3D打印服务提供商Shapeways（SHPW）自从通过A公开公开发表了其第一批财务与Spac Galileo收购合并in September 2021.
Over the course of Q3 2021, the company’s results show that it generated $7.7 million, 5% less than the $8.1 million it reported during the pandemic-hit period of Q3 2020. Citing continued COVID-related disruption and the “inconvenient timing” of its IPO, which left it unable to invest in growth as quickly as it would’ve liked, the firm says it has suffered from a “delay in the start of its expected revenue ramp.”
Following its below-par Q3, Shapeways has been forced to revise down its guidance for FY 2021, from the $44 million it had initially projected to between $32.5 and $33.5 million, a drop of 24 to 26%. Predictably, this resetting of expectations hasn’t gone down well with investors, and the company’s shares fell 28% to a post-IPO low of $4.96 in the week after its Q3 financials were made public.
Despite the clear headwinds faced by Shapeways, its CEO Greg Kress has reiterated that its merger has provided it with more than enough funding, to carry out the expansion needed to achieve “multi-year and period [revenue] growth.”
“我想强调，尽管期望的收紧已经改变，但我们的信念却没有。”“随着我们增加制造能力，我们有激动人心的机会，使用其他硬件和材料捕获更多的钱包，并增加我们的专有软件平台。”
Shapeways’ Q3 2021 results
Although Shapeways’ financials aren’t broken down by business division like those of many 3D printing peers, the firm’s CFO Jennifer Walsh was able to shine some light on the results during its earnings call. Walsh explained that the company’s production business generated $6 million in Q3 2021 or 78% of its total revenue, which was flat against Q3 2020, but this was offset by a fall in its ‘marketplace sales.’
This e-commerce offering, in which Shapeways provides a platform for shop owners to sell their products, brought in just $1.7 million during Q3 2021, $400,000 less than it did in Q3 2020. Rather than attributing the segment’s decline to COVID or IPO delays, Walsh blamed its “historic customer base with lower economics,” and emphasized that it was now targeting “more profitable enterprise customers.”
As a first step in this high-value strategy, Kress highlighted on the call that Shapeways’ gross margins improved by ‘180 base points,’ from 45.7% in Q3 2020 to 47.5% in Q3 2021. Over the same period, however, the firm’s net loss also rose from $0.4 million to $15.6 million (due largely to IPO-related earnouts), and at $25 million, its YTD revenue remains adrift of the $44 million FY guidance issued earlier in 2021.
A bureau expansion in-waiting?
Even though Shapeways hasn’t been able to fulfill its own revenue projections so far this year, it has still managed to reach several milestones, including initiatives that could serve as a platform for future growth. Back in February, the company not only revealed that it had3D印刷超过2000万个零件, but it was able to showcase some “groundbreaking products” which have facilitated its landmark achievement.
In terms of recently-acquired clientele, Shapeways began 3D printingpatient-specific models为了Armor Bionics在2021年7月，将用于获得更准确的医学诊断和更好的计划手术程序。
为了使其能够满足用户需求的预期增长，该公司还扩展了其与桌面金属合作。作为这项合作的一部分，前者已致力于在其长岛，纽约和埃因霍温设施的台式金属系统容量上建造，而后者已同意为其用户Shapeways的“ Otto”“ Otto”完全数字化的工作流平台。
Shapeways的前景2022年,克雷斯了upbeat tone on its earnings call, telling analysts that it’s “already building its pipeline” in higher value markets such as the industrial, medical, automotive and aerospace sectors. Although the CEO added that the closing time for these orders would be “longer than typical,” he suggested these efforts would bring rewards as next year progresses.
Kress补充说：“正如我们期待的那样，我们相信Shapeways的平台有许多增长机会。”“我们认为，随着客户转向数字制造进行快速转变，部分生产以减轻日益普遍的供应链中断，因此Shapeways的位置很好。”
“We are positioned to scale across materials, markets, technologies and through our offering of software as a service.”
Shapeways’ future investment plans
Shapeways的资产负债表在第3季度2021年结束时表明，它的现金和同等价值为9030万美元，但遵循其迄今为止的战略，Kress拒绝承诺该公司对无机增长进行投资。取而代之的是，克雷斯（Kress）强调，该公司正在考虑“互补的收购”，但它也需要扩大其能力，以使其“随着时间的推移加速增长”。
首席执行官重申，该公司也认为增长在扩大其“上市”战略方面的潜力，并超越了目前的“自助服务能力”。为了解决他所描述的高价值“中间市场”和企业客户，Kress补充说，Shapeways需要从扩展其内部团队开始，然后才开始在获得“更多的吸引力”之后开始识别采集目标。
“Over the years, we have developed many relationships, and as appropriate, we will work to execute on those new acquisitions,” concluded Kress. “We have a roadmap that we believe will help us accelerate our pipeline, develop new initiatives and deliver the innovative and high quality solutions our customers have come to expect over the last ten years.”
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Featured image shows some of the Shapeways team pointing at the firm’s logo outside the NYSE. Photo via Shapeways.
