SSYS · Stratasys Ltd.Stratasys Ltd.

SSYS provides frames for humanoid robots like Boston Dynamics Atlas and is positioned at the bottom of the robotics supply chain, but revenue is low because no humanoid robot company has achieved scale yet. The market is focused on bigger names but SSYS is a foundational play.

Stratasys is the key supplier of nylon 12CF carbon fiber frames for humanoid robots, including Boston Dynamics Atlas, Tesla Optimus, and Meta Humanoids, positioning it at the bottom of the supply chain.

SSYS is the skeleton/frames of all humanoid robots, benefiting from OpenAI robotics push.

SSYS is the frame/skeleton supplier for humanoid robots; revenue will grow exponentially if humanoid robotics achieves scale, but no player has scaled yet.

SSYS is a key bottleneck in humanoid robotics supply chain, benefiting from production ramp up of Atlas, Optimus, and others.

Bet on future robotics scale up; SSYS provides skeleton/frame for humanoid robots and earns per robot produced as component supplier. Strong balance sheet with >1/4 cash, no debt limits downside.

SSYS is a robotics bottleneck play, currently under the radar, with inflection expected in 2026.

SSYS benefits from the scaling of robotics as a supplier of lightweight structural frames, with recent catalysts including ChatGPT's push into robotics and an inflection point in the industry.

$SSYS was priced as a dying hardware company but now they are the likely frame for every humanoid robot.

$SSYS provides body frames (skeletons) for humanoid robots from Boston Dynamics and Meta, positioning it as a key beneficiary of humanoid robotics adoption. The ramp-up may take time but could already be starting.

SSYS as a proxy for robotics exposure via Hyundai's Boston Dynamics, given direct exposure to Hyundai is not efficient.

Reaffirms thesis on multiple robotics supply chain stocks, continues to hold and cost average up on AIRO and LPTH as 1-year holds.

No qualifying thesis event for 45+ days.