Velo3D Inc (VELO) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Velo3D announces second quarter 2025 financial results. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, James Carbonara, Investor Relations. Thank you, James. You may begin.

大家好，歡迎來到 Velo3D 宣布 2025 年第二季財務業績。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、投資者關係部詹姆斯·卡博納拉 (James Carbonara)。謝謝你，詹姆斯。你可以開始了。

Thank you. I'd like to welcome everyone to Velo3D's second quarter 2025 earnings call. During today's call, management will make forward-looking statements that are subject to various risks and uncertainties that are described in the Safe Harbor slide of today's presentation, today's press release as well as the company's 2024 10-K and additional SEC filings. Please see those documents for additional information regarding those factors that may affect these forward-looking statements.

謝謝。歡迎大家參加 Velo3D 2025 年第二季財報電話會議。在今天的電話會議中，管理層將做出前瞻性陳述，這些陳述受今天簡報的安全港幻燈片、今天的新聞稿以及公司 2024 年 10-K 和其他 SEC 文件中描述的各種風險和不確定性的影響。有關可能影響這些前瞻性陳述的因素的更多信息，請參閱這些文件。

Also, management will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation as well as today's earnings press release for the appropriate GAAP to non-GAAP reconciliations. The company has posted a set of PowerPoint slides providing additional details on its strategic initiatives and financial performance on the Events and Presentations page of the company's Investor Relations website. As a reminder, a replay of this call will be available later today on the Investor Relations page of the company's website.

此外，管理階層將在今天的電話會議中參考某些非 GAAP 指標。請參閱我們簡報的附錄以及今天的收益新聞稿，以了解適當的 GAAP 與非 GAAP 對帳。該公司在其投資者關係網站的活動和簡報頁面上發布了一系列 PowerPoint 幻燈片，提供有關其策略舉措和財務業績的更多詳細資訊。提醒一下，本次電話會議的重播將於今天稍晚在公司網站的投資者關係頁面上提供。

With that, I'd like to turn the call over to Arun Jeldi, CEO of Velo3D. Arun, please go ahead.

接下來，我想將電話轉給 Velo3D 執行長 Arun Jeldi。阿倫，請繼續。

Thank you, James. Good afternoon, everyone, and thank you all for joining Velo3D's second quarter 2025 earnings conference call. Let me start with a simple message: This quarter marks a pivotal step in Velo3D's transformation from an innovative equipment provider to a recurrent -- recurring high-margin industrial technology platform.

謝謝你，詹姆斯。大家下午好，感謝大家參加 Velo3D 2025 年第二季財報電話會議。首先我想說一句簡單的話：本季標誌著 Velo3D 從創新設備供應商轉型為高利潤率工業技術平台的關鍵一步。

We're not just seeing signs of this shift, we are living it operationally, financially and strategically. Our Q2 performance demonstrates not only solid progress, but also the early impact of key changes we have made to position the company for sustainable growth, margin expansion and long-term value creation.

我們不僅看到了這種轉變的跡象，而且我們在營運、財務和策略上也正在經歷這種轉變。我們第二季的業績不僅顯示了堅實的進步，也顯示了我們為使公司實現永續成長、利潤率擴大和長期價值創造而做出的關鍵變革的早期影響。

RPS building momentum through our platform for scale. A central pillar of this transformation is our Rapid Production Services, or RPS, and I'm pleased to report momentum is building quickly. We officially launched RPS in first quarter. And in just one full quarter of operation, the results are already speaking for themselves. RPS directly addresses a critical market need.

RPS 透過我們的平台不斷擴大規模。這一轉變的核心支柱是我們的快速生產服務（RPS），我很高興地報告這一勢頭正在迅速增強。我們在第一季正式推出了RPS。光是一個季度的運營，成果就已經不言而喻。RPS 直接滿足了關鍵的市場需求。

The ability to deliver high complexity, high-performance production parts at speed onshore, on-demand and with complete digital repeatability. RPS is resonating because it sits at the intersection of manufacturing, capability, national security and supply chain modernization, a convergence that's reshaping the industrial economy.

能夠快速、隨選地在岸上交付高複雜性、高性能的生產零件，並具有完全的數位可重複性。RPS 之所以引起共鳴，是因為它處於製造、能力、國家安全和供應鏈現代化的交匯處，這種融合正在重塑工業經濟。

RPS is gaining market share fast. Let's talk numbers because the signal here is loud and clear. RPS bookings grew 79% quarter-over-quarter, showing rapid customer adoption in just its second full quarter of launch. 78% of this growth came from new customers, demonstrating both market expansion and new logos entering our ecosystem. And in terms of industry mix, space and defense accounted for a combined 87% of our RPS demand, with space contributing 54% and defense 33%.

RPS 正在快速贏得市場份額。我們來談談數位吧，因為這裡的訊號響亮而清晰。RPS 預訂量較上季成長 79%，顯示在推出後的第二個完整季度就得到了客戶的快速採用。其中 78% 的成長來自新客戶，顯示市場正在擴張，並且有新品牌正在進入我們的生態系統。就產業結構而言，航太和國防占我們 RPS 需求的 87%，其中航太佔 54%，國防佔 33%。

This is meaningful. These sectors are high growth, well-funded and high mission-driven, and they are increasingly looking to Velo3D as a trusted production partner. Our success in these verticals is a direct result of years of investment in precision hardware, intelligent software and material science, all of which are now coalescing into a scalable recurring revenue platform.

這是有意義的。這些產業成長迅速、資金充足、使命感強，他們越來越將 Velo3D 視為值得信賴的生產合作夥伴。我們在這些垂直領域的成功直接源於多年來對精密硬體、智慧軟體和材料科學的投資，所有這些現在都融合成一個可擴展的經常性收入平台。

At the end of second quarter, our backlog, including system orders, service contract and RPS projects stood at $16 million. Just weeks later, by July 25, it grew to $18 million. Now here's what's important. While the top line backlog figure is roughly consistent with Q1, the composition has fundamentally improved. We are seeing a significant mix shift towards RPS and services, which are higher margin, more predictable and longer term in nature. This is precisely the kind of revenue transformation we have been focused on, and now it's taking hold.

截至第二季末，我們的積壓訂單（包括系統訂單、服務合約和 RPS 專案）價值 1,600 萬美元。僅僅幾週後，到 7 月 25 日，這一數字就成長到了 1,800 萬美元。現在，重要的是這一點。雖然頂線積壓訂單數字與第一季大致一致，但組成已從根本上改善。我們看到，組合正在向 RPS 和服務發生重大轉變，這些產品的利潤率更高、更可預測且期限更長。這正是我們一直在關注的營收轉型，現在它正在發揮作用。

Beyond performance metrics, Q2 was packed with strategic wins and partnerships that further reinforce our leadership in additive manufacturing for mission-critical industries. Let me highlight a few. A $4 million master service agreement with Vaya Space spanning two years. This expands our footprint in commercial space sector and deepens production ties with an emerging leader in propulsion and launch technology.

除了績效指標之外，第二季還取得了許多策略性勝利和合作夥伴關係，進一步鞏固了我們在關鍵任務產業增材製造領域的領導地位。讓我重點介紹幾點。與 Vaya Space 簽訂了為期兩年、價值 400 萬美元的主服務協議。這擴大了我們在商業太空領域的影響力，並加深了與新興推進和發射技術領域領導者的生產聯繫。

The $22 million partnership with Amaero, which continued to gain traction in Q2, a major milestone was the qualification of our powder material through Auburn University's National Center for Additive Manufacturing Excellence, a critical validation point that derisks scale-up in regulated aerospace programs.

與 Amaero 建立的 2200 萬美元合作夥伴關係在第二季度繼續獲得關注，其中一個重要里程碑是我們的粉末材料通過了奧本大學國家增材製造卓越中心的認證，這是一個關鍵的驗證點，可以降低受監管航空航天項目擴大規模的風險。

A five-year $15 million master service agreement with Momentus, focused on delivering scalable production parts through RPS, a key signal customer confidence in a long-term outsourcing of complex parts to our platform. A new agreement with Ohio Ordinance Works, where Velo3D will provide applications engineering and design analysis services to support their 3D printed military weapons development program. This is a strong vote of confidence in our design to production capabilities in defense space.

與 Momentus 簽訂了一份為期五年、價值 1500 萬美元的主服務協議，重點是透過 RPS 提供可擴展的生產部件，這是客戶對我們平台長期外包複雜部件充滿信心的關鍵信號。與俄亥俄州軍械工程公司達成新協議，Velo3D 將提供應用工程和設計分析服務，以支援其 3D 列印軍事武器開發計畫。這是對我們國防空間設計到生產能力的強烈信任。

Mears Machine Corporation, a leader in precision components, purchased its fourth Sapphire XC printer, a clear indicator of both the technical trust and ROI of our customers see in Velo3D platforms.

精密零件領域的領導者 Mears Machine Corporation 購買了第四台 Sapphire XC 列印機，這清楚地表明了客戶對 Velo3D 平台的技術信任和投資回報。

And just recently, we signed a groundbreaking partnership with BlueForge Alliance to develop and qualify copper-nickel for use in our large-format Sapphire XC printers. This is the first time this critical maritime alloy will be adopted for laser bed fusion, and it plays directly into US maritime industrial base program to accelerate shipbuilding and defense supply chain resilience. These wins are strategic, accretive and synergistic to our broader goal to position Velo3D as the backbone of digital manufacturing across national security, energy and industrial sectors.

就在最近，我們與 BlueForge Alliance 簽署了一項開創性的合作協議，以開發和認證用於我們的大幅面 Sapphire XC 印表機的銅鎳合金。這是這種關鍵的海洋合金首次用於雷射床層融合，它直接作用於美國海洋工業基礎計劃，以加速造船和國防供應鏈的彈性。這些勝利對於我們更廣泛的目標具有戰略意義、增值性和協同作用，即將 Velo3D 定位為國家安全、能源和工業領域數位製造的支柱。

Operational execution and financial visibility. From an operational standpoint, our team is executing with discipline and speed. Our go-to-market motion is becoming sharper and more verticalized and our R&D continues to be focused on unlocking high material performance, system reliability and production scalability.

營運執行和財務可見性。從營運角度來看，我們的團隊執行任務嚴謹、速度快。我們的市場進入動作變得更加敏銳和垂直化，我們的研發繼續專注於釋放高材料性能、系統可靠性和生產可擴展性。

From a financial standpoint, we are seeing the results. $22.9 million in revenue through the first half of 2025 with a clear line of sight to achieving over 30% year-over-year growth. Gross margin improvement driven by better pricing, optimized production and RPS scaling. Stronger operating leverage as we consolidate functions and reduce fixed cost intensity. And most importantly, we remain firmly on track to reach EBITDA profitability by first half of 2026.

從財務角度來看，我們看到了成果。到 2025 年上半年，收入將達到 2,290 萬美元，並且預計將實現 30% 以上的同比增長。更好的定價、優化的生產和 RPS 擴展推動了毛利率的提高。隨著我們整合職能並降低固定成本強度，營運槓桿將變得更強。最重要的是，我們仍有望在 2026 年上半年實現 EBITDA 獲利。

This will be enabled by a combination of high average selling prices and systems with stronger margins, a growing RPS base that delivers predictable compounding revenue, expansion of our software and service offerings and enhanced operational efficiency across the organization. We are not chasing growth blindly. We are focused on sustainable, profitable scale that drives long-term shareholder value.

這將透過以下方式實現：較高的平均銷售價格和利潤率更高的系統、不斷增長的 RPS 基礎（可提供可預測的複合收入）、擴展我們的軟體和服務產品以及提高整個組織的營運效率。我們並不是盲目追求成長。我們專注於推動長期股東價值的可持續獲利規模。

For investors, here's what this all adds up to. Velo3D is becoming a mission-critical infrastructure provider for precision manufacturing. Our business model is shifting from transactional to platform-driven with clear visibility into customer lifetime value, expanding gross margins and a path to durable profitability.

對投資者來說，這一切意味著：Velo3D 正在成為精密製造領域的關鍵任務基礎設施提供者。我們的業務模式正在從交易型轉向平台驅動型，清晰地了解客戶終身價值，擴大毛利率並實現持久盈利。

We're building an AI native production-as-a-service model, a category-defining company to the convergence of national defense, space systems, industrial AI and reshore manufacturing. Few companies have this combination of deep technical moat, platform leverage, recurring revenue visibility and alignment with macroeconomic and geopolitical trends that are reshaping the industrial base.

我們正在建構一個人工智慧原生的生產即服務模式，一個定義國防、太空系統、工業人工智慧和製造業回歸融合的類別公司。很少有公司能夠同時擁有深厚的技術護城河、平台槓桿、經常性收入可見度以及與重塑工業基礎的宏觀經濟和地緣政治趨勢的一致性。

So as we close out this quarter, I want to emphasize, we are not just improving the business, we are redefining what this business is. The pieces are coming together, the customers, the contracts, the tech stack, the recurring engine, and it's happening at precisely the right moment in the market. We're building a company that is resilient, essential and built for the long haul. Thank you for your continued support and partnership.

因此，在我們結束本季之際，我想強調的是，我們不僅在改善業務，還在重新定義這項業務。客戶、合約、技術堆疊、循環引擎等各個部分正在整合在一起，而這一切都發生在恰逢其時的市場時機。我們正在打造一家具有韌性、重要性並且能夠長遠發展的公司。感謝您一直以來的支持與合作。

I'll now turn the call over to our CFO, Hull Xu, to walk you through the financial details of Q2.

現在我將把電話轉給我們的財務長 Hull Xu，向您介紹第二季的財務細節。

Thank you, Arun. Second quarter revenue was $13.6 million, up 31% compared to the year ago quarter. The increase was driven primarily by a higher number of systems sold. RPS revenue has started to meaningfully contribute to total revenue, and we expect RPS revenue to continue to increase as a percentage of total revenue. Gross margin for the second quarter was negative 11.7% compared to a negative 28% in the year ago quarter.

謝謝你，阿倫。第二季營收為 1,360 萬美元，比去年同期成長 31%。成長的主要原因是系統銷量增加。RPS 收入已開始對總收入做出有意義的貢獻，我們預計 RPS 收入佔總收入的百分比將繼續增加。第二季毛利率為負 11.7%，去年同期為負 28%。

Let me provide some color on gross margin. The reason for the negative gross margin is primarily attributable to two systems sold in this quarter that were manufactured in early 2024, where the company had significantly higher fixed costs and overhead. We do not expect such remnants of the past to meaningfully affect future financial performance.

讓我提供一些有關毛利率的資訊。毛利率為負的原因主要在於本季銷售的兩套系統均於 2024 年初生產，而公司的固定成本和管理費用明顯較高。我們並不認為這些過去的殘留會對未來的財務表現產生重大影響。

As such, we expect gross margin to improve as we go through 2025 as a result of operational efficiency initiatives that we started to implement in the back half of last year and continue to implement this year. As RPS revenue begins to ramp, we expect our overall margin to improve as more and more parts reach production status.

因此，由於我們去年下半年開始實施並在今年繼續實施的營運效率舉措，我們預計到 2025 年毛利率將會提高。隨著 RPS 收入開始增加，我們預計隨著越來越多的零件達到生產狀態，我們的整體利潤率將會提高。

Non-GAAP operating expenses, which excludes stock-based compensation, declined year-over-year to $8.1 million as compared to $13.4 million in the second quarter of 2024. This decrease reflects a reduction in all expense categories and savings related to our cost reduction initiatives. Sequentially, non-GAAP operating expenses were also down compared to $8.8 million in the first quarter of 2025.

非公認會計準則營運費用（不含股票薪資）年減至 810 萬美元，而 2024 年第二季為 1,340 萬美元。這項減少反映了所有支出類別的減少以及與我們的成本削減措施相關的節省。與 2025 年第一季的 880 萬美元相比，非 GAAP 營運費用也有所下降。

GAAP net loss for the quarter was $13.8 million compared to a net loss of $172,000 in the year ago quarter. Non-GAAP net loss for the quarter was $11.3 million compared to a non-GAAP net loss of $21.7 million in the year ago quarter and $8.9 million in the first quarter of 2025. Non-GAAP net loss excludes stock-based compensation of $2.4 million.

本季 GAAP 淨虧損為 1,380 萬美元，去年同期淨虧損為 17.2 萬美元。本季非公認會計準則淨虧損為 1,130 萬美元，而去年同期非公認會計準則淨虧損為 2,170 萬美元，2025 年第一季非公認會計準則淨虧損為 890 萬美元。非公認會計準則淨虧損不包括 240 萬美元的股票薪資。

Adjusted EBITDA for the second quarter of 2025 was negative $8.9 million compared to a negative $15 million in the second quarter of 2024 and a negative $6.9 million in the first quarter of 2025. As of June 30, 2025, we had a backlog of $15.9 million and $17.8 million as of July 25, 2025. This compares to $16 million in backlog at the end of 2024 and $18 million of backlog in the previous quarter. Importantly, as Arun mentioned, the composition of our backlog made a significant shift toward RPS, driven by strong demand from the space and defense sectors.

2025 年第二季調整後 EBITDA 為負 890 萬美元，而 2024 年第二季為負 1,500 萬美元，2025 年第一季為負 690 萬美元。截至 2025 年 6 月 30 日，我們的積壓訂單為 1,590 萬美元，截至 2025 年 7 月 25 日，我們的積壓訂單為 1,780 萬美元。相較之下，2024 年底積壓訂單量為 1,600 萬美元，上一季積壓訂單量為 1,800 萬美元。重要的是，正如阿倫所提到的，在航太和國防部門強勁需求的推動下，我們的積壓訂單組成向 RPS 發生了重大轉變。

In terms of our balance sheet, as at the end of the second quarter, we had a cash and cash equivalent of $854,000 compared to $1.2 million at the end of 2024. We are reiterating our 2025 full year guidance today. We expect revenue to be in the range of $50 million to $60 million, gross margin to improve throughout the year, exiting 2025 at or above 30%. We expect full year 2025 non-GAAP operating expenses to be between $40 million and $50 million and capital expenditure of $15 million to $20 million for the year. In conclusion, we remain focused on executing our business strategy with a clear path to profitability on an adjusted EBITDA basis in 2026.

就我們的資產負債表而言，截至第二季末，我們的現金和現金等價物為 854,000 美元，而 2024 年底為 120 萬美元。我們今天重申 2025 年全年指引。我們預計收入將在 5,000 萬美元至 6,000 萬美元之間，毛利率將在全年提高，到 2025 年將達到或超過 30%。我們預計 2025 年全年非 GAAP 營運費用將在 4,000 萬美元至 5,000 萬美元之間，全年資本支出將在 1,500 萬美元至 2,000 萬美元之間。總而言之，我們將繼續專注於執行我們的業務策略，並明確在 2026 年根據調整後的 EBITDA 實現盈利的途徑。

With that, operator, I'd like to open the call to questions.

接線員，現在我想開始提問。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. I'd like to turn the floor back over to management for any closing remarks.

目前沒有其他問題。我想將發言權交還給管理階層，請他們發表最後的演講。

Thank you, operator. Velo3D is in the midst of an exciting transformation, one defined by commercial momentum, operational excellence and a sharp focus on value creation. This past quarter was a turning point. We saw continued strong demand across our core verticals, with especially high traction in aerospace and defense industries, where precision, reliability and innovation are nonnegotiable. Our differentiated technology is winning, and that's reflected in the strategic long-term contracts we signed this quarter.

謝謝您，接線生。Velo3D 正處於令人興奮的轉型之中，其特點是商業勢頭強勁、營運卓越以及高度重視價值創造。過去的這個季度是一個轉捩點。我們看到核心垂直領域的需求持續強勁，尤其是在航空航太和國防工業領域，精度、可靠性和創新是不可妥協的。我們的差異化技術正在取得成功，這反映在我們本季簽署的策略性長期合約中。

These agreements are not just large in value. They are multiyear commitments from industry leaders that expand our backlog and validate our role as a mission-critical partner.

這些協議不僅僅價值巨大。這些是來自行業領導者的多年承諾，擴大了我們的積壓訂單並驗證了我們作為關鍵任務合作夥伴的角色。

We also took a major step forward financially. This model continues to resonate deeply with customers, delivering speed, quality and reliability at scale. Customer confidence in Velo3D is stronger than ever. We are seeing growing adoption of our solutions, increased repeat business and deeper partnerships, all clear signals that we are building something enduring. We believe the opportunity ahead of us is massive.

我們在財務方面也邁出了一大步。這種模式繼續與客戶產生深刻共鳴，大規模地提供速度、品質和可靠性。客戶對 Velo3D 的信心比以往任何時候都更強。我們看到我們的解決方案的採用率越來越高，回頭客越來越多，合作夥伴關係也越來越深，所有這些都清楚地表明我們正在建立持久的東西。我們相信，我們面前的機會是巨大的。

With disciplined execution and strategic focus, we are positioning Velo3D to deliver sustainable growth and long-term value for our shareholders. Thank you for your continued trust, support and investment in our vision. Thank you again.

透過嚴格的執行和策略重點，我們讓 Velo3D 為股東帶來永續成長和長期價值。感謝您對我們願景的持續信任、支持和投資。再次感謝您。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。