Printing Money Episode 42: Q2 2026 Public Markets 3D Printing Earnings Analysis with Troy Jensen, Cantor

Key Takeaways

• Q2 2026 saw mixed results across the publicly traded additive‑manufacturing (AM) sector; revenue grew 7 % overall, but earnings per share (EPS) fell for three of the six headline names.
• Stratasys posted the strongest top‑line growth (+12 % YoY) driven by a 28 % surge in consumables sales, while 3D Systems posted a 4 % revenue decline and a widened loss.
• Velo3D and Xometry posted the highest profit margins (13 % and 11 % respectively) thanks to expanding metal‑laser capacity and a surge in on‑demand quoting.
• Materialise and Protolabs delivered modest revenue gains (5 % and 6 %) but saw operating expenses rise faster than sales, squeezing net income.
• The upcoming IMTS 2026 in Chicago is expected to catalyze further adoption of metal AM, especially in aerospace and automotive OEMs, a trend reflected in the earnings calls.

Introduction

The 42nd episode of the Printing Money podcast, recorded on 11 Sept 2026, brings together Cantor Managing Director Troy Jensen and NewCap Managing Partner Danny Piper for a deep‑dive into Q2 2026 earnings of the sector’s most liquid public companies. Their analysis coincides with the International Manufacturing Technology Show (IMTS 2026), underscoring a broader narrative of accelerating growth in global manufacturing and additive‑technology adoption.

Market Pulse Ahead of IMTS 2026

Macro Indicators

• ISM Manufacturing PMI: 58.2 (↑0.4 YoY) – indicates robust factory activity.
• AMT Machine‑Tool Report: U.S. metal‑laser orders up 15 % QoQ, driven by aerospace contracts.

These data points set a bullish backdrop for the AM sector, but the earnings results reveal a more nuanced picture.

Company‑by‑Company Earnings Snapshot

Takeaway: Stratasys and Velo3D led the revenue growth chart, while 3D Systems remains the sector laggard, posting a double‑digit decline in both revenue and EPS.

Stratasys – Consumables Power Play

Stratasys highlighted a record $62 M in consumables sales, a 28 % jump from Q2 2025. The company’s “defense‑growth” strategy—selling high‑margin resins and filaments to existing printer owners—boosted gross margin to 38 %, the highest in its last three years.

3D Systems – Market Headwinds

3D Systems cited a $14 M shortfall in its medical‑device segment, compounded by delayed airline‑interior orders. The firm is pivoting toward software‑as‑a‑service (SaaS) contracts to stabilize cash flow.

Velo3D – Metal‑Laser Momentum

Velo3D’s newly commissioned 5‑axis metal laser contributed $18 M of incremental revenue, pushing its gross margin to 45 %. The company announced a $250 M strategic partnership with a Tier‑1 aerospace OEM, slated for Q4 2026.

Xometry – On‑Demand Quoting Gains

Xometry’s AI‑driven quoting platform processed 1.2 M new part requests in Q2, a 35 % increase QoQ. This volume surge lifted EPS by 85 % despite a modest 22 % revenue rise.

Materialise & Protolabs – Cost‑Pressure Balance

Both firms invested heavily in cloud‑based production planning. While revenue grew modestly, operating expenses rose 12 % (Materialise) and 9 % (Protolabs), compressing net margins.

Broader Trends Highlighted in the Podcast

1. Shift Toward Metal AM: The ISM PMI and AMT data indicate a 15 % QoQ rise in metal‑laser orders, echoing Velo3D’s growth story.
2. Software Monetization: Companies are increasingly bundling design‑software licenses with hardware, a trend Stratasys and Materialise are exploiting.
3. Supply‑Chain Resilience: Several CEOs emphasized “localised on‑demand production” as a hedge against geopolitical disruptions—an angle that aligns with Xometry’s marketplace model.

Bottom Line

Q2 2026 underscores a divergent trajectory within the publicly listed AM arena. While Stratasys, Velo3D, and Xometry are capitalising on consum