Shapeways reports strong Q2 2023 with 40% increase in software revenues
August 24, 2023
Shapeways Holdings, Inc, based in New York City, USA, has released its results for the second quarter ending on June 30, 2023, reporting revenue of $8.4 million for the three-month period and gross profit of $3.4 million, a small decrease from the $3.6 million in the same period in 2022. In the six months ended June 30, 2023, revenue was $16.6 million compared to $16.0 million for the same period in 2022, with gross profit at $6.7 million compared to $7.1 million for the same period in 2022.
The company announced a 40% increase in software revenues for the quarter compared to the same period last year, with year-to-date software revenues of $1.4 million. Shapeways said it believes it is on track to more than double software revenues for full year 2023 from 2022.
“We made notable progress year to date on each of our key objectives, particularly with regard to our software tools and services, as well as with enterprise manufacturing customers,” shared Greg Kress, Shapeways’ Chief Executive Officer. “We are encouraged by our growing traction of SaaS contract commitments on our refreshed MFG platform. We have launched several new software features in recent months, which should provide for increased customer acquisition, retention, and lifetime value, as well as additional sources of revenue. For example, the 3D Model Viewer is a feature requested by users, which allows viewing 3D models of custom parts, streamlining the quoting process, and allowing for greater accuracy and speed.”
“With MFG Materials, we are providing a very compelling return to our customers by helping them save on raw material costs. In addition, our increased customer focus on middle market and enterprise opportunities has translated into several exciting new multi-year customer contracts and developing a growing pipeline in our target industries.”
Kress continued, “We believe the market is approaching an inflection point in the overall adoption of digital manufacturing solutions. Furthermore, we believe that Shapeways is well-positioned to take advantage of this market opportunity across an array of industries with a platform that combines high-quality, flexible, on-demand manufacturing with purpose-built proprietary software. We are pleased with our ongoing traction and will remain disciplined and prudent as we execute our operating plan.”
