# EDGAR Filing Document

**Accession Number:** 0001443669
**File Stem:** 0001443669-26-000003
**Filing Date:** 2026-2
**Character Count:** 41533
**Document Hash:** e1c4486390aadb338a061b9e8dc00ba3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001443669-26-000003.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001443669-26-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260206

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**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:** 26604988

**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-20260206

**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): February 6, 2026**

**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:

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| | | |
|:---|:---|:---|
| 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. ☐

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---

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

---

On February 6, 2026, Proto Labs, Inc. issued a press release announcing its fourth quarter and full year 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

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

---

**(d)Exhibits**

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| | |
|:---|:---|
| 99.1 | <u>[Press release of Proto Labs, Inc. dated](prlb-202626xexx991.htm)[February](prlb-202626xexx991.htm)[6](prlb-202626xexx991.htm)[, 202](prlb-202626xexx991.htm)[6](prlb-202626xexx991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**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: | February 6, 2026 | By: | /s/ Daniel Schumacher |
|  |  |  | Daniel Schumacher |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![logoa.jpg](logoa.jpg) | ![logo1a.jpg](logo1a.jpg) |

---

**Protolabs Reports Financial Results for the Fourth Quarter and Full Year 2025**

***Record Quarterly Revenue of $136.5 Million, a 12.1% Increase Year-Over-Year***

***Record Annual Revenue of $533.1 Million, a 6.4% Increase Year-Over-Year***

**MINNEAPOLIS** – **February 6, 2026** – Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world's leading provider of digital manufacturing services, today announced financial results for the fourth quarter and full year ended December 31, 2025.

"Protolabs closed 2025 with strong momentum, delivering accelerated growth, record revenue, and solid earnings in the fourth quarter," said President and Chief Executive Officer Suresh Krishna. "2026 is a pivotal year of transformation and acceleration as we establish the foundation to execute our long-term strategic pillars: elevating the customer experience, accelerating innovation, expanding production, and driving operational efficiency. We believe the organizational and operational changes underway position Protolabs for faster growth and improved profitability over time. I'm confident in our ability to execute with speed, discipline, and innovation as we deliver long-term value for customers and shareholders."

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was a record $136.5 million, a 12.1% increase over the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ CNC Machining revenue grew 25.0% year-over-year.

&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 23.2% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $6.0 million, or $0.25 per diluted share, compared to a net loss of $(0.4) million, or $(0.02) per diluted share, in the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income was $10.7 million, or $0.44 per diluted share, compared to $9.4 million, or $0.38 per diluted share, in the fourth quarter of 2024. See "Non-GAAP Financial Measures" below.

**<u>Full Year 2025 Financial Highlights</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was a record $533.1 million, a 6.4% increase over 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ CNC Machining revenue grew 17.6% year-over-year.

&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 13.3% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue growth by fulfillment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Factory: $416.9 million, a 4.1% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Network: $116.2 million, a 15.7% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $21.2 million, or $0.88 per diluted share, compared to net income of $16.6 million, or $0.66 per diluted share, in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income was $40.2 million, or $1.66 per diluted share, compared to $41.2 million, or $1.63 per diluted share, in 2024. See "Non-GAAP Financial Measures" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $78.1 million, or 14.7% of revenue. See "Non-GAAP Financial Measures" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash generated from operations was $74.5 million in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and investments balance was $142.4 million as of December 31, 2025.

Dan Schumacher, Chief Financial Officer, added: "We delivered solid results in 2025 with record revenue and strong cash flow. As we move through 2026, we are implementing targeted changes to improve efficiency and build a more scalable

------

operating model. These actions will support continued revenue growth and create a stronger foundation for long-term financial performance."

**<u>Long-Term Strategic Pillars:</u>**

To support Protolabs' long-term strategy, we have aligned the organization around four strategic pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Elevate Customer Experience:** remove friction across the customer journey to deliver a best-in-class experience and increase revenue per customer. Enable employees to serve customers more efficiently, driving faster growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerate Innovation:** reaccelerate innovation across core manufacturing services to drive outsized growth and an accelerated pace of new releases. Leverage differentiated IP and deep manufacturing and engineering talent**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Expand Production:** take a deliberate, customer-led approach—prioritizing the right customers, applications, and capabilities. Begin with most strategic customers and scale over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Drive Operational Efficiency:** expand Factory and Network gross margins and capture operating expense leverage via efficiencies and productivity. Reallocate resources to fund highest-priority growth initiatives.

**<u>Financial Guidance and Outlook:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** In fiscal year 2026, Protolabs expects to generate revenue growth between 6% and 8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2026, the Company expects to generate revenue between $130.0 million and $138.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2026, the Company expects diluted net income per share between $0.17 and $0.25, and non-GAAP diluted net income per share between $0.36 and $0.44. 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, restructuring and transformation 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, restructuring and transformation 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, restructuring and transformation 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, restructuring and transformation 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 (loss), non-GAAP net income (loss) 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

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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 fourth quarter and full year 2025 financial results and outlook for 2026 today, February 6, 2026 at 8:30 a.m. EST. 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. EST 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/cbdwr5wf/. 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

Corporate Communications Manager

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

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**Proto Labs, Inc.**

**Condensed Consolidated Balance Sheets**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| | **(Unaudited)** | |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $110826 | $89071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term marketable securities | 17297 | 14019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 78962 | 66504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 14401 | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 2465 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 9590 | 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 233541 | 194854 |
| Property and equipment, net | 212201 | 227263 |
| Goodwill | 273991 | 273991 |
| Other intangible assets, net | 18612 | 21422 |
| Long-term marketable securities | 14308 | 17773 |
| Operating lease assets | 2836 | 2993 |
| Finance lease assets | 424 | 692 |
| Other long-term assets | 4442 | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $760355 | $743512 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $15104 | $15504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 23674 | 16550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 26783 | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 1155 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current finance lease liabilities | 286 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 67002 | 53271 |
| Long-term operating lease liabilities | 1606 | 1633 |
| Long-term finance lease liabilities |  | 287 |
| Long-term deferred tax liabilities | 16598 | 13565 |
| Other long-term liabilities | 4277 | 4605 |
| Shareholders' equity | 670872 | 670151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $760355 | $743512 |

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**Proto Labs, Inc.**

**Condensed Consolidated Statements of Operations**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Injection Molding | $47613 | $45641 | $191521 | $194215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNC Machining | 65496 | 52389 | 243327 | 206887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3D Printing | 18807 | 19467 | 80298 | 83767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sheet Metal | 4384 | 4047 | 17160 | 15265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Revenue | 193 | 206 | 821 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenue | 136493 | 121750 | 533127 | 500890 |
| Cost of revenue | 76121 | 69793 | 295990 | 277690 |
| Gross profit | 60372 | 51957 | 237137 | 223200 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 25261 | 23003 | 98315 | 92073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 10321 | 9698 | 42808 | 41298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 17050 | 15166 | 69813 | 64333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transformation costs | 749 |  | 749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 191 | 5585 | 342 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 53572 | 53452 | 212027 | 203289 |
| Income (loss) from operations | 6800 | (1495) | 25110 | 19911 |
| Other income, net | 1352 | 1213 | 5952 | 4761 |
| Income (loss) before income taxes | 8152 | (282) | 31062 | 24672 |
| Provision for income taxes | 2153 | 122 | 9821 | 8079 |
| Net income (loss) | $5999 | $(404) | $21241 | $16593 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.25 | $(0.02) | $0.89 | $0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.25 | $(0.02) | $0.88 | $0.66 |
| Shares used to compute net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 23760364 | 24474051 | 23922703 | 25096117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 24168052 | 24474051 | 24245199 | 25212178 |

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**Proto Labs, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $21241 | $16593 |
| &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 | 33814 | 35808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 15729 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 2912 | (5153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on finance lease obligations | 20 | 33 |
| &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 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | (4) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (223) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | 567 | 10972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 74504 | 77829 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and other capital assets | (14842) | (9169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of property, equipment and other capital assets | 834 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (17015) | (25070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from call redemptions and maturities of marketable securities | 17613 | 19209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (13410) | (13580) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock from equity plans | 6340 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares withheld for tax obligations | (3434) | (1995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (42963) | (60278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal repayments of finance lease obligations | (309) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (40366) | (58550) |
| Effect of exchange rate changes on cash and cash equivalents | 1027 | (418) |
| **Net increase in cash and cash equivalents** | 21755 | 5281 |
| **Cash and cash equivalents, beginning of period** | 89071 | 83790 |
| **Cash and cash equivalents, end of period** | $110826 | $89071 |

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**Proto Labs, Inc.**

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

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Non-GAAP net income (loss), adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs and costs related to exit and disposal activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP net income (loss) | $5999 | $(404) | $21241 | $16593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3801 | 4283 | 15729 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 933 | 911 | 3703 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on foreign currency | 186 | (324) | (130) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO transition costs |  |  | 1376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transformation costs | 749 |  | 749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 191 | 5585 | 342 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments <sup>1</sup> | 5860 | 10455 | 21769 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefits on adjustments <sup>2</sup> | (1110) | (649) | (2810) | (1715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income | $10749 | $9402 | $40200 | $41168 |
| Non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.45 | $0.38 | $1.68 | $1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.44 | $0.38 | $1.66 | $1.63 |
| Shares used to compute non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 23760364 | 24474051 | 23922703 | 25096117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 24168052 | 24689181 | 24245199 | 25212178 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $812 | $876 | $3162 | $3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 894 | 734 | 3317 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 702 | 690 | 2826 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2326 | 2894 | 11503 | 11569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transformation costs | 749 |  | 749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 191 | 5585 | 342 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4862 | 9903 | 18737 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 186 | (324) | (130) | (1) |
| Total adjustments | $5860 | $10455 | $21769 | $26290 |

---

2For the three and twelve months ended December 31, 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>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $136493 | $121750 | $533127 | $500890 |
| Gross profit | 60372 | 51957 | 237137 | 223200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 44.2% | 42.7% | 44.5% | 44.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 469 | 534 | 1792 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 343 | 342 | 1370 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 812 | 876 | 3162 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $61184 | $52833 | $240299 | $226504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 44.8% | 43.4% | 45.1% | 45.2% |

---

------

**Proto Labs, Inc.**

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

**(In thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $136493 | $121750 | $533127 | $500890 |
| Income (loss) from operations | 6800 | (1495) | 25110 | 19911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP operating margin | 5.0% | (1.2%) | 4.7% | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3801 | 4283 | 15729 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 933 | 911 | 3703 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO transition costs |  |  | 1376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transformation costs | 749 |  | 749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 191 | 5585 | 342 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 5674 | 10779 | 21899 | 26291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP income from operations | $12474 | $9284 | $47009 | $46202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating margin | 9.1% | 7.6% | 8.8% | 9.2% |

---

------

**Proto Labs, Inc.**

**Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA**

**(In thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $136493 | $121750 | $533127 | $500890 |
| GAAP net income (loss) | 5999 | (404) | 21241 | 16593 |
| GAAP net income (loss) margin | 4.4% | (0.3%) | 4.0% | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | $933 | $911 | $3703 | $3707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 7188 | 7913 | 30111 | 32101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | (1261) | (1225) | (4793) | (4749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 2153 | 122 | 9821 | 8079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 15012 | 7317 | 60083 | 55731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin | 11.0% | 6.0% | 11.3% | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 3801 | 4283 | 15729 | 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on foreign currency | 186 | (324) | (130) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO transition costs |  |  | 1376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transformation costs | 749 |  | 749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to exit and disposal activities | 191 | 5585 | 342 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 4927 | 9544 | 18066 | 22583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $19939 | $16861 | $78149 | $78314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 14.6% | 13.8% | 14.7% | 15.6% |

---

------

**Proto Labs, Inc.**

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

**(In thousands)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31, 2025** | **Three Months Ended<br>December 31, 2025** | **Three Months Ended<br>December 31, 2025** | **Three Months Ended<br>December 31, 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 | $111986 | $— | $111986 | $96599 | 15.9% | 15.9% |
| &nbsp;&nbsp;&nbsp;Europe | 24507 | (1398) | 23109 | 25151 | (2.6) | (8.1) |
| &nbsp;&nbsp;&nbsp;Total revenue | $136493 | $(1398) | $135095 | $121750 | 12.1% | 11.0% |
|  | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 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 | $432326 | $— | $432326 | $396192 | 9.1% | 9.1% |
| &nbsp;&nbsp;&nbsp;Europe | 100801 | (3453) | 97348 | 104698 | (3.7%) | (7.0%) |
| &nbsp;&nbsp;&nbsp;Total revenue | $533127 | $(3453) | $529674 | $500890 | 6.4% | 5.7% |

---

1Revenue for the three and twelve months ended December 31, 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 twelve months ended December 31, 2024 to GAAP revenue for the three and twelve months ended December 31, 2025.

3This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2024 to non-GAAP revenue for the three and twelve months ended December 31, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 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>December 31, 2025** | **Three Months Ended<br>December 31, 2025** | **Three Months Ended<br>December 31, 2025** | **Three Months Ended<br>December 31, 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 | $47613 | $(333) | $47280 | $45641 | 4.3% | 3.6% |
| &nbsp;&nbsp;&nbsp;CNC Machining | 65496 | (857) | 64639 | 52389 | 25.0 | 23.4 |
| &nbsp;&nbsp;&nbsp;3D Printing | 18807 | (171) | 18636 | 19467 | (3.4) | (4.3) |
| &nbsp;&nbsp;&nbsp;Sheet Metal | 4384 | (34) | 4350 | 4047 | 8.3 | 7.5 |
| &nbsp;&nbsp;&nbsp;Other Revenue | 193 | (3) | 190 | 206 | (6.3) | (7.8) |
| &nbsp;&nbsp;&nbsp;Total revenue | $136493 | $(1398) | $135095 | $121750 | 12.1% | 11.0% |
|  | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 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 | $191521 | $(1039) | $190482 | $194215 | (1.4%) | (1.9%) |
| &nbsp;&nbsp;&nbsp;CNC Machining | 243327 | (1838) | 241489 | 206887 | 17.6 | 16.7 |
| &nbsp;&nbsp;&nbsp;3D Printing | 80298 | (507) | 79791 | 83767 | (4.1) | (4.7) |
| &nbsp;&nbsp;&nbsp;Sheet Metal | 17160 | (64) | 17096 | 15265 | 12.4 | 12.0 |
| &nbsp;&nbsp;&nbsp;Other Revenue | 821 | (5) | 816 | 756 | 8.6 | 7.9 |
| &nbsp;&nbsp;&nbsp;Total revenue | $533127 | $(3453) | $529674 | $500890 | 6.4% | 5.7% |

---

1Revenue for the three and twelve months ended December 31, 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 twelve months ended December 31, 2024 to GAAP revenue for the three and twelve months ended December 31, 2025.

3This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2024 to non-GAAP revenue for the three and twelve months ended December 31, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 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>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $136493 | $121750 | $533127 | $500890 |
| Customer contacts | 19621 | 21558 | 48415 | 51552 |
| Revenue per customer contact<sup>1</sup> | $6956 | $5648 | $11012 | $9716 |

---

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)**

---

| | | |
|:---|:---|:---|
| | **Q1 2026 Outlook** | **Q1 2026 Outlook** |
| | **Low** | **High** |
| GAAP diluted net income per share | $0.18 | $0.26 |
| Add back: |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;Amortization expense | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Restructuring and transformation costs | 0.02 | 0.02 |
| &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 | $0.36 | $0.44 |

---

<br>