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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 10-Q


			(Mark One)

þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ___________ to ___________

Commission File Number: 001-35435

Proto Labs, Inc.

(Exact name of registrant as specified in its charter)


Minnesota			41-1939628
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5540 Pioneer Creek Drive
Maple Plain, Minnesota			55359
(Address of principal executive offices)			(Zip Code)

(763) 479-3680

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share	PRLB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þYes oNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þYes oNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). oYes þNo

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 23,678,745 shares of Common Stock, par value $0.001 per share, were outstanding at October 28, 2025.


Item	Description	Page

PART I
1.	Financial Statements	2
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19
3.	Quantitative and Qualitative Disclosures about Market Risk	28
4.	Controls and Procedures	28
PART II
1.	Legal Proceedings	29
1A.	Risk Factors	29
2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
3.	Defaults Upon Senior Securities	29
4.	Mine Safety Disclosures	30
5.	Other Information	30
6.	Exhibits	31



	September 30, 2025		December 31, 2024
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	104,422	$	89,071
Short-term marketable securities	14,817		14,019
Accounts receivable, net of allowance for doubtful accounts of $2,378 and $1,975 as of September 30, 2025, and December 31, 2024, respectively	77,790		66,504
Inventory	14,073		12,305
Income taxes receivable	4,681		2,906
Prepaid expenses and other current assets	10,009		10,049
Total current assets	225,792		194,854
Property and equipment, net	211,325		227,263
Goodwill	273,991		273,991
Other intangible assets, net	19,539		21,422
Long-term marketable securities	19,149		17,773
Operating lease assets	2,015		2,993
Finance lease assets	491		692
Other long-term assets	4,553		4,524
Total assets	$	756,855	$	743,512

Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	17,388	$	15,504
Accrued compensation	23,268		16,550
Accrued liabilities and other	27,831		19,621
Current operating lease liabilities	890		1,287
Current finance lease liabilities	365		309

Total current liabilities	69,742		53,271
Long-term operating lease liabilities	1,188		1,633
Long-term finance lease liabilities	—		287
Long-term deferred tax liabilities	16,038		13,565
Other long-term liabilities	5,168		4,605
Total liabilities	92,136		73,361

Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2025, and December 31, 2024	—		—
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 23,677,746 and 24,226,088 shares as of September 30, 2025, and December 31, 2024, respectively	23		24
Additional paid-in capital	450,852		453,705
Retained earnings	238,568		244,406
Accumulated other comprehensive loss	(24,724)		(27,984)
Total shareholders' equity	664,719		670,151
Total liabilities and shareholders' equity	$	756,855	$	743,512



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Statements of Operations:
Revenue	$	135,366	$	125,619	$	396,634	$	379,140
Cost of revenue	74,073		68,389		219,869		207,897
Gross profit	61,293		57,230		176,765		171,243
Operating expenses
Marketing and sales	24,574		22,619		73,054		69,070
Research and development	10,705		9,772		32,487		31,600
General and administrative	17,163		16,259		52,763		49,167
Costs related to exit and disposal activities	41		—		151		—
Total operating expenses	52,483		48,650		158,455		149,837
Income from operations	8,810		8,580		18,310		21,406
Other income, net	1,441		1,288		4,600		3,548
Income before income taxes	10,251		9,868		22,910		24,954
Provision for income taxes	3,035		2,679		7,668		7,957
Net income	$	7,216	$	7,189	$	15,242	$	16,997

Net income per share:
Basic	$	0.30	$	0.29	$	0.64	$	0.67
Diluted	$	0.30	$	0.29	$	0.63	$	0.67

Shares used to compute 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

Comprehensive Income (net of tax)
Comprehensive income	$	7,055	$	9,769	$	18,502	$	18,158



	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
	Shares	Amount

Balance at December 31, 2024	24,226,088	$	24	$	453,705	$	244,406	$	(27,984)	$	670,151
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	58,291	—		(961)		—		—		(961)
Stock-based compensation expense	—	—		3,992		—		—		3,992
Repurchases of common stock and other	(513,739)	(1)		(9,621)		(11,451)		—		(21,073)
Net income	—	—		—		3,599		—		3,599
Other comprehensive income
Foreign currency translation adjustment	—	—		—		—		1,003		1,003
Net unrealized gains on investments in securities	—	—		—		—		90		90
Comprehensive income										4,692
Balance at March 31, 2025	23,770,640	$	23	$	447,115	$	236,554	$	(26,891)	$	656,801
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	179,393	—		(58)		—		—		(58)
Stock-based compensation expense	—	—		4,259		—		—		4,259
Repurchases of common stock and other	(75,432)	—		(1,413)		(1,637)		—		(3,050)
Net income	—	—		—		4,427		—		4,427
Other comprehensive income
Foreign currency translation adjustment	—	—		—		—		2,300		2,300
Net unrealized gains on investments in securities	—	—		—		—		28		28
Comprehensive income										6,755
Balance at June 30, 2025	23,874,601	$	23	$	449,903	$	239,344	$	(24,563)	$	664,707
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	61,599	—		2,112		—		—		2,112
Stock-based compensation expense	—	—		3,677		—		—		3,677
Repurchases of common stock and other	(258,454)	—		(4,840)		(7,992)		—		(12,832)
Net income	—	—		—		7,216		—		7,216
Other comprehensive income
Foreign currency translation adjustment	—	—		—		—		(227)		(227)
Net unrealized gains on investments in securities	—	—		—		—		66		66
Comprehensive income										7,055
Balance at September 30, 2025	23,677,746	$	23	$	450,852	$	238,568	$	(24,724)	$	664,719



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2025		2024		2025		2024
Net income	$	7,216	$	7,189	$	15,242	$	16,997

Basic - weighted-average shares outstanding:	23,889,157		24,980,536		23,974,054		25,304,985
Effect of dilutive securities:
Employee stock options and other	301,882		41,949		275,615		77,295
Diluted - weighted-average shares outstanding:	24,191,039		25,022,485		24,249,669		25,382,280
Net income per share:
Basic	$	0.30	$	0.29	$	0.64	$	0.67
Diluted	$	0.30	$	0.29	$	0.63	$	0.67



	September 30, 2025						December 31, 2024						Useful Life (in years)	Weighted Average Useful Life Remaining (in years)
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Non-compete agreement	$	850	$	(814)	$	36	$	819	$	(703)	$	116	2.0 - 5.0	0.2
Software technology	13,229		(10,150)		3,079		13,229		(9,123)		4,106		10.0	2.3
Software platform	27,094		(10,670)		16,424		25,657		(8,457)		17,200		12.0	7.3
Total intangible assets	$	41,173	$	(21,634)	$	19,539	$	39,705	$	(18,283)	$	21,422



(in thousands)	Estimated Amortization Expense
Remaining 2025	$	929
2026	3,618
2027	3,609
2028	2,240
2029	2,240
Thereafter	6,903
Total estimated amortization expense	$	19,539



	September 30, 2025
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	8,000	$	9	$	(4)	$	8,005
Corporate debt securities	15,947		10		(14)		15,943
U.S. municipal securities	8,980		34		—		9,014
U.S. treasury bonds	1,000		4		—		1,004
Total marketable securities	$	33,927	$	57	$	(18)	$	33,966



(in thousands)	September 30, 2025
Due in one year or less	$	14,817
Due after one year through five years	19,149
Total marketable securities	$	33,966



	Stock Options	Weighted- Average Exercise Price
Options outstanding at December 31, 2024	445,136	$	51.34
Granted	139,872	39.32
Exercised	(70,307)	34.27
Forfeited	(103,013)	37.68
Expired	(16,354)	87.74
Options outstanding at September 30, 2025	395,334	$	52.18

Exercisable at September 30, 2025	191,882	$	68.62



	September 30, 2025						December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	100,710	$	—	$	—	$	86,366	$	—	$	—
Money market mutual fund	3,712		—		—		2,705		—		—
Marketable securities	17,318		16,648		—		17,261		14,531		—
Total	$	121,740	$	16,648	$	—	$	106,332	$	14,531	$	—



	Nine Months Ended September 30,
	2025	2024
Risk-free interest rate	4.13% - 4.17%	4.28% - 4.30%
Expected life (years)	6.25	6.25
Expected volatility	52.12% - 52.99%	50.62% - 50.72%
Expected dividend yield	0%	0%



	Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Restricted stock units at December 31, 2024	763,261	$	38.25
Granted	278,500	39.95
Restrictions lapsed	(212,526)	40.55
Forfeited	(103,268)	36.40
Restricted stock units at September 30, 2025	725,967	$	38.49



	Performance Stock Units	Weighted- Average Grant Date Fair Value Per Share
Performance stock units at December 31, 2024	180,173	$	60.75
Granted1	153,503	59.71
Restrictions lapsed	(32,977)	96.41
Performance change	—	—
Forfeited	(68,887)	57
Performance stock units at September 30, 2025	231,812	$	56.17


1 Includes a target number of 54,320 PSUs granted as part of the May 23, 2025, Inducement Awards, 27,160 of which have the same market condition as the PSUs granted under the 2022 Plan as described above, and 27,160 of which also include a performance condition with anywhere between 0 percent and 100 percent of the target number capable of being achieved during two six-month performance periods depending on revenue and then anywhere between 0 percent and 200 percent of such achieved PSUs capable of being earned and vesting during a three-year performance period depending on the Company's three-year cumulative total shareholder return performance relative to an index and the award recipient's continued employment.


Three Months Ended September 30, 2025
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	109,361	$	26,005	$	—	$	135,366
Segment expenses1	81,028		28,696		16,683		126,407
Exit, Disposal and Goodwill impairment costs	—		149		—		149
Income (Loss) from Operations	$	28,333	$	(2,840)	$	(16,683)	$	8,810


Three Months Ended September 30, 2024
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	99,571	$	26,048	$	—	$	125,619
Segment expenses1	73,884		28,446		14,709		117,039
Exit, Disposal and Goodwill impairment costs	—		—		—		—
Income (Loss) from Operations	$	25,687	$	(2,398)	$	(14,709)	$	8,580


Nine Months Ended September 30, 2025
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	320,340	$	76,294	$	—	$	396,634
Segment expenses1	238,823		87,815		51,576		378,214
Exit, Disposal and Goodwill impairment costs	—		110		—		110
Income (Loss) from Operations	$	81,517	$	(11,631)	$	(51,576)	$	18,310


Nine Months Ended September 30, 2024
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	299,593	$	79,547	$	—	$	379,140
Segment expenses1	223,333		86,121		48,280		357,734
Exit, Disposal and Goodwill impairment costs	—		—		—		—
Income (Loss) from Operations	$	76,260	$	(6,574)	$	(48,280)	$	21,406



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Revenue:
Injection Molding	$	47,770	$	46,831	$	143,908	$	148,574
CNC Machining	63,043		53,327		177,831		154,498
3D Printing	20,082		21,437		61,491		64,300
Sheet Metal	4,262		3,743		12,776		11,218
Other Revenue	209		281		628		550
Total Revenue	$	135,366	$	125,619	$	396,634	$	379,140



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue (in thousands)	$	135,366	$	125,619	$	396,634	$	379,140
Customer contacts	21,252		22,511		41,873		43,671
Revenue per customer contact1	$6,370		$5,580		$9,472		$8,682



	Three Months Ended September 30,								Change				Nine Months Ended September 30,								Change
(dollars in thousands)	2025				2024				$		%		2025				2024				$		%
Revenue	$	135,366	100.0		$	125,619	100.0		$	9,747	7.8		$	396,634	100.0		$	379,140	100.0		$	17,494	4.6
Cost of revenue	74,073		54.7		68,389		54.4		5,684		8.3		219,869		55.4		207,897		54.8		11,972		5.8
Gross profit	61,293		45.3		57,230		45.6		4,063		7.1		176,765		44.6		171,243		45.2		5,522		3.2
Operating expenses
Marketing and sales	24,574		18.2		22,619		18.0		1,955		8.6		73,054		18.4		69,070		18.2		3,984		5.8
Research and development	10,705		7.9		9,772		7.8		933		9.5		32,487		8.2		31,600		8.3		887		2.8
General and administrative	17,163		12.7		16,259		12.9		904		5.6		52,763		13.3		49,167		13.0		3,596		7.3
Costs related to exit and disposal activities	41		—		—		—		41		(100.0)		151		—		—		—		151		(100.0)
Total operating expenses	52,483		38.8		48,650		38.7		3,833		7.9		158,455		39.9		149,837		39.5		8,618		5.8
Income from operations	8,810		6.5		8,580		6.8		230		2.7		18,310		4.6		21,406		5.6		(3,096)		(14.5)
Other income, net	1,441		1.1		1,288		1.0		153		11.9		4,600		1.2		3,548		0.9		1,052		(29.7)
Income before income taxes	10,251		7.6		9,868		7.9		383		3.9		22,910		5.8		24,954		6.6		(2,044)		(8.2)
Provision for income taxes	3,035		2.2		2,679		2.1		356		13.3		7,668		1.9		7,957		2.1		(289)		(3.6)
Net income	$	7,216	5.3	%	$	7,189	5.7	%	$	27	0.4	%	$	15,242	3.8	%	$	16,997	4.5	%	$	(1,755)	(10.3)	%


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
July 1, 2025 through July 31, 2025	—	$	—	—	$	76,035
August 1, 2025 through August 31, 2025	174,571	$	49.12	174,571	$	67,460
September 1, 2025 through September 30, 2025	83,883	$	49.51	83,883	$	63,307
	258,454	$	49.25	258,454	$	63,307


Exhibit Number						Description of Exhibit
3.1						Third Amended and Restated Articles of Incorporation of Proto Labs, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1/A, filed on February 13, 2012).
3.2						Articles of Amendment to Third Amended and Restated Articles of Incorporation of Proto Labs, Inc. dated May 20, 2015 (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K, filed with the Commission on May 21, 2015).
3.3						Third Amended and Restated By-Laws of Proto Labs, Inc., as amended through November 15, 2022 (incorporated by reference to Exhibit 3.2 to the Company's Form 8-K, filed on November 15, 2022).
10.1						Form of Executive Severance Agreement*
31.1						Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act*
31.2						Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act*
32.1						Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act**
101.INS						Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)*
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*


			Proto Labs, Inc.

Date: October 31, 2025			/s/ Suresh Krishna
			Suresh Krishna
			President and Chief Executive Officer (Principal Executive Officer)

Date: October 31, 2025			/s/ Daniel Schumacher
			Daniel Schumacher
			Chief Financial Officer (Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)

Proto Labs Inc 10-Q