Core Insights - The Aerospace & Defense (A&D) business of 3D Systems is projected to become the company's largest industrial segment by 2026, driven by significant revenue growth and favorable U.S. policy support [1][2][4] Revenue Growth - The A&D business is expected to grow over 15% in 2025 and accelerate to more than 20% in 2026, with revenue from production printing systems and custom metal parts anticipated to exceed $35 million in 2026 [2][4] Strategic Expansion - 3D Systems is expanding its Littleton, Colorado facility by up to 80,000 square feet to enhance its A&D Application Center of Excellence, which will support application development and production-scale manufacturing [2][3] Production Scaling - The Littleton facility is set to be certified under the America Makes JAQS-SQ framework, which aims to scale defense industrial base capabilities for qualified additive manufacturing production [2][3] Technological Advancements - The company is on track with a multi-phase, $18.5 million program sponsored by the U.S. Air Force to develop next-generation laser powder-bed fusion technologies for large format metal part production [2][4] Unique Ecosystem - By 2027, 3D Systems will be the only U.S. provider of a complete, end-to-end metal additive manufacturing ecosystem for large-frame metal printing systems, enhancing its position in the market [2][4] Global Operations - The company’s European operations support international A&D customers, while a joint venture in Saudi Arabia is advancing localized A&D solutions [2][4] Supply Chain Resilience - Regionalized manufacturing is emphasized to reduce lead times and risks, which is critical for mission readiness [7] Application Development - The Application Innovation Group (AIG) co-develops lightweight designs with customers, accelerating qualification and scaling through the expanded Littleton Center [7] Robust Printing Solutions - 3D Systems' low-oxygen direct metal printing technology ensures high-quality output for flight-critical applications, with ongoing collaborations to develop materials for challenging end-uses [7]

Core Insights - Velo3D, Inc. has secured a $32.6 million contract with the U.S. Department of War's Defense Innovation Unit to support Project FORGE, aimed at addressing manufacturing bottlenecks in critical defense systems [1][2][3] Group 1: Project FORGE and Contract Details - The contract supports DIU's Project FORGE, which focuses on resolving manufacturing bottlenecks in the U.S. defense industrial base [1] - Velo3D will collaborate with DIU, the U.S. Navy, and a key industry partner to prototype and qualify additively manufactured components [1][2] - The agreement includes an option to develop the largest format Laser Powder Bed Fusion (LPBF) printing capability in the U.S. [2] Group 2: Velo3D's Technology and Capabilities - Velo3D's Rapid Production Solution (RPS) enables quick prototyping and scalable production of mission-critical components [2][3] - The company's Sapphire® printers can produce parts up to 600mm in diameter and one meter in height, enhancing production capabilities [3] - Velo3D's systems meet Department of Defense cybersecurity standards, ensuring secure manufacturing operations [4] Group 3: Industry Context and Importance - The collaboration between DIU and Velo3D is seen as essential for addressing critical production backlogs in defense manufacturing [2] - Velo3D's technology allows for greater design freedom and the production of previously impossible metal parts, benefiting various industries including aerospace and energy [8] - The partnership aims to strengthen the U.S. defense industrial base by integrating advanced commercial technologies [5]

Core Viewpoint - Velo3D shares surged over 30% following strategic partnerships with SpaceX and Anduril, indicating strong market interest and potential for future growth [1][3]. Company Developments - SpaceX currently operates 25 Velo3D machines, with plans for expansion likely in 2026, suggesting sustained demand for Velo3D's additive manufacturing capabilities [3]. - Velo3D's collaboration with Anduril aims to secure more contracts, enhancing its position in the defense technology sector [4]. Revenue Growth Potential - The partnerships with SpaceX and Anduril are expected to accelerate revenue growth, aligning with the shift in defense manufacturing towards adaptable technologies that leverage advanced 3D printing [4]. - Velo3D reported Q3 revenue of $13.64 million, exceeding expectations, and management anticipates positive EBITDA in the first half of 2026 [5]. Industry Outlook - The global 3D printing market for titanium powder is projected to grow from $214 million in 2023 to $1.40 billion by 2032, indicating robust growth in the metal additive manufacturing sector [6]. - This growth further supports the long-term investment case for Velo3D [6]. Market Sentiment - Wall Street firms currently have a consensus "Strong Buy" rating on Velo3D stock, reflecting positive investor sentiment [7]. - Analysts may revise their price targets upward following the recent partnerships, which could enhance the stock's appeal [8].

Core Insights - PyroGenesis Inc. has signed an initial order for "fine cut" titanium powder produced by its NexGen™ plasma atomization process, aimed at a contract manufacturer specializing in titanium-based additive manufacturing for consumer products and healthcare [1][2] Company Overview - PyroGenesis is a leader in ultra-high temperature processes and engineering innovation, providing plasma-based technology to heavy industry and defense [1][8] - The company has 34 years of experience in plasma technology and is recognized for its patented plasma atomization process, which is considered the gold standard for metal powder development in additive manufacturing [7][8] Product Details - The recent contract involves the supply of "fine" cut Ti64 powder with a particle size of 20-53 microns, specifically for use in the client's laser powder bed fusion (LPBF) printing systems [2][4] - LPBF technology accounts for approximately 50% of the global metal additive manufacturing market due to its accuracy and ability to produce complex geometries [3] Strategic Impact - The production of high-quality titanium metal powder using the NexGen plasma atomization process helps protect the critical mineral supply chain and offers a product with a lower carbon footprint compared to traditional methods [5] - The company aims to expand its reach to premier contract manufacturers in key manufacturing hubs, which is part of its growth strategy in the metal powder business [6] Market Context - The global 3D printing market for titanium powder is projected to grow from USD 214 million in 2023 to USD 1.4 billion by 2032, highlighting the increasing demand for titanium across various industries [10] - Titanium is classified as a critical mineral by both Canada and the U.S., and is utilized in sectors such as aerospace, defense, consumer electronics, and electric vehicles due to its high strength-to-weight ratio and corrosion resistance [10]

Core Viewpoint - 3D Systems Corporation has announced an agreement to exchange $30,773,000 of its 0% Convertible Senior Notes due 2026 for 16,625,243 shares of its common stock, with the exchange expected to close around December 16, 2025 [1][2]. Group 1: Exchange Details - The exchange will result in approximately $3.9 million of the 2026 Notes remaining outstanding after the transaction [2]. - 3D Systems will not receive any cash proceeds from the exchange [2]. Group 2: Regulatory Information - The shares issued in the exchange have not been registered under the Securities Act of 1933 and may not be offered or sold in the U.S. without registration or an applicable exemption [4]. - The announcement does not constitute an offer to sell or a solicitation to buy any of the shares [3]. Group 3: Company Background - 3D Systems has been a pioneer in 3D printing and additive manufacturing for nearly 40 years, providing industry-leading technologies and solutions across various high-value markets [6]. - The company aims to transform manufacturing through innovative 3D printing technologies, materials, and software [6].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $26.9 million, representing a year-over-year growth of approximately 81% compared to $14.9 million in Q3 2024, primarily driven by the inclusion of Markforged, which contributed $17.5 million [16] - Gross profit for the quarter was $12.7 million, with an adjusted gross margin of approximately 47.4%, down from 50% in the prior year [16] - Operating expenses for the quarter were $29.2 million, a year-over-year increase of approximately 29% from $22.7 million in Q3 2024, mainly due to Markforged inclusion [16] - Adjusted EBITDA for the quarter was a loss of $16.6 million compared to a loss of $15.3 million in Q3 2024 [17] - Total cash, cash equivalents, and investment securities as of September 30, 2025, were approximately $515.5 million, down from about $551 million at the end of the prior quarter [17] Business Line Data and Key Metrics Changes - Nano Dimension's standalone revenue was approximately $9.4 million, down approximately 37% year-over-year, driven by strategic divestitures and softer demand amid macroeconomic uncertainties [16] - Operating expenses on a standalone basis decreased approximately 42% year-over-year, reflecting benefits from divestments and disciplined cost management [17] Market Data and Key Metrics Changes - The demand environment remains mixed, with pockets of strength and areas where customers are cautious in spending [9] - Key target segments include defense, aerospace, automotive, food and beverage, and next-generation networking, with wins across these areas [9][10] - The defense business continues to expand, driven by momentum across programs and increased adoption of the FX10 and FX20 platforms [10] Company Strategy and Development Direction - The company is focused on improving and growing the business, strengthening management, and driving toward profitability [5] - A strategic alternatives review process is underway to maximize shareholder value and unlock the potential of technology assets [7] - The company is prioritizing segments where additive manufacturing can scale and where customers are ready to adopt new approaches [9] Management's Comments on Operating Environment and Future Outlook - Management noted challenges from tariff uncertainties and cautious capital spending but highlighted strong improvements in operating expenses [8] - The company expects revenue for Q4 2025 in the range of $31.5 million to $33.5 million, representing nearly 21% sequential growth at the midpoint [18] - Adjusted EBITDA loss for Q4 is expected to be between approximately $12 million and $14 million, representing a 22% improvement compared to Q3 [19] Other Important Information - The company repurchased approximately $5.6 million of shares during the quarter and an additional $11.5 million subsequent to the quarter end, believing shares are significantly undervalued [5] - The company is increasing transparency by aligning with US GAAP reporting requirements and providing guidance for the first time [21] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing appreciation for the participants' interest [22][24]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $26.9 million, representing a year-over-year growth of approximately 81% compared to $14.9 million in Q3 2024, primarily driven by the inclusion of Markforged, which contributed $17.5 million [15] - Gross profit for the quarter was $12.7 million, with an adjusted gross margin of approximately 47.4%, down from 50% in the prior year [15] - Operating expenses for the quarter were $29.2 million, a year-over-year increase of approximately 29% from $22.7 million in Q3 2024, mainly due to Markforged inclusion [15] - Adjusted EBITDA for the quarter was a loss of $16.6 million compared to a loss of $15.3 million in Q3 2024 [16] - Total cash, cash equivalents, and investment securities as of September 30, 2025, were approximately $515.5 million, down from about $551 million at the end of the prior quarter [16] Business Line Data and Key Metrics Changes - Nano Dimension's standalone revenue, excluding Markforged, was approximately $9.4 million, down approximately 37% year-over-year due to strategic divestitures and softer demand amid macroeconomic uncertainties [15] - Operating expenses on a standalone basis decreased approximately 42% year-over-year, reflecting benefits from divestments and disciplined cost management [16] Market Data and Key Metrics Changes - The demand environment remains mixed, with pockets of strength in defense, aerospace, automotive, food and beverage, and next-generation networking [8] - The defense business continues to expand, driven by momentum across programs and increased adoption of the FX10 and FX20 platforms [9] - In aerospace, customers are adopting solutions to accelerate innovation and maintain rigorous quality standards [10] Company Strategy and Development Direction - The company is focused on improving operations, driving toward profitability, and maximizing asset value [5] - A strategic alternatives review process is underway to evaluate options for maximizing shareholder value and unlocking technology potential [6] - The company aims to capitalize on growing demand for advanced digital manufacturing solutions that merge additive manufacturing with adaptive electronic assembly [14] Management's Comments on Operating Environment and Future Outlook - Management noted challenges from tariff uncertainties and cautious capital spending but highlighted strong improvements in operating expenses [7] - For Q4, the company expects revenue in the range of $31.5 million to $33.5 million, representing nearly 21% sequential growth at the midpoint [17] - Gross margin is expected to be between 47% and 48.5%, reflecting improved operating leverage and efficiency [18] Other Important Information - The company repurchased approximately $5.6 million of its shares during Q3 and an additional $11.5 million subsequent to the quarter end, believing the shares are significantly undervalued [5] - The company is aligning reporting processes with US GAAP standards to enhance transparency [5] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management provided guidance for Q4, expecting revenue between $31.5 million and $33.5 million, indicating a moderate recovery across most markets [17] Question: How is the company addressing operating expenses? - The company expects operating expenses to be between approximately $28 million and $29 million for Q4, reflecting continued progress in aligning operations following the Markforged acquisition [19]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $26.9 million, representing a year-over-year growth of approximately 81% compared to $14.9 million in Q3 2024, primarily driven by the inclusion of Markforged, which contributed $17.5 million [16] - Gross profit for the quarter was $12.7 million, with an adjusted gross margin of approximately 47.4%, down from 50% in the prior year [16] - Operating expenses for the quarter were $29.2 million, a year-over-year increase of approximately 29% from $22.7 million in Q3 2024, mainly due to Markforged inclusion [16] - Adjusted EBITDA for the quarter was a loss of $16.6 million compared to a loss of $15.3 million in Q3 2024 [17] - Total cash, cash equivalents, and investment securities as of September 30, 2025, were approximately $515.5 million, down from about $551 million at the end of the prior quarter [17] Business Line Data and Key Metrics Changes - Nano Dimension's standalone revenue was approximately $9.4 million, down approximately 37% year-over-year, driven by strategic divestitures and softer demand amid macroeconomic uncertainties [16] - Operating expenses on a standalone basis decreased approximately 42% year-over-year, reflecting benefits from divestments and disciplined cost management [17] Market Data and Key Metrics Changes - The demand environment remains mixed, with pockets of strength and areas where customers are cautious in spending [10] - Key target segments include defense, aerospace, automotive, food and beverage, and next-generation networking, with wins across these areas [10][11] - The defense business continues to expand, driven by momentum across programs and increased adoption of the FX10 and FX20 platforms [11] Company Strategy and Development Direction - The company is focused on improving operations, driving toward profitability, and maximizing asset value [6] - A strategic alternatives review process is underway to evaluate options for maximizing shareholder value and unlocking technology potential [7][8] - The company aims to maintain customer focus, advance platform integration, and execute its roadmap to drive durable growth [14] Management's Comments on Operating Environment and Future Outlook - Management noted challenges from tariff uncertainties and cautious capital spending but highlighted strong improvements in operating expenses [9] - The company expects revenue for Q4 2025 in the range of $31.5 million to $33.5 million, representing nearly 21% sequential growth at the midpoint [18] - Adjusted EBITDA loss for Q4 is expected to be between approximately $12 million and $14 million, indicating a 22% improvement compared to Q3 [20] Other Important Information - The company repurchased approximately $5.6 million of shares during Q3 and an additional $11.5 million subsequent to the quarter end, believing shares are significantly undervalued [6] - The first formal guidance for Q4 2025 was provided, reflecting operational improvements and a disciplined approach to financial management [18] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing confidence in the company's progress and future direction [23][24]

Core Insights - Stratasys is expanding its offerings by entering the metal 3D printing sector through a partnership with Tritone Technologies, enhancing its position in the additive manufacturing industry and increasing its total addressable market [1][4]. Company Overview - Stratasys is a global leader in polymer additive manufacturing, now integrating production-grade metal and ceramic technology into its portfolio, positioning itself as a comprehensive provider of additive manufacturing solutions [2][3]. Strategic Partnership - The collaboration with Tritone Technologies aims to simplify the adoption of additive manufacturing by reducing complexity in vendor choices, aligning with industry trends towards large-scale manufacturing [3][4]. - Stratasys has acquired a minority ownership stake in Tritone and has structured a phased commercial agreement to support Tritone's reseller network and leverage sales synergies [4][5]. Technological Advancements - Tritone's MoldJet technology is a key component of this partnership, offering a powder-free additive manufacturing process that enables high throughput production of metal and ceramic parts, suitable for various industries [7][6]. - MoldJet technology allows for quick changeovers between different materials, enhancing productivity and enabling the production of complex geometries in a single batch [7]. Market Impact - The partnership is expected to accelerate growth for both companies and provide significant value to the market, as Stratasys' extensive experience complements Tritone's technological capabilities [5][8]. - The collaboration is seen as a validation of Tritone's vision and efforts to deliver innovative manufacturing solutions, enhancing customer confidence in adopting additive manufacturing technologies [8].

Core Insights - Stratasys announced a series of innovations across its FDM, SAF, P3™ DLP, and software platforms aimed at enhancing material choices, improving throughput, and introducing new capabilities for manufacturers in additive production [1] Group 1: Innovations and Developments - The new solutions will be showcased at Formnext 2025, scheduled for November 18-21 in Frankfurt, Germany [1] - The expansion of the materials portfolio is a key focus, which is expected to benefit manufacturers by streamlining their additive production processes [1] - Improvements in print speeds and the introduction of smarter software capabilities are also part of the innovations being rolled out [1]