Stratasys (Nasdaq: SSYS) is coming into 2026 after a tough 12 months for income, however with tighter price management and improved money circulation. The corporate’s newest monetary outcomes present that income stays underneath strain, however administration says its concentrate on self-discipline and stability helps it put together for the trade’s subsequent section of progress. That message feels much more related proper now, coming simply days after Stratasys CEO Yoav Zeif delivered the keynote handle on the “State of the AM Trade” at Additive Manufacturing Methods (AMS) 2026 in New York, the place he positioned Stratasys as an organization ready for the following section of AM progress.
Stratasys CEO Yoav Zeif at AMS 2026. Picture courtesy of 3DPrint.com.
For the fourth quarter of 2025, Stratasys reported income of $140 million, down from $150.4 million in the identical interval a 12 months earlier. The corporate posted a web lack of $18.9 million, or 22 cents per share. Final 12 months’s quarter included a one-time loss tied to Stratasys’ funding in UltiMaker, the desktop 3D printing firm created when MakerBot merged with Ultimaker. Nonetheless, on an adjusted foundation, Stratasys remained worthwhile, reporting web revenue of $6.2 million, or 7 cents per share.
For the complete 12 months, income got here in at $551.1 million, in comparison with $572.5 million in 2024. The corporate recorded a full-year web lack of $104.3 million, or $1.28 per share. In the meantime, adjusted web revenue rose to $12.7 million, or 15 cents per share, up from $4.2 million, or 6 cents per share, the 12 months earlier than.
And that’s actually the primary story right here. Income continues to be underneath strain, particularly for brand new methods, however Stratasys has been capable of maintain components of the enterprise steady by price controls, recurring income, and tighter operations.
Within the fourth quarter, product income fell to $97.6 million from $105.1 million a 12 months earlier. Inside that, system income was $37.8 million, down from $46.7 million within the prior-year interval, as many purchasers continued to carry again on capital purchases. Consumables income, nevertheless, rose to $59.8 million, up 2.4% 12 months over 12 months. That is a vital level, as a result of consumables gross sales typically say lots about how actively clients are utilizing their printers.
Stratasys sales space at MILAM 2026. Picture courtesy of 3DPrint.com.
On the companies facet, income additionally declined, falling to $42.4 million from $45.3 million within the fourth quarter of 2024. Buyer assist income was $29.6 million, down from $30.6 million.
For the complete 12 months, product income totaled $380.3 million, in comparison with $392 million in 2024. System income was $131.6 million, down from $140.3 million, whereas consumables income fell to $248.7 million from $261.7 million. Service income for the 12 months was $170.8 million, in comparison with $180.5 million in 2024, and buyer assist income declined to $119 million from $124.7 million.
Margins additionally moved decrease. Fourth-quarter gross margin was 36.8%, down from 46.3% a 12 months in the past. On the similar time, adjusted gross margin got here in at 46.3%, in comparison with 49.6% final 12 months. For the complete 12 months, gross margin was 41.2%, down from 44.9%, whereas adjusted gross margin fell to 46.9% from 49.2%.
Throughout an earnings name with buyers, CFO Eitan Zamir mentioned the year-over-year change in gross margin was “the results of the tariff influence, decrease revenues, and alter in combine.” Even so, Stratasys was capable of enhance bills. Fourth-quarter working bills fell to $72.2 million from $79.4 million.
That helped the corporate enhance some profitability measures, though gross sales had been weaker. Fourth-quarter adjusted working revenue was $4.1 million, down from $9.4 million, whereas adjusted EBITDA got here in at $9.2 million, or 6.6% of income, in comparison with $14.5 million, or 9.6%, a 12 months earlier. What’s extra, for the complete 12 months, the corporate confirmed enchancment. Even with decrease income, Stratasys managed to extend its adjusted profitability.
Money circulation is one other space that administration highlighted closely in the course of the earnings name. Stratasys generated $4.8 million in working money circulation within the fourth quarter and $15.1 million for the complete 12 months, practically double the $7.8 million generated in 2024. It ended 2025 with $244.5 million in money, money equivalents, and short-term deposits, and no debt.
“Our fourth quarter efficiency caps a 12 months wherein we efficiently maintained our operational self-discipline, delivered strong money circulation technology and guarded our margin profile, demonstrating as soon as once more the resilience that distinguishes Stratasys. Importantly, even in a market surroundings marked by macro spending constraints, we continued to enhance our place in our targeted goal areas as we drove optimistic money circulation and profitability, setting us other than our trade friends,” Zeif informed buyers.
For Stratasys, that steadiness sheet stays one of many firm’s strongest speaking factors. At a time when a lot of the additive manufacturing sector continues to be coping with weak demand, restructuring, or monetary uncertainty, Stratasys is making an attempt to indicate that it has the pliability to maintain investing whereas additionally exploring acquisitions and partnerships.
Zeif famous that “Mixed with our robust steadiness sheet, this positions us to capitalize on inorganic alternatives that we proceed to discover.” He additionally informed buyers that “our dedication to innovation stays unwavering, supported by a robust steadiness sheet and continued R&D funding.”
Stratasys sales space at MILAM 2026. Picture courtesy of 3DPrint.com.
Zeif additionally spoke in regards to the firm’s broader technique in the course of the name. He mentioned Stratasys’s “operational self-discipline” and “monetary resilience” set it other than friends, and pointed to aerospace and protection, automotive tooling, dental, and medical as a few of the firm’s most vital progress areas.
The manager additionally pointed to a longer-term pattern: extra of Stratasys’ income is now coming from manufacturing purposes. In 2025, these makes use of accounted for 37.5% of income, up from 36% in 2024 and simply over 25% in 2020. That issues as a result of the corporate, like a lot of the trade, has spent years making an attempt to maneuver past prototyping and into actual manufacturing. Administration desires buyers to see that the transfer towards manufacturing is actual, even when spending continues to be recovering.
The corporate additionally used the decision to make clear a number of utility wins and partnerships. For instance, in aerospace, it pointed to its Airbus relationship, saying greater than 25,000 flight-ready components had been produced final 12 months utilizing Stratasys’ ULTEM 9085 materials, with greater than 200,000 licensed Stratasys components now in energetic service throughout Airbus platforms. Zeif additionally highlighted Boeing exercise, drone-related demand, and progress in protection.
In automotive, Stratasys pointed to Subaru of America’s use of its new T25 high-speed head for the F770 printer, in addition to Rivian’s deployment of 28 Stratasys methods. The corporate additionally emphasised newer partnerships in software program, post-processing, and channel distribution, together with Novineer, PostProcess Applied sciences, and Hawk Ridge Methods.
Stratasys CEO at AMS 2026. Picture courtesy of 3DPrint.com.
For 2026, Stratasys’ steering estimates income of $565 million to $575 million, which might mark a return to progress. Administration mentioned income ought to enhance sequentially by the 12 months, with the second half stronger than the primary.
On the similar time, Stratasys mentioned tariffs and forex adjustments are placing strain on the enterprise. The corporate additionally warned that tariffs and forex adjustments may harm ends in 2026. Collectively, they’re anticipated to have a roughly $17 million unfavourable influence in comparison with 2025.
Stratasys barely beat Wall Avenue’s expectations for the quarter, reporting income and adjusted earnings above analyst forecasts. Nonetheless, gross sales had been nonetheless down year-over-year, and the corporate issued cautious steering for 2026.
For Zeif, progress is returning, however not in a straight line and never with out outdoors pressures. Administration additionally mentioned the primary quarter will doubtless be the weakest quarter of the 12 months. Nonetheless, that warning in all probability is sensible. The corporate continues to be working in a market the place clients have an interest, however many are fairly cautious with their capital spending. On the decision, Zeif mentioned Stratasys has seen gross sales cycles begin to shorten during the last three quarters, which he thought of a optimistic signal that demand is there, even when a few of the choices are nonetheless taking time.
That context additionally helps clarify why Zeif’s AMS 2026 keynote issues. On the convention in New York, he spoke in regards to the subsequent section of progress for additive manufacturing. The corporate’s newest earnings recommend Stratasys is making ready for that second by tightening operations, constructing money, and specializing in manufacturing purposes whereas the market stays sluggish.
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