More information on the company is available at 3D SYSTEMS CORPORATIONCondensed Consolidated Balance Sheets(Unaudited) (in thousands, except par value) March 31, 2025 December 31, 2024ASSETS Current assets: Cash and cash equivalents$135,040 $171,324 Accounts receivable, net of reserves — $2,621 and $2,433 104,691 101,471 Inventories 120,045 118,530 Prepaid expenses and other current assets 39,172 34,329 Assets held for sale 2,936 3,176 Total current assets 401,884 428,830 Property and equipment, net 50,918 51,044 Intangible assets, net 17,874 18,020 Goodwill 15,102 14,879 Operating lease right-of-use assets 51,983 50,715 Finance lease right-of-use assets 8,504 8,726 Long-term deferred income tax assets 2,107 2,063 Other assets 34,983 34,569 Total assets$583,355 $608,846 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY Current liabilities: Current operating lease liabilities$11,775 $9,514 Accounts payable 39,767 41,833 Accrued and other liabilities 44,310 45,488 Customer deposits 5,750 4,712 Deferred revenue 32,110 27,298 Liabilities held for sale 10,305 10,251 Total current liabilities 144,017 139,096 Long-term debt, net of deferred financing costs 212,310 211,995 Long-term operating lease liabilities 51,525 52,527 Long-term deferred income tax liabilities 2,001 2,076 Other liabilities 25,829 25,001 Total liabilities 435,682 430,695 Commitments and contingencies Redeemable non-controlling interest 2,034 1,958 Stockholders’ equity: Common stock, $0.001 par value, authorized 220,000 shares; shares issued 135,361 and 135,510 as of March 31, 2025 and December 31, 2024, respectively 135 136 Additional paid-in capital 1,596,747 1,593,366 Accumulated deficit (1,399,229) (1,362,243)Accumulated other comprehensive loss (52,014) (55,066)Total stockholders’ equity 145,639 176,193 Total liabilities, redeemable non-controlling interest and stockholders’ equity$583,355 $608,846 3D SYSTEMS CORPORATIONCondensed Consolidated Statements of Operations(Unaudited) Three Months Ended(in thousands, except per share amounts)March 31, 2025 March 31, 2024Revenue: Products$54,723 $64,051 Services 39,817 38,854 Total revenue 94,540 102,905 Cost of sales: Products 37,365 39,587 Services 24,486 22,396 Total cost of sales 61,851 61,983 Gross profit 32,689 40,922 Operating expenses: Selling, general and administrative 49,769 57,304 Research and development 19,683 23,480 Asset impairment charges — — Total operating expenses 69,452 80,784 Loss from operations (36,763) (39,862)Non-operating income (loss): Foreign exchange gain, net 1,139 1,909 Interest income 953 2,798 Interest expense (581) (714)Other (loss) income, net (160) 21,386 Total non-operating income 1,351 25,379 Loss before income taxes (35,412) (14,483)Provision for income taxes (671) (1,371)Loss on equity method investment, net of income taxes (903) (247)Net loss before redeemable non-controlling interest (36,986) (16,101)Less: net loss attributable to redeemable non-controlling interest — (100)Net loss attributable to 3D Systems Corporation$(36,986) $(16,001) Net loss per common share: Basic$(0.28) $(0.12)Diluted$(0.28) $(0.12) Weighted average shares outstanding: Basic 132,462 130,820 Diluted 132,462 130,820 3D SYSTEMS CORPORATIONCondensed Consolidated Statements of Cash Flows(Unaudited) Three Months Ended(in thousands)March 31, 2025 March 31, 2024OPERATING ACTIVITIES Net loss before redeemable non-controlling interest$(36,986) $(16,101)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,712 7,272 Accretion of debt discount 316 434 Stock-based compensation 4,168 8,252 Non-cash operating lease expense 2,371 2,728 Provision for inventory obsolescence 1,311 4,259 Provision for bad debts 325 (71)Loss on the disposition of businesses, property, equipment and other assets 128 155 Gain on debt extinguishment — (21,518)Provision for deferred income taxes and reserve adjustments 1,652 714 Loss on equity method investment, net of taxes 903 247 Changes in operating accounts: Accounts receivable (1,231) (2,391)Inventories (1,870) 30 Prepaid expenses and other current assets (4,078) (3,277)Accounts payable (2,799) (8,708)Deferred revenue and customer deposits 5,745 7,854 Accrued and other liabilities (4,144) (1,017)All other operating activities (5,309) (4,407)Net cash used in operating activities (33,786) (25,545)INVESTING ACTIVITIES Purchases of property and equipment (2,795) (3,190)Proceeds from sale of assets and businesses, net of cash sold — 3 Acquisitions and other investments, net of cash acquired (550) — Other investing activities (67) — Net cash used in investing activities (3,412) (3,187)FINANCING ACTIVITIES Repayment of borrowings/long-term debt — (87,150)Taxes paid related to net-share settlement of equity awards (285) (1,710)Other financing activities (364) (327)Net cash used in financing activities (649) (89,187)Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,178 (1,579)Net decrease in cash, cash equivalents and restricted cash (36,669) (119,498)Cash, cash equivalents and restricted cash at the beginning of the year 172,883 333,111 Cash, cash equivalents and restricted cash at the end of the period $136,214 $213,613 3D SYSTEMS CORPORATIONSegment Information(Unaudited) Three Months Ended(in millions)March 31, 2025 March 31, 2024Revenue: Healthcare Solutions$41.3 $45.4 Industrial Solutions$53.2 $57.5 Total$94.5 $102.9 3D SYSTEMS CORPORATIONReconciliations of GAAP to Non-GAAP Measures Presentation of Information in this Press Release 3D Systems reports its financial results in accordance with GAAP.
Non-GAAP Operating Expense (unaudited) Three Months Ended(in millions)March 31, 2025 March 31, 2024Operating expense (GAAP)$69.5 $80.8 Amortization expense (0.8) (2.0)Stock-based compensation expense (4.2) (8.2)Acquisition and divestiture-related expense (0.9) (0.1)Legal and other expense (1.1) (4.2)Restructuring expense (0.8) — Non-GAAP operating expense$61.6 $66.3 Net Loss Attributable to 3D Systems Corporation to Adjusted EBITDA (unaudited) Three Months Ended(in millions)March 31, 2025 March 31, 2024Net loss attributable to 3D Systems Corporation (GAAP)$(37.0) $(16.0)Interest income, net (0.4) (2.1)Provision for income taxes 0.7 1.4 Depreciation expense 4.7 5.0 Amortization expense 1.0 2.3 EBITDA (Non-GAAP) (31.0) (9.4)Stock-based compensation expense 4.2 8.2 Acquisition and divestiture-related expense 0.9 0.1 Legal and other expense 1.1 4.2 Restructuring expense 1.0 — Net loss attributable to redeemable non-controlling interest — (0.1)Loss on equity method investment, net of tax 0.9 0.2 Gain on repurchase of debt — (21.5)Other non-operating income (1.0) (1.8)Adjusted EBITDA (Non-GAAP)$(23.9) $(20.1) Diluted Loss per Share (unaudited) Three Months Ended(in dollars)March 31, 2025 March 31, 2024Diluted loss per share (GAAP)$(0.28) $(0.12)Amortization expense 0.01 0.02 Stock-based compensation expense 0.03 0.06 Acquisition and divestiture-related expense 0.01 — Legal and other expense 0.01 0.03 Restructuring expense 0.01 — Gain on repurchase of debt — (0.16)Loss on equity method investment and other 0.01 — Non-GAAP diluted loss per share$(0.21) $(0.17) Investor Contact: investor.relations@3dsystems.comMedia Contact: press@3dsystems.
To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items: amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;stock-based compensation expenses, a non-cash expense;charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;certain compensation expense related to the 2021 Volumetric acquisition; andcosts, including legal fees, related to significant or unusual litigation matters.
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