Stratasys Ltd (SSYS) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Stratasys Q1 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Stratasys 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Yonah Lloyd, Chief Communications Officer and VP of IR. Thank you. You may begin.

現在我很高興介紹您的主持人、首席通訊官兼投資者關係副總裁 Yonah Lloyd。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us to discuss our 2025 first quarter financial results. On the call with us today are our CEO, Dr. Yoav Zeif; and our CFO, Eitan Zamir.

大家早安，感謝大家加入我們討論 2025 年第一季財務表現。今天與我們通話的是我們的執行長 Yoav Zeif 博士；以及我們的財務長 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.

我想提醒您，您可以透過我們新聞稿中提供的網址在線觀看今天的電話會議，包括幻燈片演示。此外，還可以重播今天的電話會議，包括幻燈片演示，可透過我們網站的投資者關係部分存取。

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.

請注意，我們今天討論中提供的一些資訊將包含前瞻性陳述，包括但不限於我們對未來收入、毛利率、營運費用、稅收和其他未來財務業績的預期以及我們對業務前景的預期。所有涉及未來表現、事件、預期或結果的陳述均為前瞻性陳述。

Actual results or trends could differ materially from our forecast. For risks that could cause actual results to be materially different from those set forth in forward-looking statements, please refer to the risk factors discussed or referenced in Stratasys' annual report on Form 20-F for the 2024 year. Please also refer to that annual report, along with our reports filed with or furnished to the SEC throughout 2025 for additional operational and financial details.

實際結果或趨勢可能與我們的預測有重大差異。對於可能導致實際結果與前瞻性陳述中所述的結果有重大差異的風險，請參閱 Stratasys 2024 年 20-F 表年度報告中討論或提及的風險因素。另請參閱該年度報告以及我們在 2025 年向美國證券交易委員會提交或提供的報告，以獲取更多營運和財務詳細資訊。

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.

每季和全年向美國證券交易委員會提交的 6-K 表格報告提供有關公司經營業績和公司重大發展的最新資訊。Stratasys 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期的觀點。

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.

與前幾季一樣，今天的電話會議將包括 GAAP 和非 GAAP 財務指標。非公認會計準則財務指標應與我們的公認會計準則指標結合閱讀，以評估我們的績效。我們的投影片簡報和今天的新聞稿中的表格提供了非公認會計準則與公認會計準則的對帳情況。

I will now turn the call over to our Chief Executive Officer, Dr. Yoav Zeif. Yoav?

現在我將電話轉給我們的執行長 Yoav Zeif 博士。約阿夫？

Thank you, Yonah. Good morning, everyone, and thank you for joining us. Our solid first quarter performance continues to demonstrate the resilience of our recurring revenue model and the high utilization rates across our customer base. Our results reinforce our confidence in expanded implementation for years to come. The robust demand for consumables, which grew 7% sequentially, underscores the enduring value placed in Stratasys additive manufacturing systems. Our strategic positioning remains excellent as we continue benefiting from our ongoing investments in R&D that support the introduction of innovative products, materials and software solutions to serve our customers and enhance our presence as a digital manufacturing leader.

謝謝你，Yonah。大家早安，感謝大家的收看。我們第一季的穩健業績繼續證明了我們經常性收入模式的彈性以及整個客戶群的高利用率。我們的結果增強了我們對未來幾年擴大實施的信心。消耗品需求強勁，季增 7%，凸顯了 Stratasys 增材製造系統的持久價值。我們的策略定位依然出色，因為我們繼續受益於我們在研發方面的持續投資，這些投資支持推出創新產品、材料和軟體解決方案，為客戶服務並增強我們作為數位製造領導者的地位。

Our long-term value creation strategy focuses on high-growth end users driven by powerful megatrends. These include supply chain improvement through onshoring, next-generation mobility, sustainability initiatives and the continuous pursuit of manufacturing efficiency and cost reduction through a disciplined market-focused approach centered around the most compelling use cases while paying close attention to our margin profile, we have established the foundation for Stratasys profitable growth.

我們的長期價值創造策略專注於由強大大趨勢驅動的高成長終端用戶。這些措施包括透過在岸外包改善供應鏈、下一代行動性、永續發展計劃以及透過以最引人注目的用例為中心的嚴謹的市場導向方法不斷追求製造效率和降低成本，同時密切關注我們的利潤率狀況，我們為 Stratasys 的盈利增長奠定了基礎。

To help drive our strategy, early in the second quarter, we closed on Fortissimo Capital's $120 million strategic investment in the company, bringing our cash and equivalents to approximately $270 million with no debt. This significant transaction brought Yuval Cohen, Fortissimo founding and managing partner with over three decades of financial experience to our Board of Directors. His innovative approach has created tremendous value for his firm and the companies in which they have invested, and we look forward to Yuval's contribution to our Board.

為了推動我們的策略，在第二季初，我們完成了 Fortissimo Capital 對該公司的 1.2 億美元策略投資，使我們的現金和等價物達到約 2.7 億美元，並且沒有債務。這項重大交易將擁有三十多年金融經驗的 Fortissimo 創始兼執行合夥人 Yuval Cohen 帶入了我們的董事會。他的創新方法為他的公司及其投資的公司創造了巨大的價值，我們期待 Yuval 為我們的董事會做出貢獻。

Before diving into the quarter, let me touch on how we are thinking about the ongoing tariff situation. Last quarter, we shared that from our perspective, we are relatively exempt from this issue. Most of our printers and materials are produced in the US or in Israel. We are monitoring the news cycle closely. And at this time, we continue to expect no material revenue impact.

在深入探討本季之前，讓我先談談我們對當前關稅狀況的看法。上個季度，我們曾表示，從我們的角度來看，我們相對不受這個問題的影響。我們的大部分印表機和材料都是在美國或以色列生產的。我們正在密切關注新聞週期。目前，我們仍然預計不會對收入產生重大影響。

In terms of our costs, we are reviewing various mitigation scenarios that can be quickly deployed if needed. As a reminder, additive manufacturing is ideally suited as a solution for high tariff environment as it promotes manufacturing locally, quickly and cost effectively. Tariffs can actually serve as a long-term positive business catalyst, and we look forward to increased activity with our customers as we demonstrate these benefits.

就成本而言，我們正在審查各種可在需要時快速部署的緩解方案。提醒一下，積層製造非常適合作為高關稅環境的解決方案，因為它可以促進本地製造，快速且經濟高效。關稅實際上可以成為長期積極的商業催化劑，我們期待在展示這些好處的同時，與客戶進行更多活動。

Turning to new technology offerings and customer success, beginning with hardware. We launched the Neo 800+, an advanced stereolithography 3D printer that builds on the success of the Neo 800, with significant performance enhancements for industries that benefit from large accurate high-fidelity parts. The new model incorporates technology that boosts printing speed by up to 50% while maintaining precision. Enhanced reliability features and real-time environmental monitoring maximize uptime and consistency at faster scan speed without compromising quality.

從硬體開始，轉向新技術產品和客戶成功。我們推出了 Neo 800+，這是一款先進的立體光刻 3D 列印機，它在 Neo 800 的成功基礎上進行了顯著的性能提升，適合需要大型精確高保真部件的行業。新模型採用了可將列印速度提高 50% 的技術，同時保持精確度。增強的可靠性功能和即時環境監控可在更快的掃描速度下最大限度地提高正常運行時間和一致性，且不會影響品質。

Together with our GrabCAD print build preparation software, complementary post-processing solutions and a new improved portfolio of materials, the Neo 800+ provides a complete SLA ecosystem that streamlines production workflows for applications in automotive, aerospace, wind tunnel testing, prototyping and tooling.

結合我們的 GrabCAD 列印建造準備軟體、補充後處理解決方案和新改進的材料組合，Neo 800+ 提供了完整的 SLA 生態系統，可簡化汽車、航空航天、風洞測試、原型設計和工具應用的生產工作流程。

We launched this exciting new technology alongside Rivian Automotive, an anchor customer at the Rapid Trade Show in April. In Aerospace, a recent and exciting example of manufacturing flight-grade parts is Boom Supersonic, where our FDM portfolio is helping to build the next generation of supersonic commercial jets. Their XB-1 jet broke the sound barrier during the first quarter, and we were proud that over 350 end-use parts on the aircraft were made using our systems. Our FDM also printed over 750 drill guides for use during aircraft assembly as well as the Starlink mount on the chase plane to support live streaming of the event.

我們與 4 月在 Rapid Trade Show 上的主要客戶 Rivian Automotive 一起推出了這項令人興奮的新技術。在航空航太領域，製造飛行級零件的一個最新且令人興奮的例子是 Boom Supersonic，我們的 FDM 產品組合正在幫助打造下一代超音速商用噴射機。他們的 XB-1 噴射機在第一季突破了音障，我們很自豪飛機上超過 350 個最終用途零件都是使用我們的系統製造的。我們的 FDM 還列印了超過 750 個鑽孔導軌，用於飛機組裝期間使用，以及追逐飛機上的 Starlink 支架，以支援活動的現場直播。

As an example of how additive manufacturing has a clear economic advantage, the flight controlled test ring tooling for the XB-1 resulted in a 90% saving on cost and lead time as compared to conventionally produced alternatives. And we are proud to mark the 10th anniversary of our Fortus 450mc with the launch of the Gen 3 model, an upgraded factory-floor-ready solution designed for high-strength tooling and production applications with 92% of units installed over the past decade still in use, the Fortus 450mc and its reputation as a reliable FDM workhorse.

作為積層製造具有明顯經濟優勢的例子，與傳統生產的替代品相比，XB-1 的飛行控制測試環工具可節省 90% 的成本和交貨時間。我們很榮幸推出 Gen 3 型號，以紀念 Fortus 450mc 誕生 10 週年，這是一款升級版的工廠車間就緒解決方案，專為高強度工具和生產應用而設計，過去十年安裝的設備中有 92% 仍在使用，Fortus 450mc 享有可靠 FDM 主力機型的美譽。

The new Gen 3 builds on that legacy with bundled hardened components for advanced materials like Nylon 12CF, a license for full access to the Fortus 450mc material portfolio and an enhanced processing capabilities with included GrabCAD Print Pro for great precision and productivity. Additional upgrades in the coming months include support for glass-filled, fire-resistant materials and features to enable faster build time, expanding the systems application range for jigs, fixtures and other factory-ready parts. The Fortus 450mc Gen 3 reinforces Stratasys' commitment to delivering reliable, connected solutions that help manufacturers boost output, reduce costs and streamline operations.

新款 Gen 3 在此基礎上構建，捆綁了用於尼龍 12CF 等先進材料的硬化組件、可完全訪問 Fortus 450mc 材料組合的許可證，並增強了處理能力，包括 GrabCAD Print Pro，可實現更高的精度和生產力。未來幾個月的其他升級包括對玻璃填充、耐火材料和功能的支持，以縮短建造時間，擴大夾具、固定裝置和其他工廠就緒部件的系統應用範圍。Fortus 450mc Gen 3 強化了 Stratasys 提供可靠、互聯解決方案的承諾，幫助製造商提高產量、降低成本並簡化營運。

On the material side, we reached another significant milestone in our effort to scale and accelerate adoption of qualified additive manufacturing with the launch of two new validated Antero materials for the Stratasys F900. These were developed through rigorous qualification collaboration with industry leaders, including Northrop Grumman, Boeing and BAE Systems and several defense organizations, including US Navy and Air Force. The advanced industrial solution materials meet stringent requirements for mission-critical applications in aerospace, defense and other high regulated industries.

在材料方面，我們為 Stratasys F900 推出了兩種經過驗證的新型 Antero 材料，在擴大和加速採用合格增材製造的努力中達到了另一個重要里程碑。這些都是透過與行業領導者（包括諾斯羅普·格魯曼公司、波音公司和 BAE 系統公司）以及包括美國海軍和空軍在內的多個國防組織進行嚴格的資格認證合作而開發的。先進的工業解決方案材料滿足航空航太、國防和其他嚴格監管行業的關鍵任務應用的嚴格要求。

The materials offer exceptional resistance to extreme temperatures and harsh chemicals, enabling manufacturers to confidently adopt 3D printing with proven reliability, reduced qualification costs and consistent performance across production sites, empowering faster innovation and deployment of additive manufacturing for qualified end-use applications throughout enterprise operations.

這些材料具有出色的耐極端溫度和耐刺激性化學物質性能，使製造商能夠自信地採用具有可靠性、降低的認證成本和跨生產現場一致性能的 3D 列印，從而能夠在整個企業運營中為合格的最終用途應用更快地創新和部署增材製造。

We also introduced PolyJet ToughONE, an advanced material that addresses a key point of feedback from our customers, providing PolyJet with functional prototyping capabilities to expand the amount of use cases. The material combines exceptional design precision with functional strength for our high-end platforms, enabling engineers and designers to create prototypes and end-use parts without compromising between aesthetics and durability. ToughONE allows engineers to move from concept to functional testing faster while maintaining precision and performance and it integrates seamlessly with other PolyJet materials to enable hybrid models that combine different mechanical properties or colors within a single part.

我們還推出了先進的材料 PolyJet ToughONE，它解決了客戶回饋的關鍵點，為 PolyJet 提供了功能原型製作能力，以擴大使用案例的數量。該材料將卓越的設計精度與高端平台的功能強度相結合，使工程師和設計師能夠在不影響美觀性和耐用性的情況下創建原型和最終用途零件。ToughONE 使工程師能夠更快地從概念轉向功能測試，同時保持精度和性能，並且它與其他 PolyJet 材料無縫集成，從而實現在單個部件內結合不同機械性能或顏色的混合模型。

Now, over to Eitan to review our financials. Eitan?

現在，請 Eitan 來審查我們的財務狀況。埃坦？

Thank you, Yoav, and good morning, everyone. This quarter demonstrated the continued resilience of our operating model, a key differentiator relative to competitors in our sector as well as the fast actions of our team as we delivered significant OpEx savings and bottom line profit despite pressure on revenues. These solid results were thanks in part to a quarter of sequential growth in consumable sales and full run rate contributions from the cost control initiatives we began in the middle of last year.

謝謝你，Yoav，大家早安。本季度展示了我們營運模式的持續彈性，這是我們相對於行業競爭對手的一個關鍵區別，同時也展示了我們團隊的快速行動，儘管收入面臨壓力，但我們仍實現了顯著的營運支出節省和底線利潤。這些穩健的業績部分歸功於消耗品銷售額連續四分之一的成長，以及我們去年年中開始實施的成本控制措施帶來的全面運作率貢獻。

Now let me get into the details of our numbers. For the first quarter, consolidated revenue was $136 million compared to $144.1 million in the same quarter in 2024 as customers continue to defer major capital spending until market uncertainty subsides. Product revenue in the first quarter was $93.8 million compared to $99.2 million in the same period last year. Service revenue was $42.2 million compared to $44.9 million in the same period last year.

現在讓我來詳細介紹一下我們的數字。第一季度，綜合收入為 1.36 億美元，而 2024 年同期為 1.441 億美元，原因是客戶繼續推遲重大資本支出，直至市場不確定性消退。第一季產品營收為 9,380 萬美元，去年同期為 9,920 萬美元。服務收入為 4,220 萬美元，而去年同期為 4,490 萬美元。

Within products revenue, system revenue was $31.2 million compared to the $32.9 million we produced in the same period last year. Consumables revenue was $62.6 million compared to $66.3 million in the same period last year. Note that on a sequential quarterly basis, consumables revenue was up approximately 7%. Utilization rates of the system we have sold remained strong, and we expect consumables revenue to grow on a full year-over-year basis in 2025 relative to 2024. Within service revenue, customer support revenue was $30 million compared to $31.4 million in the same period last year.

在產品收入中，系統收入為 3,120 萬美元，而去年同期為 3,290 萬美元。消耗品收入為 6,260 萬美元，去年同期為 6,630 萬美元。請注意，按季度計算，消耗品收入成長了約 7%。我們銷售的系統的利用率依然強勁，我們預計 2025 年消耗品收入將較 2024 年實現同比增長。在服務收入中，客戶支援收入為 3,000 萬美元，而去年同期為 3,140 萬美元。

Now turning to gross margin. GAAP gross margin was 44.3% for the quarter compared to 44.4% for the same period last year. Non-GAAP gross margin was 48.3% for the quarter compared to 48.6% in the same period last year. The modest decline versus the prior year period was driven in part by the lower revenue.

現在談談毛利率。本季 GAAP 毛利率為 44.3%，去年同期為 44.4%。本季非公認會計準則毛利率為 48.3%，去年同期為 48.6%。與去年同期相比，收入略有下降，部分原因是收入下降。

GAAP operating expenses were $72.6 million, 53.4% of revenue compared to $88.4 million or 61.3% of revenue during the same period last year. The reduction in expenses was due to our cost savings initiatives and by not having the expenses associated with the strategic review process that we conducted in 2024, among other items. Non-GAAP operating expenses were $62.6 million, 46% of revenue compared to $71.2 million or 49.5% of revenue during the same period last year, due primarily to lower employee-related costs, including benefits from the cost-saving initiatives announced later on last year.

以美國通用會計準則計算的營運費用為 7,260 萬美元，佔收入的 53.4%，而去年同期的營運費用為 8,840 萬美元，佔收入的 61.3%。費用減少是由於我們的成本節約舉措，以及由於沒有與我們在 2024 年進行的策略審查過程相關的費用等。非公認會計準則營運費用為 6,260 萬美元，佔收入的 46%，而去年同期為 7,120 萬美元，佔收入的 49.5%，這主要歸因於員工相關成本的降低，包括去年稍後宣布的成本節約措施帶來的收益。

Regarding our consolidated earnings. GAAP operating loss for the quarter was $12.4 million compared to a loss of $24.5 million for the same period last year. Non-GAAP operating income for the quarter was $3 million compared to an operating loss of $1.2 million for the same period last year, reflecting the impact of reduced operating expenses due to our cost-cutting efforts. GAAP net loss for the quarter was $13.1 million or $0.18 per diluted share compared to a net loss of $26 million or $0.37 per diluted share for the same period last year. Non-GAAP net income for the quarter was $2.9 million or $0.04 per diluted share compared to a net loss of $1.7 million or $0.02 per diluted share in the same period last year. Adjusted EBITDA was $8.2 million for the quarter compared to $4.1 million in the same period last year.

關於我們的合併收益。本季 GAAP 營業虧損為 1,240 萬美元，而去年同期的虧損為 2,450 萬美元。本季非公認會計準則營業收入為 300 萬美元，而去年同期營業虧損為 120 萬美元，這反映了我們削減成本的努力導致營業費用減少的影響。本季 GAAP 淨虧損為 1,310 萬美元，即每股攤薄虧損 0.18 美元，去年同期淨虧損為 2,600 萬美元，即每股攤薄虧損 0.37 美元。本季非公認會計準則淨收入為 290 萬美元，即每股攤薄收益 0.04 美元，而去年同期淨虧損為 170 萬美元，即每股攤薄收益 0.02 美元。本季調整後 EBITDA 為 820 萬美元，去年同期為 410 萬美元。

From a cash flow perspective, we generated $4.5 million in cash from operating activities compared to $7.3 million in the same period last year. We ended the quarter with $150.1 million in cash, cash equivalents and short-term deposits, relatively flat as compared to year-end 2024. Our balance sheet remains strong, currently at $270 million and no debt after being bolstered by the $120 million in cash contributed by Fortissimo investment in Stratasys in early April, strengthening our ability to act on value-enhancing opportunities.

從現金流角度來看，我們從經營活動中產生了 450 萬美元的現金，而去年同期為 730 萬美元。本季末，我們的現金、現金等價物和短期存款為 1.501 億美元，與 2024 年底相比基本持平。我們的資產負債表依然強勁，目前資產負債表為 2.7 億美元，由於 4 月初 Fortissimo 向 Stratasys 投資 1.2 億美元現金，我們的資產負債表沒有任何債務，這增強了我們抓住增值機會的能力。

Now let me turn to our outlook for 2025. We are reiterating our expectation that full year 2025 revenues will range between $570 million to $585 million, with revenues growing sequentially through the year. We are also reaffirming non-GAAP gross margin, operating expenses, operating margins and adjusted EBITDA and capital expenditures. And we expect to see year-over-year growth in both operating and free cash flow. Please refer to the press release for additional details.

現在讓我談談我們對 2025 年的展望。我們重申我們的預期，即 2025 年全年營收將在 5.7 億美元至 5.85 億美元之間，並且全年營收將持續成長。我們也重申非公認會計準則毛利率、營業費用、營業利潤率以及調整後的 EBITDA 和資本支出。我們預計營業現金流和自由現金流都將年增。請參閱新聞稿以了解更多詳情。

We are raising our earnings per share outlook. As a result of the Fortissimo investment, our share count as of April 8 went up by approximately 11.65 million shares. Our outlook assumes the Fortissimo investment will generate interest income throughout the entire year of 2025, and that this interest income will more than offset the dilution to our earnings from the higher share count. As a result, we are raising our earnings forecast as follows.

我們正在上調每股收益預期。由於對 Fortissimo 的投資，截至 4 月 8 日，我們的股票數量增加了約 1,165 萬股。我們的展望是假設 Fortissimo 投資將在 2025 年全年產生利息收入，並且該利息收入將足以抵消因股份數量增加而對我們收益的稀釋。因此，我們上調獲利預測如下。

We now expect GAAP net loss to be in a range of minus $64 million to minus $49 million, an improvement as compared to the previous range of minus $68 million to minus $53 million. We also now expect GAAP EPS to improve to a range of minus $0.80 to minus $0.61 per diluted share as compared to the previous range of minus $0.93 to minus $0.72. We are also increasing our non-GAAP net income guidance to a new range of $24 million to $30 million as compared to the previous range of $20 million to $26 million and EPS to a range of $0.30 to $0.37 per diluted share as compared to the previous range of $0.28 to $0.35 per diluted share.

我們現在預計 GAAP 淨虧損將在負 6,400 萬美元至負 4,900 萬美元之間，與先前的負 6,800 萬美元至負 5,300 萬美元相比有所改善。我們現在也預計，GAAP EPS 將從先前的每股攤薄收益-0.93 美元到-0.72 美元改善至每股攤薄收益-0.80 美元到-0.61 美元。我們也將非 GAAP 淨收入預期從先前的 2,000 萬美元至 2,600 萬美元提高至 2,400 萬美元至 3,000 萬美元，並將每股收益預期從先前的每股 0.28 美元至 0.35 美元提高至每股 0.30 美元至 0.37 美元。

With that, let me turn the call back over to Yoav for closing remarks. Yoav?

說完這些，請允許我將電話轉回給 Yoav 做最後發言。約阿夫？

Thank you, Eitan. Our start to 2025 establishes a solid foundation for the year ahead. Stratasys is exceptionally well positioned, thanks to our strategic cost management initiatives, continuous product innovation and growing integration into our customers' manufacturing workflow. Our strong financial position, bolstered by the Fortissimo investment expands our capability to pursue both organic growth opportunities and strategic acquisitions that align with our vision for accretive expansion.

謝謝你，Eitan。我們2025年的開局為來年奠定了堅實的基礎。由於我們的策略成本管理措施、持續的產品創新以及與客戶製造工作流程的日益整合，Stratasys 處於非常有利的地位。我們強大的財務狀況，加上 Fortissimo 投資的支持，擴大了我們尋求有機成長機會和符合我們增值擴張願景的策略收購的能力。

We have refined our strategic focus to target the most promising applications while enhancing our customer engagement approach through improved go-to-market strategies and comprehensive user education programs. Our unwavering commitment to increasing profitability while maintaining financial discipline ensures we are optimizing for both near-term performance and long-term value creation. With our strong portfolio across systems, consumable and software, Stratasys is ideally positioned to capitalize on market momentum when capital investment cycle accelerates.

我們改進了策略重點，瞄準最有前景的應用，同時透過改進的市場進入策略和全面的用戶教育計劃來增強我們的客戶參與方式。我們堅定不移地致力於提高獲利能力，同時保持財務紀律，確保我們能夠優化短期績效和長期價值創造。憑藉我們在系統、耗材和軟體方面的強大產品組合，Stratasys 在資本投資週期加速時能夠充分利用市場動能。

With that, let's open it up for questions. Operator?

好了，讓我們開始提問吧。操作員？

(Operator Instructions) Brian Drab, William Blair.

（操作員指示）Brian Drab，William Blair。

Great to see you guys are off to a solid start to the year. I first just wanted to -- just a point of clarification on the tariffs. When you're importing a system from Israel to the United States, how does the tariff affect you? And do you pay the tariff on the cost of goods maybe because you're shipping it from Israel to your headquarters and then distributing it from there? Or how is that affecting your cost of goods currently?

很高興看到你們今年有一個好的開始。首先，我只是想澄清一下關稅問題。當您從以色列進口系統到美國時，關稅對您有何影響？您是否需要支付貨物成本的關稅，因為您將貨物從以色列運送到總部，然後從那裡分銷？或者這對您目前的商品成本有何影響？

Thank you, Brian. Yes, exciting times we are experiencing now. So just addressing directly your question, when we are importing from Israel to the US, we pay on the cost of goods sold. And currently, the new tariff is 10% for the next 90 days, at least, who knows. Not material, to be honest.

謝謝你，布萊恩。是的，我們正在經歷激動人心的時刻。所以直接回答你的問題，當我們從以色列進口到美國時，我們會按銷售成本支付。目前，新的關稅至少在接下來的 90 天內為 10%，誰知道呢。說實話，不是物質上的。

Okay. Understood. That was my understanding, and I just wanted to check. And then second question is what type of economic situation are you embedding into the forecast for the second half? There are a lot of expectations for challenges in North America and the United States and Europe for a challenging macro environment. And it feels from the call like you're fairly optimistic about the second half of the year. So I want to understand how you're viewing the situation.

好的。明白了。這是我的理解，我只是想檢查一下。第二個問題是，您在預測下半年的經濟狀況時考慮了什麼類型的經濟狀況？人們對北美以及美國和歐洲充滿挑戰的宏觀環境抱有很高的期望。從電話中我們感覺您對今年下半年相當樂觀。所以我想了解您如何看待這種情況。

Thank you, Brian. So based on the uncertainty or considering the uncertainty in the market, we reiterated our guidance, our numbers that's baked and based on the visibility that we currently see. And they baked a second half that is slightly higher in revenue terms than the first half. similar to almost every year, and there's also seasonality in there.

謝謝你，布萊恩。因此，基於不確定性或考慮到市場的不確定性，我們重申了我們的指導、我們的數據，這些數字是基於我們目前看到的可見性的。他們烘焙的下半年的收入比上半年略高。與每年都差不多，而且也有季節性。

But I just want to remind you and everyone, and I think we said that in the last call, due to the uncertainty, our focus was to secure in the short term this year, the bottom line to bring the 8% EBITDA and to make sure, of course, if the market opens earlier and recover earlier, that will just increase and improve the situation. But we focused on securing EBITDA. And of course, we still -- as we mentioned in the previous calls, we do see increase -- sequential increase every quarter, including in Q2 and then second half stronger than the first half.

但我只是想提醒大家，我想我們在上次電話會議上說過，由於不確定性，我們的重點是確保今年短期內實現 8% 的 EBITDA，當然，如果市場早點開放、早點復甦，那隻會增加和改善情況。但我們專注於確保 EBITDA。當然，正如我們在之前的電話會議中提到的那樣，我們確實看到了成長——每個季度都在連續成長，包括第二季度，下半年的增幅強於上半年。

Yes. And it's clear that there is uncertainty here, but we still stick to this forecast that will be a slight increase quarter-over-quarter, also a slight increase in Q2. And it's like a personal wish that sometime in the future, things will stabilize, and there will be a new equilibrium. And the nice thing here is that we are working internally on the cost structure and on the assets that we have, like the relationship with our customers, the position in aerospace and defense and key use cases, making sure we are delivering the best service. So when manufacturing come back to normal, we are in the best position to capture profitable growth going forward.

是的。顯然這裡存在不確定性，但我們仍然堅持這一預測，即季度環比將略有增長，第二季度也將略有增長。這就像一個個人願望，希望在未來的某個時候，事情會穩定下來，並達到新的平衡。這裡的好處是，我們正在內部研究成本結構和我們擁有的資產，例如與客戶的關係、在航空航太和國防領域的地位以及關鍵用例，以確保我們提供最好的服務。因此，當製造業恢復正常時，我們將處於最佳位置，並能夠實現未來的獲利成長。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

This is Danny Eggerichs on for Greg today. Congrats on the good results. I think let's hit on consumables here. Obviously, as you mentioned, kind of a nice bounce back quarter after a little bit of softness last quarter. Maybe just a bit more color on what you kind of saw throughout the quarter in terms of activity utilization, how that trended through the quarter and what you've seen so far through April with your customers?

今天由丹尼·艾格里奇斯 (Danny Eggerichs) 代替格雷格 (Greg) 主持。恭喜你取得好成績。我想我們來談談消耗品。顯然，正如您所說，在經歷了上個季度的疲軟之後，本季出現了不錯的反彈。就活動利用率而言，您能否更詳細地介紹整個季度的情況，整個季度的趨勢如何，以及截至 4 月為止您在客戶那裡看到的情況？

Sure. Thank you, Danny. So as you mentioned, we're back and I believe that in the last call, we discussed this as well. We're back to the $62 million, $63 million level. We do see -- we see higher utilization as we progress into manufacturing more and more, and that's something that we've discussed in the previous calls as well. We still expect 2025 full year consumables to be higher than the 2024 full year consumables revenue. So we do see the demand. And quarter-by-quarter, of course, we will continue to deliver. And again, it's more and more shifting to manufacturing that has higher utilization and more consumables, of course.

當然。謝謝你，丹尼。正如您所說，我們回來了，我相信在上次通話中我們也討論過這個問題。我們又回到了 6200 萬美元、6300 萬美元的水平。我們確實看到——隨著我們越來越多地進入製造業，利用率也越來越高，這也是我們在之前的電話會議中討論過的事情。我們仍預期 2025 年全年消耗品收入將高於 2024 年全年消耗品收入。所以我們確實看到了需求。當然，我們將繼續逐季交付產品。當然，製造業正越來越多地轉向利用率更高、消耗品更多的製造業。

Okay. Maybe now just -- now that we've got kind of that cash infusion from Fortissimo, maybe how we should think about capital allocation moving forward, maybe increased near-term appetite for M&A. And I know we got the buyback out there. Just maybe how we should think about that?

好的。也許現在只是——既然我們已經從 Fortissimo 獲得了現金注入，也許我們應該考慮如何推進資本配置，也許近期對併購的興趣會增加。我知道我們已經進行了回購。也許我們該如何思考這個問題？

Yes. Thank you for the question. So as we know, industry continues to consolidate. Our industry is struggling and the result is the shakeout and consolidation. You know all the examples. The primary expected use of the capital from Fortissimo is inorganic growth. And as we said also last quarter, we had the privilege over the last few years to learn the industry in depth through several processes. So we really understand the environment. We understand the peers, and we have a good understanding of the industry and the potential value creation.

是的。謝謝你的提問。我們知道，產業正在持續整合。我們的產業正在苦苦掙扎，其結果就是產業洗牌和整合。你知道所有的例子。Fortissimo 資本的主要預期用途是無機成長。正如我們上個季度所說的那樣，過去幾年我們有幸透過多種流程深入了解這個行業。所以我們確實了解環境。我們了解同行，對產業和潛在的價值創造有很好的理解。

And now add to it the market prices of the assets currently that exist in the market. Those are great opportunities, and we are in the driver seat practically to capture this value creation because we work so hard and our teams work so hard to create a stable, financially healthy company, which puts us in a good position going forward. We'll do, of course, only moves that make sense and are completely aligned with our strategy, which is focusing on proven use cases to penetrate manufacturing full solutions, build recurring revenues model. We believe in recurring revenues in material and software. And then all the consolidation has to align with our strategy. And we are keeping profitability in mind whatever we will do. This is a priority for us.

現在將其添加到當前市場上存在的資產的市場價格中。這些都是絕佳的機會，我們實際上處於主導地位，可以抓住這一價值創造，因為我們非常努力，我們的團隊也非常努力地創建一家穩定、財務狀況良好的公司，這使我們在未來處於有利地位。當然，我們只會採取合理且完全符合我們策略的舉措，即專注於經過驗證的用例，以滲透製造業的完整解決方案，建立經常性收入模式。我們相信材料和軟體可以帶來經常性收入。然後，所有合併都必須符合我們的策略。無論我們做什麼，我們都會考慮獲利能力。這是我們的首要任務。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Congrats on the sustained profitability here. Maybe to that point, to start with you, Eitan, just R&D spending down a lot sequentially and kind of well below where it's been all of last year. Is this -- can you just talk about what was cut primarily? And then is this the kind of run rate you think on R&D going forward?

恭喜您持續盈利。也許到那時，首先從你開始，Eitan，研發支出較上季下降很多，遠低於去年全年的水準。這是——您能談談主要削減了哪些內容嗎？那麼，您認為這是未來研發的運作率嗎？

Sure, Troy. So first of all, it's not a cut. It was a focus. And if you go back to the second quarter 2024 earnings call when we announced the restructuring plan, I believe that we discussed this in thorough. We continue to invest in R&D in the right areas, in the right technologies, in the right use cases. We -- I think I mentioned that before, if you look on our R&D as a percentage of revenue, we continue to deliver to keep it at a level that is very similar to the multiyear R&D percentage. So this is, in fact, proving the continuous investment. It's just more focus, it's not cut, and that's consistent with our plan.

當然，特洛伊。首先，這不是一個削減。這是一個焦點。如果你回顧我們宣布重組計畫的 2024 年第二季財報電話會議，我相信我們已經對此進行了徹底的討論。我們繼續在正確的領域、正確的技術和正確的用例上投資研發。我們——我想我之前提到過，如果你將我們的研發視為收入的百分比，我們會繼續努力將其保持在與多年研發百分比非常相似的水平。所以這實際上證明了持續的投資。這只是更加集中，並沒有削減，這與我們的計劃一致。

Okay. All right. And then maybe for Yoav here, just I want to talk just kind of generically about the low end. And I know you guys got your subsidiary with Ultimaker, MakerBot, but competition from Bambu Lab and what is it doing to just kind of F123 sales?

好的。好的。然後也許對於這裡的 Yoav，我只是想泛泛地談談低端。我知道你們有 Ultimaker、MakerBot 等子公司，但來自 Bambu Lab 的競爭對 F123 的銷售有何影響？

Thank you, Troy, for the question. Maybe just to add to what Eitan said about R&D, I want to mention that we have excellent teams across our different technologies, which put reliability above everything. And I will connect it to the Bambu Lab. We put reliability above everything. And since you have good relationship in the industry, you can also talk with our customers, the one big differentiation that we have that our additive works, and it's industrial grade.

謝謝特洛伊提出的問題。也許只是為了補充 Eitan 所說的研發內容，我想提一下，我們在不同的技術領域擁有優秀的團隊，他們將可靠性放在首位。我會將它連接到 Bambu Lab。我們把可靠性放在第一位。而且由於您在行業內擁有良好的關係，您也可以與我們的客戶交談，我們的一個很大的區別在於我們的添加劑有效，並且是工業級的。

Now let's take it to Bambu Lab and the low end. This is not our area. From the beginning, when I joined Stratasys five years ago, I said, okay, prototyping is great, but it will be commoditized. The low end prototype will be commoditized. This is not the way to leverage the unique assets and capabilities that Stratasys has. We have amazing relationship with the key players in the key verticals like aero, defense, automotive, dental, medical, those guys will never buy Bambu Lab, just (inaudible). We'll never Bambu Lab. Why? Because they care about reliability. They care about the total cost of ownership, which is the full solution. They care about how accurate is the part and the properties of the part, and they care about someone that will be there from them for enablement and service.

現在讓我們把它帶到 Bambu Lab 和低端。這不是我們的區域。從五年前我加入 Stratasys 一開始，我就說，好吧，原型設計很棒，但它將被商品化。低階原型將會商品化。這不是利用 Stratasys 獨特資產和能力的方法。我們與航空、國防、汽車、牙科、醫療等關鍵垂直領域的關鍵參與者有著良好的關係，這些人永遠不會收購 Bambu Lab，只是（聽不清楚）。我們永遠不會 Bambu Lab。為什麼？因為他們關心可靠性。他們關心的是整體擁有成本，即完整的解決方案。他們關心零件的精確度和零件的屬性，他們也關心是否有人能為他們提供支援和服務。

And this is our focus, okay? It takes time. We are penetrating into manufacturing. It's a good -- by the way, it's good that the industry is growing and at the low end, people are more exposed and have awareness of additive manufacturing. But when they will want to move from a toy to a real machine, they will go to Stratasys. So I think it's good for all of us that everyone is doing well. And we are focusing, as I said, just to sum up on industrial manufacturing, the high end of the market, where we will continue to add value. And even our F123 can deliver properties and geometries that the current new machines cannot deliver. And this is our market, and this is our focus.

這就是我們的重點，好嗎？這需要時間。我們正在滲透到製造業。順便說一句，這是一件好事，因為這個行業正在不斷發展，在低端，人們更多地接觸並意識到增材製造。但當他們想要從玩具變成真正的機器時，他們就會去 Stratasys。所以我認為每個人都過得好對我們所有人來說都是好事。正如我所說，我們專注於工業製造，即高端市場，我們將繼續在該領域增加價值。甚至我們的 F123 也能提供目前新機器無法提供的特性和幾何圖形。這就是我們的市場，這就是我們的重點。

I would agree 100% on you guys' reliability I hear all the time from the users. So keep up the good work there, and I'm excited to see what Yoav is going to do with the Board changes here. But I mean with his position on the Board, but thank you.

我完全同意你們的可靠性，我一直從使用者那裡聽到這樣的評價。所以請繼續做好工作，我很高興看到 Yoav 將如何處理董事會變更。但我的意思是，考慮到他在董事會的職位，還是謝謝你。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

I guess just two, if I could, sort of at a higher level, with regards to sort of maintaining or reiterating the 2025 guide. Do you guys -- are you guys sort of loud and clear that you aren't seeing any business deterioration yet. Are you having -- is there any conversational context that you're having with larger customers that you could share to help us get a sense of how they're thinking about things and sort of and what's having them not alter their forecast yet in the big picture? And then I have a quick follow-up.

如果可以的話，我想從更高層面談談關於維護或重申 2025 年指南的兩點。你們——你們是否明確表示尚未看到任何業務惡化？您與大客戶之間是否有對話，可以分享一些內容來幫助我們了解他們是如何看待事物的，以及是什麼讓他們從整體上還沒有改變預測？然後我有一個快速的跟進。

Thank you, Ananda. It's kind of a unique situation that we are facing. On one hand, there is so much uncertainty, macro conditions are not supportive. We see hesitation. We see longer sales cycle. This [doesn't bear fruit]. On the other hand, engagement and our customers are highly engaged and look and explore additive as a tool or a mitigation to the uncertainties. So the demand behind the scene is strong, but there is definitely a constraint on capital expenditure, no doubt. And that's why we need to take a deep breath, keep doing the great job that we are doing, leveraging our assets and deliver the message of the absolute advantage that additive manufacturing has in different use cases.

謝謝你，阿南達。我們面臨的是一種獨特的情況。一方面，不確定性因素較多，宏觀環境不利。我們看到了猶豫。我們看到銷售週期更長。這[沒有結果]。另一方面，我們的客戶也高度參與，並將添加劑視為一種工具或緩解不確定性的方法。因此，幕後需求強勁，但毫無疑問，資本支出肯定受到限制。這就是為什麼我們需要深呼吸，繼續做好我們正在做的工作，利用我們的資產，並傳達積層製造在不同用例中具有絕對優勢的訊息。

We benefit our customer with onshoring, with lower cost, with better geometries, with personalization. Only additive can do it. And we shouldn't focus now on the gloomy world and the uncertainty that we are seeing. We should focus on profitability, a model of cost that is agile and sustainable and improving our solution that when manufacturing will come back to normal, we are there, and we will deliver to the pent-up demand of our customers. This is the idea. And I think that there is no one better than Stratasys once we are back to the upward cycle, and it will happen. It will happen.

我們透過在岸外包、更低的成本、更好的幾何形狀和個人化為客戶帶來利益。只有添加劑才能做到這一點。我們現在不應該關注我們所看到的陰暗世界和不確定性。我們應該專注於獲利能力，一種靈活、可持續的成本模型，並改進我們的解決方案，以便當製造業恢復正常時，我們能夠滿足客戶被壓抑的需求。這就是想法。我認為，一旦我們回到上升週期，沒有人比 Stratasys 更好，而且這肯定會發生。它將會發生。

That's really good context. And let me ask maybe a little bit of a sexier question here. This is another big picture one. I don't think I asked this of you 90 days ago. But just this whole conversation that's amplified a little bit more over the last 12 months around manufacturing factory automation that's been GenAI kind of catalyzed and NVIDIA has given, I think, in the last 13, 14 months, like four on-stage long-form presentations around the increased use of robotics energized by GenAI, you guys fit very nicely into that whole automation conversation.

這確實是很好的背景。讓我在這裡問一個可能更性感的問題。這是另一張大圖。我不記得 90 天前我問過你這個問題。但是，在過去 12 個月中，圍繞製造工廠自動化的整個討論得到了進一步的擴大，這種討論受到了 GenAI 的催化，我認為，NVIDIA 在過去 13、14 個月中已經就 GenAI 推動的機器人技術的增加使用進行了四次長篇演講，你們非常適合整個自動化討論。

I guess really the question is, is there work going on between you guys and that whole GenAI community, robotics community, broader automation community to sort of connect into and see whatever that NVIDIA vision is. And I know that it's not just NVIDIA doing it. There's a whole ecosystem of companies. They seem to be like the flag- bearers over the last 13, 14 months in propagating the vision sort of the next step forward. So you guys would seem to fit that conversation really snugly. Just wondering if it's the time where there's efforts actually taking place to sort of further bring together the various communities or if it's too early to do that? Just trying to get a sense of that.

我想真正的問題是，你們和整個 GenAI 社群、機器人社群、更廣泛的自動化社群之間是否有正在進行的工作，以便進行某種聯繫並了解 NVIDIA 的願景。我知道，並非只有 NVIDIA 這樣做。這裡有完整的公司生態系。在過去的 13、14 個月裡，他們似乎一直是傳播下一步願景的旗手。所以你們似乎非常適合這次談話。只是想知道現在是否是真正努力進一步團結各個社區的時候了，還是現在這樣做還為時過早？只是想了解這一點。

Thank you so much for the question. And full disclosure, we didn't ask you to ask it. Yes. The answer is yes. This is the nice thing in additive. We are a digital solution. And the world is becoming more and more digital. And on top of it, we are going to GenAI and robotics and automation.

非常感謝您的提問。坦白說，我們並沒有要求你問這個問題。是的。答案是肯定的。這是添加劑中的好東西。我們是一家數位解決方案公司。世界正變得越來越數位化。除此之外，我們還將進軍 GenAI、機器人和自動化領域。

Robotics and automation are benefiting tremendously from additive manufacturing. Why? Because all the advantages of additive are there. You need special geometries. You need to consolidate parts. You need the way to have very small batches of production. And on top of it, when we are talking about AI, the whole way and methodology of designing and delivering parts will move to artificial intelligence. We will stick to the computer, and we will create digital files that will be printed and used in end-use parts and also in finished goods and models.

機器人和自動化從積層製造中受益匪淺。為什麼？因為添加劑的所有優點都在那裡。您需要特殊的幾何形狀。您需要合併各個部分。您需要找到實現小批量生產的方法。最重要的是，當我們談論人工智慧時，設計和交付零件的整個方式和方法都將轉向人工智慧。我們將堅持使用計算機，創建可列印的數位文件，用於最終用途零件以及成品和模型。

So we have a unit that is focusing on it. We already have an AI solution out there based on Riven acquisition that we had a couple of years ago, where we are correcting the parts based on AI because every -- one of the main challenges of additive is the ability to have repeatability and accuracy at first print. We have so much data, and we will leverage all the data that we have to make sure that at first print, you get the best part. We are also working on service model with AI, predictive service model and so on and so forth.

因此我們有一個部門專門負責此事。基於幾年前對 Riven 的收購，我們已經有了一個 AI 解決方案，我們正在根據 AI 來糾正零件，因為增材製造的主要挑戰之一是在第一次列印時是否具有可重複性和準確性。我們擁有如此多的數據，我們將利用我們擁有的所有數據來確保您在第一次列印時獲得最好的部分。我們還在研究人工智慧服務模式、預測服務模式等等。

The way we look at it strategically, looking at the big picture, we have relationship with the top corporate in the world. We are asking them, what are you expecting from us on AI? This is one stream, and we call it Customer Advisory Board. And in addition, we have this unit that works independently, brainstorming and trying to innovate on artificial intelligence and how it can transform additive. Very exciting, I have to say. Very exciting, and we work with our customers, customer advisory boards like Boeing, like Lockheed, like Northrop, Toyota and so on and GM.

我們從策略角度、從大局角度來看，我們與世界上頂尖的公司都有合作關係。我們問他們，你們對我們在人工智慧方面有什麼期望？這是一個流程，我們稱之為客戶諮詢委員會。此外，我們還有一個獨立運作的部門，集思廣益，嘗試在人工智慧及其如何轉化添加劑方面進行創新。我不得不說，這非常令人興奮。非常令人興奮，我們與客戶、客戶諮詢委員會合作，例如波音、洛克希德、諾斯羅普、豐田和通用汽車等。

There are no further questions at this time. I would like to turn the floor back over to Yoav Zeif for closing comments.

目前沒有其他問題。我想將發言權交還給 Yoav Zeif，請他發表最後評論。

Thank you for joining us. Looking forward to updating you again next quarter.

感謝您加入我們。期待下個季度再次向您更新。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。