Velo3D Inc (VELO) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Velo3D third quarter 2025 financial results. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎閱讀 Velo3D 2025 年第三季財務業績報告。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, James Carbonara, Investor Relations. Thank you. You may begin.

現在我將把會議交給主持人，投資者關係部門的詹姆斯·卡博納拉。謝謝。你可以開始了。

Thank you, operator. Good afternoon, everyone, and welcome to Velo3D's third quarter 2025 earnings call. Before we begin, please note that today's call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our press release issued earlier today as well as our filings with the SEC, including our 2024 Form 10-K for a discussion of these risks.

謝謝接線生。各位下午好，歡迎參加 Velo3D 2025 年第三季財報電話會議。在開始之前，請注意，今天的電話會議將包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險的討論，請參閱我們今天早些時候發布的新聞稿以及我們向美國證券交易委員會提交的文件，包括我們的 2024 年 10-K 表格。

We will also reference certain non-GAAP financial measures during the call. Reconciliations between GAAP and non-GAAP results can be found in today's press release, which is available on the Investor Relations section of our website. A replay of this call will also be available shortly after its conclusion.

我們也會在電話會議中提及一些非GAAP財務指標。有關 GAAP 和非 GAAP 結果的調整表，請參閱我們網站投資者關係部分發布的今日新聞稿。本次通話結束後不久，即可收聽錄音回放。

With that, I will turn the call over to our CEO, Arun Jeldi.

接下來，我將把電話轉交給我們的執行長阿倫·傑爾迪。

Thank you, James. Good afternoon, everyone, and thank you all for joining Velo3D's third quarter 2025 earnings conference call. This quarter represents another important milestone in Velo3D's transformation into a high-value recurring industrial technology platform. One that is deeply aligned with the future of advanced manufacturing, digital production and national industrial resilience. Over the past year, we have been executing a disciplined and deliberate transformation strategy, shifting from a hardware-driven model to a scalable platform business built on recurring services, industrial partnerships and mission-critical applications. Our third quarter results reflect that progress. We are delivering steady growth, operational improvement and expanding margins, all while maintaining a clear line of sight toward profitability in the first half of 2026.

謝謝你，詹姆斯。各位下午好，感謝各位參加 Velo3D 2025 年第三季財報電話會議。本季標誌著 Velo3D 向高價值循環工業技術平台轉型過程中的另一個重要里程碑。一個與​​先進製造業、數位生產和國家工業韌性的未來高度契合的產業。過去一年，我們一直在執行一項有條不紊、深思熟慮的轉型策略，從硬體驅動模式轉向以經常性服務、產業合作和關鍵任務應用程式為基礎的可擴展平台業務。我們第三季的業績反映了這一進展。我們正在穩步成長，不斷改進運營，擴大利潤率，同時保持在 2026 年上半年實現盈利的清晰目標。

In Q3, we delivered revenue of $13.6 million, consistent with last quarter and up over 65% year-over-year from $8.2 million in 2024. This growth demonstrates the increasing market validation of our platform, the steady ramp of our rapid production services business and the strength of our relationships with leading aerospace, defense and industrial customers. Our backlog grew to $21 million as of September 30, up from $16 million at the end of quarter two, reflecting strong repeat orders and long-term production contracts from customers who are embedding Velo3D into their mission-critical supply chains.

第三季度，我們的營收為 1,360 萬美元，與上一季持平，比 2024 年的 820 萬美元成長超過 65%。這一成長表明我們的平台得到了越來越多的市場認可，我們的快速生產服務業務穩步成長，以及我們與領先的航空航太、國防和工業客戶之間關係的牢固性。截至 9 月 30 日，我們的積壓訂單增長至 2100 萬美元，高於第二季度末的 1600 萬美元，這反映出客戶的強勁重複訂單和長期生產合同，這些客戶將 Velo3D 嵌入到其關鍵任務供應鏈中。

Our RPS platform is at the heart of this transformation. It enables customers to achieve digitally certified high complexity parts onshore at speed and with unmatched geometric freedom. For many customers, RPS is becoming their preferred pathway to production-grade additive manufacturing, delivering not only agility and precision, but also a repeatable digital thread that enhances traceability and reliability across programs. This business is rapidly evolving into a recurring revenue for Velo3D, providing visibility, predictability and sustainable margin expansion. The third quarter was rich with progress across our key markets and technology roadmap.

我們的RPS平台是這項變革的核心。它使客戶能夠在國內快速、無與倫比地實現數位化認證的高複雜度零件，並擁有無與倫比的幾何自由度。對於許多客戶而言，RPS 正在成為他們實現生產級積層製造的首選途徑，它不僅提供了靈活性和精確性，還提供了可重複的數位主線，從而增強了整個專案的可追溯性和可靠性。這項業務正在迅速發展成為 Velo3D 的經常性收入來源，帶來可視性、可預測性和可持續的利潤成長。第三季度，我們在主要市場和技術路線圖方面都取得了豐碩的進展。

We achieved several significant milestones that strengthen our position as the technology partner of choice for high-performance manufacturing. $6 million in sales and service agreements were signed under U.S. Navy's Maritime Industrial Base Program, where we developed and qualifying copper nickel alloys for use in our Sapphire systems. This work supports shipbuilding modernization and repair initiatives, key to strengthening US Maritime readiness. We joined the US Army DEVCOM AvMC Manufacturing & Sustainment initiative, advancing cost-effective additive manufacturing for Aluminum CP1. This broadens our materials portfolio and expands our presence in defense-grade lightweight metals, a critical capability for next-generation platforms. Our partnership with Linde's AMT is enabling the domestic sourcing of copper nickel 70-30 powder directly addressing one of the most urgent challenges facing US defense and industrial supply chains, which are materials, security and traceability.

我們取得了多項重要里程碑式的成就，進一步鞏固了我們作為高性能製造領域首選技術合作夥伴的地位。我們根據美國海軍海上工業基地計劃簽署了價值 600 萬美元的銷售和服務協議，並在該計劃下開發和認證了可用於我們藍寶石系統的銅鎳合金。這項工作支持造船現代化和維修計劃，這對加強美國海上戰備至關重要。我們加入了美國陸軍發展司令部航空製造與保障計劃，推進鋁CP1的成本效益型積層製造。這將拓寬我們的材料組合，並擴大我們在國防級輕金屬領域的業務，這是下一代平台的關鍵能力。我們與林德AMT的合作，使得銅鎳70-30粉末的國內採購成為可能，直接解決了美國國防和工業供應鏈面臨的最緊迫的挑戰之一，即材料、安全和可追溯性。

We achieved AS9100D certification for our RPS Quality Management System, a major milestone that validates the maturity of our operations and our readiness to scale production within the aerospace and defense sectors. We announced the integration of Dyndrite's LPBF Pro software across our Sapphire and Sapphire XC platforms, unlocking AI-enabled tool path optimization and rapid process development capabilities that shorten customer time to qualification.

我們的 RPS 品質管理系統獲得了 AS9100D 認證，這是一個重要的里程碑，驗證了我們營運的成熟度以及我們在航空航太和國防領域擴大生產的準備。我們宣布將 Dyndrite 的 LPBF Pro 軟體整合到我們的 Sapphire 和 Sapphire XC 平台中，從而解鎖 AI 賦能的刀具路徑優化和快速製程開發功能，縮短客戶的認證時間。

And finally, we expanded our partnership with Innovative Rocket Technologies, scaling US-based production for reusable launch vehicle and defense propulsion systems, further anchoring Velo3D in the emerging space and hypersonic manufacturing ecosystem. Collectively, these milestones underscore our technological differentiation, our alignment with strategic US industrial programs and our ability to compete in the highest value segments of advanced manufacturing.

最後，我們擴大了與 Innovative Rocket Technologies 的合作關係，擴大了美國可重複使用運載火箭和國防推進系統的生產規模，進一步鞏固了 Velo3D 在新興的太空和高超音速製造生態系統中的地位。總而言之，這些里程碑凸顯了我們的技術差異化、我們與美國戰略工業計劃的契合度以及我們在先進製造業最高價值領域競爭的能力。

Beyond operations, Q3 marked a defining corporate milestone for Velo3D. We successfully uplisted our common stock to the NASDAQ Capital Market, a step that not only enhances our visibility and credibility with the broader investment community, but also affirms our progress in governance, transparency and institutional readiness. The uplisting positions Velo3D alongside leading technology innovators and open across to a broader pool of global investors who share our vision for the future of intelligent digital manufacturing.

除了營運之外，第三季對 Velo3D 而言也是一個具有里程碑意義的企業發展階段。我們已成功將普通股升級至納斯達克資本市場上市，這項舉措不僅提高了我們在更廣泛的投資界的知名度和信譽，也肯定了我們在公司治理、透明度和機構準備方面的進步。此次上市使 Velo3D 與領先的技術創新者並肩而立，並向更廣泛的全球投資者敞開了大門，這些投資者與我們一樣，對智慧數位製造的未來有著共同的願景。

In conjunction with the uplisting, we completed a $17.5 million underwritten public offering for our common stock. The strong participation in the offering reflects growing investor confidence in our transformation strategy, the scalability of business model and our trajectory towards profitability. The proceeds from the offering have significantly strengthened our balance sheet, enhancing liquidity, improving working capital flexibility and providing the fuel to accelerate our RPS scaling, advance R&D programs in new materials and software and invest in automation and capacity expansion at our production facilities. This financial strength enables us to execute from a position of confidence, investing where it matters, scaling where we see opportunity and maintaining clear focus on EBITDA profitability in the first half of 2026.

與此次上市升級同時，我們完成了1,750萬美元的普通股承銷公開發行。此次發行的強勁參與反映了投資者對我們轉型策略、商業模式的可擴展性以及我們實現盈利的軌蹟的日益增長的信心。此次發行所得款項顯著增強了我們的資產負債表，提高了流動性，改善了營運資金的靈活性，並為加速我們的RPS規模化、推進新材料和軟體的研發項目以及投資於生產設施的自動化和產能擴張提供了動力。這種財務實力使我們能夠從自信的角度出發，在重要的地方進行投資，在我們看到機會的地方擴大規模，並始終專注於 2026 年上半年的 EBITDA 盈利能力。

Our performance in the first 9 months of 2025 demonstrates the momentum building across our business. We have a strong order book, expanding customer base, improving margins and tighter cost discipline. Based on this progress and our current visibility into Q4, we are reaffirming our full year 2025 guidance. Our revenue will be $50 million to $60 million and sequential gross margin improvement reaching 30% or higher by quarter 4 of 2025. The non-GAAP operating expenses will be anywhere between $40 million to $50 million. Capital expenditure will be $15 million to $20 million. EBITDA positive in the first half of 2026.

我們在 2025 年前 9 個月的業績表明，我們業務的發展勢頭正在不斷增強。我們訂單充足，客戶群不斷擴大，利潤率不斷提高，成本控制也更加嚴格。基於目前的進展和對第四季的展望，我們重申 2025 年全年業績預期。到 2025 年第四季度，我們的營收將達到 5,000 萬美元至 6,000 萬美元，毛利率將環比提高至 30% 或更高。非GAAP營運費用將在4000萬美元至5000萬美元之間。資本支出將達到1500萬美元至2000萬美元。預計2026年上半年EBITDA為正。

These targets reflect our continued confidence and strength of our execution, the resilience of our business model and the depth of demand across our end markets. We believe that Velo3D is now positioning at a unique intersection where digital manufacturing, material innovation and national reindustrialization coverage. Our technology is not only enabling customers to build impossible, but to do so at production scale with quality and repeatability that meet the highest industry standards. We are confident that the steps we are taking today to expand RPS, deepen defense partnerships and invest in material and software innovation will yield a strong profitable growth platform for years to come.

這些目標反映了我們對自身執行力的持續信心和實力、我們商業模式的韌性以及我們終端市場的巨大需求。我們認為 Velo3D 目前正處於數位製造、材料創新和國家再工業化覆蓋範圍的獨特交匯點。我們的技術不僅能夠幫助客戶製造不可能的產品，還能以生產規模製造出品質和可重複性均符合最高行業標準的產品。我們相信，我們今天為擴大 RPS、深化國防夥伴關係以及投資材料和軟體創新所採取的措施，將在未來幾年內帶來強勁的獲利成長平台。

With that, I will turn the call over to our CFO, Hull Xu, for a deeper look at our financial performance.

接下來，我將把電話交給我們的財務長徐赫，讓他更深入地了解我們的財務表現。

Thank you, Arun. Third quarter revenue was $13.6 million, up 65% compared to $8.2 million in the year ago quarter. This increase was driven primarily by higher systems and printed parts sales as RPS operations continue to ramp up. Gross margin for the third quarter was 3.2% compared to 49.4% in the year ago quarter and a negative 11.7% in the prior quarter. If you recall, the year ago quarter had a onetime license revenue that significantly lifted gross margin. Sequentially, gross margin improved due to higher absorption of overhead as RPS volume increased along with more efficient system sales turnover. We expect margins to continue to improve as RPS scales and new Sapphire systems are built to order.

謝謝你，阿倫。第三季營收為 1,360 萬美元，比去年同期的 820 萬美元成長了 65%。隨著 RPS 業務的持續成長，系統和印刷零件的銷售額增加，推動了這一成長。第三季毛利率為 3.2%，去年同期為 49.4%，上一季為 -11.7%。如果你還記得的話，去年同期有一筆一次性授權收入，大幅提高了毛利率。隨著RPS銷量增加以及系統銷售週轉效率提高，間接費用吸收率提高，毛利率也隨之提高。我們預計隨著 RPS 規模的擴大和新的藍寶石系統按訂單生產，利潤率將繼續提高。

Operating expenses were $11.1 million, down from $22.9 million a year ago. On a non-GAAP basis, excluding $2 million of stock-based compensation, operating expenses were $9 million, demonstrating continued cost discipline. GAAP net loss for the quarter was $11.8 million compared to a net loss of $23.1 million in the year ago quarter. Non-GAAP net loss for the quarter was $9.2 million compared to $14.5 million in the year ago quarter, and non-GAAP net loss excludes stock-based compensation of $2.6 million. Adjusted EBITDA for the third quarter of 2025 improved to negative $7.3 million compared to negative $9.7 million in the third quarter of 2024.

營運支出為 1,110 萬美元，低於去年同期的 2,290 萬美元。以非GAAP準則計算，不包括200萬美元的股票選擇權費用，營運費用為900萬美元，顯示公司持續維持成本控制。本季GAAP淨虧損為1,180萬美元，去年同期淨虧損為2,310萬美元。本季非GAAP淨虧損為920萬美元，去年同期為1,450萬美元，非GAAP淨虧損不包括260萬美元的股票選擇權費用。2025 年第三季調整後 EBITDA 改善至負 730 萬美元，而 2024 年第三季為負 970 萬美元。

As of September 30, 2025, we had a backlog of $21 million. This compares to $16 million of backlog at the end of 2024 and $15.9 million at the end of the previous quarter. Importantly, the composition of our backlog made a significant shift toward RPS, driven by strong demand from the system and the defense sector from the space and defense sectors. In terms of our balance sheet, as at the end of the third quarter, we had a cash and cash equivalent of $11.8 million compared to $1.2 million at the end of 2024. We remain confident in our liquidity position and capital plan to reach EBITDA profitability by mid-2026. In conclusion, we remain focused on executing our business strategy with a clear path to profitability.

截至 2025 年 9 月 30 日，我們的積壓訂單金額為 2,100 萬美元。相較之下，2024 年底的積壓訂單為 1,600 萬美元，上一季末的積壓訂單為 1,590 萬美元。重要的是，由於航太和國防領域的系統和國防部門的強勁需求，我們的積壓訂單組成發生了重大變化，RPS 佔比大幅上升。從資產負債表來看，截至第三季末，我們的現金及現金等價物為 1,180 萬美元，而 2024 年底則為 120 萬美元。我們對我們的流動性狀況和資本計劃仍然充滿信心，相信到 2026 年年中能夠實現 EBITDA 盈利。總而言之，我們將繼續專注於執行我們的業務策略，並制定明確的獲利路徑。

With that, operator, we can open the call to questions.

這樣，接線員，我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

Jason Schmidt, Lake Street Capital Markets.

Jason Schmidt，Lake Street Capital Markets。

Yeah, thanks for taking the questions and congrats on the progress. Congrats on the progress. Just curious if you could comment on if the government funding backdrop is causing any kind of return friction here. And I might have missed it, but did you guys provide what bookings were in Q3?

是的，謝謝你回答問題，也恭喜你的進展。恭喜你取得進展。我只是好奇您能否就政府資助背景是否在這裡造成任何回報摩擦發表一下看法。我可能錯過了，但你們有沒有提供第三季的預訂狀況？

Sorry, Jaeson, it was kind of bit choppy, but -- if I understand it correctly, you're asking about the government shutdown, whether there is any impact to our bookings?

抱歉，傑森，剛才有點斷斷續續的，但是——如果我理解正確的話，你是在問政府停擺是否會對我們的預訂產生任何影響？

Yeah. Well, yes, the government funding backdrop is causing any sort of correction in sort of the near term as well as what bookings were in Q3?

是的。是的，政府的資金支持環境確實會在短期內造成某種程度的調整，而第三季的預訂情況也與此有關？

Jason, I can answer that government shutdown and the impact on the booking side for -- I mean, the government shutdown started on October 4. We were a little -- we're not that worried because of the momentum and some of the programs what we are leading actually has already been accrued. The government shutdown might have a little impact of it, but good thing is that they're moving in the right direction. So hopefully, they will ramp up some of those backlog in the last 30 days or so to move fast on some of the programs. But it seems like the bookings might impact a little bit, but we're pretty positive on getting what we are guiding.

傑森，我可以回答關於政府停擺以及對預訂方面的影響——我的意思是，政府停擺是從 10 月 4 日開始的。我們有點——但我們並不太擔心，因為勢頭良好，而且我們正在領導的一些項目實際上已經取得了成果。政府停擺可能會對此產生一些影響，但好在他們正朝著正確的方向前進。所以希望他們能在最後 30 天左右的時間內加快處理積壓的工作，以便加快一些專案的進度。但預訂情況似乎可能會受到一些影響，不過我們對實現預期目標還是很有信心的。

Yeah. Obviously, it depends on when it opens backup, right? So we are pretty close in signing a couple of things with the primes. I think the timing would be probably the only thing.

是的。顯然，這取決於何時打開備份，對吧？所以我們已經非常接近與這些質數達成一些協議了。我認為時機可能是唯一需要考慮的問題。

Okay. That makes sense. what percentage of revenue you're going to be exiting this year?

好的。這很合理。今年你們打算退出多少百分比的收入？

So yes, it continues to ramp -- if we compare to third quarter, second quarter and first quarter -- third quarter was greater than the second quarter. Second quarter was greater than the first quarter. So we expect RPS to land somewhere between 20% to 30% for the year.

所以，是的，成長動能仍在持續——如果我們與第三季、第二季和第一季進行比較——第三季的成長幅度大於第二季。第二季業績優於第一季。因此，我們預計今年的RPS將達到20%至30%。

Got you. And then just the last one for me, and I'll jump back in the queue. You're obviously seeing some nice traction in defense and space. But just curious, what are some other notable verticals you're seeing momentum in?

抓到你了。然後就輪到我了，最後一個，我就要重新排隊了。顯然，我們在國防和航太領域取得了不錯的進展。不過我很好奇，你還看到哪些其他值得關注的垂直領域發展勢頭強勁？

Yeah. So we're seeing a lot of traction. I mean you can see in the future bookings of ours, like space is picking up pretty fast because we reduced the barrier of entry for RPS programs. Space and semiconductor markets are really, really getting their qualified parts in Q4. So that is a big turn along with defense contracts. And energy is another sector. So if you see we're doing a major impact in energy sector, especially oil and gas. So we're pretty much focused on what our 4 sectors are, defense, space, semiconductor, and energy.

是的。所以我們看到了很多進展。我的意思是，你可以從我們未來的預訂情況中看出，由於我們降低了RPS項目的准入門檻，所以房間預訂量增長得很快。航太和半導體市場在第四季真的開始大量獲得合格的零件了。所以，這與國防合約一樣，都是一個巨大的轉變。能源是另一個領域。所以你可以看到，我們正在對能源領域，特別是石油和天然氣領域產生重大影響。所以我們主要專注於我們的四大領域：國防、航太、半導體和能源。

(Operator Instructions)

（操作說明）

George Marima with Pareto Ventures.

喬治·馬裡馬與帕累托創投公司合作。

I have two questions for you. The first one is on the Q4 gross margin uptick. Is that more about mix of RPS versus systems or more about efficiency of production of systems that's shifting?

我有兩個問題想問你。第一個問題是第四季毛利率上升。這比較是關於RPS與系統的組合，還是比較是關於系統生產效率的轉變？

It's also -- I mean, the company actually increased its production on the new machines, the overhead. So overall operational efficiency, one part. And the second part is the RPS gross margins is pretty high. And as we mentioned before, the Q2, Q3 is a snowball effect. We are breaking up and increasing the RPS percentage of revenue, and that actually helps quite a bit. And also, we are very careful on our gross margins on the new machines that we sell. So that's where our confidence level is. That's why we are still guiding at 30%.

而且——我的意思是，公司實際上提高了新機器的產量，增加了營運成本。所以，整體營運效率是其中一部分。第二點是，RPS的毛利率相當高。正如我們之前提到的，第二季、第三季會產生滾雪球效應。我們正在拆分並提高 RPS 佔收入的百分比，這確實有很大幫助。此外，我們對所售新機器的毛利率也非常謹慎。這就是我們目前的信心水準。這就是為什麼我們仍然維持30%的指導價。

So in Q4, will you have kind of gone through most of the old legacy backlog from like a year ago?

那麼在第四季度，你們是否已經基本處理完大約一年前遺留的大部分舊工作？

Yeah. So if you see our inventory levels and others in the past and what you're seeing. That has almost gone. So we're building the new machines, the overhead and everything will be reduced.

是的。所以，如果你看看我們過去的庫存水準和其他公司的庫存水平，再看看你現在看到的情況。那幾乎已經消失了。所以我們正在建造新機器，管理費用和其他所有成本都會降低。

Okay. Great. And then my second question, I was wondering if you could provide some more color on the DoD segment, excluding the shutdown period, of course. But like what kind of demand signals are you seeing in terms of -- is there like a higher uptick in velocity of RFPs? Or just are there any concrete examples you can provide of just what is the velocity of the DoD segment for 3D printing parts?

好的。偉大的。我的第二個問題是，您能否詳細介紹國防部部分的情況，當然，不包括政府停擺時期。但是，就需求訊號而言，您看到了哪些變化？例如，招標書發布速度是否有加快？或者，您能否提供一些具體的例子，說明3D列印零件的DoD段速度是多少？

So I'll give a few examples if and you can relate to those. And one of the things is the munitions program. That's upticking quite a bit with a lot of promises in the recent press release and DoD is basically ramping up their manufacturing in U.S., and they want to increase their stockpile. That's another reason if you recently heard that the Defense Secretary has conducted the acquisitions and cutting the red tape to increase the production. That's where all that demand is coming from.

如果這些例子與你的情況相符，我會舉幾個例子。其中一項就是軍火計畫。最近的新聞稿中做出了許多承諾，顯示這一趨勢正在迅速上升，國防部基本上正在加大在美國的生產力度，他們希望增加庫存。如果你最近聽說國防部長一直在進行採購並簡化繁文縟節以提高產量，那麼這就是另一個原因。這就是所有需求的來源。

And we are in the right place in the right business in one sense is like the manufacturing is the key here to actually increase the production. So all these defense companies now leaving the traditional legacy way of doing things and saw a more value, like one of the programs we are involved has showed them that it can be cheaper and faster than traditional, and that is ticking up pretty fast, and they're moving some legacy parts, some munitions programs and shipbuilding and you see a lot of Army programs and CP1 and other things. So that's where the demand comes from.

從某種意義上說，我們身處正確的地點，從事正確的產業，製造業是提高產量的關鍵。所以，所有這些國防公司現在都放棄了傳統的做事方式，看到了更大的價值，比如我們參與的一個項目就向他們展示了這種方式比傳統方式更便宜、更快捷，而且這種趨勢發展得很快，他們正在轉移一些傳統部件、一些彈藥項目和造船項目，你會看到很多陸軍項目、CP1 和其他項目。所以需求就是從這裡產生的。

Ladies and gentlemen, it appears that there are no further questions at this time. So I'll hand the floor back to management for any closing remarks. Thank you.

女士們、先生們，目前看來沒有其他問題了。那麼，我將把發言權交還給管理階層，請他們作總結發言。謝謝。

Thank you, everyone. It's me Arun Jeldi, CEO of Velo3D. Before we close, I want to recognize our employees, customers and investors for their continued confidence and partnership. The transformation underway at Velo3D is real, and the results are visible across every dimension of our business. We are executing with focus, innovation with purpose and positioning Velo3D for long-term value creation, both for our shareholders and for the industries we serve. Thank you again for joining us today and for your continued support.

謝謝大家。我是 Velo3D 的執行長 Arun Jeldi。在結束之前，我要感謝我們的員工、客戶和投資者一直以來的信任與合作。Velo3D 正在進行的轉型是真實存在的，其成果在我們業務的各個方面都顯而易見。我們以專注、創新為目標，致力於為股東和我們所服務的行業創造長期價值，並將 Velo3D 定位為實現這一目標。再次感謝您今天蒞臨，也感謝您一直以來的支持。

Thank you. That concludes today's conference. All parties may disconnect. Have a good day.

謝謝。今天的會議到此結束。所有參與者均可中斷連線。祝你有美好的一天。