Slides
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February 6, 2026 Earnings Presentation Q4 & FY 2025
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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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Q4 2025 Financial Highlights • $136 million in revenue Up 11% YoY1 Revenue per customer contact up 23% YoY • 45% non-GAAP gross margin Up 140 bps YoY • 15% adjusted EBITDA margin • $0.44 non-GAAP EPS Up 17% YoY 3 1 YoY change in constant currencies. See reconciliation in Appendix.
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FY 2025 Financial Highlights • $533 million in revenue Up 6% YoY1 Revenue per customer contact up 13% YoY • 45% non-GAAP gross margin • 15% adjusted EBITDA margin • $75 million in cash flow from operations • $43 million returned to shareholders via repurchases 4 1 YoY change in constant currencies. See reconciliation in Appendix.
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Drones Wherever innovation is happening, Protolabs is there. Medical Devices Renewable Energy Satellite Communication Data Centers RobotsAero, Space & Rockets 5
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Elevate Customer Experience Accelerate Innovation Expand Production Drive Operational Efficiency 6
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Elevate Customer Experience • Remove friction across the customer journey to deliver a best-in-class experience, increase revenue per customer • Enable teams to serve customers more efficiently, driving faster growth Accelerate Innovation Expand Production Drive Operational Efficiency • Reaccelerate innovation across core manufacturing services to drive outsized growth; accelerated pace of new releases • Leverage differentiated IP and deep manufacturing & engineering talent • Take a deliberate, customer-led approach—prioritizing the right customers, applications, and capabilities • Begin with our most strategic customers and scale over time • Expand Factory and Network gross margins and capture SG&A leverage via efficiencies and productivity improvements • Reallocate resources to fund the highest-priority growth initiatives 7
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• Build off strong finish to 2025 • Drive efficiencies through transformation • Internal restructuring • India Global Capability Center (GCC) • Europe reset • Accelerate growth 8 Transformation & Acceleration 2026
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Q4 2025 Financial Overview 9
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$0.38 $0.44 Q4 2024 Q4 2025 $121.8 $136.5 Q4 2024 Q4 2025 1 YoY change in constant currencies • Revenue of $136.5 million, up 11.0%1 YoY • Revenue fulfilled through the Protolabs Network was $30.5 million, up 11%1 YoY in constant currencies • Revenue per customer contact up 23% Revenue ($M) Non-GAAP EPS* • Non-GAAP EPS of $0.44, up $0.06 YoY • YoY increase driven by higher volume and Factory GM% improvement, partially offset by higher tax rate 11.0%1 16.8% Financial Summary | Q4 2025 10 *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/disposal activities . See reconciliation in Appendix.
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*YoY change reflected in constant currencies See reconciliation in Appendix.11 Revenue by Service | Q4 2025 YoY $4.0 $4.4 Q4 2024 Q4 2025 $19.5 $18.8 Q4 2024 Q4 2025 $45.6 $47.6 Q4 2024 Q4 2025 $52.4 $65.5 Q4 2024 Q4 2025 Injection Molding - Revenue ($M) CNC Machining - Revenue ($M) Sheet Metal - Revenue ($M) 3D Printing - Revenue ($M) 4%* 23%* 7%*(4)%*
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Financial Results | Q4 2025 12 *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/disposal activities. See reconciliation in Appendix. Q4 2025 Q3 2025 QoQ Change Q4 2024 YoY Change Revenue $136.5 $135.4 0.8% $121.8 12.1% Non-GAAP Gross Margin* 44.8% 45.9% (110) bps 43.4% 140 bps Non-GAAP Operating Margin* 9.1% 10.0% (90) bps 7.6% 150 bps Non-GAAP Earnings Per Share* $0.44 $0.47 (5.5)% $0.38 16.8%
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FY 2025 Financial Overview 13
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$1.63 $1.66 FY 2024 FY 2025 $500.9 $533.1 FY 2024 FY 2025 1 YoY change in constant currencies • Revenue of $533.1 million, up 5.7%1 YoY • Revenue fulfilled through the Protolabs Network was $116.2 million, up 14%1 • Revenue per customer contact up 13% Revenue ($M) Non-GAAP EPS* • Non-GAAP EPS of $1.66, up $0.03 YoY • Non-GAAP earnings up YoY on increased volume and Factory GM%, partially offset by lower Network GM%, mix, higher SG&A, and a higher tax rate 5.7%1 1.5% Financial Summary | FY 2025 14 *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/disposal activities. See reconciliation in Appendix.
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*YoY change reflected in constant currencies See reconciliation in Appendix.15 Revenue by Service | FY 2025 YoY $15.3 $17.2 FY 2024 FY 2025 $83.8 $80.3 FY 2024 FY 2025 $194.2 $191.5 FY 2024 FY 2025 $206.9 $243.3 FY 2024 FY 2025 Injection Molding - Revenue ($M) CNC Machining - Revenue ($M) Sheet Metal - Revenue ($M) 3D Printing - Revenue ($M) (2)%* 17%* 12%* (5)%*
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FY 2025 FY 2024 YoY Change Revenue $533.1 $500.9 6.4% Non-GAAP Gross Margin* 45.1% 45.2% (10) bps Non-GAAP Operating Margin* 8.8% 9.2% (40) bps Non-GAAP Earnings Per Share* $1.66 $1.63 1.5% Financial Results | FY 2025 16 *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/disposal activities. See reconciliation in Appendix.
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$M FY 2025 FY 2024 Operating Cash Flow $74.5 $77.8 Capital Expenditures $14.8 $9.2 Share Repurchases $43.0 $60.3 Cash and Investments* $142.4 $120.9 Debt* $0 $0 Cash Flow and Balance Sheet | FY 2025 *Balance sheet items as of the end of the period.17
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Financial Outlook FY 2026 & Q1 2026 18
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Financial Outlook 19 *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/ disposal activities. See reconciliation in Appendix. Q1 2026 Revenue Revenue $130M - $138M Q1 2026 Outlook Commentary Q1 2026 Non-GAAP* EPS Non-GAAP* EPS $0.36 - $0.44 • Expect foreign currency to have an approximately $2.1M favorable impact on Q1 2026 revenue • Expect Q1 2026 Non-GAAP* effective tax rate between 24% and 25% • Expect Q1 2026 diluted shares outstanding of approximately 24 million FY 2026 anticipated revenue growth: 6% - 8%
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Thank you 20
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Appendix 21
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Q4 & FY 2025 Detailed Financial Information 22
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23 YoY GAAP to Non-GAAP P&L | Q4 2025 $ in thousands Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 136,493 — $ 136,493 $ 121,750 — $ 121,750 Cost of revenue 76,121 (812) 75,309 69,793 (876) 68,917 Gross profit $ 60,372 $ 812 $ 61,184 $ 51,957 $ 876 $ 52,833 Marketing and sales 25,261 (894) 24,367 23,003 (734) 22,269 Research and development 10,321 (702) 9,619 9,698 (690) 9,008 General and administrative 17,050 (2,326) 14,724 15,166 (2,894) 12,272 Restructuring and transformation costs 749 (749) — — — — Costs related to exit/disposal activities 191 (191) — 5,585 (5,585) — Total operating expenses 53,572 (4,862) 48,710 53,452 (9,903) 43,549 Income/(loss) from operations $ 6,800 $ 5,674 $ 12,474 $ (1,495) $ 10,779 $ 9,284 Adjusted EBITDA N/A N/A $ 19,939 N/A N/A $ 16,861 % of Revenue Gross Margin 44.2% 44.8% 42.7% 43.4% Marketing and sales 18.5% 17.9% 18.9% 18.3% Research and development 7.6% 7.0% 8.0% 7.4% General and administrative 12.5% 10.8% 12.5% 10.1% Restructuring and transformation costs 0.5% — % — % — % Costs related to exit/disposal activities 0.1% — % 4.6% — % Total operating expenses 39.2% 35.7% 43.9% 35.8% Income/(loss) from operations 5.0% 9.1% (1.2) % 7.6% Adjusted EBITDA N/A 14.6% N/A 13.8% *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/disposal activities. See reconciliation in Appendix.
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24 QoQ GAAP to Non-GAAP P&L | Q4 2025 $ in thousands Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 136,493 — $ 136,493 $ 135,366 — $ 135,366 Cost of revenue 76,121 (812) 75,309 74,073 (781) 73,292 Gross profit $ 60,372 $ 812 $ 61,184 $ 61,293 $ 781 $ 62,074 Marketing and sales 25,261 (894) 24,367 24,574 (837) 23,737 Research and development 10,321 (702) 9,619 10,705 (764) 9,941 General and administrative 17,050 (2,326) 14,724 17,163 (2,244) 14,919 Restructuring and transformation costs 749 (749) — — — — Costs related to exit/disposal activities 191 (191) — 41 (41) — Total operating expenses 53,572 (4,862) 48,710 52,483 (3,886) 48,597 Income from operations $ 6,800 $ 5,674 $ 12,474 $ 8,810 $ 4,667 $ 13,477 Adjusted EBITDA N/A N/A $ 19,939 N/A N/A $ 21,129 % of Revenue Gross Margin 44.2% 44.8% 45.3% 45.9% Marketing and sales 18.5% 17.9% 18.2% 17.5% Research and development 7.6% 7.0% 7.9% 7.3% General and administrative 12.5% 10.8% 12.7% 11.0% Restructuring and transformation costs 0.5% — % — % — % Costs related to exit/disposal activities 0.1% — % 0.0 % — % Total operating expenses 39.2% 35.7% 38.8% 35.9% Income from operations 5.0% 9.1% 6.5% 10.0% Adjusted EBITDA N/A 14.6% N/A 15.6% *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/disposal activities. See reconciliation in Appendix.
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25 $ in thousands Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 533,127 — $ 533,127 $ 500,890 — $ 500,890 Cost of revenue 295,990 (3,162) 292,828 277,690 (3,304) 274,386 Gross profit $ 237,137 $ 3,162 $ 240,299 $ 223,200 $ 3,304 $ 226,504 Marketing and sales 98,315 (3,317) 94,998 92,073 (3,112) 88,961 Research and development 42,808 (2,826) 39,982 41,298 (2,721) 38,577 General and administrative 69,813 (11,503) 58,310 64,333 (11,569) 52,764 Restructuring and transformation costs 749 (749) — — — — Costs related to exit/disposal activities 342 (342) — 5,585 (5,585) — Total operating expenses 212,027 (18,737) 193,290 203,289 (22,987) 180,302 Income from operations $ 25,110 $ 21,899 $ 47,009 $ 19,911 $ 26,291 $ 46,202 Adjusted EBITDA N/A N/A $ 78,149 N/A N/A $ 78,314 % of Revenue Gross Margin 44.5% 45.1% 44.6% 45.2% Marketing and sales 18.4% 17.8% 18.4% 17.8% Research and development 8.0% 7.5% 8.2% 7.7% General and administrative 13.1% 10.9% 12.8% 10.5% Restructuring and transformation costs 0.1% — % adasf — % — % Costs related to exit/disposal activities 0.1% — % 1.1% — % Total operating expenses 39.8% 36.3% 40.6% 36.0% Income from operations 4.7% 8.8% 4.0% 9.2% Adjusted EBITDA N/A 14.7% N/A 15.6% *Non-GAAP: adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs, and costs related to exit/ disposal activities. See reconciliation in Appendix. YoY GAAP to Non-GAAP P&L | FY 2025
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GAAP to Non-GAAP Reconciliations 26
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GAAP to Non-GAAP Reconciliation | Revenue by Region 27 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 111,986 $ — $ 111,986 $ 96,599 15.9% 15.9% Europe 24,507 (1,398) 23,109 25,151 (2.6) (8.1) Total revenue $ 136,493 $ (1,398) $ 135,095 $ 121,750 12.1% 11.0% Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 432,326 $ — $ 432,326 $ 396,192 9.1% 9.1% Europe 100,801 (3,453) 97,348 104,698 (3.7%) (7.0%) Total revenue $ 533,127 $ (3,453) $ 529,674 $ 500,890 6.4% 5.7% 1 Revenue for the three and twelve months ended December 31, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates. 2 This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2024 to GAAP revenue for the three and twelve months ended December 31, 2025. 3 This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2024 to non-GAAP revenue for the three and twelve months ended December 31, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2024) in order to provide a constant-currency comparison.
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GAAP to Non-GAAP Reconciliation | Revenue by Service 28 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Service Line (In thousands) (Unaudited) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 47,613 $ (333) $ 47,280 $ 45,641 4.3% 3.6% CNC Machining 65,496 (857) 64,639 52,389 25.0 23.4 3D Printing 18,807 (171) 18,636 19,467 (3.4) (4.3) Sheet Metal 4,384 (34) 4,350 4,047 8.3 7.5 Other Revenue 193 (3) 190 206 (6.3) (7.8) Total revenue $ 136,493 $ (1,398) $ 135,095 $ 121,750 12.1% 11.0% Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 191,521 $ (1,039) $ 190,482 $ 194,215 (1.4%) (1.9%) CNC Machining 243,327 (1,838) 241,489 206,887 17.6 16.7 3D Printing 80,298 (507) 79,791 83,767 (4.1) (4.7) Sheet Metal 17,160 (64) 17,096 15,265 12.4 12.0 Other Revenue 821 (5) 816 756 8.6 7.9 Total revenue $ 533,127 $ (3,453) $ 529,674 $ 500,890 6.4% 5.7% 1 Revenue for the three and twelve months ended December 31, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates. 2 This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2024 to GAAP revenue for the three and twelve months ended December 31, 2025. 3 This column presents the percentage change from GAAP revenue for the three and twelve months ended December 31, 2024 to non-GAAP revenue for the three and twelve months ended December 31, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and twelve months ended December 31, 2024) in order to provide a constant-currency comparison.
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GAAP to Non-GAAP Reconciliation | Gross Margin 29 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Gross Margin (In thousands) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue $ 136,493 $ 121,750 $ 533,127 $ 500,890 Gross profit 60,372 51,957 237,137 223,200 GAAP gross margin 44.2% 42.7% 44.5% 44.6% Add back: Stock-based compensation expense 469 534 1,792 1,935 Amortization expense 343 342 1,370 1,369 Total adjustments 812 876 3,162 3,304 Non-GAAP gross profit $ 61,184 $ 52,833 $ 240,299 $ 226,504 Non-GAAP gross margin 44.8% 43.4% 45.1% 45.2%
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GAAP to Non-GAAP Reconciliation | Operating Margin 30 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin (In thousands) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue $ 136,493 $ 121,750 $ 533,127 $ 500,890 Income (loss) from operations 6,800 (1,495) 25,110 19,911 GAAP operating margin 5.0% (1.2%) 4.7% 4.0% Add back: Stock-based compensation expense 3,801 4,283 15,729 16,999 Amortization expense 933 911 3,703 3,707 CEO transition costs — — 1,376 — Restructuring and transformation costs 749 — 749 — Costs related to exit and disposal activities 191 5,585 342 5,585 Total adjustments 5,674 10,779 21,899 26,291 Non-GAAP income from operations $ 12,474 $ 9,284 $ 47,009 $ 46,202 Non-GAAP operating margin 9.1% 7.6% 8.8% 9.2%
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GAAP to Non-GAAP Reconciliation | EBITDA 31 Proto Labs, Inc. Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue $ 136,493 $ 121,750 $ 533,127 $ 500,890 GAAP net income (loss) 5,999 (404) 21,241 16,593 GAAP net income (loss) margin 4.4% (0.3%) 4.0% 3.3% Add back: Amortization expense $ 933 $ 911 $ 3,703 $ 3,707 Depreciation expense 7,188 7,913 30,111 32,101 Interest income, net (1,261) (1,225) (4,793) (4,749) Provision for income taxes 2,153 122 9,821 8,079 EBITDA 15,012 7,317 60,083 55,731 EBITDA Margin 11.0% 6.0% 11.3% 11.1% Add back: Stock-based compensation expense 3,801 4,283 15,729 16,999 Unrealized loss (gain) on foreign currency 186 (324) (130) (1) CEO transition costs — — 1,376 — Restructuring and transformation costs 749 — 749 — Costs related to exit and disposal activities 191 5,585 342 5,585 Total adjustments 4,927 9,544 18,066 22,583 Adjusted EBITDA $ 19,939 $ 16,861 $ 78,149 $ 78,314 Adjusted EBITDA Margin 14.6% 13.8% 14.7% 15.6%
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GAAP to Non-GAAP Reconciliation | EPS 32 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Net Income (Loss) and Non-GAAP Net Income per Share (In thousands, except share and per share amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Non-GAAP net income (loss), adjusted for stock- based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs and costs related to exit and disposal activities GAAP net income (loss) $ 5,999 $ (404) $ 21,241 $ 16,593 Add back: Stock-based compensation expense 3,801 4,283 15,729 16,999 Amortization expense 933 911 3,703 3,707 Unrealized loss (gain) on foreign currency 186 (324) (130) (1) CEO transition costs — — 1,376 — Restructuring and transformation costs 749 — 749 — Costs related to exit and disposal activities 191 5,585 342 5,585 Total adjustments 1 5,860 10,455 21,769 26,290 Income tax benefits on adjustments 2 (1,110) (649) (2,810) (1,715) Non-GAAP net income $ 10,749 $ 9,402 $ 40,200 $ 41,168 Non-GAAP net income per share: Basic $ 0.45 $ 0.38 $ 1.68 $ 1.64 Diluted $ 0.44 $ 0.38 $ 1.66 $ 1.63 Shares used to compute non-GAAP net income per share: Basic 23,760,364 24,474,051 23,922,703 25,096,117 Diluted 24,168,052 24,689,181 24,245,199 25,212,178 1 Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs, restructuring and transformation costs and costs related to exit and disposal activities were included in the following GAAP consolidated statement of operations categories: Cost of revenue $ 812 $ 876 $ 3,162 $ 3,304 Marketing and sales 894 734 3,317 3,112 Research and development 702 690 2,826 2,721 General and administrative 2,326 2,894 11,503 11,569 Restructuring and transformation costs 749 — 749 — Costs related to exit and disposal activities 191 5,585 342 5,585 Total operating expenses 4,862 9,903 18,737 22,987 Other income, net 186 (324) (130) (1) Total adjustments $ 5,860 $ 10,455 $ 21,769 $ 26,290 2 For the three and twelve months ended December 31, 2025 and 2024, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the respective period.
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GAAP to Non-GAAP Reconciliation | Q1 2026 Outlook 33 Low High GAAP diluted net income per share 0.18$ 0.26$ Add back: Stock-based compensation expense 0.12 0.12 Amortization expense 0.03 0.03 Restructuring and transformation costs 0.02 0.02 Unrealized (gain) loss on foreign currency 0.00 0.00 Total adjustments 0.18 0.18 Non-GAAP diluted net income per share 0.36$ 0.44$ Q1 2026 Outlook Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited)