Stratasys Releases Fourth Quarter and Full Year 2025 Financial Results

Key Terms

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

regulation fd regulatory

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

• Fourth quarter revenue of $140.0 million, compared to $150.4 million in the prior year period
• Fourth quarter GAAP net loss of $18.9 million, or $0.22 per diluted share
• Fourth quarter Non-GAAP net income of $6.2 million, or $0.07 per diluted share
• Full year revenue of $551.1 million, compared to $572.5 million in 2024
• Full year GAAP net loss of $104.3 million, or $1.28 per diluted share
• Full year Non-GAAP net income increased to $12.7 million, or $0.15 per diluted share, over prior year $4.2 million or $0.06, respectively
• Fourth quarter positive operating cash flow of $4.8 million
• Full year positive operating cash flow of $15.1 million
• Strong balance sheet with $244.5 million cash, equivalents and short-term deposits and no debt at year-end 2025
• Fourth quarter Adjusted EBITDA of $9.2 million, 6.6% of revenue
• Full year Adjusted EBITDA grew 9.6% to $28.5 million, 5.2% of revenue, compared to $26.0 million, 4.5% of revenue in 2024
• Provides 2026 outlook

MINNETONKA, Minn. & REHOVOT, Israel--(BUSINESS WIRE)-- Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced financial results for the fourth quarter and full year 2025.

Dr. Yoav Zeif, Stratasys' Chief Executive Officer, stated, “Our fourth quarter performance caps a year in which we successfully maintained our operational discipline and delivered solid cash flow generation, demonstrating the resilience that distinguishes Stratasys. We generated 37.5% of our revenues from manufacturing applications, up from 25% in 2020, and made meaningful progress building on the foundational infrastructure of our highest-value use-cases, as we continued to improve our position in aerospace and defense, automotive tooling, dental, and medical applications.”

Dr. Zeif continued, “As we enter 2026, we do so with proven operational excellence, strategic clarity, and the technology portfolio to capitalize on the inevitable return of customer spending. Our commitment to innovation remains unwavering, supported by continued R&D investment and strategic partnerships that provide complete end-to-end solutions. Combined with our strong balance sheet, this positions us to capitalize on inorganic opportunities that we continue to explore, to sustain our technology leadership through strategic investments that will define the next era of digital manufacturing. The stage is set for sustained growth, as customers achieve measurable operational improvements and increase their utilization in true production-scale manufacturing for mission-critical applications.”

Summary - Fourth Quarter 2025 Financial Results Compared to Fourth Quarter 2024:

• Revenue of $140.0 million compared to $150.4 million.
• GAAP gross margin of 36.8%, compared to 46.3%.
• Non-GAAP gross margin of 46.3%, compared to 49.6%.
• GAAP operating loss of $20.8 million, compared to an operating loss of $9.7 million.
• Non-GAAP operating income of $4.1 million, compared to operating income of $9.4 million.
• GAAP net loss of $18.9 million, or $0.22 per diluted share, compared to a net loss of $41.9 million, or $0.59 per diluted share.
• Non-GAAP net income of $6.2 million, or $0.07 per diluted share, compared to net income of $8.5 million, or $0.12 per diluted share.
• Adjusted EBITDA of $9.2 million, compared to $14.5 million.
• Cash provided by operating activities of $4.8 million, compared to $7.4 million.

Summary - 2025 Financial Results Compared to 2024:

• Revenue of $551.1 million compared to $572.5 million.
• GAAP gross margin of 41.2%, compared to 44.9%.
• Non-GAAP gross margin of 46.9%, compared to 49.2%.
• GAAP operating loss of $72.5 million, compared to an operating loss of $85.7 million.
• Non-GAAP operating income of $8.3 million, compared to operating income of $4.9 million.
• GAAP net loss of $104.3 million, or $1.28 per diluted share, compared to a loss of $120.3 million, or $1.70 per diluted share.
• Non-GAAP net income of $12.7 million, or $0.15 per diluted share, compared to net income of $4.2 million, or $0.06 per diluted share.
• Adjusted EBITDA of $28.5 million, compared to $26.0 million.
• Cash generated by operating activities of $15.1 million, compared to $7.8 million.

Financial Outlook:

Based on current market conditions and assuming that the impacts of global inflationary pressures, relatively high interest rates, increased tariffs and other supply chain costs do not impede economic activity further, the Company is providing the following outlook for 2026, which includes an assumption of $17 million of combined adverse impact from exchange rates and tariffs relative to 2025:

• Full year revenue growing to $565 million to $575 million, improving sequentially through the year.
• Based on current logistics and materials costs, full year non-GAAP gross margins of 46.7%-47.1%, including approximately $7 million of adverse impact from tariffs and foreign exchange rates relative to 2025.
• Full year non-GAAP operating expenses ranging from $260 million to $262 million, including approximately $10 million of adverse impact from changes in foreign exchange rates.
• Full year non-GAAP operating margins in a range of 0.7% to 1.5%.
• GAAP net loss of $83 million to $67 million, or ($0.95) to ($0.76) per diluted share.
• Non-GAAP net income of $8 million to $12.5 million, or $0.09 to $0.14 per diluted share.
• Adjusted EBITDA of $25 million to $30 million, reflecting Adjusted EBITDA margin of 4.5% to 5.0%.
• Capital expenditures of $20 million to $25 million.
• Expects to generate positive operating cash flow subject to uncertainty around 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 GAAP gross margin or a reconciliation of our guidance for non-GAAP gross margins to the most directly comparable GAAP financial measure (i.e., GAAP gross margin), as we are unable to do so without unreasonable effort or with reasonable certainty from a quantitative perspective.]

Stratasys Ltd. Fourth Quarter 2025 Webcast and Conference Call Details

The Company plans to webcast its conference call to discuss its fourth quarter and full-year 2025 financial results on Thursday, March 5, 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=E1fXyUKp

To participate by telephone, the U.S. toll-free number is 877-407-0619 and the international dial-in is +1-412-902-1012. Investors are advised to dial into the call at least ten minutes prior to the call to register. The webcast will be available for six months at investors.stratasys.com, or by accessing the above-provided web address.

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, X/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 import tariffs that have been imposed by the U.S. and other countries; global trends involving inflation, interest rates, economic activity and currency exchange rates, and their impact on the additive manufacturing industry, our company and our customers, in particular; changes in our overall strategy, including as related to any restructuring activities and our capital expenditures; the impact of potential shifts in the prices or margins of the products that we sell or services that we provide, including due to a shift towards lower margin products or services; the impact of competition and new technologies; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets; the extent of our success at successfully consummating and integrating into our existing business acquisitions or investments in new businesses, technologies, products or services; the potential adverse impact of global interruptions and delays involving freight carriers and other third parties on our supply chain and distribution network; global market, political and economic conditions, and in the countries in which we operate in particular; potential adverse effects of Israel’s recent preemptive or retaliatory wars against Iran and its sponsored terrorist organizations Hamas (in Gaza), Hezbollah (in Lebanon), and, intermittently, the Houthis (in Yemen); costs and potential liability relating to litigation and regulatory proceedings; risks related to infringement of our intellectual property rights by others or infringement of others' intellectual property rights by us; the extent of our success at maintaining our liquidity and financing our operations and capital needs; the impact of tax regulations on our results of operations and financial condition; and those additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4, “Information on the Company”, Item 5, “Operating and Financial Review and Prospects,” and all other parts of our Annual Report on Form 20-F for the year ended December 31, 2025, to be filed with the U.S. Securities and Exchange Commission, or SEC, on or about the date hereof (the “2025 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2025 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2026, which have been or will be furnished to the SEC throughout 2026, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this press release are provided or made (as applicable) as of the date hereof, and Stratasys undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Use of Non-GAAP Financial Measures

The non-GAAP data included herein, but not limited, which excludes certain items as described below, 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 the GAAP and non-GAAP bases upon which we present our results and financial outlook is provided in the tables below.

Stratasys Ltd.
Consolidated Balance Sheets
(U.S. $ in thousands, except share data)
		December 31, 2025				December 31, 2024
ASSETS
Current assets
Cash and cash equivalents		$	94,527			$	70,200
Short-term bank deposits			150,000				80,500
Accounts receivable, net of allowance for credit losses of $4,145 and $3,058 as of December 31, 2025 and 2024, respectively			160,478				152,979
Inventories			145,238				179,809
Prepaid expenses			5,500				7,630
Other current assets			26,241				21,843
Total current assets			581,984				512,961
Non-current assets
Property, plant and equipment, net			192,566				184,379
Goodwill			101,599				99,082
Other intangible assets, net			95,842				106,253
Operating lease right-of-use assets			25,417				32,169
Long-term investments			63,104				80,205
Other non-current assets			13,252				14,697
Total non-current assets			491,780				516,785
Total assets		$	1,073,764			$	1,029,746
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$	43,021			$	44,977
Accrued expenses and other current liabilities			34,284				39,749
Accrued compensation and related benefits			31,304				29,206
Deferred revenues - short-term			47,835				46,347
Operating lease liabilities - short-term			6,597				6,935
Total current liabilities			163,041				167,214
Non-current liabilities
Deferred revenues - long-term			19,062				19,057
Deferred income taxes			312				507
Operating lease liabilities - long-term			19,903				25,155
Contingent consideration - long-term			5,353				4,933
Other non-current liabilities			23,193				19,889
Total non-current liabilities			67,823				69,541
Total liabilities		$	230,864			$	236,755
Commitments and contingencies (see note 11)
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 86,376 thousands shares and 71,982 thousands shares issued at December 31, 2025 and 2024, respectively; 86,110 thousands shares and 71,716 thousands shares outstanding at December 31, 2025 and 2024, respectively		$	242			$	202
Treasury shares at cost, 266 thousands shares at December 31, 2025 and 2024			(1,995	)			(1,995	)
Additional paid-in capital			3,275,344				3,123,024
Accumulated other comprehensive loss			(6,197	)			(8,031	)
Accumulated deficit			(2,424,494	)			(2,320,209	)
Total equity			842,900				792,991
Total liabilities and equity		$	1,073,764			$	1,029,746

Stratasys Ltd.
Consolidated Statements of Operations
(U.S. $ in thousands, except share data)		Three Months Ended December 31,								Twelve Months Ended December 31,
			2025				2024				2025				2024
Revenues
Products		$	97,622			$	105,035			$	380,269			$	391,917
Services			42,378				45,324				170,833				180,541
			140,000				150,359				551,102				572,458
Cost of revenues
Products			60,782				53,587				206,475				197,807
Services			27,757				27,083				117,341				117,835
			88,539				80,670				323,816				315,642
Gross profit			51,461				69,689				227,286				256,816
Operating expenses
Research and development, net			18,030				24,785				77,304				99,142
Selling, general and administrative			54,192				54,604				222,471				243,335
			72,222				79,389				299,775				342,477
Operating loss			(20,761	)			(9,700	)			(72,489	)			(85,661	)
Financial income, net			2,971				176				10,386				1,676
Loss before income taxes			(17,790	)			(9,524	)			(62,103	)			(83,985	)
Income tax expenses			1,062				653				3,082				2,973
Share in losses of associated companies and impairment charges			-				31,766				39,100				33,325
Net loss		$	(18,852	)		$	(41,943	)		$	(104,285	)		$	(120,283	)
Net loss per ordinary share - basic and diluted		$	(0.22	)		$	(0.59	)		$	(1.28	)		$	(1.70	)
Weighted average ordinary shares outstanding - basic and diluted			85,671				71,406				81,602				70,858

Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
		Three Months Ended December 31,
			2025			Non-GAAP				2025				2024			Non-GAAP				2024
		GAAP				Adjustments				Non-GAAP			GAAP				Adjustments				Non-GAAP
		U.S. dollars and shares in thousands (except per share amounts)
	Gross profit (1)	$	51,461			$	13,393			$	64,854		$	69,689			$	4,866			$	74,555
	Operating income (loss) (1,2)		(20,761	)			24,853				4,092			(9,700	)			19,144				9,444
	Net income (loss) (1,2,3)		(18,852	)			25,034				6,182			(41,943	)			50,462				8,519
	Net income (loss) per diluted share (4)	$	(0.22	)		$	0.29			$	0.07		$	(0.59	)		$	0.71			$	0.12
(1)	Acquired intangible assets amortization expenses						4,749											4,496
	Non-cash share-based compensation expenses						772											198
	Restructuring and other expenses						7,872											172
							13,393											4,866
(2)	Acquired intangible assets amortization expenses						1,198											1,153
	Non-cash share-based compensation expenses						5,516											2,856
	Restructuring and other related costs						1,263											5,275
	Revaluation of investment						-											4,697
	Contingent consideration						436											(9,148	)
	Net loss from sale of investment						-											4,760
	Legal and other expenses						3,047											4,685
							11,460											14,278
							24,853											19,144
(3)	Corresponding tax effect						558											535
	Equity method related expenses and impairment						-											30,910
	Finance income						(377	)										(127	)
						$	25,034										$	50,462
(4)	Weighted average number of ordinary shares outstanding - Diluted		85,671								86,311			71,406								71,740

Stratasys Ltd.
		Twelve Months Ended December 31,
			2025			Non-GAAP				2025				2024			Non-GAAP				2024
		GAAP				Adjustments				Non-GAAP			GAAP				Adjustments				Non-GAAP
		U.S. dollars and shares in thousands (except per share amounts)
	Gross profit (1)	$	227,286			$	31,097			$	258,383		$	256,816			$	24,948			$	281,764
	Operating income (loss) (1,2)		(72,489	)			80,820				8,331			(85,661	)			90,594				4,933
	Net income (loss) (1,2,3)		(104,285	)			117,000				12,715			(120,283	)			124,520				4,237
	Net income (loss) per diluted share (4)	$	(1.28	)		$	1.43			$	0.15		$	(1.70	)		$	1.76			$	0.06
(1)	Acquired intangible assets amortization expenses						18,280											18,576
	Non-cash share-based compensation expenses						3,045											3,072
	Restructuring and other expenses						9,772											3,300
							31,097											24,948
(2)	Acquired intangible assets amortization expenses						4,121											5,847
	Non-cash share-based compensation expenses						21,229											22,546
	Restructuring and other related costs						5,494											17,419
	Revaluation of investments						2,208											6,597
	Contingent consideration						1,724											(7,595	)
	Net loss from sale of investment						-											4,760
	Legal and other expenses						14,947											16,072
							49,723											65,646
							80,820											90,594
(3)	Corresponding tax effect						1,015											1,267
	Equity method related expenses and impairment						36,245											31,262
	Finance expenses (income)						(1,080	)										1,397
						$	117,000										$	124,520
(4)	Weighted average number of ordinary shares outstanding - Diluted		81,602								82,301			70,858								71,177

Stratasys Ltd.
Reconciliation of GAAP net loss to Adjusted EBITDA
	Three months ended December 31,							Twelve months ended December 31,
		2025			2024				2025			2024
	U.S. $ in thousands							U.S. $ in thousands
Net loss	$	(18,852	)		(41,943	)		$	(104,285	)	$	(120,283	)
Financial income, net		(2,971	)		(176	)			(10,386	)		(1,676	)
Income tax expenses		1,062			653				3,082			2,973
Share in losses of associated companies and impairment charges		-			31,766				39,100			33,325
Depreciation expenses		5,190			5,033				20,738			21,030
Amortization expenses		5,954			5,649				22,435			24,423
Non-cash share-based compensation expenses		6,288			3,054				24,274			25,618
Revaluation of investments		-			4,697				2,208			6,597
Net loss from sale of investment		-			4,760				-			4,760
Contingent consideration		436			(9,148	)			1,724			(7,595	)
Legal and other expenses		3,915			4,685				15,935			16,072
Restructuring and other related costs		8,155			5,447				13,695			20,719
Adjusted EBITDA	$	9,177		$	14,477			$	28,520		$	25,963

Stratasys Ltd.
Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance:
Fiscal Year 2026
(U.S. $ in millions, except per share data)	Low High
GAAP net loss	$(83) to $(67)
Adjustments
Share-based compensation expenses	$24 to $26
Intangible assets amortization expenses	$23 to $25
Reorganization and other	$31 to $37
Tax expenses related to Non-GAAP adjustments	$2 to $3
Non-GAAP net income	$8 to $13
GAAP loss per share	$(0.95) to $(0.76)
Non-GAAP diluted earnings per share	$0.09 to $0.14
Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance:
Fiscal Year 2026
(U.S. $ in millions, except per share data)	Low High
GAAP net loss	$(83) to $(67)
Adjustments
Share-based compensation expenses	$24 to $26
Intangible assets amortization expenses	$23 to $25
Reorganization and other	$31 to $37
Tax expenses related to Non-GAAP adjustments	$2 to $3
Other non-operating income	$(4) to $(4)
Depreciation	$21 to $21
Adjusted EBITDA	$25 to $30
Stratasys Ltd.
Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance:
Fiscal Year 2026
(U.S. $ in millions, except per share data)	Low High
GAAP operating loss	$(84) to $(69)
GAAP operating margins	(15)% to (12)%
Adjustments
Share-based compensation expenses	$24 to $26
Intangible assets amortization expenses	$23 to $25
Reorganization and other	$31 to $37
Non-GAAP operating profit	$4 to $8.5
Non-GAAP operating margins	0.7 % to 1.5%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305568607/en/

Yonah Lloyd

CCO & VP Investor Relations

Yonah.Lloyd@stratasys.com

Source: Stratasys Ltd.