Slide 1: Earnings Presentation Q2 2025
Earnings Presentation Q2 2025 July 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: 2025 Priorities – Q2 Update
2025 Priorities – Q2 Update Increase number of customers using the combined offer • Customer contacts using combined offer in LTM up nearly 45% YoY Drive higher revenue per customer through larger orders • Revenue per customer contact in Q2 2025 grew 11% YoY 3
Slide 4: Q2 – Award & Certification
Q2 – Award & Certification NAM Future of ISO 13485 Certification: Manufacturing Award Metal 3DP 4
Slide 5: 100% of Fortune 500 Companies Served in Aerospace + Defense
100% of Fortune 500 Companies Served in Aerospace + Defense
Slide 6: Accelerating Aerospace + Defense Innovation at Protolabs
Accelerating Aerospace + Defense Innovation at Protolabs • Space Exploration + Satellites • Commercial Aircraft Manufacturers • Defense Contractors • Drones Development (defense, search-and- rescue, electric flying taxis, delivery services, etc.) 6
Slide 7: Q2 2025 Financial Overview
Q2 2025 Financial Overview 7
Slide 8: Financial Summary | Q2 2025
Financial Summary | Q2 2025 Revenue ($M) 6.5%1 • Revenue of $135.1 million, up 6.5% 1 YoY $125.6 $135.1 • Revenue fulfilled through the Protolabs Network was $29.3 million, up 16% YoY in constant currencies • Q2 2025 revenue up 7% sequentially Q2 2024 Q2 2025 Non-GAAP EPS* 10.3% • Non-GAAP EPS of $0
Slide 9: Revenue by Service | Q2 2025 YoY
Revenue by Service | Q2 2025 YoY Injection Molding - Revenue CNC Machining - Revenue ($M) ($M) 20%* (4)%* $49.1 $47.4 $51.2 $61.9 Q2 2024 Q2 2025 Q2 2024 Q2 2025 3D Printing - Revenue Sheet Metal - Revenue ($M) ($M) (1)%* 9%* $21.3 $21.2 $3.9 $4.3 Q2 2024 Q2 2025 Q2 2024 Q2 2025 9 *YoY change reflec
Slide 10: Financial Results | Q2 2025
Financial Results | Q2 2025 Q2 2025 Q1 2025 QoQ Change Q2 2024 YoY Change Revenue $135.1 $126.2 7.0% $125.6 7.5% Non-GAAP 44.8% 44.8% 0 bps 45.7% (90) bps Gross Margin* Non-GAAP 8.6% 7.4% 120 bps 8.9% (30) bps Operating Margin* Non-GAAP $0.41 $0.33 25.3% $0.38 10.3% Earnings Per Share* *Non-GAAP: ad
Slide 11: Cash Flow and Balance Sheet | Q2 2025
Cash Flow and Balance Sheet | Q2 2025 $M Q2 2025 Q1 2025 Q2 2024 Operating Cash Flow $10.6 $18.4 $14.4 Capital Expenditures $1.5 $1.3 $4.2 Share Repurchases $3.1 $20.9 $10.9 Cash and Investments* $123.2 $116.3 $112.9 Debt* $0 $0 $0 11 *Balance sheet items as of the end of the period.
Slide 12: Q3 2025 Financial Outlook
Q3 2025 Financial Outlook 12
Slide 13: Outlook | Q3 2025
Outlook | Q3 2025 Q3 2025 Revenue Q3 2025 Non-GAAP* EPS Revenue $130M - $138M Non-GAAP* EPS $0.35 - $0.43 Outlook Commentary • Expect foreign currency to have an approximately $0.4M favorable impact on Q3 2025 revenue • Expect Q3 2025 Non-GAAP* effective tax rate between 24% and 25% • Expect Q3 2025
Slide 14: Thank You!
Thank You!
Slide 15: Appendix
Appendix 15
Slide 16: Q2 2025 Detailed Financial Information
Q2 2025 Detailed Financial Information 16
Slide 17: YoY GAAP to Non-GAAP P&L | Q2 2025
YoY GAAP to Non-GAAP P&L | Q2 2025 Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 135,063 — $ 135,063 $ 125,631 — $ 125,631 Cost of revenue 75,289 (767) 74,522 69,085 (810) 68,275 Gross profit $ 59,774
Slide 18: QoQ GAAP to Non-GAAP P&L | Q2 2025
QoQ GAAP to Non-GAAP P&L | Q2 2025 Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 135,063 — $ 135,063 $ 126,205 — $ 126,205 Cost of revenue 75,289 (767) 74,522 70,507 (802) 69,705 Gross profit $ 59,774
Slide 19: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 19
Slide 20: 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 June 30, 2025 June 30, 2024 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Revenues United S
Slide 21: 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 June 30, 2025 June 30, 2024 Foreign Non- % % Change GAAP Currency1 GAAP GAAP Change2 Organic3 Revenues
Slide 22: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue $ 135,063 $ 125,631 $ 261,268 $ 253,521 Gross profit 59,774 56,546 115,472 114,
Slide 23: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue $ 135,063 $ 125,631 $ 261,268 $ 253,521 Income from operations 4,969 5,
Slide 24: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue $ 135,063 $ 125,631 $ 261,268 $ 253,521 GAAP net income 4,427 4,540 8
Slide 25: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Non-GAAP net income, adjuste
Slide 26: GAAP to NON-GAAP Reconciliation | Q3 2025 Outlook
GAAP to NON-GAAP Reconciliation | Q3 2025 Outlook Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) Q3 2025 Outlook Low High GAAP diluted net income per share $ 0.17 $ 0.25 Add back: Stock-based compensation expense 0.15 0.15 Amortization expense 0.03 0.03 Unrealized (gain) lo