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Protolabs Reports Financial Results for the Third Quarter of 2025
Record Quarterly Revenue of $135.4 Million, a 7.8% increase Year-Over-Year
GAAP Earnings Per Share of $0.30, Non-GAAP Earnings Per Share of $0.47
MINNEAPOLIS – October 31, 2025 – Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights:
•Revenue was a record $135.4 million, a 7.8% increase compared to revenue of $125.6 million in the third quarter of 2024.
•Revenue fulfilled through digital factories was $105.3 million, a 4.9% increase year-over-year.
•Revenue fulfilled through the Protolabs Network was $30.1 million, a 19.1% increase year-over-year.
•Net income was $7.2 million, or $0.30 per diluted share, compared to $7.2 million, or $0.29 per diluted share, in the third quarter of 2024.
•Non-GAAP net income was $11.4 million, or $0.47 per diluted share, compared to $11.8 million, or $0.47 per diluted share, in the third quarter of 2024. See “Non-GAAP Financial Measures” below.

“Protolabs generated another quarter of accelerated growth and record revenue, supported by strong performance in several key end markets, and a substantial increase in revenue per customer contact. I am very encouraged by the progress we’ve made over the last two quarters—we have significant momentum into year-end," commented President and Chief Executive Officer Suresh Krishna. "While it’s still early, my short time here has strengthened my confidence that our current strategy—delivering high-quality, custom parts throughout the product lifecycle, from prototyping to production—is the right one. Together with our teams, I am focused on accelerating profitable growth, and positioning Protolabs for long-term shareholder value creation."

Dan Schumacher, Chief Financial Officer, added: "Along with record revenue in the quarter, we continued to demonstrate the strength of our business model by expanding adjusted EBITDA as compared to the second quarter of 2025, continuing our best-in-class cash flow generation, and returning capital to shareholders via repurchases of common stock."

Additional Third Quarter 2025 Highlights:
•Customer contact information
◦Protolabs served 21,252 customer contacts during the quarter.
◦Revenue per customer contact increased 14.1% year-over-year to $6,370.
•EBITDA was $17.4 million. See “Non-GAAP Financial Measures” below.
•Adjusted EBITDA was $21.1 million, or 15.6% of revenue. See "Non-GAAP Financial Measures" below.
•We generated $29.1 million in cash from operations.
•Cash and investments balance was $138.4 million as of September 30, 2025.

Fourth Quarter 2025 Outlook

In the fourth quarter of 2025, the Company expects to generate revenue between $125.0 million and $133.0 million.

The Company expects fourth quarter 2025 diluted net income per share between $0.12 and $0.20, and non-GAAP diluted net income per share between $0.30 and $0.38. See "Non-GAAP Financial Measures" below.


Non-GAAP Financial Measures
The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.
The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, CEO transition costs and costs related to exit and disposal activities (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP net income and non-GAAP net income per share, in each case, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service line, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.
Conference Call
The Company has scheduled a conference call to discuss its third quarter 2025 financial results and fourth quarter 2025 outlook today, October 31, 2025 at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/mp2aa5du/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.
About Protolabs
Protolabs is the world’s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Get started now at protolabs.com.


Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
Source: Proto Labs, Inc.

Investor Relations Contacts:
Protolabs
Ryan Johnsrud, 612-225-4873
Manager – Investor Relations and Corporate Development
ryan.johnsrud@protolabs.com

Gateway Group, Inc.
949-574-3860
PRLB@gateway-grp.com
Media Contact:
Protolabs
Brent Renneke, 763-479-7704
Marketing Communications Manager
brent.renneke@protolabs.com


Proto Labs, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
September 30,
2025		December 31,
2024
(Unaudited)
Assets
Current assets
Cash and cash equivalents$104,422 $89,071 
Short-term marketable securities14,817 14,019 
Accounts receivable, net77,790 66,504 
Inventory14,073 12,305 
Income taxes receivable4,681 2,906 
Prepaid expenses and other current assets10,009 10,049 
Total current assets225,792 194,854 
Property and equipment, net211,325 227,263 
Goodwill273,991 273,991 
Other intangible assets, net19,539 21,422 
Long-term marketable securities19,149 17,773 
Operating lease assets2,015 2,993 
Finance lease assets491 692 
Other long-term assets4,553 4,524 
Total assets$756,855 $743,512 
Liabilities and shareholders' equity  
Current liabilities  
Accounts payable$17,388 $15,504 
Accrued compensation23,268 16,550 
Accrued liabilities and other27,831 19,621 
Current operating lease liabilities890 1,287 
Current finance lease liabilities365 309 
Total current liabilities69,742 53,271 
Long-term operating lease liabilities1,188 1,633 
Long-term finance lease liabilities— 287 
Long-term deferred tax liabilities16,038 13,565 
Other long-term liabilities5,168 4,605 
Shareholders' equity664,719 670,151 
Total liabilities and shareholders' equity$756,855 $743,512 


Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue
Injection Molding$47,770 $46,831 $143,908 $148,574 
CNC Machining63,043 53,327 177,831 154,498 
3D Printing20,082 21,437 61,491 64,300 
Sheet Metal4,262 3,743 12,776 11,218 
Other Revenue209 281 628 550 
Total Revenue135,366 125,619 396,634 379,140 
Cost of revenue74,073 68,389 219,869 207,897 
Gross profit61,293 57,230 176,765 171,243 
Operating expenses
Marketing and sales24,574 22,619 73,054 69,070 
Research and development10,705 9,772 32,487 31,600 
General and administrative17,163 16,259 52,763 49,167 
Costs related to exit and disposal activities41 — 151 — 
Total operating expenses52,483 48,650 158,455 149,837 
Income from operations8,810 8,580 18,310 21,406 
Other income, net1,441 1,288 4,600 3,548 
Income before income taxes10,251 9,868 22,910 24,954 
Provision for income taxes3,035 2,679 7,668 7,957 
Net income$7,216 $7,189 $15,242 $16,997 
Net income per share:
Basic$0.30 $0.29 $0.64 $0.67 
Diluted$0.30 $0.29 $0.63 $0.67 
Shares used to compute net income per share:
Basic23,889,15724,980,53623,974,05425,304,985
Diluted24,191,03925,022,48524,249,66925,382,280


Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
20252024
Operating activities
Net income$15,242 $16,997 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization25,693 26,984 
Stock-based compensation expense11,928 12,716 
Deferred taxes2,355 (6,140)
Interest on finance lease obligations16 26 
Loss on impairment of equipment— 256 
Impairments related to exit and closure of facilities448 — 
Loss (gain) on disposal of property and equipment16 (24)
Other(179)103 
Changes in operating assets and liabilities2,534 9,617 
Net cash provided by operating activities58,053 60,535 
Investing activities
Purchases of property, equipment and other capital assets(6,792)(8,339)
Proceeds from sales of property, equipment and other capital assets811 34 
Purchases of marketable securities(13,553)(18,087)
Proceeds from call redemptions and maturities of marketable securities11,730 15,709 
Net cash used in investing activities(7,804)(10,683)
Financing activities
Proceeds from issuance of common stock from equity plans4,195 2,094 
Purchases of shares withheld for tax obligations(3,119)(1,920)
Repurchases of common stock(36,732)(45,958)
Principal repayments of finance lease obligations(231)(220)
Net cash used in financing activities(35,887)(46,004)
Effect of exchange rate changes on cash and cash equivalents989 235 
Net increase in cash and cash equivalents15,351 4,083 
Cash and cash equivalents, beginning of period89,071 83,790 
Cash and cash equivalents, end of period$104,422 $87,873 


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities
GAAP net income$7,216 $7,189 $15,242 $16,997 
Add back:
Stock-based compensation expense3,677 4,196 11,928 12,716 
Amortization expense935 888 2,770 2,796 
Unrealized (gain) loss on foreign currency(2)174 (316)323 
CEO transition costs14 — 1,376 — 
Costs related to exit and disposal activities41 — 151 — 
Total adjustments 1
4,665 5,258 15,909 15,835 
Income tax benefits on adjustments 2
(500)(627)(1,700)(1,066)
Non-GAAP net income$11,381 $11,820 $29,451 $31,766 
Non-GAAP net income per share:
Basic$0.48 $0.47 $1.23 $1.26 
Diluted$0.47 $0.47 $1.21 $1.25 
Shares used to compute non-GAAP net income per share:
Basic23,889,15724,980,53623,974,05425,304,985
Diluted24,191,03925,022,48524,249,66925,382,280
1Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Cost of revenue$781 $817 $2,350 $2,428 
Marketing and sales837 727 2,423 2,378 
Research and development764 671 2,124 2,031 
General and administrative2,244 2,869 9,177 8,675 
Costs related to exit and disposal activities41 — 151 — 
Total operating expenses3,886 4,267 13,875 13,084 
Other income, net(2)174 (316)323 
Total adjustments$4,665 $5,258 $15,909 $15,835 
2For the three and nine months ended September 30, 2025 and 2024, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the respective period.


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin
(In thousands)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$135,366 $125,619 $396,634 $379,140 
Gross profit61,293 57,230 176,765 171,243 
GAAP gross margin45.3%45.6%44.6%45.2%
Add back:  
Stock-based compensation expense439 474 1,323 1,401 
Amortization expense342 343 1,027 1,027 
Total adjustments781 817 2,350 2,428 
Non-GAAP gross profit$62,074 $58,047 $179,115 $173,671 
Non-GAAP gross margin45.9%46.2%45.2%45.8%


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$135,366 $125,619 $396,634 $379,140 
Income from operations8,810 8,580 18,310 21,406 
GAAP operating margin6.5%6.8%4.6%5.6%
Add back:
Stock-based compensation expense3,677 4,196 11,928 12,716 
Amortization expense935 888 2,770 2,796 
CEO transition costs14 — 1,376 — 
Costs related to exit and disposal activities41 — 151 — 
Total adjustments4,667 5,084 16,225 15,512 
Non-GAAP income from operations$13,477 $13,664 $34,535 $36,918 
Non-GAAP operating margin10.0%10.9%8.7%9.7%


Proto Labs, Inc.
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$135,366 $125,619 $396,634 $379,140 
GAAP net income7,216 7,189 15,242 16,997 
GAAP net income margin5.3%5.7%3.8%4.5%
Add back:
Amortization expense$935 $888 $2,770 $2,796 
Depreciation expense7,494 8,021 22,923 24,188 
Interest income, net(1,281)(1,287)(3,532)(3,548)
Provision for income taxes3,035 2,679 7,668 7,957 
EBITDA17,399 17,490 45,071 48,390 
EBITDA Margin12.9%13.9%11.4%12.8%
Add back:
Stock-based compensation expense3,677 4,196 11,928 12,716 
Unrealized (gain) loss on foreign currency(2)174 (316)323 
CEO transition costs14 — 1,376 — 
Costs related to exit and disposal activities41 — 151 — 
Total adjustments3,730 4,370 13,139 13,039 
Adjusted EBITDA$21,129 $21,860 $58,210 $61,429 
Adjusted EBITDA Margin15.6%17.4%14.7%16.2%


Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$109,361 $— $109,361 $99,571 9.8%9.8%
Europe26,005 (1,226)24,779 26,048 (0.2)(4.9)
Total revenue$135,366 $(1,226)$134,140 $125,619 7.8%6.8%
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$320,340 $— $320,340 $299,593 6.9%6.9%
Europe76,294 (2,055)74,239 79,547 (4.1%)(6.7%)
Total revenue$396,634 $(2,055)$394,579 $379,140 4.6%4.1%

1Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.
2This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.
3This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Service Line
(In thousands)
(Unaudited)
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$47,770 $(358)$47,412 $46,831 2.0%1.2%
CNC Machining63,043 (667)62,376 53,327 18.2 17.0 
3D Printing20,082 (174)19,908 21,437 (6.3)(7.1)
Sheet Metal4,262 (23)4,239 3,743 13.9 13.3 
Other Revenue209 (4)205 281 (25.6)(27.0)
Total revenue$135,366 $(1,226)$134,140 $125,619 7.8%6.8%
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$143,908 $(706)$143,202 $148,574 (3.1%)(3.6%)
CNC Machining177,831 (981)176,850 154,498 15.1 14.5 
3D Printing61,491 (336)61,155 64,300 (4.4)(4.9)
Sheet Metal12,776 (30)12,746 11,218 13.9 13.6 
Other Revenue628 (2)626 550 14.2 13.8 
Total revenue$396,634 $(2,055)$394,579 $379,140 4.6%4.1%

1Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.
2This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.
3This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Customer Contact Information
(In thousands, except customer contacts and per customer contact amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$135,366 $125,619 $396,634 $379,140 
Customer contacts21,25222,51141,87343,671
Revenue per customer contact1
$6,370 $5,580 $9,472 $8,682 

1Revenue per customer contact is calculated using the revenue recognized during the respective period divided by the actual number of customer contacts served during the same period. Customer contacts are product developers, engineers, procurement and supply chain professionals and other individuals who place an order, and that order is shipped and invoiced during the period. The Company believes revenue per customer contact is useful to investors in evaluating the underlying business trends and ongoing operating performance of the Company.
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Guidance
(Unaudited)

Q4 2025 Outlook
LowHigh
GAAP diluted net income per share$0.12 $0.20 
Add back:
Stock-based compensation expense0.14 0.14 
Amortization expense0.03 0.03 
Unrealized (gain) loss on foreign currency0.00 0.00 
Total adjustments0.18 0.18 
Non-GAAP diluted net income per share$0.30 $0.38