Xometry, Protolabs, and Lincoln Electric All Post Record Quarters

Three big manufacturing names posted record quarterly results this week. Xometry, Protolabs, and Lincoln Electric all grew. But the 3D printing parts of their businesses tell three different stories.

Xometry keeps expanding

Xometry's revenue jumped 41% year over year to $229 million. Marketplace revenue, the core of its business, rose 45% to $215 million. Gross profit hit $87.2 million, and the company ended the quarter with more than $517 million in cash after raising fresh capital.

Active buyers on the platform increased 20% to nearly 90,000. Accounts spending more than $50,000 annually rose 23%. Management pointed to new AI-powered recommendations and better supplier matching as drivers of the growth.

For 3D printing, this matters. Xometry's marketplace includes additive manufacturing alongside CNC and molding. Stronger demand for custom parts means more AM jobs flowing through the system.

Protolabs sees growth, but 3D printing stalls

Protolabs also reported a record quarter. Revenue increased 10.6% to $149.3 million. CNC machining revenue rose 13.6%. Injection molding climbed 13.1%. Both hit records.

3D printing revenue was $20.7 million, down from $21.2 million a year earlier. That is a small decline, not a collapse. But it signals that AM was not the growth engine this quarter.

The company raised its full-year revenue guidance to 8% to 10% growth. That confidence comes from traditional processes, not additive.

Lincoln Electric rides industrial spending

Lincoln Electric posted record second-quarter sales of $1.22 billion, up 12%. Earnings and operating margins improved. The company cited stronger demand in the Americas and Asia Pacific.

Additive manufacturing is a small slice of Lincoln Electric's business. But the company sells metal 3D printing equipment, and its results are a proxy for industrial capital spending. When Lincoln Electric grows, manufacturers are buying tools.

What this means for 3D printing

Manufacturing activity is clearly strong. Xometry is scaling its digital marketplace. Protolabs is winning more customers even if 3D printing lags. Lincoln Electric shows industrial investment is healthy.

Public 3D printing companies have struggled for years as buyers delayed new machine purchases. These results do not show a 3D printing boom. They show that AM is one of many tools manufacturers are keeping busy. CNC and molding are growing faster.

The companies best positioned going forward are the ones that bundle 3D printing with traditional processes. Xometry and Protolabs both fit that mold. If manufacturing demand holds, they will capture more of it.