Protolabs is a digital custom parts manufacturer. Customers upload a 3D CAD file to Protolabs' website, receive an automated quote with design-for-manufacturability feedback, and order parts in quantities from one to over one million. Protolabs fulfills orders — sometimes in as fast as one day — through its own factories or a global network of third-party manufacturing partners. Protolabs offers four manufacturing services: CNC machining (computer-controlled metal and plastic cutting), injection molding, sheet metal fabrication, and 3D printing. Protolabs serves over 48,000 customers annually across medical, electronics, industrial, aerospace, and automotive end markets. The business model is purely transactional — customers order parts, Protolabs ships them, and revenue is recognized at delivery, with no long-term contracts or subscriptions. Revenue is driven by the number of active customers and revenue per customer. Protolabs fulfills orders through two channels: its own factories (~$430M of FY25 revenue, ~49% gross margin) and the Protolabs Network, a vetted third-party partner marketplace (~$103M, ~31% gross margin). Roughly two-thirds of revenue comes from prototyping and one-third from production; Protolabs is actively expanding its production mix by building certifications such as ISO 13485 for medical devices and targeting aerospace and defense customers. The long-term goal is to grow to $1B in annual revenue from ~$533M in FY25, with Europe — about 20-25% of revenue and declining — representing a near-term drag.