Strong AIC / Recurring Revenue Momentum
AIC revenue increased approximately 103% year-over-year; added ARR of ~ $2.1 million in Q1 and ended the quarter with about $27 million in ARR, with management expecting a meaningful step-up in ARR in Q2 and continued acceleration into H2.
Impression Growth / Utilization Improvement
Trailing-12-month impressions grew approximately 12% year-over-year, signaling higher utilization across the installed base and supporting future consumables demand.
Improving Profitability Trajectory and Cost Discipline
Adjusted EBITDA loss narrowed to $2.8 million in Q1 from $3.9 million a year ago (adjusted EBITDA margin -5.8%, an improvement of ~260 basis points YoY). Non-GAAP operating expenses were $25.5 million, down 7% YoY despite an unfavorable FX impact of ~ $2 million.
Solid Cash Position and Operating Cash Flow
Cash, bank deposits and marketable securities totaled approximately $462.2 million at quarter-end; operating cash flow was positive $6.3 million for the quarter (10th consecutive quarter of positive operating cash flow).
Product and Market Expansion — Strong Customer Response
New product introductions and demonstrations (ATLAS MATRIX with Carbon Shield enabling polyester printing, Presto Max Plus with DuaTech for technical/footwear/camouflage/home decor, Apollo printing on cut pieces) received strong customer feedback at Connections and tech shows; ~40% of Q1 system sales were to net-new customers and ~65% targeted traditional screen-printing conversions, with a strengthening backlog.
Strategic M&A to Strengthen Software and Automation
Announced acquisition of Print Factory to boost workflow, color management and production automation capabilities; transaction expected to close during Q2, advancing the connected-platform strategy.
Revenue at Top of Guidance
Total revenues of $48.5 million in Q1 2026 (at the high end of guidance); product revenue grew ~4% YoY and services revenue grew ~7% YoY, reflecting expanding customer activity and installed-base expansion.