Protolabs profit more than doubles as CNC machining drives record revenue

Proto Labs (NYSE:PRLB) reported record-breaking financial results for the first quarter of 2026, headlined by a more than 120% increase in GAAP net income.

The company generated revenue of $139.3 million, a 10.4% rise year-over-year, as demand for rapid prototyping and low-volume production accelerated across its digital platforms.

The quarter’s growth was spearheaded by the CNC machining segment, which saw revenue jump 19.7% compared to the same period in 2025.

Protolabs also reported a 20.4% increase in revenue per customer contact, signaling that existing clients are utilizing a broader range of the company’s manufacturing services, including its expanded network of manufacturing partners.

Profitability metrics saw substantial expansion due to operational efficiencies and a higher-margin product mix.

Non-GAAP gross margin improved to 46.2%, up from 44.8% a year ago, while adjusted EBITDA rose to $22.8 million, representing 16.3% of total revenue.

On the bottom line, GAAP net income hit $8.1 million, or $0.33 per diluted share, while non-GAAP net income reached $13.1 million, or $0.54 per share.

Meanwhile, the company maintained a strong liquidity position, finishing the quarter with $158 million in cash and investments.

During the period, Protolabs generated $17.5 million in cash from operations, providing ample flexibility to fund its ongoing technology investments and potential strategic initiatives.