Stratasys Ltd. (SSYS) 2025 Q4 法說會逐字稿

Good day and welcome to today's conference call to discuss Stratus's fourth quarter and full year 2025 financial results. My name is Donna, and I'm your operator for today. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加今天的電話會議，我們將討論 Stratus 2025 年第四季和全年的財務表現。我叫唐娜，我是您今天的接線生。（操作說明）提醒各位，本次會議正在錄音。

I would now 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，我將把電話交給 Stratasys 的首席傳播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 fourth quarter and full year 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 年第四季及全年的財務表現。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 and for the 2025 year, the latter of which will be filed with the SEC on or about today.

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存在重大差異的風險，請參閱 Stratasys 公司 2024 年和 2025 年的 20-F 表格年度報告中討論或提及的風險因素，其中 2025 年的報告將於今天左右提交給美國證券交易委員會。

Please also refer to our operating and financial review and prospects for 2024 and 2025, which are included as item five of our annual reports on Form 20-F for 2024 and 2025.

另請參閱我們 2024 年和 2025 年的營運和財務回顧及展望，這些內容作為我們 2024 年和 2025 年 20-F 表格年度報告的第五項。

Please also see the press release that announces our earnings for the fourth quarter of 2025, which is attached as exhibit 99.1 to a report on Form 6-K that we are furnishing to the SEC today. Stratasys assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

另請參閱我們今天向美國證券交易委員會提交的 6-K 表格報告中的附件 99.1，該新聞稿公佈了我們 2025 年第四季度的收益情況。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 fourth quarter performance caps a year in which we successfully maintained our operational discipline, delivered solid cash flow generation, and protected our margin profile. Demonstrated once again the resilience that distinguishes Stratasys.

謝謝你，約拿。各位早安，感謝各位的參與。第四季業績為我們成功保持營運紀律、實現穩健現金流並保護利潤率的一年畫上了圓滿的句號。再次展現了 Stratasys 一貫的韌性。

Importantly, even in a market environment marked by macro spending constraints, we continued to improve our position and our focus target area. As we drove positive cash flow and profitability, setting us apart from our industry peers.

重要的是，即使在宏觀支出受限的市場環境下，我們仍然不斷提升自身地位，並擴大了重點目標領域。我們實現了正現金流和盈利能力，這使我們從業內同行中脫穎而出。

To that end, as we share each year, in 2025, we generated 37.5% of our revenues from manufacturing, up from 36% in 2024, and from just over 25% when we started fracking in 2020. We expect to see this percentage continue to grow every year, which we see as a key driver of consumable utilization to help deliver increased margins.

為此，正如我們每年所分享的那樣，2025 年，我們 37.5% 的收入來自製造業，高於 2024 年的 36%，而 2020 年我們開始進行水力壓裂時，這一比例僅略高於 25%。我們預計這一比例將逐年成長，我們認為這是提高耗材利用率、從而實現更高利潤率的關鍵驅動因素。

Throughout 2025, our focus on additive manufacturing, delivering compelling solutions relative to conventional production, resulted in robust customer engagement that was strategically focused. We have made meaningful progress building on the foundational infrastructure of our highest value target use cases, which notably grew in revenue year-over-year led by aerospace and defense as well as automotive tooling, dental and medical.

2025 年全年，我們專注於積層製造，提供相對於傳統生產方式更具吸引力的解決方案，從而實現了策略性、目標明確的、強有力的客戶互動。我們在建立最高價值目標用例的基礎架構方面取得了實質進展，這些用例的收入同比增長顯著，其中航空航天和國防以及汽車工具、牙科和醫療行業的增長尤為突出。

These are not transient opportunities. They represent durable competitive advantages, that position us for sustained leadership as market conditions normalize.

這些並非轉瞬即逝的機會。它們代表著持久的競爭優勢，使我們能夠在市場環境正常化後保持持續的領先地位。

Our long-term value strategy continues to center on the powerful megatrends reshaping global manufacturing: increasing aerospace and defense budgets, the corporate drive for efficiency, cost optimization, supply chain localization and onshoring, next generation mobility platforms, advancing sustainability mandates, and mass personalization. These secular forces have intensified, and they align directly with additive manufacturing’s core strengths.

我們的長期價值策略繼續以重塑全球製造業的強大大趨勢為中心：不斷增長的航空航天和國防預算、企業對效率的追求、成本優化、供應鏈本地化和回流、下一代移動平台、推進可持續發展要求以及大規模個性化。這些世俗力量不斷增強，並且與積層製造的核心優勢直接契合。

Our commitment to innovation remains unwavering, supported by a strong balance sheet and continued R&D investment. Our cutting edge products, materials, and software capabilities cement our industry leadership.

我們對創新的承諾始終堅定不移，這得益於我們強勁的資產負債表和持續的研發投入。我們先進的產品、材料和軟體能力鞏固了我們在業界的領先地位。

As we enter 2026, we do so with proven operational excellence, strategic clarity and the technology portfolio to capitalize on the inevitable return of customer spending.

進入 2026 年，我們憑藉著卓越的營運能力、清晰的策略方向和技術組合，把握住客戶支出必然回升的機會。

Importantly, in the fourth quarter, we delivered $9.2 million in adjusted EBITDA, a 6.6% margin, and $0.07 in adjusted EPS. We remain confident that when capital spending constraints ease, our operational efficiencies will result in sustainably higher profitability in coming years.

重要的是，在第四季度，我們實現了 920 萬美元的調整後 EBITDA，利潤率為 6.6%，調整後每股收益為 0.07 美元。我們仍然相信，隨著資本支出限制的放鬆，我們的營運效率將在未來幾年帶來持續更高的獲利能力。

We continue to maintain a healthy balance sheet of $244.5 million in cash and equivalents and no debt. This provides stability and optionality that will support our growth through both organic investments and accretive acquisition opportunities.

我們繼續保持健康的資產負債表，擁有 2.445 億美元的現金及等價物，且無任何債務。這將提供穩定性和選擇權，透過內生式投資和增值收購機會來支持我們的成長。

Stratasys is a world leader in industrial polymer 3D printing for high requirement use cases. We provide comprehensive solutions that include innovative reliable hardware, the largest portfolio of materials in the industry, award winning software, post-processing and a full suite of services and support for complete end to end workflow solutions.

Stratasys是工業聚合物3D列印的全球領導者，致力於滿足高要求應用情境的需求。我們提供全面的解決方案，包括創新可靠的硬體、業內最豐富的材料組合、屢獲殊榮的軟體、後處理以及全套服務和支持，以實現完整的端到端工作流程解決方案。

Our leading example of high-requirement is aerospace and defense. It is our largest contributing target sector, highlighted in the fourth quarter by the announcement of our transformational partnership with Airbus, which produced over 25,000 flight ready parts

高要求的典型例子是航空航太和國防領域。這是我們貢獻最大的目標產業，第四季我們宣布與空中巴士建立變革性合作關係，生產了超過25,000個可直接用於飛行的零件，這充分體現了該產業的實力。

last year using our ULTEM 9085 filament. This brings the total certified Stratasys parts in active service at Airbus to more than 200,000 across the A320, the A350, and A400M aircraft. This collaboration demonstrates true production scale additive manufacturing, delivering 43% weight reduction, 85% lead time reduction, and eliminating minimum order quantities, while enabling distributed manufacturing that reduces aircraft downtime and supply chain risk.

去年我們使用了我們的ULTEM 9085耗材。這使得在空中巴士A320、A350和A400M飛機上投入使用的Stratasys認證零件總數超過20萬件。此次合作展示了真正的生產規模增材製造，實現了 43% 的重量減輕、85% 的交貨時間縮短，並取消了最低訂購量，同時實現了分散式製造，從而減少了飛機停機時間和供應鏈風險。

Beyond Airbus, we are seeing comprehensive solution adoption across the commercial sector. Boeing’s 737 Innovation Center purchased two of our newest F3300 printers for production tooling in the fourth quarter. And another leading aircraft manufacturer acquired two more F900s for flight grade parts, increasing their fleet to nine Stratasys systems.

除了空中巴士之外，我們看到整個商業領域都在全面採用這種解決方案。波音公司的 737 創新中心在第四季度購買了兩台我們最新的 F3300 印表機用於生產工具。另一家領先的飛機製造商又購入了兩台 F900 用於飛行級零件，使其 Stratasys 系統機隊規模擴大到九台。

We also secured strong sales to several major US drone companies for applications such as parts production and wind tunnel testing, with expanded demand from non-traditional defense primes in unmanned and space sectors.

我們也向幾家主要的美國無人機公司取得了強勁的銷售業績，產品應用於零件生產和風洞測試等領域，同時來自無人和航太領域的非傳統國防主要供應商的需求也在不斷增長。

In fact, in 2025, our top three customers at our FDM parts manufacturing division are all large military drone suppliers. And our fourth quarter sales, spanning from startups to traditional primes, across multiple F3300 and F900 systems for flight grade parts, supported by high adoption of premium service contracts, position us at an inflection point where certified additive manufacturing is becoming a mainstream across aviation globally.

事實上，到 2025 年，我們 FDM 零件製造部門的前三大客戶都是大型軍用無人機供應商。我們第四季度的銷售額涵蓋了從新創公司到傳統主要供應商，涵蓋了用於飛行級零件的多個 F3300 和 F900 系統，再加上高級服務合約的高採用率，使我們處於一個轉折點，認證增材製造正在成為全球航空業的主流。

Automotive continues to demonstrate strong momentum, highlighted by major wins with leading manufacturers deploying our advanced technologies for production applications.

汽車產業持續保持強勁發展勢頭，我們與領先製造商達成的重大合作，將我們的先進技術應用於生產領域，這充分體現了我們所取得的成就。

Subaru of America became among the first customers to implement our new T25 high-speed head for the F770 printer, achieving over 50% reduction in tooling development time, 70% cost reduction in prototyping and tooling, and nearly twice the printing speed on large parts compared to standard heads. This breakthrough enabled Subaru to consolidate production in-house, improving repeatability while reducing reliance on outsourced manufacturing with 8-to-12-week lead times.

美國斯巴魯公司成為首批在 F770 列印機上採用我們新型 T25 高速列印頭的客戶之一，與標準列印頭相比，該列印頭使模具開發時間縮短了 50% 以上，原型製作和模具成本降低了 70%，並且在大零件上的列印速度幾乎提高了一倍。這項突破使Subaru能夠將生產整合到內部，提高了可重複性，同時減少了對外包生產的依賴，縮短了 8 到 12 週的交貨週期。

Additionally, Rivian's extensive deployment of 28 Stratasys systems demonstrates our technology's scalability, with their F900 systems operating at over 90% utilization, and newer F3300s delivering nearly twice the printing speed, processing 6,000 requests annually, equaling tens of thousands of parts used in product development, tooling and production

此外，Rivian公司大規模部署的28套Stratasys系統也充分展現了我們技術的可擴充性。他們的F900系統利用率超過90%，而更新的F3300系統列印速度幾乎翻了一番，每年可處理6000個請求，相當於數萬個用於產品開發、模具製造和生產的零件。

And we are proud to congratulate our performance partner McLaren Formula One on winning the 2025 Constructors' and Drivers' Championships, where they leveraged our SLA, FDM, and PolyJet technologies to support race-winning innovation.

我們很自豪地祝賀我們的性能合作夥伴麥克拉倫一級方程式車隊贏得 2025 年車隊和車手總冠軍，他們利用我們的 SLA、FDM 和 PolyJet 技術支持了贏得比賽的創新。

These partnerships exemplify how automotive manufacturers are integrating additive manufacturing into production workflows. From Formula One racing innovation to electric vehicle manufacturing, positioning us strongly within the rapidly evolving automotive market.

這些合作關係體現了汽車製造商如何將積層製造技術融入生產流程中。從一級方程式賽車創新到電動車製造，這使我們在快速發展的汽車市場中佔據了強大的地位。

Now let me touch on some recent partnership updates. Evidencing our progress in workflow solutions, we have partnered with Novineer, a leading generative modeling, design and simulation software company, to integrate the NoviPath simulation technology into our GrabCAD printer. This creates the industry's first complete validated workflow for FDM that no other 3D printer manufacturer offers.

現在讓我談談最近的一些合作關係進展。為了證明我們在工作流程解決方案方面的進展，我們與領先的生成式建模、設計和模擬軟體公司 Novineer 合作，將 NoviPath 模擬技術整合到我們的 GrabCAD 印表機中。這為FDM行業創造了首個完整的、經過驗證的工作流程，這是其他任何3D列印機製造商都無法提供的。

This eliminates costly trial and error testing, reducing validation time from weeks to hours, with early customers achieving up to 35% weight reductions on load bearing parts. The solution positions Stratasys as the production ready additive manufacturing leader, with early access launching in Q2 2026 for F3300, F900, and Fortus 450mc systems.

這樣就省去了代價高昂的反覆試驗，將驗證時間從幾週縮短到幾小時，早期客戶在承重部件上實現了高達 35% 的減重。該解決方案將 Stratasys 定位為生產就緒型增材製造領域的領導者，F3300、F900 和 Fortus 450mc 系統將於 2026 年第二季率先推出早期存取權限。

We also recently announced two new partnerships. We launched our postprocessing partnership program with PostProcess technologies, a company revolutionizing additive manufacturing with the only automated and intelligent post processing solutions for 3D printed parts.

我們最近也宣布了兩項新的合作關係。我們與 PostProcess technologies 啟動了後處理合作夥伴計劃，該公司憑藉其唯一的自動化和智慧化的 3D 列印零件後處理解決方案，徹底改變了增材製造業。

As the first partner in this area of focus, they enable customers to purchase validated post processing equipment through a single Stratasys order alongside our system. This simplifies procurement reduces risk and addresses the complexity of manual post processing by providing an integrated solution guaranteeing compatibility across our FDM, PolyJet, SLA, and P3 technologies. This alignment positions us to capture more value across the entire additive manufacturing workflow.

作為該領域的首家合作夥伴，他們使客戶能夠透過單一的 Stratasys 訂單以及我們的系統購買經過驗證的後處理設備。這簡化了採購流程，降低了風險，並透過提供整合解決方案解決了手動後處理的複雜性，保證了與我們的 FDM、PolyJet、SLA 和 P3 技術的兼容性。這種協同效應使我們能夠在整個積層製造工作流程中獲得更多價值。

And on the go to market front, we recently partnered with Hawk Ridge Systems, a leading, award-winning provider of additive manufacturing and engineering and manufacturing tools, technology, services, and training in the US and Canada. The collaboration will expand market reach by adding our PolyJet, SLA, and P3 technologies to their portfolio as we target aerospace, automotive, medical, and industrial customers. This collaboration leverages Hawk Ridge's application expertise and customer proximity to accelerate adoption of our industrial printer suite, strengthening our Americas sales capabilities and driving industrial additive manufacturing momentum.

在行銷方面，我們最近與 Hawk Ridge Systems 建立了合作關係。 Hawk Ridge Systems 是美國和加拿大領先的、屢獲殊榮的積層製造和工程製造工具、技術、服務和培訓提供者。此次合作將透過把我們的 PolyJet、SLA 和 P3 技術添加到他們的產品組合中來擴大市場覆蓋範圍，我們的目標客戶是航空航太、汽車、醫療和工業領域的客戶。此次合作利用 Hawk Ridge 的應用專業知識和與客戶的緊密聯繫，加速我們工業印表機套件的普及，增強我們在美洲的銷售能力，並推動工業增材製造的發展勢頭。

Building on the success of our industrial customer advisory board, which has brought together 14 manufacturing leaders such as Boeing, Toyota, Lockheed-Martin and TE Connectivity to advance additive manufacturing at scale, Stratasys has also established a New Medical Advisory Board. Both are focused on strengthening collaboration with industry leaders to drive innovation, to accelerate the adoption of 3D printing in their respective industries.

Stratasys 在其工業客戶顧問委員會取得成功的基礎上，該委員會匯集了波音、豐田、洛克希德·馬丁和泰科電子等 14 家製造企業領導者，以推動大規模增材製造的發展，並成立了新的醫療顧問委員會。兩者都致力於加強與行業領導者的合作，以推動創新，加速 3D 列印技術在其各自行業中的應用。

This new medical-focused board convenes clinical and Medtech experts in healthcare. The board is focusing on the unique requirements of medical grade applications, regulatory alignment and patient outcomes.

這個新成立的以醫療為重點的委員會匯集了醫療保健領域的臨床和醫療技術專家。董事會重點關注醫療級應用的獨特要求、監管協調和患者療效。

Initial members include eight senior executives from leading medical technology companies such as Medtronic, the world’s largest medical device manufacturer, and Edwards Lifesciences, a global leader in structural heart disease and critical care technologies, alongside other organizations spanning pharmaceuticals, cardiology, orthopedics, and clinical education.

首批成員包括來自全球最大的醫療器材製造商美敦力公司和結構性心臟病和重症監護技術領域的全球領導者愛德華生命科學公司等領先醫療技術公司的八位高級管理人員，以及其他涵蓋製藥、心臟病學、骨科和臨床教育等領域的組織。

To sum up, time and again, some of our most exciting use cases are in the most demanding environments. And under the most unforgiving conditions. This includes aerospace and defense applications and advanced manufacturing workflow across a multitude of industrial sectors.

總而言之，我們最令人興奮的應用案例往往出現在要求最嚴苛的環境中。而且是在最嚴酷的條件下。這包括航空航太和國防應用以及眾多工業領域的先進製造工作流程。

We continue to deliver differentiated products and solutions to customers as we further penetrate production applications at scale, supported by strategic partnerships that provide complete end to end additive manufacturing solutions, including simulation, postprocessing, and expanded channel reach.

我們持續為客戶提供差異化的產品和解決方案，進一步大規模滲透到生產應用領域，並透過策略合作夥伴關係提供完整的端到端增材製造解決方案，包括模擬、後處理和擴大的通路覆蓋範圍。

The stage is set for sustained growth based on accelerated adoption of additive manufacturing in mission critical applications, where customers are achieving measurable operational improvements and moving beyond prototyping to true production scale manufacturing.

隨著積層製造技術在關鍵任務應用中的加速普及，客戶正在獲得可衡量的營運改進，並從原型製作過渡到真正的生產規模製造，因此，持續成長的條件已經具備。

I will now turn the call over to Eitan to share the financial results and our initial outlook for 2026. Eitan?

現在我將把電話交給 Eitan，讓他分享財務表現和我們對 2026 年的初步展望。伊坦？

Thank you, Yoav, and good morning, everyone. Our fourth quarter results underscore the operational discipline and financial resilience we have built throughout 2025.

謝謝你，約阿夫，大家早安。我們的第四季業績凸顯了我們在2025年全年所建立的營運紀律和財務韌性。

Despite persistent revenue headwinds and margin pressures that characterized the year, we delivered positive adjusted operating income and adjusted EBITDA, strong operating cash flow generation, and solid adjusted earnings per share for the full year. This performance reflects the sustained benefits of the cost control initiatives implemented in mid-2024, which are now fully embedded in our operating model, as well as our team's continued focus on execution and efficiency.

儘管本年度持續面臨收入逆風和利潤率壓力，但我們仍實現了正的調整後營業收入和調整後 EBITDA、強勁的經營現金流以及穩健的調整後每股收益。這項業績反映了自 2024 年年中實施的成本控制措施所取得的持續成效，這些措施現已完全融入我們的營運模式，同時也反映了我們團隊對執行力和效率的持續關注。

The diversification of our revenue streams continues to provide stability through the cycle and distinguishes our financial profile relative to peers in the sector. As we look to 2026, we remain committed to maintaining this operational rigor while preserving the strategic investments necessary to sustain our technology leadership position.

我們收入來源的多元化持續為企業在周期中提供穩定性，並使我們的財務狀況在同行業同行中脫穎而出。展望 2026 年，我們將繼續致力於維持這種營運嚴謹性，同時保留必要的策略投資，以維持我們的技術領先地位。

For the fourth quarter, consolidated revenue of $140 million was down 6.9% as compared to the same period last year. Product revenue in the fourth quarter fell to $97.6 million compared to $105.1 million in the same period last year.

第四季度，公司合併收入為 1.4 億美元，比去年同期下降 6.9%。第四季產品營收下降至 9,760 萬美元，去年同期為 1.051 億美元。

Within product revenue, system revenue was $37.8 million, 18% higher sequentially from the third quarter. This compares to $46.7 million in the same period last year, as constrained capital budgets continued to impact customer buying behavior for new systems.

在產品收入方面，系統收入為 3,780 萬美元，比第三季成長 18%。相較之下，去年同期為 4,670 萬美元，原因是受限的資本預算持續影響客戶對新系統的購買行為。

Consumable revenue in the fourth quarter of $59.8 million, up 2.4% as compared to the same period last year. Service revenue was $42.4 million for the fourth quarter of 2025 compared to $45.3 million in the same period last year.

第四季消費品營收為 5,980 萬美元，比去年同期成長 2.4%。2025 年第四季服務收入為 4,240 萬美元，而去年同期為 4,530 萬美元。

Within service revenue, customer support revenue was $29.6 million compared to $30.6 million in the same period last year.

在服務收入中，客戶支援收入為 2,960 萬美元，而去年同期為 3,060 萬美元。

For the full year 2025, consolidated revenue was $551.1 million compared to $572.5 million in 2024. Product revenue in 2025 was $380.3 million compared to $392 million in 2024. Within product revenue, system revenue in 2025 was $131.6 million compared to $140.3 million in 2024.

2025 年全年合併收入為 5.511 億美元，而 2024 年為 5.725 億美元。2025 年產品收入為 3.803 億美元，而 2024 年為 3.92 億美元。在產品收入方面，2025 年系統收入為 1.316 億美元，而 2024 年為 1.403 億美元。

Consumables revenue was $248.7 million in 2025 compared to $261.7 million in 2024. For the full year 2025, service revenue was $170.8 million compared to $180.5 million in 2024. Within service revenue, customer support revenue in 2025 was $119 million compared to $124.7 million in 2024.

2025 年耗材收入為 2.487 億美元，而 2024 年為 2.617 億美元。2025 年全年服務收入為 1.708 億美元，而 2024 年為 1.805 億美元。在服務收入方面，2025 年客戶支援收入為 1.19 億美元，而 2024 年為 1.247 億美元。

Now turning to gross margins. GAAP gross margin was 36.8% for the quarter compared to 46.3% for the same period last year, the result of higher restructuring charges, the tariff impact, lower revenues, and change in mix.

現在來看毛利率。本季 GAAP 毛利率為 36.8%，去年同期為 46.3%，這是由於重組費用增加、關稅影響、收入下降以及產品組合變化所致。

Non-GAAP gross margin was 46.3% for the quarter compared to 49.6% for the same period last year. The year-over-year change in gross margin was the result of the tariff impact, lower revenues, and change in mix.

本季非GAAP毛利率為46.3%，去年同期為49.6%。毛利率同比變化是關稅影響、收入下降和產品組合變化造成的。

GAAP gross margin was 41.2% for the full year 2025 compared to 44.9% for the same period last year. Non-GAAP gross margin was 46.9% for the full year as compared to 49.2% in 2024. The full year decline in non-GAAP gross margin was a result of the tariff impact, lower revenues, and change in mix.

2025 年全年 GAAP 毛利率為 41.2%，去年同期為 44.9%。全年非GAAP毛利率為46.9%，2024年為49.2%。全年非GAAP毛利率下降是由於關稅影響、收入下降和產品組合變化造成的。

GAAP operating expenses were reduced to an improved $72.2 million for the quarter compared to $79.4 million during the same period last year.

本季GAAP營運費用減少至7,220萬美元，去年同期為7,940萬美元。

And non-GAAP operating expenses were reduced to an improved $60.8 million compared to $65.2 million during the same period last year, reflecting the impact of cost saving initiatives, previously discussed.

與去年同期相比，非GAAP營運費用減少至6,080萬美元，而去年同期為6,520萬美元，這反映了先前討論過的成本節約措施的影響。

Non-GAAP operating expenses were flat at 43.4% of revenue for the quarter, compared to 43.4% for the same period last year. For the full year, non-GAAP operating expenses were 45.4% of revenues as compared to 48.4% in 2024, primarily due to the cost saving measures associated with the restructuring plan we announced in August 2024 that had a full year impact in 2025, as well as the additional cost initiatives we introduced in the second half of 2025.

本季非GAAP營運支出佔營收的43.4%，與去年同期持平，為43.4%。全年非GAAP營運費用佔收入的45.4%，而2024年為48.4%，這主要是由於我們在2024年8月宣布的重組計劃相關的成本節約措施對2025年產生了全年影響，以及我們在2025年下半年推出的其他成本控制措施。

In absolute dollar terms, non-GAAP operating expenses were $26.7 million lower in 2025 as compared to 2024, due in part to the cost saving measures from our restructuring plan.

以絕對美元計算，2025 年的非 GAAP 營運費用比 2024 年減少了 2,670 萬美元，部分原因是我們的重組計畫中的成本節約措施。

Regarding our consolidated earnings for the quarter. GAAP operating loss for the quarter was $20.8 million compared to an operating loss of $9.7 million for the same period last year. The change was due primarily to the lower gross profit, partially offset by the lower operating expenses.

關於我們本季的綜合收益。本季GAAP營業虧損為2,080萬美元，去年同期營業虧損為970萬美元。這項變更主要是由於毛利下降，但部分被營運費用下降所抵銷。

Non-GAAP operating income for the quarter was $4.1 million compared to $9.4 million for the same period last year, reflecting the lower gross profit, partially offset by the lower OpEx due to the cost saving measures associated with the restructuring plan.

本季非GAAP營業收入為410萬美元，去年同期為940萬美元，反映出毛利下降，部分被重組計畫相關的成本節約措施導致的營運支出下降所抵銷。

GAAP net loss for the quarter was $18.9 million, or $0.22 per diluted share compared to a net loss of $41.9 million or $0.59 per diluted share for the same period last year, which included the non-cash impairment charge of $30.1 million or $0.42 per diluted share related to the investment we made in Ultimaker as part of the merger with MakerBot.

本季 GAAP 淨虧損為 1,890 萬美元，即每股攤薄虧損 0.22 美元，而去年同期淨虧損為 4,190 萬美元，即每股攤薄虧損 0.22 美元，而去年同期淨虧損為 4,190 萬美元，即每股攤薄虧損 0.59 美元，其中包括與我們在與 MakerBot 合併時對 Ultimaker 進行的投資相關的 3010 萬美元（即每股盈餘 40.420.042 美元的非成本虧損。

Non-GAAP net income for the quarter of $6.2 million or $0.07 per diluted share, compared to net income of $8.5 million or $0.12 per diluted share in the same period last year.

本季非GAAP淨利為620萬美元，即每股攤薄收益0.07美元，去年同期淨利為850萬美元，即每股攤薄收益0.12美元。

Adjusted EBITDA was $9.2 million for the quarter compared to $14.5 million in the same period last year. This equates to 6.6% EBITDA margins compared to 9.6% in the fourth quarter of 2024.

本季調整後 EBITDA 為 920 萬美元，去年同期為 1,450 萬美元。這意味著 2024 年第四季的 EBITDA 利潤率為 6.6%，而 2024 年第四季的 EBITDA 利潤率為 9.6%。

Regarding our consolidated earnings for the full year 2025. GAAP operating loss was $72.5 million compared to a loss of $85.7 million for 2024. Non-GAAP operating income for the year was $8.3 million compared to $4.9 million in 2024. This equates to 1.5% non-GAAP operating margins compared to 0.9% in 2024.

關於我們 2025 年全年的合併收益。GAAP 營運虧損為 7,250 萬美元，而 2024 年的虧損為 8,570 萬美元。本年度非GAAP營業收入為830萬美元，而2024年為490萬美元。這意味著 2024 年的非 GAAP 營業利潤率為 1.5%，而 2024 年為 0.9%。

GAAP net loss for the year was $104.3 million or $1.28 per diluted share, compared to a net loss of $120.3 million or $1.70 per diluted share for last year. Non-GAAP net income for the year was $12.7 million, or $0.15 per diluted year, compared to $4.2 million or $0.06 per diluted share last year.

本年度以美國通用會計準則計算的淨虧損為 1.043 億美元，即每股攤薄虧損 1.28 美元，而上年淨虧損為 1.203 億美元，即每股攤薄虧損 1.70 美元。本年度非GAAP淨收入為1,270萬美元，即每股攤薄收益0.15美元，去年同期為420萬美元，即每股攤薄收益0.06美元。

Adjusted EBITDA was $28.5 million, 5.2% of revenue, compared to $26 million or 4.5% of revenue in 2024. The 9.6% increase reflects the improvement or decrease in operating expenses that more than offset the lower revenues and gross margins.

調整後的 EBITDA 為 2,850 萬美元，佔營收的 5.2%，而 2024 年為 2,600 萬美元，佔營收的 4.5%。9.6% 的成長反映了營運費用的改善或減少，足以抵消收入和毛利率的下降。

We generated $4.8 million of cash in our operations during the fourth quarter compared to $7.4 million in the same quarter last year. For the full year we generated $15.1 million of cash from operations compared to $7.8 million in 2024.

我們在第四季的營運中產生了 480 萬美元的現金，而去年同期為 740 萬美元。全年經營活動產生的現金流為 1,510 萬美元，而 2024 年預計為 780 萬美元。

We ended the year with $244.5 million in cash equivalents and short-term deposits, compared to $255 million at the end of the third quarter of 2025. Our balance sheet and cash generation profile remains strong, supporting our ability to capitalize on value enhancing opportunities.

截至年底，我們的現金等價物和短期存款為 2.445 億美元，而 2025 年第三季末為 2.55 億美元。我們的資產負債表和現金流狀況依然強勁，這為我們把握價值提升機會提供了有力保障。

Now let me turn to our outlook for 2026. We expect 2026 revenue to be in the range of $565 million to $575 million, with revenues growing sequentially each quarter through the year, resulting in higher revenues in the second half of the year as compared to the first.

現在讓我展望一下2026年。我們預計 2026 年的收入將在 5.65 億美元至 5.75 億美元之間，並且全年每季的收入都會逐年增長，因此下半年的收入將高於上半年。

For the year we expect consumable revenue in 2026 to increase over 2025. We also expect the 1st quarter to have the lowest revenue and profit margin profile on a relative basis to the rest of the year.

我們預計 2026 年的消費品收入將比 2025 年有所成長。我們也預計，與今年其他季度相比，第一季的收入和利潤率將是最低的。

Non-GAAP gross margin for 2026 is expected to be in the range of 46.7% to 47.1%, with the second half stronger than the first half, based primarily on the expected drive in revenue over the course of the year.

預計 2026 年非 GAAP 毛利率將在 46.7% 至 47.1% 之間，下半年將強於上半年，主要基於全年收入的預期成長。

In 2026, we expect our operating expenses to range between $260 million to $262 million. This outlook includes anticipated adverse impact from foreign exchange rates as compared to last year. Specifically, if current exchange rates hold for the full year, we expect approximately $10 million of adverse impact on our operating expenses.

預計到 2026 年，我們的營運支出將在 2.6 億美元至 2.62 億美元之間。這項展望包含了與去年相比，外匯匯率可能帶來的不利影響。具體而言，如果目前的匯率維持全年不變，我們預計這將對我們的營運支出產生約 1000 萬美元的不利影響。

Absent this factor, and the full year impact of increased tariffs, both of which are beyond our control, we would expect to deliver continued improvement in profitability for 2026.

如果沒有這一因素，以及關稅上漲帶來的全年影響（這兩件事我們都無法控制），我們預計 2026 年的獲利能力將繼續提高。

We expect operating income to be in the range of 0.7% to 1.5% of revenue, with the second half stronger than the first half, based on the anticipated rise in revenue throughout the year. We expect a GAAP net loss of $83 million to $67 million or $0.95 to $0.76 per diluted share, and non-GAAP net income of $8 million to $12.5 million, or $0.09 to $0.14 per diluted share for 2026.

我們預期營業收入佔營收的0.7%至1.5%，根據全年營收的預期成長，下半年業績將強於上半年。我們預計 2026 年 GAAP 淨虧損為 8,300 萬美元至 6,700 萬美元，即每股攤薄虧損 0.95 美元至 0.76 美元；非 GAAP 淨利潤為 800 萬美元至 1,250 萬美元，即每股攤薄至 0.09 美元。

Adjusted EBITDA for 2026 is expected to be in the range of 4.5% to 5% of revenue or $25 million to $30 million. This range includes approximately $17 million of combined adverse impacts from FX and tariffs and therefore not reflective of the higher profitability we would otherwise expect to deliver, particularly as we grow the topline.

預計 2026 年調整後 EBITDA 將佔營收的 4.5% 至 5%，即 2,500 萬美元至 3,000 萬美元。該範圍包含了外匯和關稅帶來的約 1700 萬美元的綜合不利影響，因此不能反映我們原本預期實現的更高盈利能力，尤其是在我們提高營收的情況下。

We expect our capital expenditures for 2026 to range between $20 million and 25 million. Finally, we expect to deliver positive operating cash flow for the full year, subject to uncertainty around FX effect and tariffs.

我們預計 2026 年的資本支出將在 2,000 萬美元至 2,500 萬美元之間。最後，我們預期全年將實現正的經營現金流，但需視匯率和關稅等不確定因素而定。

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 begin 2026 and look toward the future, we do so with confidence in our strategic positioning and the fundamental underpinning of our industry. Throughout 2025, we maintained the disciplined execution necessary to navigate challenging conditions while preserving our capacity to lead and increase profits when market dynamics improve.

謝謝你，伊坦。展望 2026 年的未來，我們對我們的策略定位和產業的基本面充滿信心。2025 年全年，我們保持了必要的嚴謹執行，以應對充滿挑戰的局面，同時保持了在市場動態改善時引領行業發展和提高利潤的能力。

The progress we are making in our target industries of aerospace and defense, automotive tooling, dental, medical applications, and precision industrial components reinforces our conviction that we have built the infrastructure for durable, profitable growth.

我們在航空航太和國防、汽車工具、牙科、醫療應用和精密工業零件等目標產業的進展，更加堅定了我們的信念，即我們已經建立了實現持久獲利成長的基礎設施。

Customer engagement remained substantive and strategically focused, and we continue to see encouraging signals that adoption timelines, while extended, are advancing toward inflection.

客戶參與度依然保持實質和策略性，我們不斷看到令人鼓舞的跡象，表明儘管採用時間表有所延長，但正在朝著轉折點邁進。

Our margin discipline and operational resilience have enabled us to protect profitability through the cycle. Combined with our strong balance sheet, this positions us to capitalize on inorganic opportunities that we continue to explore to sustain our technology leadership through continued strategic investment in the innovations that will define the next era of digital manufacturing.

我們嚴格的利潤率控制和營運韌性使我們能夠在整個經濟週期中保持獲利能力。結合我們強勁的資產負債表，這使我們能夠抓住不斷探索的非有機成長機會，並透過對定義下一代數位製造的創新進行持續的策略性投資，來維持我們的技術領先地位。

As an industry leader with a comprehensive portfolio, spanning systems, materials, and software, we have the capabilities, the customer relationships and the financial foundations to capitalize on the significant opportunities ahead.

作為擁有涵蓋系統、材料和軟體的全面產品組合的行業領導者，我們具備抓住未來重大機會的能力、客戶關係和財務基礎。

Our penetration into high value production applications continues to deepen. And we remain committed to maximizing long-term shareholder value as additive manufacturing's role in global production expands. I want to close by acknowledging our global team. Their dedication, professionalism, and relentless focus on customer success continue to drive the engagement and trust that position Stratasys for sustained leadership. We are excited about what 2026 and beyond holds for Stratasys.

我們在高價值生產應用領域的滲透力道不斷加深。隨著積層製造在全球生產中的作用不斷擴大，我們將繼續致力於實現股東長期價值最大化。最後，我要感謝我們的全球團隊。他們的奉獻精神、專業精神以及對客戶成功的不懈追求，持續推動客戶參與和信任度，使 Stratasys 保持持續的領先地位。我們對 Stratasys 在 2026 年及以後的發展充滿期待。

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

那麼，接下來我們開始接受提問，接線生。

(Operator Instructions)

（操作說明）

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

Hey, thanks, this is Danny Eggerichs on for Greg today. Appreciate you taking the questions. Maybe we could just start with aerospace and defense kind of the market that everyone wants exposure to right now. Any way to size up how big that market is for you?

嘿，謝謝，我是丹尼·埃格里奇，今天替格雷格為大家報道。感謝您回答這些問題。或許我們可以先從航空航太和國防市場著手，這是目前每個人都想涉足的市場。有什麼方法可以估算出這個市場有多大嗎？

And kind of think about the growth outlook moving forward especially with everything going on, increased spending and like you said some of these drone opportunities really starting to develop. So just feels like a really big opportunity there and just curious on how you're thinking about it on a on a larger scale.

而且，也要考慮未來的成長前景，尤其是在當前各種因素的影響下，支出增加，就像你所說，無人機領域的一些機會也開始真正發展起來。所以感覺這是一個非常好的機會，我很好奇你是如何從更大的層面看待這個問題的。

Thank you, Danny. It's Yoav. Well, we don't like wars, but over the years Stratasys developed the best polymer position in aerospace and defense by far. And what do I mean by position? It's all about having the right qualification and certification to have parts, flying parts and parts that are being used in the field, with a lot of experience, customer relationship and programs that we are running with those customers.

謝謝你，丹尼。是約阿夫。我們不喜歡戰爭，但多年來，Stratasys 在航空和國防領域建立了迄今為止最好的聚合物市場地位。我說的「位置」是什麼意思？關鍵在於擁有合適的資格和認證，才能擁有零件、飛行零件和現場使用的零件，同時還要具備豐富的經驗、良好的客戶關係以及與這些客戶共同開展的專案。

Just to give you a ballpark, this aerospace and defense, before we talk about the future, is the highest contribution in 2025 to our use cases and to our vertical, this is the largest vertical. And this is a great example of high requirement vertical where only companies like Stratasys can do it.

為了讓大家有個大致了解，在討論未來之前，航空航太和國防領域在 2025 年對我們的用例和垂直領域貢獻最大，這是最大的垂直領域。這是高要求垂直產業的絕佳例子，只有像 Stratasys 這樣的公司才能做到。

Because coming from the bottom, with good enough machines and printers is not good enough for qualified flying parts. And we have many trusted customers, and only in this call we mentioned Airbus, we mentioned Boeing, the two leaders in aviation.

因為從底層做起，擁有足夠好的機器和印表機，還不足以生產合格的飛行部件。我們有許多值得信賴的客戶，而且僅在這通電話中，我們就提到了空中巴士和波音，這兩家航空業的領導者。

Now, let's look at the future. What happened with the defense budget? It's a step-up change. It's a bit different across the globe because we are selling to defense both in Asia, in EMEA and America. I would say that when we look at the opportunity, the US is more advanced. And then Europe Is committed to unheard of budgets. But they are not there yet with programs, but it's coming.

現在，讓我們展望未來。國防預算發生了什麼事？這是一個進步。全球各地情況略有不同，因為我們的產品既銷往亞洲，也銷往歐洲、中東和非洲以及美洲的國防企業。我認為，從機會的角度來看，美國更勝一籌。然後，歐洲承諾實施前所未有的預算。但他們的專案還沒完成，不過正在朝著這個方向發展。

So I'll take as an example the drones. We have experience with companies that are leading this industry like General Atomics, so we are not coming to this growth era of defense and trying to build our credibility and trust. We are already there.

我就以無人機為例吧。我們與像通用原子公司這樣引領該行業的公司有過合作經驗，所以我們進入國防領域的這個成長時代，並不是要從零開始建立信譽和信任。我們已經到達那裡了。

And when you look at the US and just take the drone program. And our capabilities, both by the way, in printing parts with Stratasys direct manufacturing, but also with certified parts. It's a major, major future for us, and we put all our resources on it and develop unique end-to-end solution that will put additive as the main tool to build quickly drones. Both, on land but also in the field.

看看美國，就拿無人機計畫來說吧。順便一提，我們有能力使用 Stratasys 直接製造技術列印零件，也有能力列印經過認證的零件。這對我們來說是一個非常非常重要的未來，我們將所有資源投入其中，開發獨特的端到端解決方案，將積層製造作為快速製造無人機的主要工具。陸地上和田野裡都是如此。

And this is sustainable. This is not something that is… okay, we do it now and maybe tomorrow it will not be in place. It is a very sustainable growing market for us because it comes from the high requirements, from the qualifications, from the certifications that we already have.

而且這是可持續的。這不是……好吧，我們現在這樣做，也許明天它就失效了。對我們來說，這是一個非常永續成長的市場，因為它源自於我們已經擁有的高要求、資格和認證。

Add to it the fact that unfortunately, we have also a lot of experience with Israeli defense tech. Successful experience, and this is also another advantage that we are bringing - real field experience with parts -- with additive parts, for a new era of defense.

此外，不幸的是，我們在以色列國防技術方面也有很多經驗。成功的經驗，這也是我們帶來的另一個優勢——在零件方面擁有實際的現場經驗——尤其是在積層製造零件方面，為國防新時代做好準備。

Okay. Yeah, that's all good stuff. I appreciate the color there, maybe if I can just hit one last one on the guide here, good to see, a return to growth expected for this year. But maybe specifically as it, as it relates to kind of the FX and tariff impacts.

好的。是的，這些都是好東西。我喜歡那裡的顏色，也許我還能在這裡的指南上再畫上一個，很高興看到，預計今年會恢復生長。但或許更具體地說，是因為它與外匯和關稅的影響有關。

I think you said, you know what was implied in the FX is kind of the exchange rates you're seeing today, but. I guess both lumped in, are those both kind of assuming levels you're currently experiencing, or is there any, maybe worsening baked into those to provide a little level of conservatism just trying to get a feel for what's assumed here if either of these kind of dynamics changes throughout the year.

我想你說過，外匯交易隱含的意思就是你今天看到的匯率，但是。我想，如果把這兩者放在一起考慮，它們是否都基於您目前所經歷的水平，或者其中是否包含一些惡化的因素，以提供一定程度的保守估計？我只是想了解一下，如果這些動態中的任何一種在一年中發生變化，這裡假設的情況是什麼。

Yeah, thank you, Danny, for the question. That's great. Listen, I'll relate to the question about FX and tariffs, and just want to make sure that the, our investors and analysts understand we wanted to explain to touch on these two elements because there are changes in 2026 relative to 2025, and we wanted to make sure that, you know, we separate between the fundamentals of the business and items like FX, specifically the shekel, that change over time.

是的，謝謝你的提問，丹尼。那太棒了。聽著，關於外匯和關稅的問題，我想確保我們的投資者和分析師明白，我們想解釋一下這兩個因素，因為2026年相對於2025年會有一些變化，我們想確保將業務的基本面與外匯（特別是謝克爾）等隨時間變化的因素區分開來。

And in 2026 we see a very strong shekel that has a negative adverse impact on our results, but we wanted to also help you model how our results look like absent or excluding those items. With respect to the shekel, first I'll say that, as part of our strategy, we hedge certain currencies, mainly the shekel and the euro, that are more significant to our financials, to our operations.

2026 年，我們預計謝克爾將非常強勢，這將對我們的結果產生負面影響，但我們也想幫助您模擬在排除或不考慮這些因素的情況下，我們的結果會是什麼樣子。關於謝克爾，首先我要說，作為我們策略的一部分，我們對沖某些貨幣，主要是謝克爾和歐元，這些貨幣對我們的財務狀況和營運都更為重要。

With the Israeli shekel, naturally depends on the levels of that currency at the point of time that we try to hedge it. For 2026, if you'll check very quickly online, you'll see that the shekel is at the strongest, at the highest level for quite many years. So it's not the time to hedge it.

對於以色列新謝克爾而言，其匯率自然取決於我們嘗試對沖時該貨幣的水平。如果你快速上網查一下，你會發現 2026 年謝克爾匯率處於多年來的最高水平，是迄今為止最強勢的一年。所以現在不是採取對沖策略的時候。

During 2026, as the shekel weakens relative to the dollar, we will consider and may put hedges in place that will improve 2026 relative to the guidance that we provided you today, and we wanted to share with the audience to be able to model it properly.

2026 年，隨著謝克爾對美元走弱，我們將考慮並可能採取對沖措施，以改善 2026 年的預期，使其優於我們今天向您提供的指導。我們希望與大家分享這些訊息，以便能夠正確地進行建模。

James Ricchiuti, Needham and Co.

詹姆斯‧里基烏蒂 (James Ricchiuti)，李約瑟公司

Hi, thanks, so -- I appreciate the detail on the manufacturing business for 2025. Yeah, it looks like that business, the manufacturing business, based on the percentages you gave was flat, year-over-year versus 2024.

您好，謝謝，我非常感謝您提供的關於2025年製造業的詳細資訊。是的，根據你給的百分比來看，製造業這個產業似乎與2024年相比持平。

And just given the use cases you highlighted, I would have thought it would have been a bit better. So how do you see that going forward?

僅就你提到的使用場景而言，我認為情況會更好一些。那麼，您如何看待未來的發展呢？

Thank you, Jim, for the question. So, what we are experiencing here, and by the way, you are right, when we are looking at the overall, we are a bit higher than flat.

吉姆，謝謝你的提問。所以，我們現在所經歷的情況，順便說一句，你說得對，當我們從整體上看時，我們比平穩略高一些。

But what we are experiencing here, is practically a change in the market. So we are investing with programs with our customers, high-end customers in those high end -- high requirement applications like aerospace and defense, like dental, like medical, like tooling. And those customers, except of aerospace and defense, have a whole portfolio.

但我們現在所經歷的，實際上是市場的變化。因此，我們正在投資與客戶合作的項目，尤其是那些高端客戶在航空航太、國防、牙科、醫療、工具等高端高要求應用領域的項目。除了航空航太和國防領域之外，這些客戶擁有完整的產品組合。

Part of the portfolio is our key use cases, all of them grew. When I'm saying of use cases, it's a specific application like tooling for automotive, drones, we have a set of things for aerospace and defense. Aerospace and defense, as I said, the whole vertical group. But there are also other parts that are not part of the use cases, but they are part of manufacturing and part of the vertical.

投資組合的一部分是我們的關鍵用例，所有這些用例都實現了成長。我所說的應用案例，指的是具體的應用，例如汽車工具、無人機，我們還有一套用於航空航太和國防領域的產品。正如我所說，航空航天和國防，整個垂直領域。但還有一些零件不屬於用例，但它們是製造過程的一部分，也是垂直產業的一部分。

And when you have some CapEx constraint, by the way, mainly in industries like automotive. That the uncertainty didn't do good for them. Then you see some type of balancing. But overall, the target market, all of them grew.

順便說一句，當你面臨資本支出限制時，尤其是在汽車等行業。這種不確定性對他們來說並非好事。然後你會看到某種平衡狀態。但總體而言，目標市場全部都實現了成長。

And then you have the whole portfolio, and if it's enough when we have a large install base in manufacturing that in some parts of the install base there is less utilization or less CapEx, but it's not the mainstream, it's not the target market, but still we grew. Not a lot, but we grew.

然後，我們擁有整個產品組合，如果足夠的話，當我們在製造業擁有龐大的裝機基礎時，雖然部分裝機基礎的利用率較低或資本支出較少，但它不是主流，也不是目標市場，但我們仍然實現了增長。雖然不多，但我們確實成長了。

So I'm very optimistic we will keep consistently growing the ratio of our sales to manufacturing. I have no doubt about it because we are focusing on the right things and we have the right programs with our customers.

因此，我非常樂觀地認為，我們將繼續穩定地提高銷售額與生產量之比。我對此毫不懷疑，因為我們專注於正確的事情，我們為客戶制定了正確的方案。

Another significant effect that was on our sales to manufacturing was the shutdown of the government. The shutdown of the government in H2 had an impact on the pipeline. All those large deals were to manufacturing.

政府停擺也對我們面向製造業的銷售產生了重大影響。下半年政府停擺對管道運輸造成了影響。所有這些大宗交易都與製造業有關。

And we also mentioned those large deals in previous calls, but I have no doubt that they will come back. They only -- they were only pushed back, pushed forward, sorry. Nothing was dropped. Even despite the Macro headwind, despite the shutdown, despite some industries with challenging CapEx constraints, we grew. Not a lot, but we grew.

我們在先前的電話會議中也提到這些大宗交易，但我毫不懷疑它們還會捲土重來。他們只是——他們只是被推來推去，抱歉。沒有東西掉落。即使面臨宏觀經濟逆風、經濟停擺，以及一些產業面臨嚴峻的資本支出限制，我們依然實現了成長。雖然不多，但我們確實成長了。

And, so we're about what, a little over two months into Q1. I'm wondering if you could give us a sense as to, the demand trends you're seeing and maybe just how to think about the sequential, the seasonal. Normally you see some seasonality in Q1. Any color on that?

到現在，第一季已經過兩個多月了。我想請您談談您觀察到的需求趨勢，以及如何看待順序和季節性需求。通常第一季會有一些季節性波動。上面有顏色嗎？

Yeah, for sure. So, as we wrote in the guidance. We are seeing sequential growth over this year. And the sequential growth, by the way, in general, our Q1 is the weakest Q of the year. This is historically right, because Q4 usually is a stronger one.

是的，當然。正如我們在指南中所寫的。今年以來，我們看到業績持續成長。順便一提，就環比成長而言，我們第一季通常是全年最弱的季度。從歷史數據來看，這是正確的，因為第四季通常是業績較強勁的季度。

When we decided and we planned the year and we reflect it in our guidance, it's clear what's going to be -- what's going to happen over the year from our perspective, of course, you never know about uncertainty and things like tariffs and wars and all this.

當我們做出決定並製定年度計劃，並在我們的指導方針中體現出來時，很明顯，從我們的角度來看，這一年將會發生什麼——當然，你永遠無法預料不確定性以及關稅、戰爭等等事情。

But when we look forward, we see better government and defense demand. We see it now -- we started to see it in Q1, by the way, but there was this small shutdown and probably will have some type of impact.

但展望未來，我們看到政府和國防需求將會增加。我們現在看到了——順便說一句，我們在第一季就開始看到了，但當時發生了一次小規模的停工，可能會產生某種影響。

We also see the -- a plan of launching new products. Most of them in H2, so you will not see significant effect in Q1 and Q2, but those are really promising products addressing our use cases. And we have some new businesses that we acquired from the most important one is ex-Forward AM. We bought them, acquired them from insolvency. Practically they were not operational, but we’ll ramp them up during the year. So when you combine all this, you will see sequential growth quarter-over-quarter-over-quarter. With Q1 solid, but most of the growth will come as we move through the year.

我們也看到了——推出新產品的計畫。它們大多在下半年上市，因此在第一季和第二季不會產生顯著影響，但這些都是非常有前景的產品，可以滿足我們的使用需求。我們也收購了一些新業務，其中最重要的一家是前 Forward AM 公司。我們買下了它們，是從破產清算中購買的。實際上它們尚未投入使用，但我們將在年內逐步提高它們的運作效率。因此，綜合所有這些因素，你會看到季度環比增長。第一季表現穩健，但大部分成長將在接下來的時間內到來。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Hey, good morning. Thanks for taking my questions. First one, just, it's a -- it's, I think you made this clear, but I just want to make really make sure the midpoint of guidance implies about 3.5% revenue growth. And the midpoint of the guidance range implies about 4.5% growth in OpEX in 2026.

嘿，早安。謝謝您回答我的問題。首先，我想你已經說得很清楚了，但我還是想確認一下，業績指引的中點是否意味著約 3.5% 的收入成長。指導範圍的中點意味著 2026 年營運支出將成長約 4.5%。

And is that increase in OpEx related, can you kind of break down what that incremental OpEx is associated with? Is it mainly the shekel and the tariff impact, or are there other, modest series of, like areas of modest investment that are happening in '26?

營運支出增加是否與此相關？您能否詳細說明新增的營運支出都與哪些方面相關？主要原因是謝克爾匯率和關稅的影響，還是2026年還有其他一些規模較小的投資領域？

Yeah, thanks, Brian, for the question. So, the answer is quite simple. As you may recall, we introduced in the last couple of years, a few cost saving programs that save significant OpEX levels. If you go back to the 2020 -- two-, three-, four-years ago, we're a company of close to $300 million OpEX a year.

好的，謝謝你的提問，布萊恩。所以，答案很簡單。您可能還記得，在過去幾年裡，我們推出了一些成本節約計劃，這些計劃可以顯著降低營運成本。如果回顧 2020 年——也就是兩三年前，我們是一家年營運支出接近 3 億美元的公司。

And we're down in 2025 to actual OpEx of 250. The main increase, almost the only increase year-over-year for 2026, is driven by the shekel. That's why we also highlighted this today, and that's something that we consider naturally as temporary in nature relative to the FX cycles over time.

到 2025 年，我們的實際營運支出將降至 250。2026 年的主要成長，幾乎是全年唯一的同比增長，是由謝克爾推動的。這就是為什麼我們今天也重點強調了這一點，而且我們認為，相對於外匯週期而言，這自然是暫時的。

Got it. Thank you. And can you, just clarify exactly what you mean by mix when you talk about mix in the context of margin headwind that you saw in the quarter.

知道了。謝謝。您能否具體解釋一下，當您在談到本季利潤率逆風時，您所說的「混合」究竟是什麼意思？

Sure, so mix can be driven by two elements. It could be a mix within the hardware revenue. So we have, systems that come with very high gross margin, and we have systems that are still in the ramp up or less mature than others that come with a slightly lower gross margin.

當然，所以混音可以由兩個因素驅動。這可能是硬體收入的綜合體現。因此，我們有毛利率非常高的系統，也有仍在發展階段或成熟度低於其他系統的系統，這些系統的毛利率略低。

So that's one type of mix, and it's also the mix between hardware, consumable and services that come with different gross margins. Now, as you may recall, we have a huge portfolio of hardware, consumable and as well the services. So, it's a matter of changes within the products but nothing significant.

所以這是一種組合方式，也是硬體、耗材和服務之間毛利率不同的組合方式。您可能還記得，我們​​擁有龐大的硬體、耗材以及服務產品組合。所以，這只是產品內部的一些改動，但並不是重大變化。

Okay. Thank you very much.

好的。非常感謝。

Troy Jensen, Lake Street Capital Markets.

Troy Jensen，Lake Street Capital Markets。

Hey gentlemen, it's actually, Cantor Fitzgerald, as you know. But congrats on the good execution here in '25. Maybe a quick follow-up on Jim’s question earlier just about the production applications. I've always been told that material pricing is just the biggest variable.

嘿，先生們，其實我是康托·菲茨傑拉德，你們都知道的。但恭喜你們在 2025 年的出色表現。或許可以快速跟進一下 Jim 之前關於生產應用的問題。我一直聽說材料價格是最大的變數。

Just be curious if you guys feel like that's any type of a headwind in the adoption of additive or FDM in production. And tie that into if material sales were down year-over-year this year and is that a function of utilization or pricing?

我只是好奇你們是否覺得這會對積層製造或FDM技術在生產上的應用構成任何阻礙。如果今年材料銷售額較去年同期下降，這是利用率下降還是價格下降造成的？

Okay, maybe I'll start and then Eitan can add on the material sales. So let -- but let's start with a bit of perspective and thank you for the question, Troy.

好吧，也許我可以先開始，然後伊坦可以加上材料銷售的部分。那麼——但讓我們先從一些角度來看這個問題，謝謝你的提問，特洛伊。

Our strategy is very clear. We go and we are growing in high value, high requirement use cases. We have five like those within verticals that we believe are the verticals where Stratasys is shining, I mean we are the leader, to be honest.

我們的策略非常明確。我們不斷進軍高價值、高要求的應用場景，並不斷發展壯大。我們有五個類似的垂直領域，我們認為 Stratasys 在這些領域表現出色，說實話，我們是領導者。

And our key manufacturing use cases are the aerospace and defense, dental, medical, tooling and some industrial applications, and we grew significantly in those key four that I mentioned - significantly in 2025.

我們的主要製造應用案例包括航空航太和國防、牙科、醫療、工具和一些工業應用，我們在我提到的這四個關鍵領域都實現了顯著增長——2025 年實現了顯著增長。

Now add to it our execution capabilities. And -- any change in the market. We are ready because we have the leadership position in terms of the technology and the solution and the ability to deliver to our customers.

再加上我們的執行能力。以及——市場的任何變化。我們已經做好了準備，因為我們在技術和解決方案方面處於領先地位，並且有能力為客戶提供服務。

And also, by the way, when you talk about execution capabilities, we have also, it's a good time for capturing value creation opportunities. And once we see those, and this pent-up demand exists, how do I know?

另外，順便一提，說到執行能力，我們現在也是把握價值創造機會的好時機。一旦我們看到這些，而這種被壓抑的需求確實存在，我該如何知道呢？

Because what we see, and I didn't mention it to Jim. But it is important for the last three quarters, we see a decline in our sales cycles. What does it mean? That when we look at the closed/won, the deals that we closed, and we ask ourselves on average how long it took us to close those deals, there is a decline in the sales cycle, which --by the way till mid 2025, from end of '22, were just increasing.

因為我們看到了，但我沒有跟吉姆提起這件事。但值得注意的是，在過去的三個季度裡，我們的銷售週期出現了下滑。這是什麼意思？當我們查看已成交/已贏得的交易，並問自己平均花了多長時間完成這些交易時，銷售週期出現了下降——順便說一句，從 2022 年底到 2025 年年中，銷售週期一直在增加。

So, there is a demand there. It's coming. We are well positioned to be there. And the fact that we kept our position in manufacturing and growing it in the key use cases is also being reflected in our guidance because we are saying this year we will move from decline to growth.

所以，那裡是有需求的。它要來了。我們已做好充分準備。我們保持了在製造業的地位，並在關鍵應用領域實現了成長，這一事實也反映在我們的業績指引中，因為我們表示今年我們將從下滑轉為成長。

And look at our history. When we are saying something, we do everything to meet it. Because our guidance is saying, yes, there is a shift in our industry from rapid prototyping to manufacturing. We are leading this shift. We are improving profitability, and I will relate to your question about profitability and materials.

看看我們的歷史。我們一旦做出承諾，就會竭盡全力去實現它。因為我們的指導意見表明，是的，我們這個行業正在從快速原型製作轉向大規模生產。我們正引領這場變革。我們正在提高獲利能力，關於獲利能力和材料方面的問題，我將作解答。

And as a result, we will have better EBITDA. The fact that we are adjusting for $17 million for tariff and FX, this is really an exception because of the situation, the geopolitical situation, and what we are experiencing now.

因此，我們的 EBITDA 將會增加。鑑於目前的情況、地緣政治情況以及我們正在經歷的情況，我們不得不調整 1700 萬美元的關稅和外匯支出，這確實是一個例外。

But it's not sustainable. It's not the real value of the shekel, and tariff will be different long time. So when I'm looking at those use cases and I'm asking myself, okay, what is the future. The future is significantly higher utilization. A machine that is standing in one of our large corporate customers like GM or choose any, or Boeing or any manufacturing customer is consuming between 7 to 12 times more than an average rapid prototyping printer, and we have the data because we collect the data.

但這不可持續。這並非謝克爾的真實價值，而且關稅在很長一段時間內都會有所不同。所以當我審視這些用例並問自己，好吧，未來是什麼。未來利用率將顯著提高。像通用汽車、波音或任何其他製造企業這樣的大型企業客戶所使用的機器，其能耗是普通快速原型印表機的 7 到 12 倍，我們有這些數據，因為我們收集了這些數據。

So -- and maybe we need to sell it a little bit with lower prices. But to be honest, this -- there is no pressure there because those applications are so unique. They are coming where the parts are certified. You need to go through sometimes three or four years of qualifications, and then there is no alternative.

所以——或許我們需要稍微降低一下售價。但說實話，這方面並沒有什麼壓力，因為這些應用都非常獨特。他們會從零件經過認證的地方進貨。有時需要經過三到四年的資格認證，之後就沒有其他辦法了。

The customers know about the price, and the price if you print a part in a missile is not a real factor. And we are the leader in those areas, especially in aerospace and defense. And our secret weapon, going back to how we are penetrating there, is the customer relationship that we have in those areas.

客戶都知道價格，如果你印製的是導彈上的一個零件，價格就不是一個真正的考慮因素了。我們在這些領域處於領先地位，尤其是在航空航太和國防領域。而我們打入這些地區的秘密武器，就是我們與這些地區客戶建立的關係。

Customer relationship, I mean trust and credibility. From their perspective, we are the most reliable provider. Just lately with the Customer advisory board, one year of work together with our customers, we increased our reliability by 22% of our largest machines because we are focused on manufacturing.

客戶關係，我指的是信任和信譽。在他們看來，我們是最可靠的供應商。最近，在客戶顧問委員會的協助下，經過一年與客戶的共同努力，我們最大的機器的可靠性提高了 22%，因為我們專注於製造。

And the other factor of our secret weapon is our team. Because no doubt that the industry is going through a change, this shift to manufacturing, but we have the right teams to adapt on time.

我們秘密武器的另一個關鍵因素是我們的團隊。毫無疑問，產業正在經歷變革，向製造業轉型，但我們擁有合適的團隊，能夠及時適應。

Back to your question, material - if you focus on the high-performance material, higher utilization and all the value is there. Maybe another important data point. When you look at the material of the overall additive manufacturing polymers, 70% of the volume of material is low end consumer type entry level machines. But it's only 20% of the value. We are a value player. We want to capture the 80% of the value.

回到你的問題，關於材料——如果你專注於高性能材料，更高的利用率和所有價值都在那裡。或許這是另一個重要的數據點。當你觀察整個積層製造聚合物的材料時，你會發現 70% 的材料體積都來自低端消費級入門機器。但這只佔其價值的20%。我們是一家注重性價比的公司。我們希望獲得其中 80% 的價值。

I hope it was comprehensive enough.

我希望它足夠全面。

Yeah, thank you very much, gentlemen. Good luck this year.

是的，非常感謝各位先生。祝你今年好運。

Alek Valero, Loop Capital Markets.

Alek Valero，Loop Capital Markets。

Hey guys, thank you for taking my question. My first question is, last quarter you mentioned a large tech company purchased four F3300s for prototyping, with plans to move to production. Have they placed any follow-on orders and have they started the transition yet? Any update there? Thank you.

各位好，感謝你們回答我的問題。我的第一個問題是，上個季度您提到一家大型科技公司購買了四台 F3300 用於原型設計，並計劃投入生產。他們是否下了後續訂單？過渡工作是否已經開始？那邊有任何進展嗎？謝謝。

That's a great question. Thank you for the question. Unfortunately, we cannot share because this is confidential. I can just say that they are very happy with the solution. We cannot share anything that they are not approving, that they are not approving in advance.

這是一個很好的問題。謝謝你的提問。很遺憾，我們不能透露，因為這是機密資訊。我只能說他們對這個解決方案非常滿意。未經他們批准，我們不能分享任何他們事先沒有批准的內容。

Got it. No, understood. I guess I was just, my follow-up on SAF. I saw that you launched the PA12 qualification with Boeing, Raytheon and a few others last month. Just wanted, I just wanted to ask, what's the time to completion there and how do you size the revenue opportunity?

知道了。不，明白了。我想我只是在跟進SAF的情況。我看到你們上個月與波音、雷神和其他幾家公司一起啟動了 PA12 認證計畫。我只是想問一下，完成這個專案需要多長時間？如何評估收入機會？

It's a large revenue opportunity. We usually don't disclose exactly. It's a large revenue opportunity. Those are the programs, and this is only one out of many programs that we have with those large customers because we listen to them, we sit with them, they share with us their needs, and then we launch a program.

這是一個巨大的獲利機會。我們通常不會透露具體細節。這是一個巨大的獲利機會。這些就是我們的項目，而這只是我們與這些大客戶合作的眾多項目之一，因為我們會傾聽他們的意見，與他們坐下來，聽取他們的需求，然後我們才會啟動相應的項目。

Some programs are on software, some on materials, some on hardware. And it's a large opportunity and the qualification also depends on the class of the part.

有些程式是基於軟體的，有些是基於材料的，有些是基於硬體的。這是一個很大的機會，資格也取決於零件的等級。

So there are different classes of part, and it takes different time span, duration to qualify the part, it can go from one year to three years.

因此，零件有不同的等級，獲得認證所需的時間也不同，從一年到三年不等。

Got it. Thank you.

知道了。謝謝。

Thank you. At this time, I would like to turn the floor back over to Dr. Zeif for closing comments.

謝謝。此時，我想把發言權交還給澤夫博士，請他作總結發言。

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。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。