# 3D SYSTEMS CORP (DDD)

Informational only - not investment advice.

CIK: 0000910638
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=910638
Filing source: https://www.sec.gov/Archives/edgar/data/910638/000162828026015997/ddd-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-09 · accession 0001628280-26-015997 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910638.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 386,902,000 USD | 2025 | verified |
| Net income | 29,883,000 USD | 2025 | verified |
| Assets | 521,728,000 USD | 2025 | verified |
| Free cash flow | -97,772,000 USD | 2025 | computed |
| Net margin | 7.72% | 2025 | computed |
| Operating margin | -24.83% | 2025 | computed |
| Revenue YoY | -12.09% | 2025 | computed |
| ROE | 12.43% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | DDD | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 7.7% | 1.5% | 62 | 122 |
| Operating margin | -24.8% | 1.3% | 13 | 121 |
| Revenue growth | -12.1% | 13.5% | 6 | 124 |
| FCF margin | -25.3% | 19.3% | 7 | 120 |
| ROE | 12.4% | 2.0% | 67 | 112 |
| ROA | 5.7% | 0.9% | 69 | 124 |
| Liabilities / equity | 1.16 | 0.91 | 60 | 113 |
| Current ratio | 2.87 | 1.57 | 84 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 386902000 | USD | 2025 | 2026-03-09 |
| Net income | 29883000 | USD | 2025 | 2026-03-09 |
| Assets | 521728000 | USD | 2025 | 2026-03-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910638.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2010 | 2011 | 2012 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 646,069,000 | 691,545,000 | 636,354,000 | 557,240,000 | 615,639,000 | 538,031,000 | 488,069,000 | 440,121,000 | 386,902,000 |
| Net income |  |  |  |  | -38,419,000 | -66,191,000 | -45,505,000 | -69,880,000 | -149,594,000 | 322,052,000 | -122,711,000 | -362,688,000 | -255,593,000 | 29,883,000 |
| Operating income |  |  |  |  | -38,420,000 | -53,973,000 | -43,191,000 | -57,104,000 | -118,963,000 | -33,069,000 | -117,019,000 | -406,004,000 | -277,400,000 | -96,083,000 |
| Gross profit |  |  |  |  | 309,751,000 | 304,839,000 | 324,394,000 | 280,541,000 | 223,375,000 | 263,778,000 | 214,233,000 | 196,421,000 | 164,178,000 | 131,045,000 |
| Diluted EPS | 0.42 | 0.70 | 0.71 |  |  |  |  | -0.61 | -1.27 | 2.55 | -0.96 | -2.79 | -1.94 | 0.19 |
| Operating cash flow |  |  |  |  | 57,483,000 | 26,127,000 | 4,796,000 | 31,581,000 | -20,121,000 | 48,147,000 | -70,021,000 | -80,695,000 | -44,887,000 | -87,828,000 |
| Capital expenditures |  |  |  |  | 16,567,000 | 30,881,000 | 40,694,000 | 23,985,000 | 13,643,000 | 18,791,000 | 20,907,000 | 27,183,000 | 16,121,000 | 9,944,000 |
| Share buybacks |  |  |  |  |  |  |  |  |  |  |  | 0.00 | 0.00 | 14,960,000 |
| Assets |  |  |  |  | 849,153,000 | 896,764,000 | 825,832,000 | 807,312,000 | 733,055,000 | 1,549,099,000 | 1,446,613,000 | 990,660,000 | 608,846,000 | 521,728,000 |
| Liabilities |  |  |  |  | 213,581,000 | 271,944,000 | 240,973,000 | 293,416,000 | 302,332,000 | 706,718,000 | 694,909,000 | 561,901,000 | 430,695,000 | 279,177,000 |
| Stockholders' equity |  |  |  | 655,909,000 | 629,873,000 | 618,854,000 | 578,369,000 | 522,159,000 | 430,723,000 |  | 749,944,000 | 426,753,000 | 176,193,000 | 240,358,000 |
| Cash and cash equivalents |  |  |  |  | 184,947,000 | 136,344,000 | 109,998,000 | 133,665,000 | 75,010,000 | 789,657,000 | 388,134,000 | 331,525,000 | 171,324,000 | 95,635,000 |
| Free cash flow |  |  |  |  | 40,916,000 | -4,754,000 | -35,898,000 | 7,596,000 | -33,764,000 | 29,356,000 | -90,928,000 | -107,878,000 | -61,008,000 | -97,772,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2010 | 2011 | 2012 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | -10.25% | -6.58% | -10.98% | -26.85% | 52.31% | -22.81% | -74.31% | -58.07% | 7.72% |
| Operating margin |  |  |  |  |  | -8.35% | -6.25% | -8.97% | -21.35% | -5.37% | -21.75% | -83.19% | -63.03% | -24.83% |
| Return on equity |  |  |  |  | -6.10% | -10.70% | -7.87% | -13.38% | -34.73% |  | -16.36% | -84.99% | -145.06% | 12.43% |
| Return on assets |  |  |  |  | -4.52% | -7.38% | -5.51% | -8.66% | -20.41% | 20.79% | -8.48% | -36.61% | -41.98% | 5.73% |
| Liabilities / equity |  |  |  |  | 0.34 | 0.44 | 0.42 | 0.56 | 0.70 |  | 0.93 | 1.32 | 2.44 | 1.16 |
| Current ratio |  |  |  |  | 3.32 | 2.12 | 2.42 | 2.29 | 2.03 | 5.80 | 5.50 | 4.27 | 3.08 | 2.87 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/DDD/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910638.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.30 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.23 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 128,194,000 | -28,879,000 | -0.22 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 123,791,000 | -11,761,000 | -0.09 | reported discrete quarter |
| 2024-Q1 | 2024-03-31 | 102,905,000 | -16,101,000 | -0.12 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 113,252,000 | -27,301,000 | -0.21 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 112,940,000 | -178,736,000 | -1.35 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 111,024,000 | -33,455,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 94,540,000 | -36,986,000 | -0.28 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 94,838,000 | 104,436,000 | 0.57 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 91,249,000 | -18,053,000 | -0.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 106,275,000 | -19,514,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 95,538,000 | -4,583,000 | -0.03 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 94,579,000 | -12,861,000 | -0.09 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DDD's latest 10-K: [/company/DDD/business/](/company/DDD/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DDD's latest 10-K: [/company/DDD/risk-factors/](/company/DDD/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/910638/000162828026051898/ddd-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-03
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with a narrative from the perspective of management and is intended to help the reader understand the results of operations and financial condition of the Company. Our MD&A should be read in conjunction with our MD&A and Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Annual Report on Form 10-K") and our Condensed Consolidated Financial Statements as of and for the three and six months ended June 30, 2026 included in this Form 10-Q.

Information Relating to Forward-Looking Statements

Certain statements contained in this MD&A may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from historical results or from any future results expressed, or implied by, such forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates,” or “plans” or the negative of these terms or other comparable terminology.

Forward-looking statements are based upon management’s beliefs, assumptions and current expectations concerning future events and trends, using information currently available, and are necessarily subject to uncertainties, many of which are outside our control. Although we believe that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. A number of important factors could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements. These factors include without limitation:

•impact on our business as a result of macroeconomic events and other geopolitical risks, recession, supply chain disruptions, inflation, interest rates and foreign exchange volatility;

•our ability to deliver products that meet changing technology and customer needs;

•our ability to identify strategic acquisitions, to integrate such acquisitions into our business without disruption and to realize the anticipated benefits of such acquisitions;

•our ability to realize anticipated benefits for future dispositions;

•impact of future write-off or write-downs of goodwill and intangible assets;

•the concentration of revenue and credit risk exposure from our largest customer;

•our ability to acquire and enforce intellectual property rights and defend such rights against third-party claims;

•our ability to protect our intellectual property rights and confidential information, including our digital content, from third-party infringers or unauthorized copying, use or disclosure;

•failure of our information technology infrastructure or inability to protect against cyber-attack;

•our ability to predict quarterly sales and manage product inventory due to uneven sales cycle;

•our ability to generate net cash flow from operations;

•our ability to service our debt and ability to raise funds necessary to settle conversions of the 5.875% convertible senior secured notes due 2030 ("the 2030 Notes") and the 0% convertible senior notes due 2026 ("the 2026 Notes") (collectively, "the Notes") in cash, repay the Notes at maturity or repurchase the Notes in the case of a fundamental change;

•our ability to comply with the covenants contained in our 2030 Indenture, 2026 Indenture and other current or future debt agreements, including the limitations, restrictions and prohibitions such covenants may impose on the way we conduct our business, including certain financial covenants, prohibitions on incurring additional debt if certain covenants are not met and restrictions on our ability to make certain investments and restricted payments;

•our ability to remediate material weaknesses in our internal controls over financial reporting and maintain effective internal controls;

•fluctuations in our gross profit margins, operating income or loss and/or net income or loss;

•our ability to efficiently conduct business outside the U.S.;

•our dependence on our supply chain for components and sub-assemblies used in our 3D printers and other products and for raw materials used in our print materials;

•our ability to manage the costs and effects of litigation, investigations or similar matters involving us or our subsidiaries;

•product quality problems that result in decreased sales and operating margin, product returns, product liability, warranty or other claims;

20

•our ability to retain our key employees and to attract and retain new qualified employees, while controlling our labor costs;

•our ability to successfully develop and commercialize regenerative medicine products ourselves, or in conjunction with development partners;

•disruption in our management information systems for inventory management, distribution, and other key functions;

•compliance with U.S. and other anti-corruption laws, data privacy laws, trade controls, economic sanctions, and similar laws and regulations;

•our ability to maintain our status as a responsible contractor under federal rules and regulations;

•changes in, or interpretation of, tax rules and regulations;

•the other factors discussed in the reports we file with or furnish to the SEC from time to time, including the risks and important factors set forth in additional detail in Item 1A. “Risk Factors” in the 2025 Annual Report on Form 10-K.

Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included herein are made only as of the date of this Form 10-Q and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or circumstances or otherwise, except as required by law. All subsequent written or oral forward-looking statements attributable to us or individuals acting on our behalf are expressly qualified in their entirety by the cautionary statements referenced above.

Business Overview

3D Systems Corporation (“3D Systems” or the “Company” or “we,” "our" or “us”) markets our products and services through subsidiaries in North America and South America (“Americas”), Europe and the Middle East (“EMEA”) and Asia Pacific and Oceania (“APAC”). We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering.

Our solutions support advanced applications in two key industry verticals: Healthcare Solutions (which includes dental, medical devices, personalized health services and regenerative medicine) and Industrial Solutions (which includes aerospace, defense, transportation and general manufacturing). We have more than 35 years of experience and expertise, which have proven vital to our development of an ecosystem and end-to-end digital workflow solutions that enable customers to optimize product designs, transform workflows, bring innovative products to market and drive new business models.

Recent Developments and Updates Regarding Strategic Initiatives

2025 Restructuring Plan

In 2025, in response to continuing macroeconomic challenges impacting the Company’s financial performance, the Company implemented a series of cost savings and restructuring initiatives (the "2025 Restructuring Plan") as part of its ongoing multi-faceted transformation strategy. The Company does not expect to incur significant additional restructuring charges in 2026 related to the 2025 Restructuring Plan.

Divestitures

In December 2024, the Company entered into a definitive agreement with Hexagon AB for the sale of its Geomagic software business ("Geomagic"), which was included in our Industrial Solutions segment. On April 1, 2025, the Company completed the sale of Geomagic and received $119.4 million in cash, which reflected applicable purchase price adjustments under the Asset Purchase Agreement and Business Transfer Agreement. The Company recorded a pre-tax gain of $125.7 million from the sale of Geomagic in the second quarter of 2025.

In September 2025, the Company entered into a definitive agreement with Hubb Global Holdings, LLC for the sale of its 3DXpert and Oqton businesses, which were included in our Industrial Solutions segment. On October 31, 2025, the Company completed the sale of the 3DXpert and Oqton businesses for $3.3 million in cash, which reflected applicable purchase price adjustments, plus a revenue-based royalty receivable which had a present value of $7.1 million.

21

Background

We earn revenue from the sale of products and services through our Healthcare Solutions and Industrial Solutions segments. The product categories include 3D printers and corresponding materials, digitizers, software licenses, 3D scanners and haptic devices. The majority of materials used in our 3D printers are proprietary. The services categories include maintenance contracts and services on 3D printers, software maintenance, software as a service subscriptions and healthcare solutions services.

Given the relatively high price of certain 3D printers and a corresponding lengthy selling cycle, as well as relatively low unit volume of the higher-priced printers in any particular period, a shift in the timing and concentration of orders and shipments from one period to another can materially affect reported revenue in any given period.

In addition to changes in sales volumes, there are two other primary drivers of changes in revenue from one period to another: (i) the combined effect of changes in product mix and average selling prices and (ii) the impact of fluctuations in foreign currencies. As used in this MD&A, the price and mix effects relate to changes in revenue that are not able to be specifically attributed to changes in unit volume or changes in foreign exchange rates.

RESULTS OF OPERATIONS

Comparison of Results of Operations

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["(in thousands)","June 30, 2026","","June 30, 2025","","Change","","June 30, 2026","","June 30, 2025","","Change"],["Revenue","$","94,579","","","$","94,838","","","$","(259)","","","$","190,117","","","$","189,378","","","$","739"],["Cost of sales","60,117","","","58,688","","","1,429","","","121,312","","","120,539","","","773"],["Selling, general and administrative expenses","35,135","","","34,139","","","996","","","66,483","","","83,908","","","(17,425)"],["Research and development expenses","9,972","","","17,361","","","(7,389)","","","19,607","","","37,044","","","(17,437)"],["Loss from operations","$","(10,645)","","","$","(15,350)","","","$","4,705","","","$","(17,285)","","","$","(52,113)","","","$","34,828"]]
[[/GREPCENT_TABLE]]

Revenue

The following table sets forth changes in our revenue for the three and six months ended June 30, 2026.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/910638/000162828026015997/ddd-20251231.htm
Complete FY 2025 MD&A: /company/DDD/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-09
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read together with our consolidated financial statements, and notes thereto, included in Item 8 of this Form 10-K. Certain statements contained in this discussion may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those reflected in any forward-looking statements. See "Risk Factors" in Part I, Item 1A and "Forward-Looking Statements." All amounts are in thousands, except share and per share amounts, or as otherwise indicated.

For discussion related to our results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023, refer to Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A") in our fiscal 2024 Form 10-K. Our fiscal 2024 Form 10-K was filed with the SEC on March 27, 2025.

Business Overview

3D Systems Corporation ("3D Systems" or the "Company" or "we," "our" or "us") markets our products and services through subsidiaries in North America and South America ("Americas"), Europe and the Middle East ("EMEA") and Asia Pacific and Oceania ("APAC"). We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering.

Our solutions support advanced applications in two key industry verticals which are our reportable segments: Healthcare Solutions (which includes dental, medical devices, personalized health services and regenerative medicine) and Industrial Solutions (which includes aerospace, defense, transportation and general manufacturing). We have more than 35 years of experience and expertise, which have proven vital to our development of an ecosystem and end-to-end digital workflow solutions that enable customers to optimize product designs, transform workflows, bring innovative products to market and drive new business models.

Recent Developments

2025 Restructuring Plan

In March 2025, the Company authorized the next phase of its multi-faceted cost savings and restructuring initiative (the "2025 Restructuring Plan"). The 2025 Restructuring Plan includes initiatives to deliver sustainable growth and profitability, enabled by a streamlining of both infrastructure and business processes, while consistently investing in core research and development ("R&D") activities to support long-term growth opportunities. Additionally, in May 2025, in response to the uncertain macroeconomic environment, the Company announced an incremental cost reduction initiative focused on labor force reductions to deliver incremental cost savings.

We incurred $8.5 million in severance and termination benefit costs related to headcount reductions during the year ended December 31, 2025. These costs were primarily cash charges and were generally recognized when probable and estimable consistent with the Company’s past practices or statutory law. The Company does not expect to incur significant additional restructuring charges in 2026 related to the 2025 Restructuring Plan.

Divestitures

In December 2024, the Company entered into a definitive agreement with Hexagon AB for the sale of its Geomagic software business ("Geomagic"), which was included in our Industrial Solutions segment. On April 1, 2025, the Company completed the sale of Geomagic and received $119.4 million in cash, which reflected applicable purchase price adjustments. The Company recorded a pre-tax gain of $125.7 million from the sale of Geomagic in the year ended December 31, 2025.

In September 2025, the Company entered into a definitive agreement for the sale of its 3DXpert and Oqton businesses to Hubb Global Holdings, LLC. On October 31, 2025, the Company completed the sale of the 3DXpert and Oqton businesses for $3.3 million in cash, which reflected applicable purchase price adjustments, plus a revenue-based royalty receivable which had a present value of $7.1 million.

Neither of these divestitures is presented as discontinued operations in the consolidated financial statements because they do not represent a strategic shift that will have a major impact on the Company's operations.

29

Background

We earn revenue from the sale of products and services through our Healthcare Solutions and Industrial Solutions segments. The product categories include 3D printers and corresponding materials, digitizers, software licenses, 3D scanners and haptic devices. The majority of materials used in our 3D printers are proprietary. The services categories include maintenance contracts and services on 3D printers, software maintenance, software as a service subscriptions and healthcare solutions services.

Given the relatively high price of certain 3D printers and a corresponding lengthy selling cycle, as well as relatively low unit volume of the higher-priced printers in any particular period, a shift in the timing and concentration of orders and shipments from one period to another can materially affect reported revenue in any given period.

In addition to changes in sales volumes, there are two other primary drivers of changes in revenue from one period to another: (1) the combined effect of changes in product mix and average selling prices and (2) the impact of fluctuations in foreign currencies. As used in this MD&A, the price and mix effects relate to changes in revenue that are not able to be specifically attributed to changes in unit volume or changes in foreign exchange rates.

RESULTS OF OPERATIONS

Comparison of Results of Operations

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in thousands)","2025","","2024","","Change"],["Revenue","$","386,902","","","$","440,121","","","$","(53,219)"],["Cost of sales","255,857","","","275,943","","","(20,086)"],["Selling, general and administrative expenses (\"SG&A\")","161,331","","","210,132","","","(48,801)"],["Research and development expenses (\"R&D\")","65,037","","","86,479","","","(21,442)"],["Asset impairment charges","760","","","144,967","","","(144,207)"],["Loss from operations","$","(96,083)","","","$","(277,400)","","","$","181,317"]]
[[/GREPCENT_TABLE]]

Revenue

The following table sets forth changes in our revenue for the year ended December 31, 2025.

[[GREPCENT_TABLE]]
[["(Dollars in thousands)","Products","","Services","","Total"],["Revenue \u2014 year ended December 31, 2024","$","279,178","","","","","$","160,943","","","","","$","440,121"],["Change in revenue:"],["Volume","(56,138)","","","(20.1)","%","","439","","","0.3","%","","(55,699)","","","(12.7)","%"],["Price/mix","(3,025)","","","(1.1)","%","","\u2014","","","\u2014","%","","(3,025)","","","(0.7)","%"],["Foreign currency translation","3,390","","","1.2","%","","2,115","","","1.3","%","","5,505","","","1.3","%"],["Net change","(55,773)","","","(20.0)","%","","2,554","","","1.6","%","","(53,219)","","","(12.1)","%"],["Revenue \u2014 year ended December 31, 2025","$","223,405","","","","","$","163,497","","","","","$","386,902"]]
[[/GREPCENT_TABLE]]

For the year ended December 31, 2025, revenue decreased $53.2 million, or 12.1%, compared to the year ended December 31, 2024. The decrease in revenue was primarily due to a decline in product revenue of $55.8 million driven by lower materials volume to customers in the dental, service bureaus, and jewelry markets, and the impact of divestitures. Service revenue increased $2.6 million due to increased volume and the impact of foreign currency translation which was partially offset by the impact of the divestitures. Service revenue for the year ended December 31, 2024 was also impacted by an $8.7 million reversal of revenue due to a cumulative catch-up adjustment under a collaboration arrangement as the Company determined that incremental revenue attributable to milestone payments that are contingent upon the achievement of contractual development criteria are no longer probable of being earned.

30

Cost of sales and gross profit

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Change in Gross Profit","","Change in Gross Profit Margin"],["(Dollars in thousands)","Gross Profit","","Gross Profit Margin","","Gross Profit","","Gross Profit Margin","","$","","%","","Percentage Points","%"],["Products","$","72,260","","","32.3","%","","$","103,319","","","37.0","%","","$","(31,059)","","","(30.1)","%","","(4.7)","","(12.7)","%"],["Services","58,785","","","36.0","%","","60,859","","","37.8","%","","(2,074)","","","(3.4)","%","","(1.8)","","(4.8)"],["Total","$","131,045","","","33.9","%","","$","164,178","","","37.3","%","","$","(33,133)","","","(20.2)","%","","(3.4)","","(9.1)","%"]]
[[/GREPCENT_TABLE]]

For the year ended December 31, 2025, cost of sales decreased to $255.9 million compared to $275.9 million for the year ended December 31, 2024. This decline was primarily attributable to a lower volume of printer and material sales. Gross profit for the year ended December 31, 2025 decreased $33.1 million, or 20.2%, compared to the year ended December 31, 2024. The decrease in gross profit was primarily due to a combination of lower materials sales volumes and the impact of the divestitures. Gross profit margin decreased to 33.9% for the year ended December 31, 2025 compared to 37.3% for the year ended December 31, 2024, primarily due to the divestitures and lower sales volumes.

Selling, general and administrative expenses

For the year ended December 31, 2025, SG&A decreased $48.8 million, or 23.2%, compared to the year ended December 31, 2024. The year-over-year decline in SG&A was primarily due to:

•$21.3 million decrease in compensation and benefits expense primarily related to lower compensation expense due to the impact of our restructuring actions and lower stock-based compensation expense;

•$19.0 million decrease in third-party service provider and consulting costs due to the increased cost to complete our fiscal 2023 audit during the year ended December 31, 2024, and decreased legal fees; and

•$10.2 million decrease in intangible asset amortization expense due to lower intangible asset balances in 2025 because of the impairment charges assessed during the quarter ended September 30, 2024, as described further below;

•partially offset by a $4.7 million increase due to severance costs associated with our restructuring actions.

Research and development expenses

For the year ended December 31, 2025, R&D decreased $21.4 million, or 24.8%, compared to year ended December 31, 2024. The year-over-year decline in R&D was primarily due to:

•$15.8 million decrease in compensation and benefits expense and other R&D expenses primarily due to improved operating efficiency and cost reductions realized from our restructuring activities.

Asset impairment charges

During the year ended December 31, 2025, the Company recognized a $0.6 million impairment of a right of use asset related to a lease of a facility that was exited as part of its 2025 Restructuring Plan and could not be subleased. The impairment is included within Asset impairment charges in our consolidated statements of operations.

During the year ended December 31, 2024, the Company recognized a goodwill impairment charge of $101.4 million related to the Healthcare Solutions reporting unit. This charge resulted from an interim impairment test performed during the three months ended September 30, 2024, which indicated the reporting unit's carrying value exceeded its fair value due to revised long-range cash flow forecasts prepared during the Company’s annual planning process. The impairment is included within Asset impairment charges in our Consolidated Statements of Operations.

3

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DDD/mda/fy2025/
All MD&A years: /company/DDD/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DDD/mda/fy2024/): filed 2025-03-27; accession 0000910638-25-000005 (https://www.sec.gov/Archives/edgar/data/910638/000091063825000005/ddd-20241231.htm)
- [FY 2023 MD&A](/company/DDD/mda/fy2023/): filed 2024-08-13; accession 0000910638-24-000030 (https://www.sec.gov/Archives/edgar/data/910638/000091063824000030/ddd-20231231.htm)
- [FY 2022 MD&A](/company/DDD/mda/fy2022/): filed 2023-03-16; accession 0000910638-23-000009 (https://www.sec.gov/Archives/edgar/data/910638/000091063823000009/ddd-20221231.htm)
- [FY 2021 MD&A](/company/DDD/mda/fy2021/): filed 2022-03-01; accession 0000910638-22-000013 (https://www.sec.gov/Archives/edgar/data/910638/000091063822000013/ddd-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DDD.md · JSON record: /company/DDD.json · verified financials: /company/DDD/financials.json / /company/DDD/financials.csv · machine TOC for the whole site: /llms.txt