Stratasys Ltd. (SSYS) 2026 Q1 法說會逐字稿

Good day, and welcome to today's conference call to discuss Stratasys first quarter 2026 financial results. My name is Darryl, and I'll be your operator for today's call.

各位好，歡迎參加今天的電話會議，討論 Stratasys 2026 年第一季財務業績。我叫 Darryl，將擔任今天會議的接線員。

And now, I'd like to hand the call over to Yonah Lloyd, Chief Communications Officer and Vice President of Investor Relations for Stratasys. Mr. Lloyd? Please go ahead.

現在，我想把電話交給 Stratasys 企業傳播長兼投資人關係副總裁 Yonah Lloyd。Lloyd 先生？請開始。

Good morning, everyone, and thank you for joining us to discuss our 2026 first 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.

各位早安，感謝各位加入我們，一同討論 2026 年第一季財務業績。今天與會的有我們的執行長 Yoav Zeif 博士，以及財務長 Eitan Zamir。提醒各位，今日會議的線上收聽方式（含簡報投影片）可透過我們新聞稿中提供的網址取得。

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. Please note that some of the information provided during our discussion today will consist of forward-looking statements, including, without limitation, those regarding our expectations as to our future revenue, gross margin, operating expenses, taxes and other future financial performance and our expectations for our business outlook. All statements that speak to future performance, events, expectations or results are forward-looking statements.

此外，今日會議的重播（含投影片簡報）也將提供，並可透過我們網站的投資人關係（Investor Relations）專區存取。請注意，我們今天討論中提供的部分資訊將包含前瞻性陳述，包括但不限於我們對未來營收、毛利率、營業費用、稅負及其他未來財務表現的預期，以及對業務展望的預期。所有涉及未來表現、事件、預期或結果的陳述均屬前瞻性陳述。

Actual results or trends could differ materially from our forecast. For risks that could cause actual results to be materially different from those set forth in forward-looking statements, please refer to the risk factors discussed or referenced in Stratasys' Annual Report on Form 20-F for the 2025 year. Please also refer to that annual report along with our reports filed with or furnished to the SEC throughout 2026 for additional operational and financial details.

實際結果或趨勢可能與我們的預測存在重大差異。關於可能導致實際結果與前瞻性陳述所述內容出現重大差異的風險，請參閱 Stratasys 2025 年度 Form 20-F 年報中討論或引用的風險因素。亦請參閱該年報，以及我們於 2026 年期間向美國證券交易委員會（SEC）提交或提供的各項報告，以取得更多營運與財務細節。

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. As in previous quarters, today's call will include GAAP and non-GAAP financial measures.

我們按季及全年向 SEC 提供的 Form 6-K 報告，會就公司營運結果及與本公司相關的重大進展提供更新的即時資訊。Stratasys 不承擔更新任何前瞻性陳述或資訊的義務；該等陳述或資訊僅截至其各自日期為準。與以往季度相同，今天的電話會議將包含 GAAP 與非 GAAP 財務衡量指標。

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.

非 GAAP 財務衡量指標應與我們的 GAAP 指標一併閱讀，以評估我們的表現。非 GAAP 與 GAAP 的調節表已載於我們的投影片簡報及今日新聞稿的表格中。

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

現在我把電話交給我們的執行長 Yoav Zeif 博士。Yoav。

Thank you, Yonah. Good morning, everyone, and thank you for joining us. Our first quarter results reflect the continued resilience of our operating model in a measured spending environment.

謝謝你，Yonah。各位早安，感謝各位加入我們。我們第一季的業績反映出，在審慎支出的環境下，我們營運模式仍展現持續的韌性。

Recurring revenue streams from consumables and customer support continues to provide stability, while printer purchasing timelines remain extended as customers exercise capital discipline amid ongoing global uncertainty. Meanwhile, we remain focused on executing our strategy to grow as we deepen our penetration into manufacturing.

來自耗材與客戶支援的經常性收入來源持續提供穩定性；同時，由於全球不確定性仍在，客戶在資本支出上更為自律，使得印表機採購時程仍然拉長。與此同時，我們仍專注於執行成長策略，並加深在製造領域的滲透。

On a sequential basis, compared to the fourth quarter of 2025, consumables and services both grew slightly, and Stratasys Direct delivered over 10% sequential growth and 23% organically after divestments when compared to the first quarter of 2025, reinforcing the trajectory of our Production Parts business.

以季比季來看，與 2025 年第四季相比，耗材與服務皆小幅成長；而 Stratasys Direct 相較 2025 年第一季，在完成資產剝離後仍實現逾 10% 的季增，且有機成長達 23%，進一步強化我們生產零件（Production Parts）業務的發展軌跡。

As was the case for the full year 2025, the top three parts customers were again all US-based drone-related companies. But note that Stratasys Direct produces end-use parts across a wide variety of industrial applications, using Stratasys printers almost exclusively, demonstrating the versatility of our technologies and the view into its potential future benefits. At the same time, we continue to make meaningful strategic progress. Innovation, customer engagement and market development remain the foundation of our long-term growth strategy, one that centers on secular megatrends of supply chain protection and operational efficiency, reshaping global manufacturing. Nowhere are these megatrends more pronounced than in aerospace and defense, where mission-critical performance requirements, supply chain resilience mandates and expanding US Department of Defense investment in advanced digital manufacturing are creating a strong structural demand environment. To that point, we believe Stratasys is uniquely positioned to win.

如同 2025 全年情況，我們前三大零件客戶再次全部為美國的無人機相關公司。但請注意，Stratasys Direct 使用幾乎完全由 Stratasys 印表機所生產的零件，涵蓋多元的工業應用終端零件，展現我們技術的多樣性，以及其未來潛在效益的可視性。同時，我們也持續在策略上取得具意義的進展。創新、客戶互動與市場開發仍是我們長期成長策略的基礎；該策略聚焦於供應鏈保護與營運效率等長期結構性巨趨勢，正重塑全球製造業。在航太與國防領域，這些巨趨勢最為明顯：任務關鍵的性能要求、供應鏈韌性規範，以及美國國防部對先進數位製造的投資擴大，正形成強勁的結構性需求環境。基於此，我們相信 Stratasys 具備獨特優勢，能在競爭中勝出。

In a tariff-sensitive environment, in particular, our platform's ability to enable local, rapid and cost-effective production is a genuine competitive advantage, one we continue to highlight in customer conversations and one we expect will accelerate adoption over time. Turning to new technology developments and customer activity. In aerospace and defense, we continue to demonstrate the depth and durability of our position this quarter. As a reminder, Stratasys has deployed thousands of systems across aerospace and defense production environments worldwide.

尤其在對關稅高度敏感的環境下，我們平台能夠實現本地化、快速且具成本效益的生產，這是實質的競爭優勢；我們持續在與客戶的對話中強調此點，並預期將隨時間推進而加速採用。接下來談新技術進展與客戶動態。在航太與國防方面，本季我們持續展現自身地位的深度與持久性。提醒各位，Stratasys 已在全球航太與國防的生產環境中部署了數千套系統。

We serve as a program of record for the US Air Force and NAVAIR. Our technology is embedded across active platforms, from C-17 microvanes that save an estimated $14 million annually in Air Force fuel costs, to certified flight-ready parts produced for the world's leading aircraft manufacturers. Stratasys Direct, our parts manufacturing division, ships over 100,000 parts annually to the defense industry and operates under certified quality systems, including AS9100, ISO 9001, CMMC compliance and ITAR requirements.

我們是美國空軍與 NAVAIR 的正式計畫供應商（program of record）。我們的技術已嵌入多個現役平台：從 C-17 的微型導流片（microvanes）每年可為空軍節省估計 1,400 萬美元燃油成本，到為全球領先的飛機製造商生產通過認證、可直接上機的零件。Stratasys Direct（我們的零件製造部門）每年向國防產業出貨超過 100,000 件零件，並在經認證的品質系統下運作，包括 AS9100、ISO 9001、符合 CMMC，以及 ITAR 要求。

This is not prototype stage or pilot stage engagement. This is production-scale additive manufacturing, at operational tempo, for the most demanding customers in the world. Against that backdrop, our selection in the first quarter for the US Department of War's Joint Additive Manufacturing Acceptability IV Pilot Parts Program, is a meaningful endorsement.

這不是原型階段或試點階段的合作。這是在作業節奏下、面向全球最嚴苛客戶的量產規模增材製造。在此背景下，我們於第一季獲選參與美國戰爭部（Department of War）的「聯合增材製造可接受性 IV（JAMA IV）試點零件計畫」，是一項具意義的肯定。

JAMA IV is a multimillion-dollar initiative to accelerate the qualification and deployment of 3D printed parts across military platforms, and Stratasys Direct was selected on the basis of its proven production role across thousands of active military systems. The program positions us to extend our share of US defense additive spending, a budget which surged 83% for fiscal year 2026, and continues to flow into qualification and deployment for the Department of Defense. More broadly, our customer engagement across leading aerospace contractors and OEMs remainss substantive, with use cases advancing through qualification pipelines from production tooling to certified flight-ready components. These cycles are long, but the outcomes generate durable recurring demand and embed certification and workflow integration, exactly the kind of revenue profile that strengthens our business over time. And we are seeing continued momentum in high-reliability aerospace applications, with thousands of parts in orbit leveraging our materials. In fact, on the recent Artemis II Moon mission, hundreds of components produced with Stratasys Antero materials on our FDM systems were flown, highlighting the maturity and scalability of additive manufacturing in space systems. This is a strong validation of the high-performance applications of our materials and our position in mission-critical environments, reinforcing the growing role of additive in next-generation space and defense platforms. In dental, we reached an important regulatory milestone.

JAMA IV 是一項數百萬美元規模的計畫，旨在加速 3D 列印零件在軍事平台上的資格認證與部署；Stratasys Direct 之所以獲選，是基於其在數千套現役軍用系統中已被驗證的量產角色。該計畫使我們得以擴大在美國國防增材製造支出中的市占；該預算在 2026 會計年度激增 83%，並持續投入國防部的資格認證與部署工作。更廣泛而言，我們與主要航太承包商與 OEM 的客戶互動仍然實質且深入，應用案例正沿著認證管線推進，從生產治具到通過認證、可直接上機的零組件。這些週期雖長，但成果將帶來持久的經常性需求，並嵌入認證與工作流程整合——這正是能隨時間強化我們業務的營收結構。我們也在高可靠度航太應用上持續看到動能，已有數千個在軌零件採用我們的材料。事實上，在近期的 Artemis II 登月任務中，使用 Stratasys Antero 材料並透過我們 FDM 系統製造的數百個元件已隨任務飛行，凸顯增材製造在太空系統中的成熟度與可擴展性。這有力驗證了我們材料在高性能應用上的價值，以及我們在任務關鍵環境中的地位，並強化增材製造在下一代太空與國防平台中日益重要的角色。在牙科領域，我們達成了一項重要的法規里程碑。

TrueDent resins received CE Class IIa medical device certification, making TrueDent the first polychromatic, monolithic 3D-printed denture solution certified at this classification in Europe, a segment projected at $2.45 billion by 2028. This upgrade from the prior CE Class I designation expands TrueDent's indications to include long-term intraoral removables and crowns and bridges, broadening the range of restorative cases dental laboratories can address through a single integrated digital workflow. CE Class II is the regulatory classification clinicians and laboratories routinely expect for restorative dental materials. Achieving it removes a meaningful adoption barrier, strengthens biocompatibility and safety confidence for clinicians and patients, and positions Stratasys to deepen penetration across European dental labs and clinics as digital denture production scales. Importantly, the transition to Class IIa requires no change to print settings, formulation, workflow or shelf life on our J5 DentaJet platform, making this a frictionless expansion of our commercial reach in regulated European regions. We believe we are building the commercial and regulatory foundation for meaningful growth in this vertical.

TrueDent 樹脂已取得 CE IIa 類醫療器材認證，使 TrueDent 成為歐洲首個在此等級下獲認證的多色（polychromatic）、單體式（monolithic）3D 列印全口義齒解決方案；該細分市場預計至 2028 年將達 24.5 億美元。此次由先前的 CE I 類升級，將 TrueDent 的適應症擴展至長期口內可拆式修復體以及牙冠、牙橋，擴大牙科技工所可透過單一整合式數位工作流程處理的修復案例範圍。CE II 類是臨床醫師與實驗室對修復牙科材料通常期待的法規分類。取得該等級可移除一項重要的採用障礙，強化臨床醫師與患者對生物相容性與安全性的信心，並在數位義齒生產規模化之際，使 Stratasys 得以加深在歐洲牙科技工所與診所的滲透。重要的是，轉換至 IIa 類不需要在我們的 J5 DentaJet 平台上變更列印設定、配方、工作流程或保存期限，使其成為我們在受監管的歐洲地區商業觸及範圍的無摩擦擴張。我們相信，我們正在為此垂直領域的顯著成長建立商業與法規基礎。

On the materials and software side, we continue to invest in expanding what our installed base can do. Ultem 1010 resin is now available as filament for the F3300 printer, enabling the production of aerospace-grade, high-temperature parts with the lowest coefficient of thermal expansion in the FDM portfolio. Optimized for composite tooling applications, Ultem 1010 on the F3300 allows manufacturers to produce precision fixtures and tools that maintain reliability in demanding environments, and to do so faster at lower cost per part relative to prior configurations.

在材料與軟體方面，我們持續投資以擴展既有裝機基礎的能力。Ultem 1010 樹脂現已可作為 F3300 印表機的線材供應，使其能生產航太等級的高溫零件，並具備 FDM 產品組合中最低的熱膨脹係數。針對複合材料模具（composite tooling）應用最佳化後，F3300 上的 Ultem 1010 讓製造商能生產在嚴苛環境中仍維持可靠性的高精度治具與工具，且相較於先前配置可更快、以更低的單件成本完成。

And on our PolyJet systems, we recently expanded ToughOne to be available on the J3 and J5 series. ToughOne is an advanced material engineered for strong, durable, functional prototyping, as well as end-use parts. Materials extensions like these are designed to further drive consumable attach rate and deepen application coverage.

此外，在我們的 PolyJet 系統上，我們近期將 ToughOne 擴展至可在 J3 與 J5 系列上使用。ToughOne 是一種先進材料，專為高強度、耐用的功能性原型製作以及終端使用零件而設計。此類材料擴充旨在進一步提升耗材搭售率（attach rate），並加深應用覆蓋範圍。

On the software side, measurement-based warp adaptive modeling has been integrated into GrabCAD Print Pro, using measured dimension data to automatically correct warping on the Origin P3 platform. For complex parts like electrical connectors, precision jigs and industrial fixtures, this eliminates the iterative correction cycles that have historically added time and cost, and it delivers a meaningfully better experience for customers scaling production on our DLP platforms.

在軟體方面，基於量測的翹曲自適應建模（measurement-based warp adaptive modeling）已整合至 GrabCAD Print Pro，利用量測到的尺寸資料在 Origin P3 平台上自動修正翹曲。對於電連接器、精密治具與工業夾具等複雜零件，這可消除過去反覆修正所需的迭代循環（iterative correction cycles），而該循環歷來會增加時間與成本；同時也為在我們 DLP 平台上擴大生產的客戶帶來顯著更佳的使用體驗。

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

接下來，我將把電話會議交給 Eitan 來回顧我們的財務表現。Eitan？

Thank you, Yoav, and good morning, everyone. Our first quarter results reflect continued execution against the operational priorities we established at the start of the year. In an environment where customers remain deliberate on capital spending, we maintained adjusted EBITDA profitability and generated positive operating cash flow, outcomes that reflect both the structural improvement embedded in our cost model and the stability of our recurring revenue base.

謝謝你，Yoav，各位早安。我們第一季的結果反映出我們持續依照年初所建立的營運優先事項執行。在客戶對資本支出仍保持審慎的環境下，我們維持調整後 EBITDA 的獲利能力並產生正向營運現金流；這些成果反映了我們成本模型中內嵌的結構性改善，以及我們經常性收入基礎的穩定性。

Let me get into the details. First quarter consolidated revenue was $132.7 million, down approximately 2.4% year-over-year. Product revenue in the first quarter was $88.8 million, compared to $93.8 million in the same period last year.

我來說明細節。第一季合併營收為 1.327 億美元，年減約 2.4%。第一季產品營收為 8,880 萬美元，去年同期為 9,380 萬美元。

Within product revenue, system revenue was $28.8 million, compared to $31.2 million in the same period last year. Consumables revenue was $60 million, compared to $62.6 million in the same period last year. Service revenue, which includes Stratasys Direct, was $43.9 million, compared to $42.2 million in the same period last year, driven by 23% organic growth after divestments in Stratasys Direct as compared to the first quarter of 2025.

在產品營收中，系統營收為 2,880 萬美元，去年同期為 3,120 萬美元。耗材營收為 6,000 萬美元，去年同期為 6,260 萬美元。服務營收（包含 Stratasys Direct）為 4,390 萬美元，去年同期為 4,220 萬美元；主要受 Stratasys Direct 在完成資產剝離後，相較 2025 年第一季實現 23% 的有機成長所帶動。

Within service revenue, customer support revenue was $29.7 million compared to $30 million in the same period last year. Now turning to gross margins, GAAP gross margin was 41.7% for the quarter, compared to 44.3% for the same period last year. Non-GAAP gross margin was 46.3% for the quarter, compared to 48.3% in the same period last year.

在服務營收中，客戶支援營收為 2,970 萬美元，去年同期為 3,000 萬美元。接著談毛利率，該季 GAAP 毛利率為 41.7%，去年同期為 44.3%。該季非 GAAP 毛利率為 46.3%，去年同期為 48.3%。

The change was primarily due to the 180 bps impact of $2.4 million of year-over-year incremental tariffs expense, as well as from lower revenue. While we typically do not reference sequential margin improvement, we believe that despite the reduction in revenue from fourth quarter, margins were sequentially flat, marking a positive mix efficiency. GAAP operating expenses were $81.9 million, compared to $72.6 million during the same period last year.

變動主要來自關稅費用年增 240 萬美元所造成的 180 個基點（bps）影響，以及營收較低。雖然我們通常不會提及毛利率的季比改善，但我們認為，儘管第四季營收下降，毛利率季比持平，顯示組合效率呈現正向表現。該季 GAAP 營業費用為 8,190 萬美元，去年同期為 7,260 萬美元。

The rise in expenses was primarily due to an increase in professional fees and the impact of foreign currency exchange due to the significant appreciation of the New Israeli Shekel relative to the US dollar. Non-GAAP operating expenses were $64.6 million, compared to $62.6 million during the same period last year. The increase was primarily due to the impact of foreign currency exchange rates, given the increased strength of the shekel against the dollar of approximately $3.1 million.

費用上升主要由專業服務費增加，以及因新以色列謝克爾相對美元大幅升值所帶來的外匯匯率影響所致。該季非 GAAP 營業費用為 6,460 萬美元，去年同期為 6,260 萬美元。增加主要來自外匯匯率影響，因謝克爾兌美元走強帶來約 310 萬美元的影響。

Regarding our consolidated earnings, GAAP operating loss for the quarter was $26.5 million, compared to a loss of $12.4 million for the same period last year. Non-GAAP operating loss for the quarter was $3.2 million, compared to operating income of $3 million for the same period last year. Adjusted EBITDA was $2 million for the quarter, compared to $8.2 million in the same period last year.

就合併獲利而言，該季 GAAP 營業損失為 2,650 萬美元，去年同期損失為 1,240 萬美元。該季非 GAAP 營業損失為 320 萬美元，去年同期營業利益為 300 萬美元。該季調整後 EBITDA 為 200 萬美元，去年同期為 820 萬美元。

The change in both was primarily due to the impact of approximately $5.3 million of FX and tariff pressures. GAAP net loss for the quarter was $23.8 million or $0.28 per diluted share, compared to a net loss of $13.1 million or $0.18 per diluted share for the same period last year. Non-GAAP net loss for the quarter was $1.3 million or $0.01 per diluted share, compared to a net income of $2.9 million or $0.04 per diluted share in the same period last year.

兩者的變動主要來自約 530 萬美元的外匯與關稅壓力影響。該季 GAAP 淨損為 2,380 萬美元，或每股稀釋虧損 0.28 美元；去年同期淨損為 1,310 萬美元，或每股稀釋虧損 0.18 美元。該季非 GAAP 淨損為 130 萬美元，或每股稀釋虧損 0.01 美元；去年同期為淨利 290 萬美元，或每股稀釋盈餘 0.04 美元。

From a cash flow perspective, we generated $2.4 million in operating cash flow in the first quarter, reflecting working capital discipline and the structural cost improvements we've embedded over the past several quarters. This builds on the $15.1 million in operating cash flow we delivered for the full year of 2025, and we remain confident in our ability to expand cash generation as revenue scales through the years. We ended the quarter with $237.8 million in cash equivalents and short-term deposits.

從現金流的角度來看，我們在第一季產生了240萬美元的營運現金流，反映出我們對營運資金的紀律，以及過去幾個季度所導入的結構性成本改善。這是在我們2025全年交付1,510萬美元營運現金流的基礎上延伸而來；隨著營收在未來幾年擴張，我們仍對提升現金創造能力充滿信心。本季末，我們持有2億3,780萬美元的現金等價物與短期存款。

Our balance sheet remains strong and debt-free, providing the financial flexibility to continue investing in technology, market development and inorganic opportunities to drive further growth. Regarding our outlook for 2026, our first quarter performance is consistent with the framework we established at the start of the year, and we are reiterating the full-year guidance we provided on our last call. Revenues are expected to range between $565 million to $575 million, growing sequentially each quarter through the year, and we expect 2026 consumable revenue to increase over 2025. Please refer to the press release or slide presentation for further details.

我們的資產負債表依然穩健且無負債，提供持續投資於技術、市場開發以及透過併購等非有機機會以推動進一步成長的財務彈性。關於我們對2026年的展望，第一季表現符合我們在年初建立的框架，我們重申上次電話會議所提供的全年指引。預期營收將介於5億6,500萬至5億7,500萬美元之間，並在全年每一季逐季成長；同時我們預期2026年的耗材營收將較2025年增加。更多細節請參閱新聞稿或簡報。

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

接下來，讓我把電話交回給Yoav作結語。Yoav。

Thank you, Eitan. Coming out of the first quarter, our customer engagement continues to increase and our deal pipeline for 2026 and beyond continues to build, especially in defense. The strategic progress we share today reinforces the trajectory we plan for tomorrow.

謝謝你，Eitan。第一季結束後，我們的客戶互動持續增加，2026年及之後的交易管線也持續累積，尤其是在國防領域。我們今天分享的策略性進展，強化了我們對明日發展軌跡的規劃。

Our solutions for the defense industry are no longer just emerging, but are established, certified and operating at scale across active military platforms. We have increased access to the multibillion-dollar regulated European dental vertical with a product already proven and deployable without workflow disruption.

我們針對國防產業的解決方案不再只是新興，而是已建立、通過認證，並在現役軍事平台上以規模化方式運作。我們以一款已被驗證、且可在不干擾工作流程下部署的產品，擴大了進入受監管、規模達數十億美元的歐洲牙科垂直市場的機會。

Supported by positive operating cash flow and a debt-free balance sheet, we have built multiple opportunities to generate profitable growth, both through inorganic and organic opportunities. Focusing on our position in high-requirement use cases as we capitalize on the increased demand for additive manufacturing solutions.

在正向的營運現金流與無負債資產負債表的支持下，我們已建立多項機會，透過非有機與有機途徑實現具獲利性的成長。在我們把握增材製造解決方案需求提升之際，將聚焦於高要求應用情境中的市場地位。

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

接下來，我們開放提問。接線員。

(Operator Instructions)

(接線員指示)

Greg Palm, Craig Hallam.

Greg Palm，Craig Hallam。

Thanks. Good morning. This is Jackson Schroeder on for Greg Palm. I wanted to start on this defense opportunity, everyone obviously seeing the top-line budget request.

謝謝。早安。我是代替Greg Palm出席的Jackson Schroeder。我想先從這個國防機會談起，大家顯然都看到了總體預算申請的數字。

Curious if you could really talk on opportunities, particularly outside of drones, with what's happening in Iran, munitions, replenishment. There's a lot of opportunities here, as well as that JAMA 4 program. So I just want to get some more color on that.

想請教你們能否談談機會，特別是無人機以外的部分，像是伊朗局勢、彈藥、補充庫存等。這裡有很多機會，還有那個JAMA 4計畫。所以我想再多了解一些細節。

Thank you, Jackson, for the question. So let me take a step back and talk a little bit about aerospace and defense, because this is, to be honest, the leading vertical today with a very promising pipeline. So when we are looking at aerospace and defense, what we are experiencing is part of what's going on in the industry.

謝謝你，Jackson，提出這個問題。我先退一步，稍微談談航太與國防，因為坦白說，這是目前最領先的垂直領域，且擁有非常可期的管線。因此當我們看航太與國防時，我們所經歷的其實是產業正在發生的事情的一部分。

Practically, aerospace and defense, this industry is going through transformation globally, by the way, not only in the US, and the transformation is both in terms of the increased budget, like numbers that we haven't seen in the past, and also new solutions like drones, but also ammunitions, missiles and others. So we see it across the board, not only in drones and we have, for example, parts in missiles, which are a very strong growing area in defense.

實際上，航太與國防產業正在全球範圍內轉型——順帶一提，不僅在美國——而這個轉型一方面體現在預算增加，達到過去未曾見過的規模；另一方面也體現在像無人機等新解決方案，同時也包括彈藥、飛彈及其他領域。因此我們看到的是全面性的趨勢，不僅是無人機；例如我們也在飛彈上有零件，而飛彈是國防中非常強勁的成長領域。

And no doubt that additive manufacturing, AM, is playing and probably will play a major role in this transformation, because we deliver things that no other advanced manufacturing methodology can. We are more agile, we are in the front where you need to produce, we are versatile, we secure the supply chain and we can deliver lightweight geometries that no other manufacturing methodology can.

毫無疑問，增材製造（AM）正在並且很可能將在這場轉型中扮演重要角色，因為我們能提供其他先進製造方法無法做到的能力。我們更敏捷、能在需要生產的前線就地製造、具備多樣性、能強化供應鏈安全，並且能交付其他製造方法無法實現的輕量化幾何結構。

You put all this together and Stratasys is in the best position to benefit from this transformation, because we worked on this for years, we have relationship with the Department of War, used to be the Department of Defense, we have relationship with the large OEMs, practically all the leaders in defense are sitting in our customer advisory board and they are having an impact on our R&D as well, so they know what we are developing for them.

把這些因素綜合起來，Stratasys處於最有利的位置來受惠於這場轉型，因為我們多年來一直在耕耘；我們與戰爭部（過去稱為國防部）有合作關係，也與大型OEM有合作關係；實際上，幾乎所有國防領域的領導者都在我們的客戶諮詢委員會中，他們也會影響我們的研發，因此他們知道我們正在為他們開發什麼。

On top of it, we have relationship with key bodies that are adopting additive like NAVAIR, like the US Air Force and others. So we are talking here about very strong position that is also supported by our Stratasys Direct. Stratasys Direct grew 23% year-over-year, led by drones, but also other applications, so we are in munition, we are in sustainment, sustainment is major for us. Because you take, for example, B-52, it needs to fly for the next 20 years. It will be 100 years old, almost 100 years old airplane. We are there, we are already part of sustainment program of the US.

此外，我們也與採用增材製造的關鍵單位建立關係，例如NAVAIR、美國空軍等。因此我們談的是非常強勢的市場地位，而這也受到我們Stratasys Direct業務的支持。Stratasys Direct年增23%，由無人機帶動，但也涵蓋其他應用；因此我們涉足彈藥、維保（sustainment），而維保對我們而言非常重要。因為以B-52為例，它還需要再飛20年。那將是一架接近100年機齡的飛機。我們就在其中，我們已經是美國維保計畫的一部分。

But when you look at Stratasys Direct, our SDM unit, this is the best indicator that you can have for demand for OEMs, for machine solutions in the future, because the parts business is practically indicating what the customers will adapt internally in the future. First thing that they are doing, they are ordering parts. So we see it across the board, back to your question, across different applications.

但當你看Stratasys Direct、也就是我們的SDM部門時，這是你能用來判斷未來OEM對設備解決方案需求的最佳指標，因為零件業務基本上反映了客戶未來會在內部導入什麼。他們做的第一件事就是先訂購零件。因此回到你的問題，我們在不同應用上都看到了這種趨勢。

Drones are leading because this is kind of the best example of the transformation of this industry and you can see it also in the numbers, if I remember right, the US Department of War is asking for 2027 for $1.5 trillion budget, which is almost 45% increase year-over-year, $75 billion out of it is for advanced digital manufacturing and additive will have a major part here. So we are excited about it.

無人機之所以領先，是因為它算是這個產業轉型的最佳例子，你也能從數字上看到；如果我沒記錯，美國戰爭部在2027年申請的預算是1.5兆美元，年增將近45%；其中750億美元用於先進數位製造，而增材製造將在其中占有重要比重。所以我們對此感到非常振奮。

We are working with everybody, and also the pipeline - we have more confidence in our pipeline in aerospace and defense.

我們正與各方合作，同時——在航太與國防方面——我們對自身的管線也更有信心。

That's really exciting. And can we think about this as like Stratasys Direct being the real, I'd say, indicator or driver of that or should we look at like with these drones.

這真的很令人振奮。那我們是否可以把Stratasys Direct視為真正的——我想說——指標或驅動因素？還是我們應該把它看作是與這些無人機相關的……？

Will this kind of transition into like big system sales, could that also happen to the government, how should we think about that?

這種轉向大型系統銷售的轉變，是否也可能發生在政府端？我們應該如何看待？

Absolutely, both, Stratasys Direct is the indicator because every day we are delivering parts for drones, large parts, small parts, by the way, in large parts we have huge advantage because of our reliable FDM solution, industrial FDM solution, the F-900 and the F-3300 with unique materials that only Stratasys has. So probably in every large UAV, you will see Stratasys Ultem parts.

絕對可以，兩者都會。Stratasys Direct 是一個指標，因為我們每天都在交付零件，用於無人機的大型零件、小型零件；順帶一提，在大型零件方面，我們因為可靠的 FDM 解決方案、工業級 FDM 解決方案而具備巨大優勢，也就是 F-900 與 F-3300，搭配只有 Stratasys 才有的獨特材料。所以幾乎在每一款大型 UAV 上，你都會看到 Stratasys 的 Ultem 零件。

But not only there, it's also relationship with the Department of War and large appropriations that are targeting sustainment and also renew of the depots.

但不僅如此，這也涉及與戰爭部（Department of War）的關係，以及針對維持運作（sustainment）與整修/更新維修基地（depots）的龐大撥款。

And I'll give you an example of shipyards.

我舉個造船廠的例子。

U.S. built less ships, battleships, since World War II than China in the last years. That's what I heard in the Pentagon.

自二戰以來，美國建造的船艦、軍艦數量，比起中國在近幾年建造的還少。這是我在五角大廈聽到的。

What does it mean? It means that there is a lot to catch up.

這代表什麼？這代表還有很大的追趕空間。

And if you want to catch up and fast, additive is the solution. We are experiencing the same thing also in Europe. Germany, and Japan mainly, they need to catch up and the quickest way to catch up is additive manufacturing.

如果你想要快速追趕，加法製造就是解方。我們在歐洲也正在經歷同樣的情況。主要是德國與日本，他們需要追趕，而最快的追趕方式就是加法製造。

Trevor Saar with William Blair.

William Blair 的 Trevor Saar。

Thanks. This is Trevor on for Brian. I wanted to stick with A&D if we can here. I'm trying to square your opportunity with some of your largest A&D customers on production versus prototyping. It would be helpful to hear any kind of detail you could give or examples. You don't have to name a customer, obviously, but how should we think about your development with some of these largest customers and where you are in your business with them on a production versus prototyping standpoint?

謝謝。我是 Trevor，代 Brian 提問。如果可以的話，我想繼續聚焦在航太與國防（A&D）。我試著把你們與一些最大 A&D 客戶的機會，放在量產與打樣之間做對照。如果你能提供任何細節或例子會很有幫助。你當然不必點名客戶，但我們應該如何看待你們與這些最大客戶的合作進展，以及在量產與打樣的角度下，你們目前在業務上處於什麼位置？

Great question, Trevor. Currently, we are focusing all the way on manufacturing. And the main areas are this drone transition or drone dominance, one of them. The other one is the sustainment, and the third one is everything which relates to maritime and catching up on the ability to be there with renewed fleets, I would say.

很好的問題，Trevor。目前我們的重點一路延伸到製造端。主要領域包括：無人機轉型或無人機優勢，這是其中之一。第二是維持運作（sustainment），第三則是所有與海事相關、以及追趕並具備更新艦隊能力的事情，我會這麼說。

The main indication, as I said, it’s going both in different directions, but the main indication now is Stratasys Direct, we ship over 100,000 production parts annually and we have never seen it before in defense, this level of demand, and we are working in different layers or different routes to the market, one is through the government.

如我所說，主要指標是——它確實朝不同方向發展——但目前最主要的指標是 Stratasys Direct；我們每年出貨超過 100,000 件量產零件，而我們在國防領域從未見過這種程度的需求；我們也正透過不同層級或不同市場路徑來推進，其中一條路徑是透過政府。

We are very strong with the US government, but also with other governments globally, because we have the reputation and we see their large programs that are being built and allocation and assignment of budget. Majority of this demand is production parts, not prototypes. We also see demand for tooling, because when you need to refresh or renew a depot, you need many tools, same with shipyards and the fastest way to have tools is to print them.

我們在美國政府端非常強勢，也在全球其他政府端很強，因為我們具備聲譽，並且看到他們正在建立的大型計畫，以及預算的配置與指派。這些需求的大多數是量產零件，而不是原型。我們也看到治具（tooling）的需求，因為當你需要翻新或更新維修基地（depot）時，你需要很多工具；造船廠也是一樣，而取得工具最快的方法就是把它們印出來。

Tooling is also a major thing in defense now, because you need to put all those new lines of production and there is nothing faster than additive manufacturing to equip those lines with tools. So this is another area and one more, probably I can talk about it for hours, but I want to shed light on the fact that this is not only a US phenomenon.

治具現在也是國防領域的一大重點，因為你需要建立所有那些新的生產線，而沒有任何方式比加法製造更快能為這些產線配備工具。所以這是另一個領域；另外還有一點——我可能可以講好幾個小時——但我想強調的是，這不只是美國的現象。

This is a global phenomenon - it’s the strongest demand we see in the US and also the innovation, but it's definitely a global phenomenon that we see more budget, more programs that are being now established and we will see the demand over the next quarter, but also years from now. We have strong lines of solutions that can really match those requirements and the high requirements and the demand.

這是一個全球現象——我們在美國看到最強的需求與創新，但這絕對是全球現象：我們看到更多預算、更多正在建立的計畫；我們會在接下來的季度看到需求，也會在未來數年看到。我們有強大的解決方案產品線，能真正符合這些需求、這些高標準要求，以及這樣的需求量。

That's great. Thank you. I wanted to switch back over to dental. You gave some great detail there on the European market and that you project it to be $2.45 billion by 2028. I'm just trying to get a sense of what your specific opportunity is in the European 3D printed denture market and maybe if you could give any kind of indication of where you expect your share might be within that market by 2028?

太好了。謝謝。我想把話題切回牙科。你剛才對歐洲市場提供了很好的細節，並且你預估到 2028 年會達到 24.5 億美元。我想了解你們在歐洲 3D 列印義齒市場的具體機會是什麼，以及你是否能提供任何指標，說明到 2028 年你們預期在該市場的市占可能會是多少？

The dental market is one of the leading industries in adopting additive manufacturing because of the ability to personalize, and in a very quick way.

牙科市場是採用加法製造的領先產業之一，因為它能夠以非常快速的方式進行個人化。

Traditionally, the dental market is labor intensive, and we are bringing here solutions that solve two major issues in dental. The lack of professional labor, and the second one, we are dramatically, as an industry, as an additive manufacturing industry, we are dramatically reducing the chair time for the doctor, for the clinics, for the dentist, and there is nothing more valuable for a dentist than chair time.

傳統上，牙科市場是勞力密集型，而我們在這裡帶來的解決方案能解決牙科的兩個主要問題。第一是專業人力不足；第二是我們作為一個產業——作為加法製造產業——正在大幅縮短醫師的診療椅時間（chair time），對診所、對牙醫而言都是如此，而對牙醫來說沒有什麼比診療椅時間更有價值。

And our dentures, and we call it removables, we are focusing on removables, it's for restorative dental, so dentures, but also night guards. We are focusing there with our PolyJet technology, it's the only multi-material technology for dentists or for dental, but what does it mean multi-material, it means that we can deliver parts that no other technologies can.

而我們的義齒，我們稱之為可摘式（removables），我們聚焦在可摘式，屬於修復性牙科，所以是義齒，也包括夜間護牙套（night guards）。我們以 PolyJet 技術聚焦在這裡；這是牙醫或牙科領域唯一的多材料技術。但多材料代表什麼？代表我們能交付其他技術做不到的零件。

And we are already established because in the US, our dentures are already, we are already working with the leading players like Affordable and Glidewell, and we plan to grow and to be the largest player in Europe because we have the first mover advantage. We are the first player with polychromatic dentures that received the CE Class IIa, great position to be in.

而我們已經建立起來了，因為在美國，我們的義齒已經——我們已經與像 Affordable 與 Glidewell 這些領先業者合作；我們計畫成長並成為歐洲最大的業者，因為我們具備先行者優勢。我們是第一家取得 CE IIa 級認證的多色（polychromatic）義齒業者，這是非常有利的位置。

And it's also opening up for us new applications like partial dentures and crowns and bridges, and we will see growth there.

而這也為我們開啟了新的應用，例如局部義齒（partial dentures）以及牙冠、牙橋，我們會在那裡看到成長。

Alek Valero, Loop Capital Markets.

Loop Capital Markets 的 Alek Valero。

Yeah, hi. Thank you for taking my question. Yeah, just kind of on that same point on TrueDent. So you projected the European segment at $2.45 billion by 2028.

是的，你好。謝謝你回答我的問題。是的，延續同一點，關於 TrueDent。你預估歐洲區隔到 2028 年是 24.5 億美元。

I wanted to ask, how does…did this certification come sooner than you were expecting?

我想問的是，這個認證是否比你原先預期來得更早？

And what is the likelihood that we could see more certifications down the road and how would that expand your TrueDent opportunity? And additionally, clarification question, is it $2.45 billion in addition to the American market?

那麼，未來我們看到更多認證的可能性有多大？這將如何擴大你們 TrueDent 的機會？另外一個釐清問題：這 24.5 億美元是額外加上美國市場的嗎？

So the $2.45 billion is analyst projection in the European market. When we look at our TrueDent, it will definitely get into new applications that we were not there in the past, like, as I said, partial dentures and crown bridges, and we have the first mover advantage there.

所以這 24.5 億美元是分析師對歐洲市場的預估。當我們看 TrueDent 時，它肯定會進入我們過去未涉足的新應用，例如我提到的局部義齒以及牙冠牙橋，而且我們在那裡具有先行者優勢。

In the US, it's a bigger opportunity, it's almost $5 billion when you look at removables. It's only the beginning. We are improving the material, we're improving the machines, we're improving the solution, we are improving the workflow.

在美國，機會更大，若看可拆式修復體（removables），幾乎是 50 億美元。這才只是開始。我們正在改良材料、改良設備、改良解決方案，也在改良工作流程。

We are the first mover, but we are not laying back and saying, okay, this is it. We are building the foundations and we are building the best offering for restorative dental. And once we have this foundation, I have no doubt that we will experience exceptional growth.

我們是先行者，但我們不會躺平說，好，就這樣了。我們正在打好基礎，打造修復牙科（restorative dental）領域最好的產品組合。一旦有了這個基礎，我毫不懷疑我們將會迎來卓越的成長。

Got it, super helpful, that's exciting. Just a quick follow-up, two quarters ago, you mentioned the large tech company that bought some F-3300s, any update there and any color on what potential applications they could be using these your products for?

了解，非常有幫助，令人振奮。再快速追問一下：兩個季度前你提到有一家大型科技公司買了一些 F-3300，目前有任何更新嗎？以及他們可能會用你們的產品做哪些應用，能否分享一些方向？

Unfortunately, we cannot share. So I want to do something just to share one perspective, which I think is important because it's kind of connecting all the questions today. And I want to state it very clearly.

很遺憾，我們無法分享。不過我想補充一個觀點，我認為很重要，因為它某種程度上把今天所有問題串在一起。我想非常清楚地說明。

We are progressing according to our growth plan. This is a plan that we shared with you last quarter. It's true that Q1 is always the softer one and H1 are softer than H2, but H2 is definitely defense driven, so we are maintaining our guidance, we are on plan and when I'm saying on plan, this will be the first year for three years now that we will grow.

我們正依照成長計畫推進。這是我們在上個季度與各位分享的計畫。確實，第一季通常較疲弱，上半年也比下半年疲弱，但下半年明顯由國防需求驅動，因此我們維持財測指引；我們按計畫進行。而我所說的按計畫，意味著這將是近三年來我們首次實現成長的一年。

So our transition plan from prototyping to manufacturing that we also shared with you in the past will generate growth this year. Our transition is working.

因此，我們先前也與各位分享過、從原型製作轉向量產的轉型計畫，將在今年帶來成長。我們的轉型正在奏效。

Kieran McCabe, Cantor Fitzgerald & Co.

Kieran McCabe，Cantor Fitzgerald & Co.

Yes, thank you. It's Kieran on for Troy Jensen. You mentioned that customer engagement continues to be. Stronger increasing, but customers are maintaining capital discipline. Can we read any insight into the Stratus Direct organic growth as maybe a precursor to an inflection in system sales in the future at all?

是的，謝謝。我是 Kieran，代 Troy Jensen 提問。你提到客戶互動持續……更強、在增加，但客戶仍維持資本支出紀律。我們是否能從 Stratus Direct 的有機成長讀出一些訊號，作為未來系統銷售可能出現轉折點的前兆？

Hi, Kieran. Thanks for the question. As we mentioned earlier, SDM, the parts business is an indicator to the behavior of the OEMs that follow.

嗨，Kieran。謝謝你的問題。如我們先前提到，SDM（零件業務）是觀察後續 OEM 行為的一個指標。

When we print parts, the cycle is very quick. We see the growth relatively quick. We demonstrated in Q1 23% growth organically, as you mentioned, and that's part of the confidence we have in the ability with a strong pipeline that we see for the second-half, to grow also on the hardware and OEM business. And we start to see it already in Q2 this year, we expect to see a similar revenue to Q2 2025 levels.

當我們列印零件時，週期非常短。我們能相對快速地看到成長。如你所提到，我們在第一季有機成長 23%，這也是我們對於下半年所看到的強勁管線、以及在硬體與 OEM 業務同樣能成長的信心來源之一。而且我們今年第二季已經開始看到這個趨勢，我們預期營收將與 2025 年第二季水準相近。

And my follow-up is that we have a strong balance sheet no debt cash on hand, you talked about some inorganic opportunities, kind of could you provide any color maybe where you see some areas you want to add to or areas of interest on the inorganic side?

我的追問是：我們資產負債表很強勁、沒有負債、手上有現金；你也談到一些非有機成長機會。你能否提供一些方向，例如你認為在非有機方面有哪些想補強的領域或感興趣的方向？

No doubt that we are aiming to leverage our balance sheet to capture inorganic opportunities, to strengthen our position in what we define as high requirement use cases, because this is our strategy.

毫無疑問，我們的目標是運用資產負債表來把握非有機機會，強化我們在所謂「高要求使用情境」中的地位，因為這就是我們的策略。

Our strategy is to deliver and capture high value in high requirement applications. We don't want to be in prototyping, in basic prototyping.

我們的策略是在高要求應用中提供並取得高價值。我們不想停留在原型製作，尤其是不具門檻的基礎原型製作。

We don't want to compete with solutions that deliver no value. They deliver value, but it's race to the bottom.

我們不想與那些無法帶來價值的解決方案競爭。它們也帶來價值，但那是一場向下競爭（race to the bottom）。

We are focusing on the high end, on the high requirement applications, and there are plenty of inorganic opportunities to capture in those areas. This is our direction.

我們聚焦在高端、聚焦在高要求的應用，而在這些領域有很多非有機機會可以掌握。這就是我們的方向。

It's completely aligned with our strategy, and we are going to capture those opportunities.

這與我們的策略完全一致，而我們也將把握這些機會。

Thank you. We've reached the end of our question-and-answer session. I'd now like to hand the call back over to Dr. Yoav Zeif for any closing comments.

謝謝。我們的問答環節到此結束。接下來我想把電話交回給 Yoav Zeif 博士，請他做結語。

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

感謝各位參與。我們期待在下個季度再次向各位更新。

Ladies and gentlemen, thank you so much. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time and enjoy the rest of your day.

各位女士、先生，非常感謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線，祝您今天剩餘時間愉快。