<ul>
<li>3D Systems 最近同意以大约 3080 万美元的 0% 可转换高级票据（到期于 2026 年）交换约 1660 万股普通股，交易是在私下协商的情况下进行的，剩余约 390 万美元的票据尚未偿还，并获得了缓解其 2030 年担保票据现金余额限制的修订。</li>
<li>此举以减少短期债务义务和增强资产负债表灵活性为代价，换来了显著的股东稀释和没有现金流入，突显了公司在艰难的运营环境下保持流动性的重点。</li>
<li>我们现在将探讨这种债务换股的交易及其导致的股东稀释，可能如何重塑 3D Systems 现有的投资叙事。</li>
</ul>
<p>超越巨头：这 27 只早期 AI 股票可能为你的退休提供资金。</p>
<h2>3D Systems 投资叙事回顾</h2>
<p>要拥有 3D Systems，您需要相信其增材制造组合能够将不稳定的管道转化为稳定、盈利的需求，尽管客户资本支出疲软且销售周期延长。最近的债务换股交易缓解了短期资产负债表压力，但并未实质性改变最终恢复工业订单的核心短期催化因素，也没有改变长期宏观不确定性可能使大型设备采购暂停的最大风险。</p>
<p>这里最相关的最新发展是 3D Systems 在 5 月撤回了其 2025 年全年的展望，此前报告的第一季度收入为 9450 万美元，调整后的 EBITDA 亏损为 2390 万美元。该决定框定了需求和现金生成的不确定性，并为这次最新的资产负债表举措设定了背景，这有助于流动性，但并未解决客户何时可能恢复更高资本支出的根本问题。</p>
<p>然而，尽管资产负债表灵活性有所改善，投资者仍应意识到持续疲软的资本支出需求可能会...</p>
<p>阅读 3D Systems 的完整叙事（免费！）</p>
<p>3D Systems 的叙事预计到 2028 年收入为 3.595 亿美元，盈利为 260 万美元。这假设收入将每年下降 4.5%，并暗示盈利将从当前的 -1.448 亿美元改善约 1.47 亿美元。</p>
<p>揭示 3D Systems 的预测如何得出 3.62 美元的公允价值，相较于当前价格有 105% 的上涨空间。</p>
<h2>探索其他视角</h2>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c5f956af-059d-47e4-bf90-599ebf2095b1/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c5f956af-059d-47e4-bf90-599ebf2095b1/chart/quote-price"/></p>
<p>DDD 1 年股票价格走势图</p>
<p>Simply Wall St 社区的三位成员目前将 3D Systems 的公允价值定在 2.36 美元至 4.00 美元之间，突显了观点的分歧。您应将这些观点与客户资本支出疲软和大型项目延迟可能导致收入压力加大、延长公司恢复持续盈利能力的路径的风险进行权衡。</p>
<p>探索 3D Systems 的其他 3 个公允价值估算 - 为什么该股票可能仅值 2.36 美元！</p>
<h2>构建您自己的 3D Systems 叙事</h2>
<p>不同意现有叙事？在 3 分钟内创建您自己的叙事 - 非凡的投资回报通常不是来自跟随人群。</p>
<ul>
<li>您的 3D Systems 研究的一个很好的起点是我们的分析，突出 2 个关键奖励和 3 个可能影响您投资决策的重要警示信号。</li>
<li>我们免费的 3D Systems 研究报告提供了全面的基本面分析，以单一视觉 - 雪花图 - 总结，使您能够一目了然地评估 3D Systems 的整体财务健康状况。</li>
</ul>
<h2>3D Systems 没有机会？</h2>
<p>每一天都很重要。这些免费的精选股票已经引起关注。在人群之前查看它们：</p>
<ul>
<li>我们发现 15 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表（免费）。</li>
<li>AI 即将改变医疗保健。这 30 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是 - 它们的市值都在 100 亿美元以下 - 现在仍然有机会提前入场。</li>
<li>癌症的终结？这 29 只新兴 AI 股票正在开发技术，以便早期识别癌症和阿尔茨海默病等改变生命的疾病。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

3D系统

<p>3D 系统同意以 3060 万美元的 2026 年到期的 0% 可转换高级票据交换 1660 万股普通股，剩余 390 万美元的票据尚未偿还。此举旨在保持流动性，但导致股东的显著稀释。公司撤回了 2025 财年的全年展望，强调需求和现金生成的不确定性。债务换股缓解了短期资产负债表的压力，但并未解决客户资本支出疲软和大型项目延迟的核心问题</p>

<ul>
<li>3D Systems recently agreed to exchange about US$30.8 million of its 0% Convertible Senior Notes due 2026 for approximately 16.6 million shares of common stock in privately negotiated deals, leaving roughly US$3.9 million of these notes outstanding and securing amendments that ease cash balance restrictions on its 2030 secured notes.</li>
<li>This move trades reduced near-term debt obligations and greater balance-sheet flexibility for meaningful shareholder dilution and no cash inflow, underscoring the company’s focus on preserving liquidity under challenging operating conditions.</li>
<li>We’ll now examine how this debt-for-equity exchange, and the resulting shareholder dilution, may reshape 3D Systems’ existing investment narrative.</li>
</ul>
<div class="lb-trans"><ul>
<li>3D Systems 最近同意以大约 3080 万美元的 0% 可转换高级票据（到期于 2026 年）交换约 1660 万股普通股，交易是在私下协商的情况下进行的，剩余约 390 万美元的票据尚未偿还，并获得了缓解其 2030 年担保票据现金余额限制的修订。</li>
<li>此举以减少短期债务义务和增强资产负债表灵活性为代价，换来了显著的股东稀释和没有现金流入，突显了公司在艰难的运营环境下保持流动性的重点。</li>
<li>我们现在将探讨这种债务换股的交易及其导致的股东稀释，可能如何重塑 3D Systems 现有的投资叙事。</li>
</ul>
</div><p>Outshine the giants: these 27 early-stage AI stocks could fund your retirement.</p>
<div class="lb-trans"><p>超越巨头：这 27 只早期 AI 股票可能为你的退休提供资金。</p>
</div><h2>3D Systems Investment Narrative Recap</h2>
<div class="lb-trans"><h2>3D Systems 投资叙事回顾</h2>
</div><p>To own 3D Systems today, you need to believe its additive manufacturing portfolio can convert a lumpy pipeline into steady, profitable demand despite weak customer capex and elongated sales cycles. The recent debt‑for‑equity swap eases near term balance sheet pressure but does not materially change the core near term catalyst of an eventual recovery in industrial orders, nor the biggest risk that prolonged macro uncertainty keeps large equipment purchases on hold.</p>
<div class="lb-trans"><p>要拥有 3D Systems，您需要相信其增材制造组合能够将不稳定的管道转化为稳定、盈利的需求，尽管客户资本支出疲软且销售周期延长。最近的债务换股交易缓解了短期资产负债表压力，但并未实质性改变最终恢复工业订单的核心短期催化因素，也没有改变长期宏观不确定性可能使大型设备采购暂停的最大风险。</p>
</div><p>The most relevant recent development here is 3D Systems’ withdrawal of its full year 2025 outlook in May after reporting Q1 revenue of US$94.5 million and an adjusted EBITDA loss of US$23.9 million. That decision framed just how uncertain demand and cash generation have been, and it sets the context for this latest balance sheet move, which helps liquidity but does not resolve the underlying question of when customers may resume higher capital spending.</p>
<div class="lb-trans"><p>这里最相关的最新发展是 3D Systems 在 5 月撤回了其 2025 年全年的展望，此前报告的第一季度收入为 9450 万美元，调整后的 EBITDA 亏损为 2390 万美元。该决定框定了需求和现金生成的不确定性，并为这次最新的资产负债表举措设定了背景，这有助于流动性，但并未解决客户何时可能恢复更高资本支出的根本问题。</p>
</div><p>Yet while balance sheet flexibility has improved, investors should be aware of how prolonged weak capex demand could...</p>
<div class="lb-trans"><p>然而，尽管资产负债表灵活性有所改善，投资者仍应意识到持续疲软的资本支出需求可能会...</p>
</div><p>Read the full narrative on 3D Systems (it's free!)</p>
<div class="lb-trans"><p>阅读 3D Systems 的完整叙事（免费！）</p>
</div><p>3D Systems' narrative projects $359.5 million revenue and $2.6 million earnings by 2028. This assumes revenue will decline by 4.5% per year and implies an earnings improvement of about $147 million from current earnings of -$144.8 million.</p>
<div class="lb-trans"><p>3D Systems 的叙事预计到 2028 年收入为 3.595 亿美元，盈利为 260 万美元。这假设收入将每年下降 4.5%，并暗示盈利将从当前的 -1.448 亿美元改善约 1.47 亿美元。</p>
</div><p>Uncover how 3D Systems' forecasts yield a $3.62 fair value, a 105% upside to its current price.</p>
<div class="lb-trans"><p>揭示 3D Systems 的预测如何得出 3.62 美元的公允价值，相较于当前价格有 105% 的上涨空间。</p>
</div><h2>Exploring Other Perspectives</h2>
<div class="lb-trans"><h2>探索其他视角</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/c5f956af-059d-47e4-bf90-599ebf2095b1/chart/quote-price" alt="" original-src="https://images.simplywall.st/company/c5f956af-059d-47e4-bf90-599ebf2095b1/chart/quote-price"/></p>
<p>DDD 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>DDD 1 年股票价格走势图</p>
</div><p>Three members of the Simply Wall St Community currently place 3D Systems’ fair value between US$2.36 and US$4.00, highlighting how far opinions can spread. You should weigh these views against the risk that extended customer capex softness and delayed large projects could keep revenue pressure elevated and prolong the company’s path back to consistent profitability.</p>
<div class="lb-trans"><p>Simply Wall St 社区的三位成员目前将 3D Systems 的公允价值定在 2.36 美元至 4.00 美元之间，突显了观点的分歧。您应将这些观点与客户资本支出疲软和大型项目延迟可能导致收入压力加大、延长公司恢复持续盈利能力的路径的风险进行权衡。</p>
</div><p>Explore 3 other fair value estimates on 3D Systems - why the stock might be worth just $2.36!</p>
<div class="lb-trans"><p>探索 3D Systems 的其他 3 个公允价值估算 - 为什么该股票可能仅值 2.36 美元！</p>
</div><h2>Build Your Own 3D Systems Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 3D Systems 叙事</h2>
</div><p>Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.</p>
<div class="lb-trans"><p>不同意现有叙事？在 3 分钟内创建您自己的叙事 - 非凡的投资回报通常不是来自跟随人群。</p>
</div><ul>
<li>A great starting point for your 3D Systems research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.</li>
<li>Our free 3D Systems research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate 3D Systems' overall financial health at a glance.</li>
</ul>
<div class="lb-trans"><ul>
<li>您的 3D Systems 研究的一个很好的起点是我们的分析，突出 2 个关键奖励和 3 个可能影响您投资决策的重要警示信号。</li>
<li>我们免费的 3D Systems 研究报告提供了全面的基本面分析，以单一视觉 - 雪花图 - 总结，使您能够一目了然地评估 3D Systems 的整体财务健康状况。</li>
</ul>
</div><h2>No Opportunity In 3D Systems?</h2>
<div class="lb-trans"><h2>3D Systems 没有机会？</h2>
</div><p>Every day counts. These free picks are already gaining attention. See them before the crowd does:</p>
<div class="lb-trans"><p>每一天都很重要。这些免费的精选股票已经引起关注。在人群之前查看它们：</p>
</div><ul>
<li>We've found 15 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</li>
<li>AI is about to change healthcare. These 30 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early.</li>
<li>The end of cancer? These 29 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's.</li>
</ul>
<div class="lb-trans"><ul>
<li>我们发现 15 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表（免费）。</li>
<li>AI 即将改变医疗保健。这 30 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是 - 它们的市值都在 100 亿美元以下 - 现在仍然有机会提前入场。</li>
<li>癌症的终结？这 29 只新兴 AI 股票正在开发技术，以便早期识别癌症和阿尔茨海默病等改变生命的疾病。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

为什么 3D 系统公司（DDD）在进行稀释性债务换股以维持流动性后股价下跌了 13.2%