Stratasys Ltd. (SSYS) 2026 Q2 法說會逐字稿

Good day, and welcome to today's conference call to discuss Stratasys' second-quarter 2026 financial results. My name is Rob, and I am your operator for today's call.

大家好，歡迎參加今天的電話會議，討論 Stratasys 2026 年第二季財務業績。我是 Rob，擔任今天會議的接線員。

And now, I would 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 second-quarter financial results. On the call with us today is our CEO, Dr. Yoav Zeif; and 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，感謝各位加入我們，一同討論 2026 年第二季財務業績。今天與會的還有我們的執行長 Yoav Zeif 博士，以及財務長 Eitan Zamir。提醒各位，今天會議的線上收聽方式（包含簡報投影片）可透過我們新聞稿中提供的網址取得。此外，今天會議的重播（包含投影片簡報）也將提供，並可透過我們網站的投資人關係專區存取。

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

請注意，我們今天討論中提供的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，以及我們對業務展望的預期。所有談及未來表現、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 described 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有重大差異。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 針對 2025 年度提交的 Form 20-F 年報中所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.

我們按季並於全年向 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發展提供更新的最新資訊。Stratasys 不承擔更新任何前瞻性陳述或資訊的義務；該等陳述或資訊僅反映其各自日期之情況。

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.

如同先前各季，今天的電話會議將包含 GAAP 與非 GAAP 財務衡量指標。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中的表格。

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 second-quarter results reflect a record-setting level of consumables sales as we continue to effectively drive recurring revenue from materials that are specifically used for manufacturing end-use parts. This growth in consumables is a great indicator of the high utilization of our systems and speaks directly to our strategy to increase the manufacturing portion of our business.

謝謝你，Yonah。各位早安，感謝各位加入我們。我們第二季的業績反映出耗材銷售創下新高；我們持續有效推動材料帶來的經常性收入，而這些材料專門用於製造終端用途零件。耗材的成長是我們系統高使用率的重要指標，也直接呼應我們提升業務中「製造」占比的策略。

Total revenue grew 3.7% sequentially. Once again, Stratasys Direct had a strong quarter driven by aerospace and defense customers, reinforcing the trajectory of our production parts division. And our earnings results reflect continued focus on operational rigor and disciplined cost management. As we capitalize on the mega trends that are driving additive manufacturing adoption, aerospace and defense remains a clear proof point.

總營收較前一季成長 3.7%。Stratasys Direct 再次繳出強勁的一季，主要由航太與國防客戶帶動，強化了我們生產零件事業部的發展軌跡。我們的獲利表現也反映出持續聚焦營運紀律與嚴謹的成本管理。在我們把握推動積層製造採用的重大趨勢之際，航太與國防仍是明確的驗證案例。

Mission-critical performance requirements and accelerating supply chain resiliency mandates are translating into durable structural demand for our platforms. These reflect a fundamental shift for high-demand manufacturers as they seek localized, flexible production-grade capabilities. Importantly, with both make and buy optionality, Stratasys is proving to be uniquely positioned to capture this potentially seismic shift.

關鍵任務等級的性能要求，以及供應鏈韌性要求的加速推進，正轉化為對我們平台持久且具結構性的需求。這反映出高需求製造商在尋求在地化、具彈性且達到生產等級能力時的一項根本性轉變。重要的是，憑藉「自製」與「外購」的雙重選擇彈性，Stratasys 正證明自身具備獨特優勢，可掌握這一可能具地殼變動式影響的轉變。

Independent industry estimates suggest the additive manufacturing opportunity could double by the end of the decade and double again within a few short years, reinforcing our conviction that we are still early in this transformation.

獨立產業估計顯示，積層製造的市場機會可能在本十年末翻倍，並在接下來短短幾年內再翻倍，進一步強化我們的信念：這場轉型仍處於早期階段。

We also took a significant step forward in strengthening that positioning with our pending acquisition of Markforged, which we expect to close later this year. Adding Markforged with its continuous carbon fiber technology, materials, and software platform will meaningfully augment our offering, particularly in aerospace, defense, and industrial production.

我們也透過擬議收購 Markforged，在強化此一定位方面邁出重要一步；我們預期將於今年稍晚完成交割。納入 Markforged 及其連續碳纖維技術、材料與軟體平台，將大幅擴充我們的產品與解決方案組合，尤其是在航太、國防與工業量產領域。

Speaking of aerospace and defense, in the second quarter, we demonstrated strong momentum. A&D is our largest business by far and a strong ongoing example of our success in manufacturing, growing 17% relative to the second quarter last year. We estimate that we are the leading player in polymer additive manufacturing for A&D.

談到航太與國防，第二季我們展現了強勁動能。航太與國防（A&D）是我們迄今最大的業務，也是我們在製造領域成功的持續例證；相較去年第二季成長 17%。我們估計，在 A&D 的聚合物積層製造領域，我們是領先的業者。

Second-quarter results were partially driven by expanding adoption across the US Air Force for depot-level sustainment and spare parts production. Ongoing multiple system investments in our workhorse F900 system certified by the Air Force for flight-worthy production parts are propelling this growth.

第二季的部分成果來自美國空軍在基地層級維保（depot-level sustainment）與備品零件生產方面的採用擴大。美國空軍已認證我們的主力機種 F900 可用於具飛行資格（flight-worthy）的生產零件；其持續進行的多套系統投資正推動此一成長。

These orders are not one time. Rather, they are increasing in volume for locations across their sustainment enterprise to support established programs of record, turning into large ongoing programs. Once a part is qualified on our platforms, that relationship tends to be long-term, given the cost and complexity of re-qualifying another resource. This durability is a meaningful reason that we view this new demand quotient as structural rather than cyclical.

這些訂單並非一次性。相反地，為支援既有的正式列裝計畫（programs of record），其在整個維保體系各據點的需求量正持續增加，並逐步轉化為大型、持續性的專案。一旦某個零件在我們的平台上完成認證，鑑於重新認證其他資源的成本與複雜度，這段合作關係往往會是長期的。這種持久性是我們將這股新需求視為結構性而非循環性的關鍵原因之一。

During the quarter, we were proud to have enhanced a strategic relationship with Quickparts, a Seattle-based international on-demand manufacturer, with its purchase of 12 Neo800+ systems, in addition to its existing six units. This is a multi-year, multimillion-dollar agreement across materials, software, and service.

本季我們很自豪能深化與 Quickparts 的策略合作關係。Quickparts 是一家總部位於西雅圖的國際按需製造商；其在既有 6 台設備之外，另行採購 12 台 Neo800+ 系統。這是一項跨材料、軟體與服務的多年期、數百萬美元協議。

Importantly, the systems will be used for manufacturing production parts in key verticals such as aerospace, defense, advanced mobility, and energy. In addition to the systems going to Quickparts' Seattle Aerospace Center of Excellence in the US, this deal includes a geographical extension, with three of the units being placed across its facilities in Europe.

重要的是，這些系統將用於在航太、國防、先進移動（advanced mobility）與能源等關鍵垂直領域製造量產零件。除系統將部署於美國 Quickparts 西雅圖航太卓越中心（Aerospace Center of Excellence）之外，本交易亦包含地理擴展，其中 3 台設備將配置於其歐洲各據點。

And recently, Stratasys was awarded a two-year program totaling $7.8 million through the 2026 America Makes OIB Modernization Challenge. America Makes is the leading public-private partnership for 3D printing and additive manufacturing technology, managed by the National Center for Defense Manufacturing and Machining. The program's focus is to advance next-generation in-situation monitoring for hardware and software capabilities for both our F900 and a future technology refresh solution with our F3300.

此外，Stratasys 近期在 2026 America Makes OIB Modernization Challenge 中獲得一項為期兩年的計畫，總金額達 780 萬美元。America Makes 是 3D 列印與積層製造技術領域領先的公私協力夥伴關係，由國防製造與加工國家中心（National Center for Defense Manufacturing and Machining）管理。該計畫聚焦於推進下一代原位監測（in-situation monitoring），涵蓋硬體與軟體能力，適用於我們的 F900，以及搭配 F3300 的未來技術更新解決方案。

This program indicates a long-term DoW strategy that integrates our production platforms. As the executive director of America Makes noted, this project will create a stronger foundation for expanding additive manufacturing across production, sustainment, and supply chain applications throughout the defense enterprise.

此計畫顯示出一項整合我們量產平台的長期 DoW 策略。正如 America Makes 執行董事所指出，該專案將為在國防體系中，於量產、維保與供應鏈應用全面擴大積層製造奠定更強的基礎。

It further positions Stratasys as the trusted source for qualified manufacturing, enabling a new business model for reliable production of scalable mission-critical components while supporting long-term parts and platform sustainment requirements across the defense industrial base.

這也進一步鞏固 Stratasys 作為合格製造可信來源的定位，促成一種新的商業模式：在支援國防工業基礎中長期零件與平台維保需求的同時，實現可擴充之關鍵任務元件的可靠量產。

And our Stratasys Direct parts manufacturing business delivered 12.1% year-over-year growth in the second quarter of 2026, relative to the corresponding quarter in 2025. This was fueled primarily by increasing demand from defense technology companies for drone production, munitions manufacturing, and production applications across next-generation platforms.

我們的 Stratasys Direct 零件製造業務在 2026 年第二季相較於 2025 年同期實現了 12.1% 的年增成長。此成長主要受國防科技公司對無人機生產、彈藥製造，以及跨次世代平台之生產應用需求增加所帶動。

This emerging demand reinforces the growing role of additive manufacturing as a sustainable strategic enabler of defense industrial base modernization, resilient domestic supply chains, and scalable production.

這股新興需求強化了積層製造在國防工業基礎現代化、具韌性的國內供應鏈，以及可擴展量產方面，作為永續策略推動者日益重要的角色。

Turning to automotive. This quarter, FANUC, one of the world's leading industrial automation companies, adopted our industrial solutions into its supply chain. This reflects another broader trend starting to emerge across manufacturing, where automotive OEMs and their suppliers are aligning with common additive manufacturing platforms. That alignment means production tooling and replacement parts only have to be qualified once, and then they can be manufactured at any location around the globe.

接著談汽車領域。本季，FANUC（發那科）作為全球領先的工業自動化公司之一，已將我們的工業解決方案導入其供應鏈。這也反映出製造業正在浮現的另一項更廣泛趨勢：汽車 OEM 與其供應商正逐步對齊共同的積層製造平台。這種對齊意味著生產治具與替換零件只需完成一次認證，之後即可在全球任何地點製造。

This improves consistency of quality and reduces lead times across their manufacturing ecosystem. Of particular note, the FANUC engagement came at the request of a major automotive OEM customer who helped standardize common tools and parts between them. This is another exciting next step in the automotive industry's move toward additive manufacturing at scale.

這可提升其製造生態系中的品質一致性並縮短交期。特別值得一提的是，FANUC 的合作案是應一位主要汽車 OEM 客戶的要求而促成，該客戶協助雙方將共用工具與零件標準化。這是汽車產業朝向大規模採用積層製造邁進的另一個令人振奮的下一步。

In another example of how our technology is penetrating the automotive production line, FAW Group, one of the largest Chinese auto OEMs, signed an agreement to purchase 12 F900 systems by year end, with two shipped in the second quarter on top of the five F900 and eight other Stratasys systems they already operate. This reflects one of our competitive advantages in high-requirement industrial applications relative to Chinese lower-end options locally.

再舉一例說明我們的技術如何滲透汽車生產線：中國最大的汽車 OEM 之一一汽集團（FAW Group）簽署協議，將於年底前採購 12 套 F900 系統；其中第二季已出貨 2 套，此外他們目前已在運行 5 套 F900 以及另外 8 套 Stratasys 系統。這凸顯了我們在高要求工業應用方面相較於中國本地低階選項的競爭優勢之一。

Notably, these systems are being used primarily for production of interior end-use parts such as armrests and panels. This is a great example of recurring business that emerges once our customers experience the extreme value Stratasys creates on their production lines.

值得注意的是，這些系統主要用於生產內裝終端使用零件，例如扶手與飾板。這是個很好的例子：一旦客戶在其生產線上體驗到 Stratasys 所創造的巨大價值，就會產生持續性的重複業務。

Now, I will discuss Markforged in greater detail. This will be a $42.5 million cash purchase, once the usual regulatory steps are clear. Legacy Markforged generated approximately $70 million of revenue in 2025. We continue our thorough evaluation and review of the business as we focus on ensuring we optimize the combined offering.

接下來，我將更詳細地說明 Markforged。在完成一般的監管程序後，這將是一筆 4,250 萬美元的現金收購。Markforged 既有業務於 2025 年約產生 7,000 萬美元營收。我們仍在持續對該業務進行全面評估與審查，並專注於確保能最佳化合併後的產品組合。

We expect to realize a rapid return on our investment through new revenue streams and unlocking meaningful synergies, which will result in a better margin and positive contribution to EBITDA within the first year after closing. We believe that building product capacity in target markets such as aerospace and defense, along with production-grade manufacturing more broadly, makes great sense.

我們預期可透過新的營收來源並釋放具實質意義的協同效益，快速取得投資回報，從而帶來更佳的利潤率，並在交割後第一年內對 EBITDA 產生正向貢獻。我們認為，在航太與國防等目標市場建立產品產能，以及更廣泛的生產級製造布局，都是非常合理的方向。

Markforged's continuous carbon fiber technology addresses a growing opportunity for certain stronger, lighter parts that can replace metal. Additionally, their software platform provides excellent simulation and remote print management. We are confident that the Markforged acquisition will enhance our growth in A&D.

Markforged 的連續碳纖維技術切入了一個正在成長的機會：可用於取代金屬的某些更強、更輕的零件。此外，其軟體平台提供優異的模擬能力與遠端列印管理。我們有信心，收購 Markforged 將強化我們在 A&D（航太與國防）領域的成長。

Beyond their technology, we will also be integrating their talent, partners, and reseller network, which opens up additional cross-sell opportunities. Put simply, Markforged will enable us to say yes to more new business faster, especially in aerospace, defense, and automotive.

除了技術之外，我們也將整合其人才、合作夥伴與經銷商網路，進而開啟更多交叉銷售機會。簡而言之，Markforged 將使我們能更快地對更多新業務說「可以」，尤其是在航太、國防與汽車領域。

And finally, in June, we celebrated the grand opening of our America's Regional Corporate Headquarters, or ARCH, a 200,000 square foot facility in Minnetonka, Minnesota. ARCH brings together engineering, innovative research and development, applications expertise, Stratasys Direct, and customer collaboration capabilities all under one roof. This larger, more advanced headquarters will support anticipated growing demand and reinforces our focus on production-scale additive manufacturing.

最後，在 6 月，我們慶祝位於明尼蘇達州明尼通卡（Minnetonka）的美洲區域企業總部（ARCH）盛大開幕，該設施面積達 20 萬平方英尺。ARCH 將工程、創新研發、應用專業能力、Stratasys Direct，以及客戶協作能力整合於同一屋簷下。這座更大且更先進的總部將支援預期中的需求成長，並強化我們對生產規模積層製造的聚焦。

We are proud to have received bipartisan congressional support at the opening event, a strong message validating the value lawmakers see in Stratasys technology and in our US operations, and the feedback has been encouraging from those investors that have visited. Seeing our technology at work in real-world environments can greatly enhance the appreciation for our strategy. We look forward to hosting more of the investment community in the future.

我們很自豪在開幕活動中獲得美國國會兩黨的支持，這是一項強烈訊息，印證立法者看見 Stratasys 技術與我們在美國營運的價值；而來訪投資人所給予的回饋也令人鼓舞。在真實環境中看到我們的技術運作，能大幅提升外界對我們策略的理解與認同。我們期待未來接待更多投資界人士來訪。

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 second-quarter results reflect continued execution on our manufacturing-focused strategy and deepened customer reliance on our solutions, as demonstrated by our highest-ever quarterly revenue for consumables and multiple repeat customer sales for aerospace, defense, and automotive customers. Let me get into the details.

謝謝你，Yoav，各位早安。我們第二季的結果反映出我們持續落實以製造為核心的策略，且客戶對我們解決方案的依賴程度加深；這可從我們耗材創下歷來最高單季營收，以及航太、國防與汽車客戶多筆重複採購中得到印證。我來說明細節。

Second-quarter consolidated revenue was $137.6 million, up 3.7% sequentially from $132.7 million in the first quarter, and roughly flat compared to $138.1 million in the same period last year. System revenue was $26.4 million, compared to $30.6 million in the same period last year. Consumables revenue reached a quarterly record $66.3 million, compared to $64.2 million in the same period last year, driven by increased sales of manufacturing materials, consistent with our strategic focus on production applications.

第二季合併營收為 1.376 億美元，較第一季的 1.327 億美元季增 3.7%，與去年同期的 1.381 億美元相比大致持平。系統營收為 2,640 萬美元，去年同期為 3,060 萬美元。耗材營收達到單季新高的 6,630 萬美元，去年同期為 6,420 萬美元，主要由製造材料銷售增加所帶動，與我們聚焦生產應用的策略一致。

Service revenue, which includes Stratasys Direct parts production, was $44.9 million, compared to $43.3 million in the same period last year. Within service revenue, customer support revenue was $29.9 million, roughly flat compared to the same period last year, while Stratasys Direct grew 12.1% year over year, continuing to contribute positively to our results.

服務營收（包含 Stratasys Direct 零件生產）為 4,490 萬美元，去年同期為 4,330 萬美元。在服務營收中，客戶支援營收為 2,990 萬美元，與去年同期大致持平；而 Stratasys Direct 年增 12.1%，持續對我們的業績帶來正向貢獻。

Turning to gross margins. GAAP gross margin was 42.3% for the quarter, compared to 43.1% in the same period last year. Non-GAAP gross margin was 47.2% for the quarter, compared to 47.7% in the same period last year, driven by the adverse impact of the strong Israeli shekel, in which many of our expenses are incurred, partially offset by the contribution of higher consumables revenue margins and an improvement from 46.3% last quarter.

接著談毛利率。本季 GAAP 毛利率為 42.3%，去年同期為 43.1%。本季非 GAAP 毛利率為 47.2%，去年同期為 47.7%，主要受以色列謝克爾走強的不利影響（我們許多費用以謝克爾計價）所致；部分影響由較高耗材營收毛利率的貢獻所抵銷，且較上季的 46.3% 有所改善。

GAAP operating expenses were $71.7 million, compared to $76.1 million during the same period last year. Non-GAAP operating expenses were $64.8 million, or 47.1% of revenue, roughly flat compared to 46.9% of revenue in the same period last year, reflecting continued disciplined expense management.

本季 GAAP 營業費用為 7,170 萬美元，去年同期為 7,610 萬美元。本季非 GAAP 營業費用為 6,480 萬美元，占營收 47.1%，與去年同期占營收 46.9% 大致持平，反映我們持續嚴謹的費用管理。

Regarding our consolidated earnings, GAAP operating loss for the quarter was $13.5 million, compared to a loss of $16.6 million for the same period last year. Non-GAAP operating income for the quarter was $0.1 million, compared to $1.1 million for the same period last year. GAAP net loss for the quarter was $16.9 million, or $0.19 per diluted share, compared to a net loss of $16.7 million, or $0.20 per diluted share for the same period last year.

就合併獲利而言，本季 GAAP 營業損失為 1,350 萬美元，去年同期損失為 1,660 萬美元。本季非 GAAP 營業利益為 10 萬美元，去年同期為 110 萬美元。本季 GAAP 淨損為 1,690 萬美元，稀釋後每股虧損 0.19 美元；去年同期淨損為 1,670 萬美元，稀釋後每股虧損 0.20 美元。

Non-GAAP net income for the quarter was $2.3 million, or $0.03 per diluted share, compared to non-GAAP net income of $2.2 million, or $0.03 per diluted share in the same period last year. Adjusted EBITDA was $5.3 million for the quarter, compared to $6.1 million in the same period last year, an improvement from $2 million last quarter.

本季非 GAAP 淨利為 230 萬美元，或每股稀釋後 0.03 美元，較去年同期非 GAAP 淨利 220 萬美元、或每股稀釋後 0.03 美元。本季調整後 EBITDA 為 530 萬美元，較去年同期的 610 萬美元為低，但較上季的 200 萬美元有所改善。

Important to note that both non-GAAP operating income and EBITDA increased compared to the same period last year, after excluding the $2.9 million adverse impact of the strong Israeli shekel in the quarter.

需要特別指出的是，在排除本季以色列謝克爾走強造成的 290 萬美元不利影響後，非 GAAP 營業利益與 EBITDA 皆較去年同期增加。

Turning to cash flow. We used $18.7 million in operating cash flow this quarter. The company historically generates positive operating cash flow as reflected in full years 2024, 2025, and in Q1 2026. The cash usage this quarter was atypically high and was mainly driven by non-routine items, including legal expenses to proactively protect our IP.

接著談現金流。本季我們在營運現金流方面使用了 1,870 萬美元。公司歷來可產生正向營運現金流，如 2024 年、2025 年全年以及 2026 年第一季所示。本季現金使用量異常偏高，主要由非例行性項目所致，包括為主動保護我們的智慧財產權而產生的法律費用。

Importantly, we expect operating cash flow in the second half of the year to be positive. We ended the quarter with $212.5 million in cash, cash equivalents, and short-term deposits, compared to $237.8 million at the end of the first quarter.

重要的是，我們預期下半年營運現金流將轉為正向。本季末我們持有的現金、約當現金及短期存款為 2.125 億美元，較第一季末的 2.378 億美元下降。

Regarding our outlook for 2026, we are reaffirming our full-year guidance, other than operating cash flow. We are energized by our strong pipeline of business and robust level of customer engagement and continue to expect sequential growth in revenue across all four quarters of the year. Given the first-half operating cash flow results, we no longer expect full-year 2026 operating cash flow to be positive. However, as just mentioned, we expect the second half of the year to be positive.

關於 2026 年展望，除營運現金流外，我們重申全年財測指引。我們對強勁的業務管線與穩健的客戶互動程度感到振奮，並持續預期全年四個季度營收將逐季成長。鑑於上半年營運現金流表現，我們不再預期 2026 年全年營運現金流為正。然而，如前所述，我們預期下半年將為正向。

Our debt-free balance sheet and healthy cash position give us the added financial flexibility and position of strength to support technology and market development, both organically and inorganically, to spur further growth.

我們無負債的資產負債表與充裕的現金部位，為我們提供額外的財務彈性與優勢地位，以支持技術與市場發展，無論是有機或無機方式，進一步帶動成長。

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

接下來，我把電話交回給 Yoav 做結語。Yoav？

Thank you, Eitan. As we look ahead, we do so with confidence in our strategy and in the durability of the mega trends driving additive manufacturing adoption. We are successfully executing on our stated goal to transform our business as we shift the bulk of our business from prototyping to manufacturing. The annual growth of manufacturing-based revenue is supported by the metric we share when we report each year end.

謝謝你，Eitan。展望未來，我們對自身策略以及推動積層製造採用的長期巨趨勢之持久性充滿信心。我們正成功執行既定目標，透過將業務重心由打樣轉向製造，來推動公司轉型。以製造為基礎的營收年度成長，亦由我們每年年終揭露的指標所支持。

We are making steady progress, and as demonstrated by the examples we have shared today, this focus on manufacturing will result in a significantly more robust company as we continue to become a larger part of our customers' critical production line infrastructure. The multi-unit, multi-year wins we described with large global companies are the results of the increasing enthusiasm and usage of additive manufacturing in production.

我們正穩步推進；正如今天分享的案例所示，聚焦製造將使公司更為強健，因為我們持續成為客戶關鍵生產線基礎設施中更重要的一環。我們所描述與大型全球企業取得的多台、多年期訂單，反映出積層製造在量產中的熱度與使用程度日益提升。

Customer engagement remains strong. Our pipeline of business is expanding, and while the magnitude of the commitments we are securing tends to carry long sales cycles and add variability quarter to quarter, the many opportunities emerging will generate a sales flywheel to propel increased growth in the coming years.

客戶互動仍然強勁。我們的業務管線正在擴大；雖然我們所取得承諾的規模往往伴隨較長的銷售週期，並使季度間波動增加，但不斷湧現的眾多機會將形成銷售飛輪，推動未來幾年更高的成長。

Combined with a healthy balance sheet, the foundation and path forward for profitable growth is evident. Our continued momentum in aerospace, defense, and automotive, the anticipated impact from our dental business, and the ongoing contribution from Stratasys Direct reinforce the structural demand we see across our key verticals as we look to build long-term value.

再加上健康的資產負債表，獲利成長的基礎與前進路徑已相當清晰。我們在航太、國防與汽車領域的持續動能、牙科業務的預期貢獻，以及 Stratasys Direct 的持續挹注，強化了我們在關鍵垂直市場所看到的結構性需求，並支持我們打造長期價值。

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

接下來，我們開放提問。接線員？

(Operator Instructions) Greg Palm, Craig-Hallum.

（接線員指示）Greg Palm，Craig-Hallum。

Hi, this is Jackson Schroeder on for Greg Palm. Just wanted to touch on, first off, congrats on the acquisition. We're seeing a lot of demand with A&D coming from metals based out of manufacturing. And with this new carbon fiber capability that you have here, wanted to see what your outlook is for that business and how it fits in strategically.

嗨，我是代 Greg Palm 發言的 Jackson Schroeder。首先想簡單提一下，恭喜完成收購。我們看到航太與國防（A&D）領域有大量需求來自以金屬為主的製造。而你們現在新增了碳纖維能力，想請教你們對這項業務的展望，以及它在策略上如何契合。

And then also, if you could touch on the $70 million in revenue, what the kind of revenue profile is on that, and if there's anything that you expect to kind of strategically trim or, I guess, what you're going to do with that business and how that kind of works in the portfolio. So, thank you.

另外，也請談談那 7,000 萬美元營收的情況，其營收結構大概是什麼樣貌，以及是否有任何你們預期會在策略上進行精簡的部分；或者說，你們打算如何處理這項業務，以及它在投資組合中如何運作。謝謝。

Thank you, Jackson, for the question. It's a very important, one, in terms of our position in aerospace and defense. So let me take a step back and share a few sentences on the deal rationale with Markforged. There are very clear five pillars why we have done it. Number one is the unique continuous carbon fiber technology that they developed over the years.

謝謝你，Jackson，提問。這是一個非常重要的問題，關係到我們在航太與國防領域的定位。我先退一步，簡要說明我們與 Markforged 這筆交易的策略理由。我們之所以進行這項收購，有非常清楚的五大支柱。第一，是他們多年來開發的獨特連續碳纖維技術。

It's by far the leading one, and we believe that together with Stratasys' long-term reliability standards and positioning in A&D, it's a win. This is the first pillar. The second one is about the use cases. They are completely in line with our use cases. In additive, it's all about application, and they are completely in line with ours.

這項技術無疑是領先者；我們相信，結合 Stratasys 長期的可靠性標準以及在航太與國防（A&D）的市場定位，將帶來雙贏。這是第一個支柱。第二個支柱是應用情境（use cases）。他們的應用情境與我們完全一致。在積層製造領域，一切都取決於應用，而他們與我們完全對齊。

Our number one is aerospace and defense, and number two is tooling in the industrial space. They are focusing on the same. Complete alignment with huge synergies, technological synergies. So that's the second one, the use case. The third one is the go-to market. We have the leading network of partners in the market, and they are number two, and they are not in the same market because they are in different markets.

我們的第一大重點是航太與國防，第二是工業領域的治具（tooling）。他們也聚焦於相同方向。高度一致，並具備巨大的綜效與技術綜效。這是第二點：應用情境。第三點是市場進入策略（go-to-market）。我們擁有市場上領先的合作夥伴網絡，而他們排名第二；而且我們並非在同一個市場，因為我們所服務的市場不同。

We are in the more corporate high-end, and they are bringing us the shops and medium-level businesses, which is a clear synergy. Then we are talking about software. They developed a unique software, including simulation, but also the ability to manage distributed manufacturing. Together with our leading GrabCAD, it's another win.

我們偏向企業端高階市場，而他們能為我們帶來工坊與中型企業客群，這是明確的綜效。接著是軟體。他們開發了獨特的軟體，包括模擬功能，以及管理分散式製造的能力。結合我們領先的 GrabCAD，這又是一個雙贏。

Add to it, is the fifth pillar, the talent that we are receiving. Those are the best engineers in our industry, and they are joining Stratasys, and that will really strengthen our position in the high-end, high requirements. Now to your question, you mentioned metal. Continuous carbon fiber can replace metal. It's lighter, it's less expensive, it significantly requires less post-processing, which is a huge advantage.

再加上第五個支柱：我們所獲得的人才。他們是本產業最頂尖的工程師，將加入 Stratasys，這將大幅強化我們在高階、高要求領域的地位。回到你的問題，你提到了金屬。連續碳纖維可以取代金屬。它更輕、成本更低，而且大幅減少後處理需求，這是一項巨大優勢。

And just as a proof point, since we announced the deal and since we are interacting with many aerospace and defense players that now are coming to us, I received four requests from large corporates to collaborate with us on helping them adopting continuous carbon fiber and continuous carbon fiber standards, because Stratasys knows how to do it, as a replacement for metal. So I'm very positive about it, and it looks really promising.

作為佐證，自從我們宣布這筆交易、並與許多目前主動找上門的航太與國防業者互動以來，我已收到四家大型企業提出合作請求，希望我們協助他們導入連續碳纖維及連續碳纖維標準；因為 Stratasys 知道如何做到，並可用來取代金屬。因此我對此非常正面，前景看起來相當可期。

Awesome. And then can you just talk a little bit more about, you mentioned dental today at the end there, just what the outlook is on that market and how that's trending?

太棒了。接著你能否再多談一點，你剛才最後提到牙科，想請教那個市場的展望以及目前的趨勢如何？

Dental, this is like the secret card that we have, in a sense. We are very excited about the dental industry and about our solution. With all modesty, we are developing the most innovative solution for removables, by far. And you will see it in the market. We have already for the first version, FDA and Europe, European approvals. Long-term opportunities are coming every day. We hire the top talent in dental, and probably you know Chris Kabot.

牙科，某種程度上就像我們手上的秘密王牌。我們對牙科產業以及我們的解決方案感到非常興奮。恕我直言，我們正在開發迄今為止最具創新性的活動式（removables）解決方案。你們會在市場上看到。第一版我們已經取得 FDA 與歐洲（European）的核准。長期機會每天都在出現。我們延攬牙科領域的頂尖人才，你可能也認識 Chris Kabot。

And it is transforming the way we are thinking about dental and the way we are going to the market. And most importantly, we get the recognition from the leading customers. So we are already working with labs like Glidewell and Affordable Dentures, which are two of the largest dental companies in the US. So it's a massive opportunity. Stay tuned. We will come back with what's going on with dental.

這正在改變我們對牙科的思考方式，以及我們進入市場的方式。最重要的是，我們獲得了領先客戶的認可。因此我們已經在與像 Glidewell 和 Affordable Dentures 這樣的實驗室合作，它們是美國最大的兩家牙科公司之一。所以這是個巨大的機會。敬請期待。我們會再回來更新牙科業務的進展。

Perfect. Appreciate it. I'll leave it there.

完美。感謝。我就先到這裡。

Brian Drab, William Blair.

Brian Drab，William Blair。

Hi, good morning -- I'll just say hello. I don't know what time it is there exactly. Thanks for taking the questions.

嗨，早安——我先打個招呼。我不確定你們那邊現在確切是幾點。謝謝讓我提問。

I listened to the call, and there's a lot of momentum. There's a lot of exciting things going on. But then I just wanted to hear your thoughts on just the system sales, because it seems like the manufacturing environment is improving for a lot of companies. Seeing some momentum building this year. But the system sales, I think, were down sequentially, and it really -- we still have not turned the corner in terms of improved system sales.

我聽了這通電話會議，動能很強。有很多令人振奮的事情正在發生。但我想聽聽你們對系統銷售的看法，因為看起來許多公司的製造環境正在改善。今年看到一些動能在累積。但系統銷售我認為是季比下滑，而且我們在系統銷售改善方面似乎仍未真正轉折。

The system sales are down from last year for a second quarter, and they're even down from two years ago in the second quarter, and they're down sequentially from the first quarter. Whereas historically, Stratasys has seen at least a little bit of improvement, I think, in the second quarter from the first quarter. So I know there's a lot of positive things going on, but I'm just wondering, when do you think that that system sales starts to inflect? Thanks.

系統銷售在第二季相較去年下滑，甚至也低於兩年前的第二季，而且相較第一季也呈現季比下滑。然而從歷史上看，Stratasys 在第二季相較第一季通常至少會有一些改善。所以我知道有很多正面的事情在發生，但我想請教，你們認為系統銷售何時會開始出現拐點、轉為上升？謝謝。

Thank you, Brian, for the question. By the way, we are on the same time zone. We are in Minnesota. So --

謝謝你，Brian，這個問題。順帶一提，我們在同一個時區。我們在明尼蘇達州。所以--

All right.

好。

Great question. So I think the most important thing to state now is that we are on track, and we are keeping our guidance of sequential growth quarter over quarter. That's the most important thing. Now about systems, this is part of what we are experiencing in the shift to manufacturing. We are holding the track, but we have a robust pipeline of large deals.

很好的問題。我認為現在最重要的是要說明，我們進展如期，並且維持我們對於逐季（quarter over quarter）序列成長的指引。這是最重要的。至於系統，這是我們在轉向製造（manufacturing）過程中所經歷的一部分。我們維持既定軌道，但我們有一個強勁的大型交易管線。

And large deals, it's not something that is distributed across the quarter exactly as you want it. So we know our pipeline, it's robust, it consisting of large deals, and it's better to measure our growth trend annually given the fact that we are moving to large deals and to manufacturing. And as a proof point, you can see the two large deals that we have done this quarter with two leading players. So this is a change in the nature of the business.

而大型交易並不會如你所希望的那樣，平均分布在整個季度。因此我們了解自己的管線很強勁，且由大型交易構成；鑑於我們正轉向大型交易與製造業務，用年度角度來衡量我們的成長趨勢會更合適。作為佐證，你可以看到我們本季與兩家領先業者完成的兩筆大型交易。所以這是業務性質的改變。

Understood.

了解。

And when you look at the second half of the year, you will see a notable uptick in system sales.

而當你看下半年時，你會看到系統銷售明顯回升。

Okay. Thank you very much. I didn't miss the nice increase sequentially in consumable sales, so that was very impressive. I'll save the rest of my questions for later, but thank you very much.

好的。非常感謝。我也注意到耗材銷售季比有很漂亮的成長，這非常令人印象深刻。我先把其他問題留到之後再問，但非常感謝。

(Operator Instructions) Thank you. At this time, showing no additional questions, I'll turn the floor back to Yoav for any further comments.

(接線員指示) 謝謝。目前顯示沒有其他提問，我將把會議交回給 Yoav，請他做任何進一步的評論。

So maybe one comment before we are concluding. We are moving into manufacturing. We are on the right track in the shift from prototyping to manufacturing. We have many proof points for that, starting with our A&D set of success and demand. The A&D business is coming with large deals. We have a robust pipeline of those large deals.

在我們結束之前，或許補充一點。我們正在邁向製造。我們從打樣（prototyping）轉向製造的轉型走在正確的軌道上。我們有許多佐證，首先是我們在航太與國防（A&D）方面的成功與需求。A&D 業務帶來大型交易。我們有一個強勁的大型交易管線。

SDM is proving it because we have the highest backlog ever in SDM, and this is our way into this aerospace and defense because we are supplying also capacity. Consumables is another indicator. We are historically in a record high of consumables, mainly because of high-performance materials. Take only SDM, they produce over 12,000 parts for aerospace and defense, mainly drones. They are dealing with the 10 top drones players.

SDM 也證明了這一點，因為 SDM 的在手訂單（backlog）創下歷史新高；這也是我們切入航太與國防的方式，因為我們同時也在提供產能。耗材是另一個指標。我們的耗材銷售歷史性地處於創新高水準，主要來自高性能材料。僅以 SDM 為例，他們為航太與國防生產超過 12,000 個零件，主要是無人機。他們正在與前十大無人機業者合作。

And we are going to invest in this capacity and in penetration into aerospace and defense, and we have the financial strength. So we are there. We are moving to manufacturing. It will be a different company, and we are happy to share it with the investors. So thank you for joining us. We look forward to update you again next quarter.

我們將投資於這些產能以及在航太與國防領域的滲透，而我們具備財務實力。所以我們已經到位。我們正在邁向製造。這將會是一家不同的公司，我們也很高興與投資人分享。感謝各位加入。我們期待在下個季度再次向各位更新。

Thank you. This will conclude today's conference. You may now disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。