商业

Shapeways的6.05亿美元SPAC交易:所有炒作还是收入增长的秘诀?

早在2021年4月,3D打印服务提供商Shapeways宣布打算通过与特殊目的收购公司(SPAC)合并公开公开伽利略收购公司(gleo)。

At the time, the company’s CEO Greg Kress described the deal, which will see the creation of a new enterprise with a total股权价值6.05亿美元1.95亿美元的沃奇斯特(Warchest)作为“一个重要的里程碑”,有效地产生了所需的资金,“以规模增强数字制造”。

提议的IPO是最新的string of recent SPAC mergers由3D印刷公司宣布,并将这些交易总额超过130亿美元,但Shapeways的财务或不存在,也对其过去的绩效和长期盈利能力提出了严重的问题。在2019财年至2020财年之间,该公司的收入下降了5%,但现在预计2021财年至2022财年的年增长率为95%。

自2007年以来,投资者还以1亿美元的价格支持Shapeways,但该公司资产负债表上几乎没有什么可以专门显示资金在哪里进行投资,无论是在物业还是设备上。

Shapewaysreported net losses of $7 million in FY 2019 and $3 million during FY 2020, as well as adjusted EBITDAs of -$6.1 million and -$2.4 million, thus it’s worth questioning whether Galileo has bought into 3D printing’s renewed hype, or if Shapeways is genuinely positioned to meet its pre-tax earnings target of $107 million by 2025.

To find out more about the firm’s expansion plans, 3D Printing Industry reached out to a Shapeways spokesperson, who said that the funding raised via its upcoming SPAC merger will allow it to “accelerate its additive manufacturing capabilities,” and “fuel its drive towards sustained double-digit growth.”

发言人说:“我们觉得这与您从哪里开始,而是关于您完成的位置。”“成功的企业知道他们正在参加马拉松比赛,而不是冲刺,我们前面还有很多。我们喜欢现在Shapeways的位置,有望为巨大的成长和创新提供。”

Shapeways 3D打印工厂。通过Shapeways的照片。
Shapeways将于今年晚些时候与伽利略的收购合并来公开。通过Shapeways的照片。

Journeying towards a $605m IPO

成立为衍生菲利普斯in 2007, Shapeways initially incorporated two very different businesses: an online marketplace for designers, and a suite of on-demand manufacturing services. Eventually, the company’s ambitions for the former fell flat, causing it to change direction with theappointment of CEO Greg Kress, who pledged initially to make the firm’s platform a place to “design, make and sell.”

从那以后,Shapeways专注于扩展其服务产品,adding Carbon’s DLS technologies来its portfolio in February 2019, before集成Zverse的软件优化其在线平台的性能。通过迭代扩展其生产能力,该公司设法扩大了潜在受众,最近达到了2000万印刷零件里程碑

但是,该公司现在在一个越来越拥挤的市场中运营,Xometry和最近享有的品牌Hubs,开始为更专业的客户开设一个利基市场,而集线器所有者protolabsis investing heavily in its CNC machining capabilities, and each of these companies is effectively competing for the same customers as Shapeways.

As a result, the firm’s decision to undergo a SPAC merger can be seen as a valid move to raise the funding needed to remain competitive against its market rivals, but there appears to be little in the deal for Galileo. Although Shapeways has always traded privately and not published its full financials, it did release some top-line figures last month. However, Shapeways was unwilling to provide specific financial information requested by 3D Printing Industry.

Shapeways的预测($) 2019财年 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
收入 33.5m 31.8m 44m 86m 150m 250m
年增长(%) -5 +38 +95 +74 +67

Shapeways的不透明财务

Upon his appointment as CEO, Kress managed toraise $30 million对公司领导的投资Lux Capital, which took its total funding since 2007 to over $100 million. However, when Shapeways published its balance sheets in April 2021, they revealed that as of December 31 2020, it had $948,000 in property and equipment, raising questions over where this $100 million was invested.

Shapewaysdid not disclose exactly where the capital has been spent, but it’s possible that it was invested in assets that have since depreciated, or that the funds have simply covered its operating expenses. Either way, without knowing where the initial $100 million was deployed, there’s little evidence that the $195 million set to be raised by its upcoming merger will be invested any differently, or into assets that appear on its future balance sheets.

Given that the firm’s revenue declined from $33.5 million in FY 2019 to $31.8 million in FY 2020, its guidance of $86 million for FY 2022 also seems on the optimistic side. While Shapeways has said that its upcoming investment will enable it to “unlock new industries” and “capitalize on favorable market tailwinds,” it remains to be seen whether the company’s leadership will invest in the right areas to make this happen.

Shapeways’ current management has overseen the spend of at least $30 million of investors’ cash, and having failed to generate growth, there’s no guarantee they’ll be able to buck this trend and guide Galileo, whose backers appear inexperienced in the 3D printing industry. For its part, the company has now stated that its leadership team “brings significant entrepreneurial and industry expertise to propel the company forward.”

回应这一点3D印刷行业被告知:“首席执行官格雷格·克雷斯(Greg Kress)是创新且以结果为导向的领导者,他从GE公司领导层的成员中获得了强大的供应链和商业运营专业知识。CFO和COO的Jennifer Walsh是一位资深的财务主管,CRO Miko Levy拥有促进积极业务增长的良好记录。”

A range of components that were 3D printed using Shapeways' existing online platform. Image via Shapeways.
Shapeways在2021年4月的演讲中发布了前瞻性财务指导。图片通过Shapeways图像。

3D打印的SPAC IPO趋势

Once completed in H2 2021, Shapeways’ merger will see Galileo become the seventh SPAC to enter the industry in the last year, but there’s no guarantee that the resulting enterprise will yield immediate profitability or that its stock will capture the interest of investors, thus there’s a risk that it has bought into a trend rather than the firm’s future growth potential.

桌面金属去年,似乎开始了该行业的SPAC IPO繁荣与三位一体收购合并并于2021年12月上市,在此过程中筹集了5.8亿美元。但是,该公司的股票并未在2020年12月10日的上市中立即起飞,因为它的价值下降了三分之一,因此证明了在3D印刷股中引起投资者的权益仍然是对行业IPO的挑战。

Elsewhere,velo3d,Rocket Lab,标记,Bright MachinesRedwire所有人都宣布了今年晚些时候通过SPAC合并公开公开的意图。While the short-term performance of shares is by no means a firm indicator the long term prospects of a company, the performance to date of Desktop Metal stock does at least raise questions over whether 3D printing’s SPAC IPO trend will be long lasting, or a flash in the pan followed by collapse in interest, akin to that seen in 2014.

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特色图片显示了Eindhoven内部Shapeways内部的3D打印工厂的一些装饰。通过Shapeways的照片。