For 15 years, additive manufacturing in aviation has been an OEM-only market — 78 companies bought 103 Fortus FDM systems in EMEA between 2014 and 2020, but none of it reached the airlines who actually own the fleets. Airlines could not certify parts themselves. OEMs deprioritized low-volume cabin components. MROs lacked design authority. Every stakeholder in the chain was optimizing for the wrong thing.
The result: thousands of grounded aircraft, hundreds of millions in frozen warehouse inventory, and an ADD list — Acceptable Deferred Defects — that has only grown longer post-COVID.
Aviation spare-part supply chains fail in three simultaneous ways that compound each other:
AM Craft dissolves all three simultaneously through one mechanism: a certified digital catalog that any airline can order from, produced locally, delivered in days.
Granted ADD list access today: Top-3 European flag carrier · Major IAG group flag carrier · Top-3 Middle East flag carrier · world-leading European MRO. By contrast: Materialise has held EASA POA since 2016 and has never been granted ADD list access by any airline.
No incumbent has built a certified, IP-led, distributed spare-parts catalog for airlines. Here is why each existing model fails:
The gap is specific: certified design + IP ownership + distributed manufacturing + airline aftermarket focus. AM Craft is the only company combining all four.
For every year the problem persists, the damage compounds:
Every month the certified digital catalog does not exist, the aviation industry writes off millions that a distributed AM model would have captured.
The industry has spent 15 years measuring printer throughput, factory square footage, and machine utilization — batting average metrics. The market is measuring the wrong thing.
The file is the business. The printer is the last step. A 3D printer without a certified file is a €300,000 paperweight. A certified file can be sent to any printer in the world and manufactured tomorrow. The file is permanent. The printer is a commodity.
AM Craft operates on a certify-once-deploy-anywhere model. Six-step workflow:
Each new certified part becomes a permanent asset on AM Craft’s balance sheet. Not a project. Not a purchase order. A digital inventory unit that compounds across 20–30 years of aircraft lifecycle.
AM Craft enters every customer relationship through cosmetic parts. This is deliberate. The journey is a trust roadmap, not just a technology roadmap. You cannot skip steps.
A competitor arriving in 2027 starts at Stage 1 while AM Craft is doing Stage 2. By the time they reach Stage 2, AM Craft is at Stage 3. The journey cannot be skipped.
Any European company can get EASA. Any American company can get FAA. The company that holds EASA + FAA + JCAB simultaneously can serve any airline in any region from one central certified digital catalog. No such company currently exists in additive manufacturing for commercial aviation.
Same catalog, different regulatory hat — EASA in Paris, FAA in Dallas, JCAB in Tokyo. This is government-granted monopoly per certified design. 18–24 months per jurisdiction. Cannot be rushed. Cannot be bought.
Every polymer part on a commercial aircraft must pass FST testing — Flammability, Smoke, Toxicity — before certification. Without existing test data, every new design requires expensive new physical testing.
A competitor starting today must replicate: 4+ years of FST data, tens of millions of euros in testing, rebuild a scientific publication track record, and still not have airline trust or ADD list access.
The most important commercial question in this business: who owns the certified design? Whoever pays for certification owns the IP. AM Craft pays. AM Craft owns it.
Aviation certification documents describe the manufacturing process. A part certified for injection moulding cannot legally be manufactured by AM using the original certification. AM Craft creates new certified IP — not a copy. Airlines and OEMs receive royalties (typically 30–50% of commercialisation rights). They gain access to parts they could not source any other way; AM Craft retains IP across the network.
At scale: AM Craft holds 20–30 certified designs per seat model across every major OEM. The catalog becomes the seat industry’s digital parts infrastructure.
Every investor evaluating this space asks: “why now?” The answer is specific, datable, and evidenced by events happening in real time. For 15 years, certified additive manufacturing in aviation was an OEM-only market driven by Airbus. Materialise received EASA POA in 2016 but focused on OEMs and metal. The market existed — but it could not reach airlines, the only participants with the volume, urgency, and unsourced parts to make a digital warehouse model viable.
The wrong question: “How big is the AM market?” Industry reports cite $2–3B globally — but that includes metal, engine, structural, and space. Almost nothing to do with AM Craft’s niche.
The right question: “How many cabin interior parts in commercial aviation can be additively manufactured — and what is their combined lifetime value?”
The financial opportunity is measured by the IP catalog, not total market size. Per 1,000 certified designs, lifetime value: €47M pessimistic → €80M medium → €157M upside. Medium scenario: €1.1B cumulative revenue by 2038, €2.4B forward pipeline.
The inflection point is not a forecast. It is a fact. Events from the last 18 months:
Capital markets validation:
AM Craft’s crossing-the-chasm framing was first created in 2021 when pitching Stratasys. It identified a structural transition the industry was not yet discussing. Five years later, it is happening exactly as predicted.
The key pivot: from “selling systems to OEMs who have certification” to “delivering certified parts to airlines who cannot certify themselves.” Materialise, despite a 4-year head start on EASA POA, has not crossed this chasm — because their business model requires the opposite.
The most common mistake investors make when evaluating AM Craft is benchmarking against the wrong stage. The question is not “what is your revenue run rate?” — the question is “how much did it cost to get here, and what does the catalog look like?”
Q1 2026 is not a one-quarter spike. AFS Singapore went from a quiet network node (€106K FY24, €92K FY25) to €258K in a single quarter — proving the distributed manufacturing model works once a node is activated. Combined Group is now annualising at €2.04M, a 70% jump on FY25 actuals.
Eight customer relationships drove FY 2025 revenue. Each is anonymised below for outbound use; named in private discussion. The mix is structurally healthy: 33% revenue from new customers (€370K), 67% recurring (€734K).
Margin economics validate the certified in-house production thesis. The Eurasian flag carrier relationship gives a clean A/B test: in-house at Riga earns 46% margin; outsourced through the network earns 24%. The DOA acquisition is what unlocks more in-house work — directly explaining the margin expansion from 29% (2025) to 50%+ targeted by Dec 2026.
Three EVP/VP-level agreements signed in 2025. Not LOIs. Not MOUs-only. Executed commercial partnerships with PO traction already flowing.
The PO trajectory is the proof. Each anchor relationship started under €25K in 2024, exceeded €60K in 2025, and Q1 2026 alone has already matched or exceeded the full prior year — signalling that the contracts are converting from paper to revenue at the expected pace.
AM Craft does not optimize for short-term revenue maximization with anchor customers. The strategic choice is land-and-lock: deliver exceptional results on a small number of certified parts, earn ADD list access and design-partner status, then expand depth-first.
Same model Salesforce used with early enterprise accounts. Same model HEICO used with anchor European MRO in 1997. Customer concentration in the short term becomes customer compounding in the long term.
Active pipeline beyond signed relationships:
The pipeline is not speculative demand. It is demand initiated by the customers themselves — airlines bringing ADD list items, OEMs bringing retrofit programs, MROs bringing sourcing problems they cannot solve internally.
Aerospace certification is not a field where talent can be parachuted in. It is a 10–20 year apprenticeship. AM Craft’s leadership combines two co-founders who spent years selling Stratasys equipment to the same airline and MRO procurement teams they now serve as a certified parts supplier — a market view earned from the inside, not theorized from the outside.
The team is the moat around the moat. It is why Stratasys — after years of direct interaction — chose to invest and deepen rather than acquire.
The right way to read AM Craft’s financials is not as a seed-stage revenue forecast — it is as a catalog compounding curve. Every certified part added generates revenue for 10–20+ years of aircraft lifecycle, across multiple customers, across multiple jurisdictions as EASA, FAA, JCAB stack.
Note: Specific model numbers below will be confirmed against the financial model when shared. Final Data Room version will include the downloadable model.
Design volume is the key input variable. 200 new PNs in 2026 → 1,000 in 2029 → 2,000+ at AI scale. Per 1,000 certified designs, lifetime value: €47M pessimistic → €80M medium → €157M upside.
Growth was not driven by one-off contracts. It was driven by catalog expansion: every certified part added generates recurring revenue across multiple customers and 10–20 years of aircraft lifecycle. The catalog count is the leading indicator. Revenue is the lagging indicator.
Post-seed scenario for AM Craft Latvia + AFS Singapore + AM Craft US — the budget actually presented to Stratasys on 30 March 2026.
Quarterly P&L 2026 (€K)
Key assumptions: 60% PO→Recurring Revenue conversion · existing clients 2x to €2M + new clients €1M + platform €1M · 50% gross margin target by Dec 2026 · 17 new hires post-seed · 20% salary increase. Revenue forecast is bottom-up by customer, not top-down extrapolation.
Three scenarios modelled in the live financial workbook. All share the same 2025 baseline of €1.20M (FY25 actual); they diverge based on three variables: parts per PN sold (volume), price increase, and superparts attach rate (cross-customer).
Key milestone in all three scenarios: Series A inflection in 2027 (catalog crosses 800 designs), strategic exit window opens 2030–2032 once self-funding crossover is confirmed.
The cash trough reflects the cost of building the catalog before royalty revenue compounds. The trough is shallower in every scenario than typical aerospace hardware — because AM Craft is building IP, not factories.
What this means for the round: €5M Seed + €1–1.5M venture debt funds the entire trough in the Medium scenario. In Pessimistic, the Series A in 2027 carries the company through 2031. No Series B required under any scenario.
The funding architecture is not a standard seed/A/B sequence. It is designed around the three-phase exit.
Each round is timed to a specific catalog inflection point — not to a runway extension.
Every euro spent on certification returns €10–30 over the life of the design. This is why use-of-funds prioritizes certification throughput over almost every other line item. Payback <12 months for high-frequency parts; <24 months for lower-volume parts.
Most seed rounds fund runway. This one funds an inflection. The DOA acquisition is the structural transformation from parts supplier to certified IP platform. With DOA in hand, AM Craft can approve its own designs and accelerate certification throughput from dozens of PNs per year to thousands.
The convertible layer feeds the Manufacturing HoldCo structure being built for Phase 3 bifurcation — does not dilute AM Craft parent equity.
€5M is allocated across four distinct outcomes, each tied to a specific catalog or infrastructure milestone:
Investors entering this round at €25–30M pre-money participate before the DOA acquisition, the EU consolidation, and the AI platform compounding. Series A projected 2027 at €80–150M pre-money — that is a 3–5x valuation delta in 18–24 months, assuming execution.
Note: To be filled from the Global Investor Database and current live conversations. Placeholder structure: