<Page>
                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 FORM 10-QSB/A
                                AMENDMENT NO. 1

(MARK ONE)

<Table>
<C>        <S>
   /X/     QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
           EXCHANGE ACT OF 1934
</Table>

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

                                       OR

<Table>
<C>        <S>
   / /     TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE
           ACT
</Table>

        FOR THE TRANSITION PERIOD FROM ______________ TO ______________

                        Commission file number 0-288-42

                                 PLANETCAD INC.
             (Exact name of registrant as specified in its charter)

<Table>
<S>                                                    <C>
                      DELAWARE                                              84-1035353
           (State or other jurisdiction of                               (I.R.S. Employer
           incorporation or organization)                               Identification No.)
</Table>

              2520 55TH STREET, SUITE 200, BOULDER, COLORADO 80301
              (Address of principal executive offices) (Zip Code)

                                 (303) 209-9100
                (Issuer's telephone number, including area code)

                                      N/A
   (Former name, former address and former fiscal year, if changed since last
                                    report)

    Check whether the issuer: (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes /X/  No / /

    As of July 31, 2002, there were outstanding 12,462,858 shares of the
Registrant's Common Stock (par value $0.01 per share).

    Transitional Small Business Disclosure Format (check
one): Yes / /  No /X/
<Page>
                         PLANETCAD INC. AND SUBISIDIARY
                                     INDEX

<Table>
<Caption>
                                                                          PAGE
                                                                        --------
<S>       <C>                                                           <C>
PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

          Unaudited Condensed Consolidated Balance Sheets,
          December 31, 2001 and March 31, 2002........................      3

          Unaudited Condensed Consolidated Statements of Operations,
          three months ended March 31, 2002 and 2001..................      4

          Unaudited Condensed Consolidated Statements of Cash Flows,
          three months ended March 31, 2002 and 2001..................      5

          Notes to Unaudited Condensed Consolidated Financial
          Statements..................................................      6

Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations...................................     11

PART II.  OTHER INFORMATION...........................................     15

Signatures............................................................     16
</Table>

                                       2
<Page>
                         PART I. FINANCIAL INFORMATION

ITEM 1--FINANCIAL STATEMENTS

                         PLANETCAD INC. AND SUBSIDIARY

                UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

                      (IN THOUSANDS, EXCEPT SHARE AMOUNTS)

<Table>
<Caption>
                                                              MARCH 31,    DECEMBER 31,
                                                                 2002          2001
                                                              ----------   -------------
<S>                                                           <C>          <C>
                                 ASSETS
Current Assets:
  Cash and cash equivalents.................................   $  4,259      $  5,411
  Accounts receivable, net of allowance of $254 and $203 in
    2002 and 2001, respectively.............................        495           664
  Prepaid expenses and other................................        146           154
                                                               --------      --------
    Total current assets....................................      4,900         6,229
Equipment, net..............................................        720           866
Purchased computer software and other intangibles, net......        631           691
Other assets................................................        144           146
                                                               --------      --------
                                                               $  6,395      $  7,932
                                                               ========      ========
            LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
  Accounts payable..........................................   $    305      $    326
  Accrued expenses..........................................        780           964
  Deferred revenue..........................................        702           585
                                                               --------      --------
    Total current liabilities...............................      1,787         1,875
                                                               --------      --------
Stockholders' Equity:
  Common stock, $.01 par value; 22,500,000 shares
    authorized; 12,443,545 and 12,427,626 shares issued and
    outstanding in 2002 and 2001, respectively..............        124           124
  Additional paid-in capital................................     36,067        36,064
  Accumulated deficit.......................................    (31,583)      (30,131)
                                                               --------      --------
    Total stockholders' equity..............................      4,608         6,057
                                                               --------      --------
                                                               $  6,395      $  7,932
                                                               ========      ========
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

                                       3
<Page>
                         PLANETCAD INC. AND SUBSIDIARY

           UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<Table>
<Caption>
                                                                 THREE MONTHS
                                                                     ENDED
                                                                   MARCH 31,
                                                              -------------------
                                                                2002       2001
                                                              --------   --------
<S>                                                           <C>        <C>
Revenue:
  License fees..............................................  $    40    $   123
  Services..................................................      270        214
                                                              -------    -------
    Total revenue...........................................      310        337
                                                              -------    -------
Cost of revenue:
  License fees..............................................       10        176
  Services..................................................      142        273
                                                              -------    -------
    Total cost of revenue...................................      152        449
                                                              -------    -------
Gross profit (loss).........................................      158       (112)
                                                              -------    -------
Operating expenses:
  Sales and marketing.......................................      328        545
  Research and development..................................      482      1,410
  General and administrative................................      823      1,128
                                                              -------    -------
    Total operating expenses................................    1,633      3,083
                                                              -------    -------
    Loss from operations....................................   (1,475)    (3,195)
                                                              -------    -------
Interest income.............................................       23        241
                                                              -------    -------
    Loss from continuing operations.........................   (1,452)    (2,954)
Income from discontinued operations, net of tax.............       --        447
                                                              -------    -------
    Net loss................................................  $(1,452)   $(2,507)
                                                              =======    =======
Earnings (loss) per common share, basic and diluted:
  Continuing operations.....................................  $ (0.12)   $ (0.24)
  Discontinued operations...................................  $    --    $  0.04
                                                              -------    -------
    Net loss per share......................................  $ (0.12)   $ (0.20)
                                                              =======    =======
Weighted average shares outstanding, basic and diluted......   12,436     12,406
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

                                       4
<Page>
                         PLANETCAD INC. AND SUBSIDIARY

           UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                 (IN THOUSANDS)

<Table>
<Caption>
                                                              THREE MONTHS ENDED
                                                                   MARCH 31,
                                                              -------------------
                                                                2002       2001
                                                              --------   --------
<S>                                                           <C>        <C>
Cash flows from operating activities:
  Net loss..................................................  $(1,452)   $(2,507)
  Adjustments to reconcile net loss to net cash used by
    operating activities:
    Depreciation and amortization...........................      238        239
    Bad debt reserve........................................       51         93
    Loss on disposal of equipment...........................        6         --
    Changes in operating assets and liabilities, excluding
      effects of business combinations:
      Accounts receivable...................................      118        386
      Prepaid expenses and other............................       10        341
      Accounts payable......................................      (21)    (1,458)
      Accrued expenses......................................     (184)    (1,309)
      Deferred revenue......................................      117         60
                                                              -------    -------
        Net cash used by operating activities...............   (1,117)    (4,155)
                                                              -------    -------
Cash flows from investing activities:
  Additions to equipment....................................       --        (93)
  Additions to purchased computer software..................      (38)      (105)
                                                              -------    -------
        Net cash used by investing activities...............      (38)      (198)
                                                              -------    -------
Cash flows from financing activities:
  Proceeds from issuance of common stock, net...............        3          6
                                                              -------    -------
        Net cash provided by financing activities...........        3          6
                                                              -------    -------
        Net decrease in cash and cash equivalents...........   (1,152)    (4,347)
Cash and cash equivalents at beginning of period............    5,411     18,310
                                                              -------    -------
Cash and cash equivalents at end of period..................  $ 4,259    $13,963
                                                              =======    =======
  Cash paid for income taxes................................  $    --    $    70
                                                              =======    =======
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

                                       5
<Page>
                         PLANETCAD INC. AND SUBUSIDIARY

         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2002

A.  FINANCIAL STATEMENT PRESENTATION

    The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and with the instructions to
Form 10-QSB and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and disclosures required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments (consisting only of normal recurring accruals) considered necessary
for a fair presentation have been included. Operating results for the
three-month period ended March 31, 2002, are not necessarily indicative of the
results that may be expected for the year ending December 31, 2002. The
unaudited condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's Annual Report on Form 10-KSB for the year ended
December 31, 2001.

    In November 2000, the Company's stockholders approved plans to sell the
assets of its component software business to Dassault Systemes Corp. or its
assignee in a cash transaction for $25.0 million, subject to certain price
adjustments. The Company consummated the sale to Dassault on November 14, 2000.
The results of operations of the component software business have been
reclassified as discontinued operations.

B.  EARNINGS (LOSS) PER SHARE

    Basic earnings (loss) per share is computed using the weighted average
number of common shares outstanding during the period. Diluted earnings per
share is computed based on the weighted average number of common shares
outstanding plus the dilutive effect of potential securities. For the three-
month periods ended March 31, 2002 and 2001, diluted loss per share is the same
as basic loss per share, as the effect of potential dilutive securities,
consisting of common stock options, is antidilutive. For the three-month periods
ended March 31, 2002 and 2001, the number of potential dilutive securities
excluded from the computation of the diluted weighted average number of common
shares outstanding was 482,172 and 230,239, respectively, consisting primarily
of common stock options.

                                       6
<Page>
                         PLANETCAD INC. AND SUBUSIDIARY

   NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2002

    The following is a reconciliation of the numerators and denominators of the
basic and diluted earnings per share computations (in thousands, except per
share items):

<Table>
<Caption>
                                                               THREE MONTHS
                                                                   ENDED
                                                                 MARCH 31,
                                                            -------------------
                                                              2002       2001
                                                            --------   --------
                                                              (IN THOUSANDS)
<S>                                                         <C>        <C>
Numerator:
  Loss from continuing operations.........................  $(1,452)   $(2,954)
                                                            =======    =======
  Income from discontinued operations.....................       --        447
                                                            =======    =======
    Net loss..............................................  $(1,452)   $(2,507)
                                                            =======    =======
Denominator:
Historical common shares outstanding for basic and diluted
  loss per share at the beginning of the three month
  period..................................................   12,428     12,402
Weighted average number of common equivalent shares issued
  during the three month period...........................        8          4
                                                            -------    -------
Denominator for basic and diluted loss per share weighted
  average shares..........................................   12,436     12,406
Basic and diluted earnings (loss) per share:
  Continuing operations...................................  $ (0.12)   $ (0.24)
  Discontinued operations.................................       --       0.04
                                                            -------    -------
Net loss..................................................  $ (0.12)   $ (0.20)
                                                            =======    =======
</Table>

C.  ACCOUNTING PRONOUNCEMENTS

    In June 2001, the Financial Accounting Standards Board ("FASB") issued SFAS
141, "Business Combinations," and SFAS 142, "Goodwill and Other Intangible
Assets." Under these new standards all business combinations initiated after
June 30, 2001 must use the purchase method of accounting. Intangible assets
acquired in a business combination must be recorded separately from goodwill if
they arise from contractual or other legal rights or are separable from the
acquired entity and can be sold, transferred, licensed, rented or exchanged,
either individually or as part of a related contract, asset or liability.
Goodwill and intangible assets with indefinite lives are not amortized but are
tested for impairment annually, except in certain circumstances, and whenever
there is an impairment indicator and all acquired goodwill must be assigned to
reporting units for purposes of impairment testing and segment reporting. The
adoption of these pronouncements did not have any impact on the financial
statements for the three-month period ended March 31, 2002.

    In August 2001, the FASB issued SFAS 143, "Accounting for Asset Retirement
Obligations." SFAS 143 requires entities to record the then fair value of a
liability for legal obligations associated with the retirement obligations of
tangible long-lived assets in the period in which it is incurred and the
corresponding cost capitalized by increasing the carrying amount of the related
asset. The liability will continue to be accreted to the fair value at the time
of settlement over the useful life of the asset with the capitalized cost being
depreciated over the useful life of the related asset. If the liability is
settled

                                       7
<Page>
                         PLANETCAD INC. AND SUBUSIDIARY

   NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2002

for an amount other than the recorded amount, a gain or loss is recognized. The
adoption of this pronouncement is not expected to have any impact on the
financial statements.

    In October 2001, the FASB issued SFAS 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets." SFAS 144 supersedes SFAS 121, "Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of," and replaces the accounting and reporting provisions for segments of a
business to be disposed of under Accounting Principles Board ("APB") Opinion No.
30, "Reporting Results of Operations--Reporting the Effects of Disposal of a
Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions." SFAS 144 maintains the requirement that an impairment
loss be recognized for a long-lived asset to be held and used if its carrying
value is not expected to be recoverable from its undiscounted cash flows. SFAS
144 requires that long-lived assets to be disposed of, other than by sales, be
considered held and used until actually disposed of and requires that
depreciable lives be revised in accordance with APB Opinion No. 20, "Accounting
Changes." SFAS 144 also requires that long-lived assets to be disposed of by
sale be measured at the lower of carrying amount or fair value less selling
costs, but retains the requirement to report discontinued operations separately
from continuing operations and extends that reporting to a component of an
entity that has either been disposed of or is classified as held for sale. The
adoption of this pronouncement did not have any impact on the financial
statements for the three-month period ended March 31, 2002.

D.  ACQUISITION

    In July 2000, the Company acquired certain assets and liabilities of
Prescient Technologies, Inc. ("Prescient") for total consideration of
approximately $1.3 million, including $100,000 cash and 300,000 shares of the
Company's common stock. The acquisition was accounted for using the purchase
method and, accordingly, results of operations of Prescient have been included
in the Company's financial statements from the date of acquisition. The purchase
price was allocated to the assets and liabilities acquired based on their
estimated fair values including $298,000 of accounts receivable, $209,000 in
furniture and equipment, $174,000 in other assets, and the assumption of
$493,000 in liabilities. In addition, the Company allocated $773,000 of the
purchase price to software costs and other intangible assets and $332,000 of
in-process research and development projects. The software costs and other
intangible assets will be amortized over 3 years. The Company charged the
in-process research and development to operations as of the date of acquisition
as such technology had not reached technological feasibility and had no probable
alternative future use by the Company.

E.  DISCONTINUED OPERATIONS

    Historically, the Company had two operating divisions, the PlanetCAD
division and the component software division. The component software division,
which the Company sold to Dassault on November 14, 2000, develops, markets and
supports 3D component software products for the Company's traditional OEM
software market segment and for the Company's PlanetCAD division. The PlanetCAD
division develops, markets, sells and supports enterprise wide solutions and
products directly to end-users. With the acquisition of Prescient, the Company's
PlanetCAD division expanded its product and service offerings with the addition
of data analysis products and services. As the Company has consummated the sale
of the component software division to Dassault, the results of operations of the
Company's component software division have been presented as discontinued
operations in the Company's financial statements. The transaction resulted in a
gain of approximately

                                       8
<Page>
                         PLANETCAD INC. AND SUBUSIDIARY

   NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2002

$17.4 million, net of tax. Included in this amount is management's estimate of
the amount of expected future losses during the phase-out period.

    During the three-month period ended March 31, 2001, accruals for
personnel-related expenses that had been recorded as part of the accounting for
discontinued operations during the year ended December 31, 2000 were determined
to be in excess of amounts required and were reversed, resulting in a gain on
discontinued operations during the period. Summary unaudited operating results
of the discontinued operation were as follows:

<Table>
<Caption>
                                                              THREE MONTHS
                                                                 ENDED
                                                               MARCH 31,
                                                                  2001
                                                              ------------
<S>                                                           <C>
Revenue.....................................................     $  --
Cost of revenue.............................................        --
                                                                 -----
Gross profit................................................        --
Operating expenses..........................................      (456)
                                                                 -----
  Operating income from discontinued operations.............       456
Other income (expense)......................................        --
                                                                 -----
  Income (loss) from discontinued operations before income
    taxes...................................................       456
Income tax expense..........................................        (9)
                                                                 -----
  Income (loss) from discontinued operations................     $ 447
                                                                 =====
</Table>

F.  RESTRUCTURING COSTS

    During the third quarter of 2001, the Company implemented a restructuring
plan to reduce operating expenses. At December 31, 2001, the Company had
$155,000 in accrued restructuring expense. During the three month period ended
March 31, 2002, the Company paid $8,000 for office closure costs related to the
restructuring. The Company expects to pay the remaining $147,000 over the next
four years.

G.  SUBSEQUENT EVENT

    On May 1, 2002, the Company announced the signing of a definitive merger
agreement with Avatech Solutions, Inc. of Baltimore, Md. The Company will issue
registered shares of its common stock in exchange for all the outstanding common
stock of Avatech Solutions, Inc. Following the completion of the merger
transaction, the Company's existing stockholders, who will not receive any
additional shares of common stock in the merger, will own, in the aggregate, 25%
of the Company's then outstanding shares of common stock, and Avatech
Solutions, Inc.'s stockholders will own, in the aggregate, 75% of the Company's
then outstanding shares of common stock. The Company intends to complete the
merger transaction during the third quarter of 2002. This merger is subject to
the approval of the stockholders of the Company and Avatech Solutions, Inc.

                                       9
<Page>
                         PLANETCAD INC. AND SUBUSIDIARY

   NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2002

H. INTANGIBLE ASSETS

    Intangible assets as of March 31, 2002 and December 31, 2001, consisting
solely of purchased software, were as follows:

<Table>
<Caption>
                                                 MARCH 31, 2002    DECEMBER 31, 2001
                                                 ---------------   ------------------
                                                 (IN THOUSANDS)      (IN THOUSANDS)
<S>                                              <C>               <C>
Gross capitalized software.....................       $1,265             $1,227
Accumulated amortization.......................         (634)              (536)
                                                      ------             ------
Net capitalized software.......................       $  631             $  691
                                                      ======             ======
</Table>

    Amortization expense related to intangible assets totaled $99,000 and
$105,000 for the three-months ended March 31, 2002 and 2001, respectively. The
estimated aggregate future amortization expense for intangible assets remaining
as of March 31, 2002 is as follows:

<Table>
<S>                                                           <C>
Remainder of 2002...........................................  $311
2003........................................................   320
                                                              ----
Total.......................................................  $631
                                                              ====
</Table>

                                       10
<Page>
ITEM 2--MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
  OF OPERATIONS

    This Quarterly Report on Form 10-QSB contains a number of forward-looking
statements (as such term is defined in the Private Securities Litigation Reform
Act of 1995) that reflect our current views with respect to future events and
financial performance. We use words such as "estimates," "projects," "believes,"
"anticipates," "intends," "expects," "future," and similar expressions to
identify forward-looking statements. Such statements are based on currently
available information and are subject to risks and uncertainties that could
cause actual results to differ materially from those contemplated in such
forward-looking statements. You are cautioned not to place reliance on these
forward-looking statements, which speak only as of the date of this
Form 10-QSB. We do not undertake any obligation to release publicly any
revisions to these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.

    In November 2000, the Company's shareholders approved plans to sell the
assets of its component software business to Dassault Systemes Corp. or its
assignee in a cash transaction for $25.0 million, which sale was consummated on
November 14, 2000. In addition, certain cross licensing agreements for component
and Internet technologies were executed as part of the transaction. As a result,
the results of operations of the Company's component software segment have been
reflected as discontinued operations.

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH 31,
  2001

    REVENUE.  Our revenue consists of software license revenue and service
revenue. Software license revenue consists of sales of software licenses which
are recognized in accordance with the American Institute of Certified Public
Accountants' Statement of Position SOP 97-2 ("SOP 97-2"), "Software Revenue
Recognition," as modified by SOP 98-9. Under SOP 97-2, software license revenue
is recognized upon execution of a contract and delivery of software, provided
that the license fee is fixed and determinable, no significant production,
modification or customization of the software is required and collection is
considered probable by management. Service revenue is primarily derived from
customer maintenance agreements generally entered into in connection with the
initial license sale and subsequent renewals and fees for implementation,
consulting and training services. Maintenance revenue is recognized ratably over
the term of the maintenance period and service revenue is recognized as the
services are performed. Payments for maintenance fees are generally collected in
advance of performance.

    For the three-month period ended March 31, 2002, total revenue decreased 8%
to $310,000 as compared to $337,000 for the comparable three-month period in
2001. License fees and royalties decreased 68% to $40,000 in the three-month
period ended March 31, 2002, as compared to $123,000 reported for the comparable
prior year period. Service revenue increased 26% to $270,000 for the three-month
period ended March 31 2002, as compared to $214,000 reported for the comparable
period in 2001. The decrease in license fees is primarily due to turnover in our
sales organization and decreased demand from our existing customers. The
increase in service revenue is a result of existing customers reinstating their
maintenance contracts after the release of product upgrades during the second
half of 2001.

    COST OF REVENUE.  Cost of license fees consists primarily of royalty fees
associated with third-party software included with our software and the cost of
reproduction and delivery of the software. For the three-month period ended
March 31, 2002, cost of license fees decreased 94% to $10,000 from $176,000
reported in the comparable prior year period. The decrease in costs results from
the termination of a royalty agreement with minimum royalty payments, as well as
decreased royalties resulting from decreased sales of products containing
third-party software.

                                       11
<Page>
    Cost of services consists primarily of costs associated with providing
software maintenance to customers such as telephone support and packaging and
shipping costs related to new releases, as well as costs associated with the
implementation, consulting and training services. For the three-month period
ended March 31, 2002, cost of services decreased 48% to $142,000 from $273,000
reported in the comparable prior year period. The decrease in costs is due to
decreased headcount and their related costs.

    OPERATING EXPENSES.  For the three-month period ended March 31, 2002, total
operating expenses decreased 47% to $1.6 million from $3.1 million reported in
the comparable prior year period. The decreased operating expenses were due to
decreased staffing and their associated costs. As a percent of total revenue,
total operating expenses decreased to 526% for the three months ended March 31,
2002, as compared to 915% for the comparable period in 2001.

    SALES AND MARKETING EXPENSES.  Sales and marketing expenses consist
primarily of personnel costs, commissions, travel, office facilities,
promotional events such as trade shows, seminars and technical conferences,
advertising and public relations programs. For the three-month period ended
March 31, 2002, sales and marketing expenses decreased 40% to $328,000 from
$545,000 reported for the three-month period ended March 31, 2001. Decreased
sales and marketing expense in 2002 as compared to 2001 is due to decreased
headcount and the resulting decrease in personnel costs, as well as decreased
spending on consultants and travel. For the three-month period ended March 31,
2002, sales and marketing expense decreased as a percent of total revenue to
106% versus 162% for the comparable prior year period.

    RESEARCH AND DEVELOPMENT EXPENSES.  Research and development expenses
consist primarily of personnel costs, third party consultant costs, and
depreciation of development related assets. For the three-month period ended
March 31, 2002, research and development expense decreased 66% to $482,000 from
$1.4 million reported in the comparable period in the prior year. Decreased
research and development expense was due to decreased staffing and the resulting
decrease in personnel costs, as well as decreased consulting expenses. As a
percent of total revenue, research and development expense decreased to 156% for
the three-month period ended March 31, 2002 from 419% for the comparable prior
year period.

    GENERAL AND ADMINISTRATIVE EXPENSES.  General and administrative expenses
include the personnel and other costs of our finance, accounting, human
resources, information systems and executive departments, as well as corporate
facilities expenses. General and administrative expenses decreased 27% to
$823,000 for the three-month period ended March 31, 2002 from $1.1 million for
the same period in 2001. The decrease in general and administrative expenses is
due to decreased staffing and related personnel costs, decreased facilities
costs resulting from the closure of field offices and reduced consulting and
professional fees. As a percent of total revenue, general and administrative
expenses decreased to 265% for the three-month period ended March 31, 2002, from
335% for the comparable prior year period.

FLUCTUATIONS IN QUARTERLY RESULTS

    The Company has experienced in the past and expects to continue to
experience in the future significant fluctuations in quarterly operating results
due to a number of factors that are difficult to forecast, including, among
others, the volume of orders received within a quarter, demand for the Company's
products, the product mix purchased by the Company's customers, competing
capital budget considerations of the Company's customers, introduction and
enhancement of products by the Company and its competitors, market acceptance of
new products, reviews in the industry press concerning the products of the
Company and its competitors, changes or anticipated changes in pricing by the
Company and its competitors and general economic conditions. Due to the
foregoing factors, it

                                       12
<Page>
is possible that the Company's operating results for some future quarters may
fall below the expectations of securities analysts and investors.

LIQUIDITY AND CAPITAL RESOURCES

    As of March 31, 2002, the Company had $4.3 million in cash and cash
equivalents. Cash and cash equivalents decreased $1.2 million for the three
months ended March 31, 2002. The decrease in cash is primarily due to the net
loss of $1.5 million and payment of accounts payable and accrued expenses of
$205,000. These amounts were offset by cash inflows from a net decrease in
accounts receivable of $119,000 and non-cash expenses of depreciation and
amortization of $238,000.

    Other than disclosed below, we have no other contractual cash obligations or
other commercial commitments. As a result, certain tabular disclosures regarding
other contractual cash obligations such as long-term debt, capital lease
obligations, unconditional purchase obligations and commercial commitments have
been omitted.

<Table>
<Caption>
                                                                    PAYMENTS DUE BY PERIOD
                                                                        (IN THOUSANDS)
                                                    -------------------------------------------------------
                                                               LESS THAN                           AFTER 5
CONTRACTUAL CASH OBLIGATIONS                         TOTAL      1 YEAR     2-3 YEARS   4-5 YEARS    YEARS
----------------------------                        --------   ---------   ---------   ---------   --------
<S>                                                 <C>        <C>         <C>         <C>         <C>
Operating Lease Obligations.......................   $2,210      $462       $1,428       $320        $ --
Other Long-Term Obligations.......................   $   --      $ --       $   --       $ --        $ --
                                                     ------      ----       ------       ----        ----
  Total Contractual Cash Obligations..............   $2,210      $462       $1,428       $320        $ --
                                                     ======      ====       ======       ====        ====
</Table>

CRITICAL ACCOUNTING POLICIES

    Our unaudited consolidated financial statements are impacted by the
accounting policies used and the estimates and the assumptions made by
management during their preparation. Critical account policies and estimates
that most impact our unaudited consolidated financial statements are those that
relate to our revenue recognition, intangibles, investments and equipment and
leasehold improvements. A summary of our significant accounting policies can be
found in the Company's 2001 annual report on Form 10-KSB. Presented below is a
description of the accounting policies we deem critical to understanding our
unaudited consolidated financial statements.

    REVENUE RECOGNITION:  We earn revenue primarily from license fees,
maintenance fees and professional services sold through direct sales. Our
license arrangements do not provide for a right of return. Maintenance fees
include training and consulting that is not rendered essential to the
functionality of the software. We also offer different levels of maintenance and
support arrangements, which provide the customer the right to receive error and
bug fix releases and version releases of the product made available during the
license term.

    We recognize revenue in accordance with SOP 97-2, and generally recognize
revenue when all of the following criteria are met as set forth in paragraph 8
of SOP 97-2: (1) persuasive evidence of an arrangement exist; (2) delivery has
occurred; (3) the fee is fixed and determinable; and (4) collectibility is
probable. We define each of these four criteria above as follows:

    - Persuasive evidence of an arrangement exists. It is our customary practice
      to have a written contract, which is signed by both the customer and the
      company, or in situations where a contract is not required a customer
      purchase order has been received.

    - Delivery has occurred. Our software may be either physically or
      electronically delivered to the customer. Delivery is deemed to have
      occurred upon the earlier of notification by the customer of acceptance or
      delivery of the software key. If undeliverable products or services exist
      in an

                                       13
<Page>
      arrangement that are essential to the functionality of the delivered
      product, delivery is not considered to have occurred until these products
      or services are delivered.

    - The fee is fixed and determinable. Our customers generally pay a per seat
      fee for our products. Fees are generally due within 30 days of product
      delivery. Fees payable to the company pursuant to payment schedules that
      extend beyond our customary payment terms are deemed not fixed or
      determinable, and the revenue from such arrangements is recognized as
      payments become due.

    - Collectibility is probable. Collectibility is assessed on a
      customer-by-customer basis. We typically sell to customers with high
      credit ratings and solid payment practices. New customers are subjected to
      a credit review process in which we evaluate the customers' financial
      positions and ultimately their ability to pay. If it is determined form
      the outset of an arrangement that collectibility is not probable based
      upon our credit review process, revenue is recognized as cash payments are
      received.

    We allocate revenue on software arrangements involving multiple elements to
each element based on the relative fair value of each element. Our determination
of fair value of each element in multiple element arrangements is based on
vendor-specific objective evidence ("VSOE"). We limit our assessment of VSOE to
the price charged when the same element is sold separately. We have analyzed all
the elements included in our multiple element arrangements and determined that
we have sufficient VSOE to allocate revenue to maintenance and support services
and professional service of our license arrangements. We sell our professional
service separately, and have established VSOE on this basis. VSOE for
maintenance and support services is based on the customer's annual renewal rates
for these elements. Accordingly, assuming all other revenue recognition criteria
are met, revenue from license is recognized on delivery using the residual
method in accordance with SOP 98-9, and revenue from maintenance and support
services is recognized ratably over the respective term.

    Our professional services generally are not essential to the functionality
of the software. Our software products are fully functional upon delivery and
implementation and do not require any significant modification or alteration.
Customers purchase these professional services to facilitate the adoption of our
technology and dedicate personnel to participate in the services being
performed, but they may also decide to use their own resources or appoint other
professional service organizations to provide these services. Software products
are typically billed separately and independently from professional services,
which are generally billed either on a time-and-materials or a
milestone-achieved basis. We generally recognize revenue from professional
services as the services are performed.

    Accounts receivable is recorded net of allowance for doubtful accounts,
totaling $254,000 and $203,000 as of March 31, 2002 and December 31, 2001,
respectively. We regularly review the adequacy of our accounts receivable
allowance, considering the size of the accounts receivable aging, the ages of
each invoice, each customer's expected ability to pay and our collection history
with each customer. We review any invoice greater than 90 days past due to
determine if an allowance is appropriate based on the risk category using the
factors discussed above. The allowance for doubtful accounts represents our best
estimate, but changes in circumstances relating to accounts receivable may
result in additional allowances or recoveries in the near future.

    INTANGIBLES:  We review long-lived assets, including intangible assets for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Recoverability of assets to
be held and used is measured by a comparison of the carrying amount of an asset
to the undiscounted future cash flows expected to be generated from the
operation of that asset. If the assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying
amount of the assets exceeds the fair value of the assets. An asset's fair value
will be determined by future discounted net cash flows expected to be generated
by the asset. Assets to be disposed of are reported at the lower of the carrying
amount or fair value, less costs to sell. As discussed above in "Recent
Accounting Pronouncements" we adopted FAS No. 141 "Business Combinations" and
FAS 142 "Goodwill and Other Intangibles" as of January 1, 2002.

                                       14
<Page>
PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:

    a)  Exhibits

<Table>
<Caption>
             EXHIBIT
              NUMBER                            DESCRIPTION
             --------   ------------------------------------------------------------
<S>          <C>        <C>
             10.1*^     Separation and Release Agreement between the Registrant and
                        Jim Bracking effective as of January 25, 2002.
             10.2**     Rights Agreement between the Registrant and Wells Fargo Bank
                        Minnesota, N.A., as Rights Agent, dated as of March 11,
                        2002.
</Table>

------------------------

           *   Incorporated by reference to the Registrant's Annual Report on
               Form 10-KSB, Amendment No. 2, filed on July 17, 2002

           **  Incorporated by reference to the Registrant's Registration
               Statement on Form 8-K filed on March 11, 2002

           ^  Denotes management contract or compensatory plan or arrangement

    b)  Reports on Form 8-K filed during the first quarter of 2002 and through
        filing of this Form 10-QSB:

           Form 8-K, dated January 25, 2002, providing notice of the resignation
           of Jimmy Bracking, the Company's CEO, and the appointment of David
           Hushbeck as the President and CEO of the Company.

           Form 8-K, dated March 11, 2002, providing notice of the adoption of a
           Shareholder Rights Plan by the Company's Board of Directors.

           Form 8-K, dated May 2, 2002, providing notice of the merger agreement
           between the Company and Avatech Solutions, Inc.

                                       15
<Page>
                                   SIGNATURES

    In accordance with the requirements of the Securities Exchange Act of 1934,
the issuer has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

<Table>
<S>                                                    <C>    <C>
                                                       PLANETCAD INC.

Date: August 21, 2002                                  By:    /s/ DAVID HUSHBECK
                                                              --------------------------------------
                                                       Name:  David Hushbeck
                                                       Title: President, Chief Executive Officer and
                                                              Director

Date: August 21, 2002                                  By:    /s/ JOY GODESIABOIS
                                                              --------------------------------------
                                                       Name:  Joy Godesiabois
                                                       Title: Chief Financial Officer (Principal
                                                              Accounting and Financial Officer)
</Table>

                                       16
<Page>
                                 EXHIBIT INDEX

<Table>
<Caption>
       EXHIBIT
       NUMBER                                   DESCRIPTION
---------------------   ------------------------------------------------------------
<S>                     <C>
10.1*^                  Separation and Release Agreement between the Registrant and
                        Jim Bracking effective as of January 25, 2002.

10.2**                  Rights Agreement between the Registrant and Wells Fargo Bank
                        Minnesota, N.A., as Rights Agent, dated as of March 11,
                        2002.
</Table>

------------------------

*   Incorporated by reference to the Registrant's Annual Report on Form 10-KSB,
    Amendment No. 2 filed on July 17, 2002

**  Incorporated by reference to the Registrant's Registration Statement on Form
    8-K filed on March 11, 2002

^  Denotes management contract or compensatory plan or arrangement

                                       17