<p>3D 打印股票 <strong>3D Systems</strong>(DDD 29.83%) 在周二上午 11:50（东部时间）上涨了 29.5%，此前该公司昨晚公布了业绩数据。</p>
<p>一方面，3D 的每股亏损为 0.07 美元，低于华尔街预测的 0.16 美元，这算是好消息。坏消息是，3D 的收入比预期少了约 100 万美元，最终为 9480 万美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5NzgvM2QtcHJpbnRlci1wcmludHMtdGhlLWNoYXJhY3RlcnMtM2QuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5NzgvM2QtcHJpbnRlci1wcmludHMtdGhlLWNoYXJhY3RlcnMtM2QuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>3D 第二季度</h2>
<p>消息实际上比这更糟……但也有些好转。</p>
<p>糟糕的是，9480 万美元的收入同比下降了 14%。但好转的是，3D 在 2025 年第二季度的 0.07 美元亏损仅是非公认会计原则（non-GAAP）下的数字。当按照公认会计原则（GAAP）计算时，3D 在该季度的每股利润为 0.57 美元，使得 2025 年上半年实现了盈利。</p>
<p>我怀疑，正是这个意外的 GAAP 盈利让投资者今天对 3D 股票感到兴奋。管理层表示，盈利主要受到以下三方面的推动：</p>
<ul>
<li>Geomagic 软件平台的销售收益</li>
<li>以折扣方式偿还债务的收益</li>
<li>改善的运营表现</li>
</ul>
<p>管理层还指出，其削减成本的努力 “正在按计划进行，以支持 2026 年恢复正现金流”。</p>
<h2>3D 股票值得购买吗？</h2>
<p>投资者需要意识到，根据分析师的预测，3D Systems 今年可能仍会亏损，明年也是如此。并且尚不清楚 “2026 年正现金流” 是否意味着自由现金流也将为正。</p>
<p>我怀疑不会是。但无论如何，3D 今年正在进行一些改善。如果继续这样做，股票最终可能会再次变成 “买入”。</p>

3D系统

<p>3D 系统（DDD）股票在报告了混合财报后上涨了 29.5%。该公司每股亏损 0.07 美元，优于预期的 0.16 美元亏损，但收入为 9480 万美元，低于预期 100 万美元，同比下降 14%。然而，根据 GAAP，3D 在 2025 年第二季度报告每股盈利 0.57 美元。管理层将盈利归因于软件销售、债务清偿和业绩改善，目标是在 2026 年前实现正现金流。分析师预测今年和明年将继续亏损，这引发了对未来现金流的质疑</p>

<p>3D printing stock <strong>3D Systems</strong>(DDD 29.83%) rocketed 29.5% through 11:50 a.m. ET Tuesday after reporting a mixed bag of earnings last night.</p>
<div class="lb-trans"><p>3D 打印股票 <strong>3D Systems</strong>(DDD 29.83%) 在周二上午 11:50（东部时间）上涨了 29.5%，此前该公司昨晚公布了业绩数据。</p>
</div><p>On the one hand, 3D beat on &#34;earnings&#34; by losing $0.07 per share instead of the $0.16 that Wall Street had forecast. That's the good news. The bad news is that 3D's revenue fell about $1 million short of expectations, landing at $94.8 million.</p>
<div class="lb-trans"><p>一方面，3D 的每股亏损为 0.07 美元，低于华尔街预测的 0.16 美元，这算是好消息。坏消息是，3D 的收入比预期少了约 100 万美元，最终为 9480 万美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5NzgvM2QtcHJpbnRlci1wcmludHMtdGhlLWNoYXJhY3RlcnMtM2QuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828978%2F3d-printer-prints-the-characters-3d.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>3D Q2</h2>
<div class="lb-trans"><h2>3D 第二季度</h2>
</div><p>The news was actually worse than that...but also a bit better.</p>
<div class="lb-trans"><p>消息实际上比这更糟……但也有些好转。</p>
</div><p>Worse because revenue of $94.8 million represented a 14% decline year over year. But <em>better</em> because the $0.07 loss 3D incurred in Q2 2025 was only a non-GAAP number. When earnings are calculated according to generally accepted accounting principles (GAAP), 3D earned $0.57 per share <em>profit</em> for the quarter, putting profits in the green for the first half of 2025.</p>
<div class="lb-trans"><p>糟糕的是，9480 万美元的收入同比下降了 14%。但好转的是，3D 在 2025 年第二季度的 0.07 美元亏损仅是非公认会计原则（non-GAAP）下的数字。当按照公认会计原则（GAAP）计算时，3D 在该季度的每股利润为 0.57 美元，使得 2025 年上半年实现了盈利。</p>
</div><p>It's this surprise GAAP profit, I suspect, that's got investors excited about 3D stock today. Management said profit was driven by three things in particular:</p>
<div class="lb-trans"><p>我怀疑，正是这个意外的 GAAP 盈利让投资者今天对 3D 股票感到兴奋。管理层表示，盈利主要受到以下三方面的推动：</p>
</div><ul>
<li>Gains on the sale of the Geomagic software platform</li>
<li>Gains on the extinguishment of debt at a discount</li>
<li>Improved operating performance</li>
</ul>
<div class="lb-trans"><ul>
<li>Geomagic 软件平台的销售收益</li>
<li>以折扣方式偿还债务的收益</li>
<li>改善的运营表现</li>
</ul>
</div><p>Management noted its efforts to cut costs are &#34;on track to support a return to positive cash flow in 2026&#34; as well.</p>
<div class="lb-trans"><p>管理层还指出，其削减成本的努力 “正在按计划进行，以支持 2026 年恢复正现金流”。</p>
</div><h2>Is 3D stock a buy?</h2>
<div class="lb-trans"><h2>3D 股票值得购买吗？</h2>
</div><p>Investors need to be aware that 3D Systems is still probably going to lose money this year, according to analyst forecasts -- and next year, too. It's also unclear if &#34;positive cash flow in 2026&#34; means free cash flow will be positive as well.</p>
<div class="lb-trans"><p>投资者需要意识到，根据分析师的预测，3D Systems 今年可能仍会亏损，明年也是如此。并且尚不清楚 “2026 年正现金流” 是否意味着自由现金流也将为正。</p>
</div><p>I suspect it won't be. Still, 3D is making some improvements this year. If it keeps doing that, the stock might eventually turn into a &#34;buy&#34; again.</p>
<div class="lb-trans"><p>我怀疑不会是。但无论如何，3D 今年正在进行一些改善。如果继续这样做，股票最终可能会再次变成 “买入”。</p>
</div>

为什么 3D 系统的股票今天暴涨