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Shapewaysslashes FY guidance by up to 26% as revenue dips below 2020 levels in Q3 2021

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2021年9月。

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团队指着该公司在纽约证券交易所外的徽标。
Shapeways于2021年9月30日上市,这笔交易筹集了9000万美元的资金。通过Shapeways的照片。

Shapeways的Q3 2021结果

尽管Shapeways的财务部门并没有像许多3D打印同行那样被业务部门分解,但该公司的首席财务官Jennifer Walsh能够在其收入呼叫期间阐明结果。沃尔什(Walsh)解释说,该公司的生产业务在第三季度的2021年中产生了600万美元,占其总收入的78%,该公司在2020年第三季度持平,但这被其“市场销售”下降所抵消。

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,但它能够展示一些“开创性产品”,这些产品促进了其具有里程碑意义的成就。

在最近获得的客户方面,Shapeways开始了3D打印特定于患者的模型为了装甲仿生学在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。

在Shapeways在2022年的前景上,Kress在其收入电话会议上提出了乐观的基调,并告诉分析师,它已经在工业,医疗,汽车和航空航天领域等较高价值市场中“已经建立了自己的管道”。尽管首席执行官补充说,这些订单的闭合时间将“比典型的时间更长”,但他建议这些努力会随着明年的进展带来回报。

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.”

A range of components that were 3D printed using Shapeways' existing online platform. Image via Shapeways.
Shapewayshas committed to expanding its manufacturing capabilities as a means of broadening its addressable market. Photo via Shapeways.

Shapeways的未来投资计划

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。

克雷斯总结说:“多年来,我们已经建立了许多关系,并且在适当的情况下,我们将努力执行这些新的收购。”“我们有一个路线图,我们认为这将帮助我们加速管道,制定新的计划,并提供我们客户过去十年来期望的创新和高质量的解决方案。”

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特色图像显示了一些Shapeways团队指向纽约证券交易所外的公司徽标。通过Shapeways的照片。