Proto Labs, Inc. · NYSE:PRLB
Proto Labs — Q4 2025 Earnings Presentation
33 slides from Proto Labs's earnings presentation, Feb 6, 2026
Slide 1: Earnings Presentation Q4 & FY 2025
Earnings Presentation Q4 & FY 2025 February 6, 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: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights • $136 million in revenue Up 11% YoY1 Revenue per customer contact up 23% YoY • 45% non-GAAP gross margin Up 140 bps YoY • 15% adjusted EBITDA margin • $0.44 non-GAAP EPS Up 17% YoY 3 1 YoY change in constant currencies. See reconciliation in Appendix.
Slide 4: FY 2025 Financial Highlights
FY 2025 Financial Highlights • $533 million in revenue Up 6% YoY1 Revenue per customer contact up 13% YoY • 45% non-GAAP gross margin • 15% adjusted EBITDA margin • $75 million in cash flow from operations • $43 million returned to shareholders via repurchases 4 1 YoY change in constant currencies.
Slide 5: Wherever innovation is happening, Protolabs is there.
Wherever innovation is happening, Protolabs is there. Aero, Space & Robots Data Centers Rockets Drones Medical Devices Satellite Renewable Communication Energy 5
Slide 6: Elevate Customer Experience, Accelerate Innovation, Expand Production, Drive Efficiency
Elevate Customer Accelerate Expand Drive Operational Experience Innovation Production Efficiency 6
Slide 7: Strategic priorities detail
Elevate Customer Accelerate Expand Drive Operational Experience Innovation Production Efficiency • Remove friction • Reaccelerate • Take a deliberate, • Expand Factory and across the customer innovation across core customer-led Network gross margins journey to deliver a manufacturing approach—priori
Slide 8: 2026 Transformation & Acceleration
2026 Transformation & Acceleration • Build off strong finish to 2025 • Drive efficiencies through transformation • Internal restructuring • India Global Capability Center (GCC) • Europe reset • Accelerate growth 8
Slide 9: Q4 2025 Financial Overview
Q4 2025 Financial Overview 9
Slide 10: Financial Summary | Q4 2025
Financial Summary | Q4 2025 Revenue ($M) 11.0%1 • Revenue of $136.5 million, up 11.0%1 YoY • Revenue fulfilled through the Protolabs Network was $121.8 $136.5 $30.5 million, up 11%1 YoY in constant currencies • Revenue per customer contact up 23% Q4 2024 Q4 2025 Non-GAAP EPS* • Non-GAAP EPS of $0.44
Slide 11: Revenue by Service | Q4 2025 YoY
Revenue by Service | Q4 2025 YoY Injection Molding - Revenue CNC Machining - Revenue ($M) ($M) 23%* 4%* $45.6 $47.6 $65.5 $52.4 Q4 2024 Q4 2025 Q4 2024 Q4 2025 3D Printing - Revenue Sheet Metal - Revenue ($M) ($M) (4)%* 7%* $19.5 $18.8 $4.0 $4.4 Q4 2024 Q4 2025 Q4 2024 Q4 2025 11 *YoY change reflect
Slide 12: Financial Results | Q4 2025
Financial Results | Q4 2025 Q4 2025 Q3 2025 QoQ Change Q4 2024 YoY Change Revenue $136.5 $135.4 0.8% $121.8 12.1% Non-GAAP 44.8% 45.9% (110) bps 43.4% 140 bps Gross Margin* Non-GAAP 9.1% 10.0% (90) bps 7.6% 150 bps Operating Margin* Non-GAAP $0.44 $0.47 (5.5)% $0.38 16.8% Earnings Per Share* *Non-GA
Slide 13: FY 2025 Financial Overview
FY 2025 Financial Overview 13
Slide 14: Financial Summary | FY 2025
Financial Summary | FY 2025 Revenue ($M) 5.7%1 • Revenue of $533.1 million, up 5.7%1 YoY • Revenue fulfilled through the Protolabs Network was $500.9 $533.1 $116.2 million, up 14%1 • Revenue per customer contact up 13% FY 2024 FY 2025 Non-GAAP EPS* • Non-GAAP EPS of $1.66, up $0.03 YoY 1.5% • Non-GA
Slide 15: Revenue by Service | FY 2025 YoY
Revenue by Service | FY 2025 YoY Injection Molding - Revenue CNC Machining - Revenue ($M) ($M) 17%* (2)%* $206.9 $243.3 $194.2 $191.5 FY 2024 FY 2025 FY 2024 FY 2025 3D Printing - Revenue Sheet Metal - Revenue ($M) ($M) (5)%* 12%* $83.8 $80.3 $15.3 $17.2 FY 2024 FY 2025 FY 2024 FY 2025 15 *YoY chang
Slide 16: Financial Results | FY 2025
Financial Results | FY 2025 FY 2025 FY 2024 YoY Change Revenue $533.1 $500.9 6.4% Non-GAAP 45.1% 45.2% (10) bps Gross Margin* Non-GAAP 8.8% 9.2% (40) bps Operating Margin* Non-GAAP $1.66 $1.63 1.5% Earnings Per Share* *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, un
Slide 17: Cash Flow and Balance Sheet | FY 2025
Cash Flow and Balance Sheet | FY 2025 $M FY 2025 FY 2024 Operating Cash Flow $74.5 $77.8 Capital Expenditures $14.8 $9.2 Share Repurchases $43.0 $60.3 Cash and Investments* $142.4 $120.9 Debt* $0 $0 17 *Balance sheet items as of the end of the period.
Slide 18: Financial Outlook
Financial Outlook FY 2026 & Q1 2026 18
Slide 19: Financial Outlook
Financial Outlook FY 2026 anticipated revenue growth: 6% - 8% Q1 2026 Revenue Q1 2026 Non-GAAP* EPS Revenue $130M - $138M Non-GAAP* EPS $0.36 - $0.44 Q1 2026 Outlook Commentary • Expect foreign currency to have an approximately $2.1M favorable impact on Q1 2026 revenue • Expect Q1 2026 Non-GAAP* eff
Slide 20: Thank you
PROTOLABS Manufacturing. Accelerated. Thank you 20
Slide 21: Appendix
Appendix 21
Slide 22: Q4 & FY 2025 Detailed Financial Information
Q4 & FY 2025 Detailed Financial Information 22
Slide 23: YoY GAAP to Non-GAAP P&L | Q4 2025
YoY GAAP to Non-GAAP P&L | Q4 2025 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 136,493 — $ 136,493 $ 121,750 — $ 121,750 Cost of revenue 76,121 (812) 75,309 69,793 (876) 68,917 Gross profit $
Slide 24: QoQ GAAP to Non-GAAP P&L | Q4 2025
QoQ GAAP to Non-GAAP P&L | Q4 2025 Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 136,493 — $ 136,493 $ 135,366 — $ 135,366 Cost of revenue 76,121 (812) 75,309 74,073 (781) 73,292 Gross profit
Slide 25: YoY GAAP to Non-GAAP P&L | FY 2025
YoY GAAP to Non-GAAP P&L | FY 2025 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 533,127 — $ 533,127 $ 500,890 — $ 500,890 Cost of revenue 295,990 (3,162) 292,828 277,690 (3,304) 274,386 Gros
Slide 26: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 26
Slide 27: GAAP to Non-GAAP 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 December 31, 2025 December 31, 2024 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Revenues
Slide 28: GAAP to Non-GAAP 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 December 31, 2025 December 31, 2024 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Re
Slide 29: GAAP to Non-GAAP 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 Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Revenue $ 136,493 $ 121,750 $ 533,127 $ 500,890 Gross profit 60,372 51,957 2
Slide 30: GAAP to Non-GAAP 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 Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Revenue $ 136,493 $ 121,750 $ 533,127 $ 500,890 Income (loss) from o
Slide 31: GAAP to Non-GAAP Reconciliation | EBITDA
GAAP to Non-GAAP Reconciliation | EBITDA Proto Labs, Inc. Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Revenue $ 136,493 $ 121,750 $ 533,127 $ 500,890 GAAP net in
Slide 32: GAAP to Non-GAAP Reconciliation | EPS
GAAP to Non-GAAP Reconciliation | EPS Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Net Income (Loss) and Non-GAAP Net Income per Share (In thousands, except share and per share amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Non-GAAP n
Slide 33: GAAP to Non-GAAP Reconciliation | Q1 2026 Outlook
GAAP to Non-GAAP Reconciliation | Q1 2026 Outlook Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) Q1 2026 Outlook Low High GAAP diluted net income per share $ 0.18 $ 0.26 Add back: Stock-based compensation expense 0.12 0.12 Amortization expense 0.03 0.03 Restructuring and tr