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Executive Summary

Proto Labs reported record Q2 2026 revenue of $149.3M (+10.6% YoY), GAAP EPS of $0.37 (up from $0.18 YoY), and raised full-year 2026 revenue growth guidance from 6%-8% to 8%-10%. The beat on both top and bottom lines, combined with margin expansion (GAAP gross margin 46.4% vs 44.3% YoY) and raised guidance, signals accelerating operational momentum and validates the company's strategic transformation.

Key Financial Metrics

Key Facts

• Record quarterly revenue of $149.3 million, a 10.6% increase year-over-year.
• GAAP EPS of $0.37 vs $0.18 in Q2 2025; Non-GAAP EPS of $0.60 vs $0.41.
• GAAP gross margin expanded to 46.4% from 44.3% YoY; Non-GAAP operating margin expanded 340 bps to 12.0%.
• Full-year 2026 revenue growth guidance raised from 6%-8% to 8%-10%.
• CNC machining revenue grew 13.6% YoY; Injection molding revenue grew 13.1% YoY.
• Adjusted EBITDA was $25.1 million, or 16.8% of revenue, up from 14.6% in Q2 2025.
• Cash and investments balance was $162.9 million as of June 30, 2026.

Financial Impact

Record revenue of $149.3M (+10.6% YoY), GAAP net income of $9.2M ($0.37/diluted share), and raised FY2026 guidance from 6-8% to 8-10% growth.

Risk Factors

• 3D Printing revenue declined 2.6% YoY, indicating ongoing headwinds in that segment.
• Restructuring and transformation costs of $0.9M and exit/disposal costs of $0.9M in the quarter could signal ongoing operational friction.
• Revenue per customer contact growth of 16.7% YoY is strong, but total customer contacts declined 5.3% YoY (20,630 vs 21,775), suggesting a shift toward larger, higher-value customers.

Market Snapshot

Investment Themes

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status