Stratasys Releases Second Quarter 2025 Financial Results

• Revenue of $138.1 million, compared to $138.0 million in the prior year period
• GAAP net loss of $16.7 million, or $0.20 per diluted share, and non-GAAP net income of $2.2 million, or $0.03 per diluted share
• Adjusted EBITDA of $6.1 million, compared to $2.3 million in the prior year period
• $254.6 million cash, equivalents and short-term deposits and no debt at June 30, 2025
• Updates 2025 Outlook

MINNETONKA, Minn. & REHOVOT, Israel--(BUSINESS WIRE)-- Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced its financial results for the second quarter ended June 30, 2025.

“Our results once again reflect resilience from our recurring revenue streams and the reliance customers place on our additive manufacturing technologies," commented Dr. Yoav Zeif, Stratasys' Chief Executive Officer. “Amidst prolonged macroeconomic uncertainty and restrained customer capital spending, our revenues this quarter grew slightly over the second quarter last year, as our business model continues to demonstrate significant staying power. Importantly, we are making meaningful progress in delivering on key use cases with major customers that will begin flowing through to our financial results in the future. While we cannot control the timing, we are encouraged by the substantial new business opportunities that we believe are advancing through final stages toward eventual award.”

Dr. Zeif continued, “Our recently bolstered balance sheet provides increased financial flexibility to invest in innovation, pursue growth opportunities, and execute enhanced operational efficiency. Despite the quality of our pipeline, the macroeconomic improvement that is likely to drive increased capital spending by our customers is taking longer than we previously anticipated. We view the impact of these headwinds as transitory, and our longer-term expectations for the industry and our leadership in it as unchanged. Our comprehensive technology portfolio and the inherent advantages of additive manufacturing position us well to capture opportunities and deliver sustainable value for all stakeholders once these challenges inevitably subside.”

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

• Revenue of $138.1 million compared to $138.0 million.
• GAAP gross margin of 43.1%, compared to 43.8%.
• Non-GAAP gross margin of 47.7%, compared to 49.0%.
• GAAP operating loss of $16.6 million, compared to an operating loss of $26.0 million.
• Non-GAAP operating income of $1.1 million, compared to an operating loss of $3.2 million.
• GAAP net loss of $16.7 million, or $0.20 per diluted share, compared to a net loss of $25.7 million, or $0.36 per diluted share.
• Non-GAAP net income of $2.2 million, or $0.03 per diluted share, compared to a net loss of $3.0 million, or $0.04 per diluted share.
• Adjusted EBITDA of $6.1 million, compared to $2.3 million.
• Cash used in operating activities of $1.1 million, compared to $2.4 million.

Financial Outlook:

• Based on current market conditions and assuming that the impacts of tariff policy, global inflationary pressures, relatively high interest rates and supply chain costs do not impede economic activity further, the Company is updating its outlook for 2025 to be as follows:
  • Full year revenue of $550 million to $560 million.
• Third quarter slightly lower to slightly higher than second quarter, fourth quarter higher than third quarter.
• Full year non-GAAP gross margins of 46.7% to 47.0%.
• Full year operating expenses to range from $248 million to $251 million.
• Full year non-GAAP operating margins to range from 1.5% to 2.0%.
• Adjusted EBITDA ranging from $30 million to $32 million.
  • Fourth quarter 2025 Adjusted EBITDA to be 8.0% or more of revenue.
• Capital expenditures ranging from $20 million to $25 million.
• Positive operating cash flow.
• GAAP net loss ranging from $77 million to $66 million, and GAAP EPS of ($0.94) to ($0.80).
• Non-GAAP net income ranging from $11 million to $13 million, and Non-GAAP EPS ranging from $0.13 to $0.16.

Appropriate reconciliations between historical GAAP and non-GAAP financial measures, as well as between the GAAP and non-GAAP financial measures included in our updated financial outlook for 2025, 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, a reconciliation of our guidance for non-GAAP gross margins to the most directly comparable GAAP financial measure, as we are unable to do so without unreasonable effort or with reasonable certainty from a quantitative perspective.

Stratasys Ltd. Second Quarter 2025 Webcast and Conference Call Details

The Company plans to webcast its conference call to discuss its second quarter 2025 financial results on Wednesday, August 13, 2025, 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=NkEiLhG2

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, 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 2025 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 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 retaliatory war against the terrorist organizations Hamas and Hezbollah, Iran, and, intermittently, its conflict with the Houthi terrorist group 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, 2024, which we filed with the U.S. Securities and Exchange Commission, or SEC, on March 6, 2025 (the “2024 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2024 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 2025, which have been or will be furnished to the SEC throughout 2025, 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 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 on a GAAP and non-GAAP basis is provided in the tables below.

Stratasys Ltd.
Consolidated Balance Sheets
(U.S. $ in thousands, except share data)
(Unaudited)
			June 30, 2025				December 31, 2024
ASSETS
Current assets
Cash and cash equivalents			$	71,073			$	70,200
Short-term bank deposits				183,500				80,500
Accounts receivable, net of allowance for credit losses of $3,300 and $3,058 as of June 30, 2025 and December 31, 2024, respectively				157,869				152,979
Inventories				164,585				179,809
Prepaid expenses				9,481				7,630
Other current assets				28,338				21,843
Total current assets				614,846				512,961
Non-current assets
Property, plant and equipment, net				190,358				184,379
Goodwill				101,569				99,082
Other intangible assets, net				106,013				106,253
Operating lease right-of-use assets				30,723				32,169
Long-term investments				79,268				80,205
Other non-current assets				16,210				14,697
Total non-current assets				524,141				516,785
Total assets			$	1,138,987			$	1,029,746
LIABILITIES AND EQUITY
Current liabilities
Accounts payable			$	38,148			$	44,977
Accrued expenses and other current liabilities				38,741				39,749
Accrued compensation and related benefits				30,316				29,206
Deferred revenues - short-term				51,805				46,347
Operating lease liabilities - short-term				7,039				6,935
Total current liabilities				166,049				167,214
Non-current liabilities
Deferred revenues - long-term				19,752				19,057
Deferred income taxes				469				507
Operating lease liabilities - long-term				24,043				25,155
Contingent consideration - long-term				5,153				4,933
Other non-current liabilities				21,140				19,889
Total non-current liabilities				70,557				69,541
Total liabilities			$	236,606			$	236,755
Contingencies (see note 12)
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 85,249 shares and 71,982 shares issued at June 30, 2025 and December 31, 2024, respectively; 84,983 shares and 71,716 shares outstanding at June 30, 2025 and December 31, 2024, respectively			$	238			$	202
Treasury shares at cost, 266 shares at June 30, 2025 and December 31, 2024				(1,995	)			(1,995	)
Additional paid-in capital				3,260,364				3,123,024
Accumulated other comprehensive loss				(6,218	)			(8,031	)
Accumulated deficit				(2,350,008	)			(2,320,209	)
Total equity				902,381				792,991
Total liabilities and equity			$	1,138,987			$	1,029,746

Stratasys Ltd.
Consolidated Statements of Operations
(U.S. $ in thousands, except share data)		Three Months Ended June 30,								Six Months Ended June 30,
(Unaudited)			2025				2024				2025				2024
Revenues
Products		$	94,791			$	93,594			$	188,586			$	192,790
Services			43,295				44,447				85,546				89,301
			138,086				138,041				274,132				282,091
Cost of revenues
Products			48,617				46,756				95,885				96,513
Services			29,975				30,785				58,514				61,181
			78,592				77,541				154,399				157,694
Gross profit			59,494				60,500				119,733				124,397
Operating expenses
Research and development, net			19,921				25,680				38,713				49,657
Selling, general and administrative			56,193				60,863				110,044				125,236
			76,114				86,543				148,757				174,893
Operating loss			(16,620	)			(26,043	)			(29,024	)			(50,496	)
Financial income (expenses), net			3,286				(726	)			4,759				491
loss before income taxes			(13,334	)			(26,769	)			(24,265	)			(50,005	)
Income tax expenses			1,041				762				1,496				1,478
Share in profits (losses) of associated companies			(2,370	)			1,788				(4,038	)			(243	)
Net loss		$	(16,745	)		$	(25,743	)		$	(29,799	)		$	(51,726	)
Net loss per ordinary share - basic and diluted		$	(0.20	)		$	(0.36	)		$	(0.38	)		$	(0.74	)
Weighted average ordinary shares outstanding - basic and diluted			83,485				70,746				77,722				70,367

Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
		Three Months Ended June 30,
			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)	$	59,494			$	6,323			$	65,817		$	60,500			$	7,175			$	67,675
	Operating income (loss) (1,2)		(16,620	)			17,736				1,116			(26,043	)			22,845				(3,198	)
	Net income (loss) (1,2,3)		(16,745	)			18,925				2,180			(25,743	)			22,774				(2,969	)
	Net income (loss) per diluted share (4)	$	(0.20	)		$	0.23			$	0.03		$	(0.36	)		$	0.32			$	(0.04	)
(1)	Acquired intangible assets amortization expenses						4,517											4,489
	Non-cash share-based compensation expenses						746											1,010
	Restructuring and other expenses						1,060											1,676
							6,323											7,175
(2)	Acquired intangible assets amortization expenses						915											1,111
	Non-cash share-based compensation expenses						5,392											6,335
	Restructuring and other related costs						460											3,639
	Contingent consideration						643											523
	Legal and other expenses						4,003											4,062
							11,413											15,670
							17,736											22,845
(3)	Corresponding tax effect						182											204
	Equity method related expenses (income)						1,067											(1,593	)
	Finance expenses (income)						(60	)										1,318
						$	18,925										$	22,774
(4)	Weighted average number of ordinary shares outstanding - Diluted		83,485								84,024			70,746								70,746

Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
		Six Months Ended June 30,
			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)	$	119,733			$	11,733			$	131,466		$	124,397			$	13,314			$	137,711
	Operating income (loss) (1,2)		(29,024	)			33,186				4,162			(50,496	)			46,099				(4,397	)
	Net income (loss) (1,2,3)		(29,799	)			34,857				5,058			(51,726	)			47,073				(4,653	)
	Net income (loss) per diluted share (4)	$	(0.38	)		$	0.44			$	0.06		$	(0.74	)		$	0.67			$	(0.07	)
(1)	Acquired intangible assets amortization expenses						9,005											9,573
	Non-cash share-based compensation expenses						1,454											1,962
	Restructuring and other expenses						1,274											1,779
							11,733											13,314
(2)	Acquired intangible assets amortization expenses						1,855											3,570
	Non-cash share-based compensation expenses						10,897											14,032
	Restructuring and other related costs						1,592											4,559
	Revaluation of investment						-											1,900
	Contingent consideration						1,288											1,034
	Legal and other expenses						5,821											7,690
							21,453											32,785
							33,186											46,099
(3)	Corresponding tax effect						266											438
	Equity method related expenses (income)						1,908											(629	)
	Finance expenses (income)						(503	)										1,165
						$	34,857										$	47,073
(4)	Weighted average number of ordinary shares outstanding - Diluted		77,722								78,321			70,367								70,367

Stratasys Ltd.
Reconciliation of GAAP net loss to Adjusted EBITDA
		Three months ended June 30,							Six months ended June 30,
			2025			2024				2025			2024
		U.S. $ in thousands							U.S. $ in thousands
	Net loss	$	(16,745	)	$	(25,743	)		$	(29,799	)	$	(51,726	)
	Financial expenses (income), net		(3,286	)		726				(4,759	)		(491	)
	Income tax expenses		1,041			762				1,496			1,478
	Share in losses (profits) of associated companies		2,370			(1,788	)			4,038			243
	Depreciation expenses		5,129			5,482				10,463			10,787
	Amortization expenses		5,442			5,600				10,879			13,143
	Non-cash share-based compensation expenses		6,138			7,345				12,351			15,994
	Revaluation of investment		-			-				-			1,900
	Contingent consideration		643			523				1,288			1,034
	Legal and other expenses		3,878			4,062				5,554			7,690
	Restructuring and other expenses		1,519			5,315				2,788			6,338
	Adjusted EBITDA	$	6,129		$	2,284			$	14,299		$	6,390

Stratasys Ltd.
Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance:
Fiscal Year 2025
(U.S. $ in millions, except per share data)			Low High
GAAP net loss			$(77) to $(66)
Adjustments
	Share-based compensation expenses		$25 to $27
	Intangible assets amortization expenses		$22 to $24
	Reorganization and other		$30 to $34
	Tax expenses related to Non-GAAP adjustments		$2 to $3
Non-GAAP net income			$11 to $13
GAAP loss per share			$(0.94) to $(0.80)
Non-GAAP diluted earnings per share			$0.13 to $0.16
Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance:
Fiscal Year 2025
(U.S. $ in millions, except per share data)			Low High
GAAP net loss			$(77) to $(66)
Adjustments
	Share-based compensation expenses		$25 to $27
	Intangible assets amortization expenses		$22 to $24
	Reorganization and other		$30 to $34
	Tax expenses related to Non-GAAP adjustments		$2 to $3
	Other non-operating income		$(1) to $(1)
	Depreciation		$20 to $20
Adjusted EBITDA			$30 to $32
Stratasys Ltd.
Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance:
Fiscal Year 2025
(U.S. $ in millions, except per share data)			Low High
GAAP operating loss			$(72) to $(61)
GAAP operating margins			(13%) to (11%)
Adjustments
	Share-based compensation expenses		$25 to $27
	Intangible assets amortization expenses		$22 to $24
	Reorganization and other		$26 to $30
Non-GAAP operating profit			$9 to $12
Non-GAAP operating margins			1.5 % to 2.0%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250813229731/en/

Yonah Lloyd

CCO & VP Investor Relations

Yonah.Lloyd@stratasys.com

Source: Stratasys Ltd.