Proto Labs Inc (PRLB) 2025 Q3 法說會逐字稿

Greetings and welcome to Proto lab's 3rd quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ryan Johnsrud, investor relations manager.

各位好，歡迎參加Proto lab 2025年第三季財報電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節。會議期間如需接線生協助，請按電話鍵盤上的 0。再次提醒，本次會議正在錄影。現在，我很高興向大家介紹主持人，投資者關係經理 Ryan Johnsrud。

Thank you. Please go ahead.

謝謝。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Protolab's 3rd quarter, 2025 earnings conference call.

謝謝接線生。各位早安，歡迎參加 Protolab 2025 年第三季財報電話會議。

I'm joined today by Suresh Krishna, President and Chief Executive Officer, and Dan Schumacher, Chief Financial Officer.

今天與我一同出席的有總裁兼執行長 Suresh Krishna 和財務長 Dan Schumacher。

This morning, Orla issued a press release announcing its financial results for the third quarter ended September 30, 2025.

今天上午，Orla 發布新聞稿，公佈了截至 2025 年 9 月 30 日的第三季財務業績。

The press release is available on the company's website.

新聞稿可在公司網站查閱。

In addition, the prepared slide presentation is available online at the web address provided in our press release. Our discussion today will include statements relating to future performance and expectations that are or may be considered forward-looking statements and subject to many risks and uncertainties that could cause actual results to differ materially from expectations.

此外，準備好的幻燈片簡報可在新聞稿中提供的網址線上查看。我們今天的討論將包括有關未來業績和預期的陳述，這些陳述屬於或可能被視為前瞻性陳述，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期有重大差異。

Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10k for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

請參考我們的獲利新聞稿和最近向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告，以了解可能導致實際結果與今天作出的任何前瞻性聲明存在重大不利差異的某些風險資訊。

The results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release and the accompanying slide presentations at the investor relations section of our company website for a complete reconciliation of GAAP to non-GAAP results. Now I will turn the call over to Suresh Krishna. Suresh.

我們將討論的績效和指導意見包括與我們過去做法一致的非GAAP財務指標。有關 GAAP 與非 GAAP 結果的完整對比，請參閱我們公司網站投資者關係部分的新聞稿和隨附的幻燈片簡報。現在我將把電話交給蘇雷什·克里希納。蘇雷什。

Thanks, Ryan. Good morning, everyone, and thank you for joining our 3rd quarter earnings call.

謝謝你，瑞恩。各位早安，感謝各位參加我們第三季財報電話會議。

I'm pleased to be with you today to discuss our strong results.

今天很高興能和大家一起探討我們所取得的優異成績。

We delivered record quarterly revenues and exceeded earnings expectations, highlighting the strength of our model and the power of focused execution.

我們實現了創紀錄的季度收入，並超越了獲利預期，這凸顯了我們模式的優勢和專注執行的力量。

Before discussing our results in detail, I want to take a moment to share a few reflections from my first 5 months with Proto labs.

在詳細討論我們的結果之前，我想花點時間分享我在 Proto labs 工作的頭 5 個月的一些感想。

Spending time in our facilities.

在我們的設施內度過時間。

And with our customers and our partners has left me energized and confident in the opportunities ahead.

與客戶和合作夥伴的交流讓我充滿活力，也讓我對未來的機會充滿信心。

We are focused on removing friction.

我們致力於消除摩擦。

Expanding our offerings and deepening customer relationships.

拓展產品與服務範圍，深化客戶關係。

While it's still early, my short time here has strengthened my confidence that our current strategy delivering high-quality custom parts throughout the product life cycle from prototyping to production is the right one.

雖然現在還為時過早，但我在這裡的短暫時間讓我更加確信，我們目前的策略——從原型製作到生產​​，在產品生命週期的各個階段提供高品質的客製化零件——是正確的。

We are in the midst of a comprehensive strategic planning process to identify specific initiatives and projects to accelerate growth and improve our operations.

我們正在進行全面的策略規劃，以確定具體的舉措和項目，從而加速成長並改善我們的營運。

We are refining the details on how to achieve full realization of our strategy, and I look forward to sharing more in 2026.

我們正在完善如何全面實現我們策略的細節，我期待在 2026 年與大家分享更多資訊。

Meanwhile, we are committed to delivering value with speed, clarity, and discipline, unlocking long-term growth.

同時，我們致力於以速度、清晰度和紀律創造價值，從而釋放長期成長潛力。

Together with our teams, I am focused on re-accelerating revenue growth and ultimately positioning proto labs for long-term shareholder value creation.

我將與團隊一起，致力於重新加速收入成長，並最終使原型實驗室能夠為股東創造長期價值。

Now on to our third quarter results. Revenue grew 7.8% year over year to a quarterly record of $135.4 million. And we had strong quarter of earnings that exceeded expectations.

接下來公佈我們第三季的業績。營收年增 7.8%，創季新高，達 1.354 億美元。我們本季獲利表現強勁，超乎預期。

Our teams continue to execute with speed and focus, driving strong financial results.

我們的團隊繼續以高效專注的態度執行任務，並取得了強勁的財務表現。

I'd like to specially commend our US go to market teams whose continued commitment to customers and execution fueled another quarter of double-digit revenue growth in the US.

我特別要表揚我們的美國市場拓展團隊，他們對客戶的持續投入和高效的執行力，推動了美國市場連續第二季實現兩位數的營收成長。

Our record revenue was led by increased demand in our US CNC machining and sheet metal offerings supported by strength across several key end markets.

我們創紀錄的收入得益於美國數控加工和鈑金產品需求的成長，以及幾個主要終端市場的強勁表現。

First, in aerospace and defense, we experience continued strong demand for mission critical precision parts in innovative areas like drones, satellites, and space exploration.

首先，在航空航太和國防領域，我們對無人機、衛星和太空探索等創新領域的關鍵精密零件的需求持續強勁。

As you know by now, Proto labs works with the most prominent, innovative, and fastest growing companies.

正如您現在所知，Proto labs 與最傑出、最具創新精神和發展最快的公司合作。

Amazon being one of them.

亞馬遜就是其中之一。

Our speed, precision, quality, and reliability allow us to be a trusted partner to Amazon in several of its critical business units, notably drones and robotics.

我們的速度、精度、品質和可靠性使我們成為亞馬遜在多個關鍵業務部門（特別是無人機和機器人）值得信賴的合作夥伴。

We have also supported Blue Origin with parts for their single launch lunar cargo lander among other projects.

我們還為藍色起源公司的單次發射月球貨運著陸器等項目提供了零件支援。

Blue Origin told us they continue to use Proto lab's services due to our impeccable customer service and levels of detail and accountability.

Blue Origin 告訴我們，他們之所以繼續使用 Proto lab 的服務，是因為我們無可挑剔的客戶服務以及對細節和責任的重視程度。

The second area of note for us is industrial and commercial machinery.

第二個值得關注的領域是工業和商業機械。

This segment also performed well with notable activity in robotics and semiconductors.

該板塊表現也相當不錯，其中機器人和半導體行業特別活躍。

In addition, overall, Toto lab's CNC machining revenue was driven by very strong network fulfilled growth.

此外，總體而言，Toto lab 的 CNC 加工收入是由非常強勁的網路交付成長所驅動的。

I want to acknowledge our Proto lab's network teams for their excellent execution through periods of significant tariff uncertainty and implementation challenges. Our teams managed through uncertainty and increased demand while reducing customer friction and driving higher sequential network gross margins.

我要感謝我們 Proto 實驗室的網路團隊，他們在關稅存在重大不確定性和實施挑戰的時期表現出色。我們的團隊克服了不確定性和不斷增長的需求，同時減少了客戶摩擦，並提高了網路連續毛利率。

These results demonstrate our ability to execute well and deliver strong performance across our target industries.

這些結果證明了我們有能力在目標產業中高效執行並取得優異的績效。

Now shifting to our two key performance indicators where we made significant improvements.

現在讓我們來看看我們兩個取得顯著進步的關鍵績效指標。

Third quarter revenue per customer increased almost 15% year over year as we continue to drive increased share of wallet with our large and strategic customers.

第三季每位客戶的營收年增近 15%，因為我們持續努力提高大型策略客戶的錢包份額。

I am very encouraged by the traction we are seeing in deepening customer relationships, and I can tell you anecdotally that our large enterprise customers want to do even more with Proto labs.

我對我們在深化客戶關係方面取得的進展感到非常鼓舞，而且我可以根據一些軼事告訴你，我們的大型企業客戶希望在 Proto 實驗室方面做得更多。

Adoption of our combined offer continued to expand in this quarter, with customers utilizing both factory and network fulfillment in the last 12 months up 35% versus the prior quarter.

本季度，我們綜合服務的採用率持續擴大，過去 12 個月內同時使用工廠和網路交付的客戶數量比上一季成長了 35%。

As we continue to serve more customers.

我們將繼續服務更多客戶。

And remove customer friction. This is showing up in accelerated demand.

並消除客戶摩擦。這體現在需求加速成長。

In fact, due to strong demand, we are expanding CNC machining capacity in our factories, a signal of momentum and confidence. We expect this investment to generate meaningful return.

事實上，由於市場需求強勁，我們正在擴大工廠的數控加工能力，這表明我們發展勢頭良好，信心十足。我們預期這項投資將產生可觀的回報。

I know we can do more for our customers. Over the past several months, we have worked to significantly expand our factory CNC machining service.

我知道我們還能為客戶做得更多。在過去的幾個月裡，我們致力於大幅擴展工廠的CNC加工服務。

You might have seen a press release announcing the launch of advanced CNC machining capabilities a few weeks ago.

幾週前，您可能已經看到一份新聞稿，宣布推出先進的CNC加工能力。

If you haven't, I'd encourage you to check it out.

如果你還沒看過，我建議你去看看。

We listened to our customers and heard loud and clear that they require advanced manufacturing capabilities from Proto labs.

我們傾聽了客戶的意見，並清楚地了解到他們需要Proto labs具備先進的製造能力。

These capabilities include tighter tolerances for added precision, diverse finishes to strengthen and cosmetically improve parts, and fast, comprehensive quality documentation.

這些功能包括更嚴格的公差以提高精度，多樣化的表面處理以增強零件強度和改善外觀，以及快速、全面的品質文件。

Further, these services are all now available via our Proto labs.com e-commerce ordering platform.

此外，所有這些服務現在都可透過我們的 Proto labs.com 電子商務訂購平台取得。

This is an example of our commitment to removing friction, and we will continue to invest in improvements like this to drive demand.

這是我們致力於消除摩擦的一個例證，我們將繼續投資於此類改進措施，以推動需求成長。

Moving to a broader commentary about our business, as I noted in our last earnings call, I believe we have great talent and a great culture.

接下來，我想更廣泛地談談我們的業務。正如我在上次財報電話會議上提到的，我相信我們擁有優秀的人才和優秀的企業文化。

I want to build on that culture by continuing to bring in and retain top talent.

我希望透過不斷引進和留住頂尖人才來鞏固這種企業文化。

We are proud to be named one of America's best in state employers in the 2025 by Forbes, recognizing our strong workplace culture and commitment to our employees.

我們很榮幸被《富比士》評為 2025 年美國最佳州級雇主之一，這反映了我們強大的企業文化和對員工的承諾。

In addition, in early October, we announced the appointment of Mark Kurmish as our chief technology and AI officer. This move helps strengthen our leadership team.

此外，10月初，我們宣布任命馬克·庫爾米甚為首席技術和人工智慧長。此舉有助於加強我們的領導團隊。

Mark will lead our technology teams through Proto lab's next chapter.

Mark 將帶領我們的技術團隊開啟 Proto 實驗室的下一個篇章。

He brings a strong track record in digital transformation and AI strategy, and his addition underscores our commitment to these areas.

他在數位轉型和人工智慧策略方面擁有卓越的業績記錄，他的加入凸顯了我們對這些領域的承諾。

We've been using AI and machine language at Proto labs for a long time now as part of digital manufacturing.

在 Proto 實驗室，我們長期以來一直將人工智慧和機器學習應用於數位化製造領域。

Mark will lead our tech teams as we further embed AI and automation across our operations, driving both efficiency and better customer outcomes, both of which are central to our strategy.

隨著我們在營運中進一步嵌入人工智慧和自動化技術，Mark 將領導我們的技術團隊，從而提高效率並改善客戶體驗，這兩點都是我們策略的核心。

We will continue to strengthen organizational capabilities to support our growth initiatives.

我們將繼續加強組織能力，以支持我們的成長計劃。

Before passing the call over to Dan, I'd like to make some closing remarks.

在將電話轉給丹之前，我想做一些總結性發言。

As I mentioned earlier, we will provide more details on strategic initiatives in 2026, but sharpening our execution and improving the customer and employee experiences are essential.

正如我之前提到的，我們將在 2026 年提供更多關於策略性舉措的細節，但提高執行力並改善客戶和員工體驗至關重要。

Our focus is clear accelerate profitable growth.

我們的目標很明確：加速獲利成長。

I'm very encouraged by the progress we've made over the last two quarters. We have accelerated revenue growth and exceeded expectations on earnings.

我對我們在過去兩個季度取得的進展感到非常鼓舞。我們加快了營收成長，獲利也超出了預期。

We have significant momentum into year end.

我們帶著強勁的發展勢頭進入年底。

I can feel it in our manufacturing facilities and in conversations with our sales teams across all of our offices.

我能從我們的生產設施以及與所有辦事處銷售團隊的對話中感受到這一點。

I could not be more confident in Proto lab's ability to execute with speed, discipline, and innovation as we deliver long-term value to our customers and shareholders.

我對 Proto lab 的執行能力充滿信心，相信我們能夠以速度、紀律和創新精神為客戶和股東創造長期價值。

With that, I'll turn it over to Dan to walk through the financials. Dan.

接下來，我將把財務部分交給丹來講解。擔。

Thanks, Suresh, and good morning.

謝謝你，蘇雷什，早安。

I'll start with a brief overview of our 3rd quarter results followed by our outlook for the 4th quarter.

我將首先簡要概述我們第三季的業績，然後展望一下我們對第四季的展望。

Third quarter revenue was a company record $135.4 million up 7.8% year over year, or 6.8% in constant currencies.

第三季營收達到公司歷史新高 1.354 億美元，年增 7.8%，以固定匯率計算成長 6.8%。

Revenue fulfilled through Proto lab's network was $30.1 million up 16.2% in constant currencies.

透過 Proto lab 的網路實現的收入為 3,010 萬美元，以固定匯率計算成長 16.2%。

Third quarter CNC machining revenue grew 18.2% year over year, or 17% in constant currencies.

第三季數控加工收入年增 18.2%，以固定匯率計算成長 17%。

As Suresh stated, we're seeing very strong demand for our CNC machining services across several key and markets, most notably drones, satellites, and space exploration.

正如 Suresh 所說，我們看到在幾個關鍵市場，尤其是無人機、衛星和太空探索領域，對我們的CNC加工服務有著非常強勁的需求。

In the US, CNC machining revenue grew 24% year over year.

在美國，CNC加工收入較去年同期成長24%。

Injection molding grew 2% year over year, or 1.2% in constant currencies, as we saw strong demand for network fulfilled injection molding services offset by weak prototyping demand.

射出成型業務年增 2%，以固定匯率計算成長 1.2%，原因是網路交付的射出成型服務需求強勁，但原型製作需求疲軟，抵銷了這一成長。

Three-D printing revenue declined 6.3% year over year, or 7.1% in constant currencies, driven by weak demand in Europe.

受歐洲需求疲軟的影響，3D列印營收年減6.3%，以固定匯率計算下降7.1%。

Sheet metal grew 13.9% year over year, or 13.3% in constant currencies fueled by solid growth in most end markets.

受大多數終端市場穩健成長的推動，金屬板材價格年增 13.9%，以固定匯率計算成長 13.3%。

Revenue in the US grew 10% year over year, while Europe revenue declined 5% in constant currencies.

美國市場營收年增 10%，而歐洲市場收入以固定匯率計算下降 5%。

Like many manufacturers, we are seeing the effects of continued contraction in European manufacturing activity.

與許多製造商一樣，我們也看到了歐洲製造業活動持續萎縮的影響。

Shifting to margins.

轉向邊緣。

Third quarter consolidated non-GAAP gross margin was 45.9%, up 110 basis points sequentially.

第三季綜合非GAAP毛利率為45.9%，季增110個基點。

We delivered sequential gross margin improvements in both the factory and the network.

我們在工廠和網路兩個方面都實現了毛利率的連續成長。

Non-GAAP operating expenses were $48.6 million or 35.9% of revenue, down 30 basis points from 36.2% of revenue in the second quarter as we generated sequential efficiencies on our SG&A costs.

非GAAP營運費用為4,860萬美元，佔營收的35.9%，較第二季的36.2%下降了30個基點，因為我們提高了銷售、一般及行政費用的效率。

On a year over year basis, SG&A was up $4.2 million.

與去年同期相比，銷售、一般及行政費用增加了 420 萬美元。

The majority of that year over year increase was in variable expenses tied to revenue growth, including incentive compensation and commissions.

年比增幅的大部分是與收入成長相關的可變支出，包括激勵性薪酬和佣金。

Third quarter adjusted EBITDA was $21.1 million or 15.6% of revenue.

第三季調整後 EBITDA 為 2,110 萬美元，佔營收的 15.6%。

Non-GAAP earnings per share were $0.47, up $0.06 sequentially.

非GAAP每股收益為0.47美元，季增0.06美元。

The sequential improvement was primarily driven by gross margin expansion.

環比成長主要得益於毛利率的提升。

Compared to the third quarter of 2024, EPS was flat, as increased volume was offset by higher incentive compensation and commissions expenses.

與 2024 年第三季相比，每股盈餘持平，因為銷售成長被更高的激勵性薪資和佣金支出所抵銷。

We generated $29.1 million of cash from operations during the third quarter.

第三季度，我們從經營活動中獲得了 2,910 萬美元的現金。

Proto labs continues to lead the digital manufacturing industry in cash generation, reflecting the strength of our business model.

Proto labs 在現金流量方面持續引領數位製造業，這反映了我們商業模式的優勢。

We returned $12.8 million to shareholders in the form of repurchases.

我們以股票回購的形式向股東返還了 1,280 萬美元。

On September 30th, 2025, we had $138.4 million of cash and investments on our balance sheet and zero debt.

截至 2025 年 9 月 30 日，我們的資產負債表上有 1.384 億美元的現金和投資，且沒有債務。

Our outlook for the 4th quarter of 2025 is outlined on slide 12.

我們對 2025 年第四季的展望概述在第 12 頁幻燈片中。

We expect revenue between 125 and $133 million.

我們預計營收將在 1.25 億美元至 1.33 億美元之間。

At the midpoint, this implies 6% revenue growth year over year.

按中間值計算，這意味著同比增長 6%。

We expect foreign currency to have a $1.5 million dollar favorable impact on revenue compared to the fourth quarter of 2024.

我們預計外匯波動將對 2024 年第四季的營收產生 150 萬美元的有利影響。

Moving to earnings guidance. We anticipate non-GAAP add-backs in the fourth quarter to include stock-based compensation expense of approximately $3.9 million and amortization expense of $900,000.

接下來討論獲利預期。我們預計第四季非GAAP調整項將包括約390萬美元的股票選擇權費用和90萬美元的攤銷費用。

We currently estimate a non-GAAP effective tax rate between 23% and 24% in the fourth quarter.

我們目前預期第四季非GAAP有效稅率在23%至24%之間。

In summary, we expect 4th quarter non-GAAP earnings per share between $0.30 and $0.38.

總而言之，我們預計第四季非GAAP每股收益將介於0.30美元至0.38美元之間。

That concludes our prepared remarks. Operator, please open the line for questions.

我們的發言稿到此結束。接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Greg Palm, Craig Hallam.

格雷格·帕爾姆，克雷格·哈勒姆。

Yeah, good morning, thanks for taking the questions.

早安，謝謝回答問題。

Suresh, a lot of your prepared remarks revolved around this idea of, accelerated growth, but I don't think a lot of investors think of Proto labs as a growth company just given the history over the last 7 to 8 years. So just help us understand, what, what's the opportunity, what's the potential growth rate for the company longer-term?

Suresh，你準備的許多發言都圍繞著「加速成長」這個概念展開，但考慮到Proto Labs過去7到8年的發展歷程，我認為很多投資者並不認為它是一家成長型公司。所以請您幫我們了解一下，這家公司的發展機會是什麼？從長遠來看，它的潛在成長率是多少？

Yeah, thanks again for that question. We are very focused on driving growth. Our last two quarters would indicate that we've been above 7% 2 quarters in a row.

好的，再次感謝你的提問。我們非常注重推動成長。過去兩季的數據顯示，我們已經連續兩季高於 7%。

We are, working on our new strategic plan, and we, as I said in my prepared remarks, will come out and share that with all of you in 2026. In the meantime, we are focused on listening to our customers.

我們正在製定新的策略計劃，正如我在準備好的演講稿中所說，我們將在 2026 年與大家分享該計劃。同時，我們專注於傾聽客戶的意見。

Understanding our friction points, removing those friction points, and providing them what they need. And, we are very focused on delivering products across the entire product life cycle. All of these are resonating with our customers. And as we focus on executing those, we will continue to evolve our strategy with our strategic plan that we will announce in 2026. The confidence we have in future growth is things we are doing right now are resonating very strongly with our customers.

了解我們的摩擦點，消除這些摩擦點，並提供他們所需之物。而且，我們非常注重在產品的整個生命週期中交付產品。這些都引起了我們客戶的共鳴。在專注於執行這些目標的同時，我們將繼續完善我們的策略，並將在 2026 年公佈我們的策略計劃。我們對未來成長的信心來自於我們現在所做的事情與客戶產生了非常強烈的共鳴。

And is it fair to assume, I mean, are you seeing any of that right now or are you more or less, riding the wave of growth of some of your end markets like A&D? I'm just trying to get a sense of like what company specific initiatives can happen that can translate into a step up in the growth rate.

那麼，是否可以這樣假設呢？我的意思是，您現在是否看到了這些變化？或者您只是或多或少搭上了某些終端市場（如航空航太與國防）成長的順風車？我只是想了解一下，公司可以採取哪些具體措施來提高成長率。

Yeah, we gave, we shared one example of advanced machining capabilities that came directly from listening to our customers, and we have a few others that we are working on that we will share more details when we come back to you in 2026. But to be clear, we are seeing growth across several industries. It's not just aerospace and defense. We are seeing, we serve 50,000 customers a year.

是的，我們分享了一個透過傾聽客戶意見而獲得的先進加工能力的例子，我們還有一些其他的例子正在研究，我們將在 2026 年再次與您分享更多細節。但要明確說明的是，我們看到多個產業都在成長。這不僅關乎航空航天和國防。我們看到，我們每年服務 5 萬名客戶。

We are the Supplier of choice for anything that has to do with innovation, and there's a lot of innovation happening across a wide variety of industries today. So while we are seeing good growth in aerospace and defense, we are seeing very good growth in different industries as well, and innovators, whether they're in their garage or they are big Fortune 500 companies, we are their destination because they want to go with speed and innovation, and we are the best partner for that. So we are very diverse in our customer base.

我們是創新領域首選的供應商，而如今各行各業都在進行大量的創新。因此，雖然我們看到航空航太和國防領域發展良好，但我們也看到其他產業發展非常良好，創新者，無論他們是在車庫裡創業還是成為財富 500 強企業，我們都是他們的目的地，因為他們想要快速創新，而我們是他們最好的合作夥伴。所以我們的客戶群非常多元化。

Okay, I understand. And then just last one on on the CNC expansion, what is the CapEx requirement associated with that? Is that that just more more machines is that a facility and sort of where are we in terms of that build out right now?

好的，我明白了。最後一個問題是關於CNC工具機擴建，相關的資本支出要求是多少？那是不是指更多的機器，那是一個設施嗎？就目前的建設進度而言，我們進展到什麼程度了？

Yeah, Greg, thanks for the question. This is Dan. We're we're fine from a facility perspective. This is just continuing to add mills. I mean. With our digital manufacturing model, we can expand very quickly just by adding mills to the facility. I know you've been out to our Brooklyn Park facility.

是的，格雷格，謝謝你的提問。這是丹。從設施角度來看，我們一切正常。這只是繼續增加工廠而已。我是說。借助我們的數位化製造模式，我們只需在工廠中增加軋機即可快速擴張。我知道你來過我們在布魯克林公園的設施。

We can simply add mills and be able to, continue industry leading fast lead times by doing that. So it's an equipment purchase.

我們只需增加工廠，就能繼續維持業界領先的快速交貨週期。所以這是一筆設備採購。

Okay, all right, thanks for taking the questions and best of luck.

好的，謝謝你們回答問題，祝你們好運。

Troy Jensen of Cantor Fitzgerald.

Cantor Fitzgerald公司的Troy Jensen。

Hey gentlemen, congrats on the nice results.

各位先生，恭喜你們取得好成績。

Thank you.

謝謝。

Suresh for you, I know you called out, record revenue per unique developer, but the unique developer number, it's was down on a year to year basis. It's been looks like it's at at least a 3 year low, so can you just talk about like new developers and not just growing the services you're offering, but it just seems like this the market you guys should be growing unique developers not shrinking. So any thoughts on that please?

Suresh，我知道你提到了每位獨立開發者的收入創歷史新高，但獨立開發者的數量比去年同期下降了。看起來至少已經跌至三年來的最低點了，所以你們能不能談談如何吸引新的開發者，而不僅僅是增加你們提供的服務？感覺你們的市場應該是發展獨特的開發者群體，而不是萎縮。大家對此有什麼看法嗎？

We are absolutely focused on growing our customer base. We are definitely seeing the efforts that we're putting right now is growing share of wallet, and that's what we are focused on, but we're definitely looking to increase our customer base overall. And when you serve 50,000 customers and our focus is right now on growing share of wallet, that's where we're seeing results, but we're absolutely focused on increasing our customer base as well.

我們目前正全力以赴地擴大客戶群。我們目前所做的努力確實提高了客戶的錢包份額，這也是我們關注的重點，但我們也確實希望擴大客戶群。當我們服務 5 萬名客戶，而我們目前的重點是提高客戶錢包份額時，我們就看到了成效，但我們也絕對專注於擴大客戶群。

Alright, understood. And then can you just talk about just cross selling? Yeah, I think Robbie should provide us data points on, percentage of customers that are using both factory network.

好的，明白了。那麼，您能只談談交叉銷售嗎？是的，我認為羅比應該向我們提供一些數據點，例如同時使用工廠網路和工廠網路的客戶百分比。

So I think we mentioned in the in the script that that's up 35% year over year of those customers that are, in the trailing 12 months have ordered from both the network and the factory.

所以我覺得我們在劇本中提到過，在過去 12 個月中，既從網路訂購又從工廠訂購的客戶數量同比增長了 35%。

The key here is, what type of what type of conversation are we having with the customer. The customer is going to upload their CAD file. And we can have a holistic discussion with them about what's important to them. Is it, do they need fine details in terms of what their part is, do they need it right away? Can they wait longer? What price point are they looking for? And that's really what that metric is all about is our ability to have that broader conversation with the customer and win more business for prolaps.

關鍵在於，我們與客戶進行的是哪種類型的對話。客戶即將上傳他們的CAD檔案。我們可以和他們進行全面的討論，了解對他們來說什麼最重要。他們需要了解自己具體負責的部分的詳細資訊嗎？他們需要立即獲得這些資訊嗎？他們還能再等一段時間嗎？他們期望的價格範圍是多少？而這個指標的真正意義就在於此，它衡量的是我們與客戶進行更廣泛對話的能力，以及贏得更多脫垂治療業務的能力。

Got it. Okay, so, good luck coming forward here.

知道了。好的，祝你好運。

Thank you.

謝謝。

Brian Drrab of William Blair.

威廉布萊爾的布萊恩德拉布。

Hi, good morning. Thanks for taking my questions.

您好，早安。謝謝您回答我的問題。

I can hear the the cold in my voice as I'm starting to talk this morning with the new with the with the advanced CNC machine and capability how automated is that going to be or how automated is it? I see that you're, talking about the ability to evaluate 2D drawings is is that type of, evaluation automated and just what were some of the challenges in bringing that additional level of service online?

今天早上，當我開始談論新的、先進的CNC工具機及其功能時，我能聽出我聲音裡的冷漠。我想問，它的自動化程度如何？或者說，它現在的自動化程度如何？我注意到您提到了評估二維圖紙的能力，這種評估是自動化的嗎？將這種額外的服務水準上線面臨哪些挑戰？

Yeah, I, this is, as I indicated in my prepared remarks, it's tighter tolerances, it's a different kind of finishes that our customers want, and then improvements in quality documentation. And we've automated all that by putting everything on our website so people can just order it on protolabs.com as an e-commerce transaction. So we've made the entire thing a digital thread. In the past, it would have been more manual and we made it a digital thread, removing the friction for our customers.

是的，正如我在準備好的發言稿中提到的，這意味著更嚴格的公差，客戶想要的不同類型的表面處理，以及品質文件的改進。我們已經將所有這些流程自動化，把所有內容都放在我們的網站上，這樣人們就可以直接在 protolabs.com 上進行電子商務交易下訂單。所以我們把整個過程都做成了一個數位化的流程。過去，這個過程需要更多人工操作，而我們將其數位化，消除了客戶的摩擦。

So I guess specifically if I give you a 2D drawing with it has 400 tolerances on it is the system is.

所以我想具體來說，如果我給你一張有 400 個公差的二維圖紙，那麼系統是怎麼樣的呢？

Taking into account ALL400 of those tolerances automatically or do you have some level of.

ALL400 會自動考慮這些公差，還是您有一定的控制等級？

Manual evaluation of that by by an engineer.

由工程師進行人工評估。

The website will walk you through with drop down menus on all the things that you want to specify.

網站將透過下拉式選單引導您完成所有您想要指定的項目。

So, as a design engineer, you can go in and interact with the website to be able to decide what is needed, what you need, all the way into quality documentation.

因此，作為設計工程師，您可以進入網站並與網站互動，從而決定需要什麼、您需要什麼，直到編寫高品質的文件。

So that way it's all digital and we don't need any manual intervention. Now we always have our application engineers available for a conversation, and many other, many of the customers do use that and that way if they have any clarifications, those are all sorted out. But that is available for everything, whether it's for advanced or for regular, that service is available for all our customers.

這樣一來，一切都是數位化的，我們不需要任何人工幹預。現在我們始終有應用工程師可以隨時進行溝通，許多其他客戶也使用這種方式，這樣如果他們有任何疑問，都可以得到解答。但這項服務適用於所有客戶，無論是高級客戶還是一般客戶，我們所有的客戶都可以享受這項服務。

And then how is that, how are you think about pricing of that level of service relative to what I assumed the customers could have gotten historically anyways through the proto lab's network maybe just having to wait a little bit longer but I think your partners probably available on that that network.

那麼，您如何看待這種級別的服務定價，相對於我假設的客戶過去可以透過原型實驗室的網路獲得的服務而言，可能只是需要等待更長時間，但我認為您的合作夥伴可能已經在該網路上提供服務。

Yeah so so Brian.

是啊，就是這樣，布萊恩。

A couple things on it. It's very automated on the front end, but if there's if it's tripping into something that, is very specific on the customer needs, we do have people that are responding to the customer, making sure that we have their parts and the parts that they need. It's a very competitive offer in the 5 to 10 day lead time space. So we can do, complex CNC parts very competitively from a pricing perspective in that 5 to 10 day space.

關於這一點，有幾點需要說明。前端自動化程度很高，但如果遇到任何與客戶需求非常具體的情況，我們會安排專人與客戶溝通，確保我們有他們需要的零件。在5到10天交貨週期的範圍內，這是一個非常有競爭力的報價。因此，我們可以在 5 到 10 天的時間內，以極具競爭力的價格完成複雜的 CNC 零件加工。

Okay, got it. And then just I get maybe just one more for now, Suresh chef, you, you've been there for 5 months and you see how the CNC business is just booming, but the injection molding business, which was the legacy, obviously the legacy, growth driver, for many years in that business is still relatively flat lately.

好的，明白了。然後，我可能就再問一個問題了，Suresh 主廚，你在那裡工作了 5 個月，你看到了 CNC 業務蓬勃發展，但注塑成型業務，顯然是多年來該行業的傳統增長動力，最近仍然相對平穩。

What do you think about the medium term prospects for that business to get the growth going there again?

您認為該企業在中期內重振成長的前景如何？

Yeah, we, there is reduced prototyping activity in that space which is driving some of the softness that and it has been for the past few years, but we are definitely focused on the 3 service lines and the and the sheet metal, which is only US based in all in both our geographies. So as we come out and talk to you in 2026, we'll talk about more specific initiatives on what we are doing.

是的，我們在這個領域的原型製作活動有所減少，這導致了過去幾年來的疲軟，但我們絕對專注於 3 條服務線和鈑金業務，而鈑金業務在我們兩個地區都只在美國開展。所以，當我們在 2026 年與大家見面時，我們會談談我們正在採取的更具體的舉措。

It is, as you said, a legacy business for us, but It's a very good business, and we've been known for that, and we'll redouble our efforts for growth in all our service lines.

正如你所說，這對我們來說是一項傳統業務，但它是一項非常好的業務，我們也因此而聞名，我們將加倍努力，促進所有服務領域的成長。

Okay, thanks very much I'll follow-up more later.

好的，非常感謝，我稍後會跟進。

Jim Rhuti of Needham and Company.

尼德姆公司的吉姆·魯蒂。

Hi, thank you. Good morning. First, congrats on the results and the margin improvement. Just wondering what were some of the puts and takes in the gross margin performance in the quarter, volume, I'm sure played a role, but I'm just, did you see much improvement in the network gross margins and I don't think I heard you talk at all about tariffs, so I don't, I'm guessing that was not an issue, but just in general, did you break out the network growth margin?

您好，謝謝。早安.首先，恭喜你們取得這樣的成績和利潤率的提升。我只是想知道本季毛利率表現有哪些影響因素，銷量肯定起了作用，但我只是想知道，您是否看到網路毛利率有很大改善？我好像完全沒聽到您談到資費，所以我猜這應該不是問題，但總的來說，您是否單獨分析了網路成長利潤率？

We did not, but network gross margins were around 33% in the quarter. So, Jim.

我們沒有，但該季度的網路毛利率約為 33%。吉姆。

You might recall from last quarter, we talked about the change in tariffs and how that negatively impacted our US network margin.

您可能還記得上個季度我們討論過關稅變化以及這對我們美國網路利潤率的負面影響。

We give the customer a price when they order it and we hold to that price.

顧客下單時我們會給出價格，並且我們堅持這個價格。

So we could have a 30 day worth of backlog that the cost goes up on it due to pricing and you'd have a negative margin impact. We were successfully able to implement changes both both to our pricing and our sourcing algorithms. So that in the 3rd quarter, even though tariff costs were still up, we were able to improve our margins quarter over quarter in the network. So there's about 80 basis points quarter over quarter that was just due to the improvement in the network margins.

因此，我們可能會有 30 天的積壓訂單，由於定價原因，這些訂單的成本會增加，從而對利潤率產生負面影響。我們成功地對定價和採購演算法都進行了更改。因此，在第三季度，儘管關稅成本仍然上漲，但我們的網路利潤率卻實現了環比成長。因此，環比增長約 80 個基點，這僅僅是由於網路利潤率的提高。

Outside of that, we saw improvements in our factory margin as well.

除此之外，我們的工廠利潤率也有所提升。

One main driver of that is revenue in Europe was up quarter over quarter, and with that increase in our in our Europe factory revenue quarter over quarter, we were able to operate those plants more efficiently in the 3rd quarter.

其中一個主要驅動因素是歐洲的收入環比增長，隨著我們歐洲工廠收入環比增長，我們能夠在第三季度更有效地運作這些工廠。

So that those two things combined, so both factory margins being up and network margins being up contributed to our 110 basis point improvement, second quarter to 3rd quarter on gross margins.

因此，工廠利潤率和網路利潤率的雙雙上升，使得我們的毛利率從第二季到第三季提高了 110 個基點。

Got it. That's helpful.

知道了。那很有幫助。

Thank you. When you look at the progress that you're making, in the revenue per customer, that growth that you're seeing.

謝謝。當你審視你所取得的進展，例如每位客戶的收入，以及你所看到的成長。

I wonder if you could help us understand where, the biggest benefits are coming from. Are they coming from, you highlighted a couple of of key verticals. Obviously, there's a lot of activity in the drone space, in the robotic space, are these, are you seeing growth in this area?

我想知道您能否幫助我們了解最大的收益來自哪裡。它們來自哪裡？你重點提到了幾個關鍵垂直領域。顯然，無人機領域和機器人領域都非常活躍，您是否看到這些領域正在成長？

Just in the revenue per customer, is it coming from the well-established proto labs customer that you've been working with for a long time, or is this coming perhaps from more recent customers that have just been more receptive to your production capabilities? Just trying to understand what's driving that because it is noteworthy, I Think.

單就每位客戶的收入而言，這些收入是來自您長期合作的成熟客戶，還是來自最近才開始接受您的生產能力的客戶？我只是想了解是什麼原因導致這種情況，因為我認為這值得關注。

That, that's a great question. We are seeing improvements from new and existing customers, and we are seeing this, what I would say share or wallet increase across different industries. As I said even earlier. We are a very diverse customer base, and while we are seeing good strength in the sectors you mentioned within aerospace and defense, which is around drones, satellites, space, we're also seeing in industrial areas like, robotics, semiconductors, consumer electronics. So, we are seeing the benefits of focusing on A customer voice and turning around and and responding to that and that's what is helping us improve our share of wallet. Dan, do you want to add anything? Yeah.

那，這真是個好問題。我們看到新舊客戶的滿意度正在提高，而且我們看到不同行業的客戶份額或客戶錢包都在增加。正如我之前所說。我們的客戶群非常多元化，雖然我們在您提到的航空航太和國防領域（包括無人機、衛星、太空）看到了良好的發展勢頭，但我們在機器人、半導體、消費性電子產品等工業領域也看到了成長勢頭。因此，我們看到了重視客戶意見並做出回應的好處，而這正是幫助我們提高客戶錢包份額的原因。丹，你還有什麼要補充的嗎？是的。

I also would like to say, we reorganized from a go to market perspective at the start of the year we talked to you guys about that.

我還想說，年初的時候我們從市場推廣的角度進行了重組，我們也和大家談過這件事。

The American sales team is performing extremely well. They're having in-depth conversations with with customers about what their needs are and how we can better fulfill those needs, and that interaction as well is helping us to serve those customers more holistically and that that is showing in that metric where you know how much a customer is purchasing for us from us is increasing.

美國銷售團隊表現非常出色。他們與客戶進行深入的對話，了解客戶的需求以及我們如何更好地滿足這些需求，這種互動也幫助我們更全面地服務客戶，這一點從客戶購買我們產品的數量不斷增加的指標中就能看出。

Got it.

知道了。

Thank you.

謝謝。

Thank you, ladies and gentlemen. This concludes today's question-and-answer session and today's conference call. We would like to thank you all for your participation. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

謝謝各位女士、先生。今天的問答環節和電話會議到此結束。感謝各位的參與。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。