Proto Labs, Inc.

Greetings and welcome to the Proto Labs first quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ryan Johnsrud, Investor Relations. Thank you. You may begin.

Thank you. Good morning, everyone, and welcome to ProtoLabs' first quarter 2026 earnings conference call. I'm joined today by Suresh Krishna, President and Chief Executive Officer, and Dan Schumacher, Chief Financial Officer. This morning, ProtoLabs issued a press release announcing its financial results for the first quarter ended March 31st, 2026. The release is available on the company's website. In addition, A prepared slide presentation is available online at the web address provided in our press release. Our discussion today will include statements relating to future performance and expectations that are or may be considered forward-looking statements and subject to many risks and uncertainties that could cause actual results to differ materially from expectations. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K. for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today. The results and guidance we will discuss today include non-GAAP financial measures consistent with our past practice. Please refer to our press release and the accompanying slide presentation at the Investor Relations section of our company website for a complete reconciliation of GAAP to non-GAAP results. Now, I will turn the call over to Suresh Krishna. Suresh?

Thanks, Ryan. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. We are off to a strong start in 2026. First quarter revenue grew 10% year over year as we delivered another record revenue quarter. I am very pleased with the balanced execution reflected in our financial results. We achieved double-digit revenue growth significant gross margin expansion, and improved operating leverage. Importantly, this reflects not only continued momentum, but measurable improvements in customer engagement, growth, and operating performance. These financial results are a credit to the hard work and dedication of our employees as they continue to execute with discipline across the business. I'd like to thank all ProtoLabs team members for their outstanding quarter. So far in 2026, we continue to see strong traction with larger strategic customers contributing to our higher revenue per customer and reinforcing this as a key long-term growth driver. During the quarter, revenue per customer grew 20% year over year, providing evidence of the momentum we have with enterprise customers. In US, we grew 12%, marking the fourth quarter in a row of double-digit revenue growth in the region. I want to acknowledge the leadership of Sean Farrell and the regional sales and customer success teams for driving that performance. Double-digit growth and significant margin expansion in the first quarter led to strong cash flows and earnings, reflecting in the strength of our business model. In the first quarter, we achieved Protolab's highest non-gap earnings per share in over five years. Our strong results were fueled by exceptional demand for our CNC machining service, which grew over 20% year-over-year in the U.S., driven by continued strength in aerospace and defense, including space exploration, satellites and drones, as well as strong growth in robotics. As we saw in the last quarter, well-funded and innovation-driven markets where speed, precision, and digital manufacturing are critical continue to rely on photo labs as we deepen relationships and strengthen our position as a strategic partner. In April, we joined the Space Foundation, a global space community supporting collaboration and education. This move strengthens our presence in this fast-growing ecosystem as aerospace innovation accelerates rapidly in the new space age. With organizations like NASA, Lockheed Martin, and Northrop Grumman as long-standing customers, we continue to support leading-edge programs where speed, precision, and reliability are critical. This is especially apparent following Artemis 2 and its successful Lunar mission. Overall, our first quarter performance reflects continued progress on executing our strategy, which remains centered around serving customers across the product lifecycle while building on the core strengths that differentiate us. As a reminder, our long-term strategy is anchored in four pillars. elevating the customer experience, accelerating innovation, expanding production, and driving operational efficiency. While these pillars will guide our business in the next few years, we are encouraged by the early traction we are seeing across each area. As we focus our investments and prioritize work around these pillars, we drove higher revenue per customer, strong growth in CNC machining, and operating margin expansion. We continue to see expanding engagement with larger strategic customers in aerospace and defense and medical, reinforcing our conviction that production will become a meaningful long-term growth driver. We achieved AS9100 certification in our European operations during the first quarter, which expands our ability to support aerospace and defense customers globally. We are now better positioned to deliver high quality aerospace grade parts while helping customers regionalize their supply chains and reduce disruption. This milestone strengthens our global capability and credibility in aerospace and defense and expands our ability to capture production programs globally. Moving to our 2026 operational changes. As we've said in our last earnings call, 2026 will be a year of transformation and acceleration focused on improving the customer experience and building systems that will scale Protolabs over the long term. On our fourth quarter call, we discussed several organizational and operational changes that position Protolabs for faster growth and improved profitability. The first change we discussed is ensuring we have the right leadership structure and operating mechanisms in place. Our product and technology teams are now combined under our CTAIO, Mark Kermish, ensuring product and technology are aligned and is essential as we accelerate our organic innovation roadmap to improve our offer and the customer experience. The second operational change in 2026 is enhanced focus on continuous improvement and quality. In April, Jonathan Blaisdell announced joined Protolabs as head of our Protolabs business excellence systems. Jonathan has over 30 years of continuous leadership at Danaher and most recently at Polaris, where he helped embed a lean management system driving operational and financial improvements. At Protolabs, he will focus on strengthening our management system, operating rhythms, and problem solving capabilities so our regions and service lines can execute more effectively at scale and drive productivity. We are already seeing tangible quality improvements in our injection molding operations. During the quarter, we made investments to drastically improve quality with our largest, most strategic injection molding customers. This will improve customer friction and help us expand our production offer. Importantly, the work we are doing is already driving operational benefits and will continue to unlock speed and leverage throughout 2026. Next, we have established our Global Capability Center, or GCC, in India, which will serve as a critical enabler of our long-term strategy. We are in the process of building out our team and presence in the region. We look forward to providing additional updates on our progress in the future. Lastly, the fourth change we called out is a strategic reset in Europe. We have taken deliberate actions to reset the business in Europe, including targeted reductions in the first quarter to align cost structure with current revenue levels and improvements in go-to-market operations. We started some of Europe go-to-market work in late 2025, including alignment to core industries and simplified and increased customer engagement. I'm proud to say that these efforts are beginning to yield early results, with the region delivering 11% sequential growth in the first quarter, a sign that our teams are executing with discipline and focus. These early improvements are an important step towards stabilizing performance and positioning Europe to contribute to both growth and margin expansion going forward. I want to thank our European colleagues for their continued dedication as we reset this important part of our business. In closing, as we continue to progress through 2026, our priorities remain clear. Elevate customer experience, accelerate innovation, expand our production capabilities, and continue operating with discipline. Execution across these areas is already translating into improved growth and engagement, and we believe it positions Protolabs to deliver accelerating revenue growth and expanding profitability over time. I am encouraged by our strong start to 2026 and confident in our ability to execute our strategy and deliver durable, long-term value to customers and shareholders. With that, I'll turn the call over to Dan to walk through our financial performance and outlook in more detail.