Proto Labs(PRLB) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $126.2 million, a 1.3% decrease from $127.9 million in Q1 2024[6] - Net income for Q1 2025 was $3.6 million, or $0.15 per diluted share, compared to $5.3 million, or $0.20 per diluted share, in Q1 2024[6] - Non-GAAP net income was $8.1 million, or $0.33 per diluted share, down from $10.4 million, or $0.40 per diluted share, in Q1 2024[6] - Revenue for Q1 2025 was $126,205,000, down 1.3% from $127,890,000 in Q1 2024[28] - Net income for Q1 2025 decreased to $3,599,000 from $5,268,000 in Q1 2024, representing a decline of 31.7%[25] - Non-GAAP net income for Q1 2025 was $8,083,000, compared to $10,414,000 in Q1 2024, a decrease of 22.4%[26] Customer Metrics - Protolabs served 21,627 customer contacts during the quarter, with revenue per customer contact increasing 2.5% year-over-year to $5,836[7] - Customer contacts decreased to 21,627 in Q1 2025 from 22,466 in Q1 2024, a decline of 3.7%[39] - Revenue per customer contact increased to $5,836 in Q1 2025 from $5,693 in Q1 2024, an increase of 2.5%[39] Revenue Outlook - The company expects Q2 2025 revenue to be between $124.0 million and $132.0 million[5] - Non-GAAP diluted net income per share is projected to be between $0.30 and $0.38 for Q2 2025[41] Profitability Metrics - Adjusted EBITDA for Q1 2025 was $17.4 million, or 13.8% of revenue, compared to $20.2 million, or 15.8% of revenue, in Q1 2024[7] - GAAP operating margin for Q1 2025 was 3.6%, down from 5.3% in Q1 2024[30] - Non-GAAP operating margin for Q1 2025 was 7.4%, compared to 9.5% in Q1 2024[30] Cash and Investments - Cash and investments balance was $116.3 million as of March 31, 2025[7] - Total cash and cash equivalents at the end of Q1 2025 were $82,692,000, down from $92,804,000 at the end of Q1 2024[25] - The company reported a net cash used in financing activities of $21,927,000 in Q1 2025, compared to $16,619,000 in Q1 2024[25] Stock and Debt - The company repurchased $20.9 million of common stock during the quarter[3] - The company has zero debt on its balance sheet, positioning it strongly for growth and investment[3] - Revenue fulfilled through the Protolabs Network was $26.3 million, a 10.0% increase compared to Q1 2024[6]