Stratasys Ltd (SSYS) 2025 Q2 法說會逐字稿

Good day and welcome to today's conference call to discuss Stratasys second-quarter 2025 financial results. My name is Kevin, and I'm your operator for today's call.

大家好，歡迎參加今天的電話會議，討論 Stratasys 2025 年第二季財務業績。我叫凱文，是今天電話的接線生。

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.

現在，我想將電話交給 Stratasys 首席通訊官兼投資者關係副總裁 Yonah Lloyd。勞埃德先生，請繼續。

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

大家早安，感謝您加入我們討論 2025 年第二季財務表現。今天與我們通話的有我們的執行長 Yoav Zeif 博士和我們的財務長 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.

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表現的預期，以及我們對業務前景的預期。

(technical difficulty) 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 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. 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.

（技術難度）未來表現事件、預期或結果均為前瞻性陳述。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。每季和全年向美國證券交易委員會提交的 6-K 表格報告提供了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。

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. The 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。我們的幻燈片簡報和今天的新聞稿中的表格提供了非 GAAP 與 GAAP 的對帳資訊。

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 second quarter results aligned with expectations as revenue grew slightly over the second quarter last year, reflecting the resilience of our recurring revenue streams and the continued reliance customers place on our additive manufacturing technologies.

謝謝你，Yonah。大家早安，感謝大家的收看。我們第二季的業績與預期一致，營收較去年第二季略有成長，反映了我們經常性收入流的彈性以及客戶對我們的積層製造技術的持續依賴。

Customer engagement for our solution remains strong despite a global operating environment marked by ongoing uncertainty around challenged macroeconomic conditions and tariff policies. The result is customers maintaining disciplined capital spending approaches as they await signs of normalcy to emerge.

儘管全球經營環境因宏觀經濟條件和關稅政策的挑戰而持續存在不確定性，但客戶對我們解決方案的參與度仍然強勁。結果是客戶在等待正常跡像出現的同時，保持嚴格的資本支出方式。

Importantly, we are making meaningful progress in crafting and delivering key use cases with major customers that we believe will eventually begin flowing through to our financial results at some point in the future. Furthermore, our ongoing investment and commitment to R&D excellence, bolstered by our strong balance sheet, positions us well to continue delivering innovative products, materials, and software capabilities to further solidify our leadership in digital manufacturing, particularly when customer spending eventually and inevitably returns.

重要的是，我們在與主要客戶制定和交付關鍵用例方面取得了有意義的進展，我們相信這些用例最終將在未來的某個時候開始影響我們的財務表現。此外，我們持續的投資和對研發卓越的承諾，加上我們強勁的資產負債表，使我們能夠繼續提供創新的產品、材料和軟體功能，以進一步鞏固我們在數位製造領域的領導地位，特別是當客戶支出最終不可避免地回歸時。

Innovation and execution remain the foundation of our long-term growth strategy, which centers on capturing opportunities within high growth sectors that are being transformed by key mega trends. These include the drive towards supply chain localization and onshoring, the evolution of next-generation mobility platforms, advancing sustainability requirements, and a relentless focus on operational efficiency and cost optimization by companies around the globe.

創新和執行仍然是我們長期成長策略的基礎，該策略的核心是抓住正在被主要大趨勢所改變的高成長產業中的機會。這些包括推動供應鏈在地化和在岸化、下一代行動平台的發展、不斷提高的永續性要求，以及全球公司對營運效率和成本優化的不懈關注。

By maintaining our disciplined approach to end use development, prioritizing the most compelling applications, while working to preserve margin integrity, we have built a platform that will enable Stratasys to emerge stronger as market dynamics stabilize.

透過保持我們對最終用途開發的嚴謹方法，優先考慮最引人注目的應用程序，同時努力保持利潤完整性，我們建立了一個平台，使 Stratasys 能夠在市場動態穩定時變得更加強大。

While the tariff environment continues to evolve, it is worth reemphasizing that additive manufacturing can be an ideal solution in tariff-sensitive environments by enabling local, rapid, and cost-effective production capabilities. Tariff policies can actually accelerate adoption of our technologies, and we anticipate increased customer engagement as we continue to highlight these strategic advantages.

雖然關稅環境不斷演變，但值得再次強調的是，積層製造可以成為關稅敏感環境中的理想解決方案，因為它能夠實現在地化、快速且經濟高效的生產能力。關稅政策實際上可以加速我們技術的採用，並且隨著我們繼續強調這些策略優勢，我們預期客戶參與度將會增加。

Turning to new technology offerings and customer success. During the quarter, we launched the North American Stratasys Tooling Center in collaboration with Automation Intelligence at their Flint, Michigan location. This facility is a dedicated hub to help manufacturers validate and scale additive manufacturing applications in production environments.

轉向新技術產品和客戶成功。本季度，我們與 Automation Intelligence 合作，在密西根州弗林特市開設了北美 Stratasys 工具中心。該設施是一個專用中心，旨在幫助製造商在生產環境中驗證和擴展積層製造應用。

The center operates Stratasys F3300 and F900 3D printers to demonstrate practical tooling solutions, including jigs, fixtures, end-of-arms tooling, and automotive components enabling customers to explore how additive manufacturing can streamline operations, reduce costs, and accelerate response to manufacturing challenges.

該中心運行 Stratasys F3300 和 F900 3D 列印機來展示實用的工具解決方案，包括夾具、固定裝置、末端執行器工具和汽車零件，使客戶能夠探索增材製造如何簡化操作、降低成本並加快對製造挑戰的反應。

By combining additive manufacturing technologies with traditional capabilities, this new center addresses the growing demand for localized on-demand production solutions while providing manufacturers with validated proof that additive polymer tooling is both viable and cost effective for production environments.

透過將積層製造技術與傳統技術相結合，該新中心滿足了對本地化按需生產解決方案日益增長的需求，同時為製造商提供了經過驗證的證據，證明增材聚合物工具在生產環境中既可行又具有成本效益。

Our strategic collaboration with General Motors exemplifies the transformative power additive manufacturing brings to automotive production. For over two decades, we have helped GM revolutionize its manufacturing processes through our industrial 3D printing solutions, culminating in GM's launch of its additive innovation and additive industrialization centers in Michigan, one of North America's largest and most advanced additive manufacturing facilities.

我們與通用汽車的策略合作體現了積層製造為汽車生產帶來的變革力量。二十多年來，我們透過工業 3D 列印解決方案幫助通用汽車徹底改變了其製造流程，最終在密西根州建立了增材創新和增材工業化中心，這是北美最大、最先進的增材製造工廠之一。

This collaboration has extended with many F900 systems deployed across over 15 high-value GM plants throughout North America, achieving excellent utilization rates and demonstrating the mature production-ready nature of our technology.

此次合作已擴展到北美 15 多家高價值通用汽車工廠，部署了許多 F900 系統，實現了出色的利用率，並展示了我們技術成熟的生產就緒性。

The results demonstrate substantial value delivery to enterprise customers. GM has achieved significant cost reduction on additive tooling compared to traditional methods while streamlining manufacturing workflow and accelerating tooling lead time from weeks to days or even hours. This provides critical competitive advantage, enabling a faster ramp of new vehicles in both internal combustion engine and electric vehicle programs.

結果表明，這為企業客戶帶來了巨大的價值。與傳統方法相比，通用汽車在積層工具方面實現了顯著的成本降低，同時簡化了製造工作流程，並將工具交付週期從幾週縮短至幾天甚至幾小時。這提供了關鍵的競爭優勢，使內燃機和電動車專案的新車能夠更快地投入生產。

We are supporting GM's aggressive EV launch schedules with rapid production of specialized tools for battery and high-voltage component handling, while improving operators' safety through lightweight custom polymer tooling solutions. Importantly, our solution helped GM achieve localized supply chain resilience and security, reducing dependencies and transportation requirements while enabling faster response to urgent production needs.

我們透過快速生產用於電池和高壓組件處理的專用工具來支援通用汽車積極的電動車發布計劃，同時透過輕量級客製化聚合物工具解決方案來提高操作員的安全性。重要的是，我們的解決方案幫助通用汽車實現了本地化的供應鏈彈性和安全性，減少了依賴性和運輸要求，同時能夠更快地回應緊急生產需求。

Also within automotive, we recently shared a video highlighting our strong multiyear partnership with Toyota, featuring testimonials from their production engineering group around the critical value our technology plays in their production plans.

此外，在汽車領域，我們最近分享了一段視頻，重點介紹了我們與豐田多年來的牢固合作關係，其中收錄了他們的生產工程團隊對我們的技術在其生產計劃中發揮的關鍵價值的評價。

Through this collaboration, Toyota has achieved significant cost reduction by producing tools additively compared to traditional methods. We have helped compressed lead times from weeks to days or even hours, allowing programs to reach production readiness far faster and supporting rapid replacement of damaged tools to minimize production line downtime.

透過此次合作，豐田透過採用積層製造工具的方式，相較於傳統方法，實現了成本的大幅降低。我們協助將交貨時間從幾週壓縮到幾天甚至幾小時，使專案能夠更快地達到生產準備狀態，並支援快速更換損壞的工具，以最大限度地減少生產線停機時間。

Our additive solutions enable Toyota to create highly precise custom-fit tools that reduce manufacturing variation and support consistent assembly, while lightweight ergonomic designs reduce operator strain and improve workplace safety.

我們的積層解決方案使豐田能夠製造高精度的客製化工具，從而減少製造差異並支援一致的裝配，同時輕巧的人體工學設計可以減輕操作員的壓力並提高工作場所的安全性。

As Toyota seeks to compress vehicle development time by nearly 33%, our additive manufacturing technology is integral to meeting these accelerated targets. Our system provide parts Toyota cannot produce using conventional methods with comparable speed or accuracy, often creating polymer components stronger than metal alternatives.

隨著豐田尋求將汽車開發時間壓縮近 33%，我們的積層製造技術對於實現這些加速目標至關重要。我們的系統提供豐田無法使用傳統方法以同等速度或精度生產的零件，通常可以製造出比金屬替代品更堅固的聚合物零件。

Toyota utilizes all five of our additive technologies, plus our GrabCAD software to manage their printer fleet, exemplifying how we partner with customers to expand their understanding and adoption of 3D printing in an opportunity that could be far greater than today's market penetration.

豐田利用我們所有的五種增材技術以及我們的 GrabCAD 軟體來管理他們的印表機群，體現了我們如何與客戶合作，以擴大他們對 3D 列印的理解和採用，這一機會可能遠大於今天的市場滲透率。

Also during the quarter, our aerospace customer, Blue Origin, purchased multiple Neo800 SL systems for the production of investment casting patterns. Blue Origin is a leading aerospace manufacturer and space technology trailblazer in reusable rocket technology. And a major participant in NASA contracts, including the current Artemis program planned to bring astronauts to the moon in 2027.

此外，在本季度，我們的航空航太客戶 Blue Origin 購買了多台 Neo800 SL 系統用於生產熔模鑄造模型。藍色起源是一家領先的航空航太製造商，也是可重複使用火箭技術領域的太空技術先驅。也是 NASA 合約的主要參與者，包括計劃於 2027 年將太空人送上月球的當前 Artemis 計劃。

Stratasys is also participating in this program. This partnership represents more than just today's application. Blue Origin is validating the strength and durability of our polymer products for spaceflight applications, which could translate to approval for use in the tens of thousands of aerospace parts still made by hand today. The rigorous quality and data security standards that spaceflights demand position our technology for potentially significant future aerospace production applications.

Stratasys 也參與了該計劃。此次合作不僅代表著今天的申請。藍色起源正在驗證我們的聚合物產品在航太應用中的強度和耐用性，這可能意味著批准其用於當今仍手工製造的數萬個航空航太零件。太空飛行所要求的嚴格品質和資料安全標準使我們的技術具有未來航空航太生產應用的潛在重要性。

This (inaudible) aligned with our manufacturing strategy around aerospace production parts, demonstrating how our technology contributes to space travel today or potentially enabling next-generation travel solution that could extend far beyond space exploration tomorrow.

這（聽不清楚）與我們圍繞航空航太生產零件的製造策略一致，展示了我們的技術如何為當今的太空旅行做出貢獻，或者有可能實現遠遠超出未來太空探索的下一代旅行解決方案。

In the medical sector, utilizing Stratasys (inaudible) 3D printing capabilities proved critical in preparing for complex life-saving procedures, showcasing how 3D printing technology is revolutionizing life-saving medical applications and unprecedented pre-operative planning capabilities. As a reminder, last year, we launched the J5 DAP system, an affordable anatomical model solution targeting thousands of hospitals worldwide. And we are seeing positive traction and life-saving examples.

在醫療領域，利用 Stratasys（聽不清楚）3D 列印功能對於準備複雜的救生程序至關重要，展示了 3D 列印技術如何徹底改變救生醫療應用和前所未有的術前規劃能力。提醒一下，去年我們推出了 J5 DAP 系統，這是一款針對全球數千家醫院的經濟實惠的解剖模型解決方案。我們看到了積極的推動力和拯救生命的例子。

One such recent case was how Brisbane's Herston Biofabrication Institute created a life-sized 3D printed model based on a patient scan that revealed he was walking around with a ticking time bomb inside his chest. The aorta, the biggest blood vessel in the body, had ballooned to about 4 times the usual size, leaving it in danger of rupturing, a medical emergency likely to have cost him his life.

最近的一個案例是，布里斯班的赫斯頓生物製造研究所根據對患者的掃描結果創建了一個真人大小的 3D 列印模型，掃描結果顯示該患者的胸腔內裝有一顆定時炸彈。主動脈是他體內最大的血管，現在膨脹到正常大小的四倍左右，有破裂的危險，這種醫療緊急情況可能會讓他喪命。

The printed model enabled the surgeons at Prince Charles Hospital to better understand the complex anatomy and to plan and practice on the life-like model prior to the operation. This allowed them to optimize execution of the surgery and minimize potential risks and complications, in the end, saving the patient's life.

印刷的模型使查爾斯王子醫院的外科醫生能夠更好地了解複雜的解剖結構，並在手術前對栩栩如生的模型進行規劃和練習。這使他們能夠優化手術的執行並最大限度地降低潛在的風險和併發症，最終挽救患者的生命。

The anatomical model opportunity for Stratasys, such as training and pre-surgical planning, is $1.8 billion annually.

Stratasys 的解剖模型機會（例如培訓和術前規劃）每年價值 18 億美元。

On the material side, we commercially launched P3 Silicone 25A, a high-performance material developed through strategic collaboration with global silicone leader, Shin-Etsu, the largest chemical company in Japan. It is designed exclusively for the Stratasys Origin DLP platform to produce flexible parts that match traditionally molded silicone performance.

材料方面，我們商業化推出了P3 Silicone 25A，這是一種透過與全球有機矽領導者、日本最大的化學公司信越進行策略合作而開發的高性能材料。它專為 Stratasys Origin DLP 平台設計，用於生產與傳統模製矽膠性能相匹配的柔性部件。

This breakthrough material addresses a critical gap in industrial 3D printing by delivering genuine silicone parts with precision, durability, and repeatability while eliminating tooling costs, reducing lead times, and enabling localized low-volume production for applications, including seals, gaskets, vibration dampers, and soft-touch components.

這種突破性的材料解決了工業 3D 列印中的一個關鍵差距，它提供了具有精度、耐用性和可重複性的正品矽膠部件，同時消除了工具成本、縮短了交貨時間，並實現了密封件、墊圈、減震器和軟觸感組件等應用的本地化小批量生產。

The material has passed Shin-Etsu's biocompatibility and flame-retardancy certification, representing the first in a planned portfolio of silicone materials that combines Stratasys' production-grade P3 DLP technology which Shin-Etsu's silicone chemistry expertise to deliver trusted performance backed by repeatable results and real-world data.

該材料已通過信越公司的生物相容性和阻燃性認證，是計劃中的矽膠材料組合中的第一個，該組合結合了 Stratasys 的生產級 P3 DLP 技術和信越公司的矽膠化學專業知識，可提供由可重複的結果和真實數據支持的值得信賴的性能。

On the software side, our progress reflects our commitment to delivering complete use case solutions that align with customer needs. In the second quarter, we signed an exclusive agreement with Trinckle 3D GmBH, a German-based software company, to integrate its fixture-made software into Stratasys' GrabCAD PrintPro, enabling users to design and generate production-ready fixtures quickly without CAD experience needed.

在軟體方面，我們的進步反映了我們致力於提供符合客戶需求的完整用例解決方案。第二季度，我們與德國軟體公司 Trinckle 3D GmBH 簽署了獨家協議，將其夾具製作軟體整合到 Stratasys 的 GrabCAD PrintPro 中，使用戶無需 CAD 經驗即可快速設計和生成可用於生產的夾具。

This capability, launched in GrabCAD PrintPro 2025, uses intelligent automation in designing custom fixtures, allowing manufacturers to create secure, precise, (inaudible) solutions in minutes. This combined solution eliminates the manual effort and complexity, traditionally associated with fixture design, enabling accelerated adoption of 3D printing by removing the constraint of needing an expert CAD designer, shifting fixture design to editing operators, and reducing fixtures' creation time from days to hours. These results in a higher utilization of the printers and higher rate of 3D printing adoption.

此功能於 GrabCAD PrintPro 2025 中推出，它使用智慧自動化設計客製化夾具，使製造商能夠在幾分鐘內創建安全、精確、（聽不清楚）的解決方案。這種組合解決方案消除了傳統上與夾具設計相關的手動工作量和複雜性，透過消除對專業 CAD 設計師的需求、將夾具設計轉移到編輯操作員並將夾具創建時間從幾天縮短到幾小時，從而加速了 3D 列印的採用。這提高了印表機的使用率和 3D 列印的採用率。

The new Fortus 450mc we mentioned last quarter exemplifies our complete solution approach, providing an integrated tooling solution, combining software, printer, and materials in a factory-ready package.

我們在上個季度提到的新型 Fortus 450mc 體現了我們完整的解決方案方法，它提供了一個整合的工具解決方案，將軟體、印表機和材料結合在一個工廠就緒的套件中。

We are also receiving great feedback from customers regarding our software ecosystem, which continues to drive customer value. NASCAR's Tim Murphy recently said that, What sets our partnership with Stratasys apart is the complete ecosystem, from our in-house machine to Streamline Pro software to on-demand production. NASCAR now managed hundreds of parts through a single platform and has transformed 3D printing from a support function into strategic business units with full P&L tracking.

我們也收到了客戶對我們的軟體生態系統的正面回饋，這將繼續推動客戶價值的提升。NASCAR 的 Tim Murphy 最近表示，「我們與 Stratasys 的合作的獨特之處在於完整的生態系統，從我們的內部機器到 Streamline Pro 軟體，再到按需生產。NASCAR 現在透過單一平台管理數百個零件，並將 3D 列印從支援功能轉變為具有完整損益追蹤的策略業務部門。

Furthermore, to continue to scale this success across our customer base, we are launching a dedicated software customer success management team in the third quarter to enhance onboarding, drive engagement, and support renewals for both GrabCAD PrintPro and Streamline Pro users.

此外，為了繼續在我們的客戶群中擴大這一成功，我們將在第三季度成立一個專門的軟體客戶成功管理團隊，以加強 GrabCAD PrintPro 和 Streamline Pro 用戶的入職培訓、推動參與度並支持續訂。

These are all real-world examples of how we are pushing forward our leadership position despite longer-than-expected market headwinds. We are excited by the innovation across our portfolio, making meaningful inroads into a multitude of high-growth industries and customer opportunities.

這些都是現實世界的例子，說明我們如何在市場逆風比預期更長的時間內推進我們的領導地位。我們對產品組合的創新感到興奮，並在眾多高成長產業和客戶機會中取得了有意義的進展。

Our customer spending has remained challenged for longer than expected, impacting our near-term view of the business. But our long-term outlook for our company and industry remains intact. We have the financial strength to invest and innovate so that our leadership position expands over time.

我們的客戶支出面臨的挑戰持續的時間比預期的要長，這影響了我們對業務的近期看法。但我們對公司和產業的長期前景依然沒有改變。我們擁有投資和創新的財務實力，因此我們的領導地位將隨著時間的推移而擴大。

With that, I would like to turn the call to Eitan to review our financials. Eitan?

有了這些，我想把電話轉給 Eitan 來審查我們的財務狀況。埃坦？

Thank you, Yoav, and good morning, everyone. The second quarter results once again demonstrate the resilience of our operating model as we delivered positive adjusted operating income and adjusted net income, compared to losses in both in the year-ago period. This, despite an only slight revenue increase relative to the second quarter last year and lower gross margins. These results were thanks in part to full run rate contributions from the cost control initiative we began in the middle of last year.

謝謝你，Yoav，大家早安。第二季的業績再次證明了我們營運模式的彈性，因為我們實現了正的調整後營業收入和調整後淨收入，而去年同期則為虧損。儘管與去年第二季相比收入僅略有增加，且毛利率較低，但情況仍然如此。這些結果部分歸功於我們去年年中開始實施的成本控制措施所帶來的全面運作率貢獻。

Now let me get into the details of our numbers. For the second quarter, consolidated revenue of $138.1 million was slightly higher as compared to the same quarter in 2024, as customers continue to defer major capital spending until market uncertainty subsides.

現在讓我來詳細介紹一下我們的數字。第二季度，綜合收入為 1.381 億美元，與 2024 年同期相比略有增長，因為客戶繼續推遲重大資本支出，直至市場不確定性消退。

Product revenue in the second quarter was $94.8 million, compared to $93.6 million in the same period last year. Service revenue was $43.3 million, compared to $44.4 million in the same period last year. Within product revenue, system revenue was $30.6 million, up from $29 million we produced in the same period last year.

第二季產品營收為 9,480 萬美元，去年同期為 9,360 萬美元。服務收入為4,330萬美元，去年同期為4,440萬美元。在產品收入中，系統收入為 3,060 萬美元，高於去年同期的 2,900 萬美元。

Consumables revenue was $64.2 million, compared to $64.6 million in the same period last year, and up 2.6% sequentially over the first quarter as the utilization rates of the system we have sold remain strong. Within service revenue, customer support revenue was $30.1 million, compared to $30.5 million in the same period last year.

耗材營收為 6,420 萬美元，而去年同期為 6,460 萬美元，比第一季環比成長 2.6%，因為我們銷售的系統的利用率依然強勁。在服務收入中，客戶支援收入為 3,010 萬美元，而去年同期為 3,050 萬美元。

Now turning to gross margins. GAAP gross margin was 43.1% for the quarter, compared to 43.8% for the same period last year. Non-GAAP gross margin was 47.7% for the quarter, compared to 49% in the same period last year. The change versus the prior-year period was primarily due to the mix in product revenues and higher absorption due to reduced inventory levels, which have come down from June 2024 to June 2025 by over $30 million, partially offset by operational efficiency.

現在談談毛利率。本季 GAAP 毛利率為 43.1%，去年同期為 43.8%。本季非公認會計準則毛利率為47.7%，去年同期為49%。與去年同期相比的變化主要是由於產品收入的混合以及庫存水平降低導致的吸收率提高，庫存水平從 2024 年 6 月到 2025 年 6 月下降了 3000 多萬美元，但運營效率有所提高，部分抵消了這一影響。

GAAP operating expenses were $76.1 million, 55.1% of revenue, compared to $86.5 million or 62.7% of revenue during the same period last year. The improvement in expenses was due to our cost-saving initiatives, among other items.

以美國通用會計準則計算的營運費用為 7,610 萬美元，佔收入的 55.1%，而去年同期的營運費用為 8,650 萬美元，佔收入的 62.7%。費用的改善主要歸功於我們的成本節約措施等。

Non-GAAP operating expenses improved to $64.7 million, 46.9% of revenue, compared to $70.9 million or 51.3% of revenue during the same period last year due primarily to lower employee-related costs, including benefits from the cost-savings initiative announced last year.

非公認會計準則營運費用改善至 6,470 萬美元，佔收入的 46.9%，而去年同期為 7,090 萬美元，佔收入的 51.3%，這主要歸因於員工相關成本的降低，包括去年宣布的成本節約計劃帶來的收益。

Regarding our consolidated earnings, GAAP operating loss for the quarter was $16.6 million, compared to a loss of $26 million for the same period last year. Non-GAAP operating income for the quarter was $1.1 million, compared to an operating loss of $3.2 million for the same period last year, reflecting the impact of improved operating expenses due to our cost-cutting efforts.

關於我們的合併收益，本季的 GAAP 營業虧損為 1,660 萬美元，而去年同期的虧損為 2,600 萬美元。本季非公認會計準則營業收入為 110 萬美元，而去年同期營業虧損為 320 萬美元，這反映了我們削減成本的努力導致營業費用改善的影響。

GAAP net loss for the quarter was $16.7 million or $0.20 per diluted share, compared to a net loss of $25.7 million or $0.36 per diluted share for the same period last year. Non-GAAP net income for the quarter was $2.2 million or $0.03 per diluted share, compared to a net loss of $3 million or $0.04 per diluted share in the same period last year. Adjusted EBITDA was $6.1 million for the quarter, compared to $2.3 million in the same period last year.

本季 GAAP 淨虧損為 1,670 萬美元，即每股攤薄虧損 0.20 美元，去年同期淨虧損為 2,570 萬美元，即每股攤薄虧損 0.36 美元。本季非公認會計準則淨收入為 220 萬美元，即每股攤薄收益 0.03 美元，而去年同期淨虧損為 300 萬美元，即每股攤薄收益 0.04 美元。本季調整後的 EBITDA 為 610 萬美元，而去年同期為 230 萬美元。

From a cash flow perspective, we used $1.1 million in cash for operating activities, compared to the use of $2.4 million in the second quarter of last year. We expect to generate positive operating cash flow for the full-year 2025.

從現金流角度來看，我們用於經營活動的現金為 110 萬美元，而去年第二季為 240 萬美元。我們預計 2025 年全年將產生正的經營現金流。

We ended the quarter with $254.6 million in cash, cash equivalent, and short-term deposits, which reflect the $120 million investment during the quarter by Fortissimo. We are now even better positioned to act on value-enhancing opportunities.

本季末，我們的現金、現金等價物和短期存款為 2.546 億美元，這反映了 Fortissimo 在本季的 1.2 億美元投資。我們現在能夠更好地抓住增值機會。

Regarding our outlook for 2025, the return to normalized capital spending has been pushed out further than we anticipated when we issued our guidance for 2025. While customer engagement remains strong, sales cycles are still longer than usual. Specifically, there have been several substantial opportunities focused on production applications that have been in the works for some time and are advancing towards final stages. But the exact timing, while we had expected them to close this year, they could move into 2026.

關於我們對 2025 年的展望，恢復正常資本支出的時間比我們發布 2025 年指引時預期的要長。儘管客戶參與度依然強勁，但銷售週期仍比平常更長。具體來說，已經有幾個專注於生產應用的重大機會，這些機會已經籌備了一段時間，並且正在進入最後階段。但具體時間，雖然我們預計它們將在今年完成，但可能會推遲到 2026 年。

Therefore, we're adjusting our guidance for this year accordingly. We believe the depth and quality of these anticipated awards, combined with the use case momentum we're seeing across a number of our end use segments, positions as well for 2026 and beyond.

因此，我們正在相應地調整今年的指導。我們相信，這些預期獎項的深度和質量，加上我們在許多最終用途領域看到的用例勢頭，將在 2026 年及以後佔據有利地位。

As part of our disciplined approach regarding profitability, we plan to introduce some additional cost mitigation with the primary benefit and impact expected in the fourth quarter this year. It is important to note that these relate to targeted non-essential costs that will not impact our investment in technology innovation and future growth.

作為我們在獲利方面的嚴謹方法的一部分，我們計劃引入一些額外的成本緩解措施，預計主要的效益和影響將在今年第四季顯現。值得注意的是，這些與有針對性的非必要成本有關，不會影響我們對技術創新和未來成長的投資。

We still expect sequential revenue growth in the second half of 2025, with the third quarter expected to range from slightly lower to slightly higher than Q2, and fourth quarter higher sequentially.

我們仍預計 2025 年下半年營收將季增，預計第三季營收將略低於或略高於第二季度，第四季營收將季增。

We expect that full-year 2025 revenue will range between $550 million to $560 million. Non-GAAP gross margins are expected to range from 46.7% to 47% due to a number of factors, including a different mix in product revenue, tariffs, and higher absorption cost due to reduced inventory levels.

我們預計 2025 年全年營收將在 5.5 億美元至 5.6 億美元之間。非公認會計準則毛利率預計在 46.7% 至 47% 之間，原因包括產品收入組合不同、關稅以及庫存水準降低導致的吸收成本上升。

Full-year non-GAAP operating margins are expected to range from 1.5% to 2%, with adjusted earnings per share of $0.13 to $0.16, while adjusted EBITDA should range from $30 million to $32 million.

預計全年非 GAAP 營業利潤率將在 1.5% 至 2% 之間，調整後每股收益將在 0.13 美元至 0.16 美元之間，而調整後的 EBITDA 將在 3,000 萬美元至 3,200 萬美元之間。

Note that with the cost mitigation I mentioned earlier, adjusted EBITDA in the fourth quarter is expected to be 8% or higher. Recall that we previously targeted 8% for the full year if revenues would be flat relative to 2024. While the updated forecast indicates lower revenue for the full year, in any revenue scenario for Q4, we expect to deliver at least 8% adjusted EBITDA, reflecting the overall improvement in our operating model. And we expect operating cash flow to be positive for the year. Please see the press release for further details.

請注意，由於我之前提到的成本緩解，預計第四季度的調整後 EBITDA 將達到 8% 或更高。回想一下，如果營收與 2024 年持平，我們先前設定的全年成長率目標是 8%。雖然更新後的預測表明全年收入將會下降，但無論第四季度的收入情況如何，我們都預計調整後的 EBITDA 至少會達到 8%，這反映了我們營運模式的整體改善。我們預計今年的經營現金流將為正值。請參閱新聞稿以了解更多詳情。

As Yoav mentioned, despite the stubbornly prolonged challenges of the near term, our excitement for the future and our expanding leadership position within it remain intact.

正如 Yoav 所提到的，儘管近期面臨持續的挑戰，但我們對未來的興奮和未來不斷擴大的領導地位依然如故。

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. Stratasys' differentiated approach and business model continue to demonstrate remarkable adaptability hue to our cost discipline, innovation leadership, and increasingly mission-critical role our solutions play in customer operation. Our focus on high-value applications combined with enhanced customer education and go-to market execution continues building the foundation for accelerated adoption when investment confidence rebounds.

謝謝你，Eitan。Stratasys 的差異化方法和商業模式繼續展現出卓越的適應性，這體現在我們的成本紀律、創新領導力以及我們的解決方案在客戶營運中發揮的日益關鍵的作用。我們專注於高價值應用，並結合加強的客戶教育和市場執行，為投資信心反彈時的加速採用奠定基礎。

With our recently bolstered balance sheet, we are extremely well-positioned to continue leading the industry in system, material, and software innovation, as well as the scaling of additive solutions towards more widespread manufacturing applications as macro conditions eventually normalize.

憑藉我們最近增強的資產負債表，我們處於非常有利的地位，可以繼續在系統、材料和軟體創新方面引領行業，並且隨著宏觀條件最終正常化，將增材解決方案擴展到更廣泛的製造應用。

The stability inherent in our recurring revenue streams, paired with our commitment to operational efficiency and margin discipline, creates a platform designed to help us mitigate near-term volatility, while positioning us to deliver compelling long-term returns.

我們的經常性收入流固有的穩定性，加上我們對營運效率和利潤率紀律的承諾，創造了一個旨在幫助我們減輕短期波動的平台，同時使我們能夠提供令人信服的長期回報。

As industry leaders, with a comprehensive technology portfolio spanning hardware, materials, and software solutions, we are uniquely positioned to capture the significant opportunities that will emerge when uncertainty subsides and customers eventually resume normal capital deployment cycles and embrace the localized manufacturing advantages our platforms deliver.

作為行業領導者，我們擁有涵蓋硬體、材料和軟體解決方案的全面技術組合，具有獨特的優勢，能夠抓住不確定性消退、客戶最終恢復正常資本部署週期並享受我們平台提供的本地化製造優勢時出現的重大機遇。

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)

（操作員指示）

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning. This is [Tyler], on for Brian Drab. Just starting off with the revenue guidance. Regarding the lower guidance, while you've cited delays in customer decision-making and macro uncertainly, can you clarify which specific verticals or regions are seeing the most pronounced slowdown or delays? And I'll have a follow-up.

早安.我是 [Tyler]，代替 Brian Drab。剛開始提供收入指導。關於較低的指導，雖然您提到了客戶決策延遲和宏觀不確定性，但您能否澄清哪些特定垂直行業或地區出現了最明顯的放緩或延遲？我會進行跟進。

Hey, Tyler. Thank you for your question. Well, there is no slowdown. There is only delay. I want to be very clear. And maybe we take a step back and I will try to explain the situation.

嘿，泰勒。感謝您的提問。嗯，沒有放緩。只是延遲而已。我想說得非常清楚。也許我們可以退一步，我會嘗試解釋這種情況。

As a leader in this industry, we're going through a shift. A shift towards production applications. And by nature, those production applications come with larger deal size and longer sales cycles. This is like a new situation that we are heading the entire industry into it.

作為這個行業的領導者，我們正在經歷轉變。向生產應用轉變。從本質上講，這些生產應用程式的交易規模更大，銷售週期更長。這就像是我們正帶領整個產業進入一個新的局面。

And then when we are looking at our pipeline, we need to look at it completely differently. So when we are deciding to adjust the outlook, it is related to the uncertainty around those large deals and the exact timing to close them. So we have less diversified low, low, low value deals. We have large deals in production. Those deals may be delayed this year, but definitely not canceled.

然後，當我們查看我們的管道時，我們需要以完全不同的方式看待它。因此，當我們決定調整前景時，這與這些大型交易的不確定性以及完成這些交易的具體時間有關。因此，我們的低價值、低價值交易的多樣化程度較低。我們在生產方面有大量交易。這些交易今年可能會被推遲，但絕對不會取消。

When I look at the overall pipeline, it is strong. And despite the delay in customer spending, we see many leads coming. But the real difference is those large deals that take us into manufacturing. Like the deals that we just emphasized in the script about Toyota, about GM. Those are transformative deals. We are becoming the backbone of some operations of the largest companies on Earth. This is a breakthrough for additive manufacturing.

當我觀察整個管道時，它非常強大。儘管客戶支出有所延遲，但我們仍看到許多潛在客戶湧現。但真正的差別在於那些讓我們進入製造業的大型交易。就像我們剛才在劇本中強調的有關豐田、通用汽車的交易一樣。這些都是變革性的交易。我們正在成為地球上一些最大公司的某些業務的支柱。這對於積層製造而言是一個突破。

So when we look forward, and we are obligate historically, we are always trying to be as transparent as possible with our investors. So once we saw that it might be delayed, we say, Okay, let's put it on the table.

因此，當我們展望未來時，並且從歷史上看我們有義務始終努力對我們的投資者保持盡可能的透明。因此，一旦我們發現它可能會被推遲，我們就會說，好吧，讓我們把它擺到桌面上。

But when I look at the vertical, we have large customers, best relationship in the industries with those large customers in key verticals. You take government, aero, defense, very high level of engagement, especially, for example, with the government and defense and aero customers.

但當我看垂直行業時，我們擁有大客戶，並且與關鍵垂直行業的大客戶保持著行業內最好的關係。政府、航空、國防等領域的參與度非常高，特別是與政府、國防和航空客戶的合作。

And the guidance is a reflection of this new situation that we are in. And I want to emphasize that these are across multiple verticals, both new and existing customers. So they are also diversified across verticals like aero, tooling, dental, medical.

該指導意見反映了我們所處的新形勢。我想強調的是，這些涉及多個垂直領域，包括新客戶和現有客戶。因此，他們也在航空、工具、牙科、醫療等垂直領域實現了多元化發展。

I appreciate you providing more color on that. Just wanted to ask a follow-up on the fourth adjusted EBITDA margin. You mentioned that it should be 8% or more of revenue. What assumptions have baked into that ramp outside of cost controls? Are there any specific customer deals that are expected to pick up, product launches, or seasonal trends? Because last year's fourth quarter was particularly stronger than the other quarters. So just any more color you can provide on the ramp-up in margin. Thank you.

感謝您對此提供更多詳細資訊。只是想問一下第四次調整後的 EBITDA 利潤率的後續情況。您提到它應該佔收入的 8% 或更多。除了成本控制之外，還有哪些假設影響了這個成長？是否有任何特定客戶交易預計會增加、產品發布或季節性趨勢？因為去年第四季比其他季度表現特別強勁。因此，您可以提供有關利潤率上升的更多細節。謝謝。

Thanks, Tyler, for the question. So it's actually to complement Yoav's answer to the last question. Those large deals are not baked into our 2025 model. They are not baked into our Q4 model. If they were still high probable to be in Q4, the guidance would have been higher. So to answer your question, it is largely associated for Q4 based on the new model. It is largely associated with tight cost monitoring and some cost reduction.

謝謝泰勒提出的問題。所以這其實是為了補充 Yoav 對最後一個問題的答案。這些大型交易並未納入我們的 2025 年模型。它們並未融入我們的 Q4 模型。如果他們仍然很有可能進入第四季度，那麼指導價格就會更高。因此，回答您的問題，它很大程度上與基於新模型的 Q4 相關。這主要與嚴格的成本監控和一些成本削減有關。

Okay. Thank you.

好的。謝謝。

Greg Palm, Craig Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

Thanks for taking the questions. I think you had maybe covered the revenue guide well, but I'm still a little bit unclear on, call it, the magnitude of the earnings reduction. Can you just talk a little bit about, one, what is specifically impacting the gross margin as much as it is? And just to be clear, can you give us some sense on the magnitude of this new cost-reduction effort that you seem to be alluding to that takes place or takes into account in Q4?

感謝您回答這些問題。我認為您可能已經很好地介紹了收入指南，但我仍然不太清楚，也就是收益減少的幅度。能否簡單談一下，第一，具體是什麼因素對毛利率產生如此大的影響？為了清楚起見，您能否讓我們了解一下您似乎暗示的將在第四季度實施或考慮的這項新的成本削減舉措的規模？

Thank you, Greg. Thank you for the question. I cannot be specific about each deal size, but the magnitude is more or less the GAAP between the new guidance and the old guidance, maybe a little bit more. That's more or less the magnitude of those deals.

謝謝你，格雷格。謝謝你的提問。我無法具體說明每筆交易的規模，但其幅度大致是新指引和舊指引之間的 GAAP，也許會大一點。這或多或少就是這些交易的規模。

Greg on the cost side, our gross margin in specific. It is associated by a few factors. One is, changes in the sales mix, and these are small changes that are aggregated. The other element is the absorption associated with the inventory reduction. Our inventory levels went year-over-year from Q2 2024 to Q2 2025. Inventory levels went down by $30 million. That's something that has a big positive impact. And we've discussed this with you every call in the last couple of years, our efforts to reduce inventories, and that's something that is also meaningful for our future cash flow. So that's something that is definitely a good thing.

格雷格談到成本方面，特別是我們的毛利率。它與一些因素有關。一是銷售組合的變化，這些都是累積的小變化。另一個因素是與庫存減少相關的吸收。從 2024 年第二季到 2025 年第二季度，我們的庫存水準年增。庫存水準下降了 3000 萬美元。這是具有重大正面影響的事情。在過去幾年裡，我們每次通話都會與您討論這個問題，我們努力減少庫存，這對我們未來的現金流也具有重要意義。所以這絕對是件好事。

But in the short term, it has an impact on the absorption and that has a negative impact temporarily on the gross margins. So that's a second element. And the third element is associated with tariffs. Our biggest production is in the US. But we do produce outside of the US, and the changes in tariffs had some impact. We have a mitigation plan that is ongoing. It will take a few months. It will take a short period to complete everything. And that's why we have a temporary impact on our gross margin between now and the rest of the year.

但短期內，會對吸收量產生影響，並暫時對毛利率產生負面影響。這是第二個要素。第三個因素與關稅有關。我們最大的生產基地在美國。但我們確實在美國以外生產，關稅的變化產生了一些影響。我們有一個正在實施的緩解計劃。這將需要幾個月的時間。完成所有事情只需要很短的時間。這就是為什麼從現在到今年剩餘時間我們的毛利率會受到暫時影響。

With respect to the cost mitigation that I believe you also asked about, these are non-essential projects, mainly variable costs, and some discretionary items like travel. This is more or less the areas of savings.

至於我相信您也問到的成本緩解問題，這些都是非必要的項目，主要是變動成本，以及一些可自由支配的項目，例如旅行。這或多或少是節省的領域。

Okay. So maybe more sort of short-term temporary reductions, my follow-up was going to be just kind of thinking about fiscal '26, what's your comfort level on, call it, 8% EBITDA margins under a lower revenue relative to 2024?

好的。因此，也許更多的是短期臨時削減，我的後續行動只是思考 26 財年，在相對於 2024 年較低的收入下，您對 8% 的 EBITDA 利潤率的承受能力如何？

Greg, maybe I'll say -- I think it's very important to say, we look quarter by quarter. We're a public company. But we structure a company with a cost infrastructure that will help us make us profitable and much more profitable when revenue increases. So to your question, we will plan 2026 in the next few months as we build our budget for next year. But we designed the company, we structured the company in a way to have next year 8% or better when we finish this plan.

格雷格，也許我會說——我認為非常重要的一點是，我們要逐季觀察。我們是一家上市公司。但是，我們建立了具有成本基礎設施的公司，這將有助於我們實現盈利，並在收入增加時實現更高的利潤。所以對於您的問題，我們將在接下來的幾個月規劃 2026 年，同時制定明年的預算。但是我們設計了公司，我們對公司進行了結構調整，以便當我們完成這個計劃時，明年的成長率能夠達到 8% 或更高。

Okay. All right. Appreciate the color. Thanks.

好的。好的。欣賞色彩。謝謝。

(Operator Instructions)

（操作員指示）

Jim Ricchiuti, Needham & Company.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司。

Thank you. Eitan, you may have answered this next question in response to Greg's earlier question, but it's a little surprising to have seen the slightly lower gross margin in Q2 versus Q1 even though the revenues were up sequentially, modestly, but including sequential growth in consumables. So what occurred there? Was that an absorption or tariff-related impact? Maybe you could just shed a little bit more light on that.

謝謝。Eitan，您可能已經回答了 Greg 之前的問題，但第二季度的毛利率與第一季相比略有下降，這有點令人驚訝，儘管收入環比略有增長，但其中包括消耗品的環比增長。那麼那裡發生了什麼事？這是吸收還是與關稅相關的影響？也許您可以對此做進一步的解釋。

Sure. I guess as a start, I'll say that the gross margin in Q1 was 48.3%. Gross margin in Q2 is 47.7%. The difference, to start with, is not that significant. However, to address your question, there are two main elements. One is the absorptions that I mentioned and you mentioned also in your question. That's something that had some impact on this change, small change. And the other element is tariffs. Tariffs did not have significant impact on Q2. But again, when we bridge between 48.3% to 47.7%, that's part of the bridge.

當然。首先我想說的是，第一季的毛利率為 48.3%。第二季毛利率為47.7%。首先，差異並不是那麼顯著。然而，要回答你的問題，主要有兩個因素。一個是我提到的吸收，你也在問題中提到。這對這項變化有一定影響，是小變化。另一個因素是關稅。關稅對第二季度沒有產生重大影響。但是，當我們在 48.3% 和 47.7% 之間建立橋樑時，這就是橋樑的一部分。

Okay. And I noticed that the company acquired some of the Nexa assets and I was wondering, I know this is fairly insignificant, but which of these Nexa3D printing processes were part of the asset purchase. And I wonder if you could elaborate on what your plans are for some of these assets that were acquired.

好的。我注意到該公司收購了部分 Nexa 資產，我很好奇，我知道這無關緊要，但這些 Nexa3D 列印流程中的哪些是資產購買的一部分。我想知道您是否可以詳細說明您對這些被收購資產的計劃是什麼。

All right, Jim. Yoav, here. Thank you for your questions today. So we are in a very unique situation in our industry. Practically, there is a shake-up. And we are lucky that we work so hard to be in a situation where we deliver, we are not burning cash, we are stable. I would even say that we are one of the best operators in the industry because we have the infrastructure. So infrastructure is coming with synergies. And it lets us to be financially healthy both in terms of the balance sheet, with the cash, with no debt, $255 million in our balance sheet, positive operating cash flow on an annual basis. And a very strong position with the best customers on Earth in terms of relationships.

好的，吉姆。約阿夫，在這裡。感謝您今天的提問。因此，我們這個行業處於非常獨特的境地。實際上，這是一個變革。我們很幸運，透過如此努力，我們能夠實現目標，不燒錢，而且情況穩定。我甚至會說我們是業內最好的營運商之一，因為我們擁有基礎設施。因此，基礎設施正在產生協同效應。它使我們的財務狀況在資產負債表方面都保持健康，擁有現金，沒有債務，資產負債表上有 2.55 億美元，每年的經營現金流為正。就關係而言，我們與世界上最好的客戶保持著非常穩固的地位。

When you take all the above and you blend it, it puts us in the best position to acquire, I would say, companies with really good value or remaining of companies with prices that no one could even dream about them only two years ago.

當你把上述所有因素綜合起來時，我們就處於最佳位置，可以收購真正具有良好價值的公司，或以兩年前無人敢想像的價格收購剩餘的公司。

And we can capture this opportunity and we did similar things with two companies which, as you said, are not insignificantly material, but we acquired Forward AM from the insolvent, and we are now rebuilding it. And Forward AM came with amazing portfolio of IP and materials that are unique and position us much stronger in key use cases that are part of our strategy. And great people as well. Researchers, chemists, product managers that know the material arena more than anyone else in this industry. So this is one example. And IP, of course.

我們可以抓住這個機會，我們對兩家公司做了類似的事情，正如你所說，這些公司並非無關緊要，但我們從破產公司手中收購了 Forward AM，現在我們正在重建它。Forward AM 擁有令人驚嘆的獨特 IP 和材料組合，使我們在策略的關鍵用例中佔據更有利的地位。還有偉大的人物。研究人員、化學家、產品經理比這個行業的任何人都更了解材料領域。這是一個例子。當然還有 IP。

And if you take Nexa, which is another example, they had tremendous success only a few years ago in terms of their ability to deliver great parts and machines to the market. But the shake-out didn't do well for them as well. And we acquired them, again, I would say in favorable terms. And we received not an operational company, but we received a great IP portfolio with know-how, with R&D knowledge. And it will position us, again, in those use cases that we are focusing on like aerospace and defense, for example, with the ability to have significant R&D (inaudible).

以 Nexa 為例，幾年前，他們在向市場提供優質零件和機器的能力方面取得了巨大的成功。但這次洗牌對他們來說也沒有好結果。而且，我想說，我們以優惠條件收購了他們。我們收到的不是一家營運公司，而是擁有豐富的智慧財產權組合，包括專有技術和研發知識。它將再次使我們在我們所關注的那些用例中處於有利地位，例如航空航天和國防，並有能力進行大量的研發（聽不清楚）。

So both those opportunities demonstrate the strength of Stratasys as a healthy company, both on the financial side, but more importantly, on the operational side and on the go-to market. We are very happy with it. Of course, there is a lot of work to do because we need to rebuild those businesses, but we will do it.

因此，這兩個機會都證明了 Stratasys 作為健康公司的實力，不僅在財務方面，更重要的是在營運方面和市場方面。我們對此感到非常高興。當然，還有很多工作要做，因為我們需要重建這些業務，但我們會做到的。

Got it. Thanks very much.

知道了。非常感謝。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Gentlemen, congrats on the nice results here in a tough environment. Maybe for Eitan. You guys talked about these deals that kind of slipped or haven't closed yet or delayed, if I remember correctly, coming into the year. Were these related with the F3300 and maybe automotive opportunities?

先生們，恭喜你們在艱難的環境中取得了良好的成績。也許是為了 Eitan。如果我沒記錯的話，你們談到了這些交易，這些交易在進入今年後出現了下滑、尚未完成或推遲的情況。這些與 F3300 和汽車產業機會有關嗎？

Troy, sorry, we couldn't hear the question. Can you repeat it, please?

特洛伊，抱歉，我們聽不見你的問題。你能再說一次嗎？

Yeah, sure. I think coming into the year, you guys have pretty good confidence on the second half ramp and now you're talking about some deals slipping, right? So I guess, I thought they were associated with the F3300 so I'm wondering if you could just kind of confirm that maybe the automotive opportunities slipped to the right or -- and just update us on the F3300, please.

是的，當然。我認為進入今年以來，你們對下半年的成長非常有信心，但現在你們卻在談論一些交易的下滑，對嗎？所以我想，我認為它們與 F3300 有關，所以我想知道您是否可以確認汽車機會是否向右滑動 - 請向我們更新有關 F3300 的最新情況。

Hey, Troy. Thank you for the question. Happy to update on this. So as you know, F3300 is key in our use case strategy. So it's practically the best tooling machine out there in terms of throughput and reliability, by far. It is great for aerospace and defense. And we already have customers that are using it in aerospace and defense and are very, very happy. And they have repeatable purchasing of the same machine.

嘿，特洛伊。謝謝你的提問。很高興更新此消息。如您所知，F3300 是我們用例策略的關鍵。因此，就吞吐量和可靠性而言，它實際上是迄今為止最好的加工機床。它對於航空航天和國防來說非常有用。我們已經有一些在航空航太和國防領域使用它的客戶，他們非常非常滿意。並且他們可以重複購買同一台機器。

And there is no connection between the deal slip and F3300. This is about how those guys are building the infrastructure, how they are building the work flow, how they collaborate, how they prepare within the organization and decide. This is the type of challenges that we are facing.

且該成交單與F3300沒有任何關聯。這是關於這些人如何建立基礎設施、如何建立工作流程、如何協作、如何在組織內做準備和做決定。這就是我們所面臨的挑戰。

On the contrary, F3300 is a major, I would say, promoter of us being the one being considered for those deals. So actually, we are very happy with F3300. It's the most reliable to-date. The most reliable. It will be better and better, the most reliable FDM machine that we have. No one can print in this speed. No one has this level of reliability. No one has this level of accuracy. And it all comes together to a better CCO for our customers.

相反，我想說，F3300 是我們成為這些交易考慮對象的主要推動者。所以實際上，我們對 F3300 非常滿意。這是迄今為止最可靠的。最可靠的。它會變得越來越好，成為我們擁有的最可靠的 FDM 機器。沒有人能以這樣的速度列印。沒有人具有這種程度的可靠性。沒有人能達到這種程度的準確度。所有這些結合起來，為我們的客戶提供更好的 CCO。

Troy, I will add that the plan, the model that we just released with the new guidance reflect more F3300 in 2025 compared to 2024 when we --

特洛伊，我要補充的是，我們剛發布的新指南中的計劃和模型反映了 2025 年的 F3300 數量，而 2024 年我們--

Yeah. That's good to know. Thank you, Eitan. And maybe just a follow-up for you too. Just in the second half guidance, is there any revenue or OpEx from Forward AM and Nexa?

是的。知道這一點很好。謝謝你，Eitan。或許對你來說只是後續行動。僅在下半年指引中，是否有來自 Forward AM 和 Nexa 的收入或營運支出？

We have just acquired the two businesses. We are rebuilding it. And once we have a better understanding of the situation and the market traction, we'll be better off. Currently, it's immaterialized.

我們剛剛收購了這兩家企業。我們正在重建它。一旦我們更好地了解情況和市場吸引力，我們就會變得更好。目前，它尚未實現。

Okay, guys. Well, thank you for the answers and good luck going forward.

好的，夥計們。好吧，感謝您的回答，祝您未來好運。

Thanks, Troy.

謝謝，特洛伊。

Alek Valero, Loop Capital Market.

Alek Valero，Loop Capital Market。

Hey, guys. Thank you for taking my question. This is Alek, on Ananda. So given the success of your strategic collaborations with General Motors and Toyota involving your F900 systems, do you guys anticipate this momentum to lead to additional partnerships with other vehicles, especially in light of the growing emphasis on localized manufacturing?

嘿，大家好。感謝您回答我的問題。我是阿南達 (Ananda) 的阿列克 (Alek)。那麼，鑑於你們與通用汽車和豐田在 F900 系統方面的戰略合作取得了成功，你們是否預計這種勢頭將帶來與其他汽車公司的更多合作，特別是在越來越重視本地化製造的情況下？

Thank you for the question. I think that you put a light on a very important, I would say, trend in additive. We need to penetrate new use cases. And in order to penetrate, we need proven use cases. We need to prove the concept. And it's true for automotive, but it's also true for dental and it's also true for aerospace.

謝謝你的提問。我認為您闡明了一個非常重要的趨勢，我想說，添加劑的趨勢。我們需要深入探索新的用例。為了滲透，我們需要經過驗證的用例。我們需要證明這個概念。這對於汽車行業、牙科行業和航空航天行業來說都是如此。

But let me start with GM and Toyota. By the way, those are super respectable, leading in their areas, and they decided to go with Stratasys. And I want to relate to three points here. The first one that it's a proof-of-concept of the use case in production. Because practically, what they have done and if you look at GM as an example, they standardized the AM workflow in manufacturing. So it's something that they'll be able to replicate and expand.

但我先從通用汽車和豐田開始。順便說一句，這些公司都非常受人尊敬，在各自的領域處於領先地位，他們決定與 Stratasys 合作。我想在這裡談三點。第一個是生產用例的概念驗證。因為實際上，他們所做的，如果你以通用汽車為例，他們在製造過程中標準化了 AM 工作流程。所以這是他們能夠複製和擴展的東西。

The second point is about the demonstration of the value proposition of additives and of Stratasys offerings in those production applications. And the value proposition here, by the way, on both Toyota and GM, is about the speed and it's about the cost savings. And of course, speed also save a lot of cost. So when you look at Toyota, it is part of their program to reduce 33% of the time of developing a new product. This is huge. And in terms of GM, they can print a tool not in months, but in hours. That's again huge contribution to their competitiveness. And GM cost-savings, in some cases, the tool that they are printing is less than 10% than the cost of the traditional tool. So it's a real demonstration of the value proposition.

第二點是關於添加劑和 Stratasys 產品在這些生產應用中的價值主張的展示。順便說一下，豐田和通用的價值主張都在於速度和成本節約。當然，速度也節省了很多成本。所以當你看豐田時，這是他們計劃的一部分，旨在將新產品開發時間縮短 33%。這太重要了。就通用汽車而言，他們可以在幾小時內，而不是幾個月內列印出一個工具。這對他們競爭力的又一次巨大貢獻。而且通用汽車的成本節省，在某些情況下，他們列印的工具比傳統工具的成本低 10% 以上。所以這是價值主張的真實展現。

And the third thing is all about how it creates good growth, and relating to your question, you can expand within the customer because it's standardized, so to other plans. And we see it. It is happening. And we can replicate it to other OEMs. So we are very happy with these results.

第三件事是關於它如何創造良好的成長，並且與您的問題相關，您可以在客戶內部進行擴展，因為它是標準化的，因此對於其他計劃也是如此。我們看到了。它正在發生。我們也可以將其複製到其他 OEM。所以我們對這些結果非常滿意。

We have similar results, by the way, in dental. We are the first one, and in terms of the competitive landscape, I don't know about other things, but we are the first in the market to be with inkjet solution, monolithic denture that utilize multiple materials in a single print process. No one did it before us, even if they claim. And already, we have 85,000 dentures printed. So thousands of people are going with our dentures. And that creates the momentum, the proven use case, create the ability to replicate and expand. Thank you.

順便說一下，我們在牙科領域也得到了類似的結果。我們是第一家，就競爭格局而言，我不知道其他情況，但我們是市場上第一家採用噴墨解決方案、在一次列印過程中使用多種材料的整體假牙的公司。即使他們聲稱如此，在我們之前也沒有人這樣做過。到目前為止，我們已經列印了 85,000 顆假牙。因此，成千上萬的人選擇穿戴我們的假牙。這創造了動力、經過驗證的用例以及複製和擴展的能力。謝謝。

Super helpful, guys. Just a quick follow-up, again on General Motors and Toyota. So I understand the consumables recurring revenue stream that's tied post-sale. Could you speak to any upsell opportunities you foresee with General Motors and Toyota as well as any future collaborations?

非常有幫助，夥計們。再次快速跟進通用汽車和豐田的情況。因此，我了解與售後相關的消耗品經常性收入流。您能否談談您預見到的與通用汽車和豐田之間的追加銷售機會以及未來的合作？

Definitely, there is an upsell opportunity here to others, so we're discussing here -- By the way, I encourage -- it would be great if the listeners could watch the video. Seeing is believing. I can talk here for hours. But once you see the video, you will understand the value proposition of additive and the value proposition of Stratasys and why Stratasys within additives. Please click the link on the slide. It's so simple, and it will explain better, definitely in better English, better than anything that I can say. So please click the link there.

毫無疑問，這對其他人來說是一個追加銷售的機會，所以我們在這裡討論——順便說一句，我鼓勵——如果聽眾可以觀看影片那就太好了。眼見為憑。我可以在這裡聊上幾個小時。但是一旦你看了視頻，你就會明白添加劑的價值主張和 Stratasys 的價值主張以及為什麼 Stratasys 在添加劑領域。請點擊幻燈片上的連結。它非常簡單，而且解釋得更好，絕對用更好的英語，比我能說的任何話都更好。因此請點擊那裡的連結。

So when I'm looking at the opportunity, it is huge not only on the hardware side, but those are manufacturing machines. They are being used in up to sometimes around 85% utilization and more. And what does it mean, rule of thumb, they consume sometimes 10 times more than a rapid prototyping same machine used in terms of material. So the consumption of material can be 10 times, sometimes more than a prototyping machine.

因此，當我看到這個機會時，它不僅在硬體方面是巨大的，而且在製造機器方面也是巨大的。有時它們的利用率可高達 85% 甚至更高。這意味著什麼呢？根據經驗，它們所消耗的材料有時比快速成型相同機器所使用的材料多 10 倍。因此材料的消耗量可能是原型的 10 倍，有時甚至更多。

This is the essence of what we are doing here. We are moving into reproduction. And reproduction consumes more materials. But you need to meet the production requirements. And Stratasys is one of not many companies that can meet those requirements and definitely leading the industry.

這就是我們在此所做事情的本質。我們正在進入繁殖階段。而再生產又會消耗更多的材料。但你需要滿足生產要求。Stratasys 是少數能夠滿足這些要求的公司之一，並且絕對處於行業領先地位。

Thank you, guys.

謝謝你們。

Thank you. We have reached the end of our question-and-answer session. I'd like to turn the floor back over to Dr. Yoav Zeif for any further closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給 Yoav Zeif 博士，請他發表進一步的結論。

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。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。