株探米国株
英語
エドガーで原本を確認する
6-K 1 cover6-kq1x25pr.htm 6-K Document

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 
For the month of May 2025
 
Commission File Number 001-35751
 
STRATASYS LTD.
(Translation of registrant’s name into English)
 
c/o Stratasys, Inc.
5995 Opus Parkway
Minnetonka, Minnesota 55343
  1 Holtzman Street, Science Park
P.O. Box 2496
Rehovot, Israel 76124
     
(Addresses of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F ☒      Form 40-F ☐
 
 
 
 
 
 




CONTENTS
 
Quarterly Results of Operations
 
On May 8, 2025, Stratasys Ltd. (“Stratasys”, “we” or “us”) announced its financial results for the first quarter ended March 31, 2025.  A copy of our press release announcing our results is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.
 
In conjunction with the conference call being held on May 8, 2025 to discuss our results, we are furnishing a copy of the slide presentation that provides supplemental information regarding our business and our financial results, and which will be referenced on that conference call. We have attached that presentation as Exhibit 99.2 to this Form 6-K, which exhibit is incorporated herein by reference.
 
The information in this Form 6-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 

Exhibits
 
The following exhibits are furnished as part of this Form 6-K:
 
 
 




SIGNATURES
 
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, thereunto duly authorized.
 
  STRATASYS LTD.
   
Dated: May 8, 2025
By: /s/ Eitan Zamir
  Name:  Eitan Zamir
  Title: Chief Financial Officer
 

EX-99.1 2 prq1-256xk.htm EX-99.1 Document
Exhibit 99.1
ssyslogoa.gif

Stratasys Releases First Quarter 2025 Financial Results
•Revenue of $136.0 million, compared to $144.1 million in the prior year period
•GAAP net loss of $13.1 million, or $0.18 per diluted share, and non-GAAP net income of $2.9 million, or $0.04 per diluted share
•Adjusted EBITDA of $8.2 million, compared to $4.1 million in the prior year period
•$150.1 million cash, equivalents and short-term deposits and no debt at March 31, 2025
•Adds $120 million in cash from investment by Fortissimo Capital subsequent to quarter end
•Raises 2025 Outlook

MINNEAPOLIS & REHOVOT, Israel - (BUSINESS WIRE) - May 8, 2025 - Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced its financial results for the first quarter ended March 31, 2025.
Dr. Yoav Zeif, Stratasys’ Chief Executive Officer, stated, “We delivered another quarter of net profitability on an adjusted basis and positive cash from operating activities. It's particularly encouraging to see 7% sequential growth in our recurring revenue Consumables, demonstrating continued solid utilization of existing systems by our customers. Our ongoing strategic efforts to streamline the business are proving successful, and we are positioned to deliver improved profitability, while maintaining our ability to scale when capital spending recovers.”
Dr. Zeif continued, “With the recent close of the $120 million Fortissimo investment we further strengthened our balance sheet, which will support our ability to invest in profitable growth, both organically and through attractive opportunities. We continue to strengthen our position in additive manufacturing by expanding our portfolio of best-in-class technology, materials, and software. We believe we are well-positioned to drive increased cash flow and profitability from our streamlined operations and recurring stream of revenue as we move through the balance of the year.”
Summary - First Quarter 2025 Financial Results Compared to First Quarter 2024:
•Revenue of $136.0 million compared to $144.1 million.
•GAAP gross margin of 44.3%, compared to 44.4%.
•Non-GAAP gross margin of 48.3%, compared to 48.6%.
•GAAP operating loss of $12.4 million, compared to an operating loss of $24.5 million.
•Non-GAAP operating income of $3.0 million, compared to an operating loss of $1.2 million.
•GAAP net loss of $13.1 million, or $0.18 per diluted share, compared to a net loss of $26.0 million, or $0.37 per diluted share.
•Non-GAAP net income of $2.9 million, or $0.04 per diluted share, compared to a net loss of $1.7 million, or $0.02 per diluted share.
1


ssyslogoa.gif
•Adjusted EBITDA of $8.2 million, compared to $4.1 million.
•Cash provided by operating activities of $4.5 million, compared to $7.3 million.

Financial Outlook:
Based on current market conditions and assuming that the impacts of tariff policy, global inflationary pressures, relatively high interest rates and supply chain costs do not impede economic activity further, the Company is reiterating the following outlook for 2025:
•Full year revenue of $570 million to $585 million, improving sequentially over the course of the year.
•Based on current logistics and materials costs, full-year non-GAAP gross margins of 48.8%-49.2%, improving sequentially over the course of the year.
•Full year operating expenses in a range of $254 million to $257 million.
•Full year non-GAAP operating margins in a range of 4.0% to 5.0%.
•Adjusted EBITDA of $44 million to $50 million, or 7.8% to 8.5% of revenue.
•Capital expenditures of $25 million to $30 million.
•Expects to generate improved operating and free cashflow, at higher levels than in 2024.
As a result of the Fortissimo investment, the Company’s share count as of April 8 increased by approximately 11.65 million shares. The interest income the Company expects to generate from the $120 million investment will offset any potential dilution related to the share count. As a result, the Company is raising its 2025 annual earnings forecast as follows:
•GAAP net loss of $64 million to $49 million, up from $68 million to $53 million previously, and GAAP EPS of ($0.80) to ($0.61), an improvement as compared to ($0.93) to ($0.72) previously.
•Non-GAAP net income of $24 million to $30 million, up from $20 million to $26 million previously, and Non-GAAP EPS of $0.30 to $0.37, up from $0.28 to $0.35 previously.
Appropriate reconciliations between our historical GAAP and non-GAAP financial measures, as well as between the GAAP and non-GAAP financial measures included in our updated financial outlook for 2025, are provided in the tables at the end of our press release and slide presentation, with itemized detail concerning the non-GAAP financial measures. We have not included, however, a reconciliation of our guidance for non-GAAP gross margins to the most directly comparable GAAP financial measure, as we are unable to do so without unreasonable effort or with reasonable certainty from a quantitative perspective.



2


ssyslogoa.gif

Stratasys Ltd. First Quarter 2025 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its first quarter 2025 financial results on Thursday, May 8, 2025, at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on the Stratasys Web site at investors.stratasys.com, or directly at the following web address:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=pGlPRdRX
To participate by telephone, the U.S. toll-free number is 877-407-0619 and the international dial-in is +1-412-902-1012. Investors are advised to dial into the call at least ten minutes prior to the call to register. The webcast will be available for six months at investors.stratasys.com, or by accessing the above-provided web address.
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products, healthcare, fashion and education. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the Company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys is a registered trademark and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the property of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2025 and beyond, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; the global macro-economic environment, including the extent of increased and/or reciprocal import tariffs that may be imposed by the U.S.
3


ssyslogoa.gif
and other countries, and the impact that will have on inflation, interest rates, economic activity and currency exchange rates on a global scale, and on the additive manufacturing industry, our company and our customers, in particular; changes in our overall strategy, including as related to any restructuring activities and our capital expenditures; the impact of potential shifts in the prices or margins of the products that we sell or services that we provide, including due to a shift towards lower margin products or services; the impact of competition and new technologies; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets; the extent of our success at successfully consummating and integrating into our existing business acquisitions or investments in new businesses, technologies, products or services; the potential adverse impact of recent global interruptions and delays involving freight carriers and other third parties on our supply chain and distribution network; global market, political and economic conditions, and in the countries in which we operate in particular; potential adverse effects of Israel’s retaliatory war against the terrorist organization Hamas and, intermittently, its conflict with Iran and the Houthi terrorist group in Yemen; costs and potential liability relating to litigation and regulatory proceedings; risks related to infringement of our intellectual property rights by others or infringement of others' intellectual property rights by us; the extent of our success at maintaining our liquidity and financing our operations and capital needs; the impact of tax regulations on our results of operations and financial condition; and those additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4, “Information on the Company”, Item 5, “Operating and Financial Review and Prospects,” and all other parts of our Annual Report on Form 20-F for the year ended December 31, 2024, which we filed with the U.S. Securities and Exchange Commission, or SEC, on March 6, 2025 (the “2024 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2024 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2025, which will be furnished to the SEC throughout 2025, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this press release are provided or made (as applicable) as of the date hereof, and Stratasys undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
4


ssyslogoa.gif
Use of Non-GAAP Financial Measures
The non-GAAP data included herein, which excludes certain items as described below, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expense or gains and reorganization-related charges or gains, and legal provisions, (ii) excluding non-cash items such as share-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets and goodwill, revaluation of our investments and the corresponding tax effect of those items, (iii) for certain non-GAAP measures, after eliminating the impact of changes attributable to currency exchange rate fluctuations, and (iv) after excluding changes in revenues solely attributable to divestitures of former subsidiary companies. These non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in the tables below.

Yonah Lloyd
CCO & VP Investor Relations
Yonah.Lloyd@stratasys.com
Source: Stratasys Ltd.
5



Stratasys Ltd.
Consolidated Balance Sheets
(U.S. $ in thousands, except share data)
(Unaudited)
March 31, 2025 December 31, 2024
ASSETS
Current assets
Cash and cash equivalents $ 70,061  $ 70,200 
Short-term bank deposits 80,000  80,500 
Accounts receivable, net of allowance for credit losses of $3,048 and $3,058 as of March 31, 2025 and December 31, 2024, respectively 156,150  152,979 
Inventories 169,881  179,809 
Prepaid expenses 10,616  7,630 
Other current assets 20,923  21,843 
Total current assets 507,631  512,961 
Non-current assets
Property, plant and equipment, net 186,866  184,379 
Goodwill 99,463  99,082 
Other intangible assets, net 101,619  106,253 
Operating lease right-of-use assets 31,097  32,169 
Long-term investments 81,518  80,205 
Other non-current assets 14,950  14,697 
Total non-current assets 515,513  516,785 
Total assets $ 1,023,144  $ 1,029,746 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 38,032  $ 44,977 
Accrued expenses and other current liabilities 36,310  39,749 
Accrued compensation and related benefits 34,905  29,206 
Deferred revenues - short-term 51,897  46,347 
Operating lease liabilities - short-term 6,921  6,935 
Total current liabilities 168,065  167,214 
Non-current liabilities
Deferred revenues - long-term 20,138  19,057 
Deferred income taxes 459  507 
Operating lease liabilities - long-term 24,363  25,155 
Contingent consideration - long-term 5,089  4,933 
Other non-current liabilities 20,189  19,889 
Total non-current liabilities 70,238  69,541 
Total liabilities $ 238,303  $ 236,755 
Contingencies (see note 12)
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 72,657 shares and 71,982 shares issued at March 31, 2025 and December 31, 2024, respectively; 72,391 shares and 71,716 shares outstanding at March 31, 2025 and December 31, 2024, respectively $ 203  $ 202 
Treasury shares at cost, 266 shares at March 31, 2025 and December 31, 2024 (1,995) (1,995)
Additional paid-in capital 3,129,236  3,123,024 
Accumulated other comprehensive loss (9,340) (8,031)
Accumulated deficit (2,333,263) (2,320,209)
Total equity 784,841  792,991 
Total liabilities and equity $ 1,023,144  $ 1,029,746 




Stratasys Ltd.
Consolidated Statements of Operations
(U.S. $ in thousands, except per share data)
Three Months Ended March 31,
(Unaudited) 2025 2024
Revenues
Products $ 93,795  $ 99,196 
Services 42,251  44,854 
136,046  144,050 
Cost of revenues
Products 47,268  49,757 
Services 28,539  30,396 
75,807  80,153 
Gross profit 60,239  63,897 
Operating expenses
Research and development, net 18,792  23,977 
Selling, general and administrative 53,851  64,373 
72,643  88,350 
Operating loss (12,404) (24,453)
Financial income, net
1,473  1,217 
Loss before income taxes (10,931) (23,236)
Income tax expenses
455  716 
Share in losses of associated companies
1,668  2,031 
Net loss $ (13,054) $ (25,983)
Net loss per ordinary share - basic and diluted
$ (0.18) $ (0.37)
Weighted average ordinary shares outstanding - basic and diluted
71,967  69,993 




Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
Three Months Ended March 31,
2025 Non-GAAP 2025 2024 Non-GAAP 2024
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
U.S. dollars and shares in thousands (except per share amounts)
Gross profit (1) $ 60,239  $ 5,410  $ 65,649  $ 63,897  $ 6,139  $ 70,036 
Operating income (loss) (1,2) (12,404) 15,450  3,046  (24,453) 23,254  (1,199)
Net income (loss) (1,2,3) (13,054) 15,932  2,878  (25,983) 24,299  (1,684)
Net income (loss) per diluted share (4) $ (0.18) $ 0.22  $ 0.04  $ (0.37) $ 0.35  $ (0.02)
(1) Acquired intangible assets amortization expense 4,488  5,084 
Non-cash stock-based compensation expense 708  952 
Restructuring and other related costs 214  103 
5,410  6,139 
(2) Acquired intangible assets amortization expense 940  2,459 
Non-cash stock-based compensation expense 5,505  7,697 
Restructuring and other related costs 1,132  920 
Revaluation of investment —  1,900 
Contingent consideration 645  511 
Legal and other expenses 1,818  3,628 
10,040  17,115 
15,450  23,254 
(3) Corresponding tax effect 84  234 
Equity method related expenses 841  964 
Finance income (443) (153)
$ 15,932  $ 24,299 
(4) Weighted average number of ordinary shares outstanding- Diluted 71,967  72,625  69,993  69,993 







Stratasys Ltd.
Reconciliation of GAAP net loss to Adjusted EBITDA
Three Months Ended March 31,
2025 2024
(U.S. $ in thousands)
Net loss $ (13,054) $ (25,983)
Financial income, net (1,473) (1,217)
Income tax expenses 455  716 
Share in losses of associated companies 1,668  2,031 
Depreciation expense 5,124  5,305 
Amortization expense 5,428  7,543 
Non-cash stock-based compensation expense 6,213  8,649 
Revaluation of investment —  1,900 
Contingent consideration 645  511 
Legal and other expenses 1,818  3,628 
Restructuring and other related costs 1,346  1,023 
Adjusted EBITDA $ 8,170  $ 4,106 





Stratasys Ltd.
Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance:
Fiscal Year 2025
(U.S. $ in millions, except per share data) Low High
GAAP net loss $(64) to $(49)
Adjustments
Stock-based compensation expense $25 to $27
Intangible assets amortization expense $22 to $24
Reorganization and other $30 to $34
Tax expense related to Non-GAAP adjustments $2 to $3
Non-GAAP net income $24 to $30
GAAP loss per share $(0.80) to $(0.61)
Non-GAAP diluted earnings per share $0.30 to $0.37

Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance:
Fiscal Year 2025
(U.S. $ in millions, except per share data) Low High
GAAP net loss $(64) to $(49)
Adjustments
Stock-based compensation expense $25 to $27
Intangible assets amortization expense $22 to $24
Reorganization and other $30 to $34
Tax expense related to Non-GAAP adjustments $2 to $3
Other non-operating expense $— to $—
Depreciation $20 to $20
Adjusted EBITDA $44 to $50





Stratasys Ltd.
Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance:
Fiscal Year 2025
(U.S. $ in millions, except per share data) Low High
GAAP operating loss $(57) to $(43)
GAAP operating margins (10)% to (7)%
Adjustments
Stock-based compensation expense $25 to $27
Intangible assets amortization expense $22 to $24
Reorganization and other $26 to $30
Non-GAAP operating profit $24 to $30
Non-GAAP operating margins 4% to 5%

EX-99.2 3 ssysq12025slides-final.htm EX-99.2 ssysq12025slides-final
Make additive work for you Q1 2025 Results Speakers Dr. Yoav Zeif, CEO Eitan Zamir, CFO Yonah Lloyd, CCO & VP IR May 8, 2025


 
Conference Call and Webcast Link US Toll-Free Dial-In 1-877-407-0619 International Dial-In +1-412-902-1012 Live Webcast and Replay


 
Forward-Looking Statements Cautionary Statement Regarding Forward- Looking Statements The statements in this slide presentation regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2025, are forward- looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the degree of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing sector generally; global macro-economic trends that have been adversely affecting, or that may adversely affect, the 3D printing industry generally and Stratasys particularly, including relatively high interest rates that reduce customers’ capital expenditures and new and/or reciprocal tariffs to be imposed by the United States and other countries that may disrupt our/our customers’ sales and profit margins; changes in our overall strategy, including as related to the focused restructuring actions that we have implemented to streamline operations and enhance our go-to-market strategy; the impact of potential shifts in the prices or margins of the products that we sell or services that we provide, including due to a shift towards lower margin products or services; the impact of competition, new technologies, and M&A activity among our competitors; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets that we have recently acquired or may acquire in the future; the extent of our success at successfully integrating into our existing business, or making additional, acquisitions or investments in new businesses, technologies, products or services; potential adverse impact that recent global interruptions involving freight carriers and other third parties may have on our supply chain and distribution network; potential changes in our management and board of directors; global market, political and economic conditions, in the countries in which we operate in particular (including risks stemming from Russia’s war against Ukraine); the degree of impact of Israel’s war and military conflicts against Hamas and other regional terrorist organizations and regimes, given our Israeli headquarters, factories and significant operations; costs and potential liability relating to litigation and regulatory proceedings; risks related to infringement of our intellectual property rights by others or infringement of others' intellectual property rights by us; potential cyber attacks against, or other breaches to, our information technologies systems; the extent of our success at maintaining our liquidity and financing our operations and capital needs; the impact of tax regulations on our results of operations and financial condition; and those additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4, “Information on the Company”, Item 5, “Operating and Financial Review and Prospects,” and all other parts of our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 6, 2025 (the “2024 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2024 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that will attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition on a quarterly basis, which Stratasys will furnish to the SEC throughout 2025, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this slide presentation are made as of the date hereof, and Stratasys undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Make additive work for you


 
Use of Non-GAAP Financial Information Use of Non-GAAP Financial Measures The non-GAAP data included herein, which excludes certain items as described below, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our Company in gauging our results of operations (i) on an ongoing basis after excluding mergers, acquisitions, divestments and strategic process-related expense or gains and reorganization-related charges or gains, legal provisions, and (ii) excluding non- cash items such as stock-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long- lived assets and goodwill, revaluation of our investments and the corresponding tax effect of those items. The items eliminated via these non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in tables later in this slide presentation. Make additive work for you


 
CEO Dr. Yoav Zeif  Solid first quarter demonstrates resilience of recurring revenue model and high utilization across customer base  Consumables grew 7% sequentially, underscoring the enduring value placed in Stratasys’ additive manufacturing systems  Strategic positioning excellent, with introduction of innovative solutions to enhance our presence as a digital manufacturing leader  Strategy focused on high-growth end-markets, driven by powerful megatrends such as supply chain, onshoring, next-gen mobility, sustainability and manufacturing efficiency  Disciplined market-focused approach established the foundation for profitable growth  Closed Fortissimo Capital's $120 million strategic investment in Stratasys, bringing cash and equivalents to ~$270 million with no debt, and adding Yuval Cohen to our board  Tariff monitoring ongoing, expecting no material revenue impact and preparing cost mitigation if needed – note that tariffs can catalyze business opportunities for local, cost-effective production Make additive work for you


 
Make additive work for you Launched Neo 800+ SLA Printer  Significant enhancements for large, accurate, hi-fidelity parts.  Boosts speed up to 50%, maximizing uptime and consistency without compromising quality.  With GrabCAD and improved materials, provides a complete SLA ecosystem that streamlines production workflows for uses in automotive, aerospace, wind tunnel testing, prototyping, and tooling.  Rivian Automotive joined the launch at the Rapid + TCT trade show. Technology and Customer Update Exciting Aerospace additive manufacturing of flight-grade parts with Boom Supersonic  Stratasys FDM helping build next-gen supersonic jet – Boom XB-1 recently broke the sound barrier.  Produced 350+ end-use parts and over 750 drill guides for assembly, as well as the Starlink mount on the chase plane to support live streaming of the event.  Additive MFG economic advantage: Flight control test rig tooling resulted in 90% savings on cost and lead time as compared to conventionally produced alternatives. Launched 10th anniversary new edition of Fortus 450mc Gen 3 printer  Factory-floor-ready solution for high- strength tooling and production.  Reliable workhorse - 92% of 450mc units installed over the past decade are still in use.  Features bundled hardened components for advanced materials like Nylon 12CF, full access to the 450mc materials portfolio, and enhanced processing capabilities with included GrabCAD Print Pro for greater precision and productivity.


 
Make additive work for you Materials Update  Launched Two Antero Materials developed in collaboration with industry leaders including Northrop Grumman, Boeing and BAE Systems, and defense organizations including the US Navy and Air Force.  Advanced industrial materials offer exceptional resistance to extreme temperatures and harsh chemicals, meeting stringent requirements for mission-critical applications in aerospace, defense, and other highly regulated industries  Enables manufacturers to confidently adopt 3D printing with proven reliability, reduced qualification costs, and consistency across production sites.  Empowers faster innovation and deployment of additive manufacturing for qualified end-use applications throughout enterprise operations.  Launched PolyJet ToughONE advanced material addressing key point of feedback from our customers – providing PolyJet with functional prototyping capabilities to expand the use cases.  Combines exceptional design precision with functional strength for our high-end platforms, enabling engineers and designers to create prototypes and end-use parts without compromising between aesthetics and durability.  Allows engineers to move from concept to functional testing faster, while maintaining precision and performance.  Integrates seamlessly with other PolyJet materials to enable hybrid models that combine different mechanical properties or colors within a single part.


 
CFO Eitan Zamir  Q1 demonstrated the continued resilience of our operating model – a key differentiator relative to competitors  Significant OpEx savings and bottom-line profit despite pressure on revenues, thanks to fast actions of our team  Solid results reflect sequential growth in consumables sales and full run-rate contributions from the cost control initiatives we began in the middle of last year


 
Quarterly Trend 99.2 93.6 94.1 105.1 93.8 44.9 44.4 45.9 45.3 42.2 144.1 138.0 140.0 150.4 136.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Products Services Q1 2025 Revenues Make additive work for you Revenue Breakdown Note: $ in millions unless noted otherwise. 66.3 64.6 62.4 58.4 62.6 32.9 29.0 31.7 46.7 31.2 44.9 44.4 45.9 45.3 42.2 144.1 138.0 140.0 150.4 136.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Consumables Systems Services


 
GAAP Non-GAAP 47.4% 47.2% 49.8% 50.0% 49.3% 24.4% 38.4% 32.2% 30.7% 35.6% 40.5% 44.6% 44.4% 43.8% 44.8% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 48.6% 49.0% 49.6% 49.6% 48.3% 55.5% 55.6% 55.1% 53.4% 54.7% 33.4% 35.2% 38.5% 40.7% 33.9% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Services Gross MarginProducts Gross Margin Total Gross Margin Make additive work for you . . . . . . . . . . . . . . . - - - - - 47.4% 47.2% 49.8% 50.0% 49.3% 24.4% 38.4% 32.2% 30.7% 35.6% 40.5% 44.6% 44.4% 43.8% 44.8% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 49.8% 50.0% 49.3% 49.0 49.6% 32.2% 30.7% 35.6% 40.2% 32.5% 44.4% 43.8% 44.8% 46.3% 44.3% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1 2025 Gross Margins Note: All percentages rounded.


 
GAAP Operating Expenses (absolute and as a percentage of revenues) Non-GAAP Operating Expenses (absolute and as a percentage of revenues) 88.4 72.6 53.4% Q1'24 Q1'25 61.3% 71.2 62.6 Q1'24 Q1'25 46.0%41.0% 49.5% Significant improvement driven by our cost savings initiatives Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Q1 2025 Operating Expenses Make additive work for you


 
(26.0) )13.1( (12.4) Non-GAAP Operating Income (Loss) (0.8%) in Q1’24 vs 2.2% in Q1’25 out of total revenue GAAP Operating Loss Non-GAAP Net Income (Loss) EPS diluted ($0.02) in Q1’24 vs $0.04 in Q1’25 GAAP Net Loss EPS diluted ($0.37) in Q1’24 vs ($0.18) in Q1’25 Q1’24 Q1’25 8.24.1 2.9 Adjusted EBITDA 2.9% in Q1’24 vs 6.0% in Q1’25 out of total revenue )1.2( 3.0 )1.7( Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 (24.5) Q1 2025 Operating and Earnings Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Make additive work for you


 
Balance Sheet ItemsCash Flow from Operating Activities 13 Q1-24 Q4-24 Q1-25 Cash, Cash Equivalents and Short-Term Deposits 161.1 150.7 150.1 Accounts Receivable 155.3 153.0 156.2 Inventories 195.1 179.8 169.9 Net Working Capital 373.9 345.7 339.6 7.3 4.5 Q1-24 Q1-25 Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Make additive work for you Strong Balance Sheet Positioned for Value-Enhancing Opportunities Q2 Fortissimo Capital Investment of $120M Bolsters Cash Position to $270M


 
Revenues growing sequentially each quarter through the year Non-GAAP Gross Margins Non-GAAP Operating Expenses Non-GAAP Operating Margins Adjusted EPS diluted ($64M) - ($49M) ($0.80) - ($0.61) GAAP EPS diluted CAPEX Adjusted EBITDA 7.8% - 8.5% of Revenue $570M – $585M 48.8% – 49.2% $254M – $257M $25M – $30M$44M – $50M4.0% – 5.0% Improved operating and free cash flow at higher levels than 2024 2025 Full-Year Outlook – Raising EPS $24M – $30M $0.30 – $0.37 Make additive work for you


 
CEO Dr. Yoav Zeif Summary  Q1 2025 establishes a solid foundation for the year ahead  Stratasys is exceptionally well positioned thanks to cost management, product innovation and growing integration into our customers' manufacturing workflows  Strong financial position expands our capability to pursue both organic growth opportunities and strategic acquisitions that align with our vision for accretive expansion  Strategic focus targets the most promising applications, while enhancing customer engagement through improved go-to- market and comprehensive user education programs  Unwavering commitment to increasing profitability with financial discipline, optimizing for near-term performance and long-term value creation  Strong portfolio positions Stratasys to capitalize on market momentum when capital investment cycles accelerate Make additive work for you


 
Make additive work for you THANK YOU


 
17 GAAP Non-GAAP Q1-24 Q1-25 Change Y/Y Q1-24 Q1-25 Change Y/Y Total Revenue 144.1 136.0 -5.6% 144.1 136.0 -5.6% Gross Profit 63.9 60.2 (3.7) 70.0 65.6 (4.4)  % Margin 44.4% 44.3% -0.1% 48.6% 48.3% -0.3% Operating Income (Loss) (24.5) (12.4) 12.1 (1.2) 3.0 4.2  % Margin -17.0% -9.1% 7.9% -0.8% 2.2% 3.0% Net Income (Loss) (26.0) (13.1) 12.9 (1.7) 2.9 4.6  % Margin -18.0% -9.6% 8.4% -1.2% 2.1% 3.3% Diluted EPS (0.37) (0.18) 0.19 (0.02) 0.04 0.06 Diluted Shares 70.0 72.0 2.9% 70.0 72.6 3.7% Note: $ in millions unless noted otherwise. All numbers and percentages rounded Appendix – Comparison of Q1 2025 to Q1 2024 Key Metrics Make additive work for you


 
Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Appendix - Reconciliation of GAAP to Non-GAAP Results of Operations GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross Profit (1) $ 60,239 $ 5,410 $ 65,649 $ 63,897 $ 6,139 $ 70,036 Operating income (loss) (1,2) (12,404) 15,450 3,046 (24,453) 23,254 (1,199) Net income (loss) (1,2,3) (13,054) 15,932 2,878 (25,983) 24,299 (1,684) Net income (loss) per diluted share (4) $ (0.18) $ 0.22 $ 0.04 $ (0.37) $ 0.35 $ (0.02) (1) Acquired intangible assets amortization expense 4,488 5,084 Non-cash stock-based compensation expense 708 952 Restructuring and other related costs 214 103 5,410 6,139 (2) Acquired intangible assets amortization expense 940 2,459 Non-cash stock-based compensation expense 5,505 7,697 Restructuring and other related costs 1,132 920 Revaluation of investment - 1,900 Contingent consideration 645 511 Legal and other expenses 1,818 3,628 10,040 17,115 15,450 23,254 (3) Corresponding tax effect 84 234 Equity method related expenses 841 964 Finance income (443) (153) 15,932 24,299 (4) Weighted average number of ordinary shares outstanding- Diluted 71,967 72,625 69,993 69,993 Three Months Ended March 31, 2025 Three Months Ended March 31, 2024


 
Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Appendix - Reconciliation of GAAP Net Loss to Adjusted EBITDA 2025 2024 Net loss $ (13,054) $ (25,983) Financial income, net (1,473) (1,217) Income tax expenses 455 716 Share in losses of associated companies 1,668 2,031 Depreciation expense 5,124 5,305 Amortization expense 5,428 7,543 Non-cash stock-based compensation expense 6,213 8,649 Revaluation of investment - 1,900 Contingent consideration 645 511 Legal and other expenses 1,818 3,628 Restructuring and other related costs 1,346 1,023 Adjusted EBITDA $ 8,170 $ 4,106 Three Months Ended March 31,