Proto Labs Inc

Latest Results (21.04.2026):

Proto Labs Inc — fourth quarter of 2025: The company closed Q4 2025 with record quarterly revenue, improved profitability, and positive cash generation as it positions for a transformation in 2026. Q4 revenue was $136.5 million (up 12.1% year‑over‑year) and the company reported GAAP net income of $6.0 million ($0.25 diluted) vs. a loss in Q4 2024; full‑year 2025 revenue was a record $533.1 million (up 6.4%). Management laid out four strategic pillars and provided 2026 guidance targeting mid‑single‑digit revenue growth and improved operating scalability.

Revenue performance

Q4 2025 revenue: $136.5M, +12.1% YoY (constant‑currency ~11.0%); FY 2025 revenue: $533.1M, +6.4% YoY (constant‑currency ~5.7%). Fulfillment split (FY): Factory $416.9M (+4.1% YoY) and Network $116.2M (+15.7% YoY).

Service line strength

CNC Machining led growth: Q4 CNC revenue +25.0% YoY and FY CNC revenue +17.6% YoY. Injection molding and 3D printing were mixed (Q4 injection molding +4.3%, 3D printing down ~3.4% Q4).

Profitability and non‑GAAP results

Q4 GAAP net income $6.0M ($0.25 diluted) versus a GAAP loss of $(0.4)M in Q4 2024. Q4 non‑GAAP net income was $10.7M ($0.44 diluted). FY 2025 GAAP net income was $21.2M ($0.88 diluted); FY non‑GAAP net income was $40.2M ($1.66 diluted), slightly below prior year non‑GAAP.

Margins, EBITDA and cash

Adjusted EBITDA for FY 2025 was $78.1M (14.7% of revenue). Gross and operating margins improved on a non‑GAAP basis. Cash from operations in 2025 was $74.5M and cash & investments totaled $142.4M as of December 31, 2025.

Customer economics

Customer productivity improved: revenue per customer contact rose 23.2% YoY in Q4 and 13.3% YoY for the full year, while customer contacts declined modestly from 2024 levels.

Outlook and strategic priorities

2026 guidance: revenue growth of 6–8% for the year. Q1 2026 guidance: revenue $130.0–$138.0M; GAAP diluted EPS $0.17–$0.25 and non‑GAAP diluted EPS $0.36–$0.44. Management emphasized four strategic pillars—elevating the customer experience, accelerating innovation, expanding production, and driving operational efficiency—alongside targeted organizational changes to improve scalability and profitability.