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Shapeways to press ahead with SPAC merger despite flat Q2 revenue growth

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3D打印服务提供商Shapewayshas revealed that it still intends to complete its upcoming merger with Special Purpose Acquisition Company (SPAC)Galileo Acquisitiondespite failing to meet revenue expectations during Q2 2021.

早在2021年4月,当Shapeways揭幕plans to join forces with Galileo并以6.05亿美元的价格公开纽约证券交易所,将2021财年的初始收入目标定为4400万美元。但是,在H1 2021年,该公司仅产生了1720万美元半年。

While Shapeways’ income in Q2 2021 did rise 26% compared to the $7 million it generated during Q2 2020, it was also completely flat against the第1季度2021年报告了880万美元。因此,有小公司的H1鳍ancials to suggest that it’s on course to grow and meet its overall revenue goal by the end of the year. Despite this, the company’s CEO Greg Kress continues to claim the opposite is true.

Kress说:“我们对第二季度的结果感到满意,该结果表明,由我们专用的专有软件提供支持的Shapeways的端到端数字制造平台的持续动力。”“ 2021年前六个月的结果增强了我们对实现增长计划的能力的信心。”

A Shapeways sign from inside its New York warehouse.
Shapeways与Galileo的收购合并已被推迟,现在预计将在第三季度2021中进行。照片通过Gizmodo。

Shapeways’ Q2 2021 financials

Given that Shapeways hasn’t gone public just yet, it’s not obliged to publish its financials in the same level of detail as publicly-listed companies are. The firm’s earlier figures haven’t been released in full either, thus it’s difficult to fully-analyze its financial performance, but based on revenue alone, it’s clear that Shapeways is falling short of expectations.

As part of aninvestor presentation during April2021, Shapeways revealed that it generated $33.5 million during the last full pre-COVID year of 2019. Therefore, if the firm were to continue bringing in revenue at its current rate for the next two quarters, it’d be left with an income of $35.2 million for FY 2021, representing an increase of only 5% on FY 2019, and some $8.8 million less than its $44 million goal.

尽管该公司的财务状况还表明,在2020年第二季度至2021年第2季度之间,其毛利润实际上增加了39%,但这些数字不一定与总收入的增加相关。Shapeways表示,一旦与伽利略的合并完成,它将使用该交易中筹集的1.95亿美元净收益中的一些来资助其未来的收入增长,但绝不可以保证。

Shapeways’ Projections ($) 2019财年 2020财年 2021财年 2022财年 2023财年 2024财年
Revenue 33.5m 31.8m 44m 86m 150m 250m
YoY Growth (%) - -5 +38 +95 +74 +67

该公司现在在一个高度竞争的部门中运营,Xometry,,,,集线器andProtolabscompeting for similar clientele, thus its ramped up spending won’t necessarily yield higher income. What’s more, the firm has already raised more than$100 million in funding,,,,but its limited financial statements from previous years do little to indicate where this may have been redeployed.

例如,Shapeways在4月份发布了其2020财年的资产负债表,这表明它在今年年底之前只有948,000美元的财产和设备。鉴于该公司自上一轮投资以来的领导层没有改变,因此没有话要说,即将到来的1.95亿美元的意外收获将以不同的方式花费,并且它将反映在其未来的财务报表中。

When contacted by 3D Printing Industry earlier this year, Shapeways was unable to provide specific financial details on the period in question, but did add that it believes its imminent funding will allow it to “unlock new industries” and “capitalize on favorable market tailwinds,” while its leadership has the “industry expertise to propel the company forward.”

使用Shapeways的现有在线平台打印3D的一系列组件。图像通过Shapeways。
Shapeways will need to generate $26.8 million to meet its revenue goal in H2 2021. Image via Shapeways.

On-track for Q3 completion

Alongside the publication of its Q2 2021 results, Shapeways has also revealed that its merger with Galileo is now expected to take place by the end of Q3 2021, rather than the “summer” date initially planned. Although the firm hasn’t provided any insight into why the deal has been delayed, it has announced that in August, Galileo filed a second amendment to its merger registration statement with the SEC.

实际上,此举使其因提议与Shapeways的拟议结合而发出了修订的招股说明书,但没有什么可表明其完成的质疑。话虽这么说,伽利略的收购协议的截止日期为2021年10月22日,因此现在面临着一场比赛,以使交易结束,因为其赞助商可能会在不按时完成全部投资的情况下失去全部投资。

This is due to the fact that the merger isn’t being underwritten by an independent third-party, so Galileo’s investors would not benefit from an outside review if things went south, and the SEC registration itself directly references these risks.

“The amount of due diligence conducted by Galileo and its advisors in connection with the business combination may not be as high as would have been undertaken by an underwriter,” reads the statement. “It’s possible that defects in Shapeways’ business, or problems with its management that would have been discovered if Shapeways conducted an underwritten public offering, will not be discovered, which could adversely affect the market price of the combined company.”

Despite the apparent risks on both sides, the two companies appear to be intent on pressing ahead with their proposed merger during Q3 2021. According to Kress, the move still has the potential to turn Shapeways’ financial fortunes around, providing it with the funding needed to address new markets with its service offering, and expand on its product portfolio.

“Our ongoing focus is on building scale as we work with our customers and extend our penetration across the industrial, medical, automotive and aerospace segments,” added Kress. “We look forward to finalizing the merger transaction with Galileo and continuing to accelerate product innovation and expand customer adoption.”

CRP's 3D printing technology has been utilized within a range of applications, varying from motorsport to aerospace (pictured). Image via Alba Orbital.
Like Shapeways, Rocket Lab is also waiting to complete its SPAC merger, which was due to take place in Q2 2021. Image via Alba Orbital.

3D printing’s SPACs-in waiting

SinceDesktop Metal went public on the NYSEin December 2020, a string ofother high-profile SPAC mergershave been announced, but not all of them have yet come to fruition. One company that has finalized its SPAC merger, isMarkforged,,,,whichwent public on the NYSE2021年7月,一项交易中筹集了3.61亿美元。

Elsewhere, aerospace firm火箭实验室hasn’t managed to go public yet, despite announcing plans tomerge with SPAC Vector Acquisition在2021年第2季度。完成后,该交易最终将提供合并后的公司,该公司将在“ RKLB”下在纳斯达克上市,并拥有约7.5亿美元的资金。

3D printer manufacturerVELO3Dis also in the process of finalizing its与Spac Jaws Spitfire收购合并,,,,although publicly at least, the deal remains on course for completion in H2 2021. The resulting business is expected to be valued at $1.6 billion on the NYSE, with the firm raising approximately $500 million via its IPO.

The nominations for the2021 3D Printing Industry Awards现在打开。您认为谁应该成为今年演出的入围名单?现在有你的发言权。

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Featured image shows a range of parts that were 3D printed via Shapeways’ online platform. Image via Shapeways.