Shapeways, Once a Leader in 3D Printing, Declares Bankruptcy

The originally Eindhoven-based 3D printing service Shapeways is bankrupt. The company already reported to the American Security and Exchange Commission in May that it did not have sufficient liquid assets.

Shapeways was incorporated in the U.S. on May 22. by Nasdaq already reprimanded because it had not submitted its quarterly figures for the first quarter to the American stock exchange regulator SEC on time. The company gave at the time to the SEC that there were not sufficient liquid assets and personnel.

On July 2 Shapeways officially requested bankruptcy filedwith the SEC. In it the company indicates that management including CEO Greg Kress are resigning as a result of the bankruptcy filing. In the Netherlands the company was declared bankrupt by the court on July 3 in East Brabant.

Shapeways started in 2007 as a spin-off from Philips. The company lets users design and upload their own 3D files and Shapeways can then print the objects for them or others. The company soon expanded to the U.S. where it went public in 2021. At the time sales were expected to grow to $250 million by 2024 but that was disappointing. In 2023 the company had revenues of $34.5 million with a net loss of $43.9 million compared to a loss of $20.2 million in 2022.

Shapeways announced early May that it sells its software activities to OTTO dms a company owned by Kress and Greg Rothman who at the time still led the software division. The company said at the time that it was actively seeking buyers for a large portion of the business. However initial discussions apparently showed that the parties wanted to buy either the production division or the software division but not both. It has therefore been decided to dispose of the software part.

Sources say to 3D Printing Industry that a takeover bid was also made for Shapeways last year but these negotiations collapsed for an unknown reason.