One of the largest providers of 3D printing services in the world – Shapeways, published its first financial results since entering the US stock exchange in September this year. In the third quarter of 2021, the company generated $ 7.7 million in revenues, which is -5% less than a year ago during the pandemic ($ 8.1 million). As a consequence, the company was forced to lower its forecasts for the full financial year 2021, reducing them by as much as -25%, from USD 44 million to USD 32.5-33.5 million. Investors were not enthusiastic about this – Shapeways shares fell -28% to $ 4.96 per share.

In the official announcement, the company blames the COVID19 pandemic and local lockdowns in its customers’ countries for the decline in revenues. Additionally, it suggests that its stock exchange debut took place at an “inconvenient moment”, which made it impossible to carry out investments that would translate into a rapid increase in revenues. As described, Shapeways has suffered from “delaying the start of expected revenue growth” …

While Shapeways’ finances are not broken down by business division, as is the case with many other 3D printing companies, CFO Jennifer Walsh was able to shed some light on the bottom line. The company’s manufacturing operations generated $ 6 million in revenue in the third quarter of 2021, accounting for 78% of its total revenue. The consumer e-commerce platform that made Shapeways publicity years ago and laid the foundation for its success brought in just $ 1.7 million in revenue – $ 0.4 million less than in the third quarter of 2020. Commenting on this, Jennifer Walsh said, that the company is now targeting “more profitable corporate clients.”

Shapeways’ gross margins have improved illusively, from 45.7% in Q3 2020 to 47.5% in Q3 2021. What is really noticeable is the net loss – it increased from -0.4 million USD in 2020 . to USD -2.5 million in 2021. Fortunately, it is not a problem for the company at the moment, as the balance sheet at the end of the third quarter of 2021 showed that it has USD 90.3 million in cash and equivalents, which is the result of raising capital from the stock exchange.


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