# EDGAR Filing Document

**Accession Number:** 0001443669
**File Stem:** 0001443669-25-000011
**Filing Date:** 2025-10
**Character Count:** 38155
**Document Hash:** ebf251d23e17db43430fdc824c8cf066
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001443669-25-000011.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001443669-25-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251031

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Proto Labs Inc
- **CENTRAL INDEX KEY:** 0001443669
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED STRUCTURAL METAL PRODUCTS [3440]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35435
- **FILM NUMBER:** 251437830

**BUSINESS ADDRESS:**
- **STREET 1:** 5540 Pioneer Creek
- **CITY:** Maple Plain
- **STATE:** MN
- **ZIP:** 55359
- **BUSINESS PHONE:** 763-479-7474

**MAIL ADDRESS:**
- **STREET 1:** 5540 Pioneer Creek
- **CITY:** Maple Plain
- **STATE:** MN
- **ZIP:** 55359

?xml version='1.0' encoding='ASCII'? prlb-20251031

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): October 31, 2025**

**Proto Labs, Inc.**

(Exact name of registrant as specified in its charter)

Minnesota 001-35435 41-1939628 <br> (State or other jurisdictionof incorporation) (Commission File Number) (IRS EmployerIdentification Number)

---

| | |
|:---|:---|
| 5540 Pioneer Creek Drive<br>Maple Plain, Minnesota | 55359 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | (763) 479-3680 |

---

Not Applicable <br> (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, Par Value $0.001 Per Share | PRLB | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On October 31, 2025, Proto Labs, Inc. issued a press release announcing its third quarter 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

**(d)Exhibits**

---

| | |
|:---|:---|
| 99.1 | <u>[Press release of Proto Labs, Inc. dated](prlb-20251031xexx991.htm)[October](prlb-20251031xexx991.htm)[31, 2025](prlb-20251031xexx991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | Proto Labs, Inc. | Proto Labs, Inc. |
| Date: | October 31, 2025 | By: | /s/ Daniel Schumacher |
|  |  |  | Daniel Schumacher |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![logo.jpg](logo.jpg) | ![logo1.jpg](logo1.jpg) |

---

**Protolabs Reports Financial Results for the Third Quarter of 2025**

***Record Quarterly Revenue of $135.4 Million, a 7.8% increase Year-Over-Year***

***GAAP Earnings Per Share of $0.30, Non-GAAP Earnings Per Share of $0.47***

**MINNEAPOLIS** – **October 31, 2025** – Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world's leading provider of digital manufacturing services, today announced financial results for the third quarter ended September 30, 2025.

**<u>Third Quarter 2025 Financial Highlights</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was a record $135.4 million, a 7.8% increase compared to revenue of $125.6 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue fulfilled through digital factories was $105.3 million, a 4.9% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue fulfilled through the Protolabs Network was $30.1 million, a 19.1% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $7.2 million, or $0.30 per diluted share, compared to $7.2 million, or $0.29 per diluted share, in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income was $11.4 million, or $0.47 per diluted share, compared to $11.8 million, or $0.47 per diluted share, in the third quarter of 2024. See "Non-GAAP Financial Measures" below.

"Protolabs generated another quarter of accelerated growth and record revenue, supported by strong performance in several key end markets, and a substantial increase in revenue per customer contact. I am very encouraged by the progress we've made over the last two quarters—we have significant momentum into year-end," commented President and Chief Executive Officer Suresh Krishna. "While it's still early, my short time here has strengthened my confidence that our current strategy—delivering high-quality, custom parts throughout the product lifecycle, from prototyping to production—is the right one. Together with our teams, I am focused on accelerating profitable growth, and positioning Protolabs for long-term shareholder value creation."

Dan Schumacher, Chief Financial Officer, added: "Along with record revenue in the quarter, we continued to demonstrate the strength of our business model by expanding adjusted EBITDA as compared to the second quarter of 2025, continuing our best-in-class cash flow generation, and returning capital to shareholders via repurchases of common stock."

**<u>Additional Third Quarter 2025 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer contact information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Protolabs served 21,252 customer contacts during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Revenue per customer contact increased 14.1% year-over-year to $6,370.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA was $17.4 million. See "Non-GAAP Financial Measures" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $21.1 million, or 15.6% of revenue. See "Non-GAAP Financial Measures" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We generated $29.1 million in cash from operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and investments balance was $138.4 million as of September 30, 2025.

**<u>Fourth Quarter 2025 Outlook</u>**

In the fourth quarter of 2025, the Company expects to generate revenue between $125.0 million and $133.0 million.

The Company expects fourth quarter 2025 diluted net income per share between $0.12 and $0.20, and non-GAAP diluted net income per share between $0.30 and $0.38. See "Non-GAAP Financial Measures" below.

------

**Non-GAAP Financial Measures**

The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, "non-GAAP revenue growth"). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.

The Company has included earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, "Adjusted EBITDA"), in this press release to provide investors with additional information regarding the Company's financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin ("EBITDA margin") and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, "Adjusted EBITDA margin"), in this press release to provide investors with additional information regarding the Company's financial results.

The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the Company's financial results.

The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, CEO transition costs and costs related to exit and disposal activities (collectively, "non-GAAP operating margin"), in this press release to provide investors with additional information regarding the Company's financial results.

The Company has included non-GAAP net income and non-GAAP net income per share, in each case, 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 (collectively, "non-GAAP net income"), in this press release to provide investors with additional information regarding the Company's financial results.

The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service line, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company's management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company's business, and in determining executive and senior management incentive compensation. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

**Conference Call**

The Company has scheduled a conference call to discuss its third quarter 2025 financial results and fourth quarter 2025 outlook today, October 31, 2025 at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/mp2aa5du/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

**About Protolabs**

Protolabs is the world's fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Get started now at protolabs.com.

------

**Forward-Looking Statements**

Statements contained in this press release regarding matters that are not historical or current facts are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the "Risk Factors" section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs' future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Source: Proto Labs, Inc.

**Investor Relations Contacts:**

Protolabs

Ryan Johnsrud, 612-225-4873

Manager – Investor Relations and Corporate Development

<u>ryan.johnsrud@protolabs.com</u>

Gateway Group, Inc.

949-574-3860

<u>PRLB@gateway-grp.com</u> 

**Media Contact:**

Protolabs

Brent Renneke, 763-479-7704

Marketing Communications Manager

<u>brent.renneke@protolabs.com</u>

------

**Proto Labs, Inc.**

**Condensed Consolidated Balance Sheets**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | **(Unaudited)** | |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $104422 | $89071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term marketable securities | 14817 | 14019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 77790 | 66504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 14073 | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 4681 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 10009 | 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 225792 | 194854 |
| Property and equipment, net | 211325 | 227263 |
| Goodwill | 273991 | 273991 |
| Other intangible assets, net | 19539 | 21422 |
| Long-term marketable securities | 19149 | 17773 |
| Operating lease assets | 2015 | 2993 |
| Finance lease assets | 491 | 692 |
| Other long-term assets | 4553 | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $756855 | $743512 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $17388 | $15504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 23268 | 16550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 27831 | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 890 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current finance lease liabilities | 365 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 69742 | 53271 |
| Long-term operating lease liabilities | 1188 | 1633 |
| Long-term finance lease liabilities |  | 287 |
| Long-term deferred tax liabilities | 16038 | 13565 |
| Other long-term liabilities | 5168 | 4605 |
| Shareholders' equity | 664719 | 670151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $756855 | $743512 |

---

------

**Proto Labs, Inc.**

**Condensed Consolidated Statements of Operations**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Injection Molding | $47770 | $46831 | $143908 | $148574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNC Machining | 63043 | 53327 | 177831 | 154498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3D Printing | 20082 | 21437 | 61491 | 64300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sheet Metal | 4262 | 3743 | 12776 | 11218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Revenue | 209 | 281 | 628 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenue | 135366 | 125619 | 396634 | 379140 |
| Cost of revenue | 74073 | 68389 | 219869 | 207897 |
| Gross profit | 61293 | 57230 | 176765 | 171243 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 24574 | 22619 | 73054 | 69070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 10705 | 9772 | 32487 | 31600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 17163 | 16259 | 52763 | 49167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 41 |  | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 52483 | 48650 | 158455 | 149837 |
| Income from operations | 8810 | 8580 | 18310 | 21406 |
| Other income, net | 1441 | 1288 | 4600 | 3548 |
| Income before income taxes | 10251 | 9868 | 22910 | 24954 |
| Provision for income taxes | 3035 | 2679 | 7668 | 7957 |
| Net income | $7216 | $7189 | $15242 | $16997 |
| Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.30 | $0.29 | $0.64 | $0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.30 | $0.29 | $0.63 | $0.67 |
| Shares used to compute net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 23889157 | 24980536 | 23974054 | 25304985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 24191039 | 25022485 | 24249669 | 25382280 |

---

------

**Proto Labs, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $15242 | $16997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 25693 | 26984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 11928 | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 2355 | (6140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on finance lease obligations | 16 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of equipment |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments related to exit and closure of facilities | 448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of property and equipment | 16 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (179) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | 2534 | 9617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 58053 | 60535 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and other capital assets | (6792) | (8339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of property, equipment and other capital assets | 811 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (13553) | (18087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from call redemptions and maturities of marketable securities | 11730 | 15709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (7804) | (10683) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock from equity plans | 4195 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares withheld for tax obligations | (3119) | (1920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (36732) | (45958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal repayments of finance lease obligations | (231) | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (35887) | (46004) |
| Effect of exchange rate changes on cash and cash equivalents | 989 | 235 |
| **Net increase in cash and cash equivalents** | 15351 | 4083 |
| **Cash and cash equivalents, beginning of period** | 89071 | 83790 |
| **Cash and cash equivalents, end of period** | $104422 | $87873 |

---

------

**Proto Labs, Inc.**

**Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP net income | $7216 | $7189 | $15242 | $16997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3677 | 4196 | 11928 | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 935 | 888 | 2770 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency | (2) | 174 | (316) | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO transition costs | 14 |  | 1376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 41 |  | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments <sup>1</sup> | 4665 | 5258 | 15909 | 15835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefits on adjustments <sup>2</sup> | (500) | (627) | (1700) | (1066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income | $11381 | $11820 | $29451 | $31766 |
| Non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.48 | $0.47 | $1.23 | $1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.47 | $0.47 | $1.21 | $1.25 |
| Shares used to compute non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 23889157 | 24980536 | 23974054 | 25304985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 24191039 | 25022485 | 24249669 | 25382280 |

---

<sup>1</sup>Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $781 | $817 | $2350 | $2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 837 | 727 | 2423 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 764 | 671 | 2124 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2244 | 2869 | 9177 | 8675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 41 |  | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3886 | 4267 | 13875 | 13084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (2) | 174 | (316) | 323 |
| Total adjustments | $4665 | $5258 | $15909 | $15835 |

---

2For the three and nine months ended September 30, 2025 and 2024, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the respective period.

------

**Proto Labs, Inc.**

**Reconciliation of GAAP to Non-GAAP Gross Margin**

**(In thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $135366 | $125619 | $396634 | $379140 |
| Gross profit | 61293 | 57230 | 176765 | 171243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 45.3% | 45.6% | 44.6% | 45.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 439 | 474 | 1323 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 342 | 343 | 1027 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 781 | 817 | 2350 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $62074 | $58047 | $179115 | $173671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 45.9% | 46.2% | 45.2% | 45.8% |

---

------

**Proto Labs, Inc.**

**Reconciliation of GAAP to Non-GAAP Operating Margin**

**(In thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $135366 | $125619 | $396634 | $379140 |
| Income from operations | 8810 | 8580 | 18310 | 21406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP operating margin | 6.5% | 6.8% | 4.6% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3677 | 4196 | 11928 | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 935 | 888 | 2770 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO transition costs | 14 |  | 1376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 41 |  | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 4667 | 5084 | 16225 | 15512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP income from operations | $13477 | $13664 | $34535 | $36918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating margin | 10.0% | 10.9% | 8.7% | 9.7% |

---

------

**Proto Labs, Inc.**

**Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA**

**(In thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $135366 | $125619 | $396634 | $379140 |
| GAAP net income | 7216 | 7189 | 15242 | 16997 |
| GAAP net income margin | 5.3% | 5.7% | 3.8% | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | $935 | $888 | $2770 | $2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 7494 | 8021 | 22923 | 24188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | (1281) | (1287) | (3532) | (3548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 3035 | 2679 | 7668 | 7957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 17399 | 17490 | 45071 | 48390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin | 12.9% | 13.9% | 11.4% | 12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3677 | 4196 | 11928 | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency | (2) | 174 | (316) | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO transition costs | 14 |  | 1376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 41 |  | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 3730 | 4370 | 13139 | 13039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $21129 | $21860 | $58210 | $61429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 15.6% | 17.4% | 14.7% | 16.2% |

---

------

**Proto Labs, Inc.**

**Comparison of GAAP to Non-GAAP Revenue Growth by Region**

**(In thousands)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
| | **GAAP** | **Foreign**<br>**Currency**<sup>1</sup> | **Non-GAAP** | **GAAP** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $109361 | $— | $109361 | $99571 | 9.8% | 9.8% |
| &nbsp;&nbsp;&nbsp;Europe | 26005 | (1226) | 24779 | 26048 | (0.2) | (4.9) |
| &nbsp;&nbsp;&nbsp;Total revenue | $135366 | $(1226) | $134140 | $125619 | 7.8% | 6.8% |
|  | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
|  | **GAAP** | **Foreign**<br>**Currency**<sup>1</sup> | **Non-GAAP** | **GAAP** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $320340 | $— | $320340 | $299593 | 6.9% | 6.9% |
| &nbsp;&nbsp;&nbsp;Europe | 76294 | (2055) | 74239 | 79547 | (4.1%) | (6.7%) |
| &nbsp;&nbsp;&nbsp;Total revenue | $396634 | $(2055) | $394579 | $379140 | 4.6% | 4.1% |

---

1Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.

3This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.

------

**Proto Labs, Inc.**

**Comparison of GAAP to Non-GAAP Revenue Growth by Service Line**

**(In thousands)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
| | **GAAP** | **Foreign**<br>**Currency**<sup>1</sup> | **Non-GAAP** | **GAAP** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Injection Molding | $47770 | $(358) | $47412 | $46831 | 2.0% | 1.2% |
| &nbsp;&nbsp;&nbsp;CNC Machining | 63043 | (667) | 62376 | 53327 | 18.2 | 17.0 |
| &nbsp;&nbsp;&nbsp;3D Printing | 20082 | (174) | 19908 | 21437 | (6.3) | (7.1) |
| &nbsp;&nbsp;&nbsp;Sheet Metal | 4262 | (23) | 4239 | 3743 | 13.9 | 13.3 |
| &nbsp;&nbsp;&nbsp;Other Revenue | 209 | (4) | 205 | 281 | (25.6) | (27.0) |
| &nbsp;&nbsp;&nbsp;Total revenue | $135366 | $(1226) | $134140 | $125619 | 7.8% | 6.8% |
|  | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2024** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
|  | **GAAP** | **Foreign**<br>**Currency**<sup>1</sup> | **Non-GAAP** | **GAAP** | **%**<br>**Change**<sup>2</sup> | **% Change**<br>**Organic**<sup>3</sup> |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Injection Molding | $143908 | $(706) | $143202 | $148574 | (3.1%) | (3.6%) |
| &nbsp;&nbsp;&nbsp;CNC Machining | 177831 | (981) | 176850 | 154498 | 15.1 | 14.5 |
| &nbsp;&nbsp;&nbsp;3D Printing | 61491 | (336) | 61155 | 64300 | (4.4) | (4.9) |
| &nbsp;&nbsp;&nbsp;Sheet Metal | 12776 | (30) | 12746 | 11218 | 13.9 | 13.6 |
| &nbsp;&nbsp;&nbsp;Other Revenue | 628 | (2) | 626 | 550 | 14.2 | 13.8 |
| &nbsp;&nbsp;&nbsp;Total revenue | $396634 | $(2055) | $394579 | $379140 | 4.6% | 4.1% |

---

1Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.

3This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.

------

**Proto Labs, Inc.**

**Customer Contact Information**

**(In thousands, except customer contacts and per customer contact amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $135366 | $125619 | $396634 | $379140 |
| Customer contacts | 21252 | 22511 | 41873 | 43671 |
| Revenue per customer contact<sup>1</sup> | $6370 | $5580 | $9472 | $8682 |

---

1Revenue per customer contact is calculated using the revenue recognized during the respective period divided by the actual number of customer contacts served during the same period. Customer contacts are product developers, engineers, procurement and supply chain professionals and other individuals who place an order, and that order is shipped and invoiced during the period. The Company believes revenue per customer contact is useful to investors in evaluating the underlying business trends and ongoing operating performance of the Company.

**Proto Labs, Inc.**

**Reconciliation of GAAP to Non-GAAP Guidance**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Q4 2025 Outlook** | **Q4 2025 Outlook** |
| | **Low** | **High** |
| GAAP diluted net income per share | $0.12 | $0.20 |
| Add back: |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;Amortization expense | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign currency | 0.00 | 0.00 |
| Total adjustments | 0.18 | 0.18 |
| Non-GAAP diluted net income per share | $0.30 | $0.38 |

---

<br>