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6-K 1 cover6-kq3x25pr.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 November 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 November 13, 2025, Stratasys Ltd. (“Stratasys”, “we” or “us”) announced its financial results for the third quarter ended September 30, 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 November 13, 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: November 13, 2025
By: /s/ Eitan Zamir
  Name:  Eitan Zamir
  Title: Chief Financial Officer
 

EX-99.1 2 prq3-256xk.htm EX-99.1 Document
Exhibit 99.1
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Stratasys Releases Third Quarter 2025 Financial Results
•Revenue of $137.0 million, compared to $140.0 million in the prior year period
•GAAP net loss of $55.6 million, or $0.65 per diluted share (includes non-cash impairment of $33.9 million, or $0.40 per share) and non-GAAP net income of $1.5 million, or $0.02 per diluted share
•Adjusted EBITDA of $5.0 million, compared to $5.1 million in the prior year period
•Generated $6.9 million in operational cash flow, compared to $4.5 million of cash used in the prior year period
•$255.0 million cash, equivalents and short-term deposits and no debt at September 30, 2025
•Reiterating non-GAAP outlook and adjusting GAAP Net Income and EPS due to the above-referenced non-cash impairment

MINNETONKA, Minn. & REHOVOT, Israel - (BUSINESS WIRE) - November 13, 2025 - Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced its financial results for the third quarter ended September 30, 2025.
"Our third quarter results demonstrate the resilience of our business model that enabled us to deliver solid operating cash flow and positive adjusted earnings per share, through the combination of strong recurring revenues, disciplined cost management and operational excellence," said Dr. Yoav Zeif, CEO of Stratasys. "Our industry-leading balance sheet, with $255 million in cash, cash equivalents and short-term deposits and no debt, enables us to build the foundational infrastructure that will drive our expansion in aerospace and defense, automotive tooling, dentures, precision machine components, and medical anatomic modeling. We are strategically investing in the technological capabilities and customer relationships that position us to capture substantial growth as these high-value applications scale. Customer engagement remains robust across these verticals, with active partnerships on compelling use cases that reinforce our confidence in our competitive positioning and additive manufacturing's long-term trajectory."
"Our success with leaders of industry and major technology companies validates our solutions' critical role in production environments. The fundamental trends driving manufacturing transformation - supply chain localization, sustainability goals, personalization, and efficiency demands - continue to intensify. As customer spending patterns normalize, we remain well-positioned to capitalize on these secular drivers and deliver shareholder value through our comprehensive portfolio of systems, materials, and software solutions.”
Summary - Third Quarter 2025 Financial Results Compared to Third Quarter 2024:
•Revenue of $137.0 million compared to $140.0 million.
•GAAP gross margin of 41.0%, compared to 44.8%.
•Non-GAAP gross margin of 45.3%, compared to 49.6%.
•GAAP operating loss of $22.7 million, compared to an operating loss of $25.5 million.
•Non-GAAP operating income of $0.1 million, compared to an operating loss of $0.1 million.
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•GAAP net loss of $55.6 million, or $0.65 per diluted share, compared to a net loss of $26.6 million, or $0.37 per diluted share.
◦Includes non-cash impairment of $33.9 million, or $0.40 per share related to Ultimaker investment.
•Non-GAAP net income of $1.5 million, or $0.02 per diluted share, compared to net income of $0.4 million, or $0.01 per diluted share.
•Adjusted EBITDA of $5.0 million, compared to $5.1 million.
•Cash provided by operating activities of $6.9 million, compared to cash used in operating activities of $4.5 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 its non-GAAP outlook and adjusting the GAAP Net Loss and EPS due to the above-referenced non-cash impairment to be as follows:
•Full year revenue of $550 million to $560 million.
•Full year non-GAAP gross margins of 46.7% to 47.0%.
•Full year non-GAAP operating expenses to range from $248 million to $251 million.
•Full year GAAP operating margins to range from (13)% to (11)%.
•Full year non-GAAP operating margins to range from 1.5% to 2.0%.
•GAAP net loss ranging from $110 million to $99 million, and GAAP EPS of ($1.34) to ($1.21).
•Adjusted EBITDA ranging from $30 million to $32 million.
•Capital expenditures ranging from $20 million to $25 million.
•Positive operating cash flow.
•Non-GAAP net income ranging from $11 million to $13 million, and Non-GAAP EPS ranging from $0.13 to $0.16.
Appropriate reconciliations between 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, guidance for GAAP gross margin or a reconciliation of our guidance for non-GAAP gross margins to the most directly comparable GAAP financial measure (i.e., GAAP gross margin), as we are unable to do so without unreasonable effort or with reasonable certainty from a quantitative perspective.

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Stratasys Ltd. Third Quarter 2025 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its third quarter 2025 financial results on Thursday, November 13, 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=utWHBI2d
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.
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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 impact of increased and/or reciprocal import tariffs that have been imposed by the U.S. and other countries; global trends involving inflation, interest rates, economic activity and currency exchange rates, and their impact 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 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 lingering adverse effects of Israel’s recent retaliatory war against the terrorist organizations Hamas and Hezbollah, Iran, and, intermittently, its conflict with 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 have been or 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.

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Use of Non-GAAP Financial Measures
The non-GAAP data included herein, but not limited, 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. Our management utilizes these non-GAAP measures to enable us to assess our financial results (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. The items eliminated as part of our calculation of our non-GAAP financial measures 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. Our 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)
September 30, 2025 December 31, 2024
ASSETS
Current assets
Cash and cash equivalents $ 71,470  $ 70,200 
Short-term bank deposits 183,500  80,500 
Accounts receivable, net of allowance for credit losses of $3,549 and $3,058 as of September 30, 2025 and December 31, 2024, respectively 151,344  152,979 
Inventories 159,335  179,809 
Prepaid expenses 8,239  7,630 
Other current assets 29,796  21,843 
Total current assets 603,684  512,961 
Non-current assets
Property, plant and equipment, net 189,285  184,379 
Goodwill 101,515  99,082 
Other intangible assets, net 101,267  106,253 
Operating lease right-of-use assets 30,669  32,169 
Long-term investments 46,064  80,205 
Other non-current assets 14,724  14,697 
Total non-current assets 483,524  516,785 
Total assets $ 1,087,208  $ 1,029,746 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 40,244  $ 44,977 
Accrued expenses and other current liabilities 36,167  39,749 
Accrued compensation and related benefits 32,988  29,206 
Deferred revenues - short-term 48,564  46,347 
Operating lease liabilities - short-term 7,283  6,935 
Total current liabilities 165,246  167,214 
Non-current liabilities
Deferred revenues - long-term 18,766  19,057 
Deferred income taxes 412  507 
Operating lease liabilities - long-term
23,810  25,155 
Contingent consideration - long-term 5,125  4,933 
Other non-current liabilities 21,324  19,889 
Total non-current liabilities 69,437  69,541 
Total liabilities $ 234,683  $ 236,755 
Contingencies (see note 12)
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 85,702 shares and 71,982 shares issued at September 30, 2025 and December 31, 2024, respectively; 85,436 shares and 71,716 shares outstanding at September 30, 2025 and December 31, 2024, respectively $ 240  $ 202 
Treasury shares at cost, 266 shares at September 30, 2025 and December 31, 2024 (1,995) (1,995)
Additional paid-in capital 3,266,492  3,123,024 
Accumulated other comprehensive loss (6,570) (8,031)
Accumulated deficit (2,405,642) (2,320,209)
Total equity 852,525  792,991 
Total liabilities and equity $ 1,087,208  $ 1,029,746 




Stratasys Ltd.
Consolidated Statements of Operations
(U.S. $ in thousands, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
(Unaudited) 2025 2024 2025 2024
Revenues
Products $ 94,061  $ 94,092  $ 282,647  $ 286,882 
Services 42,909  45,916  128,455  135,217 
136,970  140,008  411,102  422,099 
Cost of revenues
Products 49,808  47,707  145,693  144,220 
Services 31,070  29,571  89,584  90,752 
80,878  77,278  235,277  234,972 
Gross profit 56,092  62,730  175,825  187,127 
Operating expenses
Research and development, net 20,561  24,700  59,274  74,357 
Selling, general and administrative 58,235  63,495  168,279  188,731 
78,796  88,195  227,553  263,088 
Operating loss (22,704) (25,465) (51,728) (75,961)
Financial income, net
2,656  1,009  7,415  1,500 
Loss before income taxes (20,048) (24,456) (44,313) (74,461)
Income tax expenses
524  842  2,020  2,320 
Share in losses of associated companies
35,062  1,316  39,100  1,559 
Net loss $ (55,634) $ (26,614) $ (85,433) $ (78,340)
Net loss per ordinary share - basic and diluted
$ (0.65) $ (0.37) $ (1.06) $ (1.11)
Weighted average ordinary shares outstanding - basic and diluted
85,151  71,271  80,230  70,670 




Stratasys Ltd.
Reconciliation of GAAP to Non-GAAP Results of Operations
Three Months Ended September 30,
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) $ 56,092  $ 5,971  $ 62,063  $ 62,730  $ 6,768  $ 69,498 
Operating income (loss) (1,2) (22,704) 22,781  77  (25,465) 25,351  (114)
Net income (loss) (1,2,3) (55,634) 57,109  1,475  (26,614) 26,985  371 
Net income (loss) per diluted share (4) $ (0.65) $ 0.67  $ 0.02  $ (0.37) $ 0.38  $ 0.01 
(1) Acquired intangible assets amortization expenses 4,526  4,507 
Non-cash share-based compensation expenses 819  912 
Restructuring and other expenses 626  1,349 
5,971  6,768 
(2) Acquired intangible assets amortization expenses 1,068  1,124 
Non-cash share-based compensation expenses 4,816  5,657 
Restructuring and other related costs 2,639  7,585 
Revaluation of investment 2,208  — 
Contingent consideration —  519 
Legal and other expenses 6,079  3,698 
16,810  18,583 
22,781  25,351 
(3) Corresponding tax effect 191  294 
Equity method related expenses and impairment 34,337  981 
Finance expenses (income) (200) 359 
$ 57,109  $ 26,985 
(4)  Weighted average number of ordinary shares outstanding - Diluted 85,151  86,000  71,271  71,417 




Stratasys Ltd.
Nine Months Ended September 30,
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) $ 175,825  $ 17,704  $ 193,529  $ 187,127  $ 20,082  $ 207,209 
Operating income (loss) (1,2) (51,728) 55,967  4,239  (75,961) 71,450  (4,511)
Net income (loss) (1,2,3)
(85,433) 91,966  6,533  (78,340) 74,058  (4,282)
Net income (loss) per diluted share (4) $ (1.06) $ 1.14  $ 0.08  $ (1.11) $ 1.05  $ (0.06)
(1) Acquired intangible assets amortization expenses 13,531  14,080 
Non-cash share-based compensation expenses 2,273  2,874 
Restructuring and other expenses
1,900  3,128 
17,704  20,082 
(2) Acquired intangible assets amortization expenses 2,923  4,694 
Non-cash share-based compensation expenses 15,713  19,689 
Restructuring and other related costs 4,231  12,144 
Revaluation of investment 2,208  1,900 
Contingent consideration 1,288  1,553 
Legal and other expenses 11,900  11,388 
38,263  51,368 
55,967  71,450 
(3) Corresponding tax effect 457  732 
Equity method related expenses and impairment 36,245  352 
Finance expenses (income) (703) 1,524 
$ 91,966  $ 74,058 
(4)  Weighted average number of ordinary shares outstanding - Diluted 80,230  80,951  70,670  70,670 








Stratasys Ltd.
Reconciliation of GAAP net loss to Adjusted EBITDA
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
U.S. $ in thousands
U.S. $ in thousands
Net loss $ (55,634) $ (26,614) $ (85,433) $ (78,340)
Financial income, net (2,656) (1,009) (7,415) (1,500)
Income tax expenses 524  842  2,020  2,320 
Equity method related expenses and impairment 35,062  1,316  39,100  1,559 
Depreciation expenses
5,085  5,210  15,548  15,997 
Amortization expenses 5,602  5,631  16,481  18,774 
Non-cash share-based compensation expenses 5,635  6,569  17,986  22,563 
Revaluation of investment 2,208  —  2,208  1,900 
Contingent consideration —  519  1,288  1,553 
Legal and other expenses 6,466  3,698  12,020  11,388 
Restructuring and other related costs 2,752  8,934  5,540  15,272 
Adjusted EBITDA $ 5,044  $ 5,096  $ 19,343  $ 11,486 




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 $(110) to $(99)
Adjustments
Share-based compensation expenses $25 to $27
Intangible assets amortization expenses $22 to $24
Reorganization, equity method impairment and other $63 to $67
Tax expenses related to Non-GAAP adjustments
$2 to $3
Non-GAAP net income $11 to $13
GAAP loss per share $(1.34) to $(1.21)
Non-GAAP diluted earnings per share $0.13 to $0.16

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 $(110) to $(99)
Adjustments
Share-based compensation expenses $25 to $27
Intangible assets amortization expenses $22 to $24
Reorganization, equity method impairment and other $63 to $67
Tax expenses related to Non-GAAP adjustments
$2 to $3
Other non-operating income
$(1) to $(1)
Depreciation $20 to $20
Adjusted EBITDA $30 to $32





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 $(72) to $(61)
GAAP operating margins (13)% to (11)%
Adjustments
Share-based compensation expenses $25 to $27
Intangible assets amortization expenses $22 to $24
Reorganization and other $26 to $30
Non-GAAP operating profit $9 to $12
Non-GAAP operating margins 1.5% to 2.0%

EX-99.2 3 ssysq32025slides-final.htm EX-99.2 ssysq32025slides-final
Make additive work for you Q3 2025 Results Speakers Dr. Yoav Zeif, CEO Eitan Zamir, CFO Yonah Lloyd, CCO & VP IR November 13, 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 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 impact of increased and/or reciprocal import tariffs that have been imposed by the U.S. and other countries; global trends involving inflation, interest rates, economic activity and currency exchange rates, and their impact 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 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 lingering adverse effects of Israel’s recent retaliatory war against the terrorist organizations Hamas and Hezbollah, Iran and, intermittently, its conflict with 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 have been or 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 slide presentation 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. Make additive work for you


 
The non-GAAP data included herein, but not limited, 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. Our management utilizes these non-GAAP measures to enable us to assess our financial results (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. The items eliminated as part of our calculation of our non-GAAP financial measures 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. Our 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 later in this slide presentation. We have not included herein, however, a reconciliation of our non-GAAP guidance for 2025 to the most directly comparable GAAP guidance. Please see our earnings release being published today for that reconciliation (other than for our guidance for non-GAAP gross margin, as we are unable to provide either the equivalent GAAP figure (projected GAAP gross margin) or the related reconciliation without unreasonable effort or with reasonable certainty from a quantitative perspective). Make additive work for you Use of Non-GAAP Financial Information Use of Non-GAAP Financial Measures


 
▪ Disciplined cost management delivered solid OCF and EPS, demonstrates the underlying strength of our business model ▪ Focused on operational excellence, partnerships, and strategy execution as we advance additive innovation ▪ Customer engagement substantive as we build infrastructure to drive growth and scale across key, high-value verticals - aerospace/defense (particularly drones), automotive tooling, dentures, machine components, medical anatomic modeling ▪ We are leaders in these areas where additive is a compelling alternative to conventional manufacturing, as we create competitive advantages for years to come ▪ Long-term strategy centers on fundamental trends reshaping manufacturing: supply chain localization, next-generation mobility, sustainability goals, and the unrelenting corporate focus on efficiency and cost reduction ▪ Evolving tariff landscape reinforces value proposition of additive to mitigate supply chain risk, address geopolitical issues and reduce tariff exposure, helping maintain resilient manufacturing strategies CEO Dr. Yoav Zeif


 
Customer Success – Aerospace & Defense Make additive work for you Continued progress with purchases across all manufacturing-focused systems, such as F3300, F770, Fortus450, Neo 800+, H350 and Origin ▪ Commercial aviation – Secured wins with industry leaders Boeing, Embraer and others, demonstrating confidence in our solutions, and the critical role our technology plays in aerospace production environments ▪ Defense - Strong performance as we continue to spearhead that sector with notable purchases from Honeywell, TE Connectivity and L3Harris Participated in Trident Warrior 25, the U.S. Navy flagship fleet experimentation exercise ▪ Demonstrated critical role of distributed advanced manufacturing in enhancing military combat readiness ▪ DoD’s largest distributed manufacturing demonstration to date, connecting assets across more than 8,000 miles ▪ Comprehensive ecosystem significantly reduces reliance on traditional logistics for mission-critical repair & replace ▪ 7 global sites leveraged Stratasys to produce parts at U.S. military specs with faster turnaround and lower costs ▪ Reinforces Stratasys as a trusted partner for defense and highlights the scalable, practical solutions we provide to enhance mission readiness and operational resilience across thousands of miles of distributed operations


 
Customer Success – Virtual & Augmented Reality, SAF, Automotive Make additive work for you Leading Social Media, AI, VR/AR Company Buys Four F3300s ▪ One of the world’s largest companies purchased four of our newest F3300 FDM systems ▪ Initial use for large-scale prototyping on automation platform and next-generation robot ▪ Plan to manufacture production parts for VR/AR products SAF H350 Customer Milestones – Pharma and Aerospace ▪ Global top-three pharmaceutical company adds H350, opening the door to exciting new opportunities across medical device and drug development applications ▪ Collaboration with FAA and NIAR for SAF program to address demand for drone components, aviation parts, tooling and low-volume production applications, establishing technical foundation for expanded adoption Andretti Global Partnership Extended ▪ Extended multi-year partnership with Andretti Global as Official 3D Printing Partner of Andretti INDYCAR ▪ Designing optimized 3D printing lab within Andretti's new headquarters to significantly enhance their additive manufacturing capabilities. ▪ Partnership demonstrates the real-world performance advantages our technology delivers in demanding motor sports environments, where faster turnaround times, complex geometries, and higher-quality parts are essential for competitive success


 
Make additive work for you 8 Technology Update – Dental ▪ Enthused about the strategic investments we're making in TrueDent and related solutions to accelerate growth ▪ Welcomed Chris Kabot as VP & Global Head of Dental. Chris brings exceptional credentials as a world leader in digital dentistry and additive manufacturing, combining clinical, technical, and commercial expertise ▪ Launched SOFT RELAX post-processing solution helping dental operators reduce manual labor by 90% while minimizing the use of harmful chemicals ▪ Proud to be among the first dental additive companies to proactively remove TPO, a common but controversial toxic chemical, from all our dental resins, reinforcing our commitment to patient safety and sustainability


 
CFO Eitan Zamir • Q3 Results reflect strong execution by our team • 440bp reduction in adjusted OpEx helped generate solid OCF and EPS • Effectively offset continued top line and gross margin pressure


 
Quarterly Trend Make additive work for you Revenues Breakdown Note: $ in millions unless noted otherwise. 62.4 58.4 62.6 64.2 62.0 31.7 46.7 31.2 30.6 32.1 45.9 45.3 42.2 43.3 42.9 140.0 150.4 136.0 138.1 137.0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Consumables Systems Services 94.1 105.1 93.8 94.8 94.1 45.9 45.3 42.2 43.3 42.9 140.0 150.4 136.0 138.1 137.0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Products Services Q3 2025 Revenues


 
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 49.6% 49.6% 48.3% 47.7% 45.3% 55.1% 53.4% 54.7% 54.3% 52.4% 38.5% 40.7% 33.9% 33.1% 29.7% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 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 49.3% 49.0% 49.6% 48.7% 47.0% 35.6% 40.2% 32.5% 30.8% 27.6% 44.8% 46.3% 44.3% 43.1% 41.0% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Note: All percentages rounded. Q3 2025 Gross Margins


 
GAAP Operating Expenses (absolute and as a percentage of revenues) Non-GAAP Operating Expenses (absolute and as a percentage of revenues) 88.2 78.8 57.5% Q3'24 Q3'25 63.0% 69.6 62.0 Q3'24 Q3'25 45.3%41.0% 49.7% Continued improvement driven by cost savings initiatives Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Q3 2025 Operating Expenses Make additive work for you


 
(26.6) )55.6( (22.7) Non-GAAP Operating Income (Loss) (0.1%) in Q3’24 vs 0.1% in Q3’25 out of total revenue GAAP Operating Loss Non-GAAP Net Income EPS diluted $0.01 in Q3’24 vs $0.02 in Q3’25 GAAP Net Loss* EPS diluted ($0.37) in Q3’24 vs ($0.65) in Q3’25 Q3’24 Q3’25 5.05.1 1.5 Adjusted EBITDA 3.6% in Q3’24 vs 3.6% in Q3’25 out of total revenue (0.1) 0.1 0.4 Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 (25.5) Q3 2025 Operating, Net and EBITDA *For Q3’25, reflects non-cash impairment charge of $33.9, or $0.40 per share, related to Ultimaker investment. Note: $ in millions, except per share amounts unless noted otherwise. All numbers and percentages rounded. Make additive work for you


 
Balance Sheet ItemsCash Flow from Operating Activities 14 (4.5) 6.9 Q3-24 Q3-25 Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Make additive work for you Strong Balance Sheet – $255M and No Debt Q3-24 Q2-25 Q3-25 Cash and Cash Equivalents and Short- term deposits 144.0 254.6 255.0 Accounts Receivable 153.7 157.9 151.3 Inventories 195.2 164.6 159.3 Net Working Capital 349.9 448.8 438.4


 
Revenues Non-GAAP Gross Margins Non-GAAP Operating Expenses Non-GAAP Operating Margins Adjusted Net Income Adjusted EPS diluted ($110M) - ($99M) ($1.34) - ($1.21) GAAP EPS reflects impact of non-cash impairment CAPEX Adjusted EBITDA 5.4%-5.7% of Revenue $550M – $560M 46.7% – 47.0% $248M – $251M $20M – $25M$30M – $32M1.5% – 2.0% Positive Operating Cash Flow for 2025 2025 Full-Year Outlook $11M – $13M $0.13 – $0.16 Make additive work for you


 
CEO Dr. Yoav Zeif Summary ▪ Encouraging signs in the specific verticals and applications where we are focusing ▪ Recurring revenue stability an important foundation to build growth ▪ Poised to seize opportunities as the industry inevitably improves ▪ Margin discipline and cost actions protect profitability, leverages our balance sheet to maintain leadership through strategic investments ▪ Technology leadership with a comprehensive portfolio drives confidence in our competitive position ▪ Continuing expansion into key growth industries such as defense reinforces our conviction in additive’s expanding role in production applications as we maximize shareholder value in the coming years Make additive work for you


 
Make additive work for you THANK YOU


 
18 Note: $ in millions, except per share amounts unless noted otherwise. All numbers and percentages rounded. 18 Appendix – Comparison of Q3 2025 to Q3 2024 Key Metrics Make additive work for you GAAP Non-GAAP Q3-24 Q3-25 Change Y/Y Q3-24 Q3-25 Change Y/Y Total Revenue 140.0 137.0 -2.1% 140.0 137.0 -2.1% Gross Profit 62.7 56.1 (6.6) 69.5 62.1 (7.4) ▪% Margin 44.8% 41.0% -3.9% 49.6% 45.3% -4.3% Operating Income (Loss) (25.5) (22.7) 2.8 (0.1) 0.1 0.2 ▪% Margin -18.2% -16.6% 1.6% -0.1% 0.1% 0.2% Net Income (Loss) (26.6) (55.6) (29.0) 0.4 1.5 1.1 ▪% Margin -19.0% -40.6% -21.6% 0.3% 1.1% 0.8% Diluted EPS (0.37) (0.65) (0.28) 0.01 0.02 0.01 Diluted Shares 71.3 85.2 13.9 71.4 86.0 14.6


 
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) $ 56,092 $ 5,971 $ 62,063 $ 62,730 $ 6,768 $ 69,498 Operating income (loss) (1,2) (22,704) 22,781 77 (25,465) 25,351 (114) Net income (loss) (1,2,3) (55,634) 57,109 1,475 (26,614) 26,985 371 Net income (loss) per diluted share (4) $ (0.65) $ 0.67 $ 0.02 $ (0.37) $ 0.38 $ 0.01 (1) Acquired intangible assets amortization expenses 4,526 4,507 Non-cash share-based compensation expenses 819 912 Restructuring and other expenses 626 1,349 5,971 6,768 (2) Acquired intangible assets amortization expenses 1,068 1,124 Non-cash share-based compensation expenses 4,816 5,657 Restructuring and other related costs 2,639 7,585 Revaluation of investment 2,208 - Contingent consideration - 519 Legal and other expenses 6,079 3,698 16,810 18,583 22,781 25,351 (3) Corresponding tax effect 191 294 Equity method related expenses and impairment 34,337 981 Finance expenses (income) (200) 359 $ 57,109 $ 26,985 (4) Weighted average number of ordinary shares outstanding- Diluted 85,151 86,000 71,271 71,417 Three Months Ended September 30, 2025 Three Months Ended September 30, 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 $ (55,634) $ (26,614) Financial income, net (2,656) (1,009) Income tax expenses 524 842 Equity method related expenses and impairment 35,062 1,316 Depreciation expenses 5,085 5,210 Amortization expenses 5,602 5,631 Non-cash share-based compensation expenses 5,635 6,569 Revaluation of investment 2,208 - Contingent consideration - 519 Legal and other expenses 6,466 3,698 Restructuring and other related costs 2,752 8,934 Adjusted EBITDA $ 5,044 $ 5,096 Three Months Ended September 30,