6-K
Stratasys Ltd. (SSYS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of August 2025
Commission File Number 001-35751
STRATASYS LTD.
(Translation of registrant’s name into English)
| c/o Stratasys, Inc.<br>5995 Opus Parkway<br>Minnetonka, Minnesota 55343 | 1 Holtzman Street, Science Park<br>P.O. Box 2496<br>Rehovot, Israel 76124 | |
|---|---|---|
| (Addresses of principal executive offices) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
CONTENTS
Quarterly Results of Operations
On August 13, 2025, Stratasys Ltd. (“Stratasys”, “we” or “us”) announced its financial results for the second quarter ended June 30, 2025. A copy of our press release announcing our results is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) and is incorporated herein by reference.
In conjunction with the conference call being held on August 13, 2025 to discuss our results, we are furnishing a copy of the slide presentation that provides supplemental information regarding our business and our financial results, and which will be referenced on that conference call. We have attached that presentation as Exhibit 99.2 to this Form 6-K, which exhibit is incorporated herein by reference.
The information in this Form 6-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Exhibits
The following exhibits are furnished as part of this Form 6-K:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| STRATASYS LTD. | ||
|---|---|---|
| Dated: August 13, 2025 | By: | /s/ Eitan Zamir |
| Name: | Eitan Zamir | |
| Title: | Chief Financial Officer |
Document
Exhibit 99.1
Stratasys Releases Second Quarter 2025 Financial Results
•Revenue of $138.1 million, compared to $138.0 million in the prior year period
•GAAP net loss of $16.7 million, or $0.20 per diluted share, and non-GAAP net income of $2.2 million, or $0.03 per diluted share
•Adjusted EBITDA of $6.1 million, compared to $2.3 million in the prior year period
•$254.6 million cash, equivalents and short-term deposits and no debt at June 30, 2025
•Updates 2025 Outlook
MINNETONKA, Minn. & REHOVOT, Israel - (BUSINESS WIRE) - August 13, 2025 - Stratasys Ltd. (Nasdaq: SSYS), a leader in polymer 3D printing solutions, today announced its financial results for the second quarter ended June 30, 2025.
“Our results once again reflect resilience from our recurring revenue streams and the reliance customers place on our additive manufacturing technologies," commented Dr. Yoav Zeif, Stratasys' Chief Executive Officer. “Amidst prolonged macroeconomic uncertainty and restrained customer capital spending, our revenues this quarter grew slightly over the second quarter last year, as our business model continues to demonstrate significant staying power. Importantly, we are making meaningful progress in delivering on key use cases with major customers that will begin flowing through to our financial results in the future. While we cannot control the timing, we are encouraged by the substantial new business opportunities that we believe are advancing through final stages toward eventual award.”
Dr. Zeif continued, “Our recently bolstered balance sheet provides increased financial flexibility to invest in innovation, pursue growth opportunities, and execute enhanced operational efficiency. Despite the quality of our pipeline, the macroeconomic improvement that is likely to drive increased capital spending by our customers is taking longer than we previously anticipated. We view the impact of these headwinds as transitory, and our longer-term expectations for the industry and our leadership in it as unchanged. Our comprehensive technology portfolio and the inherent advantages of additive manufacturing position us well to capture opportunities and deliver sustainable value for all stakeholders once these challenges inevitably subside.”
Summary - Second Quarter 2025 Financial Results Compared to Second Quarter 2024:
•Revenue of $138.1 million compared to $138.0 million.
•GAAP gross margin of 43.1%, compared to 43.8%.
•Non-GAAP gross margin of 47.7%, compared to 49.0%.
•GAAP operating loss of $16.6 million, compared to an operating loss of $26.0 million.
•Non-GAAP operating income of $1.1 million, compared to an operating loss of $3.2 million.
•GAAP net loss of $16.7 million, or $0.20 per diluted share, compared to a net loss of $25.7 million, or $0.36 per diluted share.
•Non-GAAP net income of $2.2 million, or $0.03 per diluted share, compared to a net loss of $3.0 million, or $0.04 per diluted share.
•Adjusted EBITDA of $6.1 million, compared to $2.3 million.
•Cash used in operating activities of $1.1 million, compared to $2.4 million.
Financial Outlook:
Based on current market conditions and assuming that the impacts of tariff policy, global inflationary pressures, relatively high interest rates and supply chain costs do not impede economic activity further, the Company is updating its outlook for 2025 to be as follows:
•Full year revenue of $550 million to $560 million.
◦Third quarter slightly lower to slightly higher than second quarter, fourth quarter higher than third quarter.
•Full year non-GAAP gross margins of 46.7% to 47.0%.
•Full year operating expenses to range from $248 million to $251 million.
•Full year non-GAAP operating margins to range from 1.5% to 2.0%.
•Adjusted EBITDA ranging from $30 million to $32 million.
◦Fourth quarter 2025 Adjusted EBITDA to be 8.0% or more of revenue.
•Capital expenditures ranging from $20 million to $25 million.
•Positive operating cash flow.
•GAAP net loss ranging from $77 million to $66 million, and GAAP EPS of ($0.94) to ($0.80).
•Non-GAAP net income ranging from $11 million to $13 million, and Non-GAAP EPS ranging from $0.13 to $0.16.
Appropriate reconciliations between historical GAAP and non-GAAP financial measures, as well as between the GAAP and non-GAAP financial measures included in our updated financial outlook for 2025, 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, a reconciliation of our guidance for non-GAAP gross margins to the most directly comparable GAAP financial measure, as we are unable to do so without unreasonable effort or with reasonable certainty from a quantitative perspective.
Stratasys Ltd. Second Quarter 2025 Webcast and Conference Call Details
The Company plans to webcast its conference call to discuss its second quarter 2025 financial results on Wednesday, August 13, 2025, 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=NkEiLhG2
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.
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products, healthcare, fashion and education. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the Company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys is a registered trademark and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the property of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2025 and beyond, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; the global macro-economic environment, including the impact of increased and/or reciprocal import tariffs that have been imposed by the U.S. and other countries; global trends involving inflation, interest rates, economic activity and currency exchange rates, and their impact on the additive manufacturing industry, our company and our customers, in particular; changes in our overall strategy, including as related to any restructuring activities and our capital expenditures; the impact of potential shifts in the prices or margins of the products that we sell or services that we provide, including due to a shift towards lower margin products or services; the impact of competition and new technologies; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets; the extent of our success at successfully consummating and integrating into our existing business acquisitions or investments in new businesses, technologies, products or services; the potential adverse impact of global interruptions and delays involving freight carriers and other third parties on our supply chain and distribution network; global market, political and economic conditions, and in the countries in which we operate in particular; potential adverse effects of Israel’s retaliatory war against the terrorist organizations Hamas and Hezbollah, Iran, and, intermittently, its conflict with the Houthi terrorist group in Yemen; costs and potential liability relating to litigation and regulatory proceedings; risks related to infringement of our intellectual property rights by others or infringement of others' intellectual property rights by us; the extent of our success at maintaining our liquidity and financing our operations and capital needs; the impact of tax regulations on our results of operations and financial condition; and those additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4, “Information on the Company”, Item 5, “Operating and Financial Review and Prospects,” and all other parts of our Annual Report on Form 20-F for the year ended December 31, 2024, which we filed with the U.S. Securities and Exchange Commission, or SEC, on March 6, 2025 (the “2024 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2024 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2025, which have been or will be furnished to the SEC throughout 2025, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this press release are provided or made (as applicable) as of the date hereof, and Stratasys undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Use of Non-GAAP Financial Measures
The non-GAAP data included herein, but not limited, which excludes certain items as described below, 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 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 on a GAAP and non-GAAP basis is provided in the tables below.
Yonah Lloyd
CCO & VP Investor Relations
Source: Stratasys Ltd.
Stratasys Ltd.
| Consolidated Balance Sheets | ||||
|---|---|---|---|---|
| (U.S. in thousands, except share data) | ||||
| (Unaudited) | ||||
| June 30, 2025 | December 31, 2024 | |||
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 71,073 | $ | 70,200 |
| Short-term bank deposits | 183,500 | 80,500 | ||
| Accounts receivable, net of allowance for credit losses of $3,300 and $3,058 as of June 30, 2025 and December 31, 2024, respectively | 157,869 | 152,979 | ||
| Inventories | 164,585 | 179,809 | ||
| Prepaid expenses | 9,481 | 7,630 | ||
| Other current assets | 28,338 | 21,843 | ||
| Total current assets | 614,846 | 512,961 | ||
| Non-current assets | ||||
| Property, plant and equipment, net | 190,358 | 184,379 | ||
| Goodwill | 101,569 | 99,082 | ||
| Other intangible assets, net | 106,013 | 106,253 | ||
| Operating lease right-of-use assets | 30,723 | 32,169 | ||
| Long-term investments | 79,268 | 80,205 | ||
| Other non-current assets | 16,210 | 14,697 | ||
| Total non-current assets | 524,141 | 516,785 | ||
| Total assets | $ | 1,138,987 | $ | 1,029,746 |
| LIABILITIES AND EQUITY | ||||
| Current liabilities | ||||
| Accounts payable | $ | 38,148 | $ | 44,977 |
| Accrued expenses and other current liabilities | 38,741 | 39,749 | ||
| Accrued compensation and related benefits | 30,316 | 29,206 | ||
| Deferred revenues - short-term | 51,805 | 46,347 | ||
| Operating lease liabilities - short-term | 7,039 | 6,935 | ||
| Total current liabilities | 166,049 | 167,214 | ||
| Non-current liabilities | ||||
| Deferred revenues - long-term | 19,752 | 19,057 | ||
| Deferred income taxes | 469 | 507 | ||
| Operating lease liabilities - long-term | 24,043 | 25,155 | ||
| Contingent consideration - long-term | 5,153 | 4,933 | ||
| Other non-current liabilities | 21,140 | 19,889 | ||
| Total non-current liabilities | 70,557 | 69,541 | ||
| Total liabilities | $ | 236,606 | $ | 236,755 |
| Contingencies (see note 12) | ||||
| Equity | ||||
| Ordinary shares, NIS 0.01 nominal value, authorized 180,000 shares; 85,249 shares and 71,982 shares issued at June 30, 2025 and December 31, 2024, respectively; 84,983 shares and 71,716 shares outstanding at June 30, 2025 and December 31, 2024, respectively | $ | 238 | $ | 202 |
| Treasury shares at cost, 266 shares at June 30, 2025 and December 31, 2024 | (1,995) | (1,995) | ||
| Additional paid-in capital | 3,260,364 | 3,123,024 | ||
| Accumulated other comprehensive loss | (6,218) | (8,031) | ||
| Accumulated deficit | (2,350,008) | (2,320,209) | ||
| Total equity | 902,381 | 792,991 | ||
| Total liabilities and equity | $ | 1,138,987 | $ | 1,029,746 |
All values are in US Dollars.
Stratasys Ltd.
| Consolidated Statements of Operations | ||||||||
|---|---|---|---|---|---|---|---|---|
| (U.S. $ in thousands, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
| (Unaudited) | 2025 | 2024 | 2025 | 2024 | ||||
| Revenues | ||||||||
| Products | $ | 94,791 | $ | 93,594 | $ | 188,586 | $ | 192,790 |
| Services | 43,295 | 44,447 | 85,546 | 89,301 | ||||
| 138,086 | 138,041 | 274,132 | 282,091 | |||||
| Cost of revenues | ||||||||
| Products | 48,617 | 46,756 | 95,885 | 96,513 | ||||
| Services | 29,975 | 30,785 | 58,514 | 61,181 | ||||
| 78,592 | 77,541 | 154,399 | 157,694 | |||||
| Gross profit | 59,494 | 60,500 | 119,733 | 124,397 | ||||
| Operating expenses | ||||||||
| Research and development, net | 19,921 | 25,680 | 38,713 | 49,657 | ||||
| Selling, general and administrative | 56,193 | 60,863 | 110,044 | 125,236 | ||||
| 76,114 | 86,543 | 148,757 | 174,893 | |||||
| Operating loss | (16,620) | (26,043) | (29,024) | (50,496) | ||||
| Financial income (expenses), net | 3,286 | (726) | 4,759 | 491 | ||||
| Loss before income taxes | (13,334) | (26,769) | (24,265) | (50,005) | ||||
| Income tax expenses | 1,041 | 762 | 1,496 | 1,478 | ||||
| Share in profits (losses) of associated companies | (2,370) | 1,788 | (4,038) | (243) | ||||
| Net loss | $ | (16,745) | $ | (25,743) | $ | (29,799) | $ | (51,726) |
| Net loss per ordinary share - basic and diluted | $ | (0.20) | $ | (0.36) | $ | (0.38) | $ | (0.74) |
| Weighted average ordinary shares outstanding - basic and diluted | 83,485 | 70,746 | 77,722 | 70,367 |
Stratasys Ltd.
| Reconciliation of GAAP to Non-GAAP Results of Operations | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended June 30, | |||||||||||||
| 2025 | Non-GAAP | 2025 | 2024 | Non-GAAP | 2024 | ||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||
| U.S. dollars and shares in thousands (except per share amounts) | |||||||||||||
| Gross profit (1) | $ | 59,494 | $ | 6,323 | $ | 65,817 | $ | 60,500 | $ | 7,175 | $ | 67,675 | |
| Operating income (loss) (1,2) | (16,620) | 17,736 | 1,116 | (26,043) | 22,845 | (3,198) | |||||||
| Net income (loss) (1,2,3) | (16,745) | 18,925 | 2,180 | (25,743) | 22,774 | (2,969) | |||||||
| Net income (loss) per diluted share (4) | $ | (0.20) | $ | 0.23 | $ | 0.03 | $ | (0.36) | $ | 0.32 | $ | (0.04) | |
| (1) | Acquired intangible assets amortization expenses | 4,517 | 4,489 | ||||||||||
| Non-cash share-based compensation expenses | 746 | 1,010 | |||||||||||
| Restructuring and other expenses | 1,060 | 1,676 | |||||||||||
| 6,323 | 7,175 | ||||||||||||
| (2) | Acquired intangible assets amortization expenses | 915 | 1,111 | ||||||||||
| Non-cash share-based compensation expenses | 5,392 | 6,335 | |||||||||||
| Restructuring and other related costs | 460 | 3,639 | |||||||||||
| Contingent consideration | 643 | 523 | |||||||||||
| Legal and other expenses | 4,003 | 4,062 | |||||||||||
| 11,413 | 15,670 | ||||||||||||
| 17,736 | 22,845 | ||||||||||||
| (3) | Corresponding tax effect | 182 | 204 | ||||||||||
| Equity method related expenses (income) | 1,067 | (1,593) | |||||||||||
| Finance expenses (income) | (60) | 1,318 | |||||||||||
| $ | 18,925 | $ | 22,774 | ||||||||||
| (4) | Weighted average number of ordinary shares outstanding - Diluted | 83,485 | 84,024 | 70,746 | 70,746 |
Stratasys Ltd.
| Six Months Ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | Non-GAAP | 2025 | 2024 | Non-GAAP | 2024 | ||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||
| U.S. dollars and shares in thousands (except per share amounts) | |||||||||||||
| Gross profit (1) | $ | 119,733 | $ | 11,733 | $ | 131,466 | $ | 124,397 | $ | 13,314 | $ | 137,711 | |
| Operating income (loss) (1,2) | (29,024) | 33,186 | 4,162 | (50,496) | 46,099 | (4,397) | |||||||
| Net income (loss) (1,2,3) | (29,799) | 34,857 | 5,058 | (51,726) | 47,073 | (4,653) | |||||||
| Net income (loss) per diluted share (4) | $ | (0.38) | $ | 0.44 | $ | 0.06 | $ | (0.74) | $ | 0.67 | $ | (0.07) | |
| (1) | Acquired intangible assets amortization expenses | 9,005 | 9,573 | ||||||||||
| Non-cash share-based compensation expenses | 1,454 | 1,962 | |||||||||||
| Restructuring and other expenses | 1,274 | 1,779 | |||||||||||
| 11,733 | 13,314 | ||||||||||||
| (2) | Acquired intangible assets amortization expenses | 1,855 | 3,570 | ||||||||||
| Non-cash share-based compensation expenses | 10,897 | 14,032 | |||||||||||
| Restructuring and other related costs | 1,592 | 4,559 | |||||||||||
| Revaluation of investment | — | 1,900 | |||||||||||
| Contingent consideration | 1,288 | 1,034 | |||||||||||
| Legal and other expenses | 5,821 | 7,690 | |||||||||||
| 21,453 | 32,785 | ||||||||||||
| 33,186 | 46,099 | ||||||||||||
| (3) | Corresponding tax effect | 266 | 438 | ||||||||||
| Equity method related expenses (income) | 1,908 | (629) | |||||||||||
| Finance expenses (income) | (503) | 1,165 | |||||||||||
| $ | 34,857 | $ | 47,073 | ||||||||||
| (4) | Weighted average number of ordinary shares outstanding - Diluted | 77,722 | 78,321 | 70,367 | 70,367 |
Stratasys Ltd.
| Reconciliation of GAAP net loss to Adjusted EBITDA | ||||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| U.S. in thousands | U.S. in thousands | |||||||
| Net loss | $ | (16,745) | $ | (25,743) | $ | (29,799) | $ | (51,726) |
| Financial expenses (income), net | (3,286) | 726 | (4,759) | (491) | ||||
| Income tax expenses | 1,041 | 762 | 1,496 | 1,478 | ||||
| Share in losses (profits) of associated companies | 2,370 | (1,788) | 4,038 | 243 | ||||
| Depreciation expenses | 5,129 | 5,482 | 10,463 | 10,787 | ||||
| Amortization expenses | 5,442 | 5,600 | 10,879 | 13,143 | ||||
| Non-cash share-based compensation expenses | 6,138 | 7,345 | 12,351 | 15,994 | ||||
| Revaluation of investment | — | — | — | 1,900 | ||||
| Contingent consideration | 643 | 523 | 1,288 | 1,034 | ||||
| Legal and other expenses | 3,878 | 4,062 | 5,554 | 7,690 | ||||
| Restructuring and other expenses | 1,519 | 5,315 | 2,788 | 6,338 | ||||
| Adjusted EBITDA | $ | 6,129 | $ | 2,284 | $ | 14,299 | $ | 6,390 |
All values are in US Dollars.
Stratasys Ltd.
| Reconciliation of GAAP Net Loss to Non-GAAP Net Income Forward Looking Guidance: | |||
|---|---|---|---|
| Fiscal Year 2025 | |||
| (U.S. $ in millions, except per share data) | Low | High | |
| GAAP net loss | $(77) | to | $(66) |
| Adjustments | |||
| Share-based compensation expenses | $25 | to | $27 |
| Intangible assets amortization expenses | $22 | to | $24 |
| Reorganization and other | $30 | to | $34 |
| Tax expenses related to Non-GAAP adjustments | $2 | to | $3 |
| Non-GAAP net income | $11 | to | $13 |
| GAAP loss per share | $(0.94) | to | $(0.80) |
| Non-GAAP diluted earnings per share | $0.13 | to | $0.16 |
| Reconciliation of GAAP Net Loss to Adjusted EBITDA Forward Looking Guidance: | |||
| --- | --- | --- | --- |
| Fiscal Year 2025 | |||
| (U.S. $ in millions, except per share data) | Low | High | |
| GAAP net loss | $(77) | to | $(66) |
| Adjustments | |||
| Share-based compensation expenses | $25 | to | $27 |
| Intangible assets amortization expenses | $22 | to | $24 |
| Reorganization and other | $30 | to | $34 |
| Tax expenses related to Non-GAAP adjustments | $2 | to | $3 |
| Other non-operating income | $(1) | to | $(1) |
| Depreciation | $20 | to | $20 |
| Adjusted EBITDA | $30 | to | $32 |
Stratasys Ltd.
| Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income Forward Looking Guidance: | |||
|---|---|---|---|
| Fiscal Year 2025 | |||
| (U.S. $ in millions, except per share data) | Low | High | |
| GAAP operating loss | $(72) | to | $(61) |
| GAAP operating margins | (13)% | to | (11)% |
| Adjustments | |||
| Share-based compensation expenses | $25 | to | $27 |
| Intangible assets amortization expenses | $22 | to | $24 |
| Reorganization and other | $26 | to | $30 |
| Non-GAAP operating profit | $9 | to | $12 |
| Non-GAAP operating margins | 1.5% | to | 2.0% |
ssysq22025slides-final
Make additive work for you Q2 2025 Results Speakers Dr. Yoav Zeif, CEO Eitan Zamir, CFO Yonah Lloyd, CCO & VP IR August 13, 2025
Conference Call and Webcast Link US Toll-Free Dial-In 1-877-407-0619 International Dial-In +1-412-902-1012 Live Webcast and Replay
Forward-Looking Statements Cautionary Statement Regarding Forward- Looking Statements The statements in this slide presentation regarding Stratasys' strategy, and the statements regarding its projected future financial performance, including the financial guidance concerning its expected results for 2025 and beyond, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys' business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; the global macro-economic environment, including the impact of increased and/or reciprocal import tariffs that have been imposed by the U.S. and other countries; global trends involving inflation, interest rates, economic activity and currency exchange rates, and their impact on the additive manufacturing industry, our company and our customers, in particular; changes in our overall strategy, including as related to any restructuring activities and our capital expenditures; the impact of potential shifts in the prices or margins of the products that we sell or services that we provide, including due to a shift towards lower margin products or services; the impact of competition and new technologies; potential further charges against earnings that we could be required to take due to impairment of additional goodwill or other intangible assets; the extent of our success at successfully consummating and integrating into our existing business acquisitions or investments in new businesses, technologies, products or services; the potential adverse impact of global interruptions and delays involving freight carriers and other third parties on our supply chain and distribution network; global market, political and economic conditions, and in the countries in which we operate in particular; potential adverse effects of Israel’s retaliatory war against the terrorist organizations Hamas and Hezbollah, Iran and, intermittently, its conflict with the Houthi terrorist group in Yemen; costs and potential liability relating to litigation and regulatory proceedings; risks related to infringement of our intellectual property rights by others or infringement of others' intellectual property rights by us; the extent of our success at maintaining our liquidity and financing our operations and capital needs; the impact of tax regulations on our results of operations and financial condition; and those additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4, “Information on the Company”, Item 5, “Operating and Financial Review and Prospects,” and all other parts of our Annual Report on Form 20-F for the year ended December 31, 2024, which we filed with the U.S. Securities and Exchange Commission, or SEC, on March 6, 2025 (the “2024 Annual Report”). Readers are urged to carefully review and consider the various disclosures made throughout our 2024 Annual Report and the Reports of Foreign Private Issuer on Form 6-K that attach Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly periods throughout 2025, which have been or will be furnished to the SEC throughout 2025, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this slide presentation are provided or made (as applicable) as of the date hereof, and Stratasys undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Make additive work for you
Use of Non-GAAP Financial Information Use of Non-GAAP Financial Measures The non-GAAP data included herein, but not limited, which excludes certain items as described below, 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 on a GAAP and non-GAAP basis is provided in the tables later in this slide presentation. We have not included herein, however, a reconciliation of our non-GAAP guidance for 2025 to the most directly comparable GAAP guidance. Please see our earnings release being published today for that reconciliation (other than for our guidance for non-GAAP gross margins, as we are unable to provide that reconciliation without unreasonable effort or with reasonable certainty from a quantitative perspective). Make additive work for you
▪ Results aligned with expectations reflecting the resilience of our recurring revenue and reliance on our technologies ▪ Engagement strong despite uncertain environment around macro and tariff policies, with customer capital spending disciplined awaiting signs of normalcy to emerge ▪ Meaningful progress delivering key use cases with major customers that will begin flowing through to our financial results. Commitment to R&D excellence with a strong balance sheet positions us to continue delivering innovative solutions that further solidify our leadership in digital manufacturing ▪ Long-term strategy centered on innovation and execution in high-growth sectors being transformed by key megatrends: Supply chain onshoring, next-gen mobility, and a relentless focus on operational efficiency and cost optimization ▪ Prioritizing the most compelling applications while preserving margin integrity to emerge stronger as market dynamics stabilize ▪ Ideal solution in tariff-sensitive environments by enabling local, rapid, and cost-effective production capabilities CEO Dr. Yoav Zeif
Make additive work for you Launched Tooling Center with Automation Intelligence in Michigan ▪ Helps manufacturers validate and scale additive manufacturing applications for production. ▪ Stratasys F3300 and F900 3D printers demonstrate jigs, fixtures, end-of-arm tooling and auto components. ▪ Explores additive alongside conventional MFG to streamline operations, reduce costs, and accelerate response to challenges. ▪ Addresses growing need for localized, on-demand production, providing proof that additive tooling is both viable and cost-effective. Launched New US Tooling Center
Customer Success – GM / Toyota Make additive work for you Strategic Collaboration with GM shows transformative power additive manufacturing brings to production ▪ 20+ years relationship. ▪ One of the largest additive facilities in N. America. ▪ Many F900 systems deployed across 15+ GM plants. ▪ High utilization rates demonstrate production-readiness. ▪ Numerous benefits: ‒ Safety ‒ Cost-reduction ‒ Streamlined workflow ‒ Tooling lead times down from weeks to days or hours ▪ Supply chain resilience. ‒ Faster response to urgent production needs. ‒ Supply chain security lowers risk. Toyota uses all five Stratasys technologies to improve product development and production process See partnership video ▪ Significant reductions in cost and lead times. ▪ Faster tool production and replacement. ▪ Precise, custom-fit tools that cannot be done conventionally. ▪ Stratasys polymer parts often stronger than metal ▪ Consistent assembly. ▪ Lightweight, ergonomic designs improve workplace safety. ▪ Toyota uses all five Stratasys technologies plus GrabCAD software to manage their printer fleet.
Make additive work for you Aerospace and Medical Update ▪ Blue Origin purchased multiple Neo800 SL systems for production of investment casting patterns. ▪ Leading aerospace manufacturer, space technology trailblazer and major participant in NASA contracts including the Artemis program planned to bring astronauts to the moon in 2027. Stratasys is also participating on this program. ▪ Partnership validates the strength and durability of our technology for space applications, translatable for use in tens of thousands of aerospace parts still made by hand. ▪ Rigorous quality and data security standards of space flight positions Stratasys for future aero production applications. ▪ Aligns with our strategy around production parts, showing how our technology contributes to space travel today while potentially enabling next-gen solutions that could extend far beyond space exploration tomorrow. ▪ Stratasys J5 DAP anatomical model solution, targeting thousands of hospitals worldwide and seeing positive traction and life-saving examples, was critical in a complex procedure, showcasing how 3DP technology is revolutionizing medical applications and unprecedented pre-op planning capabilities. ▪ Brisbane's Herston Biofabrication Institute created a life-sized 3D printed model from a patient scan revealing an aorta ballooned to about 4X the usual size in danger of rupturing, an emergency likely to have cost the patient’s life. ▪ This enabled the Prince Charles Hospital surgeons to plan and practice on the model prior to the operation, allowing them to optimize execution of the surgery and minimize potential risks and complications, saving the patient’s life. ▪ Anatomical modeling, such as training and pre-surgical planning, is a $1.8B annual addressable opportunity.
Make additive work for you Materials and Software Update ▪ Launched P3 Silicone 25A high-performance material developed through strategic collaboration with global silicone leader Shin- Etsu, Japan’s largest chemical company, designed exclusively for Stratasys Origin DLP platform to produce flexible parts that match traditionally molded silicone performance. ▪ Breakthrough material addresses critical gap in industrial 3DP, delivering genuine silicone parts with precision, durability, and repeatability, eliminating tooling costs, reducing lead times, and enabling localized, low-volume production for applications like seals, gaskets, vibration dampers, and soft-touch components. ▪ Passed Shin-Etsu biocompatibility/flame retardancy certification, representing the first in a planned portfolio of silicone materials combining Stratasys production-grade P3 DLP technology with Shin-Etsu's silicone chemistry expertise to deliver trusted performance backed by repeatable results and real-world data. ▪ Exclusive agreement with trinckle 3D GmbH to integrate fixturemate into GrabCAD PrintPro for designing production-ready fixtures using intelligent automation, allowing manufacturers to create secure, precise workholding solutions in minutes. ‒ Eliminates complexity of design, removing the constraint of needing a CAD expert, reducing fixture creation time from days to hours. Results in higher printer utilization and higher rates of 3DP adoption. ‒ Fortus 450mc Gen 3 exemplifies our complete solution - an integrated tooling printer+SW+materials in a factory-ready package. ▪ NASCAR’s Tim Murphy recently said “What sets our partnership with Stratasys apart is the complete ecosystem—from our in-house machines to Streamline Pro software to on-demand production.“ ‒ NASCAR prints 100’s of parts through our platform, transforming 3DP from a support function to a strategic business unit. ▪ Launching a dedicated customer success management team in Q3 to enhance onboarding, drive engagement, and support renewals.
CFO Eitan Zamir ▪ Results once again demonstrate the resilience of our operating model ▪ Delivered positive adjusted operating income and adjusted net income, compared to losses in both in the year-ago period, despite a slight revenue increase and lower gross margins vs. Q2’24 ▪ Full run-rate contributions from the cost control initiatives we began in the middle of 2024
Quarterly Trend Q2 2025 Revenues Make additive work for you Revenue Breakdown Note: $ in millions unless noted otherwise. 64.6 62.4 58.4 62.6 64.2 29.0 31.7 46.7 31.2 30.6 44.4 45.9 45.3 42.2 43.3 138.0 140.0 150.4 136.0 138.1 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Consumables Systems Services 93.6 94.1 105.1 93.8 94.8 44.4 45.9 45.3 42.2 43.3 138.0 140.0 150.4 136.0 138.1 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Products Services
GAAP Non-GAAP 47.4% 47.2% 49.8% 50.0% 49.3% 24.4% 38.4% 32.2% 30.7% 35.6% 40.5% 44.6% 44.4% 43.8% 44.8% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 49.0% 49.6% 49.6% 48.3% 47.7% 55.6% 55.1% 53.4% 54.7% 54.3% 35.2% 38.5% 40.7% 33.9% 33.1% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Services Gross MarginProducts Gross Margin Total Gross Margin Make additive work for you . . . . . . . . . . . . . . . - - - - - 47.4% 47.2% 49.8% 50.0% 49.3% 24.4% 38.4% 32.2% 30.7% 35.6% 40.5% 44.6% 44.4% 43.8% 44.8% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 50.0% 49.3% 49.0% 49.6% 48.7% 30.7% 35.6% 40.2% 32.5% 30.8% 43.8% 44.8% 46.3% 44.3% 43.1% Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2 2025 Gross Margins Note: All percentages rounded.
GAAP Operating Expenses (absolute and as a percentage of revenues) Non-GAAP Operating Expenses (absolute and as a percentage of revenues) 86.5 76.1 55.1% Q2'24 Q2'25 62.7% 70.9 64.7 Q2'24 Q2'25 46.9%41.0% 51.3% Significant improvement driven by our cost savings initiatives Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Q2 2025 Operating Expenses Make additive work for you
(25.7) )16.7( (16.6) Non-GAAP Operating Income (Loss) (2.3%) in Q2’24 vs 0.8% in Q2’25 out of total revenue GAAP Operating Loss Non-GAAP Net Income (Loss) EPS diluted ($0.04) in Q2’24 vs $0.03 in Q2’25 GAAP Net Loss EPS diluted ($0.36) in Q2’24 vs ($0.20) in Q2’25 Q2’24 Q2’25 6.1 2.3 2.2 Adjusted EBITDA 1.7% in Q2’24 vs 4.4% in Q2’25 out of total revenue (3.2) 1.1 (3.0) Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 (26.0) Q2 2025 Operating and Earnings Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Make additive work for you
Balance Sheet ItemsCash Flow from Operating Activities 15 (2.4) (1.1) Q2-24 Q2-25 Note: $ in millions unless noted otherwise. All numbers and percentages rounded. Make additive work for you Strong Balance Sheet Positioned for Value-Enhancing Opportunities Q2-24 Q1-25 Q2-25 Cash and Cash Equivalents and Short- term deposits 150.9 150.1 254.6 Accounts Receivable 150.5 156.2 157.9 Inventories 196.5 169.9 164.6 Net Working Capital 359.3 339.6 448.8
Revenues Q3: Slightly below or above Q2 Q4: Higher sequential growth Non-GAAP Gross Margins Non-GAAP Operating Expenses Non-GAAP Operating Margins Adjusted Net Income Adjusted EPS diluted ($77M) - ($66M) ($0.94) - ($0.80) GAAP EPS diluted CAPEX Adjusted EBITDA 5.4%-5.7% of Revenue Q4: 8.0% or Higher of Revenue $550M – $560M 46.7% – 47.0% $248M – $251M $20M – $25M$30M – $32M1.5% – 2.0% Positive Operating Cash Flow for 2025 2025 Full-Year Outlook Updated $11M – $13M $0.13 – $0.16 Make additive work for you
CEO Dr. Yoav Zeif Summary ▪ Stratasys differentiated approach and business model continues to demonstrate remarkable adaptability due to our cost discipline, innovation leadership, and the increasingly mission-critical role our solutions play in customer operations ▪ Focus on high-value applications, combined with enhanced customer education and GTM execution building the foundation for accelerated adoption when investment confidence rebounds ▪ Bolstered balance sheet positions us to continue leading in system, material and software innovation, as well as scaling towards more widespread manufacturing applications as macro conditions eventually normalize ▪ Stability of recurring revenue, paired with operational efficiency and margin discipline, designed for compelling long-term returns ▪ Leaders with a comprehensive portfolio uniquely positioned to capture significant opportunities that will emerge as customers resume normal capital deployment cycles and embrace the localized manufacturing advantages our platforms deliver Make additive work for you
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GAAP Non-GAAP Q2-24 Q2-25 Change Y/Y Q2-24 Q2-25 Change Y/Y Total Revenue 138.0 138.1 0.1% 138.0 138.1 0.1% Gross Profit 60.5 59.5 (1.0) 67.7 65.8 (1.9) ▪% Margin 43.8% 43.1% -0.7% 49.0% 47.7% -1.3% Operating Income (Loss) (26.0) (16.6) 9.4 (3.2) 1.1 4.3 ▪% Margin -18.9% -12.0% 6.9% -2.3% 0.8% 3.1% Net Income (Loss) (25.7) (16.7) 9.0 (3.0) 2.2 5.2 ▪% Margin -18.6% -12.1% 6.5% -2.2% 1.6% 3.8% Diluted EPS (0.36) (0.20) 0.16 )0.04( 0.03 0.07 Diluted Shares 70.7 83.5 18.1% 70.7 84.0 18.8% 19 Note: $ in millions unless noted otherwise. All numbers and percentages rounded 19 Appendix – Comparison of Q2 2025 to Q2 2024 Key Metrics Make additive work for you
Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Appendix - Reconciliation of GAAP to Non-GAAP Results of Operations GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Gross Profit (1) $ 59,494 $ 6,323 $ 65,817 $ 60,500 $ 7,175 $ 67,675 Operating income (loss) (1,2) (16,620) 17,736 1,116 (26,043) 22,845 (3,198) Net income (loss) (1,2,3) (16,745) 18,925 2,180 (25,743) 22,774 (2,969) Net income (loss) per diluted share (4) $ (0.20) $ 0.23 $ 0.03 $ (0.36) $ 0.32 $ (0.04) (1) Acquired intangible assets amortization expenses 4,517 4,489 Non-cash share-based compensation expenses 746 1,010 Restructuring and other expenses 1,060 1,676 6,323 7,175 (2) Acquired intangible assets amortization expenses 915 1,111 Non-cash share-based compensation expenses 5,392 6,335 Restructuring and other related costs 460 3,639 Contingent consideration 643 523 Legal and other expenses 4,003 4,062 11,413 15,670 17,736 22,845 (3) Corresponding tax effect 182 204 Equity method related expenses (income) 1,067 (1,593) Finance expenses (income) (60) 1,318 18,925 22,774 (4) Weighted average number of ordinary shares outstanding- Diluted 83,485 84,024 70,746 70,746 Three Months Ended June 30, 2025 Three Months Ended June 30, 2024
Note: $ in thousands unless noted otherwise. All numbers and percentages rounded. Appendix - Reconciliation of GAAP Net Loss to Adjusted EBITDA 2025 2024 Net loss $ (16,745) $ (25,743) Financial expenses (income), net (3,286) 726 Income tax expenses 1,041 762 Share in losses (profits) of associated companies 2,370 (1,788) Depreciation expenses 5,129 5,482 Amortization expenses 5,442 5,600 Non-cash share-based compensation expenses 6,138 7,345 Contingent consideration 643 523 Legal and other expenses 3,878 4,062 Restructuring and other expenses 1,519 5,315 Adjusted EBITDA $ 6,129 $ 2,284 Three Months Ended June 30,