Exhibit 99.1
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Protolabs Reports Financial Results for the Second Quarter of 2026
Record Quarterly Revenue of $149.3 Million, a 10.6% Increase Year-Over-Year
GAAP Earnings Per Share of $0.37, Non-GAAP Earnings Per Share of $0.60
Raising Full Year 2026 Revenue Growth Guidance from 6% - 8% to 8% - 10%
MINNEAPOLIS – July 31, 2026 – Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights:
•Revenue was a record $149.3 million, a 10.6% increase over the second quarter of 2025.
◦Total revenue per customer contact increased 16.7% year-over-year.
◦CNC machining revenue grew 13.6% year-over-year.
◦Injection molding revenue grew 13.1% year-over-year.
•GAAP gross margin was 46.4%, up from 44.3% in the second quarter of 2025. Non-GAAP gross margin was 46.8%, up 200 bps from 44.8% in the second quarter of 2025.
•GAAP operating margin was 7.6%, up from 3.7% in the second quarter of 2025. Non-GAAP operating margin was 12.0%, up 340 bps from 8.6% in the second quarter of 2025.
•GAAP net income was $0.37 per diluted share, compared to $0.18 per diluted share in the second quarter of 2025. Non-GAAP net income was $0.60 per diluted share, compared to $0.41 per diluted share in the second quarter of 2025.

Note: See “Non-GAAP Financial Measures” below.

"We delivered another strong quarter with record revenue, double-digit revenue growth, and both gross and operating margin expansion. More importantly, we are seeing increasing evidence that our strategy is gaining traction across the business, with larger strategic customers expanding their relationships with Protolabs," said President and Chief Executive Officer Suresh Krishna. "Through the first half of 2026, we have demonstrated that Protolabs can deliver strong financial performance while simultaneously transforming the business for the future. We are encouraged by the momentum we are seeing across customers, services, and regions."

Additional Second Quarter 2026 Financial Highlights:
•Adjusted EBITDA was $25.1 million, or 16.8% of revenue, compared to $19.7 million, or 14.6% of revenue, in the second quarter of 2025. See “Non-GAAP Financial Measures” below.
•Cash generated from operations was $15.4 million.
•Cash and investments balance was $162.9 million as of June 30, 2026.

"Record revenue and meaningful margin expansion in the second quarter highlight the strength and scalability of our business model," said Chief Financial Officer Dan Schumacher. "We continue to generate strong cash flow while investing in strategic growth initiatives, and we remain focused on balancing profitable growth with disciplined execution to drive value for customers and shareholders."

Financial Guidance and Outlook:

•For full year 2026, Protolabs is raising its guidance and now expects to generate revenue growth between 8% and 10%.
•For the third quarter of 2026, the Company expects revenue between $145.0 million and $153.0 million.


•For the third quarter of 2026, the Company expects GAAP diluted net income per share between $0.34 and $0.42, and non-GAAP diluted net income per share between $0.56 and $0.64. See "Non-GAAP Financial Measures" below.

Non-GAAP Financial Measures
The Company has included non-GAAP revenue growth by region and by product line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.
The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense, amortization expense and trade refunds and charges, net, in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has included non-GAAP net income and non-GAAP net income per share, in each case, adjusted for stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.
The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by product line, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.
Conference Call
The Company has scheduled a conference call to discuss its second quarter 2026 financial results and third quarter 2026 outlook today, July 31, 2026, at 8:30 a.m. EDT. To access the call in the U.S., please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/9bgsjeh5/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.


About Protolabs
Protolabs is the world’s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Get started now at protolabs.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Source: Proto Labs, Inc.

Investor Relations Contacts
Protolabs
Ryan Johnsrud, 612-225-4873
Sr. Manager – Investor Relations and Corporate Development
ryan.johnsrud@protolabs.com

Gateway Group, Inc.
949-574-3860
PRLB@gateway-grp.com
Media Contact
Protolabs
Brent Renneke, 763-479-7704
Corporate Communications Manager
brent.renneke@protolabs.com


Proto Labs, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30,
2026		December 31,
2025
(Unaudited)
Assets
Current assets
Cash and cash equivalents$127,918 $110,826 
Short-term marketable securities14,858 17,297 
Accounts receivable, net95,074 78,962 
Inventory15,413 14,401 
Prepaid expenses and other current assets11,590 9,590 
Income taxes receivable1,390 2,465 
Total current assets266,243 233,541 
Property and equipment, net208,329 215,261 
Goodwill273,991 273,991 
Other intangible assets, net16,606 18,612 
Long-term marketable securities20,120 14,308 
Operating lease assets1,263 2,836 
Finance lease assets290 424 
Other long-term assets4,456 4,442 
Total assets$791,298 $763,415 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$21,542 $15,104 
Accrued compensation18,830 23,674 
Accrued liabilities and other31,776 26,783 
Current operating lease liabilities929 1,155 
Current finance lease liabilities127 286 
Total current liabilities73,204 67,002 
Long-term operating lease liabilities1,185 1,606 
Long-term deferred tax liabilities20,625 16,598 
Other long-term liabilities4,551 4,277 
Shareholders' equity691,733 673,932 
Total liabilities and shareholders' equity$791,298 $763,415 


Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue
Injection Molding$53,625 $47,415 $104,693 $96,138 
CNC Machining70,360 61,945 133,605 114,788 
3D Printing20,667 21,215 41,132 41,409 
Sheet Metal4,462 4,303 8,813 8,514 
Other Revenue227 185 434 419 
Total revenue149,341 135,063 288,677 261,268 
Cost of revenue79,999 75,289 155,743 145,796 
Gross profit69,342 59,774 132,934 115,472 
Operating expenses
Marketing and sales25,682 24,731 50,462 48,480 
Research and development10,791 11,173 21,331 21,782 
General and administrative19,650 18,752 36,662 35,600 
Restructuring and transformation costs924 — 2,345 — 
Costs related to exit and disposal activities937 149 937 110 
Total operating expenses57,984 54,805 111,737 105,972 
Income from operations11,358 4,969 21,197 9,500 
Other income, net1,245 1,705 2,723 3,159 
Income before income taxes12,603 6,674 23,920 12,659 
Provision for income taxes3,451 2,247 6,657 4,633 
Net income$9,152 $4,427 $17,263 $8,026 
Net income per share:
Basic$0.38 $0.19 $0.72 $0.33 
Diluted$0.37 $0.18 $0.71 $0.33 
Shares used to compute net income per share:
Basic23,969,25423,900,39023,902,80224,018,119
Diluted24,415,78824,101,59224,358,56824,291,246


Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30,
20262025
Operating activities
Net income$17,263 $8,026 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,161 17,264 
Stock-based compensation expense7,307 8,251 
Deferred taxes4,054 (3,985)
Interest on finance lease obligations5 11 
Loss on impairment of equipment186 — 
Impairments related to exit and closure of facilities937 448 
Gain on disposal of property and equipment(120)— 
Other(152)(82)
Changes in operating assets and liabilities(12,663)(970)
Net cash provided by operating activities32,978 28,963 
Investing activities
Purchases of property, equipment and other capital assets(9,743)(2,730)
Proceeds from sales of property, equipment and other capital assets1,279 — 
Purchases of marketable securities(16,007)(11,052)
Proceeds from maturities of marketable securities12,500 10,230 
Net cash used in investing activities(11,971)(3,552)
Financing activities
Proceeds from issuance of common stock from equity plans7,265 2,081 
Purchases of shares withheld for tax obligations(5,951)(3,117)
Repurchases of common stock(5,036)(23,980)
Principal repayments of finance lease obligations(160)(153)
Net cash used in financing activities(3,882)(25,169)
Effect of exchange rate changes on cash and cash equivalents(33)1,069 
Net increase in cash and cash equivalents17,092 1,311 
Cash and cash equivalents, beginning of period110,826 89,071 
Cash and cash equivalents, end of period$127,918 $90,382 


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs
GAAP net income$9,152 $4,427 $17,263 $8,026 
Add back:
Stock-based compensation expense4,088 4,259 7,307 8,251 
Amortization expense905 927 1,818 1,835 
Unrealized loss (gain) on foreign currency137 (179)137 (314)
Trade refunds and charges, net(327)— (327)— 
Restructuring and transformation costs924 — 2,345 — 
Costs related to exit and disposal activities937 149 937 110 
CEO transition costs— 1,362 — 1,362 
Total adjustments 1
6,664 6,518 12,217 11,244 
Income tax benefits on adjustments 2
(1,111)(958)(1,697)(1,200)
Non-GAAP net income$14,705 $9,987 $27,783 $18,070 
Non-GAAP net income per share:
Basic$0.61 $0.42 $1.16 $0.75 
Diluted$0.60 $0.41 $1.14 $0.74 
Shares used to compute non-GAAP net income per share:
Basic23,969,25423,900,39023,902,80224,018,119
Diluted24,415,78824,101,59224,358,56824,291,246
1Stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs were included in the following GAAP consolidated statement of operations categories:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of revenue$549 $767 $1,285 $1,569 
Marketing and sales819 808 1,524 1,586 
Research and development641 735 1,069 1,360 
General and administrative2,657 4,238 4,920 6,933 
Restructuring and transformation costs924 — 2,345 — 
Costs related to exit and disposal activities937 149 937 110 
Total operating expenses5,978 5,930 10,795 9,989 
Other income, net137 (179)137 (314)
Total adjustments$6,664 $6,518 $12,217 $11,244 
2For the three and six months ended June 30, 2026 and 2025, 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.


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin
(In thousands)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue$149,341 $135,063 $288,677 $261,268 
Gross profit69,342 59,774 132,934 115,472 
GAAP gross margin46.4%44.3%46.0%44.2%
Add back:
Stock-based compensation expense534 424 928 884 
Amortization expense342 343 684 685 
Trade refunds and charges, net(327)— (327)— 
Total adjustments549 767 1,285 1,569 
Non-GAAP gross profit$69,891 $60,541 $134,219 $117,041 
Non-GAAP gross margin46.8%44.8%46.5%44.8%


Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue$149,341 $135,063 $288,677 $261,268 
Income from operations11,358 4,969 21,197 9,500 
GAAP operating margin7.6%3.7%7.3%3.6%
Add back:
Stock-based compensation expense4,088 4,259 7,307 8,251 
Amortization expense905 927 1,818 1,835 
Trade refunds and charges, net(327)— (327)— 
Restructuring and transformation costs924 — 2,345 — 
Costs related to exit and disposal activities937 149 937 110 
CEO transition costs— 1,362 — 1,362 
Total adjustments6,527 6,697 12,080 11,558 
Non-GAAP income from operations$17,885 $11,666 $33,277 $21,058 
Non-GAAP operating margin12.0%8.6%11.5%8.1%


Proto Labs, Inc.
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue$149,341 $135,063 $288,677 $261,268 
GAAP net income9,152 4,427 17,263 8,026 
GAAP net income margin6.1%3.3%6.0%3.1%
Add back:
Amortization expense$905 $927 $1,818 $1,835 
Depreciation expense7,183 7,643 14,343 15,429 
Interest income, net(1,331)(1,143)(2,584)(2,251)
Provision for income taxes3,451 2,247 6,657 4,633 
EBITDA19,360 14,101 37,497 27,672 
EBITDA Margin13.0%10.4%13.0%10.6%
Add back:
Stock-based compensation expense4,088 4,259 7,307 8,251 
Unrealized loss (gain) on foreign currency137 (179)137 (314)
Trade refunds and charges, net(327)— (327)— 
Restructuring and transformation costs924 — 2,345 — 
Costs related to exit and disposal activities937 149 937 110 
CEO transition costs— 1,362 — 1,362 
Total adjustments5,759 5,591 10,399 9,409 
Adjusted EBITDA$25,119 $19,692 $47,896 $37,081 
Adjusted EBITDA Margin16.8%14.6%16.6%14.2%


Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$122,759 $— $122,759 $110,712 10.9%10.9%
Europe26,582 (447)26,135 24,351 9.27.3
Total revenue$149,341 $(447)$148,894 $135,063 10.6%10.2%
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
United States$234,886 $— $234,886 $210,979 11.3%11.3%
Europe53,791 (2,604)51,187 50,289 7.01.8
Total revenue$288,677 $(2,604)$286,073 $261,268 10.5%9.5%

1Revenue for the three and six months ended June 30, 2026 has been recalculated using 2025 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.
2This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to GAAP revenue for the three and six months ended June 30, 2026.
3This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to non-GAAP revenue for the three and six months ended June 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2025) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Product Line
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$53,625 $(89)$53,536 $47,415 13.1%12.9%
CNC Machining70,360 (318)70,042 61,945 13.6 13.1 
3D Printing20,667 (30)20,637 21,215 (2.6)(2.7)
Sheet Metal4,462 (8)4,454 4,303 3.7 3.5 
Other Revenue227 (2)225 185 22.7 21.6 
Total revenue$149,341 $(447)$148,894 $135,063 10.6%10.2%
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAPGAAP
Revenues
Injection Molding$104,693 $(720)$103,973 $96,138 8.9%8.1%
CNC Machining133,605 (1,432)132,173 114,788 16.4 15.1 
3D Printing41,132 (398)40,734 41,409 (0.7)(1.6)
Sheet Metal8,813 (50)8,763 8,514 3.5 2.9 
Other Revenue434 (4)430 419 3.6 2.6 
Total revenue$288,677 $(2,604)$286,073 $261,268 10.5%9.5%

1Revenue for the three and six months ended June 30, 2026 has been recalculated using 2025 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.
2This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to GAAP revenue for the three and six months ended June 30, 2026.
3This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to non-GAAP revenue for the three and six months ended June 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2025) in order to provide a constant-currency comparison.


Proto Labs, Inc.
Customer Contact Information
(In thousands, except customer contacts and per customer contact amounts)
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue$149,341 $135,063 $288,677 $261,268 
Customer contacts20,63021,77531,06933,136
Revenue per customer contact1
$7,239 $6,203 $9,291 $7,885 

1Revenue per customer contact is calculated using the revenue recognized during the respective period divided by the actual number of customer contacts served during the same period. Customer contacts are product developers, engineers, procurement and supply chain professionals and other individuals who place an order, and that order is shipped and invoiced during the period. The Company believes revenue per customer contact is useful to investors in evaluating the underlying business trends and ongoing operating performance of the Company.
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Guidance
(Unaudited)

Q3 2026 Outlook
LowHigh
GAAP diluted net income per share$0.34 $0.42 
Add back:
Stock-based compensation expense0.19 0.19 
Amortization expense0.03 0.03 
Total adjustments0.22 0.22 
Non-GAAP diluted net income per share$0.56 $0.64