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3D printing stocks, Q4 2025 and Q1 2026: the 2025 numbers split the sector

Nozzle4 · · 3 min read

The fourth quarter of 2025 had little that closed or collapsed. 3D Systems finished selling Oqton and 3DXpert on 31 October for 3.3 million dollars in cash plus a royalty, and EOS, which is private, used Formnext in November to launch the M4 ONYX as the successor to its M 400 metal system. We are covering it together with the first quarter of 2026, because the full-year 2025 results that arrived between 6 February and 31 March are the real event of the period.

Those results split the sector down the middle. The companies that sell parts grew. The companies that sell machines shrank, or reported profits that did not come from selling machines.

Xometry, the marketplace that owns no factories, reported 686.6 million dollars of 2025 revenue, up 25.9 percent, with marketplace revenue up 30 percent to 630 million. It still lost 61.7 million dollars, 16.4 million of that on extinguishing debt, but adjusted EBITDA swung to a positive 18.5 million from a negative 9.7 million. On 23 February it named its president, Sanjeev Singh Sahni, as chief executive from 1 July, with co-founder Randy Altschuler moving to executive chair.

Protolabs, which runs its own factories, reported record revenue of 533.1 million dollars, up 6.4 percent, and net income of 21.2 million in its first annual report under Suresh Krishna, who replaced Rob Bodor as chief executive in May 2025. CNC machining revenue grew 17.6 percent.

Materialise sat in between. Group revenue was flat at 267.6 million euros, but its medical segment grew 15.4 percent to 134.2 million and is now half the company.

The machine makers had a worse year. Stratasys reported revenue of 551.1 million dollars, down from 572.5 million, with a GAAP net loss of 104.3 million, and guided to 565 to 575 million for 2026. 3D Systems’ revenue fell 12 percent to 386.9 million dollars. It reported net income of 29.9 million against a 255.6 million loss in 2024, and the gain of about 125.7 million dollars on selling Geomagic was larger than the entire profit. Velo3D grew revenue from machines and parts 54 percent and still lost 71.4 million dollars on 46 million of total revenue.

Nano Dimension’s report on 31 March was the extreme case. Revenue from continuing operations rose 77.3 percent to 102.4 million dollars with Markforged consolidated from late April, and the net loss including Desktop Metal reached 293.6 million. It still ended the year with 459.6 million dollars in cash, deposits and securities, so the open question around Nano was what it would do with that money.

Redwire, which we track for its in-space printing business, grew revenue 10.3 percent to 335.4 million dollars while its net loss roughly doubled to 226.6 million, in the year it closed the 925 million dollar purchase of drone maker Edge Autonomy. Printing is a small part of that story now.

The quarter before is Q3 2025.

Sources