<p>3D 打印股票 <strong>3D Systems</strong>(DDD 29.83%) 在週二上午 11:50（東部時間）上漲了 29.5%，此前該公司昨晚公佈了業績數據。</p>
<p>一方面，3D 的每股虧損為 0.07 美元，低於華爾街預測的 0.16 美元，這算是好消息。壞消息是，3D 的收入比預期少了約 100 萬美元，最終為 9480 萬美元。</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>圖片來源：Getty Images。</p>
<h2>3D 第二季度</h2>
<p>消息實際上比這更糟……但也有些好轉。</p>
<p>糟糕的是，9480 萬美元的收入同比下降了 14%。但好轉的是，3D 在 2025 年第二季度的 0.07 美元虧損僅是非公認會計原則（non-GAAP）下的數字。當按照公認會計原則（GAAP）計算時，3D 在該季度的每股利潤為 0.57 美元，使得 2025 年上半年實現了盈利。</p>
<p>我懷疑，正是這個意外的 GAAP 盈利讓投資者今天對 3D 股票感到興奮。管理層表示，盈利主要受到以下三方面的推動：</p>
<ul>
<li>Geomagic 軟件平台的銷售收益</li>
<li>以折扣方式償還債務的收益</li>
<li>改善的運營表現</li>
</ul>
<p>管理層還指出，其削減成本的努力 “正在按計劃進行，以支持 2026 年恢復正現金流”。</p>
<h2>3D 股票值得購買嗎？</h2>
<p>投資者需要意識到，根據分析師的預測，3D Systems 今年可能仍會虧損，明年也是如此。並且尚不清楚 “2026 年正現金流” 是否意味着自由現金流也將為正。</p>
<p>我懷疑不會是。但無論如何，3D 今年正在進行一些改善。如果繼續這樣做，股票最終可能會再次變成 “買入”。</p>

3D系統

<p>3D 系統（DDD）股票在報告了混合財報後上漲了 29.5%。該公司每股虧損 0.07 美元，優於預期的 0.16 美元虧損，但收入為 9480 萬美元，低於預期 100 萬美元，同比下降 14%。然而，根據 GAAP，3D 在 2025 年第二季度報告每股盈利 0.57 美元。管理層將盈利歸因於軟件銷售、債務清償和業績改善，目標是在 2026 年前實現正現金流。分析師預測今年和明年將繼續虧損，這引發了對未來現金流的質疑</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%) 在週二上午 11:50（東部時間）上漲了 29.5%，此前該公司昨晚公佈了業績數據。</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 的每股虧損為 0.07 美元，低於華爾街預測的 0.16 美元，這算是好消息。壞消息是，3D 的收入比預期少了約 100 萬美元，最終為 9480 萬美元。</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>圖片來源：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>消息實際上比這更糟……但也有些好轉。</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 萬美元的收入同比下降了 14%。但好轉的是，3D 在 2025 年第二季度的 0.07 美元虧損僅是非公認會計原則（non-GAAP）下的數字。當按照公認會計原則（GAAP）計算時，3D 在該季度的每股利潤為 0.57 美元，使得 2025 年上半年實現了盈利。</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>我懷疑，正是這個意外的 GAAP 盈利讓投資者今天對 3D 股票感到興奮。管理層表示，盈利主要受到以下三方面的推動：</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 軟件平台的銷售收益</li>
<li>以折扣方式償還債務的收益</li>
<li>改善的運營表現</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>管理層還指出，其削減成本的努力 “正在按計劃進行，以支持 2026 年恢復正現金流”。</p>
</div><h2>Is 3D stock a buy?</h2>
<div class="lb-trans"><h2>3D 股票值得購買嗎？</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>投資者需要意識到，根據分析師的預測，3D Systems 今年可能仍會虧損，明年也是如此。並且尚不清楚 “2026 年正現金流” 是否意味着自由現金流也將為正。</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>我懷疑不會是。但無論如何，3D 今年正在進行一些改善。如果繼續這樣做，股票最終可能會再次變成 “買入”。</p>
</div>

為什麼 3D 系統的股票今天暴漲