Stratasys Releases First Quarter 2026 Financial Results
-
Revenue of
$132.7 million , compared to$136.0 million in the prior year period -
GAAP net loss of
$23.8 million , or ($0.28 ) per diluted share, and non-GAAP net loss of$1.3 million , or ($0.01 ) per diluted share -
Adjusted EBITDA of
$2.0 million , compared to$8.2 million in the prior year period, primarily due to the impact of foreign exchange rates and tariffs -
Positive operating cash flow of
$2.4 million , compared to$4.5 million in the prior year period -
$237.8 million in cash, equivalents and short-term deposits and no debt - Reiterates 2026 Outlook
“Our first quarter results reflect the resilience of our operating model in a measured spending environment, demonstrated by positive adjusted EBITDA and operating cash flow," said Dr.
Summary - First Quarter 2026 Financial Results Compared to First Quarter 2025:
-
Revenue of
$132.7 million compared to$136.0 million . - GAAP gross margin of 41.7%, compared to 44.3%.
- Non-GAAP gross margin of 46.3%, compared to 48.3%.
-
GAAP operating loss of
$26.5 million , compared to a GAAP operating loss of$12.4 million . -
Non-GAAP operating loss of
$3.2 million , compared to non-GAAP operating income of$3.0 million . -
GAAP net loss of
$23.8 million , or ($0.28 ) per diluted share, compared to a net loss of$13.1 million , or ($0.18 ) per diluted share. -
Non-GAAP net loss of
$1.3 million , or ($0.01 ) per diluted share, compared to non-GAAP net income of$2.9 million , or$0.04 per diluted share. -
Adjusted EBITDA of
$2.0 million , compared to$8.2 million . -
Cash provided by operating activities of
$2.4 million , compared to$4.5 million in the prior year period.
Financial Outlook:
The Company is reaffirming its outlook for 2026, as set forth below, which is based on current market conditions and assumes that the impacts of global inflationary pressures, relatively high interest rates, exchange rates, increased tariffs and other supply chain costs do not impede economic activity further.
-
Full year revenue growing to a range of
$565 million to$575 million , improving sequentially through the year. -
Based on current logistics and materials costs, full year non-GAAP gross margins of 46.7% to 47.1%, including approximately
$7 million of adverse impact from tariffs and foreign exchange rates relative to 2025. -
Full year non-GAAP operating expenses ranging from
$260 million to$262 million , including approximately$10 million of adverse impact from changes in foreign exchange rates. - Full year non-GAAP operating margins in a range of 0.7% to 1.5%.
-
GAAP net loss of
$83 million to$67 million , or ($0.95 ) to ($0.76 ) per diluted share. -
Non-GAAP net income of
$8 million to$12.5 million , or$0.09 to$0.14 per diluted share. -
Adjusted EBITDA of
$25 million to$30 million , with Adjusted EBITDA margin of 4.5% to 5.0%. -
Capital expenditures of
$20 million to$25 million . - Expects to generate positive operating cash flow subject to uncertainty related to foreign exchange rates and tariffs.
Appropriate reconciliations between historical GAAP and non-GAAP financial measures, as well as between the GAAP and non-GAAP financial measures included in our financial outlook for 2026, 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 2026 for GAAP gross margin or GAAP operating expenses, or a reconciliation of our guidance for 2026 for non-GAAP gross margins or non-GAAP operating expenses to the most directly comparable GAAP financial measures (i.e., GAAP gross margin or GAAP operating expenses, respectively), as the information needed to provide that GAAP guidance and that reconciliation is not available to us without unreasonable effort or with reasonable certainty from a quantitative perspective. We expect that the foregoing missing information related to our outlook on a GAAP basis for 2026 is likely to result in significant changes relative to our non-GAAP outlook in respect of the subject financial measures.
The Company plans to webcast its conference call to discuss its first quarter 2026 financial results on
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=jBx4uZ5o
To participate by telephone, the
To learn more about
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding
Use of Non-GAAP Financial Measures
The non-GAAP data included herein, including, but not limited to, data for non-GAAP gross margins, non-GAAP operating loss, non-GAAP operating margins, non-GAAP net income, and Adjusted EBITDA, which non-GAAP data excludes certain items, as detailed in the reconciliation tables herein, 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, and between our outlook for 2026 (other than for gross margin and operating expenses, for which GAAP data is not available to us without unreasonable effort or with reasonable certainty), on a GAAP and non-GAAP basis is provided in the tables below.
|
|
||||||||
| Consolidated Balance Sheets | ||||||||
|
( |
||||||||
|
|
|
|||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents |
$ |
71,789 |
|
$ |
94,527 |
|
||
| Short-term bank deposits |
|
166,000 |
|
|
150,000 |
|
||
| Accounts receivable, net of allowance for credit losses of |
|
157,077 |
|
|
160,478 |
|
||
| Inventories |
|
143,573 |
|
|
145,238 |
|
||
| Prepaid expenses |
|
7,739 |
|
|
5,500 |
|
||
| Other current assets |
|
27,454 |
|
|
26,241 |
|
||
| Total current assets |
|
573,632 |
|
|
581,984 |
|
||
| Non-current assets | ||||||||
| Property, plant and equipment, net |
|
191,745 |
|
|
192,566 |
|
||
|
|
|
101,451 |
|
|
101,599 |
|
||
| Other intangible assets, net |
|
90,715 |
|
|
95,842 |
|
||
| Operating lease right-of-use assets |
|
25,454 |
|
|
25,417 |
|
||
| Long-term investments |
|
76,298 |
|
|
63,104 |
|
||
| Other non-current assets |
|
13,571 |
|
|
13,252 |
|
||
| Total non-current assets |
|
499,234 |
|
|
491,780 |
|
||
| Total assets |
$ |
1,072,866 |
|
$ |
1,073,764 |
|
||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable |
$ |
50,856 |
|
$ |
43,021 |
|
||
| Accrued expenses and other current liabilities |
|
33,590 |
|
|
34,284 |
|
||
| Accrued compensation and related benefits |
|
37,712 |
|
|
31,304 |
|
||
| Deferred revenues - short-term |
|
51,402 |
|
|
47,835 |
|
||
| Operating lease liabilities - short-term |
|
7,141 |
|
|
6,597 |
|
||
| Total current liabilities |
|
180,701 |
|
|
163,041 |
|
||
| Non-current liabilities | ||||||||
| Deferred revenues - long-term |
|
18,299 |
|
|
19,062 |
|
||
| Deferred income taxes |
|
503 |
|
|
312 |
|
||
| Operating lease liabilities - long-term |
|
19,541 |
|
|
19,903 |
|
||
| Contingent consideration - long-term |
|
5,437 |
|
|
5,353 |
|
||
| Other non-current liabilities |
|
22,779 |
|
|
23,193 |
|
||
| Total non-current liabilities |
|
66,559 |
|
|
67,823 |
|
||
| Total liabilities |
$ |
247,260 |
|
$ |
230,864 |
|
||
| Contingencies (see note 12) | ||||||||
| Equity | ||||||||
| Ordinary shares, |
$ |
244 |
|
$ |
242 |
|
||
|
|
|
(1,995 |
) |
|
(1,995 |
) |
||
| Additional paid-in capital |
|
3,280,627 |
|
|
3,275,344 |
|
||
| Accumulated other comprehensive loss |
|
(4,951 |
) |
|
(6,197 |
) |
||
| Accumulated deficit |
|
(2,448,319 |
) |
|
(2,424,494 |
) |
||
| Total equity |
|
825,606 |
|
|
842,900 |
|
||
| Total liabilities and equity |
$ |
1,072,866 |
|
$ |
1,073,764 |
|
||
|
|
||||||||
| Consolidated Statements of Operations | ||||||||
|
( |
Three Months Ended |
|||||||
|
|
2026 |
|
|
2025 |
|
|||
| Revenues | ||||||||
| Products |
$ |
88,754 |
|
$ |
93,795 |
|
||
| Services |
|
43,943 |
|
|
42,251 |
|
||
|
|
132,697 |
|
|
136,046 |
|
|||
| Cost of revenues | ||||||||
| Products |
|
46,554 |
|
|
47,268 |
|
||
| Services |
|
30,782 |
|
|
28,539 |
|
||
|
|
77,336 |
|
|
75,807 |
|
|||
| Gross profit |
|
55,361 |
|
|
60,239 |
|
||
| Operating expenses | ||||||||
| Research and development, net |
|
19,151 |
|
|
18,792 |
|
||
| Selling, general and administrative |
|
62,742 |
|
|
53,851 |
|
||
|
|
81,893 |
|
|
72,643 |
|
|||
| Operating loss |
|
(26,532 |
) |
|
(12,404 |
) |
||
| Financial income, net |
|
2,732 |
|
|
1,473 |
|
||
| Loss before income taxes |
|
(23,800 |
) |
|
(10,931 |
) |
||
| Income tax expenses |
|
25 |
|
|
455 |
|
||
| Share in losses of associated companies |
|
- |
|
|
1,668 |
|
||
| Net loss |
$ |
(23,825 |
) |
$ |
(13,054 |
) |
||
| Net loss per ordinary share - basic and diluted |
$ |
(0.28 |
) |
$ |
(0.18 |
) |
||
| Weighted average ordinary shares outstanding - basic and diluted |
|
86,357 |
|
|
71,967 |
|
||
|
|
|||||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Results of Operations | |||||||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||||||||
|
|
2026 |
|
Non-GAAP |
|
2026 |
|
|
2025 |
|
Non-GAAP |
|
2025 |
|||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
|
|
|||||||||||||||||||||||
| Gross profit (1) |
$ |
55,361 |
|
$ |
6,074 |
|
$ |
61,435 |
|
$ |
60,239 |
|
$ |
5,410 |
|
$ |
65,649 |
||||||
| Operating income (loss) (1,2) |
|
(26,532 |
) |
|
23,312 |
|
|
(3,220 |
) |
|
(12,404 |
) |
|
15,450 |
|
|
3,046 |
||||||
| Net income (loss) (1,2,3) |
|
(23,825 |
) |
|
22,548 |
|
|
(1,277 |
) |
|
(13,054 |
) |
|
15,932 |
|
|
2,878 |
||||||
| Net income (loss) per diluted share (4) |
$ |
(0.28 |
) |
$ |
0.27 |
|
$ |
(0.01 |
) |
$ |
(0.18 |
) |
$ |
0.22 |
|
$ |
0.04 |
||||||
|
(1) |
Acquired intangible assets amortization expenses |
|
4,522 |
|
|
4,488 |
|
||||||||||||||||
| Non-cash share-based compensation expenses |
|
661 |
|
|
708 |
|
|||||||||||||||||
| Restructuring and other expenses |
|
891 |
|
|
214 |
|
|||||||||||||||||
|
|
6,074 |
|
|
5,410 |
|
||||||||||||||||||
|
(2) |
Acquired intangible assets amortization expenses |
|
1,155 |
|
|
940 |
|
||||||||||||||||
| Non-cash share-based compensation expenses |
|
4,624 |
|
|
5,505 |
|
|||||||||||||||||
| Restructuring and other related costs |
|
995 |
|
|
1,132 |
|
|||||||||||||||||
| Contingent consideration |
|
335 |
|
|
645 |
|
|||||||||||||||||
| Legal and other expenses |
|
10,129 |
|
|
1,818 |
|
|||||||||||||||||
|
|
17,238 |
|
|
10,040 |
|
||||||||||||||||||
|
|
23,312 |
|
|
15,450 |
|
||||||||||||||||||
|
(3) |
Corresponding tax effect |
|
(442 |
) |
|
84 |
|
||||||||||||||||
| Equity method related expenses |
|
- |
|
|
841 |
|
|||||||||||||||||
| Finance income |
|
(322 |
) |
|
(443 |
) |
|||||||||||||||||
|
$ |
22,548 |
|
$ |
15,932 |
|
||||||||||||||||||
|
(4) |
Weighted average number of ordinary shares outstanding - Diluted |
|
86,357 |
|
|
86,357 |
|
|
71,967 |
|
|
72,625 |
|||||||||||
|
|
|||||||
| Reconciliation of GAAP net loss to Adjusted EBITDA | |||||||
|
Three months ended |
|||||||
|
|
2026 |
|
|
2025 |
|
||
|
|
|||||||
| Net loss |
$ |
(23,825 |
) |
$ |
(13,054 |
) |
|
| Financial income, net |
|
(2,732 |
) |
|
(1,473 |
) |
|
| Income tax expenses |
|
25 |
|
|
455 |
|
|
| Share in losses of associated companies |
|
- |
|
|
1,668 |
|
|
| Depreciation expenses |
|
5,731 |
|
|
5,124 |
|
|
| Amortization expenses |
|
5,686 |
|
|
5,428 |
|
|
| Non-cash share-based compensation expenses |
|
5,285 |
|
|
6,213 |
|
|
| Contingent consideration |
|
335 |
|
|
645 |
|
|
| Legal and other expenses |
|
10,361 |
|
|
1,818 |
|
|
| Restructuring and other related costs |
|
1,111 |
|
|
1,346 |
|
|
| Adjusted EBITDA |
$ |
1,977 |
|
$ |
8,170 |
|
|
|
|
||||
| Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance: | ||||
| Fiscal Year 2026 | ||||
|
( |
Low High | |||
| GAAP net loss |
|
|||
| Adjustments | ||||
| Share-based compensation expenses |
|
|||
| Intangible assets amortization expenses |
|
|||
| Reorganization and other |
|
|||
| Tax expenses related to Non-GAAP adjustments |
|
|||
| Non-GAAP net income |
|
|||
| GAAP loss per share |
|
|||
| Non-GAAP diluted earnings per share |
|
|||
| Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance: | ||||
| Fiscal Year 2026 | ||||
|
( |
Low High | |||
| GAAP net loss |
|
|||
| Adjustments | ||||
| Share-based compensation expenses |
|
|||
| Intangible assets amortization expenses |
|
|||
| Reorganization and other |
|
|||
| Tax expenses related to Non-GAAP adjustments |
|
|||
| Other non-operating income |
|
|||
| Depreciation |
|
|||
| Adjusted EBITDA |
|
|||
|
|
||||
| Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance: | ||||
| Fiscal Year 2026 | ||||
|
( |
Low High | |||
| GAAP operating loss |
|
|||
| GAAP operating margins | (15)% to (12)% | |||
| Adjustments | ||||
| Share-based compensation expenses |
|
|||
| Intangible assets amortization expenses |
|
|||
| Reorganization and other |
|
|||
| Non-GAAP operating profit |
|
|||
| Non-GAAP operating margins | 0.7 % to 1.5% | |||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507698003/en/
CCO & VP Investor Relations
Yonah.Lloyd@stratasys.com
Source:
