管理層發言
Good day, and welcome to today's Conference Call to discuss Stratasys' Second Quarter 2026 Financial Results. My name is Rob, and I'm your operator for today's call. Now I'd like to hand the call over to Yonah Lloyd, Chief Communications Officer and Vice President of Investor Relations for Stratasys. Mr. Lloyd, please go ahead.
Good morning, everyone, and thank you for joining us to discuss our 2026 second quarter financial results. On the call with us today is our CEO, Dr. Yoav Zeif; and CFO, Eitan Zamir. I would like to remind you that access to today's call, including the slide presentation, is available online at the web address provided in our press release. In addition, a replay of today's call, including access to the slide presentation, will also be available and can be accessed through the Investor Relations section of our website. Please note that some of the information provided during our discussion today will consist of forward-looking statements, including, without limitation, those regarding our expectations as to our future revenue, gross margin, operating expenses, taxes and other future financial performance and our expectations for our business outlook. All statements that speak to future performance, events, expectations or results are forward-looking statements. Actual results or trends could differ materially from our forecast. For risks that could cause actual results to be materially different from those described in forward-looking statements, please refer to the risk factors discussed or referenced in Stratasys' annual report on Form 20-F for the 2025 year. Please also refer to that annual report, along with our reports filed with or furnished to the SEC throughout 2026 for additional operational and financial details. Reports on Form 6-K that are furnished to the SEC on a quarterly basis and throughout the year provide updated current information regarding the company's operating results and material developments concerning our company. Stratasys assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. As in previous quarters, today's call will include GAAP and non-GAAP financial measures. The non-GAAP financial measures should be read in combination with our GAAP metrics to evaluate our performance. Non-GAAP to GAAP reconciliations are provided in tables in our slide presentation and today's press release. I will now turn the call over to our Chief Executive Officer, Dr. Yoav Zeif. Yoav?
Thank you, Yonah. Good morning, everyone, and thank you for joining us. Our second quarter results reflect a record-setting level of consumables sales as we continue to effectively drive recurring revenue from materials that are specifically used for manufacturing end-use parts. This growth in consumables is a great indicator of the high utilization of our systems and speaks directly to our strategy to increase the manufacturing portion of our business. Total revenue grew 3.7% sequentially. Once again, Stratasys Direct had a strong quarter, driven by aerospace and defense customers, reinforcing the trajectory of our production parts division, and our earnings results reflect continued focus on operational rigor and disciplined cost management. As we capitalize on the megatrends that are driving additive manufacturing adoption, aerospace and defense remains a clear proof point. Mission-critical performance requirements and accelerating supply chain resiliency mandates are translating into durable structural demand for our platforms. This reflects a fundamental shift for high-demand manufacturers as they seek localized, flexible production-grade capabilities. Importantly, with both make and buy optionality, Stratasys is proving to be uniquely positioned to capture this potentially seismic shift. Independent industry estimates suggest the additive manufacturing opportunity could double by the end of the decade and double again within a few short years, reinforcing our conviction that we are still early in this transformation. We also took a significant step forward in strengthening that positioning with our pending acquisition of MarkForged, which we expect to close later this year. Adding MarkForged with its continuous carbon fiber technology, materials and software platform will meaningfully augment our offering, particularly in aerospace, defense and industrial production. Speaking of aerospace and defense, in the second quarter, we demonstrated strong momentum. A&D is our largest business by far and a strong ongoing example of our success in manufacturing, growing 17% relative to the second quarter last year. We estimate that we are the leading player in polymer additive manufacturing for A&D. Second quarter results were partially driven by expanding adoption across the U.S. Air Force for deeper-level sustainment and spare parts production. Ongoing multiple system investments in our Workhorse F900 system certified by the Air Force for flightworthy production parts are propelling this growth. These orders are not one-time; rather, they are increasing in volume for locations across their sustainment enterprise to support established programs of record, turning into large ongoing programs. Once a part is qualified on our platforms, that relationship tends to be long term, given the cost and complexity of requalifying another resource. This durability is a meaningful reason that we view this new demand quotient as structural rather than cyclical. During the quarter, we were proud to have enhanced a strategic relationship with Quickparts, a Seattle-based international on-demand manufacturer with its purchase of 12 Neo 800-plus systems, in addition to its existing six units. This is a multiyear, multimillion-dollar agreement across materials, software and service. Importantly, the systems will be used for manufacturing production parts in key verticals such as aerospace, defense, advanced mobility and energy. In addition to the systems going to Quickparts' Seattle Aerospace Center of Excellence in the U.S., this deal includes a geographical expansion with three of the units being placed across its facilities in Europe. Recently, Stratasys was awarded a two-year program totaling $7.8 million through the 2026 America Makes OIB Modernization Challenge. America Makes is the leading public-private partnership for 3D printing and additive manufacturing technology, managed by the National Center for Defense Manufacturing and Machining. The program's focus is to advance next-generation in-situation monitoring for hardware and software capabilities for both our F900 and a future technology refresh solution with our F3300. This program indicates a long-term DoD strategy that integrates our production platforms. As the Executive Director of America Makes noted, this project will create a stronger foundation for expanding additive manufacturing across production, sustainment and supply chain applications throughout the defense enterprise. It further positions Stratasys as the trusted source for qualified manufacturing, enabling a new business model for reliable production of scalable mission-critical components while supporting long-term parts and platform sustainment requirements across the defense industrial base. Our Stratasys Direct parts manufacturing business delivered 12.1% year-over-year growth in the second quarter of 2026 relative to the corresponding quarter in 2025. This was fueled primarily by increasing demand from defense technology companies for drone production, munitions manufacturing and production applications across next-generation platforms. This emerging demand reinforces the growing role of additive manufacturing as a sustainable strategic enabler of defense industrial-base modernization, resilient domestic supply chains and scalable production. Turning to automotive, this quarter FANUC, one of the world's leading industrial automation companies, adopted our industrial solutions into its supply chain. This reflects another broader trend starting to emerge across manufacturing where automotive OEMs and their suppliers are aligning with common additive manufacturing platforms. That alignment means production tooling and replacement parts only have to be qualified once and then they can be manufactured at any location around the globe. This improves consistency of quality and reduces lead times across their manufacturing ecosystem. Of particular note, the FANUC engagement came at the request of a major automotive OEM customer who standardized common tools and parts between them. This is another exciting next step in the automotive industry's move towards additive manufacturing at scale. In another example of how our technology is penetrating the automotive production line, FAW Group, one of the largest Chinese auto OEMs, signed an agreement to purchase 12 F900 systems by year-end, with two shipped in the second quarter on top of the five F900 and eight other Stratasys systems they already operate. This reflects one of our competitive advantages in high-requirement industrial applications relative to lower-end local options. Notably, these systems are being used primarily for production of interior end-use parts such as armrests and panels. This is a great example of recurring business that emerges once our customers experience the extreme value Stratasys creates on their production lines. Now I will discuss MarkForged in greater detail. This will be a $42.5 million cash purchase once the usual regulatory steps are clear. Legacy MarkForged generated approximately $70 million of revenue in 2025. We continue our thorough evaluation and review of the business as we focus on ensuring we optimize the combined offering. We expect to realize a rapid return on our investments through new revenue streams and unlocking meaningful synergies, which will result in a better margin and positive contribution to EBITDA within the first year after closing. We believe that building product capacity in target markets such as aerospace and defense, along with production-grade manufacturing more broadly, makes great sense. MarkForged's continuous carbon fiber technology addresses a growing opportunity for certain stronger, lighter parts that can replace metal. Additionally, their software platform provides excellent simulation and remote print management. We are confident that the MarkForged acquisition will enhance our growth in A&D. Beyond the technology, we will also be integrating their talent, partners and reseller network, which opens up additional cross-sell opportunities. Put simply, MarkForged will enable us to say yes to more new business faster, especially in aerospace, defense and automotive. Finally, in June, we celebrated the grand opening of our Americas Regional Corporate Headquarters, or ARCH, a 200,000 square foot facility in Minnetonka, Minnesota. ARCH brings together engineering, innovative research and development, applications expertise, Stratasys Direct and customer collaboration capabilities, all under one roof. This larger, more advanced headquarters will support anticipated growing demand and reinforces our focus on production-scale additive manufacturing. We are proud to have received bipartisan congressional support at the opening event, a strong message validating the value lawmakers see in Stratasys technology and in our U.S. operations. The feedback has been encouraging from those investors that have visited; seeing our technology at work in a real-world environment can greatly enhance the appreciation for our strategy. We look forward to hosting more of the investment community in the future. With that, I will turn the call to Eitan to review our financials. Eitan?
Thank you, Yoav, and good morning, everyone. Our second quarter results reflect continued execution on our manufacturing-focused strategy and deepen customer reliance on our solutions as demonstrated by our highest ever quarterly revenue for consumables and multiple repeat customer sales for aerospace, defense and automotive customers. Let me get into the details. Second quarter consolidated revenue was $137.6 million, up 3.7% sequentially from $132.7 million in the first quarter and roughly flat compared to $138.1 million in the same period last year. System revenue was $26.4 million compared to $30.6 million in the same period last year. Consumable revenue reached a quarterly record $66.3 million compared to $64.2 million in the same period last year, driven by increased sales of manufacturing material, consistent with our strategic focus on production applications. Service revenue, which includes Stratasys Direct parts production, was $44.9 million compared to $43.3 million in the same period last year. Within service revenue, customer support revenue was $29.9 million, roughly flat compared to the same period last year, while Stratasys Direct grew 12.1% year-over-year, continuing to contribute positively to our results. Turning to gross margin. GAAP gross margin was 42.3% for the quarter compared to 43.1% in the same period last year. Non-GAAP gross margin was 47.2% for the quarter compared to 47.7% in the same period last year, driven by the adverse impact of a strong Israeli shekel in which many of our expenses are incurred, partially offset by the contribution of higher consumables revenue margins and an improvement from 46.3% last quarter. GAAP operating expenses were $71.7 million compared to $76.1 million during the same period last year. Non-GAAP operating expenses were $64.8 million or 47.1% of revenue, roughly flat compared to 46.9% of revenue in the same period last year, reflecting continued disciplined expense management. Regarding our consolidated earnings, GAAP operating loss for the quarter was $13.5 million compared to a loss of $16.6 million for the same period last year. Non-GAAP operating income for the quarter was $0.1 million compared to $1.1 million for the same period last year. GAAP net loss for the quarter was $16.9 million or $0.19 per diluted share compared to a net loss of $16.7 million or $0.20 per diluted share for the same period last year. Non-GAAP net income for the quarter was $2.3 million or $0.03 per diluted share compared to non-GAAP net income of $2.2 million or $0.03 per diluted share in the same period last year. Adjusted EBITDA was $5.3 million for the quarter compared to $6.1 million in the same period last year and an improvement from $2 million last quarter. Important to note that both non-GAAP operating income and EBITDA increased compared to the same period last year after excluding the $2.9 million adverse impact of the strong Israeli shekel in the quarter. Turning to cash flow. We used $18.7 million in operating cash flow this quarter. The company historically generates positive operating cash flow as reflected in full-year 2024, 2025 and in Q1 2026. The cash usage this quarter was atypically high and was mainly driven by non-routine items, including legal expenses to proactively protect our IP. Importantly, we expect operating cash flow in the second half of the year to be positive. We ended the quarter with $212.5 million in cash, cash equivalents and short-term deposits compared to $237.8 million at the end of the first quarter. Regarding our outlook for 2026, we are reaffirming our full-year guidance other than operating cash flow. We are energized by our strong pipeline of business and robust level of customer engagement and continue to expect sequential growth in revenue across all four quarters of the year. Given the first half operating cash flow results, we no longer expect full-year 2026 operating cash flow to be positive. However, as just mentioned, we expect the second half of the year to be positive. Our debt-free balance sheet and healthy cash position give us the added financial flexibility and position of strength to support technology and market development, both organically and inorganically to spur further growth. With that, let me turn the call back over to Yoav for closing remarks. Yoav?
Thank you, Eitan. As we look ahead, we do so with confidence in our strategy and in the durability of the megatrends driving additive manufacturing adoption. We are successfully executing on our stated goal to transform our business as we shift the bulk of our business from prototyping to manufacturing. The annual growth of manufacturing-based revenue is supported by the metric we share when we report each year-end. We are making steady progress and, as demonstrated by the examples we have shared to date, this focus on manufacturing will result in a significantly more robust company as we continue to become a larger part of our customers' critical production line infrastructure. The multiunit, multiyear wins we described with large global companies are the result of the increasing enthusiasm and usage of additive manufacturing in production. Customer engagement remains strong. Our pipeline of business is expanding. And while the magnitude of the commitments we are securing tends to carry long sales cycles and add variability quarter-to-quarter, the many opportunities emerging will generate a sales flywheel to propel increased growth in the coming years. Combined with a healthy balance sheet, the foundation and path forward for profitable growth is evident. Our continued momentum in aerospace, defense and automotive, the anticipated impact from our dental business and the ongoing contribution from Stratasys Direct reinforce the structural demand we see across our key verticals as we look to build long-term value. With that, let's open it up for questions. Operator?
分析師問答
Operator instructions. The first question comes from Greg Palm with Craig-Hallum.
This is Jackson Schroeder on for Greg Palm. First of all, congrats on the acquisition. I wanted to ask about demand within aerospace and defense coming from metal-based additive manufacturing. With this new continuous carbon fiber capability, what is your outlook for that business and how does it fit strategically? Also, could you touch on the $70 million in revenue—what the revenue profile is—and whether there is anything you expect to strategically trim or change in that business and how it works within the Stratasys portfolio?
Thank you, Jackson, for the question. It's a very important one in terms of our position in aerospace and defense. Let me take a step back and outline a few sentences on the deal rationale with MarkForged. There are five clear pillars supporting the deal. Number one is the unique continuous carbon fiber technology that they developed over the years. It is by far the leading technology, and we believe that together with Stratasys' long-term reliability standards and positioning in aerospace and defense, it's a win. The second pillar is about the use cases. They are completely aligned with our use cases. In additive, it's all about applications, and they are in line with ours: our number one is aerospace and defense and number two is tooling in the industrial space. They are focusing on the same areas, which creates huge technological synergies. The third pillar is the go-to-market. We have the leading network of partners in the market, and MarkForged is strong in shops and medium-level businesses, which complements our presence in the higher-end corporate market, so there is clear channel synergy. The fourth pillar is software. They developed unique software, including simulation and the ability to manage distributed manufacturing. Together with our leading GrabCAD offering, this is another win. The fifth pillar is the talent that we are gaining. These are top engineers in our industry who are joining Stratasys and will strengthen our position in high-end, high-requirement markets. Regarding your metal question, continuous carbon fiber can replace metal in certain applications: it's lighter, less expensive and requires significantly less post-processing, which is a huge advantage. As a proof point, since we announced the deal and began interacting with many aerospace and defense players, I personally received multiple requests from large corporates to collaborate with us on adopting continuous carbon fiber and associated standards because Stratasys knows how to do it as a replacement for metal. So I'm very positive about it, and it looks promising.
Thank you. You mentioned dental right at the end of your prepared remarks. Can you discuss the outlook for that market and how it's trending?
Dental is something we view as a strategic, high-potential opportunity. We are very excited about the dental industry and about our solution. We believe we are developing the most innovative solution for removables to date, and you will see it in the market. We already have first-version approvals in Europe. Long-term opportunities are emerging every day; we are hiring top talent in dental and increasing capabilities, and it is transforming the way we think about dental and the way we go to market. Most importantly, we are receiving recognition from leading customers. We are already working with labs such as Clyde Caldwell and Affordable Dentures, which are two of the largest dental companies in the U.S. So it's a massive opportunity. Stay tuned. We will provide more updates on dental in the future.
Next question is from the line of Brian Drab with William Blair.
I listened to the call and there's a lot of momentum and exciting things going on. However, I wanted to ask about system sales because system revenue was down sequentially. We still haven't turned the corner in terms of improved system sales. System sales are down from last year for the second quarter, down from two years ago for the second quarter, and down sequentially from the first quarter, whereas historically Stratasys has seen at least a little improvement in the second quarter from the first quarter. I know there are a lot of positive initiatives, but when do you think system sales will start to inflect?
Thank you, Brian, for the question. We are on the same time zone; we are in Minnesota. Great question. The most important thing to state is that we are on track and we are keeping our guidance of sequential growth quarter-over-quarter. That's the key point. Regarding systems, this is part of what we are experiencing in the shift to manufacturing. We are on track, and we have a robust pipeline of large deals. Large deals are not evenly distributed across a quarter, which is why we prefer to measure our growth trend annually given the move to manufacturing and large, multiunit deals. As a proof point, you can see the two large deals we announced this quarter with leading players. This is a change in the nature of the business. When you look at the second half of the year, you will see a notable uptick in system sales.
I didn't miss the sequential increase in consumable sales, so that was very impressive.
At this time, there are no additional questions. I'll turn the floor back to Yoav for any further comments.
Maybe one comment before we conclude. We are moving into manufacturing and are on the right track in the shift from prototyping to manufacturing. We have many proof points for that, starting with our aerospace and defense set of successes and demand. The A&D business is coming with large deals and we have a robust pipeline of those large deals. Stratasys Direct (SDM) is proving it because we have the highest backlog ever in SDM, and this is our way into aerospace and defense because we are supplying capacity. Consumables is another indicator: we are historically at a record high of consumables, mainly because of high-performance materials. For example, Stratasys Direct produced over 12,000 parts for aerospace and defense, mainly drones. They are dealing with the top ten drone players, and we are going to invest in capacity and penetration into aerospace and defense, and we have the financial strength to do so. We are moving to manufacturing. It will be a different company, and we are happy to share this transformation with investors. Thank you for joining us. We look forward to updating you again next quarter.
Thank you. This will conclude today's conference. You may now disconnect your lines at this time. We thank you for your participation.