Slides
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Q3 2025 October 31, 2025 Earnings Presentation
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Forward-looking Statements and Non-GAAP Measures • These slides may contain forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward- looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements. • Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in Protolabs’ SEC filings, including its most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement you see or hear during this presentation reflects our current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, growth strategy, and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise. • Non-GAAP Financial Measures: Protolabs management believes that presenting certain non- GAAP financial measures provides meaningful information to investors in understanding operating results and may enhance investors' ability to analyze financial and business trends. Non-GAAP measures are not a substitute for GAAP measures and should be considered together with the GAAP financial measures. As calculated, our non-GAAP measures may not be comparable to other similarly titled measures of other companies. In addition, Protolabs management believes that these non- GAAP financial measures provide additional information for investors to compare period to period by excluding items that could have a disproportionately negative or positive impact on results in any particular period. GAAP to non-GAAP reconciliations are included in this presentation. 2
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Amazon’s Prime Air drone team tapped into Protolabs’ quick-turn CNC machining and 3D printing services for end-use production parts in the company’s advanced delivery drones
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Increase number of customers using the combined offer • Customer contacts using combined offer in LTM up 35% YoY Drive higher revenue per customer through larger orders • Revenue per customer contact in Q3 2025 grew 14% YoY 4 2025 Priorities – Q3 Update
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Named to Forbes’s “America’s Best-In-State Employers 2025” List 5 Q3 2025 – Capabilities Expansion & Award Expanded Factory CNC Machining Capabilities
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Q3 2025 Financial Overview 6
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$0.47 $0.47 Q3 2024 Q3 2025 $125.6 $135.4 Q3 2024 Q3 2025 1 YoY change in constant currencies • Revenue of $135.4 million, up 6.8% 1 YoY • Revenue fulfilled through the Protolabs Network was $30.1 million, up 16% YoY in constant currencies Revenue ($M) Non-GAAP EPS* • Non-GAAP EPS of $0.47, flat YoY • Non-GAAP earnings flat YoY as increased volume was offset by higher operating costs, including incentive compensation, commissions, and demand generation • Non-GAAP EPS up $0.06 sequentially, driven by GM% expansion 6.8%1 (0.4)% Financial Summary | Q3 2025 7 *Non-GAAP: adjusted for stock-based compensation, intangible amortization, costs related to exit and disposal activities, CEO transition costs, and unrealized gain/loss on foreign currency. See reconciliation in Appendix.
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*YoY change reflected in constant currencies See reconciliation in Appendix.8 Revenue by Service | Q3 2025 YoY $3.7 $4.3 Q3 2024 Q3 2025 $21.4 $20.1 Q3 2024 Q3 2025 $46.8 $47.8 Q3 2024 Q3 2025 $53.3 $63.0 Q3 2024 Q3 2025 Injection Molding - Revenue ($M) CNC Machining - Revenue ($M) Sheet Metal - Revenue ($M) 3D Printing - Revenue ($M) 1%* 17%* 13%* (7)%*
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Q3 2025 Q2 2025 QoQ Change Q3 2024 YoY Change Revenue $135.4 $135.1 0.2% $125.6 7.8% Non-GAAP Gross Margin* 45.9% 44.8% 110 bps 46.2% (30) bps Non-GAAP Operating Margin* 10.0% 8.6% 140 bps 10.9% (90) bps Non-GAAP Earnings Per Share* $0.47 $0.41 13.5% $0.47 (0.4)% Financial Results | Q3 2025 9 *Non-GAAP: adjusted for stock-based compensation, intangible amortization, (benefit)/costs related to exit and disposal activities, CEO transition costs, and unrealized gain/loss on foreign currency. See reconciliation in Appendix.
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$M Q3 2025 Q2 2025 Q3 2024 Operating Cash Flow $29.1 $10.6 $24.8 Capital Expenditures $4.1 $1.5 $1.6 Share Repurchases $12.8 $3.1 $19.0 Cash and Investments* $138.4 $123.2 $117.6 Debt* $0 $0 $0 Cash Flow and Balance Sheet | Q3 2025 *Balance sheet items as of the end of the period.10
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Q4 2025 Financial Outlook 11
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Outlook | Q4 2025 Q4 2025 Revenue Revenue $125M - $133M Outlook Commentary Q4 2025 Non-GAAP* EPS Non-GAAP* EPS $0.30 - $0.38 12 *Non-GAAP: adjusted for stock-based compensation, intangible amortization, costs related to exit and disposal activities, and unrealized gain/loss on foreign currency. See reconciliation in Appendix. • Expect foreign currency to have an approximately $1.5M favorable impact on Q4 2025 revenue • Expect Q4 2025 Non-GAAP* effective tax rate between 23% and 24% • Expect Q4 2025 diluted shares outstanding of approximately 24 million
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Thank You!
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Appendix 14
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Q3 2025 Detailed Financial Information 15
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16 *Non-GAAP: adjusted for stock-based compensation, intangible amortization, costs related to exit and disposal activities, CEO transition costs, and unrealized gain/loss on foreign currency. See reconciliation in Appendix. YoY GAAP to Non-GAAP P&L | Q3 2025 $ in thousands Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 135,366 — $ 135,366 $ 125,619 — $ 125,619 Cost of revenue 74,073 (781) 73,292 68,389 (817) 67,572 Gross profit $ 61,293 $ 781 $ 62,074 $ 57,230 $ 817 $ 58,047 Marketing and sales 24,574 (837) 23,737 22,619 (727) 21,892 Research and development 10,705 (764) 9,941 9,772 (671) 9,101 General and administrative 17,163 (2,244) 14,919 16,259 (2,869) 13,390 Costs related to exit/disposal activities 41 (41) — — — — Total operating expenses 52,483 (3,886) 48,597 48,650 (4,267) 44,383 Income from operations $ 8,810 $ 4,667 $ 13,477 $ 8,580 $ 5,084 $ 13,664 Adjusted EBITDA N/A N/A $ 21,129 N/A N/A $ 21,860 % of Revenue Gross Margin 45.3% 45.9% 45.6% 46.2% Marketing and sales 18.2% 17.5% 18.0% 17.4% Research and development 7.9% 7.3% 7.8% 7.2% General and administrative 12.7% 11.0% 12.9% 10.7% Costs related to exit/disposal activities 0.0% — % — % — % Total operating expenses 38.8% 35.9% 38.7% 35.3% Income from operations 6.5% 10.0% 6.8% 10.9% Adjusted EBITDA N/A 15.6% N/A 17.4%
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17 QoQ GAAP to Non-GAAP P&L | Q3 2025 $ in thousands Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 135,366 — $ 135,366 $ 135,063 — $ 136,063 Cost of revenue 74,073 (781) 73,292 75,289 (767) 74,522 Gross profit $ 61,293 $ 781 $ 62,074 $ 59,774 $ 767 $ 60,541 Marketing and sales 24,574 (837) 23,737 24,731 (808) 23,923 Research and development 10,705 (764) 9,941 11,173 (735) 10,438 General and administrative 17,163 (2,244) 14,919 18,752 (4,238) 14,514 Costs related to exit/disposal activities 41 (41) — 149 (149) — Total operating expenses 52,483 (3,886) 48,597 54,805 (5,930) 48,875 Income from operations $ 8,810 $ 4,667 $ 13,477 $ 4,969 $ 6,697 $ 11,666 Adjusted EBITDA N/A N/A $ 21,129 N/A N/A $ 19,692 % of Revenue Gross Margin 45.3% 45.9% 44.3% 44.8% Marketing and sales 18.2% 17.5% 18.3% 17.7% Research and development 7.9% 7.3% 8.3% 7.7% General and administrative 12.7% 11.0% 13.9% 10.7% Costs related to exit/disposal activities 0.0% — % 0.1% — % Total operating expenses 38.8% 35.9% 40.6% 36.2% Income from operations 6.5% 10.0% 3.7% 8.6% Adjusted EBITDA N/A 15.6% N/A 14.6% *Non-GAAP: adjusted for stock-based compensation, intangible amortization, costs related to exit and disposal activities, CEO transition costs, and unrealized gain/loss on foreign currency. See reconciliation in Appendix.
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GAAP to Non-GAAP Reconciliations 18
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GAAP to NON-GAAP Reconciliation | Revenue by Region 19 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 109,361 $ — $ 109,361 $ 99,571 9.8% 9.8% Europe 26,005 (1,226) 24,779 26,048 (0.2) (4.9) Total revenue $ 135,366 $ (1,226) $ 134,140 $ 125,619 7.8% 6.8% Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 320,340 $ — $ 320,340 $ 299,593 6.9% 6.9% Europe 76,294 (2,055) 74,239 79,547 (4.1%) (6.7%) Total revenue $ 396,634 $ (2,055) $ 394,579 $ 379,140 4.6% 4.1% 1 Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates. 2 This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025. 3 This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.
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GAAP to NON-GAAP Reconciliation | Revenue by Service 20 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Service Line (In thousands) (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 47,770 $ (358) $ 47,412 $ 46,831 2.0% 1.2% CNC Machining 63,043 (667) 62,376 53,327 18.2 17.0 3D Printing 20,082 (174) 19,908 21,437 (6.3) (7.1) Sheet Metal 4,262 (23) 4,239 3,743 13.9 13.3 Other Revenue 209 (4) 205 281 (25.6) (27.0) Total revenue $ 135,366 $ (1,226) $ 134,140 $ 125,619 7.8% 6.8% Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 143,908 $ (706) $ 143,202 $ 148,574 (3.1%) (3.6%) CNC Machining 177,831 (981) 176,850 154,498 15.1 14.5 3D Printing 61,491 (336) 61,155 64,300 (4.4) (4.9) Sheet Metal 12,776 (30) 12,746 11,218 13.9 13.6 Other Revenue 628 (2) 626 550 14.2 13.8 Total revenue $ 396,634 $ (2,055) $ 394,579 $ 379,140 4.6% 4.1% 1 Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates. 2 This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025. 3 This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.
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GAAP to NON-GAAP Reconciliation | Gross Margin 21 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Gross Margin (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 135,366 $ 125,619 $ 396,634 $ 379,140 Gross profit 61,293 57,230 176,765 171,243 GAAP gross margin 45.3% 45.6% 44.6% 45.2% Add back: Stock-based compensation expense 439 474 1,323 1,401 Amortization expense 342 343 1,027 1,027 Total adjustments 781 817 2,350 2,428 Non-GAAP gross profit $ 62,074 $ 58,047 $ 179,115 $ 173,671 Non-GAAP gross margin 45.9% 46.2% 45.2% 45.8%
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GAAP to NON-GAAP Reconciliation | Operating Margin 22 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 135,366 $ 125,619 $ 396,634 $ 379,140 Income from operations 8,810 8,580 18,310 21,406 GAAP operating margin 6.5% 6.8% 4.6% 5.6% Add back: Stock-based compensation expense 3,677 4,196 11,928 12,716 Amortization expense 935 888 2,770 2,796 CEO transition costs 14 — 1,376 — Costs related to exit and disposal activities 41 — 151 — Total adjustments 4,667 5,084 16,225 15,512 Non-GAAP income from operations $ 13,477 $ 13,664 $ 34,535 $ 36,918 Non-GAAP operating margin 10.0% 10.9% 8.7% 9.7%
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GAAP to NON-GAAP Reconciliation | EBITDA 23 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 135,366 $ 125,619 $ 396,634 $ 379,140 GAAP net income 7,216 7,189 15,242 16,997 GAAP net income margin 5.3% 5.7% 3.8% 4.5% Add back: Amortization expense $ 935 $ 888 $ 2,770 $ 2,796 Depreciation expense 7,494 8,021 22,923 24,188 Interest income, net (1,281) (1,287) (3,532) (3,548) Provision for income taxes 3,035 2,679 7,668 7,957 EBITDA 17,399 17,490 45,071 48,390 EBITDA Margin 12.9% 13.9% 11.4% 12.8% Add back: Stock-based compensation expense 3,677 4,196 11,928 12,716 Unrealized (gain) loss on foreign currency (2) 174 (316) 323 CEO transition costs 14 — 1,376 — Costs related to exit and disposal activities 41 — 151 — Total adjustments 3,730 4,370 13,139 13,039 Adjusted EBITDA $ 21,129 $ 21,860 $ 58,210 $ 61,429 Adjusted EBITDA Margin 15.6% 17.4% 14.7% 16.2% Proto Labs, Inc. Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA (In thousands) (Unaudited)
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GAAP to NON-GAAP Reconciliation | EPS 24 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share (In thousands, except share and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities GAAP net income $ 7,216 $ 7,189 $ 15,242 $ 16,997 Add back: Stock-based compensation expense 3,677 4,196 11,928 12,716 Amortization expense 935 888 2,770 2,796 Unrealized (gain) loss on foreign currency (2) 174 (316) 323 CEO transition costs 14 — 1,376 — Costs related to exit and disposal activities 41 — 151 — Total adjustments 1 4,665 5,258 15,909 15,835 Income tax benefits on adjustments 2 (500) (627) (1,700) (1,066) Non-GAAP net income $ 11,381 $ 11,820 $ 29,451 $ 31,766 Non-GAAP net income per share: Basic $ 0.48 $ 0.47 $ 1.23 $ 1.26 Diluted $ 0.47 $ 0.47 $ 1.21 $ 1.25 Shares used to compute non-GAAP net income per share: Basic 23,889,157 24,980,536 23,974,054 25,304,985 Diluted 24,191,039 25,022,485 24,249,669 25,382,280 1 Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cost of revenue $ 781 $ 817 $ 2,350 $ 2,428 Marketing and sales 837 727 2,423 2,378 Research and development 764 671 2,124 2,031 General and administrative 2,244 2,869 9,177 8,675 Costs related to exit and disposal activities 41 — 151 — Total operating expenses 3,886 4,267 13,875 13,084 Other income, net (2) 174 (316) 323 Total adjustments $ 4,665 $ 5,258 $ 15,909 $ 15,835 2 For the three and nine months ended September 30, 2025 and 2024, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the respective period.
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Low High GAAP diluted net income per share 0.12$ 0.20$ Add back: Stock-based compensation expense 0.14 0.14 Amortization expense 0.03 0.03 Unrealized (gain) loss on foreign currency 0.00 0.00 Total adjustments 0.18 0.18 Non-GAAP diluted net income per share 0.30$ 0.38$ Q4 2025 Outlook Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) GAAP to NON-GAAP Reconciliation | Q4 2025 Outlook 25