities [4][5] Group 1: Company Developments - NAMI reached critical milestones in deploying advanced 3D printing technologies across Saudi Arabia's energy and defense sectors [4] - Saudi Electric Company acquired a 30% stake in NAMI to enhance production efficiency and reduce costs for spare parts [5] - Lockheed Martin is collaborating with NAMI to manufacture military and aerospace components, reinforcing Saudi Arabia's role in global supply chains [5] Group 2: Industry Impact - The partnership with Saudi Electric Company aims to accelerate the adoption of 3D printing for energy infrastructure applications and develop a skilled workforce [5] - NAMI signed a $26 million framework agreement with Modern Isotope Factory for manufacturing tungsten components, aligning with localization goals [5] - The collaboration with Lockheed Martin is expected to enhance the adoption of additive manufacturing in the aerospace and defense sectors, utilizing 3D Systems' Direct Metal Printing technology [5]

Core Insights - Amaero Ltd is a leading U.S. domestic producer of high-value refractory and titanium alloy powders for advanced manufacturing in defense, space, and aviation industries [1][23] - The company reported significant revenue growth and production scaling during the September Quarter of 2025, with a revenue of A$4.7 million, reflecting a 445% increase from the previous year [7][13] Financial Performance - Revenue for the September Quarter was A$4.7 million, with A$4.1 million from powder sales and A$0.6 million from Powder Metallurgy Hot Isostatic Pressing (PM-HIP) manufacturing [7] - The company ended the quarter with a cash and restricted cash balance of A$50.9 million [7] - Updated financial guidance for FY2026 estimates revenue between A$30 million to A$35 million, with approximately 40% expected in the first half and 60% in the second half [11] Manufacturing and Production - Production of finished powder increased by approximately 240% from the previous quarter, but was still insufficient to meet demand, resulting in a backlog of A$0.5 million in unfilled orders [7][13] - Customer powder shipments rose from 4,900 kg in Q4 FY2025 to 12,410 kg in Q1 FY2026, a sequential increase of 153% [7] - The company is scaling manufacturing operations, transitioning to two 10-hour shifts, 6 days per week on two atomizers [7] Strategic Collaborations - Amaero completed a collaboration with Castheon/ADDMAN to improve C103 material properties, establishing itself as a preferred supplier for advanced propulsion and thermal protection systems [5] - An exclusive, long-term supplier agreement was signed with Knust-Godwin for titanium alloy powders [10] - A five-year exclusive supplier agreement was also established with Titomic for refractory and titanium alloy powders [14] Leadership and Organizational Changes - The Chairman and CEO relocated to Chattanooga, Tennessee, to oversee the scaling of production [4] - Key leadership hires include Brett Paduch as CFO and Mark Struss as VP of Manufacturing Operations, enhancing the company's operational capabilities [15] Industry Positioning - Amaero is positioned as a key enabler in the adoption of cold spray technologies for mission-critical defense and aerospace applications [18] - The company aims to address vulnerabilities in the U.S. domestic supply chain and establish resilient manufacturing capabilities [19]

Core Insights - Nano Dimension Ltd. is collaborating with ALOFT AeroArchitects and Spectrum Networks to utilize Markforged composite 3D printing systems for producing certified, flight-ready components for high-profile aircraft [1][6] Group 1: Technology and Innovation - Spectrum Networks has adopted Markforged's FX10 platform and Continuous Fiber Reinforcement (CFR) technology to manufacture replacement parts, significantly reducing lead times from months to weeks [2][3] - The SPN 31 LED retrofit, developed to replace outdated halogen fixtures, exemplifies the use of CFR technology to enhance structural integrity and surface finish for direct installation [3][4] - Each part produced undergoes automated laser micrometer inspection, generating a layer-by-layer conformance report, which aids in regulatory acceptance by the FAA and global aviation authorities [5] Group 2: Market Demand and Impact - In 2024, Spectrum Networks produced over 10,000 certified flight parts using Markforged printers, contributing to the modernization of aircraft interiors and reducing operational downtime [4] - The collaboration between ALOFT and Spectrum demonstrates the capability of Markforged technology to meet stringent safety, quality, and performance standards in the aerospace sector [6] Group 3: Company Overview - Nano Dimension Ltd. focuses on advanced digital manufacturing technologies across various industries, including defense, aerospace, and automotive, emphasizing rapid deployment and sustainable practices [7]

Industry Overview - 3D Printing, or additive manufacturing, has revolutionized product design and manufacturing since its introduction in the 1980s, allowing for unprecedented precision, customization, and efficiency [1] - The technology has evolved from a prototyping tool to a comprehensive manufacturing solution, capable of producing complex shapes that traditional methods cannot achieve [2] - Compared to subtractive manufacturing, additive manufacturing generates less waste, enhances product customization, and introduces novel design features [2] Market Dynamics - Businesses are increasingly adopting 3D Printing for rapid prototyping and on-demand production due to its advantages in cost, customization, precision, and sustainability [3] - Localized production reduces supply chain complexities and transportation costs, while on-demand manufacturing minimizes the need for large inventories, benefiting industries with seasonal demand [3] - North America leads the 3D Printing market with over 35% share, driven by strong R&D investment and advanced manufacturing infrastructure, while the Asia-Pacific region, particularly China and India, is rapidly advancing in this space [5] Key Players - Leading companies in the 3D Printing sector include Xometry, Proto Labs, Stratasys, AMETEK, Carpenter Technology, ATI Inc., and 3D Systems, all of which are driving innovation and growth [3][6] - AMETEK specializes in high-performance metal powders for additive manufacturing and has recently acquired Faro Technologies for $920 million, enhancing its 3D metrology portfolio [9][10] - Carpenter Technology has developed its Carpenter Additive business unit, focusing on producing specialty metal powders and has opened an Emerging Technology Center for additive manufacturing [11][12] - ATI offers a comprehensive range of capabilities in the additive supply chain and has commissioned a state-of-the-art facility for large-format metal additive manufacturing [15] - 3D Systems is a global leader in additive manufacturing, providing advanced technologies and materials across various high-value industries, including healthcare and aerospace [16] Recent Developments - 3D Systems has secured a $7.65 million contract with the U.S. Air Force for a Large-format Metal 3D Printer, indicating strong growth in its Aerospace & Defense segment [18] - The company has also made significant advancements in healthcare, including the release of the NextDent Jetted Denture Solution and FDA approval for a bioabsorbable medical device for nerve repair [20][21]

Core Insights - Continuum Powders and HP Additive Manufacturing Solutions have formed a cooperation agreement to develop high-performance alloys using HP's Metal Jet S100 Printing Solution [1][2] - The first alloy being developed is OptiPowder M247LC, a low carbon, nickel-based superalloy designed for high-temperature strength and corrosion resistance, particularly for aerospace and energy applications [2] - The collaboration aims to create a scalable framework for advancing additional high-value alloys once M247LC is qualified, positioning binder jetting as a production-ready solution for critical industries [2] Company Overview - HP Inc. is recognized as a global leader in technology innovation, particularly in digital manufacturing through its 3D printing solutions, operating in over 170 countries [4] - Continuum Powders specializes in certified metal powder solutions that emphasize performance, reliability, and sustainability, supporting manufacturers with advanced metal reclamation capabilities [5] Technical Development - The development program includes optimizing print parameters to achieve part densities exceeding 98% of theoretical values and evaluating mechanical and metallurgical properties to ensure aerospace-grade performance [5] - The collaboration highlights the importance of a rigorous materials development program to extend industrial-scale production to high-performing alloys [2]

Core Points - Velo3D, Inc. has achieved AS9100D certification for its Rapid Production Solution (RPS) Quality Management System, confirming compliance with stringent aerospace quality standards [1][4] - The certification enhances Velo3D's capability to serve aerospace primes, defense contractors, and government agencies, ensuring reliable production-ready solutions for critical applications [4][5] - The RPS provides a pathway for customers to transition from prototyping to high-volume production of complex components, ensuring repeatability and traceability [2][4] Certification Process - The certification was conducted by Eagle Certification Group (ECG), which is recognized for aerospace quality management system audits [3] - Velo3D underwent a rigorous evaluation of its quality management system documentation, implementation, and overall effectiveness [3] Strategic Implications - The AS9100D certification is seen as a pivotal milestone for Velo3D, reinforcing its commitment to U.S.-based manufacturing resiliency and opening new growth opportunities in the aerospace and defense sectors [4][5] - The company’s integrated platform, which includes Flow print preparation software, Sapphire printer family, and Assure quality control system, supports advanced design freedom and scalability [5]

Core Insights - 3D Systems has launched the MJP 300W Plus, an advanced 3D wax printer designed for jewelry manufacturing, offering enhanced efficiency and quality for jewelers of all sizes [1][5][12] Product Features - The MJP 300W Plus features three print modes—High Resolution, Premium, and Standard—resulting in a 30% increase in productivity and a 20% reduction in overall material usage compared to other wax pattern solutions [2][8] - The printer utilizes break-away supports that can reduce post-processing time by up to 60% and support material waste by up to 50%, leading to lower costs and improved throughput [3][7] Design and Security - The printer maintains pattern design files locally to protect intellectual property and is designed to comply with upcoming Cybersecurity Standards effective in 2027 in the U.S. and Europe [4][7] Market Potential - The 3D-printed precious metal jewelry market is projected to grow from $1 billion to $3 billion by 2030, indicating significant growth opportunities for 3D Systems and its products [7]

Core Insights - 3D Systems is shifting its strategic focus towards its proprietary polymer solution, 3D Sprint®, while divesting its software platforms Oqton® MOS and 3DXpert® to enhance innovation and value delivery in additive manufacturing [1][6][9] - The divestiture aims to foster industry standardization in metal printing processes, which is essential for accelerating customer adoption and increasing investment in software capabilities [2][4] - Hubb Global Holdings has signed an agreement to acquire Oqton MOS and 3DXpert, with the transaction expected to close in Q4 2025, enhancing their capabilities and driving broader industry adoption [3][4] Company Strategy - 3D Systems will concentrate R&D efforts on advancing 3D Sprint, leveraging AI and machine learning to improve part quality and optimize manufacturing workflows [6][9] - The company aims to provide integrated additive manufacturing solutions that enhance ease-of-use in factory environments, focusing on high-volume production [6][9] - The partnership with Hubb Global Holdings will support the integration of 3DXpert into their metal solution portfolio, aiming to accelerate the adoption of production-scale 3D metal printing [5][6] Industry Impact - The transition of Oqton MOS and 3DXpert to an independent developer is expected to accelerate OEM adoption of additive manufacturing and standardization in the metal printing industry [2][4] - Oqton MOS is designed to manage complete workflows for additive component printing, enhancing productivity and reliability in manufacturing processes [8] - The divestiture is anticipated to benefit the entire 3D printing industry by maintaining an industry-wide focus and accelerating growth [8]