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Shapeways closes FY 2022 with stable revenues of $33.2 million

The company also intends to seek approval of a reverse stock split in June

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Shapeways Holdings, Inc. (NYSE: SHPW), a leading AM service (and developing AM software provider) closed reported revenues of $33.2 million in FY 2022 (closed on March 30th), virtually stable compared to $33.6 million in FY 2021 but with significantly increasing losses. Generating over 30 million in revenues from on-demand printed parts (year upon year) is a significant accomplishment, as anyone who works in AM knows very well. However slow growth is not a driver of stock value and Shapeways’ stocks have been trending downwards. The reverse stock split is not good news for many who purchased shares shortly after the company went public, however – if Shapeways can wither the storm – it is now laying down the foundations to achieve significant growth in the longer term.

So much so that the company now intends to seek approval for a reverse stock split of its common stock at its Annual Meeting of Stockholders in June, which it would effect shortly thereafter. The Company’s Proxy Statement for the Annual Meeting will include details of the reverse stock split. The reverse stock split is intended to bring the Company into compliance with the minimum bid price requirement for maintaining its listing on the New York Stock Exchange. The same thing, incidentally, just happened at Fathom, another leading AM company (generating over 160 million in yearly revenues) that recently went public, reporting large losses in FY 2022.

Shapeways’ CEO Greg Kress, remains confident that the company is making all the right moves to place the foundations that will enable it to reap the fruits of AM making it more into mainstream manufacturing.  “During 2022 we made meaningful progress in positioning Shapeways for expansion as we continue to disrupt the multi-trillion dollar global manufacturing market. In the fourth quarter, we delivered 5% revenue growth, in-line with our guidance,” Kress said. “Notably, we made strategic investments during the year which expanded our manufacturing technologies, materials, and certifications, as well as further enhanced our software offering. Our production capabilities now include 12 hardware technologies and more than 120 materials and finishes, and we believe we provide an extremely compelling solution for a range of customers, from project-focused engineers to large global enterprises seeking high-quality, flexible on-demand manufacturing. Having made these investments, we are now focused on those areas that offer the greatest opportunity, including enterprise manufacturing solutions and commercializing our software”.

“We believe that the manufacturing industry is moving towards digitization and that our software can transform manufacturers globally by facilitating this digital transformation, particularly for small- to medium-sized manufacturers that are not able to invest the capital and time necessary to digitize their processes. We remain encouraged by our progress and growing pipeline across our target automotive, medical, aerospace, and industrial markets, and as we move through 2023 we expect to see increasing contributions from enterprise customers. Our proprietary software is a key differentiator, and with the investments completed in 2022, we expect to further commercialize our software and accelerate the product roadmap. We are excited about the momentum we have built, and we believe we are well-positioned for continued growth.”

Shapeways closes FY 2022 with stable revenues of $33.2 million; The company also intends to seek approval of a reverse stock split in June
Shapeways Holdings Inc. Rings the First Trade Bell. The New York Stock Exchange welcomes Shapeways Holdings Inc. (NYSE: SHPW), today, Thursday, September 30th, 2021, in celebration of its listing. To mark the occasion CEO, Greg Kress, rings the First Trade Bell.
Photo Credit: NYSE

Shapeways is continuing to align resources to focus on the initiatives with the greatest opportunity for growth on its path to profitability. It achieved a 43% gross margin for the year and completed a number of investments during 2022 in order to accelerate its growth in the quarters ahead. Shapeways remains focused on improving its cash burn, and the fourth quarter included some expenditures related to the transition of its U.S. manufacturing capabilities to its Livonia, Michigan facility which is expected to result in further optimization of its manufacturing processes.

Of the $33.2 million FY 2022 revenues, gross profit was $14.3 million, compared to $15.9 million for 2021. Net loss increased to $20.2 million compared to $1.8 million for 2021. Q4 revenue was $8.7 million compared to $8.3 million for the same period in 2021. Gross profit was $3.6 million compared to $3.9 million for the same period in 2021 and the net loss was $7.0 million compared to $2.4 million for the same period in 2021.

For the first quarter of 2023, Shapeways anticipates revenue to be in the range of $7.8 million to $8.1 million.

As of December 31, 2022, the company had $40.4 million in cash and cash equivalents, and marketable securities, which provides it with sufficient liquidity to support the ongoing execution of its strategic plan.

Without making much noise, Shapeways has been focused on integrating the recently acquired MFG and MakerOS products into its OTTO software-as-a-service platform; the expanded product suite is expected to help accelerate OTTO’s phased rollout. This integration has started to have a favorable impact on the its product development strategy, customer acquisition and retention. Shapeways’ goal is to accelerate digital transformation across the manufacturing ecosystem; OTTO offers software tools and services for customers’ manufacturing operations, leveraging the Company’s proprietary technology for capabilities such as file-upload, instant pricing, custom checkout, file optimization and manufacturing fulfillment.

Scaling its enterprise manufacturing solutions – With the expansion of materials, technologies, finishes and certifications, the Company continues to expand its manufacturing capabilities, which positions the Company to unlock additional opportunities in key markets such as industrial, medical, automotive and aerospace. Manufacturers are seeking more flexibility in their supply chain and manufacturing operations, and Shapeways is increasingly capturing business from small to medium-sized manufacturers that are unlikely to invest the capital required to deploy and support their own digital manufacturing capabilities.

Shapways says it will continue to be highly focused on achieving profitability and managing cash burn while expanding its digital manufacturing platform throughout 2023 by leveraging its investments made in 2022. The investments are expected to result in a ramp in sales in the future and are anticipated to continue to pressure margins in the first quarter of 2023 with an expected margin recovery starting in the second quarter of 2023.


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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based VoxelMatters. Today the company publishes the leading news and insights websites and, as well as VoxelMatters Directory, the largest global directory of companies in the additive manufacturing industry.

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