Is Shapeways Dying?

[Ed Kapuscinski]

I just saw this.
https://3dprintingindustry.com/news/shapeways-bankrupt-5m-rescue-bid-rejected-231387/

Moreover, financial disclosures revealed Shapeways’ Q3 2023 revenue of just $8.4 million, gross profit of $3.4 million, and a staggering net loss of $19.4 million, signaling a 198.5% increase from Q3 2022. These figures represent a significant shortfall from anticipated revenues, now revised to $34.3-$35 million for FY 2023, which were down 76.7% from initial projections. Additionally, the company’s share price plummeted from $83.60 per share in January 2021 to $1.94 by February 2024.

Yikes!

Is Shapeways in real trouble?

[rodsup9000]

WOW, that's not very good news for their customers.I really think the affordable 3D printers that we have available to us has really hurt their business.   
 

[C855B]

It was a matter of time. I'll again mention I was in a similar business nearly 40 years ago - high-resolution 2D printing, preparing output for the printing industry. When the Apple LaserWriter came out, we weren't concerned about its 300dpi, but when competitors pushed to 600 and then 1200dpi, the handwriting was on the wall that the service bureau model of the business would fade away.

I closed my last independent high-res shop in '89 or '90. By that time the commercial printers had their own expensive very-high-res machines, and the office/consumer market had settled on reasonably-priced 1200dpi hardware.

When the first affordable resin printers hit the streets, I saw this scenario playing out all over again. Granted, Shapeways expanded their offerings in different directions, but the core business was soon to get hammered.

And here we are.

[Dirk Jan Blikkendaal]

Mike's mail is spot on.....
It is still a pity: they provided a good service and good models.... certainly to me.
Will have to increase my own 3D printing.... using a Uniformation GK2.....mainly N scale but also TT, H0 and some S.

Dirk Jan Blikkendaal
www.atsfnscalemodels.com

[Chris333]

I read elsewhere that the NYC Shapeways laid off people and was closing.

[bigdawgks]

I stopped buying from Shapeways a while ago. The cost vs quality and lead time was just not worth it for me. For modeling finely detailed items in N scale, the quality level is just not there. And now I have 2 or 3 contacts who have home printers that can print things for me with better quality and a fraction of the cost and time. If the quality level was vastly improved I could potentially justify using Shapeways but as it is it makes no financial sense to do so.

[AlwaysSolutions]

It's been six years since they blew it up with their new hot-shot CEO (who I don't even know if he's still there) and unfriendly pricing structure.  So they've lasted longer than I thought they would.  I'm only familiar with the n scale market so my opinions are based on that segment, and what we know is that they're too expensive and their quality sucks compared to what we're printing at home.  The only value at this point for me is global reach.  I only ship my home prints domestically, so if someone in Hong Kong, for example, wants a model, Shapeways to the rescue.  Overall though, they provide squat in value for me.  Well, I guess it's cool that if someone Googles "N Scale Little Joe", thanks to SW they'll see that a kit does exist and they can reach me for questions?   ¯\_(ツ)_/¯  I haven't ordered anything from them in years though.  FDM and Resin at home is all I've needed... so far.

Mike

[C855B]

Additionally, the company’s share price plummeted from $83.60 per share in January 2021 to $1.94 by February 2024.

Oh! I wasn't paying attention! Had no idea they had gone public.

Shame on me. I don't believe in "shorting" stocks. I consider it predatory and sleazy. Shares I hold in other investments that qualify to be shorted, I do not allow them to be "loaned out" for this practice. OTOH, I had enough intimate knowledge of Shapeways' business to have some confidence to predict a limited shelf life. If there was ever a stock perfect for being shorted, SHPW was it, it was simply a matter of timing.

Looking back, can anybody tell me what happened relative to Shapeways on 9/29/2021? That's when the bottom dropped out. They were stable until that specific date.

Reading today's investment news, as of this morning Chapter 7 has been filed - that's liquidation, not reorganization. They have registered "ceased operations".

IOW, they are out of business. Period. Don't be fooled by the website still functioning.

[Chris333]

They were a start up with about $10 million. And when the prices went up on everything after about 4-5 years, that is when they needed to start making a profit. Guess they never did.

[Chris333]

https://3dprintingindustry.com/news/shapeways-bankrupt-5m-rescue-bid-rejected-231387/

[C855B]

Looking back, can anybody tell me what happened relative to Shapeways on 9/29/2021? That's when the bottom dropped out. They were stable until that specific date.

A little research answered my question - they were bought-out by "Galileo Acquisition Corp". Apparently the market didn't take this well and it was a steep downhill slide from there.

As to @Chris333 's comments about never making a profit, according to SEC registration statements they were making a healthy profit... until that merger with Galileo. Edu-guess was that Galileo is/was a predatory holding company that acquires then sucks smaller profitable firms dry until they bankrupt them.

[Chris333]

I just assumed the day the costs went up and the shipping times quadrupled is what did them in. I used to be able to order from them on Monday and get my parts on Friday for $5 shipping.

Are they all one company world wide?

[AlwaysSolutions]

 “On July 2, 2024, after considering all strategic alternatives, Shapeways Holdings, Inc. (the “Company”) ceased operations..."

Hmmm, wonder if I'll ever see that 10 dollars that they haven't paid out due to not meeting the $30 threshold...   

Also, I can't seem to get to my account right now.  It was fine this morning.

EDIT:  also, I worry about all of those STL files and what becomes of them.  While the files I uploaded to Shapeways weren't the latest versions, full of all the details I print at home, they're still IP that I wouldn't want floating around out there. 

[John]

You will probably have to file a claim with the court

[peteski]

The subject line of this thread should read "Shapeways *IS* dead".
Too bad as it seemed to be providing useful service.  But it appears that the mergers and acquisitions which are common place nowadays resulted in its demise.