Slide 1: Earnings Presentation Q3 2025
Earnings Presentation Q3 2025 October 31, 2025
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: Amazon Prime Air drone team uses Protolabs services
Amazon’s Prime Air drone team tapped into Protolabs’ quick-turn CNC machining and 3D printing services for end-use production parts in the company’s advanced delivery drones
Slide 4: 2025 Priorities – Q3 Update
2025 Priorities – Q3 Update Increase number of customers using the combined offer • Customer contacts using combined offer in LTM up 35% YoY Drive higher revenue per customer through larger orders • Revenue per customer contact in Q3 2025 grew 14% YoY 4
Slide 5: Q3 2025 – Capabilities Expansion & Award
Q3 2025 – Capabilities Expansion & Award Named to Forbes’s Expanded Factory CNC “America’s Best-In-State Machining Capabilities Employers 2025” List 5
Slide 6: Q3 2025 Financial Overview
Q3 2025 Financial Overview 6
Slide 7: Financial Summary | Q3 2025
Financial Summary | Q3 2025 Revenue ($M) 6.8%1 • Revenue of $135.4 million, up 6.8% 1 YoY • Revenue fulfilled through the Protolabs Network was $125.6 $135.4 $30.1 million, up 16% YoY in constant currencies Q3 2024 Q3 2025 Non-GAAP EPS* • Non-GAAP EPS of $0.47, flat YoY (0.4)% • Non-GAAP earnings fl
Slide 8: Revenue by Service | Q3 2025 YoY
Revenue by Service | Q3 2025 YoY Injection Molding - Revenue CNC Machining - Revenue ($M) ($M) 17%* 1%* $53.3 $63.0 $46.8 $47.8 Q3 2024 Q3 2025 Q3 2024 Q3 2025 3D Printing - Revenue Sheet Metal - Revenue ($M) ($M) (7)%* 13%* $21.4 $20.1 $3.7 $4.3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 8 *YoY change reflect
Slide 9: Financial Results | Q3 2025
Financial Results | Q3 2025 Q3 2025 Q2 2025 QoQ Change Q3 2024 YoY Change Revenue $135.4 $135.1 0.2% $125.6 7.8% Non-GAAP 45.9% 44.8% 110 bps 46.2% (30) bps Gross Margin* Non-GAAP 10.0% 8.6% 140 bps 10.9% (90) bps Operating Margin* Non-GAAP $0.47 $0.41 13.5% $0.47 (0.4)% Earnings Per Share* *Non-GAA
Slide 10: Cash Flow and Balance Sheet | Q3 2025
Cash Flow and Balance Sheet | Q3 2025 $M Q3 2025 Q2 2025 Q3 2024 Operating Cash Flow $29.1 $10.6 $24.8 Capital Expenditures $4.1 $1.5 $1.6 Share Repurchases $12.8 $3.1 $19.0 Cash and Investments* $138.4 $123.2 $117.6 Debt* $0 $0 $0 10 *Balance sheet items as of the end of the period.
Slide 11: Q4 2025 Financial Outlook
Q4 2025 Financial Outlook 11
Slide 12: Outlook | Q4 2025
Outlook | Q4 2025 Q4 2025 Revenue Q4 2025 Non-GAAP* EPS Revenue $125M - $133M Non-GAAP* EPS $0.30 - $0.38 Outlook Commentary • Expect foreign currency to have an approximately $1.5M favorable impact on Q4 2025 revenue • Expect Q4 2025 Non-GAAP* effective tax rate between 23% and 24% • Expect Q4 2025
Slide 13: Thank You!
Thank You!
Slide 14: Appendix
Appendix 14
Slide 15: Q3 2025 Detailed Financial Information
Q3 2025 Detailed Financial Information 15
Slide 16: YoY GAAP to Non-GAAP P&L | Q3 2025
YoY GAAP to Non-GAAP P&L | Q3 2025 Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 135,366 — $ 135,366 $ 125,619 — $ 125,619 Cost of revenue 74,073 (781) 73,292 68,389 (817) 67,572 Gross profit
Slide 17: QoQ GAAP to Non-GAAP P&L | Q3 2025
QoQ GAAP to Non-GAAP P&L | Q3 2025 Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 135,366 — $ 135,366 $ 135,063 — $ 136,063 Cost of revenue 74,073 (781) 73,292 75,289 (767) 74,522 Gross profit $ 61
Slide 18: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 18
Slide 19: 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 September 30, 2025 September 30, 2024 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Revenue
Slide 20: 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 September 30, 2025 September 30, 2024 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3
Slide 21: 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenue $ 135,366 $ 125,619 $ 396,634 $ 379,140 Gross profit 61,293 57,230 1
Slide 22: 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenue $ 135,366 $ 125,619 $ 396,634 $ 379,140 Income from operatio
Slide 23: GAAP to Non-GAAP 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenue $ 135,366 $ 125,619 $ 396,634 $ 379,140 GAAP net income 7,
Slide 24: GAAP to Non-GAAP 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Non-GAAP net inco
Slide 25: GAAP to Non-GAAP Reconciliation | Q4 2025 Outlook
GAAP to NON-GAAP Reconciliation | Q4 2025 Outlook Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) Q4 2025 Outlook Low High GAAP diluted net income per share $ 0.12 $ 0.20 Add back: Stock-based compensation expense 0.14 0.14 Amortization expense 0.03 0.03 Unrealized (gain) lo