Last month, 3D printing service provider Shapeways filed for bankruptcy. Now, the company has relaunched in Europe under a new name: Manuevo BV.
The move was completed after Shapeways’ Eindhoven-based team and two co-founders acquired the firm’s defunct assets.
Specifically, Manuevo purchased the assets of Shapeways BV, the Dutch subsidiary of US-based Shapeways Holding Inc. which went public in 2021 following a $605 million SPAC deal.
Shapeways’ Eindhoven production plant will remain active, with 30 of the 53 jobs expected to be retained at the site. The Netherlands-based company will continue to serve US, UK and European Union customers who will not incur import duties.
The management buyout suggests that Shapeways’ business model is still viable, despite the company’s falling share price and worsening financial performance before its bankruptcy.
As a first mover in the 3D printing bureau market, Shapeways likely accrued substantial debts and expenses that stunted its profitability. This could have been driven by high wages associated with a large headcount of experienced staff, a possible reliance on outdated legacy equipment or other “tech debt”, and potentially other inefficiencies linked to bloated business operations.
Manuevo will be operated by experienced industry personnel in a leaner, more streamlined operation than its predecessor. This should leave more room for profitability through its design, engineering, prototyping and bridge manufacturing services.
The cost of the asset acquisition remains undisclosed, but the Eindhoven Shapeways team seems to possess a higher valuation of the company than MyMiniFactory. The London-based file-sharing platform had made a $5 million rescue bid, which Shapeways rejected before declaring bankruptcy.
The rescue bid was the culmination of a lengthy negotiation process that began at least one year ago. These efforts were led by UK-based 3D printing service provider 3DC Ltd., which MyMiniFactory acquired in 2022. The valuation of the offer was reportedly based on figures previously provided by Shapeways. Reportedly, the offer by MyMiniFactory Co-CEO Alexander Ziff was “laughed off” as unserious.
Shapeways’ financial turbulence and bankruptcy
Founded as a spin-off of Phillips in 2007, Shapeways projected optimistic growth after going public in 2021.
At the time, the company projected annual growth of 95% between FY 2021 and FY 2022. Shapeways forecasted pre-tax earnings of $107 million by 2025 and anticipated revenue of $150 million in FY 2023, which it hoped would rise to $250 million in FY 2024.
These projections have starkly contrasted with reality. In Q3 2023, the company posted revenue of just $8.4 million, a gross profit of $3.4 million, and a substantial net loss of $19.4 million which had increased 198.5% YoY. Far from the lofty ambitions of 2021, FY 2023 revenue came to just $34.5 million.
What’s more, Shapeways’ share price plummeted from $83.60 per share in January 2021 to $1.94 by February 2024.
Amid these poor results, the company pursued a range of strategic alternatives to improve its financial position.
Earlier this year, Shapeways auctioned $5 million of its Desktop Metal 3D printers. This followed an earlier $4 million auction of Desktop Metal technology held in October 2023. Additionally, the firm completed a 15% reduction of its total global workforce and a cut to non-critical capital and discretionary operating expenses.
Despite these efforts, Shapeways filed for bankruptcy and announced that it had ceased operations at the start of July. The company’s executive team of Greg Kress, chief executive officer, Alberto Recchi, chief financial officer, and Andy Nied, chief operating officer, all subsequently resigned.
Shapeways relaunches as Manuevo
In a recent LinkedIn post, Manuevo stated that it will continue to provide the full suite of services previously offered by Shapeways. Like its predecessor, the company operates according to ISO 9001, ISO 14001, and IATF 16949 standards.
Manuevo boasts a broad portfolio of additive manufacturing technology. This includes SLS, MJF, MJP, SLA, DLP, binder jetting, lost cast waxing, and metal SLM 3D printers, as well as over 120 materials.
The 3D printing service provider will mainly serve B2B customers ordering small and medium series 3D print jobs. It is targeting applications in the automotive, aerospace, defense, architecture, medical technology, robotics, and semiconductor verticals.
From its Eindhoven base, Manuevo is supported by 40 strategic supply chain partners, serving clients in Europe and North America.
Customers can currently place orders via email or through a form on the official Manuevo website. The company stated that existing Shapeways customer should soon be able to re-establish their APIs, while it is also working to relaunch its self-serve option.
“We have worked hard and long to get this over the finish line but I am happy and proud to share that we were able to restart the Shapeways BV business,” commented Manuevo’s new Chief Operating Officer. “Manuevo is in business as of this month and is looking forward to putting our customers first and providing a full suite of solutions.”
3D printing asset acquisitions
Shapeways is not the first 3D printing company to have its assets purchased after filing for bankruptcy. In 2022, product design and manufacturing service provider SyBridge Technologies acquired the assets of bankrupt 3D printing bureau Fast Radius in a deal worth around $15.9 million.
Sybridge Technologies’ fully-owned affiliate, SyBridge Digital Solutions, won the bid for assets. The firm anticipated that this purchase would allow it to better support customers throughout their product lifecycle, from design, engineering and prototyping to production.
Launched in 2017, Fast Radius signed a $1.4 billion merger with the SPAC ECP Environmental Growth Opportunities in July 2021. Following this, the company set a revenue target of $635 million by 2025. However, just 16 months later, Fast Radius filed for bankruptcy. The company cited “recent turbulence in the capital markets which severely hampered the company’s ability to set up the required capital structure” as driving this.
More recently, 3D printer manufacturer Stratasys acquired the Intellectual Property (IP) and technology portfolio of carbon fiber 3D printing firm Arevo. This followed a 3D printing hardware auction of Arevo’s assets.
The company initially focused on the commercialization of its AQUA 3D printers and manufacturing carbon fiber composite structures. However, Arevo shifted its focus to the full-time production of its 3D printed SuperStrata bikes in 2020. Despite raising $70 million in B Bridge, B1, B2, C, and crowdfunding, the firm ceased operations last year, fulfilling 96% of its bike orders.
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Featured image shows a Shapeways sign inside its New York warehouse. Photo via Gizmodo.
