Shapeways is bankrupt; here’s how their downfall impacts 3D miniature designers like Pop Goes the Monkey and new alternatives for the future.
The Winding Tale of Shapeways: Once a 3D Printing Giant, Now a Cautionary Tale
In the ever-evolving world of 3D printing, Shapeways once stood tall, a beacon of innovation and promise. Founded in 2007 as a spin-off from Phillips, this New York-based company set out to revolutionize digital manufacturing. They went public in 2021, riding the wave of a $605 million valuation from a SPAC merger, eyes gleaming with the hope of rapid growth and market dominance based on Desktop Meta 3d Printers.
Fast forward to 2024, and it seems the fairy tale has hit a few bumps, or rather, cliff-sized potholes.
From High Hopes to Hard Times
Image Credit: Shapeways (Shapeways Employees Point at NYSE Billboard)
In its heyday, Shapeways envisioned a world of boundless growth. Projections were bold, with expectations of revenue skyrocketing to $250 million by 2024. The future looked as bright as a freshly printed chrome-plated model. But alas, reality has a way of sneaking up on even the most promising ventures.
The company’s revenue trajectory took a nosedive instead of soaring. By 2023, Shapeways’ annual revenue barely touched $35 million, a far cry from their optimistic $150 million forecast. Net losses ballooned to $19.4 million in Q3 2023, nearly tripling the losses from the previous year. Share prices, which once flirted with the $80 mark, plummeted to a humbling $1.94. Cue the ominous soundtrack.
Auctioning Away the Dream
Image Credit: Desktop Metal
In a bid to stave off the financial gloom, Shapeways has resorted to some drastic measures. Remember those high-tech 3D printers from Desktop Metal that once symbolized Shapeways’ cutting-edge prowess? They were part of a $5 million online auction hosted by Heritage Global Partners. This fire sale isn’t their first; they auctioned off $4 million worth of equipment back in October 2023. It’s like a garage sale but for really expensive industrial hardware.
Strategic Alternatives: A Fancy Way to Say “We’re in Trouble”
Shapeways has been exploring “strategic alternatives,” which is corporate-speak for trying to figure out how to not go belly up. This includes reducing their workforce by 15%, halting new hires, and trimming down non-essential expenses. The company also announced the sale of its software assets to OTTO dms, a move that reeks of desperation but is spun as a strategic divestment.
The Social Media Storm
The whispers of Shapeways’ downfall became a roar on social media. One post from “POP Goes the Monkey” succinctly stated, “Shapeways is Offline! As far as I know at the moment, Shapeways Inc. has ended its 3D Printing Service.”
This post sent ripples through the tabletop gaming community, sparking speculation and concern over the fate of existing orders and the future of similar miniatures companies.
Shapeways Bankrupt
Adding to the bleak picture, Shapeways has been cited by NASDAQ and the SEC in May 2024. This was followed by abrupt layoffs and shuttering of their webstore and an official filing by Shapeways for bankruptcy on July 3rd, 2024.
Their site is currently giving us a hard time with a Cloudflare block when we try to place an order.
So Shapways is officially bankrupt- a somber ending for a company that once promised to democratize manufacturing and empower creators around the globe.
The Uncertain Future for 3D Miniature Designers: Where Will They Source Their Prints?
As Shapeways navigates the turbulent waters of bankruptcy and asset liquidation, the ripple effects are being felt across the 3D printing community, particularly among 3D miniature designers like Pop Goes the Monkey.
These creators have relied on Shapeways’ advanced printing capabilities to bring their intricate designs to life, and now find themselves facing an uncertain future. With Shapeways’ printing services going offline, the question looms large: where will they source their prints from going forward?
Scrambling for Alternatives
The sudden disruption of Shapeways’ services has sent designers scrambling to find reliable alternatives. The intricacies involved in creating detailed miniatures require a level of precision and quality that not all 3D printing services can provide.
Pop Goes the Monkey, known for their finely detailed resin miniatures, will need to vet potential new partners meticulously to ensure their products maintain the high standards their customers expect.
Exploring New Partnerships
Several other 3D printing companies are stepping up to fill the void left by Shapeways. Services like Sculpteo, i.materialise, and Treatstock are potential contenders. In the miniatures space Only Games may be a great fit for creators as they speak gaming.
Each offers unique strengths in terms of materials, print quality, and service speed. Designers will need to weigh these options carefully, considering factors such as cost, turnaround time, and the specific technical capabilities of each provider.
In-House Printing: A Viable Solution?
For some designers, the crisis presents an opportunity to explore in-house printing. While the initial investment in high-quality 3D printing equipment can be steep, it offers the benefits of greater control over the production process and potentially lower long-term costs.
Lessons from the Shapeways Saga
The rise and fall of Shapeways serves as a stark reminder that even the most promising ventures can falter. Their story underscores the importance of sustainable growth, realistic projections, and the need to adapt swiftly to market realities. It’s a cautionary tale for startups and investors alike, illustrating that in the world of high tech and high stakes, not all that glitters is gold.
As Shapeways’ tale unfolds, the 3D printing industry watches closely, learning, adapting, and hopefully steering clear of the pitfalls that turned this once-glorious journey into a harrowing descent. So here’s to Shapeways, a company that dreamed big but taught us all that sometimes, even the brightest stars can burn out in the grimdark.
Did you ever order miniatures from Shapeways, and what do you think of them going bankrupt?
About the Author: Rob Baer
Rob Baer
Job Title: Managing Editor
Founded Spikey Bits in 2009
Socials: Rob Baer on Facebook and @catdaddymbg on X
About Rob Baer: Founder, Publisher, & Managing Editor of Spikey Bits, the leading tabletop gaming news website focused on the hobby side of wargaming and miniatures. Rob has won many Warhammer 40k Tournaments over the years, including the Adepticon Team Tournament and American Team Tournaments, and is on a first-name basis with almost every major company in the space.
He’s all gaming all the time. With over 30 years of experience in retail and distribution, Rob knows all the products and exactly which ones are the best. He advocates for gaming stores and manufacturers in these difficult times, always looking for the next big thing to feature for the miniatures hobby, helping everyone to provide the value consumers want.
While he’s played every edition of Warhammer 40k and Warhammer Fantasy (since 5th Edition) and has been hobbying on miniatures since the 1908s, Titans of all sizes will always be his favorite! It’s even rumored that his hobby vault rivals the Solemnance Galleries, containing rulebooks filled with lore from editions long past, ancient packs of black-bordered Magic Cards, and models made of both pewter and resin.
