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More information on the company is available at Investor Contact:investor.relations@3dsystems.comMedia Contact:press@3dsystems.com Tables Follow 3D Systems CorporationConsolidated Balance Sheets(in thousands, except par value) December 31, 2024 December 31, 2023ASSETS Current assets: Cash and cash equivalents$171,324 $331,525 Accounts receivable, net of reserves — $2,433 and $3,389 101,471 101,497 Inventories 118,530 152,188 Prepaid expenses and other current assets 34,329 42,612 Assets held for sale 3,176 — Total current assets 428,830 627,822 Property and equipment, net 51,044 64,461 Intangible assets, net 18,020 62,724 Goodwill 14,879 116,082 Operating lease right-of-use assets 50,715 58,406 Finance lease right-of-use assets 8,726 12,174 Long-term deferred income tax assets 2,063 4,230 Other assets 34,569 44,761 Total assets$608,846 $990,660 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY Current liabilities: Current operating lease liabilities$9,514 $9,924 Accounts payable 41,833 49,757 Accrued and other liabilities 45,488 49,460 Customer deposits 4,712 7,599 Deferred revenue 27,298 30,448 Liabilities held for sale 10,251 — Total current liabilities 139,096 147,188 Long-term debt, net of deferred financing costs 211,995 319,356 Long-term operating lease liabilities 52,527 56,795 Long-term deferred income tax liabilities 2,076 5,162 Other liabilities 25,001 33,400 Total liabilities 430,695 561,901 Commitments and contingencies Redeemable non-controlling interest 1,958 2,006 Stockholders’ equity: Common stock, $0.001 par value, authorized 220,000 shares; shares issued 135,510 and 133,619 as of December 31, 2024 and 2023, respectively 136 134 Additional paid-in capital 1,593,366 1,577,519 Accumulated deficit (1,362,243) (1,106,650)Accumulated other comprehensive loss (55,066) (44,250)Total stockholders’ equity 176,193 426,753 Total liabilities, redeemable non-controlling interest and stockholders’ equity$608,846 $990,660 3D Systems CorporationConsolidated Statements of Operations(in thousands, except per share amounts) Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023Revenue:(unaudited) (unaudited) Products$70,426 $74,763 $279,178 $328,731 Services 40,598 40,085 160,943 159,338 Total revenue 111,024 114,848 440,121 488,069 Cost of sales: Products 46,288 49,816 175,859 203,258 Services 30,291 21,075 100,084 88,390 Total cost of sales 76,579 70,891 275,943 291,648 Gross profit 34,445 43,957 164,178 196,421 Operating expenses: Selling, general and administrative 43,360 59,549 210,132 210,172 Research and development 20,219 22,513 86,479 89,466 Asset impairment charges 1,234 289,190 144,967 302,787 Total operating expenses 64,813 371,252 441,578 602,425 Loss from operations (30,368) (327,295) (277,400) (406,004)Non-operating income (loss): Foreign exchange gain (loss), net 3,226 (978) 2,452 (4,825)Interest income 1,502 3,781 7,302 19,511 Interest expense (620) (689) (2,564) (3,301)Other income (loss), net (1,505) 31,887 20,214 32,307 Total non-operating income (loss) 2,603 34,001 27,404 43,692 Loss before income taxes (27,765) (293,294) (249,996) (362,312)(Provision) benefit for income taxes (4,689) 1,045 (2,193) 641 Loss on equity method investment, net of income taxes (1,001) (535) (3,404) (1,282)Net loss before redeemable non-controlling interest (33,455) (292,784) (255,593) (362,953)Less: net loss attributable to redeemable non-controlling interest 252 (116) — (265)Net loss attributable to 3D Systems Corporation$(33,707) $(292,668) $(255,593) $(362,688) Net loss per common share: Basic$(0.25) $(2.25) $(1.94) $(2.79)Diluted$(0.25) $(2.25) $(1.94) $(2.79) Weighted average shares outstanding: Basic 132,576 130,431 131,861 129,944 Diluted 132,576 130,431 131,861 129,944 3D Systems CorporationConsolidated Statements of Cash Flows(in thousands) Year Ended December 31, 2024 2023 Cash flows from operating activities: Net loss before redeemable non-controlling interest$(255,593) $(362,953)Adjustments to reconcile loss income to net cash used in operating activities: Depreciation and amortization 33,310 33,413 Accretion of debt discount 1,378 2,640 Stock-based compensation 18,457 23,504 Loss on short-term investments — 6 Non-cash operating lease expense 9,871 9,267 Provision for inventory obsolescence and revaluation 12,360 6,350 Provision for bad debts 506 595 Loss on the disposition of businesses, property, equipment and other assets 2,795 6 Gain on debt extinguishment (21,518) (32,181)Benefit for deferred income taxes and reserve adjustments (952) (2,412)Loss on equity method investment 3,404 1,282 Impairments of assets 144,967 304,698 Changes in operating accounts: Accounts receivable (6,376) (6,186)Inventories 15,766 (20,555)Prepaid expenses and other current assets 7,049 (7,961)Accounts payable (5,812) (5,526)Deferred revenue and customer deposits 3,602 1,245 Accrued and other liabilities (6,187) (12,933)All other operating activities (1,914) (12,994)Net cash used in operating activities (44,887) (80,695)Cash flows from investing activities: Purchases of property and equipment (16,121) (27,183)Purchases of short-term investments — — Sales and maturities of short-term investments — 180,925 Proceeds from sale of assets and businesses, net of cash sold 96 194 Acquisitions and other investments, net of cash acquired (3,000) (29,152)Net cash (used in) provided by investing activities (19,025) 124,784 Cash flows from financing activities: Repayment of borrowings/long-term debt (87,218) (100,614)Purchase of non-controlling interests — — Taxes paid related to net-share settlement of equity awards (2,662) (5,211)Other financing activities (1,385) (644)Net cash used in financing activities (91,265) (106,469)Effect of exchange rate changes on cash, cash equivalents and restricted cash (5,053) 3,516 Net decrease in cash, cash equivalents and restricted cash (160,230) (58,864)Cash, cash equivalents and restricted cash at the beginning of the year a 333,111 391,975 Cash, cash equivalents and restricted cash at the end of the year a$172,881 $333,111 (a) The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts reported in the condensed consolidated statements of cash flows. December 31, 2024 December 31, 2023 December 31, 2022Cash and cash equivalents$171,324 $331,525 $388,134 Restricted cash included in prepaid expenses and other current assets 123 119 114 Restricted cash included in other assets 1,434 1,467 3,727 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$172,881 $333,111 $391,975 Amounts included in restricted cash as of December 31, 2024 and December 31, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease.
The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees. Appendix3D Systems CorporationUnaudited Reconciliations of GAAP to Non-GAAP Measures Segment Revenue (1) Three Months Ended December 31,(in millions) 2024 2023 $ Change % ChangeHealthcare Solutions$40.4 $51.2 $(10.8) (21.1)%Industrial Solutions 70.7 63.7 7.0 11.0%Total revenue$111.0 $114.8 $(3.8) (3.3)% (1) Amounts in table may not foot due to rounding Year Ended December 31,(in millions) 2024 2023 $ Change % Change Healthcare Solutions$189.7 $213.2 $(23.5) (11.0)%Industrial Solutions 250.4 274.9 (24.5) (8.9)% Total revenue$440.1 $488.1 $(47.9) (9.8)% (1) Amounts in table may not foot due to rounding Gross Profit and Gross Profit Margin (1) Three Months Ended December 31,(in millions) 2024 2023 Gross Profit Gross Profit Margin Gross Profit Gross Profit MarginGAAP$34.4 31.0% $44.0 38.3%Amortization expense included in Cost of sales 0.2 0.4 Severance accrual adjustment 0.1 1.4 Non-GAAP (2)$34.7 31.3% $45.8 39.8% (1) Amounts in table may not foot due to rounding(2) Calculated as non-GAAP gross profit as a percentage of total revenue. Year Ended December 31,(in millions) 2024 2023 Gross Profit Gross Profit Margin Gross Profit Gross Profit MarginGAAP$164.2 37.3% $196.4 40.2%Amortization expense included in Cost of sales 1.0 0.5 Severance accrual adjustment (0.4) 1.4 Non-GAAP (2)$164.8 37.4% $198.4 40.6% (1)Amounts in table may not foot due to rounding(2) Calculated as non-GAAP gross profit as a percentage of total revenue. Non-GAAP Operating Expense(1) Three Months Ended December 31, Year Ended December 31,(in millions) 2024 2023 2024 2023 Operating expense$64.8 $371.3 $441.6 $602.4 Amortization expense (0.8) (2.0) (13.3) (11.6)Stock-based compensation expense (1.1) (8.4) (18.4) (23.5)Acquisition and divestiture-related expense (1.4) 1.2 (2.2) 1.1 Legal and other expense (1.8) (3.2) (11.0) (8.1)Restructuring expense (0.1) (3.3) (1.4) (10.1)Asset impairment charges (1.2) (290.1) (145.0) (304.4)Non-GAAP operating expense$58.4 $65.4 $250.3 $246.0 (1) Amounts in table may not foot due to rounding Appendix3D Systems CorporationUnaudited Reconciliations of GAAP to Non-GAAP Measures Net Loss to Adjusted EBITDA (1) Three Months Ended December 31, Year Ended December 31,(in millions) 2024 2023 2024 2023 Net loss attributable to 3D Systems Corporation$(33.7) $(292.7) $(255.6) $(362.7)Interest (income) expense, net (0.9) (3.1) (4.7) (16.2)Provision (benefit) for income taxes 4.7 (1.0) 2.2 (0.6)Depreciation expense 4.5 5.7 19.0 21.3 Amortization expense 1.0 2.4 14.3 12.1 EBITDA (24.4) (288.8) (224.8) (346.1)Stock-based compensation expense 1.1 8.4 18.4 23.5 Acquisition and divestiture-related expense 1.4 (1.2) 2.2 (1.1)Legal and other related costs 2.2 3.2 11.4 8.1 Restructuring expense (0.2) 4.8 0.7 11.5 Net loss attributable to redeemable non-controlling interest 0.3 (0.1) 0.1 (0.3)Loss on equity method investment, net of tax 1.0 0.5 3.4 1.3 Asset impairment charges 1.2 290.1 145.0 304.4 Gain on repurchase of debt — (32.2) (21.5) (32.2)Other non-operating (income) expense (1.7) 1.3 (1.2) 4.7 Adjusted EBITDA$(19.1) $(14.0) $(66.4) $(26.3) (1) Amounts in table may not foot due to rounding Appendix3D Systems CorporationUnaudited Reconciliations of GAAP to Non-GAAP Measures Diluted Loss per Share (1) Three Months Ended December 31, Year Ended December 31,(in dollars) 2024 2023 2024 2023 Diluted loss per share$(0.25) $(2.25) $(1.94) $(2.79)Amortization expense 0.01 0.02 0.11 0.09 Stock-based compensation expense 0.01 0.06 0.14 0.18 Acquisition and divestiture-related expense 0.01 (0.01) 0.02 (0.01)Legal expense 0.02 0.03 0.09 0.06 Restructuring expense — 0.04 0.01 0.09 Asset impairment charges 0.01 2.23 1.10 2.35 Gain on repurchase of debt — (0.25) (0.16) (0.25)Loss on equity method investment and other 0.01 — 0.03 — Non-GAAP diluted loss per share$(0.19) $(0.13) $(0.62) $(0.
Target is to exit 2025 at positive adjusted-EBITDA levels, with continuing momentum in 2026. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in millions, expect per share data) (unaudited) (unaudited) Revenue $111.0 $114.8 $440.1 $488.1 Gross profit $34.4 $44.0 $164.2 $196.4 Gross profit margin 31.0% 38.3% 37.3% 40.2%Operating expense $64.8 $371.3 $441.6 $602.4 Operating loss $(30.4) $(327.3) $(277.4) $(406.0)Net loss attributable to 3D Systems Corporation $(33.7) $(292.7) $(255.6) $(362.7)Diluted loss per share $(0.25) $(2.25) $(1.94) $(2.79) Non-GAAP measures for year-over-year comparisons (1) Non-GAAP gross profit margin 31.3% 39.8% 37.4% 40.6%Non-GAAP operating expense $58.4 $65.4 $250.3 $246.0 Adjusted EBITDA $(19.1) $(14.0) $(66.4) $(26.3)Non-GAAP diluted loss per share $(0.19) $(0.13) $(0.62) $(0.28) (1) See "Presentation of Information in this Press Release” below for a description, and the Appendix for the reconciliation of non-GAAP measurements to the most closely comparable GAAP measure. Summary Comments on Results "While 2024 was a challenging year for sales, reflecting weak customer capex spending on new manufacturing plant capacity through the first three quarters, we were pleased to see a healthy uptick in the sale of new industrial printer systems and global services in the fourth quarter,” said Dr.
