Proto Labs raises 2026 revenue growth outlook to 10%–11%
Full-year revenue growth guidance is now 10%–11%, and fourth-quarter revenue is expected at $143.0 million to $151.0 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Proto Labs, Inc. (PRLB) reported third-quarter 2026 revenue of $154.3 million, a record and 14.0% above the year-earlier quarter. Revenue rose across CNC machining (16.4%), injection molding (12.5%) and 3D printing (11.4%). GAAP net income was $11.8 million, compared with $7.2 million a year earlier; diluted GAAP earnings per share were $0.48 versus $0.30. Adjusted EBITDA was $26.2 million, up from $21.1 million, and GAAP operating margin was 9.4%, compared with 6.5%.
Management raised its full-year 2026 revenue-growth outlook to 10%–11% from 8%–10%. For Q4 2026, it expects revenue of $143.0 million–$151.0 million, GAAP diluted earnings per share of $0.28–$0.36 and non-GAAP diluted earnings per share of $0.46–$0.54. Cash generated from operations was $22.8 million, and cash and investments totaled $175.0 million as of September 30, 2026. The company presents non-GAAP measures alongside GAAP results and says they should not be considered a substitute for, or superior to, GAAP measures.
4 points · 1 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year revenue growth guidance rose to 10%–11%.
- Moderate pointQ3 revenue reached a record $154.3 million, up 14.0% year over year.
- Moderate pointGAAP net income rose 63.0% to $11.8 million.
- Moderate pointAdjusted EBITDA increased 23.8% to $26.2 million.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $154.3 million
GAAP net income: $11.8 million
Diluted GAAP earnings per share: $0.48
+5 more
8 metrics
Revenue
$154.3 million
Third quarter 2026; up 14.0% year over year
GAAP net income
$11.8 million
Third quarter 2026; compared with $7.2 million in third quarter 2025
Diluted GAAP earnings per share
$0.48
Third quarter 2026; up 61% year over year
Adjusted EBITDA
$26.2 million
Third quarter 2026; up 23.8% from third quarter 2025
Cash generated from operations
$22.8 million
Third quarter 2026
Cash and investments
$175.0 million
As of September 30, 2026
Full-year revenue growth guidance
10%–11%
2026; raised from 8%–10%
Fourth-quarter revenue outlook
$143.0 million–$151.0 million
Fourth quarter 2026
Key Terms
Adjusted EBITDA, constant-currency comparison, revenue per customer contact
3 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $26.2 million"
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.
constant-currency comparison financial
"in order to provide a constant-currency comparison"
revenue per customer contact financial
"Revenue per customer contact is calculated using the revenue recognized"
Earnings Snapshot
Revenue: $154.3 million · Guidance included
Third quarter 2026
Revenue
$154.3 million
Up 14.0% year over year
GAAP net income
$11.8 million
Up 63.0% compared with $7.2 million in the third quarter of 2025
Diluted GAAP earnings per share
$0.48
Up 61% year over year
Adjusted EBITDA
$26.2 million
Up 23.8% compared with $21.1 million in the third quarter of 2025
Guidance
Full-year 2026 revenue growth of 10%–11%; fourth-quarter 2026 revenue of $143.0 million–$151.0 million; fourth-quarter GAAP diluted net income per share of $0.28–$0.36 and non-GAAP diluted net income per share of $0.46–$0.54.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was PRLB’s third-quarter 2026 revenue?
Proto Labs reported revenue of $154.3 million for the third quarter of 2026, up 14.0% from the third quarter of 2025. CNC machining revenue grew 16.4%, injection molding 12.5% and 3D printing 11.4%.
How much did PRLB earn in the third quarter of 2026?
GAAP net income was $11.8 million, compared with $7.2 million in the third quarter of 2025. Diluted GAAP earnings per share were $0.48 versus $0.30; non-GAAP diluted earnings per share were $0.63, up 33% year over year.
Did PRLB change its 2026 revenue guidance?
Yes. Proto Labs raised its full-year 2026 revenue-growth guidance from 8%–10% to 10%–11%.
What is PRLB’s fourth-quarter 2026 outlook?
Proto Labs expects Q4 revenue of $143.0 million–$151.0 million, GAAP diluted earnings per share of $0.28–$0.36, and non-GAAP diluted earnings per share of $0.46–$0.54.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 29, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| Registrant’s telephone number, including area code: | ||||||||
| Not Applicable | ||
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On October 29, 2026, Proto Labs, Inc. issued a press release announcing its third quarter 2026 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. | ||||
(d)Exhibits
| 99.1 | Press release of Proto Labs, Inc. dated October 29, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Proto Labs, Inc. | ||||||||||||||
| Date: | October 29, 2026 | By: | /s/ Daniel Schumacher | |||||||||||
| Daniel Schumacher | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
 | |||||
Protolabs Reports Financial Results for the Third Quarter of 2026
Record Quarterly Revenue of $154.3 Million, a 14.0% Increase Year-Over-Year
GAAP Earnings Per Share of $0.48, up 61% YoY; Non-GAAP Earnings Per Share of $0.63, up 33% YoY
Raising Full Year 2026 Revenue Growth Guidance from 8% - 10% to 10% - 11%
MINNEAPOLIS – October 29, 2026 – 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, 2026.
Third Quarter 2026 Financial Highlights:
•Revenue was a record $154.3 million, a 14.0% increase over the third quarter of 2025.
◦Total revenue per customer contact increased 16.6% year-over-year.
◦CNC machining revenue grew 16.4% year-over-year.
◦Injection molding revenue grew 12.5% year-over-year.
◦3D printing revenue grew 11.4% year-over-year.
•GAAP operating margin was 9.4%, up from 6.5% in the third quarter of 2025. Non-GAAP operating margin was 11.9%, up from 10.0% in the third quarter of 2025.
•GAAP net income was $0.48 per diluted share, compared to $0.30 per diluted share in the third quarter of 2025. Non-GAAP net income was $0.63 per diluted share, compared to $0.47 per diluted share in the third quarter of 2025.
Note: See “Non-GAAP Financial Measures” below.
"Protolabs delivered another record quarter, with double-digit revenue growth for the fourth consecutive quarter," said Suresh Krishna, President and Chief Executive Officer. "Our momentum reflects strong execution and growing demand from industries that value speed, quality, and manufacturing agility. As reindustrialization, advanced hardware innovation, and the need for resilient supply chains reshape manufacturing, our digital model enables customers to move quickly from idea to production — positioning us to deliver sustained profitable growth and long-term shareholder value."
Additional Third Quarter 2026 Financial Highlights:
•GAAP net income was $11.8 million, or 7.6% of revenue, up 63.0% compared to $7.2 million, or 5.3% of revenue in the third quarter of 2025.
•Adjusted EBITDA was $26.2 million, or 17.0% of revenue, up 23.8% compared to $21.1 million, or 15.6% of revenue, in the third quarter of 2025. See “Non-GAAP Financial Measures” below.
•Cash generated from operations was $22.8 million.
•Cash and investments balance was $175.0 million as of September 30, 2026.
"We delivered another quarter of strong financial performance, with broad-based revenue growth, meaningful operating leverage, and continued earnings growth," said Dan Schumacher, Chief Financial Officer. "We remain focused on balancing investments in our strategic priorities with disciplined cost management, while generating strong cash flow and positioning the business for sustained profitable growth."
Financial Guidance and Outlook:
•For full year 2026, Protolabs is raising its guidance and now expects revenue growth between 10% and 11%.
•For the fourth quarter of 2026, the Company expects revenue between $143.0 million and $151.0 million.
•For the fourth quarter of 2026, the Company expects GAAP diluted net income per share between $0.28 and $0.36, and non-GAAP diluted net income per share between $0.46 and $0.54. See "Non-GAAP Financial Measures" below.
Non-GAAP Financial Measures
The Company has included non-GAAP revenue growth by region and by product 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 metrics calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), 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 loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (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 loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (“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, amortization expense and trade refunds and charges, net ("non-GAAP gross margin"), 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, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (“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 loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (“non-GAAP net income” and "non-GAAP net income per share", respectively), 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 product line, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin to 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 the Company's 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 the Company's 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 2026 financial results and fourth quarter 2026 outlook today, October 29, 2026, 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/ec8fzrj2/. 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
Sr. 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
Corporate Communications Manager
brent.renneke@protolabs.com
Proto Labs, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
| September 30, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 133,780 | $ | 110,826 | |||||||
| Short-term marketable securities | 17,366 | 17,297 | |||||||||
| Accounts receivable, net | 99,256 | 78,962 | |||||||||
| Inventory | 16,538 | 14,401 | |||||||||
| Prepaid expenses and other current assets | 11,844 | 9,590 | |||||||||
| Income taxes receivable | 744 | 2,465 | |||||||||
| Total current assets | 279,528 | 233,541 | |||||||||
| Property and equipment, net | 206,932 | 215,261 | |||||||||
| Goodwill | 273,991 | 273,991 | |||||||||
| Other intangible assets, net | 15,663 | 18,612 | |||||||||
| Long-term marketable securities | 23,903 | 14,308 | |||||||||
| Operating lease assets | 3,130 | 2,836 | |||||||||
| Finance lease assets | — | 424 | |||||||||
| Other long-term assets | 4,874 | 4,442 | |||||||||
| Total assets | $ | 808,021 | $ | 763,415 | |||||||
| Liabilities and shareholders' equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 18,991 | $ | 15,104 | |||||||
| Accrued compensation | 24,632 | 23,674 | |||||||||
| Accrued liabilities and other | 31,755 | 26,783 | |||||||||
| Current operating lease liabilities | 1,239 | 1,155 | |||||||||
| Current finance lease liabilities | — | 286 | |||||||||
| Total current liabilities | 76,617 | 67,002 | |||||||||
| Long-term operating lease liabilities | 2,664 | 1,606 | |||||||||
| Long-term deferred tax liabilities | 22,269 | 16,598 | |||||||||
| Other long-term liabilities | 4,667 | 4,277 | |||||||||
| Shareholders' equity | 701,804 | 673,932 | |||||||||
| Total liabilities and shareholders' equity | $ | 808,021 | $ | 763,415 | |||||||
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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Injection Molding | $ | 53,730 | $ | 47,770 | $ | 158,423 | $ | 143,908 | |||||||||||||||
| CNC Machining | 73,359 | 63,043 | 206,964 | 177,831 | |||||||||||||||||||
| 3D Printing | 22,364 | 20,082 | 63,496 | 61,491 | |||||||||||||||||||
| Sheet Metal | 4,063 | 4,262 | 12,876 | 12,776 | |||||||||||||||||||
| Other Revenue | 802 | 209 | 1,236 | 628 | |||||||||||||||||||
| Total revenue | 154,318 | 135,366 | 442,995 | 396,634 | |||||||||||||||||||
| Cost of revenue | 85,655 | 74,073 | 241,398 | 219,869 | |||||||||||||||||||
| Gross profit | 68,663 | 61,293 | 201,597 | 176,765 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Marketing and sales | 24,528 | 24,574 | 74,990 | 73,054 | |||||||||||||||||||
| Research and development | 11,019 | 10,705 | 32,350 | 32,487 | |||||||||||||||||||
| General and administrative | 18,241 | 17,163 | 54,903 | 52,763 | |||||||||||||||||||
| Restructuring and transformation costs | 434 | — | 2,779 | — | |||||||||||||||||||
| Costs related to exit and disposal activities | — | 41 | 937 | 151 | |||||||||||||||||||
| Total operating expenses | 54,222 | 52,483 | 165,959 | 158,455 | |||||||||||||||||||
| Income from operations | 14,441 | 8,810 | 35,638 | 18,310 | |||||||||||||||||||
| Other income, net | 1,766 | 1,441 | 4,489 | 4,600 | |||||||||||||||||||
| Income before income taxes | 16,207 | 10,251 | 40,127 | 22,910 | |||||||||||||||||||
| Provision for income taxes | 4,445 | 3,035 | 11,102 | 7,668 | |||||||||||||||||||
| Net income | $ | 11,762 | $ | 7,216 | $ | 29,025 | $ | 15,242 | |||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | 0.49 | $ | 0.30 | $ | 1.21 | $ | 0.64 | |||||||||||||||
| Diluted | $ | 0.48 | $ | 0.30 | $ | 1.19 | $ | 0.63 | |||||||||||||||
| Shares used to compute net income per share: | |||||||||||||||||||||||
| Basic | 24,024,031 | 23,889,157 | 23,943,656 | 23,974,054 | |||||||||||||||||||
| Diluted | 24,438,800 | 24,191,039 | 24,398,409 | 24,249,669 | |||||||||||||||||||
Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | 29,025 | $ | 15,242 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 24,269 | 25,693 | |||||||||
| Stock-based compensation expense | 10,658 | 11,928 | |||||||||
| Deferred taxes | 5,563 | 2,355 | |||||||||
| Interest on finance lease obligations | 5 | 16 | |||||||||
| Loss on impairment of equipment | 186 | — | |||||||||
| Impairments related to exit and closure of facilities | 937 | 448 | |||||||||
| Gain on disposal of property and equipment | (150) | 16 | |||||||||
| Other | (172) | (179) | |||||||||
| Changes in operating assets and liabilities | (14,575) | 2,355 | |||||||||
| Net cash provided by operating activities | 55,746 | 57,874 | |||||||||
| Investing activities | |||||||||||
| Purchases of property, equipment and other capital assets | (15,539) | (6,792) | |||||||||
| Proceeds from sales of property, equipment and other capital assets | 1,279 | 811 | |||||||||
| Purchases of marketable securities | (25,507) | (13,553) | |||||||||
| Proceeds from maturities of marketable securities | 15,475 | 11,730 | |||||||||
| Net cash used in investing activities | (24,292) | (7,804) | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of common stock from equity plans | 8,011 | 4,195 | |||||||||
| Purchases of shares withheld for tax obligations | (6,083) | (3,119) | |||||||||
| Repurchases of common stock | (10,038) | (36,732) | |||||||||
| Principal repayments of finance lease obligations | (187) | (231) | |||||||||
| Net cash used in financing activities | (8,297) | (35,887) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (203) | 989 | |||||||||
| Net increase in cash and cash equivalents | 22,954 | 15,172 | |||||||||
| Cash and cash equivalents, beginning of period | 110,826 | 89,071 | |||||||||
| Cash and cash equivalents, end of period | $ | 133,780 | $ | 104,243 | |||||||
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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs | |||||||||||||||||||||||
| GAAP net income | $ | 11,762 | $ | 7,216 | $ | 29,025 | $ | 15,242 | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Stock-based compensation expense | 3,351 | 3,677 | 10,658 | 11,928 | |||||||||||||||||||
| Amortization expense | 902 | 935 | 2,720 | 2,770 | |||||||||||||||||||
| Unrealized loss (gain) on foreign currency | 129 | (2) | 266 | (316) | |||||||||||||||||||
| Trade refunds and charges, net | (709) | — | (1,036) | — | |||||||||||||||||||
| Restructuring and transformation costs | 434 | — | 2,779 | — | |||||||||||||||||||
| Costs related to exit and disposal activities | — | 41 | 937 | 151 | |||||||||||||||||||
| CEO transition costs | — | 14 | — | 1,376 | |||||||||||||||||||
Total adjustments 1 | 4,107 | 4,665 | 16,324 | 15,909 | |||||||||||||||||||
Income tax benefits on adjustments 2 | (531) | (500) | (2,228) | (1,700) | |||||||||||||||||||
| Non-GAAP net income | $ | 15,338 | $ | 11,381 | $ | 43,121 | $ | 29,451 | |||||||||||||||
| Non-GAAP net income per share: | |||||||||||||||||||||||
| Basic | $ | 0.64 | $ | 0.48 | $ | 1.80 | $ | 1.23 | |||||||||||||||
| Diluted | $ | 0.63 | $ | 0.47 | $ | 1.77 | $ | 1.21 | |||||||||||||||
| Shares used to compute non-GAAP net income per share: | |||||||||||||||||||||||
| Basic | 24,024,031 | 23,889,157 | 23,943,656 | 23,974,054 | |||||||||||||||||||
| Diluted | 24,438,800 | 24,191,039 | 24,398,409 | 24,249,669 | |||||||||||||||||||
1Stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs were included in the following GAAP consolidated statement of operations categories:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cost of revenue | $ | 85 | $ | 781 | $ | 1,370 | $ | 2,350 | |||||||||||||||
| Marketing and sales | 798 | 837 | 2,322 | 2,423 | |||||||||||||||||||
| Research and development | 629 | 764 | 1,698 | 2,124 | |||||||||||||||||||
| General and administrative | 2,032 | 2,244 | 6,952 | 9,177 | |||||||||||||||||||
| Restructuring and transformation costs | 434 | — | 2,779 | — | |||||||||||||||||||
| Costs related to exit and disposal activities | — | 41 | 937 | 151 | |||||||||||||||||||
| Total operating expenses | 3,893 | 3,886 | 14,688 | 13,875 | |||||||||||||||||||
| Other income, net | 129 | (2) | 266 | (316) | |||||||||||||||||||
| Total adjustments | $ | 4,107 | $ | 4,665 | $ | 16,324 | $ | 15,909 | |||||||||||||||
2For the three and nine months ended September 30, 2026 and 2025, 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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 154,318 | $ | 135,366 | $ | 442,995 | $ | 396,634 | |||||||||||||||
| Gross profit | 68,663 | 61,293 | 201,597 | 176,765 | |||||||||||||||||||
| GAAP gross margin | 44.5 | % | 45.3 | % | 45.5 | % | 44.6 | % | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Stock-based compensation expense | 451 | 439 | 1,379 | 1,323 | |||||||||||||||||||
| Amortization expense | 343 | 342 | 1,027 | 1,027 | |||||||||||||||||||
| Trade refunds and charges, net | (709) | — | (1,036) | — | |||||||||||||||||||
| Total adjustments | 85 | 781 | 1,370 | 2,350 | |||||||||||||||||||
| Non-GAAP gross profit | $ | 68,748 | $ | 62,074 | $ | 202,967 | $ | 179,115 | |||||||||||||||
| Non-GAAP gross margin | 44.5 | % | 45.9 | % | 45.8 | % | 45.2 | % | |||||||||||||||
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 154,318 | $ | 135,366 | $ | 442,995 | $ | 396,634 | |||||||||||||||
| Income from operations | 14,441 | 8,810 | 35,638 | 18,310 | |||||||||||||||||||
| GAAP operating margin | 9.4 | % | 6.5 | % | 8.0 | % | 4.6 | % | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Stock-based compensation expense | 3,351 | 3,677 | 10,658 | 11,928 | |||||||||||||||||||
| Amortization expense | 902 | 935 | 2,720 | 2,770 | |||||||||||||||||||
| Trade refunds and charges, net | (709) | — | (1,036) | — | |||||||||||||||||||
| Restructuring and transformation costs | 434 | — | 2,779 | — | |||||||||||||||||||
| Costs related to exit and disposal activities | — | 41 | 937 | 151 | |||||||||||||||||||
| CEO transition costs | — | 14 | — | 1,376 | |||||||||||||||||||
| Total adjustments | 3,978 | 4,667 | 16,058 | 16,225 | |||||||||||||||||||
| Non-GAAP income from operations | $ | 18,419 | $ | 13,477 | $ | 51,696 | $ | 34,535 | |||||||||||||||
| Non-GAAP operating margin | 11.9 | % | 10.0 | % | 11.7 | % | 8.7 | % | |||||||||||||||
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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 154,318 | $ | 135,366 | $ | 442,995 | $ | 396,634 | |||||||||||||||
| GAAP net income | 11,762 | 7,216 | 29,025 | 15,242 | |||||||||||||||||||
| GAAP net income margin | 7.6 | % | 5.3 | % | 6.6 | % | 3.8 | % | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Amortization expense | $ | 902 | $ | 935 | $ | 2,720 | $ | 2,770 | |||||||||||||||
| Depreciation expense | 7,206 | 7,494 | 21,549 | 22,923 | |||||||||||||||||||
| Interest income, net | (1,355) | (1,281) | (3,939) | (3,532) | |||||||||||||||||||
| Provision for income taxes | 4,445 | 3,035 | 11,102 | 7,668 | |||||||||||||||||||
| EBITDA | 22,960 | 17,399 | 60,457 | 45,071 | |||||||||||||||||||
| EBITDA margin | 14.9 | % | 12.9 | % | 13.6 | % | 11.4 | % | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Stock-based compensation expense | 3,351 | 3,677 | 10,658 | 11,928 | |||||||||||||||||||
| Unrealized loss (gain) on foreign currency | 129 | (2) | 266 | (316) | |||||||||||||||||||
| Trade refunds and charges, net | (709) | — | (1,036) | — | |||||||||||||||||||
| Restructuring and transformation costs | 434 | — | 2,779 | — | |||||||||||||||||||
| Costs related to exit and disposal activities | — | 41 | 937 | 151 | |||||||||||||||||||
| CEO transition costs | — | 14 | — | 1,376 | |||||||||||||||||||
| Total adjustments | 3,205 | 3,730 | 13,604 | 13,139 | |||||||||||||||||||
| Adjusted EBITDA | $ | 26,165 | $ | 21,129 | $ | 74,061 | $ | 58,210 | |||||||||||||||
| Adjusted EBITDA margin | 17.0 | % | 15.6 | % | 16.7 | % | 14.7 | % | |||||||||||||||
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
| GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| United States | $ | 125,412 | $ | — | $ | 125,412 | $ | 109,361 | 14.7 | % | 14.7 | % | |||||||||||||||||||||||
| Europe | 28,906 | 267 | 29,173 | 26,005 | 11.2 | 12.2 | |||||||||||||||||||||||||||||
| Total revenue | $ | 154,318 | $ | 267 | $ | 154,585 | $ | 135,366 | 14.0 | % | 14.2 | % | |||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
| GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| United States | $ | 360,298 | $ | — | $ | 360,298 | $ | 320,340 | 12.5 | % | 12.5 | % | |||||||||||||||||||||||
| Europe | 82,697 | (2,337) | 80,360 | 76,294 | 8.4 | 5.3 | |||||||||||||||||||||||||||||
| Total revenue | $ | 442,995 | $ | (2,337) | $ | 440,658 | $ | 396,634 | 11.7 | % | 11.1 | % | |||||||||||||||||||||||
1Revenue for the three and nine months ended September 30, 2026 has been recalculated using 2025 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, 2025 to GAAP revenue for the three and nine months ended September 30, 2026.
3This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2025 to non-GAAP revenue for the three and nine months ended September 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2025) in order to provide a constant-currency comparison.
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Product Line
(In thousands)
(Unaudited)
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
| GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Injection Molding | $ | 53,730 | $ | 46 | $ | 53,776 | $ | 47,770 | 12.5 | % | 12.6 | % | |||||||||||||||||||||||
| CNC Machining | 73,359 | 184 | 73,543 | 63,043 | 16.4 | 16.7 | |||||||||||||||||||||||||||||
| 3D Printing | 22,364 | 29 | 22,393 | 20,082 | 11.4 | 11.5 | |||||||||||||||||||||||||||||
| Sheet Metal | 4,063 | 2 | 4,065 | 4,262 | (4.7) | (4.6) | |||||||||||||||||||||||||||||
| Other Revenue | 802 | 6 | 808 | 209 | 283.7 | 286.6 | |||||||||||||||||||||||||||||
| Total revenue | $ | 154,318 | $ | 267 | $ | 154,585 | $ | 135,366 | 14.0 | % | 14.2 | % | |||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
| GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Injection Molding | $ | 158,423 | $ | (674) | $ | 157,749 | $ | 143,908 | 10.1 | % | 9.6 | % | |||||||||||||||||||||||
| CNC Machining | 206,964 | (1,248) | 205,716 | 177,831 | 16.4 | 15.7 | |||||||||||||||||||||||||||||
| 3D Printing | 63,496 | (369) | 63,127 | 61,491 | 3.3 | 2.7 | |||||||||||||||||||||||||||||
| Sheet Metal | 12,876 | (48) | 12,828 | 12,776 | 0.8 | 0.4 | |||||||||||||||||||||||||||||
| Other Revenue | 1,236 | 2 | 1,238 | 628 | 96.8 | 97.1 | |||||||||||||||||||||||||||||
| Total revenue | $ | 442,995 | $ | (2,337) | $ | 440,658 | $ | 396,634 | 11.7 | % | 11.1 | % | |||||||||||||||||||||||
1Revenue for the three and nine months ended September 30, 2026 has been recalculated using 2025 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, 2025 to GAAP revenue for the three and nine months ended September 30, 2026.
3This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2025 to non-GAAP revenue for the three and nine months ended September 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2025) 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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 154,318 | $ | 135,366 | $ | 442,995 | $ | 396,634 | |||||||||||||||
| Customer contacts | 20,777 | 21,252 | 40,129 | 41,873 | |||||||||||||||||||
Revenue per customer contact1 | $ | 7,427 | $ | 6,370 | $ | 11,039 | $ | 9,472 | |||||||||||||||
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 2026 Outlook | |||||||||||
| Low | High | ||||||||||
| GAAP diluted net income per share | $ | 0.28 | $ | 0.36 | |||||||
| Add back: | |||||||||||
| Stock-based compensation expense | 0.15 | 0.15 | |||||||||
| Amortization expense | 0.03 | 0.03 | |||||||||
| Total adjustments | 0.18 | 0.18 | |||||||||
| Non-GAAP diluted net income per share | $ | 0.46 | $ | 0.54 | |||||||