Stratasys Ltd (SSYS) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Stratasys 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Yonah Lloyd, Chief Communications Officer and Vice President of Investor Relations. Thank you. You may begin.

現在，我榮幸地向大家介紹主持人約拿·勞埃德，他是首席傳播官兼投資者關係副總裁。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us to discuss our 2025 third quarter financial results. On the call with us today are our CEO, Dr. Yoav Zeif; and our CFO, Eitan Zamir. I would like to remind you that access to today's call, including the slide presentation is available online at the web address provided in our press release. In addition, a replay of today's call, including access to the slide presentation, will also be available and can be accessed through the Investor Relations section of our website.

各位早安，感謝各位參加本次會議，共同探討我們2025年第三季的財務表現。今天與我們一起通話的是我們的執行長 Yoav Zeif 博士和我們的財務長 Eitan Zamir。我想提醒各位，今天電話會議的錄影（包括幻燈片演示）可透過我們新聞稿中提供的網址在線觀看。此外，今天電話會議的錄音回放（包括幻燈片演示）也將提供，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，包括但不限於有關我們對未來收入、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。

All statements that speak to future performance, events, expectations or results are forward-looking statements. Actual results or trends could differ materially from our forecast. For risks that could cause actual results to be materially different from those 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.

所有涉及未來績效、事件、預期或結果的陳述均為前瞻性陳述。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聲明中所述結果有重大差異的風險，請參閱 Stratasys 公司 2024 年 20-F 表格年度報告中討論或提及的風險因素。

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.

有關更多營運和財務詳情，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。本公司按季度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，這些聲明或資訊僅代表其各自發布之日的情況。

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。在評估我們的績效時，應將非GAAP財務指標與我們的GAAP指標結合起來閱讀。我們在幻燈片簡報和今天的新聞稿中以表格形式提供了非GAAP與GAAP的調節表。

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

現在我將把電話交給我們的執行長約阿夫·澤夫博士。約阿夫？

Thank you, Yonah. Good morning, everyone, and thank you for joining us. Our disciplined approach to cost management enabled us to deliver solid operating cash flow generation and EPS in the third quarter. This continues to demonstrate the underlying strength of our business model as we work to overcome the macro-driven caution facing capital equipment sales. We remain focused on what we can influence - operational excellence, customer partnerships and executing on our strategy as we advance additive manufacturing adoption with innovative offerings.

謝謝你，約拿。各位早安，感謝各位的參與。我們採取嚴格的成本管理措施，使第三季實現了穩健的營運現金流和每股盈餘。這持續證明了我們商業模式的內在優勢，我們正努力克服宏觀經濟驅動的謹慎情緒對資本設備銷售的影響。我們將繼續專注於我們能夠影響的事情——卓越營運、客戶合作以及執行我們的策略，透過創新產品推進增材製造技術的應用。

Customer engagement remains substantive and strategic as we build the foundational infrastructure to drive growth and scale across key high-value verticals of aerospace and defense, particularly drones, automotive tooling, dentures, precision machine components and medical anatomic modeling. We are leaders in these areas where additive is a compelling alternative to conventional manufacturing as we create durable competitive advantages for years to come.

在建構基礎架構以推動航空航太和國防等關鍵高價值垂直領域的成長和規模化發展的過程中，客戶參與仍然是實質性的和戰略性的，特別是無人機、汽車工具、假牙、精密機械部件和醫學解剖建模。在這些領域，積層製造是傳統製造方式的一種極具吸引力的替代方案，我們處於領先地位，因為我們能夠創造持久的競爭優勢，為未來數年奠定基礎。

Our long-term strategy remains centered on the fundamental trends reshaping manufacturing. Supply chain localization, next-generation mobility, sustainability goals, personalization and the unrelenting corporate focus on efficiency and cost reduction. These secular drivers haven't diminished. If anything, they have intensified. The evolving trade and tariff landscape, while creating near-term complexity, ultimately reinforces the strategic value proposition of localized, flexible manufacturing, precisely what additive delivers.

我們的長期策略仍以重塑製造業的基本趨勢為中心。供應鏈在地化、下一代行動旅行、永續發展目標、個人化以及企業對效率和成本降低的不懈追求。這些世俗因素並未減弱。如果有什麼變化，那就是這些情況更加嚴重了。不斷變化的貿易和關稅環境雖然造成了短期內的複雜性，但最終強化了在地化、靈活製造的戰略價值主張，而這正是積層製造所能提供的。

We continue to engage customers on how our technologies can mitigate supply chain risks, address geopolitical issues and reduce tariff exposure. And we believe these conversations will increasingly translate into action as companies seek resilient manufacturing strategies.

我們持續與客戶探討我們的技術如何能降低供應鏈風險、解決地緣政治問題並減少關稅風險。我們相信，隨著企業尋求更具韌性的製造策略，這些對話將越來越多地轉化為實際行動。

Now, turning to updates on customer activities that highlight the traction we are building, as well as steps we are taking to strengthen key end-market exposure. Our year-over-year increase in hardware sales included a strong quarter for aerospace and defense, where we see continued progress with new customer purchases across all of our manufacturing-focused systems, such as F3300, 770, 450, the new Neo 800+ as well as H350 and Origin systems.

現在，讓我們來看看客戶活動的最新進展，重點介紹我們正在取得的進展，以及我們為加強關鍵終端市場覆蓋率所採取的措施。我們硬體銷售額年增，其中航空航太和國防領域表現強勁，我們看到所有以製造為中心的系統（如 F3300、770、450、新型 Neo 800+ 以及 H350 和 Origin 系統）的新客戶採購量持續增長。

In commercial aviation, we secured wins with industry leaders such as Boeing, Embraer and others, all demonstrating the continued confidence in our solutions and the critical role our technology plays in production environments for the world's leading aircraft manufacturers. Our defense business also showed strong performance as we continued to spearhead that sector with notable purchases from Honeywell, TE Connectivity, and L3Harris.

在商用航空領域，我們贏得了波音、巴西航空工業公司等產業領導者的青睞，這充分證明了客戶對我們解決方案的持續信心，以及我們的技術在世界領先飛機製造商的生產環境中發揮的關鍵作用。我們的國防業務也表現出色，我們繼續引領該領域，從霍尼韋爾、TE Con​​nectivity 和 L3Harris 等公司進行了重要的採購。

We also participated in Trident Warrior 25, the U.S. Navy's flagship fleet experimentation exercise, where we demonstrated the critical role of distributed advanced manufacturing in enhancing military combat readiness. Together with FLEETWERX and the Naval Postgraduate School, we supported the DOD's largest distributed manufacturing demonstration to date, connecting assets across more than 8,000 miles. This exercise showcased our ability to provide both forward-deployed 3D printing capabilities and reach-back production through Stratasys Direct, creating a comprehensive ecosystem that significantly reduces reliance on traditional logistics chains for mission-critical repair and replacement.

我們還參加了美國海軍的旗艦艦隊試驗演習“三叉戟勇士 25”，並在演習中展示了分散式先進製造在增強軍事作戰準備方面發揮的關鍵作用。我們與 FLEETWERX 和海軍研究生院一起，支援了國防部迄今為止規模最大的分散式製造示範項目，連接了超過 8000 英里的資產。此次演練展示了我們透過 Stratasys Direct 提供前沿部署的 3D 列印能力和遠端生產的能力，從而創建了一個全面的生態系統，顯著減少了對傳統物流鏈在關鍵任務維修和更換方面的依賴。

During the exercise, seven different sites across the globe leveraged our printers to produce lightweight, corrosion-resistant polymer parts that met US military specifications, demonstrating faster turnaround times and lower delivered costs compared to conventional supply chains. This demonstration reinforces our position as a trusted partner for defense applications and highlights the scalable, practical solutions we provide to enhance mission readiness and operational resilience across thousands of miles of distributed operations.

在演習期間，全球七個不同的地點利用我們的印表機生產出符合美國軍方規格的輕質、耐腐蝕聚合物零件，與傳統供應鏈相比，實現了更快的周轉時間和更低的交付成本。此演示鞏固了我們作為國防應用領域值得信賴的合作夥伴的地位，並突顯了我們提供的可擴展、實用的解決方案，以增強數千英里分散式作戰任務的準備就緒性和作戰韌性。

Moving to other areas, we are pleased to share that one of the world's largest U.S.-based technology companies, a leader across social media, AI innovation and virtual and augmented reality hardware, invested in four of our newest FDM F3300 systems during the quarter. Initially, they will be used for large-scale prototyping for their automation platforms, as well as their next-gen robot, after which they plan to use these systems to manufacture production parts for their VR and AR products.

在其他領域，我們很高興地宣布，全球最大的美國科技公司之一，也是社交媒體、人工智慧創新以及虛擬和擴增實境硬體領域的領導者，在本季度投資購買了我們最新的四套 FDM F3300 系統。最初，這些系統將用於大規模原型開發，用於其自動化平台和下一代機器人；之後，他們計劃使用這些系統來製造其 VR 和 AR 產品的生產零件。

Our proven SAF powder-based technology platform continues its expansion across core verticals such as aerospace, automotive and government. Notably, third quarter marked a significant strategic milestone with the adoption of the H350 platform by a global top-three pharmaceutical company, opening the door to exciting new opportunities across medical device and drug development applications.

我們成熟的SAF粉末技術平台繼續在航空航天、汽車和政府等核心垂直領域擴展。值得注意的是，第三季標誌著一個重要的策略里程碑，全球排名前三的製藥公司採用了 H350 平台，為醫療器材和藥物開發應用領域帶來了令人興奮的新機會。

Additionally, our collaboration with the FAA and the National Institute for Aviation Research, has launched a comprehensive SAF characterization program involving five suppliers across key industries, positioning us to address emerging demands for drone components, aviation parts, tooling and low-volume production applications, while establishing the technical foundations for expanded adoption in this sector.

此外，我們與美國聯邦航空管理局和國家航空研究所合作，啟動了一項全面的SAF特性分析計劃，該計劃涉及關鍵行業的五家供應商，使我們能夠滿足無人機組件、航空零件、工具和小批量生產應用的新興需求，同時為該領域的擴大應用奠定技術基礎。

In automotive, we extended our multi-year partnership with Andretti Global as the official 3D printing partner of Andretti Indycar, building on a successful collaboration that dates back to 2018, where our F370 and Fortus450mc systems have supported their engineering efforts. We are now designing an optimized 3D printing lab within Andretti's new headquarters to significantly enhance their additive manufacturing capabilities. This partnership demonstrates the real-world performance advantages our technology delivers in demanding motorsport environments, where faster turnaround times, complex geometries and higher quality parts are essential for competitive success.

在汽車領域，我們延長了與 Andretti Global 的多年合作關係，Andretti Global 是 Andretti Indycar 的官方 3D 列印合作夥伴。我們與 Andretti Global 的合作始於 2018 年，雙方建立了成功的合作關係，我們的 F370 和 Fortus450mc 系統為他們的工程工作提供了支持。我們正在安德烈蒂的新總部內設計一個優化的 3D 列印實驗室，以顯著提升其積層製造能力。此次合作證明了我們的技術在嚴苛的賽車運動環境中能夠帶來實際的性能優勢，在這樣的環境中，更快的周轉時間、複雜的幾何形狀和更高品質的零件對於取得競爭成功至關重要。

Now, turning to dental. We are enthused about the strategic investments we are making in our TrueDent and related solutions to accelerated growth in this important vertical. Most notably, during the quarter, we welcomed Chris Kabot as VP and Global Head of Dental. Chris brings exceptional credentials as one of the world's leaders in digital dentistry and additive manufacturing, combining clinical, technical and commercial expertise. His recent role at Affordable Care, the largest denture manufacturer in the U.S., along with his track record of driving dental additive leadership, positions us exceptionally well for the opportunities ahead.

現在，我們來談談牙科。我們對在 TrueDent 及相關解決方案方面進行的策略性投資感到非常興奮，這些投資將加速我們在這一重要垂直領域的成長。最值得一提的是，本季我們迎來了 Chris Kabot 擔任副總裁兼全球牙科業務負責人。克里斯是數位牙科和積層製造領域的全球領導者之一，擁有卓越的資歷，集臨床、技術和商業專長於一身。他最近在美國最大的假牙製造商 Affordable Care 擔任職務，加上他在推動牙科增材製造領域領導地位方面的卓越成就，使我們為未來的機會做好了充分準備。

To enhance our dental portfolio, we launched our Soft Relax, a post-processing solution, helping dental operators reduce manual labor by 90% while minimizing the use of harmful chemicals. We are also proud to be among the first dental additive companies to proactively remove TPO, a common but controversial toxic chemical, from all our dental resins, reinforcing our commitment to patient safety and sustainability.

為了增強我們的牙科產品組合，我們推出了 Soft Relax，這是一款後處理解決方案，可幫助牙醫減少 90% 的人工勞動，同時最大限度地減少有害化學品的使用。我們也很自豪地成為首批主動從所有牙科樹脂中去除TPO（一種常見但備受爭議的有毒化學物質）的牙科添加劑公司之一，這強化了我們對患者安全和永續發展的承諾。

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

接下來，我將把電話轉給伊坦，讓他審核我們的財務狀況。伊坦？

Thank you, Yoav, and good morning, everyone. Our third quarter results reflected strong execution by our team to leverage notably improved lower-adjusted operating expenses by 440 basis points year-over-year, to deliver solid operating cash flow and positive adjusted earnings per share, as we effectively worked to offset the continued top line and gross margin pressure. For the third quarter, consolidated revenue of $137 million was down 2.1% as compared to the same quarter in 2024, reflecting continued macro-driven capital equipment spending constraints.

謝謝你，約阿夫，大家早安。第三季業績反映了我們團隊的出色執行力，充分利用了同比顯著降低 440 個基點的調整後營運費用，實現了穩健的營運現金流和正的調整後每股收益，有效地抵消了持續的營收和毛利率壓力。第三季綜合收入為 1.37 億美元，與 2024 年同期相比下降 2.1%，反映出宏觀經濟因素持續限制資本設備支出。

Product revenue in the third quarter was $94.1 million, flat compared to the same period last year. Service revenue was $42.9 million, compared to $45.9 million in the same period last year. Within product revenue, system revenue was $32.1 million, up from $31.7 million we produced in the same period last year. Consumables revenue was $62 million, compared to $62.4 million in the same period last year. Within service revenue, customer support revenue was $29.3 million, compared to $31 million in the same period last year.

第三季產品營收為 9,410 萬美元，與去年同期持平。服務收入為 4,290 萬美元，而去年同期為 4,590 萬美元。在產品收入方面，系統收入為 3,210 萬美元，高於去年同期的 3,170 萬美元。耗材收入為 6,200 萬美元，而去年同期為 6,240 萬美元。在服務收入中，客戶支援收入為 2,930 萬美元，而去年同期為 3,100 萬美元。

Now, turning to gross margin. GAAP gross margin was 41% for the quarter, compared to 44.8% for the same period last year. Non-GAAP gross margin was 45.3% for the quarter, compared to 49.6% in the same period last year. The change versus the prior year period was, in large part, due to the increase in tariffs. When we initially discussed our expectations, the tariff rate had been set at 10%. However, subsequent to our comments, it was raised to 15%.

現在，我們來看毛利率。本季GAAP毛利率為41%，去年同期為44.8%。本季非GAAP毛利率為45.3%，去年同期為49.6%。與上年同期相比的變化，很大程度上是由於關稅上漲造成的。當我們最初討論預期時，關稅稅率設定為 10%。然而，在我們提出意見後，比例提高到了 15%。

During the quarter, we started to implement select price increases to help offset the impact of tariffs and look forward to seeing the full quarterly impact in the fourth quarter to help improve gross margins. In addition, lower revenues, change in mix, as well as higher absorption due to inventory reduction had an effect as well.

本季度，我們開始實施部分漲價措施，以抵銷關稅的影響，並期待在第四季度看到全面漲價效果，以幫助提高毛利率。此外，收入下降、產品組合變化以及庫存減少導致的吸收率上升也產生了影響。

GAAP operating expenses were $78.8 million, 57.5% of revenue, compared to $88.2 million or 63% of revenue during the same period last year. The improvement in expenses was due to our cost-saving initiatives, among other items. Non-GAAP operating expenses improved to $62 million, 45.3% of revenue, compared to $69.6 million or 49.7% of revenue during the same period last year, due primarily to lower employee-related costs, including benefits from the cost-saving initiatives announced last year.

以美國通用會計準則 (GAAP) 計算，營業費用為 7,880 萬美元，佔營收的 57.5%，而去年同期為 8,820 萬美元，佔營收的 63%。費用改善的原因之一是我們採取了節省成本的措施。非GAAP營運支出改善至6,200萬美元，佔營收的45.3%，而去年同期為6,960萬美元，佔營收的49.7%，這主要是由於員工相關成本降低，包括去年宣布的成本節約計畫帶來的收益。

Regarding consolidated earnings, GAAP operating loss for the quarter was $22.7 million, compared to a loss of $25.5 million in the same period last year. Non-GAAP operating income for the quarter was $0.1 million, compared to an operating loss of $0.1 million for the same period last year, reflecting the impact of improving operating expenses due to our cost-cutting efforts, partially offset by lower gross profit. GAAP net loss for the quarter was $55.6 million or $0.65 per diluted share compared to a net loss of $26.6 million or $0.37 per diluted share for the same period last year. During the quarter, we took a non-cash, non-recurring impairment charge of $33.9 million, or $0.40 per diluted share, related to our investment in UltiMaker, a key cause for a larger GAAP net loss in the quarter. Non-GAAP net income for the quarter was $1.5 million, or $0.02 per diluted share, compared to a net income of $0.4 million or $0.01 per diluted share in the same period last year. Adjusted EBITDA was $5 million for the quarter, compared to $5.1 million in the same period last year.

就合併收益而言，本季 GAAP 營業虧損為 2,270 萬美元，去年同期虧損為 2,550 萬美元。本季非GAAP營業收入為10萬美元，而去年同期營業虧損為10萬美元，這反映了我們削減成本的努力改善了營運費用，但部分被較低的毛利所抵銷。本季GAAP淨虧損為5,560萬美元，即每股攤薄虧損0.65美元，去年同期淨虧損為2,660萬美元，即每股攤薄虧損0.37美元。本季度，我們提列了 3,390 萬美元的非現金、非經常性減損費用，即每股攤薄虧損 0.40 美元，這與我們對 UltiMaker 的投資有關，也是本季度 GAAP 淨虧損擴大的主要原因。本季非GAAP淨利為150萬美元，即每股攤薄收益0.02美元，去年同期淨利為40萬美元，即每股攤薄收益0.01美元。本季調整後 EBITDA 為 500 萬美元，去年同期為 510 萬美元。

From a cash flow perspective, we generated $6.9 million in cash from operating activities, compared to the use of $4.5 million in the third quarter of last year. We continue to expect to generate higher positive operating cash flow for the full year 2025 relative to 2024. We ended the quarter with $255 million in cash, cash equivalents and short-term deposits, $0.4 million higher than at the end of the second quarter, with no debt, remaining well-positioned to act on value-enhancing opportunities.

從現金流的角度來看，我們從經營活動中產生了 690 萬美元的現金，而去年第三季則使用了 450 萬美元。我們仍預期 2025 年全年將產生比 2024 年更高的正經營現金流。本季末，我們持有現金、現金等價物和短期存款 2.55 億美元，比第二季末增加了 40 萬美元，且無任何債務，因此我們仍處於有利地位，可以抓住提升價值的機會。

Regarding our outlook for 2025, we are reiterating the non-GAAP guidance we provided on the last call and adjusting the GAAP net income and EPS due to the previously mentioned non-cash impairment. Specifically, we expect profitability to benefit from our ongoing efforts to drive cost reductions, along with our additional plan to mitigate the impact from higher tariffs with select price increases.

關於我們對 2025 年的展望，我們重申上次電話會議上提供的非 GAAP 指引，並由於先前提到的非現金減損而調整 GAAP 淨收入和每股盈餘。具體而言，我們預計獲利能力將受益於我們持續推進成本削減的努力，以及我們為減輕關稅上漲帶來的影響而採取的額外計劃（即透過部分價格上漲）。

We are reaffirming that full year 2025 revenue will range between $550 million to $560 million, with non-GAAP gross margin ranging from 46.7% to 47% and full year non-GAAP operating margin ranging from 1.5% to 2%. We still expect adjusted earnings per share of $0.13 to $0.16, with adjusted EBITDA ranging from $30 million to $32 million. We also anticipate producing year-over-year growth in operating cash flow. Please see the press release or slide presentation for further details.

我們重申，2025 年全年收入將在 5.5 億美元至 5.6 億美元之間，非 GAAP 毛利率將在 46.7% 至 47% 之間，全年非 GAAP 營業利潤率將在 1.5% 至 2% 之間。我們仍預期調整後每股收益為 0.13 至 0.16 美元，調整後 EBITDA 為 3,000 萬美元至 3,200 萬美元。我們也預期經營現金流將實現年增。更多詳情請參閱新聞稿或簡報。

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

那麼，現在我把電話交還給約阿夫，請他做總結發言。約阿夫？

Thank you, Eitan. As we look to the future, we are seeing encouraging signs in the specific verticals and applications where we are focusing. And the stability of our recurring revenue streams continues to provide an important foundation to build growth. While the timeline for broader adoption is extended, we remain poised to seize opportunities as the industry inevitably improves. Our margin discipline and cost actions are helping us effectively protect profitability, which positions us well to leverage our strengthened balance sheet to maintain our technology leadership through strategic investments.

謝謝你，伊坦。展望未來，我們在所關注的特定垂直領域和應用領域中看到了令人鼓舞的跡象。而我們穩定的經常性收入來源持續為成長提供重要基礎。雖然更廣泛應用的時間表有所延長，但隨著行業的必然進步，我們仍將隨時抓住機會。我們的利潤率控制和成本控制措施正在幫助我們有效地保護獲利能力，這使我們能夠更好地利用我們增強的資產負債表，透過策略性投資來維持我們的技術領先地位。

As a technology leader with a comprehensive portfolio spanning systems, materials and software, we remain confident in our competitive position. Our continuing penetration into key growth industries, where we are building the infrastructure to grow in the key verticals where we lead, such as defense and aerospace parts and automotive tooling, reinforces our conviction in additive manufacturing's expanding role in production applications and we look to maximize value for shareholders in the coming years.

作為一家擁有涵蓋系統、材料和軟體的全面產品組合的技術領導者，我們對自身的競爭地位充滿信心。我們不斷深入關鍵成長產業，並在國防和航空航太零件以及汽車工具等我們領先的關鍵垂直領域建立發展基礎設施，這增強了我們對積層製造在生產應用中日益增長的作用的信念，我們期待在未來幾年為股東創造最大價值。

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

那麼，接下來就進入提問環節。操作員？

(Operator Instructions) Brian Drab, William Blair.

（操作說明）布萊恩·德拉布，威廉·布萊爾。

Can you talk about the gross margin? And I know you said that you're putting into place the mitigating actions and the pricing. What do you expect the trajectory to be for gross margin and how quickly do you think you can get it back, maybe to the levels that you were seeing last year, fourth quarter, first quarter, second quarter? Can you talk about that trajectory of gross margin we should model?

能談談毛利率嗎？我知道您說過您正在採取緩解措施和製定定價策略。您預計毛利率的走勢如何？您認為需要多久才能將其恢復到去年第四季、第一季、第二季的水平？您能談談我們應該建模的毛利率走勢嗎？

We anticipate that -- so first of all, as you mentioned, the impact of the tariff and the mix and also the absorption due to inventory reduction, which is a good thing, all had impact on our Q3 gross margin. As you also mentioned, we introduced price increase during Q3 and we expect a full impact in Q4. We anticipate the improvement, the increase in gross margin, as early as Q4, in the coming quarter, and we anticipate this to continue to improve also into 2026. It's hard, at this point, to say at which level, but you should expect improvement in Q4.

我們預計——首先，正如您所提到的，關稅的影響、產品組合的變化以及庫存減少帶來的吸收（這是一件好事），都對我們第三季的毛利率產生了影響。正如您所提到的，我們在第三季進行了漲價，預計第四季將產生全面影響。我們預計毛利率最早在下一季的第四季就會有所改善，並且預計這種情況會持續到 2026 年。目前很難說會達到哪個水平，但預計第四季會有所改善。

Then, Yoav, you mentioned a couple of what sound like pretty significant opportunities with the social media AI company and others. Are any of those something for 2026 where you feel like they move the needle on revenue? What are you most excited about in terms of specific opportunities that can maybe add some incremental material, incremental revenue in 2026?

Yoav，你剛才提到了一些與社群媒體人工智慧公司和其他公司合作的、聽起來相當重要的機會。在這些事項中，有沒有哪些您認為會在 2026 年對收入產生顯著影響？就具體機會而言，您最期待在 2026 年獲得哪些增量收益？

We have a clear strategy. We are going for manufacturing, period. This positions us, I would say, better than other players. If I look relatively at the premium markets, those use cases that we are focusing on, and I will elaborate on them, we are in a better position than we ever have been because we are the strongest player now in those premium markets, which are our targets. I am talking about use cases that, frankly, we are just getting started there - aerospace and defense, dental, medical, tooling and some industrial machine components. But the main ones are those aerospace and defense and tooling.

我們有明確的戰略。我們的目標是製造業，僅此而已。我認為，這使我們比其他玩家更有優勢。如果我相對地看一下高端市場，也就是我們正在關注的那些用例（我會詳細說明），我們現在處於比以往任何時候都更好的地位，因為我們現在是這些高端市場（也就是我們的目標市場）中最強大的參與者。我指的是一些應用案例，坦白說，我們才剛起步——航空航天和國防、牙科、醫療、工具和一些工業機械零件。但主要領域是航空航太、國防和工具製造。

And also, when we talk about machine components and components for consumer goods, those are the AI and consumer goods company, the media company that we shared. No doubt that we will see growth in those use cases next year. We already have seen significant growth in those use cases, especially in hardware, this year. So this is our growth going forward, and this is the direction. And I'm sure you will hear more about it during next year.

而且，當我們談到機器零件和消費品零件時，指的是我們提到的AI和消費品公司以及媒體公司。毫無疑問，明年這些應用場景將會成長。今年我們已經看到這些應用場景，特別是硬體領域，出現了顯著成長。這就是我們未來的發展方向。我相信明年你會聽到更多相關消息。

Greg Palm, Craig Hallum Capital Group.

Greg Palm，Craig Hallum Capital Group。

Kind of following up on that last question, but I know last quarter, we were talking a lot about some of these more substantial production applications, longer sales cycles that initially, maybe earlier this year, potentially could land this year. I know that got pushed out. Can you just maybe give us an update on where some of that lies? And just to be clear on some of the stuff that you talked about, are these the same or are these sort of additional opportunities?

我算是接著上一個問題問一下，我知道上個季度我們一直在討論一些更實質性的生產應用，以及更長的銷售週期，這些應用最初可能在今年早些時候就能實現。我知道這件事被擱置了。您能否透露一下其中一些進展？為了更清楚地了解您剛才提到的一些內容，這些是相同的，還是這些是額外的機會？

Those are the same opportunities because we are very focused. Those are the same opportunities. Talking about or asking about sales cycle, we are not there yet, but it's the first quarter for a long time that we see some light at the end of the tunnel, slight improvement in the sales cycle because those sales cycles are long, as you said. It could be between a year to two years. And you need specific capabilities as a company to deliver the sales and to have the ability to enable the customers and our partners to be successful with those full solutions.

因為我們非常專注，所以機會是一樣的。這些都是相同的機會。談到銷售週期，我們還沒有達到那個階段，但這是很長一段時間以來我們第一次看到隧道盡頭的曙光，銷售週期略有改善，因為正如你所說，這些銷售週期很長。可能需要一到兩年時間。作為一家公司，您需要具備特定的能力來實現銷售目標，並有能力幫助客戶和我們的合作夥伴透過這些完整的解決方案獲得成功。

So going forward, this is the focus. Those are the use cases that I mentioned, and we have great examples. Maybe I'll share a real-world example of how additive manufacturing really addresses real-world problems. I'm talking about in aerospace. I'm talking about supply chain and logistic problems in commercial aviation.

所以，接下來，這就是我們的重點。以上就是我提到的應用場景，我們有許多很好的例子。或許我可以分享一個積層製造如何真正解決現實世界問題的真實案例。我指的是航空航太領域。我指的是商用航空領域的供應鏈和物流問題。

I don't know if you remember, but around 18 months ago, we announced a strategic investment in collaboration with AM Craft. It's a European, I think, it's EASA-certified aviation parts manufacturer. We entered into a commercial agreement with them to extend the certification of 3D-printed aviation parts based on our technologies. And only this quarter, they purchased two more F900s. Together, the F900 fleet and F3300s reach now 10 machines, 10 machines that consume a significant amount of material because it's for production.

我不知道你是否還記得，大約 18 個月前，我們宣布與 AM Craft 合作進行策略性投資。我想它是一家歐洲公司，是一家獲得歐洲航空安全局 (EASA) 認證的航空零件製造商。我們與他們達成了一項商業協議，以延長基於我們技術的 3D 列印航空零件的認證期限。光是本季，他們就又買了兩台F900。F900 車隊和 F3300 車隊加起來現在共有 10 台機器，這 10 台機器會消耗大量的材料，因為它們用於生產。

And aerospace is attractive because there is a real problem that they are solving there. You go to the association -- I forgot the -- I think it's IATA, the Association of the Commercial Aviation. There is a supply chain problem there. And only the cost to the airlines because of shortage and supply chain issues will be $11 billion only in 2025. And also, there is a backlog of new airplanes. So the two big players, Airbus and Boeing, are not meeting the demand, and there is a huge backlog of 17,000 aircraft. It means that the old fleet is aging and needs more spare parts.

航空航太領域之所以吸引人，是因為他們正在解決一個實際存在的問題。你要去那個協會——我忘了​​叫什麼了——我想應該是國際航空運輸協會（IATA），即商業航空協會。那裡存在供應鏈問題。光是 2025 年，航空公司因短缺和供應鏈問題造成的損失就將達到 110 億美元。此外，還有大量新飛機積壓。因此，空中巴士和波音這兩家大型飛機製造商無法滿足市場需求，目前積壓了 17,000 架飛機的訂單。這意味著老舊車隊正在老化，需要更多的備用零件。

And here, the solution of additive is exactly addressing the problem because you can print in hubs near the airports, and you solve problems. So take, for example, a seat that is broken, and this seat needs to be replaced, and you do not have the part. And if it is a business seat, it could be between $5,000 to $10,000 that the airline is losing on one flight.

而積層製造的解決方案恰好解決了這個問題，因為你可以在機場附近的樞紐進行列印，從而解決問題。例如，假設一個座椅壞了，需要更換，但你沒有所需的零件。如果是商務艙座位，航空公司在一趟航班上可能會損失 5000 到 10000 美元。

So recently, AM Craft certified, or qualified our Texas Stratasys Direct Manufacturing site to produce those certified parts. And in the short term, we're going to certify also our Arizona site and also our Minnesota site. And effectively, it will make Stratasys Direct Manufacturing the largest service bureau for certified aviation parts worldwide, where, of course, the U.S. is the biggest market. And essentially, it creates a distributed network for on-demand production of spare parts. It takes time to build this infrastructure, but once you are there, it's a new world of production and maintenance. This is our focus, and this is only one example out of five use cases.

最近，AM Craft 對我們的德州 Stratasys Direct Manufacturing 工廠進行了認證或資格審查，使其能夠生產這些認證零件。短期內，我們還將認證我們在亞利桑那州的站點和我們在明尼蘇達州的站點。實際上，這將使 Stratasys Direct Manufacturing 成為全球最大的認證航空零件服務機構，而美國當然也是最大的市場。從本質上講，它創建了一個按需生產備件的分散式網路。建造這樣的基礎設施需要時間，但一旦建成，生產和維護就進入了一個全新的世界。這是我們關注的重點，而這只是五個用例中的一個例子。

Yep. Understood. Okay. And then my second question on consumables, it's trending down a little bit on a year-over-year basis through the first nine months. I know at one point, we were thinking a little bit of growth this year. Is that still the case or what's sort of the implied revenue range for Q4 for consumables specifically?

是的。明白了。好的。關於消耗品，我的第二個問題是，前九個月的消耗品價格比去年同期略有下降。我知道我們一度考慮今年實現一些成長。情況仍然如此嗎？或者說，第四季消費品業務的預期收入範圍大概是多少？

Consumables practically, this year, are flat or stable. This is despite the challenging environment that we all see around us in terms of constraint on expenses because we have a resilient model there where people keep buying our material. There will be a change because I'm trying to connect it to our focus on use cases, manufacturing use cases. Every manufacturing machine consumes much more than a prototyping machine. It's not a secret that we are not focusing on our install base in entry-level rapid prototyping, in low-end rapid prototyping.

今年，消耗品價格基本持平或保持穩定。儘管我們周圍的環境充滿挑戰，支出受到限制，但我們仍然擁有一個具有韌性的商業模式，人們會持續購買我們的產品。將會有一些變化，因為我正在嘗試將它與我們對用例、製造用例的關注聯繫起來。每台生產型機器的能耗都遠高於一台原型製作機。眾所周知，我們並沒有將重點放在入門級快速原型製作和低階快速原型製作的安裝基礎上。

So we are not focusing there. It means that someone else will sell in the future to this install base. We are focusing on the high-end, on those use cases that consume sometimes 10 times more in terms of utilization and consumption of material than a rapid prototype machine. And because we are selling more F3300 to this media company and more H350 and more FDM and P3 and SLA, large machines, really industrial machines, we will see gradually consumption going up

所以我們不會把重點放在那裡。這意味著未來會有其他人向這部分用戶銷售產品。我們專注於高端市場，專注於那些在材料利用率和消耗方面有時比快速原型機高出 10 倍的應用情境。由於我們向這家媒體公司銷售了更多F3300、更多H350、更多FDM、P3和SLA等大型機器，真正的工業級機器，我們將看到消費量逐漸上升。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Maybe to start out with Eitan here, OpEx, $62 million on a non-GAAP basis. Do you expect that to start to grow now on a sequential go-forward basis or are we still doing kind of cost cuts and cost controls here?

或許可以先從 Eitan 的情況說起，營運支出（OpEx）以非 GAAP 準則計算為 6,200 萬美元。您預計這種情況會開始逐步成長，還是我們仍在進行成本削減和成本控制？

Sure. As you mentioned, if you compare year-over-year, we're at $69.6 million Q3 last year. We're down to $62 million. I believe we shared with you quarter after quarter the tight management of our OpEx, and we continue to do that. I actually expect Q4 to trend slightly down relative to Q3 in OpEx terms, but we continue to invest, of course. So going forward, we will balance between tight cost management and, of course, securing our growth engine and investing in R&D and sales and marketing.

當然。正如您所提到的，如果與去年同期相比，我們去年第三季的營收為 6,960 萬美元。我們現在只剩下 6200 萬美元了。我相信我們每季都向你們展示了我們對營運支出的嚴格管理，我們將繼續這樣做。實際上，我預計第四季度營運支出將比第三季略有下降，但我們當然會繼續投資。因此，展望未來，我們將在嚴格的成本控制和確保成長引擎以及投資研發、銷售和行銷之間取得平衡。

Got it. Okay. Maybe for Yoav here, on the production applications, I've always been told that the material pricing is the biggest variable in the price per part. Can you just talk about pricing structure? How do you just thoughts on forward gross margins on materials too with maybe potential pricing structures on material pricing?

知道了。好的。也許對 Yoav 來說，在生產應用方面，我一直聽說材料價格是影響零件單價的最大變數。能談談定價結構嗎？您對原物料的預期毛利率以及潛在的原物料定價結構有何看法？

Definitely, this is one of the areas we are making investment and making sure that we will differentiate ourselves because we are creating scale in material. So we are acquiring material players, you know it, and we are consolidating the back operation and making sure that we are creating the scale and coming with more affordable materials.

當然，這是我們投資的領域之一，我們正在努力確保自己與眾不同，因為我們正在材料領域創造規模。所以，我們正在收購一些重要企業，你們也知道，我們正在整合後台運營，確保我們能夠擴大規模，並提供更實惠的材料。

Having said that, the high-performance material in most of the applications that we are targeting is not a barrier. So if I take aerospace, high-performance material, the barrier is certifications and not the cost of the material because we are solving such a huge problem in aerospace that we have enough space to charge. But we understand that long-term, this is something that we need to work on year-over-year over year, and we are doing it. And you will see gradually that we are improving the material prices in order to penetrate more applications.

也就是說，我們所針對的大多數應用領域中的高性能材料並不是障礙。所以，以航空航太領域的高性能材料為例，障礙在於認證，而不是材料成本，因為我們正在解決航空航太領域如此巨大的問題，我們有足夠的空間去收費。但我們明白，從長遠來看，這是我們需要年復一年努力的事情，而我們正在這樣做。你會逐漸看到，我們正在降低材料價格，以便滲透到更多應用領域。

Alek Valero, Loop Capital Markets.

Alek Valero，Loop Capital Markets。

Yeah. I wanted to ask, can you speak to how big you view the dental opportunity now and how much you think you can capture there? Additionally, any details on timing?

是的。我想問一下，您認為目前牙科市場的發展機會有多大，以及您認為自己能從中獲得多少份額？另外，時間安排有什麼細節嗎？

So of course, we are not sharing specific numbers around specific applications. But I can only share on dental that we lately recruited probably one of the most talented digital dental experts in the world, Chris Kabot. He came from Affordable Care, which are the largest denture player in the U.S. And you just do one by one. He selected us because of the technology and the prospects of our technology going forward.

所以，我們當然不會透露具體應用的具體數據。但我只能透露，在牙科領域，我們最近聘請了可能是世界上最有才華的數位牙科專家之一——克里斯·卡博特。他來自平價醫療集團（Affordable Care），這是美國最大的假牙生產商。你只需要一個一個做。他選擇我們是因為我們的技術以及我們技術的未來發展前景。

We have a clear plan there. We know exactly what we are doing, where we need to focus. It is about restorative dental. It is about specific use cases that we can win with our two unique technologies, the PolyJet and the P3.

我們在這方面有明確的計劃。我們非常清楚自己在做什麼，需要把重點放在哪裡。這是關於牙齒修復的。關鍵在於我們如何利用我們兩種獨特的技術——PolyJet 和 P3——贏得具體的應用案例。

And as it is being reflected already, we have already two of the leading U.S. providers, Affordable Care and Glidewell, are already our customers. So it is the main focus for us. We are very positive about it. We believe that we have the most superior offering in terms of color, options, lightweight, cost. We take it forward. This is, for us, the way forward. It is personalization. It is customization. It is all the value that additive brings with the unique innovations that Stratasys is bringing to the table.

正如目前的情況所表明的那樣，我們已經擁有兩家美國領先的醫療保險公司——Affordable Care 和 Glidewell——作為我們的客戶。所以這是我們關注的重點。我們對此非常樂觀。我們相信，就顏色、選擇、輕盈性和成本而言，我們的產品是最優越的。我們繼續推進。對我們來說，這就是前進的方向。這是個性化。這是定制化。它融合了積層製造的所有價值，以及 Stratasys 帶來的獨特創新。

Super helpful on that. Just a follow-up. On the purchase of four of your F3300s by an AI social media company, which sounds like Meta, do you foresee any future purchases? And additionally, I believe you said that the initial use is for prototyping with a plan to manufacture production parts. If and when they reach the point of manufacturing, what does that look like for you in terms of incremental products and software purchases?

非常有幫助。補充一下。一家人工智慧社群媒體公司（聽起來像是 Meta）購買了您的四台 F3300，您預計未來還會有其他採購嗎？此外，我相信您說過，最初的用途是製作原型，並計劃生產生產零件。如果他們最終進入生產階段，那麼在產品增量和軟體採購方面，這對您來說意味著什麼？

Of course, we cannot share the name of the customer but we can share the prospect of the application. We are very excited about it from two aspects or from two different viewpoints. One, the potential is huge. The other, we have been chosen from many other competitors after a very long sales cycle, which is a proof point to our capabilities in high-end FDM.

當然，我們不能透露客戶的姓名，但我們可以分享一下申請的前景。我們從兩個方面或兩個不同的角度對此感到非常興奮。第一，潛力大。另一方面，經過漫長的銷售週期，我們從眾多競爭對手中脫穎而出，這證明了我們在高端FDM領域的能力。

The F3300 is not a story. It went through certification. It went through tests. We printed benchmarks, the same with Aerospace, by the way. And we are talking about those companies who want to create capabilities where they start with prototyping, but immediately they can use the same machine for manufacturing, which is a huge advantage in terms of speed and being in the market before their competitors. So this is the main thing business-wise that they see in our technology.

F3300 不是一個故事。它通過了認證。它經過了測試。順便一提，我們印製了基準測試結果，航空航太領域也是如此。我們談論的是那些希望建立起從原型製作開始，但可以立即使用同一台機器進行生產的公司的業務，這在速度和搶佔市場方面具有巨大的優勢。所以，從商業角度來看，這就是他們看中我們技術的主要價值。

This concludes the question-and-answer session. I would like to turn the floor back over to Yoav Zeif for closing comments.

問答環節到此結束。現在我把發言權交還給 Yoav Zeif，讓他做總結發言。

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

感謝您的參與。期待下季再次向您報告最新情況。

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。您可以在此時斷開線路。感謝您的參與。