The market for 3D printing service providers, which are an integral part of the 3D printing industry, is growing faster than the market for 3D printer manufacturers. Plenty of evidence of that.
The 25-30% CAGR of the industry isn't limited to the machine manufacturers- almost all of whom are still overpriced for my taste, it includes 3D printing/additive manufacturing service providers like Alphaform.
If you look deeper into their actual earnings (which believe me, I have done in detail), you'll discover Alphaform's revenue in Q3 was their second highest on record, and Q4 likely to show an improvement in bottom line.
They are projected by one analyst to make .26/share in 2014 with restructuring.
Even taking away their projected profitability in 2014, the fact remains that Alphaform generates 2.5X the revenue of Voxeljet, has a market cap around $23 million, and is trading 1 euro above book value. That market cap will not last as more US investors begin to discover the stock.