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Proto Labs(PRLB) - 2025 Q1 - Quarterly Report

Revenue and Income - Revenue for the three months ended March 31, 2025, was $126,205, a decrease of 1.3% compared to $127,890 for the same period in 2024[11] - Net income for the three months ended March 31, 2025, was $3,599, a decline of 31.7% from $5,268 in the same period last year[11] - Total revenue for the three months ended March 31, 2025, was $126.205 million, a decrease of 1.3% from $127.890 million in the same period of 2024[60] - Net income for the three months ended March 31, 2025, was $3.6 million, a decrease from $5.3 million in the same period of 2024[26] Gross Profit and Margins - Gross profit for the first quarter of 2025 was $55,698, down from $57,467 in the first quarter of 2024, reflecting a gross margin of 44.1%[11] - Gross profit for the first quarter of 2025 was $55,698 thousand, down 3.1% from $57,467 thousand in Q1 2024[11] Assets and Liabilities - Total current assets as of March 31, 2025, were $194,410, slightly down from $194,854 as of December 31, 2024[9] - Total liabilities increased to $80,649 as of March 31, 2025, compared to $73,361 as of December 31, 2024[9] - Total long-lived assets decreased to $221.207 million as of March 31, 2025, down from $227.263 million at December 31, 2024[61] Cash and Cash Equivalents - Cash and cash equivalents decreased to $82,692 as of March 31, 2025, from $89,071 at the end of 2024[9] - Cash and cash equivalents totaled $81.2 million as of March 31, 2025, down from $86.4 million at the end of 2024[33] Operating Expenses - Operating expenses for the first quarter of 2025 were $51,167, an increase from $50,640 in the same quarter of 2024[11] - Operating expenses for the first quarter of 2025 totaled $51,167 thousand, an increase of 1.0% from $50,640 thousand in Q1 2024[11] Shareholders' Equity - The company’s total shareholders' equity decreased to $656,801 as of March 31, 2025, from $670,151 as of December 31, 2024[9] Stock Options and Compensation - As of March 31, 2025, the company had 499,700 stock options outstanding with a weighted average exercise price of $48.80, an increase from 445,136 options at December 31, 2024[43] - The company granted 77,606 stock options during the three months ended March 31, 2025, with a weighted average grant date fair value of $22.07[44] - Stock-based compensation expense was $4.0 million for the three months ended March 31, 2025, compared to $4.3 million for the same period in 2024[42] Tax and Income Tax Rate - The effective income tax rate for the three months ended March 31, 2025, was 39.9%, an increase of 8.1% compared to 31.8% in the same period of 2024[52] - The company recorded an income tax provision of $2.4 million for the three months ended March 31, 2025, compared to $2.5 million for the same period in 2024[52] Inventory and Allowance for Obsolescence - Total inventory as of March 31, 2025, was $13.9 million, an increase from $12.9 million as of December 31, 2024[38] - The Company reported an allowance for obsolescence of $687,000 as of March 31, 2025, slightly up from $684,000 at the end of 2024[38] Marketable Securities and Intangible Assets - Total marketable securities as of March 31, 2025, were valued at $33.6 million, compared to $31.8 million as of December 31, 2024[34] - The Company has intangible assets with a net value of $20.8 million as of March 31, 2025, compared to $21.4 million as of December 31, 2024[28] Other Comprehensive Income - The company recognized $1.003 million in other comprehensive income for the three months ended March 31, 2025, compared to a loss of $925,000 in the same period of 2024[51] Unrecognized Compensation Expense - The company had $4.8 million of unrecognized compensation expense related to unvested stock options, expected to be recognized over a weighted-average period of 2.9 years[44] - The company had $18.1 million of unrecognized compensation expense related to non-vested restricted stock, expected to be recognized over a weighted-average period of 2.7 years[46] - As of March 31, 2025, there were $7.5 million of unrecognized compensation expense related to non-vested performance stock, expected to be recognized over a weighted-average period of 2.3 years[49] Revenue Breakdown - Revenue from CNC Machining increased to $52.843 million in Q1 2025, up 5.8% from $49.932 million in Q1 2024[61] - Revenue from Injection Molding was $48.723 million, down from $52.663 million, while CNC Machining revenue increased to $52.843 million from $49.932 million[61]