prlb-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 10-Q


			(Mark One)

þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ___________ to ___________

Commission File Number: 001-35435

Proto Labs, Inc.

(Exact name of registrant as specified in its charter)


Minnesota			41-1939628
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5540 Pioneer Creek Drive
Maple Plain, Minnesota			55359
(Address of principal executive offices)			(Zip Code)

(763) 479-3680

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share	PRLB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þYes oNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þYes oNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). oYes þNo

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 23,921,897 shares of Common Stock, par value $0.001 per share, were outstanding at July 28, 2026.

Table of Contents

Proto Labs, Inc.

TABLE OF CONTENTS


Item	Description	Page

PART I
1.	Financial Statements	2
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
3.	Quantitative and Qualitative Disclosures about Market Risk	26
4.	Controls and Procedures	26
PART II
1.	Legal Proceedings	27
1A.	Risk Factors	27
2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
3.	Defaults Upon Senior Securities	27
4.	Mine Safety Disclosures	28
5.	Other Information	28
6.	Exhibits	28

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Proto Labs, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)



	June 30, 2026		December 31, 2025
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	127,918	$	110,826
Short-term marketable securities	14,858		17,297
Accounts receivable, net of allowance for credit losses of $3,022 and $2,668 as of June 30, 2026, and December 31, 2025, respectively	95,074		78,962
Inventory	15,413		14,401
Prepaid expenses and other current assets	11,590		9,590
Income taxes receivable	1,390		2,465
Total current assets	266,243		233,541
Property and equipment, net	208,329		215,261
Goodwill	273,991		273,991
Other intangible assets, net	16,606		18,612
Long-term marketable securities	20,120		14,308
Operating lease assets	1,263		2,836
Finance lease assets	290		424
Other long-term assets	4,456		4,442
Total assets	$	791,298	$	763,415

Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	21,542	$	15,104
Accrued compensation	18,830		23,674
Accrued liabilities and other	31,776		26,783
Current operating lease liabilities	929		1,155
Current finance lease liabilities	127		286

Total current liabilities	73,204		67,002
Long-term operating lease liabilities	1,185		1,606

Long-term deferred tax liabilities	20,625		16,598
Other long-term liabilities	4,551		4,277
Total liabilities	99,565		89,483

Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of June 30, 2026, and December 31, 2025, respectively	—		—
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 23,921,897 and 23,627,422 shares as of June 30, 2026, and December 31, 2025, respectively	24		24
Additional paid-in capital	460,671		454,120
Retained earnings	254,326		240,764
Accumulated other comprehensive loss	(23,288)		(20,976)
Total shareholders' equity	691,733		673,932
Total liabilities and shareholders' equity	$	791,298	$	763,415

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Proto Labs, Inc.

Consolidated Statements of Comprehensive Income

(In thousands, except share and per share amounts)

(Unaudited)



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Statements of Operations:
Revenue	$	149,341	$	135,063	$	288,677	$	261,268
Cost of revenue	79,999		75,289		155,743		145,796
Gross profit	69,342		59,774		132,934		115,472
Operating expenses
Marketing and sales	25,682		24,731		50,462		48,480
Research and development	10,791		11,173		21,331		21,782
General and administrative	19,650		18,752		36,662		35,600
Restructuring and transformation costs	924		—		2,345		—
Costs related to exit and disposal activities	937		149		937		110
Total operating expenses	57,984		54,805		111,737		105,972
Income from operations	11,358		4,969		21,197		9,500
Other income, net	1,245		1,705		2,723		3,159
Income before income taxes	12,603		6,674		23,920		12,659
Provision for income taxes	3,451		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:
Basic	23,969,254		23,900,390		23,902,802		24,018,119
Diluted	24,415,788		24,101,592		24,358,568		24,291,246

Comprehensive Income (net of tax)
Comprehensive income	$	9,351	$	6,755	$	14,951	$	11,447

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Proto Labs, Inc.

Consolidated Statements of Shareholders' Equity

(In thousands, except share amounts)



	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
	Shares	Amount

Balance at December 31, 2025	23,627,422	$	24	$	454,120	$	240,764	$	(20,976)	$	673,932
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	165,066	—		375		—		—		375
Stock-based compensation expense	—	—		3,219		—		—		3,219

Net income	—	—		—		8,111		—		8,111
Other comprehensive income
Foreign currency translation adjustment	—	—		—		—		(2,382)		(2,382)
Net unrealized loss on investments in securities	—	—		—		—		(129)		(129)
Comprehensive income										5,600
Balance at March 31, 2026	23,792,488	$	24	$	457,714	$	248,875	$	(23,487)	$	683,126
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	197,962	—		204		—		—		204
Stock-based compensation expense	—	—		4,088		—		—		4,088
Repurchases of common stock and other	(68,553)	—		(1,335)		(3,701)		—		(5,036)
Net income	—	—		—		9,152		—		9,152
Other comprehensive income
Foreign currency translation adjustment	—	—		—		—		289		289
Net unrealized loss on investments in securities	—	—		—		—		(90)		(90)
Comprehensive income										9,351
Balance at June 30, 2026	23,921,897	$	24	$	460,671	$	254,326	$	(23,288)	$	691,733


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
	Shares	Amount

Balance at December 31, 2024	24,226,088	$	24	$	453,705	$	244,406	$	(27,984)	$