Proto Labs (NYSE: PRLB) delivers record Q1 2026 revenue and boosts non-GAAP EPS
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Proto Labs, Inc. reported strong first quarter 2026 results with record revenue of $139.3 million, up 10.4% from the first quarter of 2025. GAAP diluted earnings per share were $0.33, more than double the prior year’s $0.15, while non-GAAP diluted earnings per share rose to $0.54 from $0.33.
CNC machining revenue grew 19.7% year-over-year, and revenue per customer contact increased 20.4%, showing customers are spending more per order even as total contacts declined. Non-GAAP gross margin improved to 46.2% of revenue and Adjusted EBITDA margin increased to 16.3%, reflecting better profitability.
The company generated $17.5 million in cash from operations and held $158.0 million in cash and investments as of March 31, 2026. For full-year 2026, Proto Labs expects revenue growth between 6% and 8%. For the second quarter 2026, it forecasts revenue of $140.0–$148.0 million, GAAP diluted earnings per share of $0.29–$0.37, and non-GAAP diluted earnings per share of $0.50–$0.58.
Positive
- Record revenue and strong growth: Q1 2026 revenue reached a record $139.3 million, up 10.4% year-over-year, with CNC machining revenue growing 19.7% and revenue per customer contact rising 20.4%.
- Profitability and margin expansion: GAAP net income more than doubled to $8.1 million, non-GAAP net income rose to $13.1 million, non-GAAP gross margin improved to 46.2%, and Adjusted EBITDA margin increased to 16.3% from 13.8%.
- Healthy cash generation and balance sheet: The company generated $17.5 million in operating cash flow and held $158.0 million in cash and investments as of March 31, 2026, supporting ongoing investment and resilience.
- Constructive outlook: Management expects full-year 2026 revenue growth of 6–8% and guides Q2 2026 revenue to $140.0–$148.0 million with non-GAAP diluted EPS of $0.50–$0.58, indicating confidence in continued growth.
Negative
- None.
Insights
Proto Labs posted double-digit growth, higher margins, and upbeat guidance.
Proto Labs delivered record Q1 2026 revenue of $139.3 million, up 10.4% year-over-year, with especially strong CNC machining growth of 19.7%. GAAP net income more than doubled to $8.1 million, and non-GAAP net income rose to $13.1 million.
Profitability improved meaningfully: non-GAAP gross margin increased to 46.2% and non-GAAP operating margin to 11.0%. Adjusted EBITDA margin expanded to 16.3%, helped by operating expense leverage despite ongoing restructuring and transformation costs.
The company generated $17.5 million of operating cash flow and ended the quarter with $158.0 million in cash and investments, providing financial flexibility. Management’s outlook for full-year 2026 revenue growth of 6–8% and Q2 2026 non-GAAP EPS of $0.50–$0.58 signals expectations for continued growth and healthy margins, subject to demand trends holding up.
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, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $139.3 million
GAAP diluted EPS Q1 2026: $0.33 per share
Non-GAAP diluted EPS Q1 2026: $0.54 per share
+5 more
8 metrics
Q1 2026 revenue
$139.3 million
Record total revenue, up 10.4% year-over-year
GAAP diluted EPS Q1 2026
$0.33 per share
Versus $0.15 per diluted share in Q1 2025
Non-GAAP diluted EPS Q1 2026
$0.54 per share
Up from $0.33 per diluted share in Q1 2025
Adjusted EBITDA
$22.8 million
Q1 2026 Adjusted EBITDA with 16.3% margin
Non-GAAP gross margin
46.2%
Q1 2026 non-GAAP gross margin of revenue
Cash and investments
$158.0 million
Cash and investments balance as of March 31, 2026
Full-year 2026 revenue growth outlook
6–8%
Management guidance for fiscal year 2026
Q2 2026 revenue guidance
$140.0–$148.0 million
Company outlook for second quarter 2026 revenue
Key Terms
Adjusted EBITDA, non-GAAP gross margin, non-GAAP net income, restructuring and transformation costs, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $22.8 million, or 16.3% of revenue"
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.
non-GAAP gross margin financial
"Non-GAAP gross margin was 46.2% of revenue"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
non-GAAP net income financial
"Non-GAAP net income was $13.1 million, or $0.54 per diluted share"
Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.
restructuring and transformation costs financial
"Restructuring and transformation costs, and benefits related to exit and disposal activities"
Revenue per customer contact financial
"Revenue per customer contact increased 20.4% year-over-year"
constant-currency comparison financial
"in order to provide a constant-currency comparison"
Earnings Snapshot
Revenue: $139.3 million · Guidance included
Q1 2026
Revenue
$139.3 million
+10.4% year-over-year
GAAP diluted EPS
$0.33
up from $0.15 in Q1 2025
Non-GAAP diluted EPS
$0.54
up from $0.33 in Q1 2025
Adjusted EBITDA margin
16.3%
up from 13.8% in Q1 2025
Guidance
For full-year 2026, Proto Labs expects revenue growth between 6% and 8%. For Q2 2026, it projects revenue of $140.0–$148.0 million, GAAP diluted EPS of $0.29–$0.37, and non-GAAP diluted EPS of $0.50–$0.58.
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): May 1, 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 May 1, 2026, Proto Labs, Inc. issued a press release announcing its first 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 May 1, 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: | May 1, 2026 | By: | /s/ Daniel Schumacher | |||||||||||
| Daniel Schumacher | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
 | |||||
Protolabs Reports Financial Results for the First Quarter of 2026
Record Quarterly Revenue of $139.3 Million, a 10.4% Increase Year-Over-Year
GAAP Earnings Per Share of $0.33, Non-GAAP Earnings Per Share of $0.54
MINNEAPOLIS – May 1, 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 first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights:
•Revenue was a record $139.3 million, a 10.4% increase over the first quarter of 2025.
◦CNC machining revenue grew 19.7% year-over-year.
◦Revenue per customer contact increased 20.4% year-over-year.
•Net income was $8.1 million, or $0.33 per diluted share, compared to $3.6 million, or $0.15 per diluted share, in the first quarter of 2025.
•Non-GAAP net income was $13.1 million, or $0.54 per diluted share, compared to $8.1 million, or $0.33 per diluted share, in the first quarter of 2025. See “Non-GAAP Financial Measures” below.
"Protolabs started 2026 very strong, delivering another record revenue quarter. We achieved double‑digit revenue growth, gross margin expansion, and operating expense leverage. These results reflect strong demand for Protolabs' digital manufacturing services, and disciplined execution across the business," said President and Chief Executive Officer Suresh Krishna. "We’re making continued progress across our strategic pillars while strengthening the organization to support long‑term growth and scalability."
Additional First Quarter 2026 Financial Highlights:
•Non-GAAP gross margin was 46.2% of revenue, compared to 44.8% of revenue in the first quarter of 2025. See “Non-GAAP Financial Measures” below.
•Adjusted EBITDA was $22.8 million, or 16.3% of revenue, compared to $17.4 million, or 13.8% of revenue in the first quarter of 2025. See “Non-GAAP Financial Measures” below.
•Cash generated from operations was $17.5 million.
•Cash and investments balance was $158.0 million as of March 31, 2026.
"First quarter results reflect the strength of our operating model, delivering record revenue alongside improved profitability," said Dan Schumacher, Chief Financial Officer. "We generated strong cash flow and reported our highest non‑GAAP earnings per share in more than five years, while continuing to invest in our strategic pillars and transformational initiatives to support long‑term profitable growth."
Financial Guidance and Outlook:
•In fiscal year 2026, Protolabs expects to generate revenue growth between 6% and 8%.
•In the second quarter of 2026, the Company expects to generate revenue between $140.0 million and $148.0 million.
•In the second quarter of 2026, the Company expects diluted net income per share between $0.29 and $0.37, and non-GAAP diluted net income per share between $0.50 and $0.58. See "Non-GAAP Financial Measures" below.
Non-GAAP Financial Measures
The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.
The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, restructuring and transformation costs, and benefits related to exit and disposal activities (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, restructuring and transformation costs, and benefits related to exit and disposal activities (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, restructuring and transformation costs, and benefits related to exit and disposal activities (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP net income and non-GAAP net income per share, in each case, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, restructuring and transformation costs, and benefits related to exit and disposal activities (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service line, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.
Conference Call
The Company has scheduled a conference call to discuss its first quarter 2026 financial results and second quarter 2026 outlook today, May 1, 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/9bgsjeh5/. 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)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 123,973 | $ | 110,826 | |||||||
| Short-term marketable securities | 12,307 | 17,297 | |||||||||
| Accounts receivable, net | 85,553 | 78,962 | |||||||||
| Inventory | 14,871 | 14,401 | |||||||||
| Prepaid expenses and other current assets | 10,698 | 9,590 | |||||||||
| Income taxes receivable | 1,175 | 2,465 | |||||||||
| Total current assets | 248,577 | 233,541 | |||||||||
| Property and equipment, net | 209,463 | 215,261 | |||||||||
| Goodwill | 273,991 | 273,991 | |||||||||
| Other intangible assets, net | 17,527 | 18,612 | |||||||||
| Long-term marketable securities | 21,721 | 14,308 | |||||||||
| Operating lease assets | 2,490 | 2,836 | |||||||||
| Finance lease assets | 357 | 424 | |||||||||
| Other long-term assets | 4,442 | 4,442 | |||||||||
| Total assets | $ | 778,568 | $ | 763,415 | |||||||
| Liabilities and shareholders' equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 19,625 | $ | 15,104 | |||||||
| Accrued compensation | 17,258 | 23,674 | |||||||||
| Accrued liabilities and other | 32,595 | 26,783 | |||||||||
| Current operating lease liabilities | 1,037 | 1,155 | |||||||||
| Current finance lease liabilities | 207 | 286 | |||||||||
| Total current liabilities | 70,722 | 67,002 | |||||||||
| Long-term operating lease liabilities | 1,377 | 1,606 | |||||||||
| Long-term deferred tax liabilities | 18,949 | 16,598 | |||||||||
| Other long-term liabilities | 4,394 | 4,277 | |||||||||
| Shareholders' equity | 683,126 | 673,932 | |||||||||
| Total liabilities and shareholders' equity | $ | 778,568 | $ | 763,415 | |||||||
Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | |||||||||||
| Injection Molding | $ | 51,068 | $ | 48,723 | |||||||
| CNC Machining | 63,245 | 52,843 | |||||||||
| 3D Printing | 20,465 | 20,194 | |||||||||
| Sheet Metal | 4,351 | 4,211 | |||||||||
| Other Revenue | 207 | 234 | |||||||||
| Total Revenue | 139,336 | 126,205 | |||||||||
| Cost of revenue | 75,744 | 70,507 | |||||||||
| Gross profit | 63,592 | 55,698 | |||||||||
| Operating expenses | |||||||||||
| Marketing and sales | 24,780 | 23,749 | |||||||||
| Research and development | 10,540 | 10,609 | |||||||||
| General and administrative | 17,012 | 16,848 | |||||||||
| Restructuring and transformation costs | 1,421 | — | |||||||||
| Benefits related to exit and disposal activities | — | (39) | |||||||||
| Total operating expenses | 53,753 | 51,167 | |||||||||
| Income from operations | 9,839 | 4,531 | |||||||||
| Other income, net | 1,478 | 1,454 | |||||||||
| Income before income taxes | 11,317 | 5,985 | |||||||||
| Provision for income taxes | 3,206 | 2,386 | |||||||||
| Net income | $ | 8,111 | $ | 3,599 | |||||||
| Net income per share: | |||||||||||
| Basic | $ | 0.34 | $ | 0.15 | |||||||
| Diluted | $ | 0.33 | $ | 0.15 | |||||||
| Shares used to compute net income per share: | |||||||||||
| Basic | 23,835,612 | 24,135,320 | |||||||||
| Diluted | 24,287,260 | 24,435,844 | |||||||||
Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | 8,111 | $ | 3,599 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 8,073 | 8,694 | |||||||||
| Stock-based compensation expense | 3,219 | 3,992 | |||||||||
| Deferred taxes | 2,390 | (1,552) | |||||||||
| Interest on finance lease obligations | 3 | 6 | |||||||||
| Impairments related to exit and closure of facilities | — | 219 | |||||||||
| Gain on disposal of property and equipment | (139) | — | |||||||||
| Other | (172) | 43 | |||||||||
| Changes in operating assets and liabilities | (3,949) | 3,378 | |||||||||
| Net cash provided by operating activities | 17,536 | 18,379 | |||||||||
| Investing activities | |||||||||||
| Purchases of property, equipment and other capital assets | (3,540) | (1,262) | |||||||||
| Proceeds from sales of property, equipment and other capital assets | 1,279 | — | |||||||||
| Purchases of marketable securities | (9,007) | (6,552) | |||||||||
| Proceeds from maturities of marketable securities | 6,500 | 4,905 | |||||||||
| Net cash used in investing activities | (4,768) | (2,909) | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of common stock from equity plans | 3,608 | 287 | |||||||||
| Purchases of shares withheld for tax obligations | (2,871) | (1,248) | |||||||||
| Repurchases of common stock | — | (20,890) | |||||||||
| Principal repayments of finance lease obligations | (79) | (76) | |||||||||
| Net cash provided by (used in) financing activities | 658 | (21,927) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (279) | 78 | |||||||||
| Net increase (decrease) in cash and cash equivalents | 13,147 | (6,379) | |||||||||
| Cash and cash equivalents, beginning of period | 110,826 | 89,071 | |||||||||
| Cash and cash equivalents, end of period | $ | 123,973 | $ | 82,692 | |||||||
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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, restructuring and transformation costs and benefits related to exit and disposal activities | |||||||||||
| GAAP net income | $ | 8,111 | $ | 3,599 | |||||||
| Add back: | |||||||||||
| Stock-based compensation expense | 3,219 | 3,992 | |||||||||
| Amortization expense | 913 | 908 | |||||||||
| Unrealized (gain) loss on foreign currency | — | (135) | |||||||||
| Restructuring and transformation costs | 1,421 | — | |||||||||
| Benefits related to exit and disposal activities | — | (39) | |||||||||
Total adjustments 1 | 5,553 | 4,726 | |||||||||
Income tax benefits on adjustments 2 | (586) | (242) | |||||||||
| Non-GAAP net income | $ | 13,078 | $ | 8,083 | |||||||
| Non-GAAP net income per share: | |||||||||||
| Basic | $ | 0.55 | $ | 0.33 | |||||||
| Diluted | $ | 0.54 | $ | 0.33 | |||||||
| Shares used to compute non-GAAP net income per share: | |||||||||||
| Basic | 23,835,612 | 24,135,320 | |||||||||
| Diluted | 24,287,260 | 24,435,844 | |||||||||
1Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, restructuring and transformation costs and benefits related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories:
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cost of revenue | $ | 736 | $ | 802 | |||||||
| Marketing and sales | 705 | 778 | |||||||||
| Research and development | 428 | 625 | |||||||||
| General and administrative | 2,263 | 2,695 | |||||||||
| Restructuring and transformation costs | 1,421 | — | |||||||||
| Benefits related to exit and disposal activities | — | (39) | |||||||||
| Total operating expenses | 4,817 | 4,059 | |||||||||
| Other income, net | — | (135) | |||||||||
| Total adjustments | $ | 5,553 | $ | 4,726 | |||||||
2For the three months ended March 31, 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 139,336 | $ | 126,205 | |||||||
| Gross profit | 63,592 | 55,698 | |||||||||
| GAAP gross margin | 45.6 | % | 44.1 | % | |||||||
| Add back: | |||||||||||
| Stock-based compensation expense | 394 | 460 | |||||||||
| Amortization expense | 342 | 342 | |||||||||
| Total adjustments | 736 | 802 | |||||||||
| Non-GAAP gross profit | $ | 64,328 | $ | 56,500 | |||||||
| Non-GAAP gross margin | 46.2 | % | 44.8 | % | |||||||
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 139,336 | $ | 126,205 | |||||||
| Income from operations | 9,839 | 4,531 | |||||||||
| GAAP operating margin | 7.1 | % | 3.6 | % | |||||||
| Add back: | |||||||||||
| Stock-based compensation expense | 3,219 | 3,992 | |||||||||
| Amortization expense | 913 | 908 | |||||||||
| Restructuring and transformation costs | 1,421 | — | |||||||||
| Benefits related to exit and disposal activities | — | (39) | |||||||||
| Total adjustments | 5,553 | 4,861 | |||||||||
| Non-GAAP income from operations | $ | 15,392 | $ | 9,392 | |||||||
| Non-GAAP operating margin | 11.0 | % | 7.4 | % | |||||||
Proto Labs, Inc.
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 139,336 | $ | 126,205 | |||||||
| GAAP net income | 8,111 | 3,599 | |||||||||
| GAAP net income margin | 5.8 | % | 2.9 | % | |||||||
| Add back: | |||||||||||
| Amortization expense | $ | 913 | $ | 908 | |||||||
| Depreciation expense | 7,160 | 7,786 | |||||||||
| Interest income, net | (1,253) | (1,108) | |||||||||
| Provision for income taxes | 3,206 | 2,386 | |||||||||
| EBITDA | 18,137 | 13,571 | |||||||||
| EBITDA Margin | 13.0 | % | 10.8 | % | |||||||
| Add back: | |||||||||||
| Stock-based compensation expense | 3,219 | 3,992 | |||||||||
| Unrealized (gain) loss on foreign currency | — | (135) | |||||||||
| Restructuring and transformation costs | 1,421 | — | |||||||||
| Benefits related to exit and disposal activities | — | (39) | |||||||||
| Total adjustments | 4,640 | 3,818 | |||||||||
| Adjusted EBITDA | $ | 22,777 | $ | 17,389 | |||||||
| Adjusted EBITDA Margin | 16.3 | % | 13.8 | % | |||||||
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
| GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| United States | $ | 112,127 | $ | — | $ | 112,127 | $ | 100,267 | 11.8 | % | 11.8 | % | |||||||||||||||||||||||
| Europe | 27,209 | (2,157) | 25,052 | 25,938 | 4.9 | (3.4) | |||||||||||||||||||||||||||||
| Total revenue | $ | 139,336 | $ | (2,157) | $ | 137,179 | $ | 126,205 | 10.4 | % | 8.7 | % | |||||||||||||||||||||||
1Revenue for the three months ended March 31, 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 months ended March 31, 2025 to GAAP revenue for the three months ended March 31, 2026.
3This column presents the percentage change from GAAP revenue for the three months ended March 31, 2025 to non-GAAP revenue for the three months ended March 31, 2026 (as recalculated using the foreign currency exchange rates in effect during the three months ended March 31, 2025) in order to provide a constant-currency comparison.
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Service Line
(In thousands)
(Unaudited)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
| GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Injection Molding | $ | 51,068 | $ | (631) | $ | 50,437 | $ | 48,723 | 4.8 | % | 3.5 | % | |||||||||||||||||||||||
| CNC Machining | 63,245 | (1,114) | 62,131 | 52,843 | 19.7 | 17.6 | |||||||||||||||||||||||||||||
| 3D Printing | 20,465 | (368) | 20,097 | 20,194 | 1.3 | (0.5) | |||||||||||||||||||||||||||||
| Sheet Metal | 4,351 | (42) | 4,309 | 4,211 | 3.3 | 2.3 | |||||||||||||||||||||||||||||
| Other Revenue | 207 | (2) | 205 | 234 | (11.5) | (12.4) | |||||||||||||||||||||||||||||
| Total revenue | $ | 139,336 | $ | (2,157) | $ | 137,179 | $ | 126,205 | 10.4 | % | 8.7 | % | |||||||||||||||||||||||
1Revenue for the three months ended March 31, 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 months ended March 31, 2025 to GAAP revenue for the three months ended March 31, 2026.
3This column presents the percentage change from GAAP revenue for the three months ended March 31, 2025 to non-GAAP revenue for the three months ended March 31, 2026 (as recalculated using the foreign currency exchange rates in effect during the three months ended March 31, 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 139,336 | $ | 126,205 | |||||||
| Customer contacts | 19,826 | 21,627 | |||||||||
Revenue per customer contact1 | $ | 7,028 | $ | 5,836 | |||||||
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)
| Q2 2026 Outlook | |||||||||||
| Low | High | ||||||||||
| GAAP diluted net income per share | $ | 0.29 | $ | 0.37 | |||||||
| Add back: | |||||||||||
| Stock-based compensation expense | 0.16 | 0.16 | |||||||||
| Amortization expense | 0.03 | 0.03 | |||||||||
| Restructuring and transformation costs | 0.02 | 0.02 | |||||||||
| Unrealized (gain) loss on foreign currency | 0.00 | 0.00 | |||||||||
| Total adjustments | 0.21 | 0.21 | |||||||||
| Non-GAAP diluted net income per share | $ | 0.50 | $ | 0.58 | |||||||
FAQ
How did Proto Labs (PRLB) perform financially in Q1 2026?
Proto Labs delivered record Q1 2026 revenue of $139.3 million, up 10.4% year-over-year. GAAP net income was $8.1 million and GAAP diluted EPS was $0.33, more than double the prior year’s $0.15 per diluted share.
What were Proto Labs (PRLB) non-GAAP earnings and margins in Q1 2026?
Non-GAAP net income for Q1 2026 was $13.1 million, or $0.54 per diluted share. Non-GAAP gross margin reached 46.2% of revenue, and non-GAAP operating margin increased to 11.0%, showing improved profitability versus the prior year.
Which Proto Labs (PRLB) business lines drove Q1 2026 growth?
Q1 2026 growth was led by CNC machining, with revenue of $63.2 million, up 19.7% year-over-year. Injection molding revenue was $51.1 million, 3D printing $20.5 million, and sheet metal $4.4 million, all contributing to total revenue of $139.3 million.
What cash and liquidity position did Proto Labs (PRLB) report for March 31, 2026?
As of March 31, 2026, Proto Labs held $123.97 million in cash and cash equivalents and $34.0 million in marketable securities, totaling about $158.0 million. The company generated $17.5 million of cash from operating activities during the quarter.
What guidance did Proto Labs (PRLB) provide for Q2 2026?
For Q2 2026, Proto Labs expects revenue between $140.0 million and $148.0 million. The company projects GAAP diluted EPS of $0.29–$0.37 and non-GAAP diluted EPS of $0.50–$0.58, based on specified adjustment items.
What is Proto Labs (PRLB) full-year 2026 revenue growth outlook?
Proto Labs expects full-year 2026 revenue growth between 6% and 8%. This outlook reflects management’s view of demand for its digital manufacturing services and ongoing execution against strategic initiatives disclosed in the quarterly results.
How did Proto Labs (PRLB) Adjusted EBITDA change in Q1 2026?
Adjusted EBITDA in Q1 2026 was $22.8 million, up from $17.4 million a year earlier. Adjusted EBITDA margin improved to 16.3% of revenue, compared with 13.8% in Q1 2025, indicating better operating leverage.