- Fourth quarter revenue of $140.0 million, compared to $150.4 million in the prior year period
- Fourth quarter GAAP net loss of $18.9 million, or $0.22 per diluted share
- Fourth quarter Non-GAAP net income of $6.2 million, or $0.07 per diluted share
- Full year revenue of $551.1 million, compared to $572.5 million in 2024
- Full year GAAP net loss of $104.3 million, or $1.28 per diluted share
- Full year Non-GAAP net income increased to $12.7 million, or $0.15 per diluted share, over prior year $4.2 million or $0.06, respectively
- Fourth quarter positive operating cash flow of $4.8 million
- Full year positive operating cash flow of $15.1 million
- Strong balance sheet with $244.5 million cash, equivalents and short-term deposits and no debt at year-end 2025
- Fourth quarter Adjusted EBITDA of $9.2 million, 6.6% of revenue
- Full year Adjusted EBITDA grew 9.6% to $28.5 million, 5.2% of revenue, compared to $26.0 million, 4.5% of revenue in 2024
- Provides 2026 outlook
Stratasys Ltd., a leader in polymer 3D printing solutions, announced financial results for the fourth quarter and full year 2025.
Dr. Yoav Zeif, Stratasys' Chief Executive Officer, stated, “Our fourth quarter performance caps a year in which we successfully maintained our operational discipline and delivered solid cash flow generation, demonstrating the resilience that distinguishes Stratasys. We generated 37.5% of our revenues from manufacturing applications, up from 25% in 2020, and made meaningful progress building on the foundational infrastructure of our highest-value use-cases, as we continued to improve our position in aerospace and defense, automotive tooling, dental, and medical applications.”
Dr. Zeif continued, “As we enter 2026, we do so with proven operational excellence, strategic clarity, and the technology portfolio to capitalize on the inevitable return of customer spending. Our commitment to innovation remains unwavering, supported by continued R&D investment and strategic partnerships that provide complete end-to-end solutions. Combined with our strong balance sheet, this positions us to capitalize on inorganic opportunities that we continue to explore, to sustain our technology leadership through strategic investments that will define the next era of digital manufacturing. The stage is set for sustained growth, as customers achieve measurable operational improvements and increase their utilization in true production-scale manufacturing for mission-critical applications.”
Summary - Fourth Quarter 2025 Financial Results Compared to Fourth Quarter 2024:
- Revenue of $140.0 million compared to $150.4 million.
- GAAP gross margin of 36.8%, compared to 46.3%.
- Non-GAAP gross margin of 46.3%, compared to 49.6%.
- GAAP operating loss of $20.8 million, compared to an operating loss of $9.7 million.
- Non-GAAP operating income of $4.1 million, compared to operating income of $9.4 million.
- GAAP net loss of $18.9 million, or $0.22 per diluted share, compared to a net loss of $41.9 million, or $0.59 per diluted share.
- Non-GAAP net income of $6.2 million, or $0.07 per diluted share, compared to net income of $8.5 million, or $0.12 per diluted share.
- Adjusted EBITDA of $9.2 million, compared to $14.5 million.
- Cash provided by operating activities of $4.8 million, compared to $7.4 million.
Summary - 2025 Financial Results Compared to 2024:
- Revenue of $551.1 million compared to $572.5 million.
- GAAP gross margin of 41.2%, compared to 44.9%.
- Non-GAAP gross margin of 46.9%, compared to 49.2%.
- GAAP operating loss of $72.5 million, compared to an operating loss of $85.7 million.
- Non-GAAP operating income of $8.3 million, compared to operating income of $4.9 million.
- GAAP net loss of $104.3 million, or $1.28 per diluted share, compared to a loss of $120.3 million, or $1.70 per diluted share.
- Non-GAAP net income of $12.7 million, or $0.15 per diluted share, compared to net income of $4.2 million, or $0.06 per diluted share.
- Adjusted EBITDA of $28.5 million, compared to $26.0 million.
- Cash generated by operating activities of $15.1 million, compared to $7.8 million.
Financial Outlook:
Based on current market conditions and assuming that the impacts of global inflationary pressures, relatively high interest rates, increased tariffs and other supply chain costs do not impede economic activity further, the Company is providing the following outlook for 2026, which includes an assumption of $17 million of combined adverse impact from exchange rates and tariffs relative to 2025:
- Full year revenue growing to $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%-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, reflecting 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 around 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 GAAP gross margin or a reconciliation of our guidance for non-GAAP gross margins to the most directly comparable GAAP financial measure (i.e., GAAP gross margin), as we are unable to do so without unreasonable effort or with reasonable certainty from a quantitative perspective.]
Stratasys Ltd. Fourth Quarter 2025 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its fourth quarter and full-year 2025 financial results on Thursday, March 5, 2026, at 8:30 a.m. (ET).
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=E1fXyUKp
To participate by telephone, the U.S. toll-free number is 877-407-0619 and the international dial-in is +1-412-902-1012. Investors are advised to dial into the call at least ten minutes prior to the call to register. The webcast will be available for six months at investors.stratasys.com, or by accessing the above-provided web address.
