Document

Exhibit 99.2

OPERATING AND FINANCIAL REVIEW AND PROSPECTS.

The following discussion, analysis and review of the financial condition results of operations, and prospects of Stratasys Ltd. (referred to throughout as Stratasys, we, us, our, or our company, or by using similar terms) as of, and for the three and nine month periods ended, September 30, 2026, should be read in conjunction with our unaudited consolidated financial statements and the related notes included as Exhibit 99.1 to the Report of Foreign Private Issuer on Form 6-K, or the Form 6-K, to which this Operating and Financial Review and Prospects, or OFRP, is attached. The discussion and analysis below contain forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in “Forward-Looking Statements and Factors that May Affect Future Results of Operations” below, as well in the “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the year ended December 31, 2025, or our 2025 Annual Report, which we filed with the Securities and Exchange Commission, or SEC, on March 5, 2026.

Overview of Business and Trend Information

We are a global leader in connected, polymer-based 3D printing solutions, across the entire manufacturing value chain. Leveraging distinct competitive advantages that include a broad set of best-in-class 3D printing platforms, software, materials, a technology partner ecosystem, innovative leadership, and global GTM infrastructure, we are positioned to capture share in a significant and growing global marketplace, with a focus on manufacturing, which we view as having the largest and fastest growing total addressable market.

Our approximately 2,700 granted and pending additive technology patents to date have been used to create models, prototypes, manufacturing tools, and production parts for a multitude of industries including aerospace and defense, automotive, transportation, healthcare, consumer products, dental, medical, fashion and education. Our products and comprehensive solutions improve product quality, development time, cost, time-to-market and patient care. Our 3D ecosystem of solutions and expertise includes 3D printers, materials, software, expert services, and on-demand parts production. By the end of 2025, we estimate that we derived over 37.5% of our revenues from manufacturing solutions.

A series of acquisitions and other transactions in the last several years has strengthened our leadership in various facets of our business, and has added incremental growth engines to our platform. In December 2020, we entered the market of manufacturing of end-use parts via our acquisition of Origin Laboratories, Inc. and its P3 Programmable PhotoPolymerization technology. Since the first quarter of 2021, we are a provider of industrial stereolithography 3D printers and solutions, and in November 2021, we accelerated our growth in production-scale 3D printing by acquiring the remaining shares of Xaar 3D not then held by us. As a result of an October 2022 asset acquisition, we have fully integrated a cloud-based software solution into our GrabCAD® Additive Manufacturing Platform, thereby enabling us to better compete for manufacturing customers for their end-use parts production. In April 2023, we strengthened our portfolio of 3D printing materials by acquiring Covestro and its resins, which are compatible with our Origin P3™, Neo® stereolithography, and H350™ printers. As part of that acquisition, we also significantly expanded our IP portfolio, obtaining ownership over hundreds of patents and pending patents that were held by Covestro. Our materials portfolio was similarly bolstered in May 2025 when we acquired key assets and operations of Forward AM Technologies GmbH, formerly a prominent additive manufacturing materials brand, particularly enhancing our Selective Absorption Fusion (SAF) and Digital Light Processing (DLP) portfolios. Our acquisition in June 2025 of a collection of assets, including the IP portfolio, of Nexa3D, added its lineup of high-speed resin 3D printers to our systems offerings. We have furthermore effected,

and expect to continue to effect, smaller acquisitions and investments in other companies from time to time to support execution of our strategy.

Recent Developments

Share Repurchase Program

On September 16, 2024, we announced that our board of directors had authorized a program for our repurchase of up to $50 million of our ordinary shares from time to time.

Under the share repurchase program, we may effect repurchases by way of a variety of methods, including open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the Exchange Act. We may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of our ordinary shares under the board authorization.

The repurchase program does not obligate us to acquire any particular number or value of ordinary shares, and the repurchase program may be suspended or discontinued at any time at our discretion.

In accordance with Section 7C of the Israeli Companies Regulations (Leniencies for Companies Whose Securities are Listed for Trading Outside of Israel), 5760-2000, the share repurchase program went into effect 30 days after notice of our board of directors’ adoption of the repurchase program was provided to our material creditors and secured creditors (if any).

During the year ended December 31, 2024, we repurchased 266 thousand ordinary shares for approximately $2.0 million, at a weighted average cost of $7.50 per share. During the year ended December 31, 2025, and during the three and nine months ended September 30, 2026, we did not repurchase any additional ordinary shares.

PIPE Transaction

On April 8, 2025, we completed a private investment in public equity, or PIPE, transaction whereby FF6-SSYS, Limited Partnership (as assignee of Fortissimo Capital Fund VI, L.P.) (together with its affiliates, referred to collectively as Fortissimo), an Israeli private equity fund, invested $120 million in our company and acquired 11,650,485 newly-issued ordinary shares of Stratasys at a price of $10.30 per share, reflecting a premium of 10.6% over the closing market price of the ordinary shares on Nasdaq on January 31, 2025. The PIPE was completed pursuant to a securities purchase agreement, dated February 2, 2025, between our company and FF6-SSYS, Limited Partnership. Upon completion of the PIPE, Fortissimo held approximately 15.5% of our issued and outstanding ordinary shares, which constituted, as of February 17, 2026, approximately 14.9% of our issued and outstanding ordinary shares. The additional capital we have received from the PIPE investment has increased our available capital for potential value-enhancing, inorganic opportunities in the 3D printing industry.

Upon the closing of the PIPE, Fortissimo became subject to a lock-up for 18 months that lasted through October 7, 2026, during which period it was prohibited from transferring any ordinary shares, subject to limited, customary exceptions. Following that lock-up period, we are required to file with the SEC a registration statement to register Fortissimo’s resale of the ordinary shares sold to it in the PIPE. In connection with the PIPE, our board of directors exempted any acquisitions of ordinary shares by Fortissimo pursuant to the PIPE and thereafter from the application of our then-effective shareholder rights plan. Fortissimo is, however, subject to certain standstill and voting restrictions, including (i) not being permitted to surpass 24.99% ownership of our issued and outstanding ordinary shares, and (ii) not being permitted to vote more than 20% of the outstanding ordinary shares, unless Fortissimo owns 35% or more of the outstanding ordinary shares, which ownership level it can only reach through a tender offer

for at least 15% of the issued and outstanding ordinary shares. The closing of such a tender offer would require the approval of our shareholders.

Concurrent with the closing of the PIPE, we entered into a shareholder agreement with FF6-SSYS, Limited Partnership, pursuant to which our board of directors appointed Yuval Cohen, Fortissimo’s initial designee, to serve on our board of directors, replacing Yoav Zeif, who remains our chief executive officer. Under the shareholder agreement, Fortissimo is also permitted to designate a non-voting observer who may attend all of our board meetings; Eliezer Blatt was so designated by Fortissimo and affirmed by our board to serve in that position. Under the shareholder agreement, to the extent Fortissimo’s beneficial ownership equals at least 20% of the issued and outstanding ordinary shares, if Fortissimo requests, we are required to nominate for election by our shareholders a second Fortissimo designee as a voting member of our board of directors. The number of Fortissimo’s board designees is subject to phase-out to the extent Fortissimo’s holdings of the ordinary shares drops below certain thresholds.

Business Performance in Macro-Economic Environment

Our current outlook, as well as our results of operations for the third quarter of 2026, should be evaluated in light of current global macroeconomic conditions, including certain challenging trends that have also impacted the additive manufacturing industry. Our revenues in the quarterly period ended September 30, 2026 increased by $5.7 million relative to the corresponding quarterly period ended September 30, 2025. This increase in revenues was driven by an increase in systems revenues, as well as an increase in services revenues, partially offset by a decrease in consumables revenues. These revenue results primarily reflect higher demand for our systems and services despite macro-economic pressure on the capital expenditure budgets of our customers, which, in the recent past, has caused longer sales cycles for our products.

We continue to closely monitor macroeconomic conditions and their impact on our financial condition and results of operations, including: the extent to which elevated inflation, particularly in the United States, persists, and whether that impacts our costs and the pricing of our goods and services; the direction of central bank monetary policy, including the U.S. Federal Reserve's increase of its benchmark interest rate in September 2026; whether tight credit conditions ease; whether tariffs are reimposed in any substantial way to once again increase the prices we pay for finished goods integrated into our products and services, thereby adversely affecting gross margins; whether oil prices and, indirectly, energy prices moderate and overcome the effects of the U.S. and Iranian blockades in the Strait of Hormuz; and other trends that have been impacting (generally, negatively) economic activity on a global scale, and which have also adversely affected the additive manufacturing industry generally and our company, in particular. We have been assessing, on an ongoing basis, the implications of those global conditions for our operations, supply chain, liquidity, cash flow and customer orders, and have been acting in an effort to mitigate adverse consequences to the extent possible. We estimate that those conditions have, in the recent past, impacted us most notably by extending the length of our sales cycles and thereby reducing our products revenues (in the case of unfavorable credit conditions), as well as by reducing our gross margins (in the case of tariffs and the indirect impact of higher energy costs and inflation generally). We were able to overcome those challenges in the third quarter of 2026 and realize an increase in our product revenues, particularly via increased systems sales, an increase in our services revenues, particularly in SDM, and we have furthermore been refunded a portion of the tariffs that we had paid from earlier periods when tariffs were set at higher rates. Assuming that the foregoing conditions continue to improve for our company, or are resolved, and the global economy otherwise further strengthens, we expect that (i) our products revenues will continue to improve, even more significantly, as and when we execute on our growth plans and as a result of shorter sales cycles, and (ii) the pressure on our gross margins will be reduced.

Specific developments that may potentially impact our operating performance in an adverse manner include:

•perceived or actual reluctance of central banks in Europe and the U.S. to reduce interest rates, and their potential decisions to raise interest rates, due to fears of inflationary pressure, which have been more pronounced due to the rise in oil prices as a result of the blockades in the Strait of Hormuz, which would result in moderately high interest rates for a longer period of time, thereby leaving in place unfavorable credit/financing conditions for our customers;

•the extent to which tariffs imposed by the United States (which, following the February 2026 invalidation of tariffs imposed under IEEPA and the expiration in July 2026 of a temporary global tariff under Section 122 of the Trade Act of 1974, have been imposed principally under Section 301 of that Act, including at a rate of 12.5% on products of Israel, and under Section 232 of the Trade Expansion Act of 1962), and following our recent receipt of a refund of a portion thereof, are reinstated a material manner, which would increase once again the prices we pay for finished goods and components used in offering our products and services, thereby adversely affecting our gross margins;

•further rounds of hostilities between the U.S. and/or Israel, on the one hand, and Iran and any of its sponsored terrorist groups, Hamas, Hezbollah, and the Houthis, on the other hand, which, if lasting for a protracted period, could worsen Israeli or global economic conditions, or could adversely impact our operations at one of our global headquarters, or at our manufacturing facilities or research and development facilities, that are located in Israel (although we seek to ensure that our stakeholders and customers are not adversely impacted by the hostilities to the extent we can prepare for and address difficulties as they arise);

•if currency exchange rates continue to reflect a weakened U.S. dollar relative to the New Israeli Shekel, or NIS, and Euro, the U.S. dollar value of our NIS-denominated expenses will be more significant, thereby hurting our results of operations, which are reported in U.S. dollars; and

•any other stresses to macroeconomic activity, such as displacement to the labor market caused by the absorption of artificial intelligence (AI) into various industries in too rapid of a manner that does not enable timely adjustments, thereby potentially triggering unemployment and recessionary conditions that would cause a decrease in consumer demand.

We cannot provide any assurances as to the extent of our resilience to the adverse impact of these specific developments in future periods.

Summary of Financial Results

Our unaudited condensed consolidated financial statements have been prepared in accordance with GAAP. In the opinion of our management, all adjustments considered necessary for a fair statement of the unaudited condensed consolidated financial statements have been included herein and are of a normal recurring nature. The following discussion compares the actual results, on a GAAP basis, for the three and nine months ended September 30, 2026 with the corresponding periods in 2025.

Results of Operations

Comparison of Three Months Ended September 30, 2026 to Three Months Ended September 30, 2025

The following table sets forth certain statement of operations data for the three-month periods indicated:


	Three Months Ended September 30,
	2026				2025
	U.S. $ in thousands		% of Revenues		U.S. $ in thousands		% of Revenues
Revenues	$	142,640	100.0	%	$	136,970	100.0	%
Cost of revenues	80,314		56.3	%	80,878		59.0	%
Gross profit	62,326		43.7	%	56,092		41.0	%
Research and development, net	20,185		14.2	%	20,561		15.0	%
Selling, general and administrative	53,153		37.3	%	58,235		42.5	%
Operating loss	(11,012)		(7.7)	%	(22,704)		(16.6)	%
Financial income, net	1,120		0.8	%	2,656		1.9	%
Loss before income taxes	(9,892)		(6.9)	%	(20,048)		(14.6)	%
Income tax expenses	318		0.2	%	524		0.4	%
Share in losses of associated companies and impairment charges	—		—	%	35,062		25.6	%
Net loss	$	(10,210)	(7.2)	%	$	(55,634)	(40.6)	%

Discussion of Results of Operations

The below tables and related discussion present an item by item comparison of our results of operations for the three months ended September 30, 2026 and 2025.

Revenues

Our products and services revenues in the three months ended September 30, 2026 and 2025, as well as the percentage change from the earlier period to the later period, were as follows:


	Three Months Ended September 30,
	2026		2025		% Change
	U.S. $ in thousands
Products	$	97,109	$	94,061	3.2	%
Services	45,531		42,909		6.1	%
Total Revenues	$	142,640	$	136,970	4.1	%

Products Revenues

Revenues derived from products (including systems and consumable materials) for the three months ended September 30, 2026, increased by $3.0 million, or 3.2%, as compared to the three months ended September 30, 2025. The overall increase was attributable to higher systems revenues, partially offset by slightly lower consumables revenues.

Revenues derived from systems increased by $3.9 million, or 12.1%, for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

Revenues derived from consumables decreased by $0.8 million, or 1.3%, for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

Services Revenues

Services revenues (including Stratasys Direct Manufacturing, or SDM, maintenance contracts, time and materials and other services) increased by $2.6 million for the three months ended September 30, 2026, or 6.1%, as compared to the three months ended September 30, 2025, mainly attributable to an increase in our SDM revenues, as well as an increase in customer support revenue, which includes revenues generated mainly by maintenance contracts on our systems and increased by 4.3%.

Revenues by Region

Revenue amounts and the percentage of our overall revenues by region for the three months ended September 30, 2026 and 2025, as well as the percentage change in revenue amounts for each such region from the earlier such period to the later such period, were as follows:


	Three Months Ended September 30,
	2026				2025
	U.S. $ in thousands		% of Revenues		U.S. $ in thousands		% of Revenues		% Change
Americas*	$	94,145	66.0	%	$	83,637	61.1	%	12.6	%
EMEA	31,853		22.3	%	36,439		26.6	%	(12.6)	%
Asia Pacific	16,642		11.7	%	16,894		12.3	%	(1.5)	%
	$	142,640	100	%	$	136,970	100	%	4.1	%

*The Americas region consists of the United States, Canada and Latin America. The only single country in any region in which revenues exceeded 10% of our consolidated, aggregate revenues was the United States, in which revenues amounted to $90.6 million and $80.2 million in the three months ended September 30, 2026 and 2025, respectively.

Revenues in the Americas region increased by $10.5 million, or 12.6%, to $94.1 million for the three months ended September 30, 2026, compared to $83.6 million for the three months ended September 30, 2025. The increase was mainly attributable to higher systems revenues and higher services revenues.

Revenues in the EMEA region decreased by $4.6 million, or 12.6%, to $31.9 million for the three months ended September 30, 2026, compared to $36.4 million for the three months ended September 30, 2025. The decrease was primarily attributable to longer sales cycles for our products and a decrease in services revenues.

Revenues in the Asia Pacific region decreased by $0.3 million, or 1.5%, to $16.6 million for the three months ended September 30, 2026, compared to $16.9 million for the three months ended September 30, 2025. The decrease was mainly attributable to lower consumables revenues, partially offset by higher services revenues.

Gross Profit

Gross profit from our products and services for the three months ended September 30, 2026 and 2025, as well as the percentage change from the earlier period to the later period, were as follows:


	Three Months Ended September 30,
	2026		2025		% Change
Gross profit attributable to:	U.S. $ in thousands
Products	$	48,334	$	44,253	9.2	%
Services	13,992		11,839		18.2	%
	$	62,326	$	56,092	11.1	%

Gross profit as a percentage of revenues from our products and services was as follows:


	Three Months Ended September 30,
Gross profit as a percentage of revenues from:	2026		2025
Products	49.8	%	47.0	%
Services	30.7	%	27.6	%
Total gross margin	43.7	%	41.0	%

Gross profit attributable to products revenues increased by $4.1 million, or 9.2%, to $48.3 million for the three months ended September 30, 2026, compared to gross profit of $44.3 million for the three months ended September 30, 2025. Gross margin attributable to products revenues for the three months ended September 30, 2026 increased to 49.8%, as compared to 47.0% for the three months ended September 30, 2025. The increase in gross profit was mainly attributable to a refund of tariff costs and favorable mix of systems revenues, partially offset by unfavorable mix of consumables revenues. The increase in gross margin was mainly a result of tariff costs refund, partially offset by an unfavorable mix of higher products revenues with lower gross margins.

Gross profit attributable to services revenues increased by $2.2 million, or 18.2%, to $14.0 million for the three months ended September 30, 2026, compared to $11.8 million for the three months ended September 30, 2025. Gross margin attributable to services revenues increased to 30.7% in the three months ended September 30, 2026, as compared to 27.6% for the three months ended September 30, 2025. The increase in gross profit attributable to services revenues was mainly attributable to tariff costs refund as well as higher services revenues. Our gross margin from services revenues increased mainly as a result of a refund of tariff costs.

Operating Expenses

The amount of each type of operating expense for the three months ended September 30, 2026 and 2025, as well as the percentage change reflected from the earlier period to the later period, and total operating expenses as a percentage of our total revenues in each such period, were as follows:


	Three Months Ended September 30,
	2026			2025			% Change
	U.S. $ in thousands
Research and development, net	$	20,185		$	20,561		(1.8)	%
Selling, general and administrative	53,153			58,235			(8.7)	%
	$	73,338		$	78,796		(6.9)	%
Percentage of revenues	51.4		%	57.5		%

Operating expenses were $73.3 million in the third quarter of 2026, compared to operating expenses of $78.8 million in the third quarter of 2025. The decrease in operating expenses was primarily driven by a gain from legal settlement, $2.2 million lower charges related to revaluation of investments, and a $3.1 million decrease in employee and other expenses resulting from our cost control measures, partially offset by a $2.2 million increase in operating expenses due to unfavorable currency exchange rates.

Research and development expenses decreased by $0.4 million, or 1.8%, to $20.2 million for the three months ended September 30, 2026, compared to $20.6 million for the three months ended September 30, 2025. The amount of research and development expenses constituted 14.2% of our revenues for the three months ended September 30, 2026, as compared to 15.0% for the three months ended September 30, 2025. The decrease in research and development expenses was mainly attributable to $0.8 million lower employee and other expenses resulting from our cost control measures, partially offset by unfavorable currency exchange rates, which increased research and development expenses by $0.7 million.

We continue to invest in strategic long-term initiatives that include advancements in our core FDM and PolyJet technologies and in our new powder-based and photopolymer-based, SAF and P3 technologies, advanced composite materials, software and development of new applications that will enhance our current solutions offerings.

Selling, general and administrative expenses decreased by $5.1 million, or 8.7%, to $53.2 million for the three months ended September 30, 2026, compared to $58.2 million for the three months ended September 30, 2025. The amount of selling, general and administrative expenses constituted 37.3% of our revenues for the three months ended September 30, 2026, as compared to 42.5% for the three months ended September 30, 2025. The absolute decrease in selling, general and administrative expenses was mainly attributable to a gain from legal settlement, $2.2 million lower investments revaluation costs, and lower employee and other expenses (reflecting a decrease of $2.3 million) resulting from our cost control measures, partially offset by a $1.5 million unfavorable impact of currency exchange rates. The decrease in selling, general and administrative expenses as a percentage of revenues was mainly attributable to lower operational expenses as well as higher revenues.

Operating Loss

Operating loss and operating loss as a percentage of our total revenues were as follows:


	Three Months Ended September 30,
	2026			2025
	U.S. $ in thousands
Operating loss	$	(11,012)		$	(22,704)

Percentage of revenues	(7.7)		%	(16.6)		%

Operating loss amounted to $11.0 million for the three months ended September 30, 2026, compared to an operating loss of $22.7 million for the three months ended September 30, 2025. The absolute decrease in the operating loss of $11.7 million was primarily due to the $6.2 million increase in gross profit, and $5.5 million decrease in operating expenses. The decrease of operating loss as a percentage of revenues by 8.9%, was attributable to the decrease in operating expenses and the increase in our gross profit, as well as the increase in our revenues, for the reasons described in the discussion of the above line items.

Financial Income, net

Financial income, net, which was primarily comprised of foreign currencies effects, interest income and interest expenses, was $1.1 million for the three months ended September 30, 2026, compared to financial income, net of $2.7 million for the three months ended September 30, 2025.

Income Tax Expenses

Income tax expenses, and income tax expenses as a percentage of loss before income taxes, were as follows for the three months ended September 30, 2026 and 2025:


	Three Months Ended September 30,
	2026			2025
	U.S. $ in thousands
Income tax expenses	$	318		$	524

As a percentage of loss before income taxes	(3.2)		%	(2.6)		%

We had an effective tax rate of 3.2% for the three months ended September 30, 2026, compared to an effective tax rate of 2.6% for the three months ended September 30, 2025. Our effective tax rate in the third quarter of 2026 was primarily impacted by the geographic mix of our earnings and losses, movements in our valuation allowance, and changes in our uncertain tax positions.

Share in Losses of Associated Companies and Impairment Charges

Share in losses of associated companies and impairment charges reflects our proportionate share of the losses of unconsolidated entities accounted for by using the equity method of accounting. During the three months ended September 30, 2026, the net loss from our proportionate share of the losses of our equity method investments was $0.0 million, as our equity method investment in Ultimaker was fully impaired already during 2025, compared to a loss of $35.1 million in the three months ended September 30, 2025.

Net Loss and Net Loss Per Share

Net loss, net loss as a percentage of our total revenues, and diluted net loss per share, were as follows for the three months ended September 30, 2026 and 2025:


	Three Months Ended September 30,
	2026			2025
	(U.S. $ in thousands, except per share amounts)
Net loss	$	(10,210)		$	(55,634)

As a percentage of revenues	(7.2)		%	(40.6)		%

Diluted net loss per share	$	(0.12)		$	(0.65)

Net loss was $10.2 million for the three months ended September 30, 2026 compared to net loss of $55.6 million for the three months ended September 30, 2025. The absolute decrease in net loss and decrease in our net loss as a percentage of revenues, were mainly attributable to a decrease in our share in losses of associated companies in an amount of $35.1 million, and a decrease in our operating loss of $11.7 million, partially offset by a decrease of $1.5 million in financial income, net.

Net loss per share was $0.12 for the three months ended September 30, 2026 as compared to net loss per share of $0.65 for the three months ended September 30, 2025. The weighted average, basic and diluted number of shares outstanding was 87.7 million during the three months ended September 30, 2026, compared to 85.2 million during the three months ended September 30, 2025.

Results of Operations

Comparison of Nine Months Ended September 30, 2026 to Nine Months Ended September 30, 2025

The following table sets forth certain statement of operations data for the nine-month periods indicated:


	Nine Months Ended September 30,
	2026				2025
	U.S. $ in thousands		% of Revenues		U.S. $ in thousands		% of Revenues
Revenues	$	412,943	100.0	%	$	411,102	100.0	%
Cost of revenues	237,018		57.4	%	235,277		57.2	%
Gross profit	175,925		42.6	%	175,825		42.8	%
Research and development, net	58,797		14.2	%	59,274		14.4	%
Selling, general and administrative	168,139		40.7	%	168,279		40.9	%
Operating loss	(51,011)		(12.4)	%	(51,728)		(12.6)	%
Financial income, net	7,137		1.7	%	7,415		1.8	%
Loss before income taxes	(43,874)		(10.6)	%	(44,313)		(10.8)	%
Income tax expenses	7,026		1.7	%	2,020		0.5	%
Share in losses of associated companies and impairment charges	—		—	%	39,100		9.5	%
Net loss	$	(50,900)	(12.3)	%	$	(85,433)	(20.8)	%

Discussion of Results of Operations

Revenues

Our products and services revenues in the nine months ended September 30, 2026 and 2025, as well as the percentage change from the earlier period to the later period, were as follows:


	Nine Months Ended September 30,
	2026		2025		% Change
	U.S. $ in thousands
Products	$	278,601	$	282,647	(1.4)	%
Services	134,342		128,455		4.6	%
Total Revenues	$	412,943	$	411,102	0.4	%

Products Revenues

Revenues derived from products (including systems and consumable materials) decreased by $4.0 million, or 1.4%, for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, as a result of longer sales cycles, partially offset by higher consumables revenues driven by our recent acquisitions.

Revenues derived from systems for the nine months ended September 30, 2026 decreased by $2.7 million, or 2.9%, as compared to during the nine months ended September 30, 2025. The decrease was mainly attributable to longer sales cycles.

Revenues derived from consumables decreased by $1.3 million, or 0.7%, for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The decrease in consumables revenues was mainly attributable to longer sales cycles, partially offset by higher consumables revenues driven by our recent acquisitions.

Services Revenues

Services revenues (including SDM, maintenance contracts, time and materials and other services) increased by $5.9 million for the nine months ended September 30, 2026, or 4.6%, as compared to the nine months ended September 30, 2025. The increase was primarily attributable to an increase to our SDM revenues.

Revenues by Region

Revenues and the percentage of revenues by region for the nine months ended September 30, 2026 and 2025, as well as the percentage change in revenues in each such region from the earlier such period to the later such period, were as follows:


	Nine Months Ended September 30,
	2026				2025				% Change
	U.S. $ in thousands		% of Revenues		U.S. $ in thousands		% of Revenues
Americas*	$	256,658	62.2	%	$	248,732	60.5	%	3.2	%
EMEA	106,109		25.7	%	110,440		26.9	%	(3.9)	%
Asia Pacific	50,176		12.1	%	51,930		12.6	%	(3.4)	%
	$	412,943	100	%	$	411,102	100	%	0.4	%

* The Americas region consists of the United States, Canada and Latin America.

Revenues in the Americas region increased by $7.9 million, or 3.2%, to $256.7 million for the nine months ended September 30, 2026, compared to $248.7 million for the nine months ended September 30, 2025. The increase was mainly attributable to $5.4 million higher services revenues and an increase of $3.9 million in systems revenues, partially offset by a decrease in consumables revenues.

Revenues in the EMEA region decreased by $4.3 million, or 3.9%, to $106.1 million for the nine months ended September 30, 2026, compared to $110.4 million for the nine months ended September 30, 2025. The decrease was primarily attributable to longer sales cycles for our systems and a decrease in services revenues, partially offset by an increase in consumables revenues.

Revenues in the Asia Pacific region decreased by $1.8 million, or 3.4%, to $50.2 million for the nine months ended September 30, 2026, compared to $51.9 million for the nine months ended September 30, 2025. The decrease was primarily attributable to longer sales cycles for products revenues, partially offset by an increase in services revenues.

Gross Profit

Gross profit from our products and services for the nine months ended September 30, 2026 and 2025, as well as the percentage change from the earlier period to the later period, were as follows:


	Nine Months Ended September 30,
	2026		2025		Change in %
Gross profit attributable to:	U.S. $ in thousands
Products	$	135,244	$	136,954	(1.2)	%
Services	40,681		38,871		4.7	%
	$	175,925	$	175,825	0.1	%

Gross profit as a percentage of revenues from our products and services was as follows:


	Nine Months Ended September 30,
Gross profit as a percentage of revenues from:	2026		2025
Products	48.5	%	48.5	%
Services	30.3	%	30.3	%
Total gross margin	42.6	%	42.8	%

Gross profit attributable to products revenues decreased by $1.7 million, or 1.2%, to $135.2 million for the nine months ended September 30, 2026, compared to gross profit of $137.0 million for the nine months ended September 30, 2025. Gross margin attributable to products revenues remained flat at 48.5% for the nine months ended September 30, 2026, compared to 48.5% for the nine months ended September 30, 2025. Our gross profit from products revenues decreased mainly as a result of lower products revenues, as well as non-recurring charges related to our reorganization of manufacturing facilities, partially offset by a refund of tariff costs.

Gross profit attributable to services revenues increased by $1.8 million, or 4.7%, to $40.7 million for the nine months ended September 30, 2026, compared to $38.9 million for the nine months ended September 30, 2025. Gross margin attributable to services revenues in the nine months ended September 30, 2026 remained flat at 30.3%, as compared to 30.3% for the nine months ended September 30, 2025. The increase in gross profit was mainly attributable to the increase in services revenues and a refund of tariff costs, partially offset by unfavorable currency exchange rates.

Operating Expenses

The amount of each type of operating expense for the nine months ended September 30, 2026 and 2025, as well as the percentage change from the earlier such period to the later such period, and total operating expenses as a percentage of our total revenues in each such nine-month period, were as follows:


	Nine Months Ended September 30,
	2026			2025			% Change
	U.S. $ in thousands
Research and development, net	$	58,797		$	59,274		(0.8)	%
Selling, general and administrative	168,139			168,279			(0.1)	%
	$	226,936		$	227,553		(0.3)	%
Percentage of revenues	55.0		%	55.4		%

Operating expenses were $226.9 million in the nine months ended September 30, 2026, compared to operating expenses of $227.6 million in the nine months ended September 30, 2025. The decrease in operating expenses was primarily driven by lower employee and other expenses resulting from our cost control measures, a decrease of $4.9 million in the amount of contingent consideration liabilities, a gain from a legal settlement, as well as $2.2 million lower revaluation of investments, partially offset by an increase of $9.1 million in legal expenses related to litigations and an unfavorable impact of currency exchange rates in amount of $7.0 million.

Research and development expenses, net, decreased by $0.5 million, or 0.8%, to $58.8 million for the nine months ended September 30, 2026, compared to $59.3 million for the nine months ended September 30, 2025. The decrease was mainly attributable to lower employee and other expenses resulting from our cost control measures, partially offset by an increase of $2.1 million in research and development expenses due to the unfavorable impact of currency exchange rates. The amount of research and development expenses decreased as a percentage of revenues, constituting 14.2% of our revenues for the nine months ended September 30, 2026, as compared to 14.4% for the nine months ended September 30, 2025.

Selling, general and administrative expenses decreased by $0.1 million, or 0.1%, to $168.1 million for the nine months ended September 30, 2026, compared to $168.3 million for the nine months ended September 30, 2025. The amount of selling, general and administrative expenses constituted 40.7% of our revenues for the nine months ended September 30, 2026, as compared to 40.9% for the nine months ended September 30, 2025. The absolute decrease was mainly attributable to a decrease of $4.9 million in the amount of contingent consideration liabilities, a gain from a legal settlement, lower employee and other expenses resulting from our cost control measures, as well as $2.2 million lower revaluation of investments in the nine months ended September 30, 2026, partially offset by an increase of $9.1 million in legal expenses related to litigations and a $4.9 million unfavorable impact of currency exchange rates.

Operating Loss

Operating loss and operating loss as a percentage of our total revenues were as follows for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,
	2026			2025
	U.S. $ in thousands
Operating loss	$	(51,011)		$	(51,728)
Percentage of revenues	(12.4)		%	(12.6)		%

Operating loss amounted to $51.0 million for the nine months ended September 30, 2026 compared to an operating loss of $51.7 million for the nine months ended September 30, 2025. The absolute decrease in the operating loss of $0.7 million was primarily due to the $0.6 million decrease in operating expenses, as well as an increase of $0.1 million in gross profit. The decrease of operating loss as a percentage of revenue by 0.2% was attributable to the decrease in operating expenses as a percentage of revenues, partially offset by a decrease in our gross margin, for the reasons described in the discussion of the above line items.

Financial Income, net

Financial income, net, which was primarily comprised of foreign currencies effects, interest income and interest expenses, was $7.1 million for the nine months ended September 30, 2026, compared to $7.4 million of financial income, net for the nine months ended September 30, 2025.

Income Tax Expenses

Income tax expenses and income tax expenses as a percentage of net loss before taxes were as follows for the nine months ended September 30, 2026 and the nine months ended September 30, 2025:


	Nine Months Ended September 30,
	2026			2025
	U.S. $ in thousands
Income tax expenses	$	7,026		$	2,020
As a percentage of loss before income taxes	(16.0)		%	(4.6)		%

We had an effective tax rate of 16.0% for the nine months ended September 30, 2026, compared to an effective tax rate of 4.6% for the nine months ended September 30, 2025. Our effective tax rate in the nine months ended September 30, 2026 was primarily impacted by the geographic mix of our earnings and losses, movements in our valuation allowances, and changes in our uncertain tax positions.

Share in Losses of Associated Companies and Impairment Charges

Share in losses of associated companies and impairment charges reflects our proportionate share of the losses of unconsolidated entities accounted for by using the equity method of accounting. During the nine months ended September 30, 2026, the net loss from our proportionate share of the losses of our equity method investments was $0.0 million, as our equity method investment in Ultimaker was already fully impaired during 2025, compared to a loss of $39.1 million in the nine months ended September 30, 2025.

Net Loss and Net Loss Per Share

Net loss (on an absolute basis and as a percentage of revenues), and diluted net loss per share were as follows:


	Nine Months Ended September 30,
	2026			2025
	(U.S. $ in thousands, except per share amounts)
Net loss	$	(50,900)		$	(85,433)
As a percentage of revenues	(12.3)		%	(20.8)		%
Diluted net loss per share	$	(0.58)		$	(1.06)

Net loss was $50.9 million for the nine months ended September 30, 2026 compared to a net loss of $85.4 million for the nine months ended September 30, 2025. The absolute decrease in our net loss as well as the decrease in our net loss as a percentage of revenues, was mainly attributable to a decrease of $39.1 million in our share in losses of associated companies and impairment charges and a decrease of

$0.7 million in our operating loss, partially offset by an increase of $5.0 million in our income tax expenses.

Net loss per share was $0.58 and $1.06 for the nine months ended September 30, 2026 and 2025, respectively. The weighted average, basic and diluted number of shares outstanding was 87.1 million for the nine months ended September 30, 2026, compared to 80.2 million for the nine months ended September 30, 2025, which increase was primarily attributable to our issuance of 11,650,485 ordinary shares to Fortissimo in the April 2025 PIPE transaction.

The absolute decrease in net loss and the decrease in basic and diluted net loss per share, resulted from the aggregate impact of the foregoing line items in our results of operations in the first nine months of 2026 as compared to the corresponding period in 2025.

Supplemental Operating Results on a Non-GAAP Basis

The following non-GAAP data, which excludes certain items as described below, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations (i) on an ongoing basis after excluding mergers, acquisitions and divestments related expenses or gains and restructuring-related charges or gains, legal provisions, and (ii) excluding non-cash items such as share-based compensation expenses, acquired intangible assets amortization, including intangible assets amortization related to equity method investments, impairment of long-lived assets and goodwill, revaluation of investments and the corresponding tax effect of those items.

The items eliminated in our non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on our statement of operations, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in the tables below.

Reconciliation of GAAP to Non-GAAP Results of Operations

The following tables present our financial results in accordance with generally accepted accounting principles in the U.S., or GAAP, our corresponding non-GAAP financial results, and the non-GAAP adjustments whereby we derived the non-GAAP results from the GAAP results for the applicable periods:


		Three Months Ended September 30,
		2026		Non-GAAP		2026		2025		Non-GAAP		2025
		GAAP		Adjustments		Non-GAAP		GAAP		Adjustments		Non-GAAP
		U.S. dollars and shares in thousands (except per share amounts)
	Gross profit (1)	$	62,326	$	5,908	$	68,234	$	56,092	$	5,971	$	62,063
	Operating income (loss) (1,2)	(11,012)		13,716		2,704		(22,704)		22,781		77
	Net income (loss) (1,2,3)	(10,210)		13,683		3,473		(55,634)		57,109		1,475
	Net income (loss) per diluted share (4)	$	(0.12)	$	0.16	$	0.04	$	(0.65)	$	0.67	$	0.02

(1)	Acquired intangible assets amortization expenses			4,521						4,526
	Non-cash share-based compensation expenses			743						819
	Restructuring and other expenses			644						626
				5,908						5,971

(2)	Acquired intangible assets amortization expenses			1,173						1,068
	Non-cash share-based compensation expenses			4,990						4,816
	Restructuring and other related costs			1,424						2,639
	Revaluation of investment			—						2,208
	Contingent consideration			151						—
	Legal and other expenses			70						6,079
				7,808						16,810
				13,716						22,781

(3)	Corresponding tax effect			156						191
	Equity method related expenses and impairment charges			—						34,337
	Finance income			(189)						(200)

				$	13,683					$	57,109

(4)	Weighted average number of ordinary shares outstanding - Diluted	87,732				88,135		85,151				86,000


		Nine Months Ended September 30,
		2026		Non-GAAP		2026		2025		Non-GAAP		2025
		GAAP		Adjustments		Non-GAAP		GAAP		Adjustments		Non-GAAP
		U.S. dollars and shares in thousands (except per share amounts)
	Gross profit (1)	$	175,925	$	18,659	$	194,584	$	175,825	$	17,704	$	193,529
	Operating income (loss) (1,2)	(51,011)		50,628		(383)		(51,728)		55,967		4,239
	Net income (loss) (1,2,3)	(50,900)		55,362		4,462		(85,433)		91,966		6,533
	Net income (loss) per diluted share (4)	$	(0.58)	$	0.63	$	0.05	$	(1.06)	$	1.14	$	0.08

(1)	Acquired intangible assets amortization expenses			13,564						13,531
	Non-cash share-based compensation expenses			2,192						2,273
	Restructuring and other expenses			2,903						1,900
				18,659						17,704

(2)	Acquired intangible assets amortization expenses			3,561						2,923
	Non-cash share-based compensation expenses			15,042						15,713
	Restructuring and other related costs			3,022						4,231
	Revaluation of investment			—						2,208
	Contingent consideration			(3,580)						1,288
	Legal and other expenses			13,924						11,900
				31,969						38,263
				50,628						55,967

(3)	Corresponding tax effect			5,915						457
	Equity method related expenses and impairment charges			—						36,245
	Finance income			(1,181)						(703)

				$	55,362					$	91,966

(4)	Weighted average number of ordinary shares outstanding - Diluted	87,063				87,589		80,230				80,951

Reconciliation of GAAP net loss to Adjusted EBITDA


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	U.S. $ in thousands				U.S. $ in thousands
Net loss	$	(10,210)	$	(55,634)	$	(50,900)	$	(85,433)
Financial income, net	(1,120)		(2,656)		(7,137)		(7,415)
Income tax expenses	318		524		7,026		2,020
Share in losses of associated companies and impairment charges	—		35,062		—		39,100
Depreciation expenses	5,443		5,085		16,492		15,548
Amortization expenses	5,701		5,602		17,149		16,481
Non-cash share-based compensation expenses	5,733		5,635		17,234		17,986
Revaluation of investment	—		2,208		—		2,208

Contingent consideration	151		—		(3,580)		1,288
Legal and other expenses	438		6,466		14,522		12,020
Restructuring and other related costs	1,594		2,752		4,563		5,540

Adjusted EBITDA	$	8,048	$	5,044	$	15,369	$	19,343

Liquidity and Capital Resources

A summary of our statements of cash flows is as follows:


	Nine Months Ended September 30,
	2026		2025
	U.S. $ in thousands
Net loss	$	(50,900)	$	(85,433)
Depreciation and amortization	33,641		32,029

Share-based compensation	17,234		17,986
Foreign currency transaction (gain) loss	1,111		(8,792)
Other non-cash items, net	(691)		45,506
Change in working capital and other items	(13,149)		9,042
Net cash provided by (used in) operating activities	(12,754)		10,338
Net cash provided by (used in) investing activities	51,373		(130,431)
Net cash provided by (used in) financing activities	(2,518)		118,283
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7)		3,049
Net change in cash, cash equivalents and restricted cash	36,094		1,239
Cash, cash equivalents and restricted cash, beginning of period	95,356		71,076
Cash, cash equivalents and restricted cash, end of period	$	131,450	$	72,315

Our cash, cash equivalents and restricted cash balance increased to $131.5 million as of September 30, 2026 from $95.4 million as of December 31, 2025. The increase in cash, cash equivalents and restricted cash in the nine months ended September 30, 2026 was primarily due to $51.4 million of cash provided by investing activities, partially offset by our use of $12.8 million of cash in operating activities and our use of $2.5 million of cash in financing activities.

Cash flows from operating activities

We used $12.8 million of cash in our operating activities during the nine months ended September 30, 2026. Cash used in operating activities reflects our net loss of $50.9 million, as adjusted to eliminate non-cash line items that increased our net loss, including depreciation and amortization in an aggregate amount of $33.6 million and $17.2 million of share-based compensation, as well as the elimination of non-cash foreign currency transactions loss of $1.1 million, partially offset by negative adjustments related to our working capital in an aggregate amount of $13.1 million and other non-cash items in an aggregate amount of $0.7 million.

The $13.1 million negative change to our working capital was mainly driven by an increase of $17.9 million in accounts receivable, net, an increase of $5.0 million in other current assets and prepaid expenses, a decrease of $2.3 million in other non-current liabilities, as well as a decrease of $1.6 million in deferred revenues, partially offset by an increase of $7.7 million in other current liabilities, an increase of $4.7 million in accounts payable, and a decrease of $1.2 million in other non-current assets.

Cash flows from investing activities

We generated $51.4 million of cash from our investing activities during the nine months ended September 30, 2026. The cash provided by investing activities during this nine-month period was mainly attributable to net proceeds from short-term bank deposits of $70.0 million, partially offset by purchases of property and equipment and intangible assets, in an aggregate amount of $12.7 million, as well as cash paid for investments in unconsolidated entities in an amount of $5.3 million.

Cash flows from financing activities

We used $2.5 million of cash in our financing activities during the nine months ended September 30, 2026. These financing activities were mostly related to contingent consideration that we paid for acquisitions.

Capital resources and capital expenditures

We ended the third quarter of 2026 with $211.5 million in cash, cash equivalents, short-term deposits and restricted cash.

Our total current assets amounted to $559.5 million as of September 30, 2026 (which included $211.5 million in cash, cash equivalents, short-term deposits and restricted cash, as referenced above). Total current liabilities amounted to $163.6 million. Most of our cash and cash equivalents and short-term deposits are held in banks in Israel and the U.S.

The credit risk related to our accounts receivable is limited, due to the relatively large number of customers and their wide geographic distribution. In addition, we seek to reduce the credit exposure of our accounts receivable by imposing credit limits, conducting ongoing credit evaluation, and by implementing account monitoring procedures, as well as credit insurance for many of our customers.

We believe that we will have adequate cash and cash equivalents to fund our ongoing operations and that these sources of liquidity will be sufficient to satisfy our working capital and capital expenditures needs for the next twelve months. We furthermore believe that we are well suited to continue to manage the current global macro-economic climate with a strong balance sheet and no debt, while focusing on cost controls and cash generation. We have continued to selectively apply certain cost controls, while ensuring that our new product introduction, or NPI, programs are well-funded, and we plan to continue investing as needed in order to support our new product development programs. We may consider deploying our available capital towards potential value-enhancing, inorganic opportunities in the 3D printing industry.

Critical Accounting Estimates

We have prepared our consolidated financial statements and related disclosures in conformity with U.S. GAAP. This has required us to make estimates and assumptions in certain circumstances that affect the amounts we report. Actual results may differ from those estimates. To better understand our business activities and those accounting policies that are important to the presentation of our financial condition and results of operations and that require management's subjective judgments, please see our 2025 Annual Report. We base our judgments on our experience and on various assumptions that we believe to be reasonable under the circumstances.

Forward-Looking Statements and Factors That May Affect Future Results of Operations

Certain information included or incorporated by reference in this Operating and Financial Review and Prospects may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are often characterized by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,” “project” or other similar words, but are not the only way these statements are identified.

These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections of results of operations or of financial condition and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.

You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of the Form 6-K to which this Operating and Financial Review and Prospects is appended, or the Form 6-K. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such difference might be significant and materially adverse to our shareholders. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

•the extent of our success at introducing new or improved products and solutions that gain market share;

•the extent of growth of the 3D printing market generally;

•global macro-economic factors and their impact on our industry, including moderately high interest rates (which could increase further), strengthening inflationary conditions, and tight credit conditions, which could continue to reduce the capital expenditure budgets of our customers and potential customers;

•changes in our overall strategy, including as related to the focused restructuring actions that we have been implementing to streamline operations and enhance our go-to-market strategy;

•the impact of shifts in prices or margins of the products that we sell or services we provide, including due to a shift towards lower margin products or services;

•the impact of competition and new technologies, and developments involving competitors in our industry, which could impact potential merger and acquisition activity involving us and other companies in our industry;

•the extent to which tariffs imposed by the United States, which continued in effect under alternative statutory authorities following the expiration in July 2026 of a temporary global tariff, and for which we have received refunds, are reinstated in a substantial way that would increase the prices we pay for finished goods and component parts that we utilize for our products and services, which could reduce our gross margins once again;

•impairments of goodwill or other intangible assets in respect of companies that we acquire or in which we have an equity interest, as occurred in the recent past with Ultimaker;

•the extent of our success at efficiently and successfully integrating the operations of various companies that we have acquired or may acquire;

•the degree of our success at locating and acquiring additional value-enhancing, inorganic technology that furthers our business plan to lead in the realm of polymers;

•the potential adverse impact of any disruptions or delays to supply chain and distribution networks and, consequently, to our ability to successfully sell both our existing and newly-launched 3D printing products;

•global market, political and economic conditions, and in the countries in which we operate in particular, including changes in the relative values of various currencies;

•the degree to which global markets generally, and our company’s operations, in particular, remain resistant to disruptions caused by, or other potential adverse effects (and any follow-up military conflicts related to), Israeli or U.S. wars against Iran and its sponsored terrorist organizations Hezbollah (in Lebanon), Hamas (in Gaza), and, intermittently, the Houthis in Yemen;

•government regulations and approvals;

•litigation and regulatory proceedings;

•infringement of our intellectual property rights by others (including for replication and sale of consumables for use in our systems), or infringement of others’ intellectual property rights by us;

•potential cyber attacks against, or other breaches to, our information technologies systems;

•the extent of our success at maintaining our liquidity and financing our operations and capital needs;

•impact of tax regulations on our results of operations and financial conditions; and

•those factors referred to in “Item 3.D. Key Information— Risk Factors”, “Item 4. Information on the Company”, and “Item 5. Operating and Financial Review and Prospects” in our 2025 Annual Report, as supplemented herein, as well as in other portions of the 2025 Annual Report.

Readers are urged to carefully review and consider the various disclosures made throughout the Form 6-K, our 2025 Annual Report, and in our other reports that we file with or furnish to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Reference is made to “Item 11. Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Annual Report.

LEGAL PROCEEDINGS

We are subject to various litigation and other legal proceedings from time to time. For a discussion of our litigation status, see Note 12 -“Contingencies” in the notes to our unaudited condensed consolidated interim financial statements attached as Exhibit 99.1 to the Form 6-K.

RISK FACTORS

As of the current time, we do not have any updates to the risk factors contained in the 2025 Annual Report. Please see “Item 3. Key Information— D. Risk Factors” in our 2025 Annual Report.