Fast Radius
ðŠĶ BankruptTrust Size
$70M
Peak Price
$10.50
Current Price
$0.00
Return
-100.0%
Peak Market Cap
$900M
What Happened
Fast Radius operated a cloud manufacturing platform combining 3D printing with traditional manufacturing. Named to the World Economic Forum's list of advanced factories, it filed bankruptcy just 10 months after its SPAC merger.
Fast Radius operated an on-demand digital manufacturing platform that combined additive manufacturing (3D printing) with traditional CNC machining and injection molding. The company was named a World Economic Forum 'Lighthouse' factory, lending it credibility.
The company merged with ECP Environmental Growth Opportunities Corp in February 2022 â late in the SPAC cycle when enthusiasm was already waning. The IPO raised less than expected as SPAC redemptions were running high.
Fast Radius struggled from day one as a public company. Manufacturing margins were thin, customer acquisition was slow, and the company couldn't generate enough revenue to cover its overhead. The cloud manufacturing market was still nascent, and customers were hesitant to switch from established supply chains.
By November 2022, just 10 months post-merger, Fast Radius filed Chapter 11. SyBridge Technologies acquired the company's assets. It was a textbook case of a company going public via SPAC years before its market was ready.
Key People
Lou Rassey
CEO & Co-Founder
Former McKinsey partner
Pat McCormack
COO
Operations leader who couldn't make the math work
Timeline
2022-02-04
SPAC merger closes with high redemption rate
2022-08-01
Warns of cash shortage in quarterly filing
2022-11-07
Files Chapter 11 bankruptcy, 10 months post-merger
2023-02-01
Assets acquired by SyBridge Technologies
ð SEC Filings
View all EDGAR filings for Fast Radius
Risk Scores
Dilution Score
50/100
Insider Profit Index
40/100