Stratasys Releases First Quarter 2026 Financial Results
Key Terms
gaap financial
non-gaap financial
adjusted ebitda financial
regulation fd regulatory
-
Revenue of
$132.7 million $136.0 million -
GAAP net loss of
$23.8 million $0.28 $1.3 million $0.01 -
Adjusted EBITDA of
$2.0 million $8.2 million -
Positive operating cash flow of
$2.4 million $4.5 million -
$237.8 million - Reiterates 2026 Outlook
“Our first quarter results reflect the resilience of our operating model in a measured spending environment, demonstrated by positive adjusted EBITDA and operating cash flow," said Dr. Yoav Zeif, CEO of Stratasys. "Recurring revenue from consumables and customer support continued to provide stability, while Stratasys Direct delivered strong
Summary - First Quarter 2026 Financial Results Compared to First Quarter 2025:
-
Revenue of
$132.7 million $136.0 million -
GAAP gross margin of
41.7% , compared to44.3% . -
Non-GAAP gross margin of
46.3% , compared to48.3% . -
GAAP operating loss of
$26.5 million $12.4 million -
Non-GAAP operating loss of
$3.2 million $3.0 million -
GAAP net loss of
$23.8 million $0.28 $13.1 million $0.18 -
Non-GAAP net loss of
$1.3 million $0.01 $2.9 million $0.04 -
Adjusted EBITDA of
$2.0 million $8.2 million -
Cash provided by operating activities of
$2.4 million $4.5 million
Financial Outlook:
The Company is reaffirming its outlook for 2026, as set forth below, which is based on current market conditions and assumes that the impacts of global inflationary pressures, relatively high interest rates, exchange rates, increased tariffs and other supply chain costs do not impede economic activity further.
-
Full year revenue growing to a range of
$565 million $575 million -
Based on current logistics and materials costs, full year non-GAAP gross margins of
46.7% to47.1% , including approximately$7 million -
Full year non-GAAP operating expenses ranging from
$260 million $262 million $10 million -
Full year non-GAAP operating margins in a range of
0.7% to1.5% . -
GAAP net loss of
$83 million $67 million $0.95 $0.76 -
Non-GAAP net income of
$8 million $12.5 million $0.09 $0.14 -
Adjusted EBITDA of
$25 million $30 million 4.5% to5.0% . -
Capital expenditures of
$20 million $25 million - Expects to generate positive operating cash flow subject to uncertainty related to foreign exchange rates and tariffs.
Appropriate reconciliations between historical GAAP and non-GAAP financial measures, as well as between the GAAP and non-GAAP financial measures included in our financial outlook for 2026, are provided in the tables at the end of our press release and slide presentation, with itemized detail concerning the non-GAAP financial measures. We have not included, however, guidance for 2026 for GAAP gross margin or GAAP operating expenses, or a reconciliation of our guidance for 2026 for non-GAAP gross margins or non-GAAP operating expenses to the most directly comparable GAAP financial measures (i.e., GAAP gross margin or GAAP operating expenses, respectively), as the information needed to provide that GAAP guidance and that reconciliation is not available to us without unreasonable effort or with reasonable certainty from a quantitative perspective. We expect that the foregoing missing information related to our outlook on a GAAP basis for 2026 is likely to result in significant changes relative to our non-GAAP outlook in respect of the subject financial measures.
Stratasys Ltd. First Quarter 2026 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its first quarter 2026 financial results on Thursday, May 7, 2026, at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at investors.stratasys.com, or directly at the following web address:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=jBx4uZ5o
To participate by telephone, the
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products, healthcare, fashion and education. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the Company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys is a registered trademark and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the property of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2026 and beyond, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; the global macro-economic environment, including the impact of increased and/or reciprocal import tariffs that have been imposed by the
Use of Non-GAAP Financial Measures
The non-GAAP data included herein, including, but not limited to, data for non-GAAP gross margins, non-GAAP operating loss, non-GAAP operating margins, non-GAAP net income, and Adjusted EBITDA, which non-GAAP data excludes certain items, as detailed in the reconciliation tables herein, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations. Our management utilizes these non-GAAP measures to enable us to assess our financial results (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains and legal provisions, (ii) excluding non-cash items such as share-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets and goodwill, revaluation of our investments and the corresponding tax effect of those items, (iii) for certain non-GAAP measures, after eliminating the impact of changes attributable to currency exchange rate fluctuations, and (iv) after excluding changes in revenues solely attributable to divestitures of former subsidiary companies. The items eliminated as part of our calculation of our non-GAAP financial measures either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. Our non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results, and between our outlook for 2026 (other than for gross margin and operating expenses, for which GAAP data is not available to us without unreasonable effort or with reasonable certainty), on a GAAP and non-GAAP basis is provided in the tables below.
| Stratasys Ltd. | ||||||||
| Consolidated Balance Sheets | ||||||||
| ( |
||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
71,789 |
|
$ |
94,527 |
|
||
| Short-term bank deposits |
|
166,000 |
|
|
150,000 |
|
||
| Accounts receivable, net of allowance for credit losses of |
|
157,077 |
|
|
160,478 |
|
||
| Inventories |
|
143,573 |
|
|
145,238 |
|
||
| Prepaid expenses |
|
7,739 |
|
|
5,500 |
|
||
| Other current assets |
|
27,454 |
|
|
26,241 |
|
||
| Total current assets |
|
573,632 |
|
|
581,984 |
|
||
| Non-current assets | ||||||||
| Property, plant and equipment, net |
|
191,745 |
|
|
192,566 |
|
||
| Goodwill |
|
101,451 |
|
|
101,599 |
|
||
| Other intangible assets, net |
|
90,715 |
|
|
95,842 |
|
||
| Operating lease right-of-use assets |
|
25,454 |
|
|
25,417 |
|
||
| Long-term investments |
|
76,298 |
|
|
63,104 |
|
||
| Other non-current assets |
|
13,571 |
|
|
13,252 |
|
||
| Total non-current assets |
|
499,234 |
|
|
491,780 |
|
||
| Total assets | $ |
1,072,866 |
|
$ |
1,073,764 |
|
||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
50,856 |
|
$ |
43,021 |
|
||
| Accrued expenses and other current liabilities |
|
33,590 |
|
|
34,284 |
|
||
| Accrued compensation and related benefits |
|
37,712 |
|
|
31,304 |
|
||
| Deferred revenues - short-term |
|
51,402 |
|
|
47,835 |
|
||
| Operating lease liabilities - short-term |
|
7,141 |
|
|
6,597 |
|
||
| Total current liabilities |
|
180,701 |
|
|
163,041 |
|
||
| Non-current liabilities | ||||||||
| Deferred revenues - long-term |
|
18,299 |
|
|
19,062 |
|
||
| Deferred income taxes |
|
503 |
|
|
312 |
|
||
| Operating lease liabilities - long-term |
|
19,541 |
|
|
19,903 |
|
||
| Contingent consideration - long-term |
|
5,437 |
|
|
5,353 |
|
||
| Other non-current liabilities |
|
22,779 |
|
|
23,193 |
|
||
| Total non-current liabilities |
|
66,559 |
|
|
67,823 |
|
||
| Total liabilities | $ |
247,260 |
|
$ |
230,864 |
|
||
| Contingencies (see note 12) | ||||||||
| Equity | ||||||||
| Ordinary shares, |
$ |
244 |
|
$ |
242 |
|
||
| Treasury shares at cost, 266 thousand shares at March 31, 2026 and December 31, 2025 |
|
(1,995 |
) |
|
(1,995 |
) |
||
| Additional paid-in capital |
|
3,280,627 |
|
|
3,275,344 |
|
||
| Accumulated other comprehensive loss |
|
(4,951 |
) |
|
(6,197 |
) |
||
| Accumulated deficit |
|
(2,448,319 |
) |
|
(2,424,494 |
) |
||
| Total equity |
|
825,606 |
|
|
842,900 |
|
||
| Total liabilities and equity | $ |
1,072,866 |
|
$ |
1,073,764 |
|
||
| Stratasys Ltd. | ||||||||
| Consolidated Statements of Operations | ||||||||
| ( |
Three Months Ended March 31, | |||||||
|
2026 |
|
|
2025 |
|
|||
| Revenues | ||||||||
| Products | $ |
88,754 |
|
$ |
93,795 |
|
||
| Services |
|
43,943 |
|
|
42,251 |
|
||
|
132,697 |
|
|
136,046 |
|
|||
| Cost of revenues | ||||||||
| Products |
|
46,554 |
|
|
47,268 |
|
||
| Services |
|
30,782 |
|
|
28,539 |
|
||
|
77,336 |
|
|
75,807 |
|
|||
| Gross profit |
|
55,361 |
|
|
60,239 |
|
||
| Operating expenses | ||||||||
| Research and development, net |
|
19,151 |
|
|
18,792 |
|
||
| Selling, general and administrative |
|
62,742 |
|
|
53,851 |
|
||
|
81,893 |
|
|
72,643 |
|
|||
| Operating loss |
|
(26,532 |
) |
|
(12,404 |
) |
||
| Financial income, net |
|
2,732 |
|
|
1,473 |
|
||
| Loss before income taxes |
|
(23,800 |
) |
|
(10,931 |
) |
||
| Income tax expenses |
|
25 |
|
|
455 |
|
||
| Share in losses of associated companies |
|
- |
|
|
1,668 |
|
||
| Net loss | $ |
(23,825 |
) |
$ |
(13,054 |
) |
||
| Net loss per ordinary share - basic and diluted | $ |
(0.28 |
) |
$ |
(0.18 |
) |
||
| Weighted average ordinary shares outstanding - basic and diluted |
|
86,357 |
|
|
71,967 |
|
||
| Stratasys Ltd. | |||||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Results of Operations | |||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
|
2026 |
|
Non-GAAP |
|
2026 |
|
|
2025 |
|
Non-GAAP |
|
2025 |
|||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Gross profit (1) | $ |
55,361 |
|
$ |
6,074 |
|
$ |
61,435 |
|
$ |
60,239 |
|
$ |
5,410 |
|
$ |
65,649 |
||||||
| Operating income (loss) (1,2) |
|
(26,532 |
) |
|
23,312 |
|
|
(3,220 |
) |
|
(12,404 |
) |
|
15,450 |
|
|
3,046 |
||||||
| Net income (loss) (1,2,3) |
|
(23,825 |
) |
|
22,548 |
|
|
(1,277 |
) |
|
(13,054 |
) |
|
15,932 |
|
|
2,878 |
||||||
| Net income (loss) per diluted share (4) | $ |
(0.28 |
) |
$ |
0.27 |
|
$ |
(0.01 |
) |
$ |
(0.18 |
) |
$ |
0.22 |
|
$ |
0.04 |
||||||
(1) |
Acquired intangible assets amortization expenses |
|
4,522 |
|
|
4,488 |
|
||||||||||||||||
| Non-cash share-based compensation expenses |
|
661 |
|
|
708 |
|
|||||||||||||||||
| Restructuring and other expenses |
|
891 |
|
|
214 |
|
|||||||||||||||||
|
6,074 |
|
|
5,410 |
|
||||||||||||||||||
(2) |
Acquired intangible assets amortization expenses |
|
1,155 |
|
|
940 |
|
||||||||||||||||
| Non-cash share-based compensation expenses |
|
4,624 |
|
|
5,505 |
|
|||||||||||||||||
| Restructuring and other related costs |
|
995 |
|
|
1,132 |
|
|||||||||||||||||
| Contingent consideration |
|
335 |
|
|
645 |
|
|||||||||||||||||
| Legal and other expenses |
|
10,129 |
|
|
1,818 |
|
|||||||||||||||||
|
17,238 |
|
|
10,040 |
|
||||||||||||||||||
|
23,312 |
|
|
15,450 |
|
||||||||||||||||||
(3) |
Corresponding tax effect |
|
(442 |
) |
|
84 |
|
||||||||||||||||
| Equity method related expenses |
|
- |
|
|
841 |
|
|||||||||||||||||
| Finance income |
|
(322 |
) |
|
(443 |
) |
|||||||||||||||||
$ |
22,548 |
|
$ |
15,932 |
|
||||||||||||||||||
(4) |
Weighted average number of ordinary shares outstanding - Diluted |
|
86,357 |
|
|
86,357 |
|
|
71,967 |
|
|
72,625 |
|||||||||||
| Stratasys Ltd. | |||||||
| Reconciliation of GAAP net loss to Adjusted EBITDA | |||||||
| Three months ended March 31, | |||||||
|
2026 |
|
|
2025 |
|
||
| Net loss | $ |
(23,825 |
) |
$ |
(13,054 |
) |
|
| Financial income, net |
|
(2,732 |
) |
|
(1,473 |
) |
|
| Income tax expenses |
|
25 |
|
|
455 |
|
|
| Share in losses of associated companies |
|
- |
|
|
1,668 |
|
|
| Depreciation expenses |
|
5,731 |
|
|
5,124 |
|
|
| Amortization expenses |
|
5,686 |
|
|
5,428 |
|
|
| Non-cash share-based compensation expenses |
|
5,285 |
|
|
6,213 |
|
|
| Contingent consideration |
|
335 |
|
|
645 |
|
|
| Legal and other expenses |
|
10,361 |
|
|
1,818 |
|
|
| Restructuring and other related costs |
|
1,111 |
|
|
1,346 |
|
|
| Adjusted EBITDA | $ |
1,977 |
|
$ |
8,170 |
|
|
| Stratasys Ltd. | ||||
| Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance: | ||||
| Fiscal Year 2026 | ||||
| ( |
Low High | |||
| GAAP net loss | ||||
| Adjustments | ||||
| Share-based compensation expenses | ||||
| Intangible assets amortization expenses | ||||
| Reorganization and other | ||||
| Tax expenses related to Non-GAAP adjustments | ||||
| Non-GAAP net income | ||||
| GAAP loss per share | ||||
| Non-GAAP diluted earnings per share | ||||
| Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance: | ||||
| Fiscal Year 2026 | ||||
| ( |
Low High | |||
| GAAP net loss | ||||
| Adjustments | ||||
| Share-based compensation expenses | ||||
| Intangible assets amortization expenses | ||||
| Reorganization and other | ||||
| Tax expenses related to Non-GAAP adjustments | ||||
| Other non-operating income | ||||
| Depreciation | ||||
| Adjusted EBITDA | ||||
| Stratasys Ltd. | ||||
| Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance: | ||||
| Fiscal Year 2026 | ||||
| ( |
Low High | |||
| GAAP operating loss | ||||
| GAAP operating margins | (15)% to (12)% | |||
| Adjustments | ||||
| Share-based compensation expenses | ||||
| Intangible assets amortization expenses | ||||
| Reorganization and other | ||||
| Non-GAAP operating profit | ||||
| Non-GAAP operating margins | 0.7 % to |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507698003/en/
Yonah Lloyd
CCO & VP Investor Relations
Yonah.Lloyd@stratasys.com
Source: Stratasys Ltd.