Proto Labs reported a solid Q1 2024 with revenue $127.9 million, up 1% year over year in constant currencies, driven by a record Proto Labs Network revenue of $23.9 million, up 38% CC. Non-GAAP gross margin rose 30 basis points sequentially to 45.6%, supported by factory margin improvements from automation and efficiency gains, while the network margin held at the high end of guidance at 31.7%. Net income was $5.27 million and non-GAAP diluted EPS was $0.40, ahead of the midpoint of the guided range, aided by favorable product mix and higher production volumes. Cash generation remained exceptional: operating cash flow of $21.3 million, stock repurchases of $16 million, and zero debt, leaving the company with a net cash position and $112.9 million in cash and investments on hand as of 3/31/2024. Management emphasized two strategic priorities: (1) expanding the number of customers using the combined factory and network offer, and (2) accelerating revenue per customer via larger orders and all services. Management also highlighted meaningful cross-sell potential (less than 5% of the 53,000 customers currently using full services) and notable customer wins (NASA collaboration demonstrating rapid design-to-delivery capabilities). The outlook for Q2 2024 calls for revenue of $122–$130 million and non-GAAP EPS of $0.30–$0.38, with foreign exchange expected to have a negligible impact versus 2Q23. While Europe exhibited softer demand, tone remained constructive in the Americas, underscoring a bifurcated macro backdrop that could influence quarterly results depending on order mix and larger program timing.