3D Systems Raises $50 Million in Dilutive Public Share Sale

3D Systems is one of the original commercial 3D printing companies, today selling printers, materials, and services into healthcare, aerospace and defense, dental, and industrial markets. Revenue has been contracting for two years running — full-year 2025 revenue came in at $386.9 million, down 12% from $440.1 million in 2024, itself a decline from the prior year. The company has burned cash from operations in every quarter of 2025 and into early 2026, though the pace of that burn has slowed considerably.

The past twelve months have involved an intensive balance sheet overhaul. In June 2025, the company issued $92 million of new 5.875% convertible secured notes due 2030 and used the proceeds alongside roughly $78 million of cash on hand to retire approximately $180 million of zero-coupon notes that had been maturing in 2026. In December 2025, the company converted a further $30.8 million of those same 2026 notes into 16.6 million shares of common stock, leaving only $3.9 million of that near-term obligation outstanding. Around the same time, holders of the 2030 notes agreed — in exchange for approximately $1.8 million in cash payments — to amend the governing indenture, cutting the required minimum quarterly cash balance from $40 million to $20 million.

On the management side, CFO Jeffrey Creech resigned in August 2025. His duties passed to Phyllis Nordstrom, then serving as Chief People Officer and Chief Administrative Officer, who served as interim CFO before being named to the role permanently in March 2026. The company has also been working to remediate material weaknesses in internal controls over financial reporting, a process overseen by its Audit Committee chair, who herself survived a failed re-election vote at the 2025 annual meeting.