Stratasys (SSYS) 2026 年第 2 季法說會：耗材創新高，調整現金流展望

重點摘要

• Stratasys 公布 2026 年第二季營收為 1.376 億美元，較上一季的 1.327 億美元成長 3.7%，與去年同期的 1.381 億美元持平。
• 耗材營收創下 6,630 萬美元的單季新高，高於 2025 年第二季的 6,420 萬美元，反映出製造材料使用量增加與系統利用率提升。
• 航太與國防業務營收年增 17%。在無人機生產、彈藥製造及其他國防應用需求的支撐下，Stratasys Direct 成長 12.1%。
• Non-GAAP 淨利為 230 萬美元，或稀釋後每股盈餘 0.03 美元。調整後 EBITDA 季增至 530 萬美元（上一季為 200 萬美元），但低於去年同期的 610 萬美元。
• Stratasys 重申 2026 全年財務展望，但營運現金流除外。該公司不再預期全年營運現金流為正，不過管理層預計下半年將轉正。
• 對 MarkForged 價值 4,250 萬美元的現金併購案預計將於 2026 年稍晚完成交易。管理層預計被收購業務在交割後第一年內將帶來更好的利潤率與正向 EBITDA 貢獻。

關鍵財務數據

業務與營運表現

航太與國防仍是 Stratasys 最大的業務，較 2025 年第二季成長 17%。管理層將此成長部分歸因於美國空軍更廣泛地採用 F900 系統進行維修保養與適航備件的生產。公司將這些部署描述為持續擴展的計畫，而非一次性訂單。

Stratasys Direct 零件製造營收年增 12.1%。需求主要來自從事無人機、彈藥和下一代平台開發的國防科技公司。管理層表示，該業務的積壓訂單創下歷史新高，並生產了超過 12,000 個航太與國防零件，主要用於無人機應用。

Quickparts 同意簽署一份多年期、價值數百萬美元的合約，購買 12 套 Neo 800-plus 系統，範圍涵蓋材料、軟體與服務。這些系統將支援航太、國防、先進移動工具及能源領域的生產應用，其中 3 套指定用於歐洲廠區。

Stratasys 還獲得了為期兩年、價值 780 萬美元的 America Makes 計畫，重點在於為 F900 及未來的 F3300 技術升級方案開發下一代原位監測（in-situ monitoring）能力。

在汽車領域，一汽集團（FAW Group）同意在年底前購買 12 套 F900 系統，其中包括第二季已出貨的 2 套。這些系統主要用於製造內裝最終用途零件。應一家大型汽車 OEM 客戶的要求，發那科（FANUC）也在其供應鏈中採用了 Stratasys 的工業解決方案。

預計進行的 MarkForged 併購案將帶來連續碳纖維技術、模擬與分散式列印管理軟體、人才以及經銷商關係。原 MarkForged 在 2025 年創造了約 7,000 萬美元的營收。管理層認為在航太、國防、汽車和工業工具領域特別具有交叉銷售的潛力。

管理層財務展望

Stratasys 重申了 2026 全年財務展望（營運現金流除外）。公司繼續預期 2026 年四個季度皆將實現營收逐季成長。

管理層表示，在大型製造交易案推動下，下半年系統銷售額應會顯著增加。然而，這些交易的完成時間點可能會造成季度間的波動。

在上半年現金消耗後，Stratasys 不再預期全年營運現金流為正。管理層仍預計 2026 年下半年的營運現金流將轉正。

在完成慣常的監管程序後，MarkForged 交易案預計將於 2026 年稍晚完成。Stratasys 預期營收與成本的協同效應將改善利潤率，並在交割後的第一年內帶來正向 EBITDA 貢獻。

風險與關注焦點

• 系統營收由去年同期的 3,060 萬美元降至 2,640 萬美元，而管理層向大型製造交易案轉移的策略正拉長銷售週期並增加季度波動性。
• 以色列謝克爾走強對單季 Non-GAAP 營業利潤和調整後 EBITDA 造成了 290 萬美元的不利影響。
• 第二季營運現金流出達 1,870 萬美元，部分原因在於與智慧財產權保護相關的非常規法律費用。
• 儘管 Non-GAAP 毛利率實現季增改善，但毛利率仍低於去年同期水準。
• MarkForged 併購案仍需獲得監管批准，而預期中的協同效應及首年 EBITDA 貢獻均為管理層的預測估計。

分析師問答亮點

分析師關注系統營收何時能恢復成長。管理層表示，Stratasys 仍朝著全公司營收逐季成長的方向邁進，並預計下半年系統銷售額將顯著成長。管理層指出，隨著業務轉向更大型、多年期的製造訂單，年度趨勢變得更具參考價值。

關於 MarkForged，管理層將連續碳纖維、相符的航太與工具應用、互補的銷售管道、軟體以及工程人才視為五大核心戰略支柱。公司認為，連續碳纖維零件可以取代部分金屬部件，實現更輕的設計、更低的成本與更少的後處理流程。

管理層還強調牙科是一個重大長期機遇，提及與美國大型牙科實驗室的合作，以及持續開發用於可拆卸牙科應用的解決方案。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good day, and welcome to today's Conference Call to discuss Stratasys' Second Quarter 2026 Financial Results. My name is Rob, and I'm your operator for today's call.

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.

Yonah Lloyd

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.

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. 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. 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. 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.

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

Yoav Zeif

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.

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 megatrends that are driving additive manufacturing adoption, aerospace and defense remains a clear proof point.

Mission-critical performance requirements and accelerating supply chain resiliency mandates are translating into durable structural demand for our platforms. This 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.

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. 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.

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. Second quarter results were partially driven by expanding adoption across the U.S. Air Force for deeper level sustainment and spare parts production.

Ongoing multiple system investments in our Workhorse F900 system certified by the Air Force for flightworthy production parts are propelling this growth. These orders are not onetime, rather, they are increasing in volume for location 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 requalifying another resource. This durability is a meaningful reason that we view this new demand quotient as structural rather than cyclical.

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 Neo 800-plus systems, in addition to its existing 6 units. This is a multiyear, multimillion dollar agreement across materials, software and service. 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 U.S., this deal includes a geographical expansion with 3 of the units being placed across its facilities in Europe.

Recently, Stratasys was awarded a 2-year program totaling $7.8 million through the 2026 America Mix 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. 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. 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. 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. This emerging demand reinforces the growing role of additive manufacturing as a sustainable strategic enabler of defense industrial-based modernization, resilient domestic supply chain and scalable production.

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. 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 have standardized common tools and parts between them. This is another exciting next step in the automotive industry's move towards additive manufacturing at scale.

And 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 2 shipped in the second quarter on top of the 5 F900 and 8 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. Notably, these systems are being used primarily for production of interior end-use parts such as armrest 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.

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. We expect to realize a rapid return on our investments 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. 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.

Beyond the 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. Finally, in June, we celebrated the grand opening of our Americas 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. 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 U.S. operations. And the feedback has been encouraging from those investors that have visited, seeing our technology at work in real-world environment can greatly enhance the appreciation for our strategy. We look forward to hosting more of the investment community in the future.

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

Eitan Zamir

Thank you, Yoav, and good morning, everyone. Our second quarter results reflect continued execution on our manufacturing focused strategy and deepen 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. 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. Consumable 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 material, consistent with our strategic focus on production applications.

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.

Turning to gross margin. 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. 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.

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.

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 and an improvement from $2 million last quarter. 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.

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-year 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. 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.

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 4 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. 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.

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

Yoav Zeif

Thank you, Eitan. As we look ahead, we do so with confidence in our strategy and in the durability of the megatrends 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. We are making steady progress and as demonstrated by the examples we have shared to-date, 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 multiunit, multiyear wins we described with large global companies are the result of the increasing enthusiasm and usage of additive manufacturing in production. 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 cycle and add variability quarter-to-quarter, the many opportunities emerging will generate a sales flywheel to propel increased growth in the coming years.

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.

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

Operator

[Operator Instructions]. The first question comes from the line of Greg Palm with Craig-Hallum.

分析師問答

Jackson Schroeder

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

Yoav Zeif

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 a few sentences on the deal rationale with MarkForged. There are very clear 5 pillars why we have done it.

Number one is the unique continuous carbon fiber technology that they developed over the year. It's by far the leading one. And we believe that together with Stratasys long-term reliability standards and positioning in aerospace and defense, it's a win. This is the first pillar.

The second one is about the use cases. They are completely aligned with our use cases. In additive, it's all about applications, and they are completely in line with ours. Our #1 is aerospace and defense and #2 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 #2. And they are not in the same markets because they are in different markets. 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.

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. 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 4 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.

Jackson Schroeder

Awesome. Then can you just talk a little bit more about -- you mentioned dental right at the end there. Just what the outlook is on that market and how that's trending?

Yoav Zeif

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 in Europe, European approvals. Long-term opportunities are coming every day, we hire the top talent in dental and probably increased cables, and it is transforming the way we are thinking about dental -- sorry, about dental and the way we are going to the market. And most importantly, we get the recognition from the leading customers. So we're already working with labs like Clyde Caldwell and Affordable dentures, which are 2 of the largest dental companies in the U.S. So it's a massive opportunity. Stay tuned. We will come back with what's going on with dental.

Operator

Next question is from the line of Brian Drab with William Blair.

Brian Drab

I don't know what time it is there exactly. 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 they really -- we still haven't turned the corner in terms of improved system sales.

The system sales are down from last year for a second quarter, and they're even down from 2 years ago in the second quarter, and they're down sequentially from the first quarter, right, whereas historically, Stratasys has seen at least a little bit of improvement, I think, in the second quarter from the first quarter. 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?

Yoav Zeif

Thank you, Brian, for the question. And by the way, we are on the same time zone. We are in Minnesota. Great question. 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 according to track, but we have a pipeline, a robust pipeline of large deals and large deals, it's not something that is distributed across the quarter, exactly as you want it. We know our pipeline, it's robust. It consisted 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 2 large deals that we have done this quarter with 2 leading players. So this is a change in the nature of the business.

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

Brian Drab

I didn't miss the nice increase sequentially in consumable sales, so that was very impressive.

Operator

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

Yoav Zeif

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. 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 the SDM, they produced over 12,000 parts for aerospace and defense, mainly drones. They are dealing with the 10 top drones players. And we are going to invest in this capacity in penetration into aerospace and defense, and we have the financial stress. 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.

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

Operator

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