Proto Labs, Inc. · NYSE:PRLB
Proto Labs — Q1 2026 Earnings Presentation
27 slides from Proto Labs's earnings presentation, May 1, 2026
Slide 1: Earnings Presentation Q1 2026
Earnings Presentation Q1 2026 May 1, 2026
Slide 2: Forward-looking Statements and Non-GAAP Measures
Forward-looking Statements and Non-GAAP Measures • These slides may contain forward-looking • Other factors that could materially affect actual • Non-GAAP Financial Measures: Protolabs statements. These statements relate to future results, levels of activity, performance or management believes that
Slide 3: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights • $139 million in revenue Up 9% YoY1 Revenue per customer contact up 20% YoY • 46% non-GAAP gross margin Up 140 bps YoY • 16% adjusted EBITDA margin • $0.54 non-GAAP EPS Up 63% YoY 3 1 YoY change in constant currencies. See reconciliation in Appendix.
Slide 4: Wherever innovation is happening, Protolabs is there.
Wherever innovation is happening, Protolabs is there. Aero, Space & Robots Data Centers Rockets Drones Medical Devices Satellite Renewable Communication Energy 4
Slide 5: Artemis II Mission
Artemis II Mission We are extremely proud of customers like NASA along with Lockheed Martin, Northrop Grumman, and others pushing the boundaries of space exploration with the Artemis II lunar mission. Photo source: NASA 5
Slide 6: Business Updates
Business Updates Achieved AS 9100 D Certification in Europe (Factory CNC Machining) 6
Slide 7: Elevate Customer Experience, Accelerate Innovation, Expand Production, Drive Operational Efficiency
Elevate Customer Accelerate Expand Drive Operational Experience Innovation Production Efficiency 7
Slide 8: Q1 2026 Financial Overview
Q1 2026 Financial Overview 8
Slide 9: Financial Summary | Q1 2026
Financial Summary | Q1 2026 Revenue ($M) 8.7%1 • Revenue of $139.3 million, up 8.7%1 YoY • Growth in all four services $126.2 $139.3 • Revenue per customer contact up 20% • Revenue fulfilled through the Protolabs Network was Q1 2025 Q1 2026 $28.1 million, up 2%1 YoY Non-GAAP EPS* • Non-GAAP EPS of $
Slide 10: Revenue by Service | Q1 2026 YoY
Revenue by Service | Q1 2026 YoY Injection Molding - Revenue CNC Machining - Revenue ($M) ($M) 18%* 4%* $48.7 $51.1 $52.8 $63.2 Q1 2025 Q1 2026 Q1 2025 Q1 2026 3D Printing - Revenue Sheet Metal - Revenue ($M) ($M) 0%* 2%* $20.2 $20.5 $4.2 $4.4 Q1 2025 Q1 2026 Q1 2025 Q1 2026 10 *YoY change reflected
Slide 11: Financial Results | Q1 2026
Financial Results | Q1 2026 Q1 2026 Q4 2025 QoQ Change Q1 2025 YoY Change Revenue $139.3 $136.5 2.1% $126.2 10.4% Non-GAAP 46.2% 44.8% 140 bps 44.8% 140 bps Gross Margin* Non-GAAP 11.0% 9.1% 190 bps 7.4% 360 bps Operating Margin* Non-GAAP $0.54 $0.44 21.1% $0.33 62.8% Earnings Per Share* *Non-GAAP:
Slide 12: Cash Flow and Balance Sheet | Q1 2026
Cash Flow and Balance Sheet | Q1 2026 $M Q1 2026 Q4 2025 Q1 2025 Operating Cash Flow $17.5 $16.5 $18.4 Capital Expenditures $3.5 $8.1 $1.3 Share Repurchases $0.0 $6.2 $20.9 Cash and Investments* $158.0 $142.4 $116.3 Debt* $0 $0 $0 12 *Balance sheet items as of the end of the period.
Slide 13: Financial Outlook
Financial Outlook FY 2026 & Q2 2026 13
Slide 14: Financial Outlook
Financial Outlook FY 2026 anticipated revenue growth: 6% - 8% Q2 2026 Revenue Q2 2026 Non-GAAP* EPS Revenue $140M - $148M Non-GAAP* EPS $0.50 - $0.58 Q2 2026 Outlook Commentary • Expect foreign currency to have an approximately $0.5M favorable impact on Q2 2026 revenue • Expect Q2 2026 Non-GAAP* eff
Slide 15: Thank you
PROTOLABS Manufacturing. Accelerated. Thank you 15
Slide 16: Appendix
Appendix 16
Slide 17: Q1 2026 Detailed Financial Information
Q1 2026 Detailed Financial Information 17
Slide 18: YoY P&L | Q1 2026
YoY GAAP to Non-GAAP P&L | Q1 2026 Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 139,336 — $ 139,336 $ 126,205 — $ 126,205 Cost of revenue 75,744 (736) 75,008 70,507 (802) 69,705 Gross profit $ 63,59
Slide 19: QoQ P&L | Q1 2026
QoQ GAAP to Non-GAAP P&L | Q1 2026 Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 139,336 — $ 139,336 $ 136,493 — $ 136,493 Cost of revenue 75,744 (736) 75,008 76,121 (812) 75,309 Gross profit $ 63
Slide 20: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 20
Slide 21: Reconciliation | Revenue by Region
GAAP to Non-GAAP Reconciliation | Revenue by Region Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Revenues United
Slide 22: Reconciliation | Revenue by Service
GAAP to Non-GAAP Reconciliation | Revenue by Service Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Service Line (In thousands) (Unaudited) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Revenues
Slide 23: Reconciliation | Gross Margin
GAAP to Non-GAAP Reconciliation | Gross Margin 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 ex
Slide 24: Reconciliation | Operating Margin
GAAP to Non-GAAP Reconciliation | Operating Margin 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-bas
Slide 25: Reconciliation | EBITDA
GAAP to Non-GAAP Reconciliation | EBITDA 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
Slide 26: Reconciliation | EPS
GAAP to Non-GAAP Reconciliation | EPS 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 expe
Slide 27: Reconciliation | Q2 2026 Outlook
GAAP to Non-GAAP Reconciliation | Q2 2026 Outlook 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 tr