0001443669-26-000025 | 10-Q | XBRL Viewer

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Segment Reporting - Schedule of Depreciation and Amortization by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 8,073	$ 8,694
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total depreciation and amortization	6,611	7,009
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total depreciation and amortization	1,435	1,606
Corporate Unallocated
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 27	$ 79

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Net Income per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income per Common Share

Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied. Anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding and were 120,716 and 436,669 for the three months ended March 31, 2026 and 2025, respectively.

The table below sets forth the computation of basic and diluted net income per share:



	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2026		2025
Net income	$	8,111	$	3,599

Basic - weighted-average shares outstanding:	23,835,612		24,135,320
Effect of dilutive securities:
Employee stock options and other	451,648		300,524
Diluted - weighted-average shares outstanding:	24,287,260		24,435,844
Net income per share:
Basic	$	0.34	$	0.15
Diluted	$	0.33	$	0.15

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. Apart from the items discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, there are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements or related disclosures.

Segment Reporting - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total Revenue	$ 139,336	$ 126,205
Injection Molding
Segment Reporting Information [Line Items]
Total Revenue	51,068	48,723
CNC Machining
Segment Reporting Information [Line Items]
Total Revenue	63,245	52,843
3D Printing
Segment Reporting Information [Line Items]
Total Revenue	20,465	20,194
Sheet Metal
Segment Reporting Information [Line Items]
Total Revenue	4,351	4,211
Other Revenue
Segment Reporting Information [Line Items]
Total Revenue	$ 207	$ 234

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

On July 8, 2022, the board of directors approved the Proto Labs, Inc. 2022 Long-Term Incentive Plan, which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022, and subsequently amended and restated by the Company's shareholders at the Annual Meeting of Shareholders on May 23, 2024 (as amended and restated, and subsequently further amended, the 2022 Plan) to increase the number of shares available for issuance pursuant to awards under the 2022 Plan by an additional 430,000 shares, add a minimum vesting requirement, and extend the expiration date so that the term of the 2022 Plan runs for ten years from the date of the shareholder approval. On May 20, 2025, the Company's shareholders approved an amendment to the 2022 Plan to increase the number of shares available for issuance pursuant to awards under the 2022 Plan by an additional 296,000 shares. Under the 2022 Plan, the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2022 Plan have a maximum term of ten years from the date of grant. The compensation and talent committee may provide that the vesting or payment of any award will be subject to the attainment of specified performance measures in addition to the satisfaction of any continued service requirements and the compensation and talent committee will determine whether such measures have been achieved. The per-share exercise price of stock options and SARs granted under the 2022 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant.

The Company also has outstanding awards under the 2012 Long-Term Incentive Plan, as amended (the 2012 Plan), although the plan expired in February 2022 and no additional awards have since been or will be made under the 2012 Plan. The 2012 Plan provided the Company the ability to grant stock options, SARs, restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2012 Plan that subsequently expired, were forfeited or cancelled, or settled in cash after August 29, 2022 became available for awards under the 2022 Plan.

In addition, the Company has outstanding awards that were not granted under the 2022 Plan or the 2012 Plan. These awards were granted as inducement awards to the Company’s new Chief Executive Officer in May 2025.

Employee Stock Purchase Plan

The Company’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase a variable number of shares of the Company’s common stock each offering period at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods with a single purchase period ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period.

Stock-Based Compensation Expense

Stock-based compensation expense was $3.2 million and $4.0 million for the three months ended March 31, 2026 and 2025, respectively.

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2026:



	Stock Options	Weighted- Average Exercise Price
Options outstanding at December 31, 2025	360,214	$	52.94
Granted	51,135	62.63
Exercised	(72,234)	44.94
Forfeited	(14,732)	57.12
Expired	(24,853)	119.35
Options outstanding at March 31, 2026	299,530	$	51.01

Exercisable at March 31, 2026	110,231	$	62.95

The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a period of four years, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company.

The weighted-average grant date fair value of options that were granted during the three months ended March 31, 2026 was $34.35.

The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
	2026	2025
Risk-free interest rate	3.71%	4.13%
Expected life (years)	6.25	6.25
Expected volatility	52.69%	52.99%
Expected dividend yield	0%	0%

As of March 31, 2026, there was $4.0 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 3.2 years.

Restricted Stock Units

Restricted stock unit (RSU) awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from three to four years, beginning on the first anniversary of the grant date, subject to the employee's continuing service to the Company. For the board of directors, restrictions generally lapse in full on the first anniversary of the grant date.

The following table summarizes restricted stock units activity during the three months ended March 31, 2026:



	Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Restricted stock units at December 31, 2025	696,076	$	39.07
Granted	30,521	62.63
Restrictions lapsed	(23,587)	38.06
Forfeited	(39,770)	36.72
Restricted stock units at March 31, 2026	663,240	$	40.38

As of March 31, 2026, there was $15.4 million of unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.7 years.

Performance Stock Units

Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 percent and 200 percent of that target number capable of being earned and vesting at the end of a three-year performance period depending on the Company’s three-year cumulative total shareholder return performance relative to an index and the award recipient’s continued employment. The Company’s PSUs are based on market conditions and the related compensation cost is based on the fair value at grant date calculated using a Monte Carlo pricing model.

The following table summarizes performance stock units activity during the three months ended March 31, 2026:



	Performance Stock Units	Weighted- Average Grant Date Fair Value Per Share
Performance stock units at December 31, 2025	231,959	$	56.21
Granted	59,999	105.67
Restrictions lapsed	(121,334)	57.79
Performance change	60,667	57.79

Performance stock units at March 31, 2026	231,291	$	68.63

The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
	2026	2025
Risk-free interest rate	3.48%	4.08%
Expected life (years)	2.85	2.85
Expected volatility	47.40%	52.40%
Expected dividend yield	0%	0%

As of March 31, 2026, there was $11.7 million of unrecognized compensation expense related to non-vested performance stock units, which is expected to be recognized over a weighted-average period of 2.4 years.

Employee Stock Purchase Plan

The following table presents the assumptions used to estimate the fair value of the ESPP during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
	2026	2025
Risk-free interest rate	3.67%	4.29%
Expected life (months)	6.00	6.00
Expected volatility	39.13%	65.60%
Expected dividend yield	0%	0%

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity during the three months ended March 31, 2026:



	Stock Options	Weighted- Average Exercise Price
Options outstanding at December 31, 2025	360,214	$	52.94
Granted	51,135	62.63
Exercised	(72,234)	44.94
Forfeited	(14,732)	57.12
Expired	(24,853)	119.35
Options outstanding at March 31, 2026	299,530	$	51.01

Exercisable at March 31, 2026	110,231	$	62.95

Schedule of Assumptions Used in Black-Scholes Option Pricing Model

The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
	2026	2025
Risk-free interest rate	3.71%	4.13%
Expected life (years)	6.25	6.25
Expected volatility	52.69%	52.99%
Expected dividend yield	0%	0%

Schedule of Restricted Stock Activity

The following table summarizes restricted stock units activity during the three months ended March 31, 2026:



	Restricted Stock Units	Weighted- Average Grant Date Fair Value Per Share
Restricted stock units at December 31, 2025	696,076	$	39.07
Granted	30,521	62.63
Restrictions lapsed	(23,587)	38.06
Forfeited	(39,770)	36.72
Restricted stock units at March 31, 2026	663,240	$	40.38

Schedule of Performance Stock Activity

The following table summarizes performance stock units activity during the three months ended March 31, 2026:



	Performance Stock Units	Weighted- Average Grant Date Fair Value Per Share
Performance stock units at December 31, 2025	231,959	$	56.21
Granted	59,999	105.67
Restrictions lapsed	(121,334)	57.79
Performance change	60,667	57.79

Performance stock units at March 31, 2026	231,291	$	68.63

Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions

The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
	2026	2025
Risk-free interest rate	3.48%	4.08%
Expected life (years)	2.85	2.85
Expected volatility	47.40%	52.40%
Expected dividend yield	0%	0%

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The following table presents the assumptions used to estimate the fair value of the ESPP during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
	2026	2025
Risk-free interest rate	3.67%	4.29%
Expected life (months)	6.00	6.00
Expected volatility	39.13%	65.60%
Expected dividend yield	0%	0%

Goodwill and Other Intangible Assets - Narrative (Details) € in Millions			3 Months Ended		12 Months Ended
	Jan. 22, 2021 USD ($)	Jan. 22, 2021 EUR (€)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Goodwill, period increase (decrease)			$ 0
Foreign currency losses			800,000		$ 500,000
Amortization expense for intangible assets			$ 900,000	$ 900,000
Europe \| 3D Hubs, Inc. (Hubs)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired \| €		€ 11.6
United States \| 3D Hubs, Inc. (Hubs)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets acquired	$ 16,600,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Segment Reporting - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 139,336	$ 126,205
Segment expenses	128,076	121,713
Restructuring and transformation costs	1,421
Benefits related to exit and disposal activities		(39)
Income from operations	9,839	4,531
Operating Segments \| United States
Segment Reporting Information [Line Items]
Revenue	112,127	100,267
Segment expenses	79,158	74,770
Restructuring and transformation costs	0
Benefits related to exit and disposal activities		0
Income from operations	32,969	25,497
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Revenue	27,209	25,938
Segment expenses	31,048	29,800
Restructuring and transformation costs	1,090
Benefits related to exit and disposal activities		(39)
Income from operations	(4,929)	(3,823)
Corporate Unallocated
Segment Reporting Information [Line Items]
Revenue	0	0
Segment expenses	17,870	17,143
Restructuring and transformation costs	331
Benefits related to exit and disposal activities		0
Income from operations	$ (18,201)	$ (17,143)

Marketable Securities - Schedule of Available-For-Sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	$ 12,307
Due after one year through five years	21,721
Total marketable securities	$ 34,028	$ 31,605

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Stock-Based Compensation - Schedule of Restricted And Performance Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units
Stock Awards
Beginning balance (in shares) \| shares	696,076
Granted (in shares) \| shares	30,521
Restrictions lapsed (in shares) \| shares	(23,587)
Forfeited (in shares) \| shares	(39,770)
Ending balance (in shares) \| shares	663,240
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 39.07
Granted (in dollars per share) \| $ / shares	62.63
Restrictions lapsed (in dollars per share) \| $ / shares	38.06
Forfeited (in dollars per share) \| $ / shares	36.72
Ending balance (in dollars per share) \| $ / shares	$ 40.38
Performance Stock Units
Stock Awards
Beginning balance (in shares) \| shares	231,959
Granted (in shares) \| shares	59,999
Restrictions lapsed (in shares) \| shares	(121,334)
Performance change (in shares) \| shares	60,667
Ending balance (in shares) \| shares	231,291
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 56.21
Granted (in dollars per share) \| $ / shares	105.67
Restrictions lapsed (in dollars per share) \| $ / shares	57.79
Performance change (in dollars per share) \| $ / shares	57.79
Ending balance (in dollars per share) \| $ / shares	$ 68.63

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 20, 2025	May 23, 2024	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 3.2	$ 4.0
Stock-based award, weighted-average grant date fair value (in dollars per share)			$ 34.35
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Discount from market price (in percent)			15.00%
Offering period (in months)			6 months
Purchase price of common stock (in percent)			85.00%
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, term (in years)			10 years
Stock-based award, vesting period (in years)			4 years
Stock based award, unrecognized compensation expense			$ 4.0
Stock based award, unrecognized compensation expense, period for recognition (in years)			3 years 2 months 12 days
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based award, unrecognized compensation expense			$ 15.4
Stock based award, unrecognized compensation expense, period for recognition (in years)			2 years 8 months 12 days
Restricted Stock Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)			3 years
Restricted Stock Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)			4 years
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based award, vesting period (in years)			3 years
Stock based award, unrecognized compensation expense			$ 11.7
Stock based award, unrecognized compensation expense, period for recognition (in years)			2 years 4 months 24 days
Percentage of target, capable of being earned and vesting, lower limit			0.00%
Percentage of target, capable of being earned and vesting, upper limit			200.00%
Long-Term Incentive Plan 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for issuance pursuant to awards (in shares)	296,000	430,000
Stock-based award, term (in years)			10 years

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Total inventory	$ 15,925	$ 15,441
Allowance for obsolescence	(1,054)	(1,040)
Inventory, net of allowance	$ 14,871	$ 14,401

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

There were no changes in the carrying amount of goodwill during the three months ended March 31, 2026.

Intangible assets other than goodwill at March 31, 2026 and December 31, 2025 were as follows:



	March 31, 2026						December 31, 2025						Useful Life (in years)	Weighted Average Useful Life Remaining (in years)
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Non-compete agreement	$	844	$	(844)	$	—	$	850	$	(843)	$	7	2.0 - 5.0	0
Software technology	13,229		(10,835)		2,394		13,229		(10,493)		2,736		10.0	1.8
Software platform	26,807		(11,674)		15,133		27,110		(11,241)		15,869		12.0	6.8
Total intangible assets	$	40,880	$	(23,353)	$	17,527	$	41,189	$	(22,577)	$	18,612

Intangible assets allocated to the Protolabs Network entities consisted of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency unrealized losses related to intangible assets were $0.8 million and $0.5 million as of March 31, 2026 and December 31, 2025, respectively. Amortization expense for intangible assets was $0.9 million for each of the three months ended March 31, 2026 and 2025.

Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:



(in thousands)	Estimated Amortization Expense
Remaining 2026	$	2,688
2027	3,581
2028	2,215
2029	2,215
2030	2,215
Thereafter	4,613
Total estimated amortization expense	$	17,527

Goodwill and Other Intangible Assets - Schedule of Aggregated Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2026	$ 2,688
2027	3,581
2028	2,215
2029	2,215
2030	2,215
Thereafter	4,613
Net	$ 17,527	$ 18,612

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 673,932	$ 670,151
Net unrealized (losses) gains on investments in securities
Balance at end of period	683,126	656,801
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(20,976)	(27,984)
Net unrealized (losses) gains on investments in securities
Balance at end of period	(23,487)	(26,891)
Foreign currency translation adjustments
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(2,382)	1,003
Amounts reclassified from accumulated other comprehensive loss	0	0
Net unrealized (losses) gains on investments in securities
Other comprehensive (loss) income before reclassifications	(2,382)	1,003
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive (loss) income	(2,382)	1,003
Net unrealized (losses) gains on investments in securities
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(129)	90
Amounts reclassified from accumulated other comprehensive loss	0	0
Net unrealized (losses) gains on investments in securities
Other comprehensive (loss) income before reclassifications	(129)	90
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive (loss) income	$ (129)	$ 90

Segment Reporting - Schedule of Expenditures for Additions to Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	$ 3,540	$ 1,262
Operating Segments \| United States
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	3,201	1,168
Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total expenditures for additions to long-lived assets	$ 339	$ 94

Net Income per Common Share - Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 8,111	$ 3,599
Basic - weighted-average shares outstanding (in shares)	23,835,612	24,135,320
Effect of dilutive securities:
Employee stock options and other (in shares)	451,648	300,524
Diluted - weighted-average shares outstanding (in shares)	24,287,260	24,435,844
Net income per share:
Basic (in dollars per share)	$ 0.34	$ 0.15
Diluted (in dollars per share)	$ 0.33	$ 0.15

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s inventory consisted of the following as of the dates indicated:



(in thousands)	March 31, 2026		December 31, 2025
Total inventory	$	15,925	$	15,441
Allowance for obsolescence	(1,054)		(1,040)
Inventory, net of allowance	$	14,871	$	14,401

Stock-Based Compensation - Schedule of Assumptions Used in Black-Scholes And Monte Carlo Pricing Model (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.67%	4.29%
Expected life (years)	6 years	6 years
Expected volatility	39.13%	65.60%
Expected dividend yield	0.00%	0.00%
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.71%	4.13%
Expected life (years)	6 years 3 months	6 years 3 months
Expected volatility	52.69%	52.99%
Expected dividend yield	0.00%	0.00%
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.48%	4.08%
Expected life (years)	2 years 10 months 6 days	2 years 10 months 6 days
Expected volatility	47.40%	52.40%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company’s reportable segments are based on the internal reporting used by the Company’s CEO, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The CODM's primary profit measure for purposes of resource allocation and performance assessment is income (loss) from operations at the segment level. This measure is used to evaluate current-period performance, develop forecasts and budgets, and make decisions about capital and other resource allocations between segments. The Company’s reportable segments are based upon geographic region, consisting of the United States and Europe. The Corporate Unallocated category includes non-reportable segments, as well as research and development and general and administrative costs that the Company does not allocate directly to its operating segments.

Revenue in the United States and Europe is derived primarily from Injection Molding, CNC Machining, 3D Printing and Sheet Metal product lines. Injection Molding revenue consists of sales of custom injection molds and injection-molded parts. CNC Machining revenue consists of sales of CNC-machined and lathe-turned customer parts. 3D Printing revenue consists of sales of 3D-printed parts. Sheet Metal revenue consists of sales of fabricated sheet metal parts.

Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income (loss) from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not allocated to business segments.

The following table summarizes selected financial information by reportable segments:


Three Months Ended March 31, 2026
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	112,127	$	27,209	$	—	$	139,336
Segment expenses1	79,158		31,048		17,870		128,076
Restructuring and transformation costs	—		1,090		331		1,421

Income (Loss) from Operations	$	32,969	$	(4,929)	$	(18,201)	$	9,839


Three Months Ended March 31, 2025
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	100,267	$	25,938	$	—	$	126,205
Segment expenses1	74,770		29,800		17,143		121,713
Benefits related to exit and disposal activities	—		(39)		—		(39)
Income (Loss) from Operations	$	25,497	$	(3,823)	$	(17,143)	$	4,531

1 Segment expenses consist primarily of raw materials, equipment depreciation, employee compensation including benefits, commissions and stock-based compensation, facilities costs and overhead allocations associated with the manufacturing process for molds and custom parts, marketing programs such as electronic, print and pay-per-click advertising and trade shows and other related costs for our United States and Europe reportable segments. Segment expenses for our Corporate Unallocated reportable segment consist primarily of personnel and outside

service costs related to the development of new processes and product lines, enhancements of existing product lines, software developed for internal use, maintenance of internally developed software, quality assurance and testing, employee compensation including benefits and stock-based compensation, severance, professional service fees related to accounting, tax and legal, and other related overhead costs.

Total long-lived assets, expenditures for additions to long-lived assets, and depreciation and amortization expense were as follows:



(in thousands)	March 31, 2026		December 31, 2025
Total long-lived assets:
United States	$	166,318	$	170,228
Europe	43,145		45,033
Total Long-lived Assets	$	209,463	$	215,261



	Three Months Ended March 31,
(in thousands)	2026		2025
Expenditures for additions to long-lived assets:
United States	$	3,201	$	1,168
Europe	339		94
Total expenditures for additions to long-lived assets	$	3,540	$	1,262



	Three Months Ended March 31,
(in thousands)	2026		2025
Depreciation and Amortization:
United States	$	6,611	$	7,009
Europe	1,435		1,606
Corporate Unallocated	27		79
Total depreciation and amortization	$	8,073	$	8,694

Revenue by product line the three months ended March 31, 2026 and 2025 were as follows:



	Three Months Ended March 31,
(dollars in thousands)	2026		2025
Revenue:
Injection Molding	$	51,068	$	48,723
CNC Machining	63,245		52,843
3D Printing	20,465		20,194
Sheet Metal	4,351		4,211
Other Revenue	207		234
Total Revenue	$	139,336	$	126,205

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax in multiple jurisdictions and the use of estimates is required to determine the provision for income taxes. For the three months ended March 31, 2026 and 2025, the Company recorded an income tax provision of $3.2 million and $2.4 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended March 31, 2026 was 28.3 percent compared to 39.9 percent in the same period of the prior year. The effective tax rate decreased by 11.6 percent for the three months ended March 31, 2026 when compared to the same period in 2025, primarily due to an increase in tax benefits from the vesting of restricted stock and the exercise of stock options, as well as a one-time tax benefit related to the successful closure of a state income tax audit. The effective income tax rate for the three months ended March 31, 2026 differs from the U.S. federal statutory rate of 21.0 percent due to various factors, including operating in multiple state and foreign jurisdictions partially offset by tax credits for which the Company qualifies. The Company had unrecognized tax benefits totaling $3.1 million as of March 31, 2026 and December 31, 2025, respectively, that if recognized would result in a reduction of the Company’s effective tax rate. The liabilities are classified as other long-term liabilities in the accompanying consolidated balance sheets. The Company recognizes interest and penalties related to income tax matters in income tax expense and reports the liability in current or long-term income taxes payable as appropriate.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 28, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35435
Entity Registrant Name	Proto Labs, Inc.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1939628
Entity Address, Address Line One	5540 Pioneer Creek Drive
Entity Address, City or Town	Maple Plain
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55359
City Area Code	763
Local Phone Number	479-3680
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	PRLB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,794,045
Entity Central Index Key	0001443669
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. Apart from the items discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, there are no other new accounting pronouncements that are expected to have a significant impact on the Company’s consolidated financial statements or related disclosures.

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term and Long-Term Marketable Securities

The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2026 and December 31, 2025:



	March 31, 2026
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	10,500	$	4	$	(35)	$	10,469
Corporate debt securities	14,951		5		(72)		14,884
U.S. municipal securities	7,656		17		—		7,673
U.S. treasury bonds	1,000		2		—		1,002
Total marketable securities	$	34,107	$	28	$	(107)	$	34,028



	December 31, 2025
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	7,500	$	9	$	(4)	$	7,505
Corporate debt securities	14,424		9		(7)		14,426
U.S. municipal securities	8,631		39		—		8,670
U.S. treasury bonds	1,000		4		—		1,004
Total marketable securities	$	31,555	$	61	$	(11)	$	31,605

Schedule of Available-For-Sale Debt Securities by Contractual Maturity

The March 31, 2026 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.



(in thousands)	March 31, 2026
Due in one year or less	$	12,307
Due after one year through five years	21,721
Total marketable securities	$	34,028

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Topic 320
-SubTopic 10
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-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,206	$ 2,386
Effective income tax rate (in percent)	28.30%	39.90%
Effective income tax rate, decrease during period (in percent)	(11.60%)
Federal statutory rate (in percent)	21.00%
Unrecognized tax benefits	$ 3,100		$ 3,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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+ Details

Segment Reporting - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total Long-lived Assets	$ 209,463		$ 215,261
Total expenditures for additions to long-lived assets	3,540	$ 1,262
United States \| Operating Segments
Segment Reporting Information [Line Items]
Total Long-lived Assets	166,318		170,228
Total expenditures for additions to long-lived assets	3,201	1,168
Europe \| Operating Segments
Segment Reporting Information [Line Items]
Total Long-lived Assets	43,145		$ 45,033
Total expenditures for additions to long-lived assets	$ 339	$ 94

Net Income per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation Of Basic and Diluted Net Income Per Share

The table below sets forth the computation of basic and diluted net income per share:



	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2026		2025
Net income	$	8,111	$	3,599

Basic - weighted-average shares outstanding:	23,835,612		24,135,320
Effect of dilutive securities:
Employee stock options and other	451,648		300,524
Diluted - weighted-average shares outstanding:	24,287,260		24,435,844
Net income per share:
Basic	$	0.34	$	0.15
Diluted	$	0.33	$	0.15

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross	$ 40,880	$ 41,189
Accumulated Amortization	(23,353)	(22,577)
Net	17,527	18,612
Non-compete agreement
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross	844	850
Accumulated Amortization	(844)	(843)
Net	$ 0	7
Weighted Average Useful Life Remaining (in years)	0 years
Non-compete agreement \| Minimum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life (in years)	2 years
Non-compete agreement \| Maximum
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life (in years)	5 years
Software technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross	$ 13,229	13,229
Accumulated Amortization	(10,835)	(10,493)
Net	$ 2,394	2,736
Useful Life (in years)	10 years
Weighted Average Useful Life Remaining (in years)	1 year 9 months 18 days
Software platform
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross	$ 26,807	27,110
Accumulated Amortization	(11,674)	(11,241)
Net	$ 15,133	$ 15,869
Useful Life (in years)	12 years
Weighted Average Useful Life Remaining (in years)	6 years 9 months 18 days

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2026 and December 31, 2025:



	March 31, 2026
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	10,500	$	4	$	(35)	$	10,469
Corporate debt securities	14,951		5		(72)		14,884
U.S. municipal securities	7,656		17		—		7,673
U.S. treasury bonds	1,000		2		—		1,002
Total marketable securities	$	34,107	$	28	$	(107)	$	34,028



	December 31, 2025
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	7,500	$	9	$	(4)	$	7,505
Corporate debt securities	14,424		9		(7)		14,426
U.S. municipal securities	8,631		39		—		8,670
U.S. treasury bonds	1,000		4		—		1,004
Total marketable securities	$	31,555	$	61	$	(11)	$	31,605

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.



(in thousands)	March 31, 2026
Due in one year or less	$	12,307
Due after one year through five years	21,721
Total marketable securities	$	34,028

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 123,973	$ 110,826
Short-term marketable securities	12,307	17,297
Accounts receivable, net of allowance for credit losses of $2,844 and $2,668 as of March 31, 2026, and December 31, 2025, respectively	85,553	78,962
Inventory	14,871	14,401
Prepaid expenses and other current assets	10,698	9,590
Income taxes receivable	1,175	2,465
Total current assets	248,577	233,541
Property and equipment, net	209,463	215,261
Goodwill	273,991	273,991
Other intangible assets, net	17,527	18,612
Long-term marketable securities	21,721	14,308
Operating lease assets	2,490	2,836
Finance lease assets	357	424
Other long-term assets	4,442	4,442
Total assets	778,568	763,415
Current liabilities
Accounts payable	19,625	15,104
Accrued compensation	17,258	23,674
Accrued liabilities and other	32,595	26,783
Current operating lease liabilities	1,037	1,155
Current finance lease liabilities	207	286
Total current liabilities	70,722	67,002
Long-term operating lease liabilities	1,377	1,606
Long-term deferred tax liabilities	18,949	16,598
Other long-term liabilities	4,394	4,277
Total liabilities	95,442	89,483
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of March 31, 2026, and December 31, 2025, respectively	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 23,792,488 and 23,627,422 shares as of March 31, 2026, and December 31, 2025, respectively	24	24
Additional paid-in capital	457,714	454,120
Retained earnings	248,875	240,764
Accumulated other comprehensive loss	(23,487)	(20,976)
Total shareholders' equity	683,126	673,932
Total liabilities and shareholders' equity	$ 778,568	$ 763,415

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statements of Operations:
Revenue	$ 139,336	$ 126,205
Cost of revenue	75,744	70,507
Gross profit	63,592	55,698
Operating expenses
Marketing and sales	24,780	23,749
Research and development	10,540	10,609
General and administrative	17,012	16,848
Restructuring and transformation costs	1,421	0
Benefits related to exit and disposal activities	0	(39)
Total operating expenses	53,753	51,167
Income from operations	9,839	4,531
Other income, net	1,478	1,454
Income before income taxes	11,317	5,985
Provision for income taxes	3,206	2,386
Net income	$ 8,111	$ 3,599
Net income per share:
Basic (in dollars per share)	$ 0.34	$ 0.15
Diluted (in dollars per share)	$ 0.33	$ 0.15
Shares used to compute net income per share:
Basic (in shares)	23,835,612	24,135,320
Diluted (in shares)	24,287,260	24,435,844
Comprehensive Income (net of tax)
Comprehensive income	$ 5,600	$ 4,692

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Accumulated Other Comprehensive (Loss) Income

Other comprehensive income (loss) is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities.

The following table presents the changes in accumulated other comprehensive (loss) income balances during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
(in thousands)	2026		2025

Balance at beginning of period	$	(20,976)	$	(27,984)
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(2,382)		1,003
Amounts reclassified from accumulated other comprehensive loss	—		—
Net current-period other comprehensive (loss) income	(2,382)		1,003
Net unrealized (losses) gains on investments in securities
Other comprehensive (loss) income before reclassifications	(129)		90
Amounts reclassified from accumulated other comprehensive loss	—		—
Net current-period other comprehensive (loss) income	(129)		90
Balance at end of period	$	(23,487)	$	(26,891)

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard cost method, which approximates first-in, first-out (FIFO) cost. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts.

The Company’s inventory consisted of the following as of the dates indicated:



(in thousands)	March 31, 2026		December 31, 2025
Total inventory	$	15,925	$	15,441
Allowance for obsolescence	(1,054)		(1,040)
Inventory, net of allowance	$	14,871	$	14,401

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table summarizes financial assets as of March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis:



	March 31, 2026						December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	122,839	$	—	$	—	$	107,462	$	—	$	—
Money market mutual fund	1,134		—		—		3,364		—		—
Marketable securities	17,381		16,647		—		18,301		13,304		—
Total	$	141,354	$	16,647	$	—	$	129,127	$	13,304	$	—

Stock-Based Compensation - Schedule of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Stock Options
Beginning balance (in shares) \| shares	360,214
Granted (in shares) \| shares	51,135
Exercised (in shares) \| shares	(72,234)
Forfeited (in shares) \| shares	(14,732)
Expired (in shares) \| shares	(24,853)
Ending balance (in shares) \| shares	299,530
Exercisable (in shares) \| shares	110,231
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 52.94
Granted (in dollars per share) \| $ / shares	62.63
Exercised (in dollars per share) \| $ / shares	44.94
Forfeited (in dollars per share) \| $ / shares	57.12
Expired (in dollars per share) \| $ / shares	119.35
Ending balance (in dollars per share) \| $ / shares	51.01
Exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 62.95

Marketable Securities - Schedule of Short-Term and Long-Term Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 34,107	$ 31,555
Unrealized Gains	28	61
Unrealized Losses	(107)	(11)
Fair Value	34,028	31,605
U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Cost	10,500	7,500
Unrealized Gains	4	9
Unrealized Losses	(35)	(4)
Fair Value	10,469	7,505
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Cost	14,951	14,424
Unrealized Gains	5	9
Unrealized Losses	(72)	(7)
Fair Value	14,884	14,426
U.S. municipal securities
Debt Securities, Available-for-Sale [Line Items]
Cost	7,656	8,631
Unrealized Gains	17	39
Unrealized Losses	0	0
Fair Value	7,673	8,670
U.S. treasury bonds
Debt Securities, Available-for-Sale [Line Items]
Cost	1,000	1,000
Unrealized Gains	2	4
Unrealized Losses	0	0
Fair Value	$ 1,002	$ 1,004

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Accounting Standards Codification, Fair Value Measurement (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company's assets and liabilities that are required to be measured or disclosed at fair value on a recurring basis include cash and cash equivalents and marketable securities. The Company’s cash consists of bank deposits and cash equivalents consist primarily of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. The Company's marketable securities consist of short-term and long-term agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

The following table summarizes financial assets as of March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis:



	March 31, 2026						December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial Assets:
Cash	$	122,839	$	—	$	—	$	107,462	$	—	$	—
Money market mutual fund	1,134		—		—		3,364		—		—
Marketable securities	17,381		16,647		—		18,301		13,304		—
Total	$	141,354	$	16,647	$	—	$	129,127	$	13,304	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Protolabs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on February 20, 2026. The accompanying Consolidated Balance Sheet as of December 31, 2025 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K filed on February 20, 2026 as referenced above.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income	$ 8,111	$ 3,599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,073	8,694
Stock-based compensation expense	3,219	3,992
Deferred taxes	2,390	(1,552)
Interest on finance lease obligations	3	6
Impairments related to exit and closure of facilities	0	219
Gain on disposal of property and equipment	(139)	0
Other	(172)	43
Changes in operating assets and liabilities:
Accounts receivable	(6,858)	(7,405)
Inventories	(585)	(698)
Prepaid expenses and other	(1,165)	517
Income taxes	1,263	3,702
Accounts payable	3,947	758
Accrued liabilities and other	(551)	6,504
Net cash provided by operating activities	17,536	18,379
Investing activities
Purchases of property, equipment and other capital assets	(3,540)	(1,262)
Proceeds from sales of property, equipment and other capital assets	1,279	0
Purchases of marketable securities	(9,007)	(6,552)
Proceeds from maturities of marketable securities	6,500	4,905
Net cash used in investing activities	(4,768)	(2,909)
Financing activities
Proceeds from issuance of common stock from equity plans	3,608	287
Purchases of shares withheld for tax obligations	(2,871)	(1,248)
Repurchases of common stock	0	(20,890)
Principal repayments of finance lease obligations	(79)	(76)
Net cash provided by (used in) financing activities	658	(21,927)
Effect of exchange rate changes on cash and cash equivalents	(279)	78
Net increase (decrease) in cash and cash equivalents	13,147	(6,379)
Cash and cash equivalents, beginning of period	110,826	89,071
Cash and cash equivalents, end of period	$ 123,973	$ 82,692

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 2,844	$ 2,668
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	23,792,488	23,627,422
Common stock, outstanding (in shares)	23,792,488	23,627,422

Net Income per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares)	120,716	436,669

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Schedule of Changes in Accumulated Other Comprehensive (Loss) Income

The following table presents the changes in accumulated other comprehensive (loss) income balances during the three months ended March 31, 2026 and 2025:



	Three Months Ended March 31,
(in thousands)	2026		2025

Balance at beginning of period	$	(20,976)	$	(27,984)
Foreign currency translation adjustments
Other comprehensive (loss) income before reclassifications	(2,382)		1,003
Amounts reclassified from accumulated other comprehensive loss	—		—
Net current-period other comprehensive (loss) income	(2,382)		1,003
Net unrealized (losses) gains on investments in securities
Other comprehensive (loss) income before reclassifications	(129)		90
Amounts reclassified from accumulated other comprehensive loss	—		—
Net current-period other comprehensive (loss) income	(129)		90
Balance at end of period	$	(23,487)	$	(26,891)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reportable Segments

The following table summarizes selected financial information by reportable segments:


Three Months Ended March 31, 2026
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	112,127	$	27,209	$	—	$	139,336
Segment expenses1	79,158		31,048		17,870		128,076
Restructuring and transformation costs	—		1,090		331		1,421

Income (Loss) from Operations	$	32,969	$	(4,929)	$	(18,201)	$	9,839


Three Months Ended March 31, 2025
(in thousands)
	United States		Europe		Corporate Unallocated		Total
Revenue	$	100,267	$	25,938	$	—	$	126,205
Segment expenses1	74,770		29,800		17,143		121,713
Benefits related to exit and disposal activities	—		(39)		—		(39)
Income (Loss) from Operations	$	25,497	$	(3,823)	$	(17,143)	$	4,531

Schedule of Long-Lived Assets by Geographic Areas

Total long-lived assets, expenditures for additions to long-lived assets, and depreciation and amortization expense were as follows:



(in thousands)	March 31, 2026		December 31, 2025
Total long-lived assets:
United States	$	166,318	$	170,228
Europe	43,145		45,033
Total Long-lived Assets	$	209,463	$	215,261

Schedule of Expenditures for Additions to Long-lived Assets by Geographic Region



	Three Months Ended March 31,
(in thousands)	2026		2025
Expenditures for additions to long-lived assets:
United States	$	3,201	$	1,168
Europe	339		94
Total expenditures for additions to long-lived assets	$	3,540	$	1,262

Schedule of Depreciation and Amortization by Geographic Region



	Three Months Ended March 31,
(in thousands)	2026		2025
Depreciation and Amortization:
United States	$	6,611	$	7,009
Europe	1,435		1,606
Corporate Unallocated	27		79
Total depreciation and amortization	$	8,073	$	8,694

Schedule of Disaggregation of Revenue

Revenue by product line the three months ended March 31, 2026 and 2025 were as follows:



	Three Months Ended March 31,
(dollars in thousands)	2026		2025
Revenue:
Injection Molding	$	51,068	$	48,723
CNC Machining	63,245		52,843
3D Printing	20,465		20,194
Sheet Metal	4,351		4,211
Other Revenue	207		234
Total Revenue	$	139,336	$	126,205

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2024		24,226,088
Balance at beginning of period at Dec. 31, 2024	$ 670,151	$ 24	$ 453,705	$ 244,406	$ (27,984)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		58,291
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	(961)		(961)
Stock-based compensation expense	3,992		3,992
Repurchases of common stock (in shares)		(513,739)
Repurchases of common stock	(21,073)	$ (1)	(9,621)	(11,451)
Net income	3,599			3,599
Other comprehensive income
Foreign currency translation adjustment	1,003				1,003
Net unrealized (loss) gain on investments in securities	90				90
Comprehensive income	4,692
Ending balance (in shares) at Mar. 31, 2025		23,770,640
Balance at end of period at Mar. 31, 2025	$ 656,801	$ 23	447,115	236,554	(26,891)
Beginning balance (in shares) at Dec. 31, 2025	23,627,422	23,627,422
Balance at beginning of period at Dec. 31, 2025	$ 673,932	$ 24	454,120	240,764	(20,976)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)		165,066
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	375		375
Stock-based compensation expense	3,219		3,219
Net income	8,111			8,111
Other comprehensive income
Foreign currency translation adjustment	(2,382)				(2,382)
Net unrealized (loss) gain on investments in securities	(129)				(129)
Comprehensive income	$ 5,600
Ending balance (in shares) at Mar. 31, 2026	23,792,488	23,792,488
Balance at end of period at Mar. 31, 2026	$ 683,126	$ 24	$ 457,714	$ 248,875	$ (23,487)

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Assets:
Marketable securities	$ 34,028	$ 31,605
Level 1
Financial Assets:
Marketable securities	17,381	18,301
Total	141,354	129,127
Level 2
Financial Assets:
Marketable securities	16,647	13,304
Total	16,647	13,304
Level 3
Financial Assets:
Marketable securities	0	0
Total	0	0
Cash \| Level 1
Financial Assets:
Cash and cash equivalents	122,839	107,462
Cash \| Level 2
Financial Assets:
Cash and cash equivalents	0	0
Cash \| Level 3
Financial Assets:
Cash and cash equivalents	0	0
Money market mutual fund \| Level 1
Financial Assets:
Cash and cash equivalents	1,134	3,364
Money market mutual fund \| Level 2
Financial Assets:
Cash and cash equivalents	0	0
Money market mutual fund \| Level 3
Financial Assets:
Cash and cash equivalents	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Other Than Goodwill

Intangible assets other than goodwill at March 31, 2026 and December 31, 2025 were as follows:



	March 31, 2026						December 31, 2025						Useful Life (in years)	Weighted Average Useful Life Remaining (in years)
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets with finite lives:
Non-compete agreement	$	844	$	(844)	$	—	$	850	$	(843)	$	7	2.0 - 5.0	0
Software technology	13,229		(10,835)		2,394		13,229		(10,493)		2,736		10.0	1.8
Software platform	26,807		(11,674)		15,133		27,110		(11,241)		15,869		12.0	6.8
Total intangible assets	$	40,880	$	(23,353)	$	17,527	$	41,189	$	(22,577)	$	18,612

Schedule of Aggregated Amortization Expense

Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:



(in thousands)	Estimated Amortization Expense
Remaining 2026	$	2,688
2027	3,581
2028	2,215
2029	2,215
2030	2,215
Thereafter	4,613
Total estimated amortization expense	$	17,527