Did Proto Labs beat or miss consensus estimates last quarter?

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What guidance did Proto Labs's management provide for the next earnings period?

What is the revenue and EPS growth rate for Proto Labs year over year?

What were the key takeaways from Proto Labs's earnings call?

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What is Proto Labs's latest dividend and current dividend yield?

What is Proto Labs's gross profit margin?

- **Revenue Record**: Q3 2025 revenue of $135.4M (+7.8% YoY) driven by 18.2% YoY CNC machining growth, with U.S. demand leading.
- **Customer Deepening**: 15% YoY increase in revenue per customer, 35% YoY rise in cross-sell of factory/network services.
- **Margin Expansion**: 45.9% non-GAAP gross margin (+110bps QoQ), supported by network tariff mitigation and European factory efficiency.
- **Strategic Investments**: $12.8M returned to shareholders; AI/automation leader appointed to drive operational efficiency.
- **Q4 Outlook**: 6% YoY revenue growth expected, with focus on maintaining gross margin momentum.
- **CNC Expansion**: Capacity being added via equipment purchases, with advanced capabilities now fully automated via e-commerce.
- **Tariff Resilience**: Network gross margin improved 80bps QoQ despite ongoing tariff pressures.


**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 2025 revenue reached $135.4 million, up 7.8% YoY, driven by strong demand in CNC machining (+18.2% YoY) and U.S. go-to-market execution. Key end markets include aerospace & defense (drones, satellites), industrial machinery (robotics), and semiconductors.
- **Customer Engagement**: Revenue per customer increased 15% YoY, with 35% growth in customers using both factory and network fulfillment. Advanced CNC machining capabilities (tighter tolerances, finishes, quality docs) launched via e-commerce platform to reduce customer friction.
- **Strategic Initiatives**: 
  - $138.4M cash on hand with no debt; $12.8M returned to shareholders via buybacks.
  - Appointment of Chief Technology & AI Officer to embed AI/automation in operations.
  - Strategic planning underway for 2026, focusing on removing friction and expanding offerings.

**【CFO Financial Commentary】**
- **Gross Margin Expansion**: 45.9% non-GAAP gross margin (+110bps QoQ), driven by sequential improvements in factory (Europe efficiency) and network (tariff mitigation, pricing algorithms).
- **Operating Efficiency**: SG&A at 35.9% of revenue (-30bps QoQ), with variable expenses tied to growth (incentives, commissions).
- **Q4 2025 Guidance**: 
  - Revenue: $125-133M (6% YoY midpoint)
  - Non-GAAP EPS: $0.30-0.38
  - Foreign exchange: $1.5M favorable impact

**【Q&A Key Highlights】**
- **Growth Strategy**: CEO emphasizes share of wallet expansion (35% YoY increase in cross-sell) over new customer acquisition. CNC machining capacity expansion via equipment purchases, not facilities.
- **Tariff Management**: Network gross margin improved 80bps QoQ through pricing and sourcing adjustments, despite ongoing tariff challenges.
- **Injection Molding**: Flat growth due to reduced prototyping demand, but focus on network fulfillment and 5-10 day lead times for competitive pricing.
- **Automation & AI**: Advanced CNC capabilities fully automated via e-commerce, with application engineers available for complex queries.
- **Customer Base**: 50,000+ annual customers, with 35% YoY increase in factory/network cross-sell. Focus on serving innovators across industries, not reliant on any single market.


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