Proto Labs, Inc. · NYSE:PRLB
Proto Labs — Q1 2025 Earnings Presentation
28 slides from Proto Labs's earnings presentation, May 2, 2025
Slide 1: Earnings Presentation Q1 2025
Earnings Presentation Q1 2025 May 2, 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 – Q1 Update
2025 Priorities – Q1 Update 3
Slide 4: 2025 Priorities – Q1 Update
2025 Priorities – Q1 Update Increase number of customers using the combined offer • Customer contacts using combined offer in LTM up over 45% YoY Drive higher revenue per customer through larger orders • Revenue per customer contact in Q1 2025 grew 3% YoY 4
Slide 5: Customer Examples
Customer Examples 5
Slide 6: 100% of Fortune 500 Aerospace Companies Served
100% of Fortune 500 Aerospace Companies Served 6
Slide 7: Leveraging Production at Protolabs
Leveraging Production at Protolabs • Machining and 3D printing facilities AS9100-certified • Expanding use to Protolabs Network for extended ITAR capabilities • On-demand production for generative AI component designs 7
Slide 8: Blue Origin's Blue Moon Mark 1
Protolabs is part of a team supporting Blue Origin's Blue Moon Mark 1. The single-launch, lunar cargo lander will remain on the moon’s surface, providing safe, reliable, and affordable access to the lunar environment. 8
Slide 9: Q1 2025 Financial Overview
Q1 2025 Financial Overview 9
Slide 10: Financial Summary | Q1 2025
Financial Summary | Q1 2025 Revenue ($M) (1.0)%1 • Revenue of $126.2 million, down 1.0% 1 YoY $127.9 $126.2 • Revenue fulfilled through the Protolabs Network was $26.3 million, up 11.5% YoY in constant currencies • Q1 2025 revenue up 4% sequentially Q1 2024 Q1 2025 Non-GAAP EPS* • Non-GAAP EPS of $0
Slide 11: Revenue by Service | Q1 2025 YoY
Revenue by Service | Q1 2025 YoY Injection Molding - Revenue CNC Machining - Revenue ($M) ($M) (7)%* 6%* $52.7 $48.7 $49.9 $52.8 Q1 2024 Q1 2025 Q1 2024 Q1 2025 3D Printing - Revenue Sheet Metal - Revenue ($M) ($M) (6)%* 19%* $21.6 $20.2 $4.2 $3.6 Q1 2024 Q1 2025 Q1 2024 Q1 2025 11 *YoY change refle
Slide 12: Financial Results | Q1 2025
Financial Results | Q1 2025 Q1 2025 Q4 2024 QoQ Change Q1 2024 YoY Change Revenue $126.2 $121.8 3.7% $127.9 (1.3)% Non-GAAP 44.8% 43.4% 140 bps 45.6% (80) bps Gross Margin* Non-GAAP 7.4% 7.6% (20) bps 9.5% (210) bps Operating Margin* Non-GAAP $0.33 $0.38 (12.0)% $0.40 (18.1)% Earnings Per Share* *No
Slide 13: Cash Flow and Balance Sheet | Q1 2025
Cash Flow and Balance Sheet | Q1 2025 $M Q1 2025 Q4 2024 Q1 2024 Operating Cash Flow $18.4 $17.3 $21.3 Capital Expenditures $1.3 $0.8 $2.6 Share Repurchases $20.9 $14.3 $16.0 Cash and Investments* $116.3 $120.9 $112.9 Debt* $0 $0 $0 13 *Balance sheet items as of the end of the period.
Slide 14: Q2 2025 Financial Outlook
Q2 2025 Financial Outlook 14
Slide 15: Outlook | Q2 2025
Outlook | Q2 2025 Q2 2025 Revenue Q2 2025 Non-GAAP* EPS Revenue $124M - $132 Non-GAAP* EPS $0.30 - $0.38 Outlook Commentary • Expect foreign currency to have an approximately $0.3M favorable impact on Q2 2025 revenue • Expect Q2 2025 Non-GAAP* effective tax rate between 25% and 27% • Expect Q2 2025
Slide 16: Thank You!
Thank You!
Slide 17: Appendix
Appendix 17
Slide 18: Q1 2025 Detailed Financial Information
Q1 2025 Detailed Financial Information 18
Slide 19: YoY GAAP to Non-GAAP P&L | Q1 2025
YoY GAAP to Non-GAAP P&L | Q1 2025 Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 126,205 — $ 126,205 $ 127,890 — $ 127,890 Cost of revenue 70,507 (802) 69,705 70,423 (801) 69,622 Gross profit $ 55,69
Slide 20: QoQ GAAP to Non-GAAP P&L | Q1 2025
QoQ GAAP to Non-GAAP P&L | Q1 2025 Three Months Ended March 31, 2025 Three Months Ended December 31, 2024 $ in thousands GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 126,205 — $ 126,205 $ 121,750 — $ 121,750 Cost of revenue 70,507 (802) 69,705 69,793 (876) 68,917 Gross profit $ 55
Slide 21: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 21
Slide 22: 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 March 31, 2025 March 31, 2024 Foreign % % Change GAAP Currency1 Non-GAAP GAAP Change2 Organic3 Revenues United
Slide 23: 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 March 31, 2025 March 31, 2024 Foreign Non- % % Change GAAP Currency1 GAAP GAAP Change2 Organic3 Revenue
Slide 24: 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 March 31, 2025 2024 Revenue $ 126,205 $ 127,890 Gross profit 55,698 57,467 GAAP gross margin 44.1% 44.9% Add back: Stock-based compensation ex
Slide 25: 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 March 31, 2025 2024 Revenue $ 126,205 $ 127,890 Income from operations 4,531 6,827 GAAP operating margin 3.6% 5.3% Add back: Stock-bas
Slide 26: 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 March 31, 2025 2024 Revenue $ 126,205 $ 127,890 GAAP net income 3,599 5,268 GAAP net income margin 2.9% 4.1% Add back: Amortization
Slide 27: 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 March 31, 2025 2024 Non-GAAP net income, adjusted for stock-based compensation expe
Slide 28: GAAP to NON-GAAP Reconciliation | Q2 2025 Outlook
GAAP to NON-GAAP Reconciliation | Q2 2025 Outlook Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) Q2 2025 Outlook Low High GAAP diluted net income per share $ 0.11 $ 0.19 Add back: Stock-based compensation expense 0.16 0.16 Amortization expense 0.03 0.03 Unrealized (gain) lo