(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: |
Not Applicable | ||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Proto Labs, Inc. | ||||||||||||||
Date: | July 31, 2025 | By: | /s/ Daniel Schumacher | |||||||||||
Daniel Schumacher | ||||||||||||||
Chief Financial Officer |
![]() | ![]() |
June 30, 2025 | December 31, 2024 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 90,382 | $ | 89,071 | |||||||
Short-term marketable securities | 12,804 | 14,019 | |||||||||
Accounts receivable, net | 78,011 | 66,504 | |||||||||
Inventory | 13,169 | 12,305 | |||||||||
Income taxes receivable | 1,155 | 2,906 | |||||||||
Prepaid expenses and other current assets | 9,985 | 10,049 | |||||||||
Total current assets | 205,506 | 194,854 | |||||||||
Property and equipment, net | 215,777 | 227,263 | |||||||||
Goodwill | 273,991 | 273,991 | |||||||||
Other intangible assets, net | 20,500 | 21,422 | |||||||||
Long-term marketable securities | 20,037 | 17,773 | |||||||||
Operating lease assets | 2,308 | 2,993 | |||||||||
Finance lease assets | 558 | 692 | |||||||||
Other long-term assets | 4,575 | 4,524 | |||||||||
Total assets | $ | 743,252 | $ | 743,512 | |||||||
Liabilities and shareholders' equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 15,583 | $ | 15,504 | |||||||
Accrued compensation | 19,435 | 16,550 | |||||||||
Accrued liabilities and other | 25,846 | 19,621 | |||||||||
Current operating lease liabilities | 984 | 1,287 | |||||||||
Current finance lease liabilities | 316 | 309 | |||||||||
Total current liabilities | 62,164 | 53,271 | |||||||||
Long-term operating lease liabilities | 1,402 | 1,633 | |||||||||
Long-term finance lease liabilities | 127 | 287 | |||||||||
Long-term deferred tax liabilities | 9,737 | 13,565 | |||||||||
Other long-term liabilities | 5,115 | 4,605 | |||||||||
Shareholders' equity | 664,707 | 670,151 | |||||||||
Total liabilities and shareholders' equity | $ | 743,252 | $ | 743,512 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Injection Molding | $ | 47,415 | $ | 49,080 | $ | 96,138 | $ | 101,743 | |||||||||||||||
CNC Machining | 61,945 | 51,239 | 114,788 | 101,171 | |||||||||||||||||||
3D Printing | 21,215 | 21,281 | 41,409 | 42,863 | |||||||||||||||||||
Sheet Metal | 4,303 | 3,922 | 8,514 | 7,475 | |||||||||||||||||||
Other Revenue | 185 | 109 | 419 | 269 | |||||||||||||||||||
Total Revenue | 135,063 | 125,631 | 261,268 | 253,521 | |||||||||||||||||||
Cost of revenue | 75,289 | 69,085 | 145,796 | 139,508 | |||||||||||||||||||
Gross profit | 59,774 | 56,546 | 115,472 | 114,013 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Marketing and sales | 24,731 | 23,291 | 48,480 | 46,451 | |||||||||||||||||||
Research and development | 11,173 | 10,661 | 21,782 | 21,828 | |||||||||||||||||||
General and administrative | 18,752 | 16,595 | 35,600 | 32,908 | |||||||||||||||||||
Costs related to exit and disposal activities | 149 | — | 110 | — | |||||||||||||||||||
Total operating expenses | 54,805 | 50,547 | 105,972 | 101,187 | |||||||||||||||||||
Income from operations | 4,969 | 5,999 | 9,500 | 12,826 | |||||||||||||||||||
Other income, net | 1,705 | 1,361 | 3,159 | 2,260 | |||||||||||||||||||
Income before income taxes | 6,674 | 7,360 | 12,659 | 15,086 | |||||||||||||||||||
Provision for income taxes | 2,247 | 2,820 | 4,633 | 5,278 | |||||||||||||||||||
Net income | $ | 4,427 | $ | 4,540 | $ | 8,026 | $ | 9,808 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.18 | $ | 0.33 | $ | 0.39 | |||||||||||||||
Diluted | $ | 0.18 | $ | 0.18 | $ | 0.33 | $ | 0.38 | |||||||||||||||
Shares used to compute net income per share: | |||||||||||||||||||||||
Basic | 23,900,390 | 25,313,036 | 24,018,119 | 25,473,937 | |||||||||||||||||||
Diluted | 24,101,592 | 25,372,972 | 24,291,246 | 25,573,344 | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 8,026 | $ | 9,808 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 17,264 | 18,075 | |||||||||
Stock-based compensation expense | 8,251 | 8,520 | |||||||||
Deferred taxes | (3,985) | (4,144) | |||||||||
Interest on finance lease obligations | 11 | 18 | |||||||||
Impairments related to exit and closure of facilities | 448 | — | |||||||||
Gain on disposal of property and equipment | — | (20) | |||||||||
Other | (82) | 64 | |||||||||
Changes in operating assets and liabilities | (970) | 3,460 | |||||||||
Net cash provided by operating activities | 28,963 | 35,781 | |||||||||
Investing activities | |||||||||||
Purchases of property, equipment and other capital assets | (2,730) | (6,784) | |||||||||
Proceeds from sales of property, equipment and other capital assets | — | 30 | |||||||||
Purchases of marketable securities | (11,052) | — | |||||||||
Proceeds from call redemptions and maturities of marketable securities | 10,230 | 10,419 | |||||||||
Net cash (used in) provided by investing activities | (3,552) | 3,665 | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock from equity plans | 2,081 | 2,094 | |||||||||
Purchases of shares withheld for tax obligations | (3,117) | (1,920) | |||||||||
Repurchases of common stock | (23,980) | (26,940) | |||||||||
Principal repayments of finance lease obligations | (153) | (146) | |||||||||
Net cash used in financing activities | (25,169) | (26,912) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,069 | (175) | |||||||||
Net increase in cash and cash equivalents | 1,311 | 12,359 | |||||||||
Cash and cash equivalents, beginning of period | 89,071 | 83,790 | |||||||||
Cash and cash equivalents, end of period | $ | 90,382 | $ | 96,149 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities | |||||||||||||||||||||||
GAAP net income | $ | 4,427 | $ | 4,540 | $ | 8,026 | $ | 9,808 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 4,259 | 4,244 | 8,251 | 8,520 | |||||||||||||||||||
Amortization expense | 927 | 921 | 1,835 | 1,908 | |||||||||||||||||||
Unrealized (gain) loss on foreign currency | (179) | (88) | (314) | 149 | |||||||||||||||||||
CEO transition costs | 1,362 | — | 1,362 | — | |||||||||||||||||||
Costs related to exit and disposal activities | 149 | — | 110 | — | |||||||||||||||||||
Total adjustments 1 | 6,518 | 5,077 | 11,244 | 10,577 | |||||||||||||||||||
Income tax benefits on adjustments 2 | (958) | (85) | (1,200) | (439) | |||||||||||||||||||
Non-GAAP net income | $ | 9,987 | $ | 9,532 | $ | 18,070 | $ | 19,946 | |||||||||||||||
Non-GAAP net income per share: | |||||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.38 | $ | 0.75 | $ | 0.78 | |||||||||||||||
Diluted | $ | 0.41 | $ | 0.38 | $ | 0.74 | $ | 0.78 | |||||||||||||||
Shares used to compute non-GAAP net income per share: | |||||||||||||||||||||||
Basic | 23,900,390 | 25,313,036 | 24,018,119 | 25,473,937 | |||||||||||||||||||
Diluted | 24,101,592 | 25,372,972 | 24,291,246 | 25,573,344 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Cost of revenue | $ | 767 | $ | 810 | $ | 1,569 | $ | 1,611 | |||||||||||||||
Marketing and sales | 808 | 819 | 1,586 | 1,652 | |||||||||||||||||||
Research and development | 735 | 667 | 1,360 | 1,359 | |||||||||||||||||||
General and administrative | 4,238 | 2,869 | 6,933 | 5,806 | |||||||||||||||||||
Costs related to exit and disposal activities | 149 | — | 110 | — | |||||||||||||||||||
Total operating expenses | 5,930 | 4,355 | 9,989 | 8,817 | |||||||||||||||||||
Other income, net | (179) | (88) | (314) | 149 | |||||||||||||||||||
Total adjustments | $ | 6,518 | $ | 5,077 | $ | 11,244 | $ | 10,577 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Revenue | $ | 135,063 | $ | 125,631 | $ | 261,268 | $ | 253,521 | |||||||||||||||
Gross profit | 59,774 | 56,546 | 115,472 | 114,013 | |||||||||||||||||||
GAAP gross margin | 44.3 | % | 45.0 | % | 44.2 | % | 45.0 | % | |||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 424 | 468 | 884 | 927 | |||||||||||||||||||
Amortization expense | 343 | 342 | 685 | 684 | |||||||||||||||||||
Total adjustments | 767 | 810 | 1,569 | 1,611 | |||||||||||||||||||
Non-GAAP gross profit | $ | 60,541 | $ | 57,356 | $ | 117,041 | $ | 115,624 | |||||||||||||||
Non-GAAP gross margin | 44.8 | % | 45.7 | % | 44.8 | % | 45.6 | % | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Revenue | $ | 135,063 | $ | 125,631 | $ | 261,268 | $ | 253,521 | |||||||||||||||
Income from operations | 4,969 | 5,999 | 9,500 | 12,826 | |||||||||||||||||||
GAAP operating margin | 3.7 | % | 4.8 | % | 3.6 | % | 5.1 | % | |||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 4,259 | 4,244 | 8,251 | 8,520 | |||||||||||||||||||
Amortization expense | 927 | 921 | 1,835 | 1,908 | |||||||||||||||||||
CEO transition costs | 1,362 | — | 1,362 | — | |||||||||||||||||||
Costs related to exit and disposal activities | 149 | — | 110 | — | |||||||||||||||||||
Total adjustments | 6,697 | 5,165 | 11,558 | 10,428 | |||||||||||||||||||
Non-GAAP income from operations | $ | 11,666 | $ | 11,164 | $ | 21,058 | $ | 23,254 | |||||||||||||||
Non-GAAP operating margin | 8.6 | % | 8.9 | % | 8.1 | % | 9.2 | % | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Revenue | $ | 135,063 | $ | 125,631 | $ | 261,268 | $ | 253,521 | |||||||||||||||
GAAP net income | 4,427 | 4,540 | 8,026 | 9,808 | |||||||||||||||||||
GAAP net income margin | 3.3 | % | 3.6 | % | 3.1 | % | 3.9 | % | |||||||||||||||
Add back: | |||||||||||||||||||||||
Amortization expense | $ | 927 | $ | 921 | $ | 1,835 | $ | 1,908 | |||||||||||||||
Depreciation expense | 7,643 | 8,051 | 15,429 | 16,167 | |||||||||||||||||||
Interest income, net | (1,143) | (1,149) | (2,251) | (2,261) | |||||||||||||||||||
Provision for income taxes | 2,247 | 2,820 | 4,633 | 5,278 | |||||||||||||||||||
EBITDA | 14,101 | 15,183 | 27,672 | 30,900 | |||||||||||||||||||
EBITDA Margin | 10.4 | % | 12.1 | % | 10.6 | % | 12.2 | % | |||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 4,259 | 4,244 | 8,251 | 8,520 | |||||||||||||||||||
Unrealized (gain) loss on foreign currency | (179) | (88) | (314) | 149 | |||||||||||||||||||
CEO transition costs | 1,362 | — | 1,362 | — | |||||||||||||||||||
Costs related to exit and disposal activities | 149 | — | 110 | — | |||||||||||||||||||
Total adjustments | 5,591 | 4,156 | 9,409 | 8,669 | |||||||||||||||||||
Adjusted EBITDA | $ | 19,692 | $ | 19,339 | $ | 37,081 | $ | 39,569 | |||||||||||||||
Adjusted EBITDA Margin | 14.6 | % | 15.4 | % | 14.2 | % | 15.6 | % | |||||||||||||||
Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
United States | $ | 110,712 | $ | — | $ | 110,712 | $ | 98,541 | 12.4 | % | 12.4 | % | |||||||||||||||||||||||
Europe | 24,351 | (1,292) | 23,059 | 27,090 | (10.1) | (14.9) | |||||||||||||||||||||||||||||
Total revenue | $ | 135,063 | $ | (1,292) | $ | 133,771 | $ | 125,631 | 7.5 | % | 6.5 | % | |||||||||||||||||||||||
Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
United States | $ | 210,979 | $ | — | $ | 210,979 | $ | 200,022 | 5.5 | % | 5.5 | % | |||||||||||||||||||||||
Europe | 50,289 | (829) | 49,460 | 53,499 | (6.0 | %) | (7.5 | %) | |||||||||||||||||||||||||||
Total revenue | $ | 261,268 | $ | (829) | $ | 260,439 | $ | 253,521 | 3.1 | % | 2.7 | % | |||||||||||||||||||||||
Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Injection Molding | $ | 47,415 | $ | (429) | $ | 46,986 | $ | 49,080 | (3.4 | %) | (4.3 | %) | |||||||||||||||||||||||
CNC Machining | 61,945 | (619) | 61,326 | 51,239 | 20.9 | 19.7 | |||||||||||||||||||||||||||||
3D Printing | 21,215 | (226) | 20,989 | 21,281 | (0.3) | (1.4) | |||||||||||||||||||||||||||||
Sheet Metal | 4,303 | (17) | 4,286 | 3,922 | 9.7 | 9.3 | |||||||||||||||||||||||||||||
Other Revenue | 185 | (1) | 184 | 109 | 69.7 | 68.8 | |||||||||||||||||||||||||||||
Total revenue | $ | 135,063 | $ | (1,292) | $ | 133,771 | $ | 125,631 | 7.5 | % | 6.5 | % | |||||||||||||||||||||||
Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change2 | % Change Organic3 | ||||||||||||||||||||||||||||||||
GAAP | Foreign Currency1 | Non-GAAP | GAAP | ||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Injection Molding | $ | 96,138 | $ | (348) | $ | 95,790 | $ | 101,743 | (5.5 | %) | (5.9 | %) | |||||||||||||||||||||||
CNC Machining | 114,788 | (314) | 114,474 | 101,171 | 13.5 | 13.1 | |||||||||||||||||||||||||||||
3D Printing | 41,409 | (162) | 41,247 | 42,863 | (3.4) | (3.8) | |||||||||||||||||||||||||||||
Sheet Metal | 8,514 | (7) | 8,507 | 7,475 | 13.9 | 13.8 | |||||||||||||||||||||||||||||
Other Revenue | 419 | 2 | 421 | 269 | 55.8 | 56.5 | |||||||||||||||||||||||||||||
Total revenue | $ | 261,268 | $ | (829) | $ | 260,439 | $ | 253,521 | 3.1 | % | 2.7 | % | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Revenue | $ | 135,063 | $ | 125,631 | $ | 261,268 | $ | 253,521 | |||||||||||||||
Customer contacts | 21,775 | 22,456 | 33,136 | 34,338 | |||||||||||||||||||
Revenue per customer contact1 | $ | 6,203 | $ | 5,595 | $ | 7,885 | $ | 7,383 | |||||||||||||||
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) loss on foreign currency | 0.00 | 0.00 | |||||||||
Total adjustments | 0.18 | 0.18 | |||||||||
Non-GAAP diluted net income per share | $ | 0.35 | $ | 0.43 | |||||||
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Cover |
Jul. 31, 2025 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 31, 2025 |
Entity Registrant Name | Proto Labs, Inc. |
Entity Incorporation, State or Country Code | MN |
Entity File Number | 001-35435 |
Entity Tax Identification Number | 41-1939628 |
Entity Address, Address Line One | 5540 Pioneer Creek Drive |
Entity Address, City or Town | Maple Plain |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55359 |
City Area Code | (763) |
Local Phone Number | 479-3680 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, Par Value $0.001 Per Share |
Trading Symbol | PRLB |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001443669 |
Amendment Flag | false |
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