Stratasys (NASDAQ: SSYS) posts Q1 2026 loss but reaffirms full-year 2026 guidance
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Stratasys Ltd. reported first quarter 2026 revenue of $132.7 million, down 2.4% from $136.0 million a year earlier, as customers remained cautious on capital equipment. GAAP net loss widened to $23.8 million, or ($0.28) per diluted share, while non-GAAP results showed a small net loss of $1.3 million, or ($0.01) per share.
Gross margin compressed on both a GAAP and non-GAAP basis, and adjusted EBITDA fell to $2.0 million from $8.2 million, reflecting headwinds from foreign exchange and tariffs. The company generated $2.4 million of operating cash flow and ended the quarter with $237.8 million in cash, equivalents and short-term deposits and no debt.
Stratasys reaffirmed its 2026 outlook, guiding full-year revenue to $565–$575 million, non-GAAP operating margin of 0.7%–1.5%, non-GAAP net income of $8–$12.5 million, and adjusted EBITDA of $25–$30 million, while still expecting a GAAP net loss for the year.
Positive
- None.
Negative
- None.
Insights
Q1 margins and earnings softened, but cash remains strong and full-year guidance is reaffirmed.
Stratasys delivered Q1 2026 revenue of $132.7 million, a modest 2.4% decline year over year, with services growing but product sales, particularly systems, under pressure. GAAP gross margin slipped to 41.7%, and GAAP operating loss more than doubled to $26.5 million as operating expenses rose.
On a non-GAAP basis the company swung from operating income of $3.0 million to an operating loss of $3.2 million, and adjusted EBITDA dropped to $2.0 million from $8.2 million, driven partly by approximately $5 million of adverse foreign exchange and tariff effects. Nonetheless, Stratasys generated positive operating cash flow of $2.4 million and closed the quarter with $237.8 million in cash, equivalents and short‑term deposits and no debt.
The company reaffirmed its full‑year 2026 guidance, including revenue of $565–$575 million, non‑GAAP operating margin of 0.7%–1.5%, non‑GAAP net income of $8–$12.5 million, and adjusted EBITDA of $25–$30 million. This indicates management still expects improving profitability as the year progresses despite current margin pressure from tariffs, foreign exchange and higher operating costs.
Key Figures
Q1 2026 revenue: $132.7 million
Q1 2026 GAAP net loss: $23.8 million
Q1 2026 non-GAAP net loss: $1.3 million
+5 more
8 metrics
Q1 2026 revenue
$132.7 million
Three months ended March 31, 2026
Q1 2026 GAAP net loss
$23.8 million
Net loss, three months ended March 31, 2026
Q1 2026 non-GAAP net loss
$1.3 million
Non-GAAP net loss, three months ended March 31, 2026
Q1 2026 adjusted EBITDA
$2.0 million
Adjusted EBITDA vs $8.2 million in Q1 2025
Cash and deposits
$237.8 million
Cash, equivalents and short-term deposits; no debt at March 31, 2026
2026 revenue guidance
$565–$575 million
Full-year 2026 outlook, sequential improvement expected
2026 non-GAAP net income guidance
$8–$12.5 million
Full-year 2026 non-GAAP net income outlook
2026 adjusted EBITDA guidance
$25–$30 million
Full-year 2026 adjusted EBITDA, 4.5%–5.0% margin
Key Terms
Adjusted EBITDA, non-GAAP gross margins, contingent consideration, share-based compensation expenses, +1 more
5 terms
Adjusted EBITDA financial
"•Adjusted EBITDA of $2.0 million, compared to $8.2 million in the prior year period"
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 margins financial
"Based on current logistics and materials costs, full year non-GAAP gross margins of 46.7% to 47.1%"
contingent consideration financial
"Contingent consideration - long-term | | 5,437 | | | 5,353"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
operating cash flow financial
"•Positive operating cash flow of $2.4 million, compared to $4.5 million in the prior year period"
Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of May 2026
Commission File Number 001-35751
STRATASYS LTD.
(Translation of registrant’s name into English)
| c/o Stratasys, Inc. 5995 Opus Parkway Minnetonka, Minnesota 55343 | 1 Holtzman Street, Science Park P.O. Box 2496 Rehovot, Israel 76124 | |||||||
| (Addresses of principal executive offices) | ||||||||
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
CONTENTS
Quarterly Results of Operations
On May 7, 2026, Stratasys Ltd. (“Stratasys”, “we” or “us”) announced its financial results for the first quarter ended March 31, 2026. A copy of our press release announcing our results is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.
In conjunction with the conference call being held on May 7, 2026 to discuss our results, we are furnishing a copy of the slide presentation that provides supplemental information regarding our business and our financial results, and which will be referenced on that conference call. We have attached that presentation as Exhibit 99.2 to this Form 6-K, which exhibit is incorporated herein by reference.
The information in this Form 6-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Exhibits
The following exhibits are furnished as part of this Form 6-K:
| Exhibit | Description | |||||||
| 99.1 | Press release dated May 7, 2026 announcing the financial results of Stratasys Ltd. for the first quarter ended March 31, 2026 | |||||||
| 99.2 | Slide presentation providing supplemental information to be referenced on the conference call of Stratasys Ltd. discussing its quarterly financial results, being held on May 7, 2026 | |||||||
SIGNATURES
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, thereunto duly authorized.
| STRATASYS LTD. | ||||||||
Dated: May 7, 2026 | By: | /s/ Eitan Zamir | ||||||
| Name: | Eitan Zamir | |||||||
| Title: | Chief Financial Officer | |||||||
Exhibit 99.1
Stratasys Releases First Quarter 2026 Financial Results
•Revenue of $132.7 million, compared to $136.0 million in the prior year period
•GAAP net loss of $23.8 million, or ($0.28) per diluted share, and non-GAAP net loss of $1.3 million, or ($0.01) per diluted share
•Adjusted EBITDA of $2.0 million, compared to $8.2 million in the prior year period, primarily due to the impact of foreign exchange rates and tariffs
•Positive operating cash flow of $2.4 million, compared to $4.5 million in the prior year period
•$237.8 million in cash, equivalents and short-term deposits and no debt
•Reiterates 2026 Outlook
MINNETONKA, Minn. & REHOVOT, Israel - (BUSINESS WIRE) – May 7, 2026 - Stratasys Ltd. (Nasdaq: SSYS), (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, today announced its financial results for the first quarter ended March 31, 2026.
“Our first quarter results reflect the resilience of our operating model in a measured spending environment, demonstrated by positive adjusted EBITDA and operating cash flow," said Dr. Yoav Zeif, CEO of Stratasys. "Recurring revenue from consumables and customer support continued to provide stability, while Stratasys Direct delivered strong 23% organic growth year-over-year across a diverse range of industrial applications, led by drone customers. As we look forward, our current pipeline in high requirement applications, especially in defense, continues to build as we gain confidence in our ability to win prominent contracts in 2026 and beyond.”
Summary - First Quarter 2026 Financial Results Compared to First Quarter 2025:
•Revenue of $132.7 million compared to $136.0 million.
•GAAP gross margin of 41.7%, compared to 44.3%.
•Non-GAAP gross margin of 46.3%, compared to 48.3%.
•GAAP operating loss of $26.5 million, compared to a GAAP operating loss of $12.4 million.
•Non-GAAP operating loss of $3.2 million, compared to non-GAAP operating income of $3.0 million.
•GAAP net loss of $23.8 million, or ($0.28) per diluted share, compared to a net loss of $13.1 million, or ($0.18) per diluted share.
•Non-GAAP net loss of $1.3 million, or ($0.01) per diluted share, compared to non-GAAP net income of $2.9 million, or $0.04 per diluted share.
•Adjusted EBITDA of $2.0 million, compared to $8.2 million.
•Cash provided by operating activities of $2.4 million, compared to $4.5 million in the prior year period.
Financial Outlook:
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The Company is reaffirming its outlook for 2026, as set forth below, which is based on current market conditions and assumes that the impacts of global inflationary pressures, relatively high interest rates, exchange rates, increased tariffs and other supply chain costs do not impede economic activity further.
•Full year revenue growing to a range of $565 million to $575 million, improving sequentially through the year.
•Based on current logistics and materials costs, full year non-GAAP gross margins of 46.7% to 47.1%, including approximately $7 million of adverse impact from tariffs and foreign exchange rates relative to 2025.
•Full year non-GAAP operating expenses ranging from $260 million to $262 million, including approximately $10 million of adverse impact from changes in foreign exchange rates.
•Full year non-GAAP operating margins in a range of 0.7% to 1.5%.
•GAAP net loss of $83 million to $67 million, or ($0.95) to ($0.76) per diluted share.
•Non-GAAP net income of $8 million to $12.5 million, or $0.09 to $0.14 per diluted share.
•Adjusted EBITDA of $25 million to $30 million, with Adjusted EBITDA margin of 4.5% to 5.0%.
•Capital expenditures of $20 million to $25 million.
•Expects to generate positive operating cash flow subject to uncertainty related to foreign exchange rates and tariffs.
Appropriate reconciliations between historical GAAP and non-GAAP financial measures, as well as between the GAAP and non-GAAP financial measures included in our financial outlook for 2026, are provided in the tables at the end of our press release and slide presentation, with itemized detail concerning the non-GAAP financial measures. We have not included, however, guidance for 2026 for GAAP gross margin or GAAP operating expenses, or a reconciliation of our guidance for 2026 for non-GAAP gross margins or non-GAAP operating expenses to the most directly comparable GAAP financial measures (i.e., GAAP gross margin or GAAP operating expenses, respectively), as the information needed to provide that GAAP guidance and that reconciliation is not available to us without unreasonable effort or with reasonable certainty from a quantitative perspective. We expect that the foregoing missing information related to our outlook on a GAAP basis for 2026 is likely to result in significant changes relative to our non-GAAP outlook in respect of the subject financial measures.
Stratasys Ltd. First Quarter 2026 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its first quarter 2026 financial results on Thursday, May 7, 2026, at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at investors.stratasys.com, or directly at the following web address:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=jBx4uZ5o
To participate by telephone, the 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
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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 2026 and beyond, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; the global macro-economic environment, including the impact of increased and/or reciprocal import tariffs that have been imposed by the U.S. and other countries, and of higher energy costs due to the U.S.-Iranian conflict; 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 wars against Iran and its sponsored terrorist organizations Hamas, Hezbollah, and, intermittently, 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
3
December 31, 2025, which we filed with the U.S. Securities and Exchange Commission, or SEC, on March 5, 2026 (the “2025 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2025 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2026, which have been or will be furnished to the SEC throughout 2026, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this press release are provided or made (as applicable) as of the date hereof, and Stratasys undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
4
Use of Non-GAAP Financial Measures
The non-GAAP data included herein, including, but not limited to, data for non-GAAP gross margins, non-GAAP operating loss, non-GAAP operating margins, non-GAAP net income, and Adjusted EBITDA, which non-GAAP data excludes certain items, as detailed in the reconciliation tables herein, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations. Our management utilizes these non-GAAP measures to enable us to assess our financial results (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains and legal provisions, (ii) excluding non-cash items such as share-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets and goodwill, revaluation of our investments and the corresponding tax effect of those items, (iii) for certain non-GAAP measures, after eliminating the impact of changes attributable to currency exchange rate fluctuations, and (iv) after excluding changes in revenues solely attributable to divestitures of former subsidiary companies. The items eliminated as part of our calculation of our non-GAAP financial measures either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. Our non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results, and between our outlook for 2026 (other than for gross margin and operating expenses, for which GAAP data is not available to us without unreasonable effort or with reasonable certainty), on a GAAP and non-GAAP basis is provided in the tables below.
Yonah Lloyd
CCO & VP Investor Relations
Yonah.Lloyd@stratasys.com
Source: Stratasys Ltd.
5
Stratasys Ltd.
| Consolidated Balance Sheets | ||||||||||||||
| (U.S. $ in thousands, except share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | 71,789 | 94,527 | ||||||||||||
Short-term bank deposits | 166,000 | 150,000 | ||||||||||||
| Accounts receivable, net of allowance for credit losses of $4,060 and $4,145 as of March 31, 2026 and December 31, 2025, respectively | 157,077 | 160,478 | ||||||||||||
| Inventories | 143,573 | 145,238 | ||||||||||||
| Prepaid expenses | 7,739 | 5,500 | ||||||||||||
| Other current assets | 27,454 | 26,241 | ||||||||||||
| Total current assets | 573,632 | 581,984 | ||||||||||||
| Non-current assets | ||||||||||||||
| Property, plant and equipment, net | 191,745 | 192,566 | ||||||||||||
| Goodwill | 101,451 | 101,599 | ||||||||||||
| Other intangible assets, net | 90,715 | 95,842 | ||||||||||||
| Operating lease right-of-use assets | 25,454 | 25,417 | ||||||||||||
| Long-term investments | 76,298 | 63,104 | ||||||||||||
| Other non-current assets | 13,571 | 13,252 | ||||||||||||
| Total non-current assets | 499,234 | 491,780 | ||||||||||||
| Total assets | $ | 1,072,866 | $ | 1,073,764 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable | $ | 50,856 | $ | 43,021 | ||||||||||
| Accrued expenses and other current liabilities | 33,590 | 34,284 | ||||||||||||
| Accrued compensation and related benefits | 37,712 | 31,304 | ||||||||||||
Deferred revenues - short-term | 51,402 | 47,835 | ||||||||||||
Operating lease liabilities - short-term | 7,141 | 6,597 | ||||||||||||
| Total current liabilities | 180,701 | 163,041 | ||||||||||||
| Non-current liabilities | ||||||||||||||
| Deferred revenues - long-term | 18,299 | 19,062 | ||||||||||||
| Deferred income taxes | 503 | 312 | ||||||||||||
Operating lease liabilities - long-term | 19,541 | 19,903 | ||||||||||||
Contingent consideration - long-term | 5,437 | 5,353 | ||||||||||||
| Other non-current liabilities | 22,779 | 23,193 | ||||||||||||
| Total non-current liabilities | 66,559 | 67,823 | ||||||||||||
| Total liabilities | $ | 247,260 | $ | 230,864 | ||||||||||
| Contingencies (see note 12) | ||||||||||||||
| Equity | ||||||||||||||
| Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousand shares; 87,080 thousand shares and 86,376 thousand shares issued at March 31, 2026 and December 31, 2025, respectively; 86,814 thousand shares and 86,110 thousand shares outstanding at March 31, 2026 and December 31, 2025, respectively | $ | 244 | $ | 242 | ||||||||||
| Treasury shares at cost, 266 thousand shares at March 31, 2026 and December 31, 2025 | (1,995) | (1,995) | ||||||||||||
| Additional paid-in capital | 3,280,627 | 3,275,344 | ||||||||||||
| Accumulated other comprehensive loss | (4,951) | (6,197) | ||||||||||||
| Accumulated deficit | (2,448,319) | (2,424,494) | ||||||||||||
| Total equity | 825,606 | 842,900 | ||||||||||||
| Total liabilities and equity | $ | 1,072,866 | $ | 1,073,764 | ||||||||||
Stratasys Ltd.
Consolidated Statements of Operations | ||||||||||||||
(U.S. $ in thousands, except per share data) | Three Months Ended March 31, | |||||||||||||
| (Unaudited) | 2026 | 2025 | ||||||||||||
| Revenues | ||||||||||||||
| Products | $ | 88,754 | $ | 93,795 | ||||||||||
| Services | 43,943 | 42,251 | ||||||||||||
| 132,697 | 136,046 | |||||||||||||
| Cost of revenues | ||||||||||||||
| Products | 46,554 | 47,268 | ||||||||||||
| Services | 30,782 | 28,539 | ||||||||||||
| 77,336 | 75,807 | |||||||||||||
| Gross profit | 55,361 | 60,239 | ||||||||||||
| Operating expenses | ||||||||||||||
| Research and development, net | 19,151 | 18,792 | ||||||||||||
| Selling, general and administrative | 62,742 | 53,851 | ||||||||||||
| 81,893 | 72,643 | |||||||||||||
| Operating loss | (26,532) | (12,404) | ||||||||||||
Financial income, net | 2,732 | 1,473 | ||||||||||||
| Loss before income taxes | (23,800) | (10,931) | ||||||||||||
Income tax expenses | 25 | 455 | ||||||||||||
| Share in losses of associated companies | — | 1,668 | ||||||||||||
| Net loss | $ | (23,825) | $ | (13,054) | ||||||||||
Net loss per ordinary share - basic and diluted | $ | (0.28) | $ | (0.18) | ||||||||||
Weighted average ordinary shares outstanding - basic and diluted | 86,357 | 71,967 | ||||||||||||
Stratasys Ltd.
| Reconciliation of GAAP to Non-GAAP Results of Operations | |||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | Non-GAAP | 2026 | 2025 | Non-GAAP | 2025 | ||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| U.S. dollars and shares in thousands (except per share amounts) | |||||||||||||||||||||||
| Gross profit (1) | $ | 55,361 | $ | 6,074 | $ | 61,435 | $ | 60,239 | $ | 5,410 | $ | 65,649 | |||||||||||
| Operating income (loss) (1,2) | (26,532) | 23,312 | (3,220) | (12,404) | 15,450 | 3,046 | |||||||||||||||||
| Net income (loss) (1,2,3) | (23,825) | 22,548 | (1,277) | (13,054) | 15,932 | 2,878 | |||||||||||||||||
| Net income (loss) per diluted share (4) | $ | (0.28) | $ | 0.27 | $ | (0.01) | $ | (0.18) | $ | 0.22 | $ | 0.04 | |||||||||||
(1) | Acquired intangible assets amortization expenses | 4,522 | 4,488 | ||||||||||||||||||||
| Non-cash share-based compensation expenses | 661 | 708 | |||||||||||||||||||||
| Restructuring and other expenses | 891 | 214 | |||||||||||||||||||||
| 6,074 | 5,410 | ||||||||||||||||||||||
(2) | Acquired intangible assets amortization expenses | 1,155 | 940 | ||||||||||||||||||||
| Non-cash share-based compensation expenses | 4,624 | 5,505 | |||||||||||||||||||||
| Restructuring and other related costs | 995 | 1,132 | |||||||||||||||||||||
| Contingent consideration | 335 | 645 | |||||||||||||||||||||
| Legal and other expenses | 10,129 | 1,818 | |||||||||||||||||||||
| 17,238 | 10,040 | ||||||||||||||||||||||
| 23,312 | 15,450 | ||||||||||||||||||||||
(3) | Corresponding tax effect | (442) | 84 | ||||||||||||||||||||
Equity method related expenses | — | 841 | |||||||||||||||||||||
Finance income | (322) | (443) | |||||||||||||||||||||
| $ | 22,548 | $ | 15,932 | ||||||||||||||||||||
(4) | Weighted average number of ordinary shares outstanding - Diluted | 86,357 | 86,357 | 71,967 | 72,625 | ||||||||||||||||||
Stratasys Ltd.
| Reconciliation of GAAP net loss to Adjusted EBITDA | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
U.S. $ in thousands | |||||||||||
| Net loss | $ | (23,825) | $ | (13,054) | |||||||
Financial income, net | (2,732) | (1,473) | |||||||||
| Income tax expenses | 25 | 455 | |||||||||
Share in losses of associated companies | — | 1,668 | |||||||||
Depreciation expenses | 5,731 | 5,124 | |||||||||
Amortization expenses | 5,686 | 5,428 | |||||||||
Non-cash share-based compensation expenses | 5,285 | 6,213 | |||||||||
| Contingent consideration | 335 | 645 | |||||||||
| Legal and other expenses | 10,361 | 1,818 | |||||||||
Restructuring and other related costs | 1,111 | 1,346 | |||||||||
| Adjusted EBITDA | $ | 1,977 | $ | 8,170 | |||||||
Stratasys Ltd.
| Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance: | |||||||||||||||||
Fiscal Year 2026 | |||||||||||||||||
| (U.S. $ in millions, except per share data) | Low | High | |||||||||||||||
| GAAP net loss | $(83) | to | $(67) | ||||||||||||||
| Adjustments | |||||||||||||||||
Share-based compensation expenses | $24 | to | $26 | ||||||||||||||
Intangible assets amortization expenses | $23 | to | $25 | ||||||||||||||
Reorganization and other | $31 | to | $37 | ||||||||||||||
Tax expenses related to Non-GAAP adjustments | $2 | to | $3 | ||||||||||||||
| Non-GAAP net income | $8 | to | $13 | ||||||||||||||
| GAAP loss per share | $(0.95) | to | $(0.76) | ||||||||||||||
| Non-GAAP diluted earnings per share | $0.09 | to | $0.14 | ||||||||||||||
| Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance: | |||||||||||||||||
Fiscal Year 2026 | |||||||||||||||||
| (U.S. $ in millions, except per share data) | Low | High | |||||||||||||||
| GAAP net loss | $(83) | to | $(67) | ||||||||||||||
| Adjustments | |||||||||||||||||
Share-based compensation expenses | $24 | to | $26 | ||||||||||||||
Intangible assets amortization expenses | $23 | to | $25 | ||||||||||||||
Reorganization and other | $31 | to | $37 | ||||||||||||||
Tax expenses related to Non-GAAP adjustments | $2 | to | $3 | ||||||||||||||
Other non-operating income | $(4) | to | $(4) | ||||||||||||||
| Depreciation | $21 | to | $21 | ||||||||||||||
| Adjusted EBITDA | $25 | to | $30 | ||||||||||||||
Stratasys Ltd.
| Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance: | |||||||||||||||||
Fiscal Year 2026 | |||||||||||||||||
| (U.S. $ in millions, except per share data) | Low | High | |||||||||||||||
| GAAP operating loss | $(84) | to | $(69) | ||||||||||||||
| GAAP operating margins | (15)% | to | (12)% | ||||||||||||||
| Adjustments | |||||||||||||||||
Share-based compensation expenses | $24 | to | $26 | ||||||||||||||
Intangible assets amortization expenses | $23 | to | $25 | ||||||||||||||
| Reorganization and other | $31 | to | $37 | ||||||||||||||
| Non-GAAP operating profit | $4 | to | $8.5 | ||||||||||||||
| Non-GAAP operating margins | 0.7% | to | 1.5% | ||||||||||||||
Q1 2026 Results Speakers Dr. Yoav Zeif, CEO Eitan Zamir, CFO Yonah Lloyd, CCO & VP IR May 7, 2026
Make additive work for you Conference Call and Webcast Link US Toll-Free Dial-In 1-877-407-0619 International Dial-In +1-412-902-1012 Live Webcast and Replay
Forward-Looking Statements Cautionary Statement Regarding Forward-Looking Statements The statements in this slide presentation regarding Stratasys' strategy and its projected future financial performance, including the financial guidance concerning its expected results for 2026, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; the global macro-economic environment, including the impact of increased import tariffs that have been imposed by the U.S. and other countries; global trends involving inflation, interest rates, economic activity, currency exchange rates, and increased energy costs, and their impact on the additive manufacturing industry, our company and our customers, in particular; changes in our overall strategy, including as related to any restructuring activities and our capital expenditures; the impact of potential shifts in the prices or margins of the products that we sell or services that we provide, including due to a shift towards lower margin products or services; the impact of competition and new technologies; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets; the extent of our success at successfully consummating and integrating into our existing business acquisitions or investments in new businesses, technologies, products or services; the potential adverse impact of global interruptions and delays involving freight carriers and other third parties on our supply chain and distribution network; global market, political and economic conditions, and in the countries in which we operate in particular; potential adverse effects of Israel’s recent preemptive or retaliatory wars against Iran and/or its sponsored terrorist organizations Hamas, Hezbollah, and, intermittently, the Houthis; costs and potential liability relating to litigation and regulatory proceedings; risks related to infringement of our intellectual property rights by others or infringement of others' intellectual property rights by us; the extent of our success at maintaining our liquidity and financing our operations and capital needs; the impact of tax regulations on our results of operations and financial condition; and those additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4, “Information on the Company”, Item 5, “Operating and Financial Review and Prospects,” and all other parts of our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, or SEC, on March 5, 2026 (the “2025 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2025 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2026, which will be furnished to the SEC throughout 2026, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this slide presentation 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. Make additive work for you
The non-GAAP data included herein, but not limited, which excludes certain items as described below, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations. Our management utilizes these non-GAAP measures to enable us to assess our financial results (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains and legal provisions, (ii) excluding non-cash items such as share-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets and goodwill, revaluation of our investments and the corresponding tax effect of those items, (iii) for certain non-GAAP measures, after eliminating the impact of changes attributable to currency exchange rate fluctuations, and (iv) after excluding changes in revenues solely attributable to divestitures of former subsidiary companies. The items eliminated as part of our calculation of our non-GAAP financial measures either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. Our non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in the tables later in this slide presentation. We have not included herein, however, a reconciliation of our non-GAAP guidance for 2026 to the most directly comparable GAAP guidance. Please see our earnings release being published today for that reconciliation (other than for our guidance for non-GAAP gross margin and non-GAAP operating expenses, as we are unable to obtain the information needed to provide either the equivalent GAAP figures (projected GAAP gross margin and projected GAAP operating expenses) or the related reconciliation without unreasonable effort or with reasonable certainty from a quantitative perspective). Make additive work for you Use of Non-GAAP Financial Information Use of Non-GAAP Financial Measures
▪ Recurring revenue streams from consumables and customer support provide stability as customers exercise capital equipment discipline ▪ Focused on executing our strategy to grow as we deepen our penetration into manufacturing ▪ Sequential growth from Consumables, Services and Stratasys Direct parts manufacturing ▪ Stratasys Direct +23% YoY organically driven by drone customers ▪ Innovation, customer engagement and market development centered on secular supply chain and operational efficiency megatrends reshaping global manufacturing ▪ In aerospace and defense, mission-critical performance requirements, supply chain resilience mandates, and expanding US DoW investment in advanced digital manufacturing create strong structural demand environment ▪ Competitive advantage enabling local, rapid, and cost-effective production will accelerate adoption over time CEO Dr. Yoav Zeif
Aerospace & Defense Make additive work for you ▪ Thousands of systems deployed across the defense industry and the world’s leading aircraft manufacturers ▪ 100,000+ parts shipped annually to defense, certifiable through AS9100, ISO 9001, CMMC compliance and ITAR requirements US Department of War – JAMA IV Program ▪ Multimillion-dollar initiative to accelerate the qualification and deployment of 3D-printed parts across military platforms ▪ Positions Stratasys to expand our share of US defense additive spending, a budget which surged 83% for fiscal year 2026 ▪ Long sales cycles with outcomes that generate durable, recurring demand anchored in certification and workflow integration - exactly the kind of revenue profile that strengthens our business over time Artemis II Moon Mission ▪ Continued momentum in aerospace applications, with thousands of parts in orbit leveraging our materials ▪ Recent Artemis II moon mission included hundreds of parts produced with Stratasys Antero materials on Stratasys FDM printers ▪ Highlights maturity and scalability of AM in space systems - strong validation of the high-performance applications of our materials, and our position in mission-critical environments, reinforcing the growing role of additive in next-gen space and defense platforms
Make additive work for you TrueDent® CE Class IIA Certification ▪ First polychromatic, monolithic 3D-printed denture solution certified at this classification in Europe, a segment projected at $2.45B by 2028 ▪ Broadens range to include long-term intraoral removables, crowns and bridges through a single, integrated digital workflow ▪ Removes meaningful adoption barrier, strengthens biocompatibility and safety confidence for clinicians and patients, and positions Stratasys to deepen penetration across European dental labs and clinics as digital denture production scales ▪ No change to print settings, formulation, workflow, or shelf life makes this a frictionless expansion of our commercial reach Dental / Materials / Software Materials Expansions: ULTEM on F3300 and ToughONE on PolyJet to Drive Consumables Attach Rates ▪ ULTEM 1010 now available on the F3300 printer, enabling production of aerospace-grade, high-temperature parts with the lowest coefficient of thermal expansion in the FDM portfolio ▪ Optimized for composite tooling applications, allows manufacturers to produce precision fixtures and tools that maintain reliability in demanding environments, faster and at lower cost. Planned for availability this summer in larger spool sizes on F900 and Fortus 450mc Gen III printers ▪ ToughONE, an advanced material engineered for functional prototyping as well as end-use parts, now available on J3/J5 Software Integration: Measurement-Based Warped Adaptive Modeling Now Available on GrabCAD Print Pro ▪ Automatically corrects warping on the Origin P3 platform, eliminating iterative correction cycles for complex parts like electrical connectors, precision jigs, and industrial fixtures that have historically added time and cost
CFO Eitan Zamir • First quarter results reflect continued execution against the operational priorities we established at the start of the year • Maintained EBITDA profitability and generated positive OCF in environment of customers deliberate on capital spending • Outcomes reflect structural improvements embedded in our cost model and stability of our recurring revenue base
Quarterly Trend 93.8 94.8 94.1 97.6 88.8 42.2 43.3 42.9 42.4 43.9 136.0 138.1 137.0 140.0 132.7 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Product Service Q1 2026 Revenue Make additive work for you Revenues – Q1’26 Revenue Y/Y Product - $88.8M -5.3% ▪ Systems - $28.8M -7.7% ▪ Consumables - $60.0M -4.2% Services - $43.9M 4.0% ▪ Customer Support - $29.7M -1.0% Note: $ in millions unless noted otherwise. All numbers and percentages rounded.
GAAP Non-GAAP 48.3% 47.7% 45.3% 46.3% 46.3% 54.7% 54.3% 52.4% 50.2% 53.8% 33.9% 33.1% 29.7% 37.4% 31.0% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Services Gross MarginProducts Gross Margin Total Gross Margin Make additive work for you Q1 2026 Gross Margins 49.6% 48.7% 47.0% 37.7% 47.5% 32.5% 30.8% 27.6% 34.5% 30.1% 44.3% 43.1% 41.0% 36.8% 41.7% Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Note: All percentages rounded.
GAAP Operating Expenses (absolute and as a percentage of revenues) Non-GAAP Operating Expenses (absolute and as a percentage of revenues) 72.6 81.9 61.7% Q1'25 Q1'26 53.4% 62.6 64.6 Q1'25 Q1'26 48.7%46.0% Make additive work for you Q1 2026 Operating Expenses Note: $ in millions unless noted otherwise. All numbers and percentages rounded.
(13.1) )23.8( (26.5) Non-GAAP Operating Income (Loss) 2.2% in Q1’25 vs (2.4%) in Q1’26 out of total revenue GAAP Operating Loss Non-GAAP Net Income (Loss) EPS diluted $0.04 in Q1’25 vs ($0.01) in Q1’26 GAAP Net Loss EPS diluted ($0.18) in Q1’25 vs ($0.28) in Q1’26 Q1’25 Q1’26 2.08.2 (1.3) Adjusted EBITDA 6.0% in Q1’25 vs 1.5% in Q1’26 out of total revenue 3.0 (3.2) 2.9 Q1’25 Q1’26 Q1’25 Q1’26 Q1’25 Q1’26 Q1’25 Q1’26 (12.4) Q1 2026 Operating, Net and EBITDA - ~$5.3M YoY Adverse Impact from FX/Tariffs Make additive work for you Note: $ in millions, except per share amounts, unless noted otherwise. All numbers and percentages rounded.
Balance Sheet ItemsCash Flow from Operating Activities 13 4.5 2.4 Q1-25 Q1-26 Make additive work for you Strong Balance Sheet – $237.8M Cash, Equivalents and No Debt Q1-25 Q4-25 Q1-26 Cash and Cash Equivalents and Short- term deposits 150.1 244.5 237.8 Accounts Receivable 156.2 160.5 157.1 Inventories 169.9 145.2 143.6 Net Working Capital 339.6 418.9 392.9 Note: $ in millions unless noted otherwise. All numbers and percentages rounded.
Revenues Non-GAAP Operating Expenses Includes ~$10M adverse impact from FX Non-GAAP Operating Margins Adjusted Net Income Adjusted EPS diluted GAAP Net loss ($83M) - ($67M) GAAP EPS ($0.95) - ($0.76) CAPEX Adjusted EBITDA 4.5% - 5.0% of Revenue Includes ~$17M adverse impact from FX & Tariffs $565M – $575M 46.7% – 47.1% $260M – $262M $20M – $25M$25M – $30M0.7% – 1.5% Positive Operating Cash Flow for 2026 Subject to foreign exchange rate and tariff uncertainty 2026 Full-Year Outlook - Reaffirmed $8M – $12.5M $0.09 – $0.14 Make additive work for you Non-GAAP Gross Margins Includes ~$7M adverse impact from FX & Tariffs
Summary Dr. Yoav Zeif, CEO ▪ Customer engagement continues to increase - deal pipeline for 2026 and beyond continues to build, especially in defense ▪ Strategic progress today reinforces the trajectory for tomorrow ▪ Defense industry solutions are established, certified and operating at scale across active military platforms ▪ Increased access to multi-billion-dollar European dental vertical with proven, deployable product ▪ Positive operating cash flow and a debt-free balance sheet for multiple opportunities to generate profitable growth both through inorganic and organic opportunities, focusing on our position in high-requirement use-cases, as we capitalize on the increased demand for additive manufacturing Make additive work for you
Make additive work for you THANK YOU
Q1-25 Q1-26 Change Y/Y Q1-25 Q1-26 Change Y/Y Total Revenue 136.0 132.7 -2.4% 136.0 132.7 -2.4% Gross Profit 60.2 55.4 (4.8) 65.6 61.4 (4.2) ▪% Margin 44.3% 41.7% -2.6% 48.3% 46.3% -2.0% Operating Income (Loss) (12.4) (26.5) (14.1) 3.0 (3.2) (6.2) ▪% Margin -9.1% -20.0% -10.9% 2.2% -2.4% -4.6% Net Income (Loss) (13.1) (23.8) (10.7) 2.9 (1.3) (4.2) ▪% Margin -9.6% -17.9% -8.3% 2.1% -1.0% -3.1% Diluted EPS (0.18) (0.28) (0.10) 0.04 (0.01) (0.05) Diluted Shares 72.0 86.4 14.4 72.6 86.4 13.8 GAAP Non-GAAP 17 Note: $ in millions, except per share amounts, unless noted otherwise. All numbers and percentages rounded. 17 Appendix – Comparison of Q1 2026 to Q1 2025 Key Metrics Make additive work for you
Appendix – Reconciliation of GAAP to Non-GAAP Results of Operations GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross Profit (1) $ 55,361 $ 6,074 $ 61,435 $ 60,239 $ 5,410 $ 65,649 Operating income (loss) (1,2) (26,532) 23,312 (3,220) (12,404) 15,450 3,046 Net income (loss) (1,2,3) (23,825) 22,548 (1,277) (13,054) 15,932 2,878 Net income (loss) per diluted share (4) $ (0.28) $ 0.27 $ (0.01) $ (0.18) $ 0.22 $ 0.04 (1) Acquired intangible assets amortization expenses 4,522 4,488 Non-cash share-based compensation expenses 661 708 Restructuring and other expenses 891 214 6,074 5,410 (2) Acquired intangible assets amortization expenses 1,155 940 Non-cash share-based compensation expenses 4,624 5,505 Restructuring and other related costs 995 1,132 Contingent consideration 335 645 Legal and other expenses 10,129 1,818 17,238 10,040 23,312 15,450 (3) Corresponding tax effect (442) 84 Equity method related expenses and impairment — 841 Finance income (322) (443) $ 22,548 $ 15,932 (4) Weighted average number of ordinary shares outstanding- Diluted 86,357 86,357 71,967 72,625 Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Make additive work for you
Appendix – Reconciliation of GAAP Net Loss to Adjusted EBITDA Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Make additive work for you 2026 2025 Net loss $ (23,825) $ (13,054) Financial income, net (2,732) (1,473) Income tax expenses 25 455 Share in losses of associated companies - 1,668 Depreciation expenses 5,731 5,124 Amortization expenses 5,686 5,428 Non-cash share-based compensation expenses 5,285 6,213 Contingent consideration 335 645 Legal and other expenses 10,361 1,818 Restructuring and other related costs 1,111 1,346 Adjusted EBITDA $ 1,977 $ 8,170 Three Months Ended March 31,
FAQ
How did Stratasys (SSYS) perform financially in Q1 2026?
Stratasys reported Q1 2026 revenue of $132.7 million, down from $136.0 million a year earlier. GAAP net loss widened to $23.8 million, or ($0.28) per diluted share, while non-GAAP net loss was $1.3 million, or ($0.01) per share.
What were Stratasys (SSYS) margins and profitability metrics in Q1 2026?
GAAP gross margin was 41.7%, compared with 44.3% in Q1 2025, and non-GAAP gross margin was 46.3% versus 48.3%. Adjusted EBITDA came in at $2.0 million, down from $8.2 million, reflecting foreign exchange and tariff impacts and higher operating expenses.
What is Stratasys’s 2026 full-year revenue and earnings outlook?
For 2026, Stratasys projects revenue between $565 million and $575 million. It expects non-GAAP operating margins of 0.7%–1.5%, non-GAAP net income of $8–$12.5 million, or $0.09–$0.14 per diluted share, and adjusted EBITDA of $25–$30 million.
What GAAP results does Stratasys forecast for 2026?
Stratasys anticipates a 2026 GAAP net loss between $83 million and $67 million, translating to ($0.95) to ($0.76) per diluted share. This contrasts with its expectation of positive non-GAAP net income, highlighting the impact of share-based compensation, amortization, restructuring and related adjustments.
How strong is Stratasys’s balance sheet after Q1 2026?
At March 31, 2026, Stratasys held $237.8 million in cash, cash equivalents and short-term deposits and reported no debt. Operating activities provided $2.4 million of cash in the quarter, and total assets were about $1.07 billion, supporting ongoing investment and operations.
How did Stratasys’s revenue mix evolve in Q1 2026?
In Q1 2026, product revenue was $88.8 million, while services contributed $43.9 million. Product revenue, including systems and consumables, declined year over year, whereas services, including customer support, increased, helping provide more recurring and stable revenue streams.