印钞季第37集：2025年Q4公共3D打印财报回顾，特邀Cantor Fitzgerald分析师Troy Jensen

The latest financial results are in, and they paint a compelling picture of the additive manufacturing (AM) industry’s trajectory. In a recent deep-dive episode of the “Printing Money” podcast, industry expert Troy Jensen of Cantor Fitzgerald provided a comprehensive analysis of Q4 2025 earnings for key public 3D printing companies. The consensus? A year of strong performance and a future brimming with bullish indicators across both metal and polymer segments.

最新的财务数据已经出炉，它们描绘出增材制造行业轨迹的一幅引人注目的图景。在最近一期《印钞》播客的深度探讨节目中，Cantor Fitzgerald的行业专家特洛伊·詹森对主要上市3D打印公司2025年第四季度的财报进行了全面分析。共识是什么？这是表现强劲的一年，未来在金属和聚合物领域都充满了看涨信号。

The review began by looking back at 2025 as a whole, noting a significant and welcome return of large financing deals to the AM sector. This influx of capital signals renewed investor confidence and provides the fuel for continued innovation and market expansion. The positive momentum was further highlighted by the energy at the recent Additive Manufacturing Strategies (AMS) event, underscoring the industry’s collective optimism as it moved into 2026.

回顾首先着眼于整个2025年，指出大型融资交易显著且令人欣喜地回归增材制造领域。这种资本流入标志着投资者信心的恢复，并为持续的创新和市场扩张提供了动力。近期增材制造战略大会上的活跃气氛进一步凸显了这种积极势头，彰显了该行业在进入2026年时的集体乐观情绪。

Jensen and host Danny Piper identified several key trends driving optimism:

詹森和主持人丹尼·派珀指出了推动乐观情绪的几大关键趋势：

The core of the analysis focused on the quarterly performance of major publicly traded AM companies. Each presented a unique story of challenges and opportunities:

分析的核心聚焦于主要上市增材制造公司的季度表现。每一家都呈现了挑战与机遇并存的独特故事：

Other significant players like EOS and Nikon SLM Solutions were also reviewed, with Nikon’s strategic investments, including in Vast Space, highlighting the expanding applications for AM technology beyond traditional manufacturing.

其他重要参与者如EOS和尼康SLM Solutions也进行了回顾，其中尼康的战略投资（包括对Vast Space的投资）突显了增材制造技术应用正超越传统制造业不断扩展。

For designers, engineers, and makers, this financial health is more than just stock tickers. A robust and growing industry means more investment in R&D, leading to better, more reliable printers, a wider range of advanced materials, and more sophisticated software. This trickles down to the end-user as higher-quality outputs and more accessible technology. Whether you’re prototyping a new product or sourcing premium STL files for a creative project, a strong industry foundation benefits everyone.

对于设计师、工程师和创客来说，这种财务健康不仅仅是股票代码。一个强大且不断增长的行业意味着更多的研发投入，从而带来更好、更可靠的打印机、更广泛的先进材料和更复杂的软件。这会惠及最终用户，表现为更高质量的产出和更易获取的技术。无论您是在为新产品制作原型，还是为创意项目寻找优质STL文件，一个强大的行业基础都使所有人受益。

The reported growth from companies like XACT Metal and the substantial funding rounds, such as FreeForm’s $67M Series B backed by Nvidia, underscore the sector’s dynamism. Furthermore, Formlabs revealing over $250M in revenue for 2025 demonstrates the massive and growing demand for accessible professional-grade 3D printing solutions.

像XACT Metal这样的公司报告的增长，以及像FreeForm获得英伟达支持的6700万美元B轮融资这样的大规模融资轮次，都突显了该领域的活力。此外，Formlabs透露其收入超过2.5亿美元，进一步证明了市场的成熟和潜力。

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