3D Systems Q4 Loss Narrows; Revenues Beat and A&D Growth Spurs 28% Rally
3D Systems reported a non-GAAP Q4 loss of $0.13 per share versus $0.19 a year earlier, with revenues of $106.3 million beating estimates by 7.9%. Aerospace & defense revenue rose 50% and healthcare sales climbed 25%, but adjusted EBITDA loss stayed at $5.3 million despite four quarters of expense cuts.
1. Q4 2025 Financial Results
3D Systems posted a non-GAAP loss of $0.13 per share in Q4 2025, improving from a $0.19 loss a year earlier. Revenues were $106.3 million, down 4.3% year-over-year but up 16% sequentially, beating consensus by 7.9%.
2. Segment Performance
Product revenues declined 11.2% to $62.6 million, while services rose 7.7% to $43.7 million. Healthcare solutions revenue climbed 25% to $50.5 million, and aerospace and defense within industrial solutions surged 50%, offsetting a 21.1% industrial decline.
3. Balance Sheet and Cash Flow
Non-GAAP gross profit was $33 million with a 31% margin, down 30 basis points. Adjusted EBITDA loss narrowed to $5.3 million. Operating expenses fell to $42.5 million. Cash and equivalents were $97.1 million against $90.3 million total debt, with $3.9 million maturing by Q4 2026.
4. Q1 2026 Guidance and Market Reaction
The company forecasts Q1 revenues of $91–$94 million and an adjusted EBITDA loss between $5 million and $3 million. Shares jumped about 28% on the results, reflecting investor enthusiasm for the aerospace and defense momentum despite ongoing cash burn concerns.