Stratasys (SSYS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $138.1 million, nearly flat year-over-year, supported by resilient recurring revenue streams and strong customer engagement despite macroeconomic uncertainty and restrained capital spending.

• Cost discipline, innovation leadership, and strategic collaborations with major customers like GM and Toyota are driving adoption of additive manufacturing in automotive and other high-growth sectors.

• New technology launches, such as the North American Tooling Center and advanced materials, are expanding use cases in automotive, aerospace, and medical sectors.

• The company is investing in R&D and software, including exclusive agreements to enhance fixture design automation and customer success management.

• Enhanced customer education and go-to-market execution set the stage for accelerated adoption as investment confidence returns.

Financial highlights

• Q2 2025 consolidated revenue was $138.1 million, up 0.1% year-over-year.

• Product revenue was $94.8 million (vs. $93.6M last year); service revenue was $43.3 million (vs. $44.4M).

• GAAP gross margin was 43.1% (down from 43.8%); non-GAAP gross margin was 47.7% (down from 49%).

• GAAP operating loss was $16.6 million (vs. $26M loss); non-GAAP operating income was $1.1 million (vs. $3.2M loss).

• Adjusted EBITDA was $6.1 million (4.4% of revenue, up from $2.3M); non-GAAP net income was $2.2 million (vs. $3M loss).

Outlook and guidance

• Full-year 2025 revenue expected between $550 million and $560 million.

• Non-GAAP gross margin expected at 46.7%-47%; non-GAAP operating margin at 1.5%-2%.

• Adjusted EPS forecasted at $0.13-$0.16; adjusted EBITDA at $30-$32 million.

• Q3 revenue expected to be flat to slightly higher than Q2; Q4 expected to be higher sequentially.

• Q4 adjusted EBITDA margin expected to be at least 8%, driven by cost controls.