Xometry, Protolabs, and Lincoln Electric Post Strong Earnings

Manufacturers are still spending

The latest earnings reports from Xometry, Protolabs, and Lincoln Electric point to one clear trend: manufacturing activity remains healthy. All three companies posted record quarterly results, though each tells a slightly different story about where additive manufacturing fits right now.

Xometry expands its marketplace

Xometry reported revenue of $229 million for the quarter, up 41% year over year. Marketplace revenue, which makes up most of the business, grew 45% to $215 million. Gross profit hit $87.2 million, and adjusted EBITDA reached $14.1 million.

The company also ended the quarter with more than $517 million in cash after raising additional capital. Active buyers on the platform increased 20% to nearly 90,000. Accounts spending over $50,000 annually rose 23%. Management credited much of the growth to marketplace expansion and new AI-powered matching tools.

Protolabs sees flat 3D printing growth

Protolabs also delivered a record quarter, with revenue rising 10.6% to $149.3 million. CNC machining and injection molding both grew double digits. But additive manufacturing revenue was $20.7 million, down slightly from $21.2 million a year earlier.

That does not mean 3D printing demand collapsed. It simply was not the main growth driver this quarter. CNC and molding carried the business. Protolabs raised its full-year revenue guidance to 8% to 10% growth, suggesting confidence in overall manufacturing demand.

Lincoln Electric rides industrial investment

Lincoln Electric reported record second-quarter sales of nearly $1.22 billion, up 12%. Earnings and operating margins also improved. Strong demand in the Americas and Asia Pacific helped drive the results.

Additive manufacturing is a small slice of Lincoln Electric's business, but the company matters because many of its industrial customers also buy metal 3D printing equipment. When Lincoln Electric sells more welding systems, it often signals that manufacturers are investing in production capacity broadly.

What this means for 3D printing

Public 3D printing companies have struggled at times as customers delayed new machine purchases. But these results suggest the broader manufacturing market is healthy. If that continues, companies that offer both 3D printing and traditional production methods could be well positioned.