Yoav Stern: Okay. I got it. Thank you very much. Okay. So the first question, the large order which was the larger order in our history to one customer and the largest amount of also machines we’re selling to the same customer was the first-time customer leading aviation aerospace worldwide company. They were shipping it within the next few months, some of it this quarter, some of it early next quarter. We expect that’s the expectation. They expect to buy many more machines if this first order is successful because they are growing very fast. And it’s the first time, as I said, customer. Secondly, — second question, the Additive Flow acquisition, we did not publish the numbers for a reason. It’s a very sufficient technology and it has very sophisticated clients, some of them customers, some of them — I disclosed some of them I couldn’t.
Obviously, the numbers are small enough that we can afford not to publish it and because of the sensitivity of the technology and the competition to Additive Flow and the customers they have, we decided not to publish.
Katherine Thompson: Got it. Okay. Thanks.
Yoav Stern: Next question, please.
Operator: [Operator Instructions] Our next question comes from Donald Solomon (ph) with [indiscernible] Firm. You may now go ahead.
Unidentified Participant: Hi. Good morning. Yoav, thank you for your presentation. A lot going on, both in the release as well as the presentation this morning. Some shared and some new information. I guess a lot going on out there. I’m interested in picking your brain for a second. From your perspective, how do you envision the consolidation stage in the additive manufacturing sector following the termination of the Nano’s tender offer? And the fact that the current 3D Stratasys deal in my opinion at least doesn’t seem realistic, especially after their quarter two results and their current weak cash position based on their — those results.
Yoav Stern: Okay. It’s a very good question. I kind of referred to it a little bit earlier, but I will expand on that. So let’s speak about who we are talking about. Our industry is, I would say, more than 400 companies for sure because Julien here beside me and our M&A department has looked and we have a list of — Julien, at least 400, right?
Julien Lederman: At least that.
Yoav Stern: So that’s the people we know. I’m assuming always these people we don’t know, but that’s probably much, much smaller. We know that the industry with companies from — anyone from $1 million to $650 million in revenue. The once that are public and you know them better because of publishing the results are Nano, Desktop Metal, Markforged, 3D Systems, Stratasys, Velo3D, voxeljet, in a way materialize, Protolabs, Shapeways, Fathom, Xometry and [indiscernible]. Of course, they’re private companies beyond that, and I think, this industry which is estimated at $15 billion today and growing to $30 billion at the end of the decade is bound and must consolidate. And what we started and failed and we did fail because we offered at the end to buy Stratasys at full.
They didn’t even respond to us. Then, we offered to buy part of it and they activated their poison pill or had the poison pill. So we couldn’t do — we started something that we believe is right for the industry because none of the company I have mentioned to you is profitable, maybe other than materialize. I don’t remember exactly. Maybe — and materialize in Protolabs is not really additive manufacturing because Protolabs is more subcontract manufacturing and materialize as well. So all the rest are not profitable. More than that, all the rest are finishing their cash. Five of them are SPAC refugees. The share at SPAC was $10 at a deal point and today, all of them below $1.5. And this — there is net of Stratasys and 3D. Stratasys and 3D announced horrible quarters.
All the rest of the companies announced bad quarters, may be added in Markforged, which also had a squeeze out in its quarter. This company doesn’t have a business model successful. They have a lot of exciting technologies, entrepreneurs which are very bright, customers which are excited. No successful profitable business model. In order to reach that business model, it must consolidate and it must consolidate along rational lines of synergies, combination of very few and focused vertical markets. How can you have a company like Desktop Metal which is selling to nuclear, to aviation, to automotive, to dental, to the furniture industry, printing wood, to biology industry? How can you have a company like Stratasys who is selling to similar verticals?
Soon enough somebody will sell to the food industry when they print meat and Markforged will buy them as well or Stratasys — sorry, not Markforged, I mean Desktop Metal. If I said Markforged, I meant Desktop Metal. I’m sorry. Selling to all this. Markforged is actually the only company that’s focused other than Nano Dimension. Markforged is the exception lead showing the rule. So — and enabling Markforged is losing $16 million to $20 million a quarter, and they are focused and they are good. So one — if one asks me the direction it’s going, there is no other way than the direction we started to curve and we failed. So we moved back. Churchill moved back in Dunkirk as well. If he wouldn’t have pulled the forces in Dunkirk — Dunkirk in second World War, he wouldn’t have won the war three years later.
So we moved back because we were wasting our time fighting types like Stratasys’ Board. And we’re moving ahead again and we will lead this and we will lead this also because our strategy is not based on only buying 3D printing companies. If you look at our presentations across the line, we are talking about cloud manufacturing. We’re talking about converting into a digital industry, which is managed through the cloud and through artificial intelligence. And the edge devices can be additive manufacturing, can be additive assembly. It can be a lot of other edge devices as long as they’re digital and can work in a high mix low-volume environment. So our strategy is not technology-based. It’s based on the principle of what kind of industry we want to make efficient and profitable.
And we will move forward, and as I mentioned earlier, we have already a few in the process since what is M&A and we’ll consolidate them on the principle of purchase and grow, not purchase and squeeze.
