<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

 [X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
                                    of 1934


                  For the quarterly period ended March 31, 2001

                                       OR

 [ ]      Transition report under Section 13 or 15(d) of the Exchange Act


                 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 incorporation or organization)           (I.R.S. Employer Identification No.)

        2520 55TH STREET, SUITE 200, BOULDER, COLORADO                                  80301
           (address of principal executive offices)                                   (Zip Code)
</TABLE>

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

                       (Issuer's Former Name and Address)


     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         No     X
              -----        -----

     As of April 12, 2001, there were outstanding 12,409,480 shares of the
Registrant's Common Stock (par value $0.01 per share).

        Transitional Small Business Disclosure Format (check one):
Yes          No     X
     ------       -----

<PAGE>   2

                                 PLANETCAD INC.


                                      INDEX


<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----

<S>                                                                                                   <C>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         Unaudited Condensed Consolidated Balance Sheets, December 31, 2000
              and March 31,2001......................................................................    1

         Unaudited  Condensed Consolidated Statements of Operations, three months
              ended March 31, 2000 and 2001..........................................................    2

         Unaudited  Condensed Consolidated Statements of Cash Flows, three
              months ended March 31, 2000 and 2001...................................................    3

         Notes to Unaudited Condensed Consolidated Financial Statements..............................    4

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations.......    6

PART II.  OTHER INFORMATION..........................................................................    8

Item b.  Exhibits and Reports on Form 8-K............................................................    8

Signatures...........................................................................................    9
</TABLE>


<PAGE>   3

                          PART I. FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS


                                 PLANETCAD INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (In thousands)


<TABLE>
<CAPTION>
                                     ASSETS
                                                                                      December 31,  March 31,
                                                                                          2000        2001
                                                                                      ------------  ---------
                                                                                                   (Unaudited)
<S>                                                                                   <C>           <C>
Current Assets:
     Cash and cash equivalents ......................................................   $ 18,310    $ 13,816
     Accounts receivable, net of allowance of $400 and $493 in 2000 and
         2001, respectively .........................................................      1,276         898
     Prepaid expenses and other .....................................................        672         662
                                                                                        --------    --------
         Total current assets .......................................................     20,258      15,376
Equipment, net ......................................................................      1,433       1,291
Purchased computer software and other intangibles, net ..............................        795         821
Other assets ........................................................................        211         174
                                                                                        --------    --------
                                                                                        $ 22,697    $ 17,662
                                                                                        ========    ========


                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
     Accounts payable ...............................................................   $  2,474    $  1,016
     Accrued expenses ...............................................................      2,255         913
     Deferred revenue ...............................................................        637         620
                                                                                        --------    --------
         Total current liabilities ..................................................      5,366       2,549
                                                                                        --------    --------

Stockholders' Equity:
     Common stock, $.01 par value; 22,500,000 shares authorized; 12,402,238 and
         12,409,480 shares issued and outstanding in 2000 and 2001,
         respectively ...............................................................        124         124
     Additional paid-in capital .....................................................     35,988      35,994
     Accumulated deficit ............................................................    (18,781)    (21,005)
                                                                                        --------    --------
         Total stockholders' equity .................................................     17,331      15,113
                                                                                        --------    --------

                                                                                        $ 22,697    $ 17,662
                                                                                        ========    ========
</TABLE>


      See accompanying notes to unaudited condensed consolidated financial
                                  statements.


                                       1
<PAGE>   4

                                 PLANETCAD INC.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except share and per share amounts)

<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                         March 31,
                                                                   --------------------

                                                                     2000        2001
                                                                   --------    --------
<S>                                                                <C>         <C>
Revenue:
     License fees ..............................................   $     84    $     88
     Royalties .................................................         13         101
     Services ..................................................         56         291
                                                                   --------    --------
         Total revenue .........................................        153         480
                                                                   --------    --------

Cost of revenue:
     License fees ..............................................          8          75
     Services ..................................................         21         243
                                                                   --------    --------
         Total cost of revenue .................................         29         318
                                                                   --------    --------

Gross profit ...................................................        124         162
                                                                   --------    --------

Operating expenses:
     Sales and marketing .......................................        323         535
     Research and development ..................................        792       1,497
     General and administrative ................................        410       1,042
                                                                   --------    --------
         Total operating expenses ..............................      1,525       3,074
                                                                   --------    --------

         Loss from operations ..................................     (1,401)     (2,912)
                                                                   --------    --------

Interest income ................................................         --         241

                                                                   --------    --------
         Loss from continuing operations .......................     (1,401)     (2,671)

Income (loss) from discontinued operations, net of tax .........        (53)        447
                                                                   --------    --------

         Net loss ..............................................   $ (1,454)   $ (2,224)
                                                                   ========    ========

Earnings (loss) per common share, basic and diluted:
    Continuing operations ......................................   $  (0.13)   $  (0.22)
    Discontinued operations ....................................   $  (0.01)   $   0.04
                                                                   --------    --------
            Net loss per share .................................   $  (0.14)   $  (0.18)
                                                                   ========    ========

    Weighted average shares outstanding ........................     10,344      12,406
</TABLE>


      See accompanying notes to unaudited condensed consolidated financial
                                  statements.


                                       2
<PAGE>   5

                                 PLANETCAD INC.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                Three months Ended
                                                                                   March 31,
                                                                              --------------------

                                                                                2000        2001
                                                                              --------    --------
<S>                                                                           <C>         <C>
Cash flows from operating activities:
   Net loss ...............................................................   $ (1,454)   $ (2,224)
   Adjustments to reconcile net loss to net cash used
     by operating activities:
     Depreciation and amortization ........................................        220         314
     Bad debt reserve .....................................................         --          93
     Changes in operating assets and liabilities, excluding effects of
       business combinations:
       Accounts receivable ................................................       (970)        285
       Prepaid expenses and other .........................................         (8)         47
       Accounts payable ...................................................       (326)     (1,458)
       Accrued expenses ...................................................        262      (1,342)
       Deferred revenue ...................................................        513         (17)
                                                                              --------    --------
         Net cash used by operating activities ............................     (1,763)     (4,302)
                                                                              --------    --------

Cash flows from investing activities:
   Additions to equipment .................................................       (346)        (93)
   Additions to purchased computer software ...............................         --        (105)
                                                                              --------    --------
         Net cash used by investing activities ............................       (346)       (198)
                                                                              --------    --------

Cash flows from financing activities:
   Principal payments on debt .............................................         --          --
   Proceeds from issuance of common stock, net ............................      6,939           6
                                                                              --------    --------
         Net cash provided by financing activities ........................      6,939           6
                                                                              --------    --------

Foreign currency translation adjustment affecting cash ....................         (4)         --
                                                                              --------    --------

         Net increase (decrease) in cash and cash equivalents .............      4,826      (4,494)

Cash and cash equivalents at beginning of period ..........................      1,324      18,310
                                                                              --------    --------

Cash and cash equivalents at end of period ................................   $  6,150    $ 13,816
                                                                              ========    ========



   Cash paid for income taxes .............................................   $     43    $     70
                                                                              ========    ========
</TABLE>


      See accompanying notes to unaudited condensed consolidated financial
                                  statements.


                                      3
<PAGE>   6

                                 PLANETCAD INC.
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001


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 of America 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, 2001 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2001. The unaudited condensed consolidated financial statements should be read
in conjunction with the financial statements and footnotes thereto included in
the Company's Annual Report on Form 10-KSB for the year ended December 31, 2000.

     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, subject to certain price
adjustments. The Company completed the sale to Dassault on November 14, 2000.
The results of operations of the component software business have been
reclassified as discontinued operations and, accordingly, prior periods have
been restated.

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, 2000 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, 2000 and 2001, the number of potential dilutive
securities excluded from the computation of the diluted weighted average number
of common shares outstanding was 1,887,036 and 2,561,522, respectively,
consisting primarily of common stock options.

C.  ACCOUNTING PRONOUNCEMENTS

     Effective January 1, 2001, the Company adopted SFAS No. 133 "Accounting for
Derivative Instruments and Hedging Activities," as amended by SFAS No. 137 and
SFAS No. 138, which establishes accounting and reporting standards for
derivative instruments, including foreign exchange forward contracts. During the
three-month period ended March 31, 2001, the Company did not enter into foreign
exchange forward contracts to hedge operational or balance sheet exposures from
changes in foreign currency exchange rates, and the Company did not enter into
any derivative transactions for speculative purposes.

D.       ACQUISITION

     In July 2000, the Company acquired certain assets and liabilities of
Prescient Technologies, Inc. ("Prescient") for a total consideration of
approximately $1.3 million, including $100,000 cash and between 300,000 and
350,000 shares of the Company's common stock, depending on the achievement of
certain performance objectives. 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


                                       4
<PAGE>   7

                                 PLANETCAD INC.

         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001

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

         On March 31, 2000, 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
for the three months ended March 31, 2000 have been presented as discontinued
operations in the Company's financial statements. The transaction resulted in a
gain of approximately $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. An additional $1.0 million has been placed in escrow by
Dassault and will be paid to the Company on the first anniversary of the sale
provided certain deliverables and general representations and warranties are
satisfied.

         During the three-month period ended March 31, 2001, personnel-related
expenses that had been previously accrued as part of the phase-out period were
adjusted to actual amounts paid, resulting in income from discontinued
operations during the period. Summary unaudited operating results of the
discontinued operations were as follows:

<TABLE>
<CAPTION>
                                                                     Three months Ended
                                                                         March 31,
                                                                     ------------------

                                                                       2000      2001
                                                                     -------    -------
<S>                                                                  <C>
Revenue ..........................................................   $ 3,915         --

  Cost of revenue ................................................       508         --
                                                                     -------    -------

Gross profit .....................................................     3,407         --

  Operating expenses .............................................     3,418       (456)
                                                                     -------    -------

Operating income from discontinued
   operations ....................................................       (11)       456

  Other income (expense) .........................................        59         --
                                                                     -------    -------
Income (loss) from discontinued operations
   before income taxes ...........................................        48        456

  Income tax expense .............................................      (101)        (9)
                                                                     -------    -------
Income (loss) from discontinued operations .......................   $   (53)   $   447
                                                                     =======    =======
</TABLE>


                                       5
<PAGE>   8

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. The results
of operations of the Company's component software business have been
reclassified as discontinued operations.

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH 31,
2000

REVENUE. For the three-month period ended March 31, 2001, total revenue
increased 214% to $480,000 as compared to $153,000 for the same three-month
period in 2000. License fees and royalties increased 95% to $189,000 in the
three-month period ended March 31, 2001, as compared to $97,000 reported for the
comparable prior year period. Service revenue increased 420% to $291,000 for the
three-month period ended March 31, 2001, as compared to $56,000 reported for the
comparable period in 2000. The increase in license fees, royalties and service
revenues is primarily due to sales of products acquired in the July 2000
Prescient acquisition.

COST OF REVENUE. For the three-month period ended March 31, 2001, cost of
revenue increased 997% to $318,000 from $29,000 reported in the comparable prior
year period. The increase in costs is due primarily to costs associated with
increased services revenues and increased customer support costs. As a percent
of total revenue, cost of revenue increased to 66% for the three months ended
March 31, 2001, respectively, as compared to 19% for the comparable period in
2000.

OPERATING EXPENSES. For the three-month period ended March 31, 2001, total
operating expenses increased 102% to $3.1 million from $1.5 million reported in
the comparable prior year period. The increased operating expenses resulted
primarily from increased staffing and other costs associated with the
acquisition of Prescient in July 2000, the development costs of the Company's
Enterprise Solution products, and increased marketing programs. Enterprise
Solution is the name given to a category of software products and services under
development which will be used by major manufacturers and their suppliers to
streamline and improve the quality of the product design process. Although total
operating expenses increased for the three months ended March 31, 2001 over the
comparable period in 2000, as a percent of total revenue, total operating
expenses decreased to 640% for the three months ended March 31, 2001,
respectively, as compared to 997% for the comparable period in 2000.

SALES AND MARKETING EXPENSES. For the three-month period ended March 31, 2001,
sales and marketing expense increased 66% to $535,000 from $323,000 reported for
the three-month period ended March 31, 2000. Increased sales and marketing
expense in the first quarter of 2001 as compared to 2000 resulted from increased
marketing efforts for the Company's PrescientQA(TM) product line. For the
three-month period ended March 31, 2001, sales and marketing expense decreased
as a percent of total revenue to 111% versus 211% for the same prior year
period.


                                       6
<PAGE>   9


RESEARCH AND DEVELOPMENT EXPENSES. For the three-month period ended March 31,
2001, research and development expense increased 89% to $1.5 million from
$792,000 reported in the comparable period in the prior year. The increase in
research and development expense resulted from increased costs in support of the
Company's development of its Enterprise Solution product line. In addition,
research and development expenses for the period included expenses related the
development of the Web infrastructure for engineering services, the results of
which have been transitioned into the Enterprise Solution product line. As a
percent of total revenue, research and development expense decreased to 312% for
the three-month period ended March 31, 2001 from 518% for the comparable prior
year period.

GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative expenses
increased 154% to $1.0 million for the three-month period ended March 31, 2001
from $410,000 for the same period in 2000. The increase in general and
administrative expenses is primarily due to increased staffing, office space and
other infrastructure expenses incurred in support of expanded product lines,
increased marketing activities as well as increased product development
activities. Though general and administrative expenses increased for the three
months ended March 31, 2001 over the same period in 2000, as a percent of total
revenue, general and administrative expense decreased to 217% for the
three-month period ended March 31, 2001, from 268% 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 or its competitors, changes or anticipated changes in pricing by the
Company or its competitors and general economic conditions. Due to the foregoing
factors, it 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, 2001, the Company had $13.8 million in cash and cash
equivalents. Cash and cash equivalents decreased $4.5 million for the three
months ended March 31, 2001. The decrease in cash is primarily due to the net
loss from continuing operations of $2.7 million, payment of accounts payable and
accrued expenses of $2.7 million, and purchase of $198,000 of fixed assets.
These amounts were offset by cash inflows from a net decrease in accounts
receivable of $285,000 and non-cash expenses of depreciation and bad debt of
$410,000.


                                       7
<PAGE>   10
                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings:

         None

Item 2.  Changes in Securities:

         None

Item 3.  Defaults on Senior Securities:

         Not Applicable

Item 4.  Submission of Matters to Vote of Security Holders:

         None

Item 5.  Other Information:

         None

Item 6.  Exhibits and Reports on Form 8-K:

         a)  Exhibits:

                  None

         b)  Reports on Form 8-K filed during the first quarter 2001 and
             through filing of this Form 10-QSB:

                  Form 8-K/A , dated April 2, 2001, providing notification of
                  the completion of the sale of the component software division
                  of PlanetCAD to Dassault.


                                       8
<PAGE>   11

                                   SIGNATURES

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



                                      PLANETCAD INC.



Date May 10, 2001                 By: /s/ JIM BRACKING
                                      -----------------------------------------
                                      Jim Bracking
                                      President, Chief Executive Officer, and
                                         Director
                                      (Principal Executive Officer and Principal
                                         Financial Officer)


                                       9