Velo3D Inc (VELO) 2026 Q1 法說會逐字稿

Greetings, and welcome to Velo3D first quarter 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Velo3D 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to James Carbonara, Investor Relations. Thank you. You may be here.

現在我將把會議交給投資人關係部的 James Carbonara。謝謝。您可以開始了。

Thank you, operator. Good day, everyone, and welcome to Velo3D's first quarter 2026 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.

謝謝，接線員。各位好，歡迎參加 Velo3D 2026 年第一季財報電話會議。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》所定義的前瞻性陳述。

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 2025 Form 10-K for a discussion of these risks.

這些陳述受到風險與不確定性影響，可能導致實際結果與預期有重大差異。關於這些風險的討論，請參閱我們今日稍早發布的新聞稿，以及我們向美國證券交易委員會（SEC）提交的文件（包括 2025 年 Form 10-K）。

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.

我們也將在電話會議中提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 結果之間的調節表可見於今日新聞稿，該新聞稿可於我們網站的投資人關係專區取得。本次電話會議的重播也將在會議結束後不久提供。

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

接下來，我將把電話會議交給我們的執行長 Arun Jeldi。Arun，請開始。

Good afternoon, everyone, and thank you for joining Velo3D's first quarter 2026 earnings call. 2026 is off to a strong start for Velo3D. We are seeing accelerating momentum across the business, driven by strong execution, expanding customer demand, and increasing adoption of additive manufacturing as a true production technology across defense and aerospace markets.

各位下午好，感謝各位參加 Velo3D 2026 年第一季財報電話會議。2026 年對 Velo3D 而言有個強勁的開局。我們看到業務動能加速，主要由強勁的執行力、客戶需求擴大，以及增材製造在國防與航太市場中作為真正量產技術的採用率提升所帶動。

In the first quarter, revenue increased 48% year-over-year, reflecting continued strength across both our defense and commercial aerospace end markets as qualified programs increasingly convert into full-scale production activity. We believe this performance underscores the growth strategic -- growing strategic importance of our technology. And the confidence customers are placing in Velo3D as a long-term manufacturing partner.

第一季營收年增 48%，反映我們在國防與商用航太終端市場的持續強勁表現，因為已完成資格認證的專案正日益轉化為全面量產活動。我們認為這項表現凸顯了我們技術日益提升的策略重要性，以及客戶將 Velo3D 視為長期製造合作夥伴的信心。

A major highlight this quarter was continued expansion of our Rapid Production Solution, or RPS, business, which now represents an increasingly meaningful portion of total revenue. We believe this evolution is transformational for Velo3D. Unlike traditional one-time system sales, RPS creates long-duration production relationships with repeat utilization across multiple programs, driving greater visibility, stronger customer integration and what we believe will be improved long-term economics for the business.

本季的一大亮點是我們快速量產解決方案（Rapid Production Solution，RPS）業務持續擴張，目前已占總營收中愈來愈有意義的比重。我們認為這項演進對 Velo3D 具有轉型意義。不同於傳統的一次性系統銷售，RPS 能建立長期的量產合作關係，並在多個專案中重複使用，帶來更高的可視性、更深的客戶整合，以及我們認為更佳的長期經濟效益。

As adoption accelerates, we believe this mix shift positions. Us to pursue more durable, high-quality revenue streams and scalable, profitable growth overtime. From a profitability standpoint, we delivered positive gross margin of 17% during the quarter, a significant milestone and another strong indicator that the structural improvements we have implemented are taking hold.

隨著採用加速，我們認為這樣的組合轉變使我們得以追求更具持久性、更高品質的營收來源，以及隨時間推進可擴展且可獲利的成長。就獲利能力而言，本季我們實現 17% 的正毛利率，這是一項重要里程碑，也再次顯示我們已實施的結構性改善正在發揮效果。

Gross margin expansion was driven by higher utilization rates, improved manufacturing efficiency, better absorption of fixed costs and continued operational discipline throughout our production footprint.

毛利率擴張主要由更高的稼動率、製造效率提升、固定成本吸收改善，以及我們在整個生產據點持續維持的營運紀律所驅動。

Importantly, we believe we are still in early innings of this margin expansion story. We expect meaningful continued progress throughout 2026. As production volumes increases, RPS continues to scale and operating leverage improves.

重要的是，我們認為毛利率擴張的故事仍處於早期階段。我們預期在 2026 年將持續取得顯著進展，隨著產量增加、RPS 持續擴張，以及營運槓桿改善。

Our backlog was approximately $30 million, compared to approximately $31 million at year-end, reflecting a modest decline, while bookings totaled approximately $12 million during the first quarter. Demand trends remain highly encouraging, particularly across defense and aerospace customers. Pursuing larger scale production deployments.

我們的在手訂單（backlog）約為 3,000 萬美元，較年末約 3,100 萬美元略有下降；第一季新增訂單（bookings）合計約 1,200 萬美元。需求趨勢仍相當令人鼓舞，尤其是在國防與航太客戶方面，正推動更大規模的量產部署。

It's important to recognize that bookings can fluctuate from quarter to quarter due to the timing of government procurement cycles and the size of individual production awards. However, the underlying pipeline continues to strengthen significantly, and we are seeing growing momentum in both quality and quality of opportunities entering the funnel.

需要注意的是，新增訂單可能因政府採購週期的時間點以及單筆量產授標規模而在各季間波動。然而，整體潛在案源（pipeline）持續顯著強化，我們也看到進入漏斗的機會在數量與品質上都呈現更強的動能。

This quarter also included several landmark commercial and defense achievements that we believe further validate Velo3D's growing strategic importance within advanced manufacturing.

本季也包含數項具里程碑意義的商用與國防成果，我們認為這些成果進一步驗證了 Velo3D 在先進製造領域日益提升的策略重要性。

An announcement in our latest earnings call in March 2026, we continue to execute on our program with defense contractors supporting the US Navy, US Army. And other defense programs. We had announced in February an $11.5 million full-rate production contract from a major US defense prime contractor.

如同我們在 2026 年 3 月最新一次財報電話會議中所宣布的，我們持續推進與國防承包商的合作計畫，支援美國海軍、美國陸軍及其他國防專案。我們也在 2 月宣布，已自一家美國主要國防主承包商取得 1,150 萬美元的全速率量產（full-rate production）合約。

This award represents a meaningful step beyond qualification and pilot activity into scaled production deployment and reflects increasing confidence in our ability to deliver complex mission-critical components reliable and at scale.

此項授標代表我們從資格認證與試點活動，邁向規模化量產部署的重要一步，也反映客戶對我們能以可靠且可擴展的方式交付複雜、任務關鍵零組件的信心提升。

Also in February, we had announced the Velo3D became the first additive manufacturing vendor qualified for US Army ground vehicle applications. We believe the milestones is particularly significant because it establishes a new benchmark for additive manufacturing adoption within defense platforms and further expands our long-term opportunities across military sustainment and modernization programs.

同樣在 2 月，我們宣布 Velo3D 成為首家通過美國陸軍地面車輛應用資格認證的增材製造供應商。我們認為此一里程碑特別重要，因為它為國防平台中的增材製造採用建立了新的標竿，並進一步擴大我們在軍事維保與現代化計畫中的長期機會。

In March, we also announced that Velo3D was awarded a $9.8 million, five-year ID/IQ contract with the Defense Logistics Agency supporting the Joint Narrative Manufacturing Acceptability, or JAMA, pilot products program.

在 3 月，我們也宣布 Velo3D 獲得國防後勤局（Defense Logistics Agency）授予一份 9.8 百萬美元、為期五年的 ID/IQ 合約，用以支援「聯合敘事製造可接受性」（Joint Narrative Manufacturing Acceptability，JAMA）試點產品計畫。

This award is strategically important for several reasons. First, it reinforces Velo3D's growing role within critical defense sustainment initiatives. Second, it validates the strength and reliability of our technology for mission-critical applications.

此項授標在策略上具有數個重要意義。第一，它強化了 Velo3D 在關鍵國防維保倡議中的角色。第二，它驗證了我們技術在任務關鍵應用上的強度與可靠性。

And third, it positions us at the forefront of the Department of Defense's adoption of additive manufacturing solutions designed to improve readiness, resilience and supply chain flexibility. Collectively, these wins represents more than just contract value.

第三，它使我們站在國防部採用增材製造解決方案的最前線，這些解決方案旨在提升戰備、韌性與供應鏈彈性。整體而言，這些勝利不僅僅代表合約金額。

They demonstrate increasing institutional adoption of Velo3D technology across some of the most demanding and strategically important manufacturing environments in the world. More broadly, we continue to deepen engagement across our customer base.

它們展現了 Velo3D 技術在全球最嚴苛且最具策略重要性的製造環境中，正獲得更高程度的制度性採用。更廣泛而言，我們持續加深與客戶群的互動。

Existing customers are expanding utilization into additional programs, while new customers are progressing through evaluation and qualification cycles at an increasing pace. We are seeing a growing number of defense primes and Tier 1 aerospace suppliers transition from pilot projects into multi-system production deployments.

既有客戶正將使用範圍擴展至更多專案，而新客戶也以更快的速度推進評估與資格認證週期。我們看到愈來愈多國防主承包商與航太一級供應商（Tier 1）正從試點專案轉向多系統的量產部署。

This marks an important inflection point for additive manufacturing industry and further validates our belief that the market is increasingly moving from experimentation to scale production adoption. The macro backdrop in defense remains highly favorable.

這標誌著增材製造產業的一個重要拐點，也進一步驗證我們的看法：市場正日益從實驗階段走向規模化量產採用。國防領域的總體環境仍然非常有利。

Governments and defense organizations continue prioritizing modernization. Domestic manufacturing capabilities, supply chain resilience and faster production timelines, we believe these trends align directly with Velo3D's core strengths and significantly expand our long-term opportunity set.

各國政府與國防組織持續優先推動現代化、國內製造能力、供應鏈韌性以及更快的生產時程。我們認為這些趨勢與 Velo3D 的核心優勢高度契合，並顯著擴大我們的長期機會版圖。

In aerospace, demand for complex, high-performance metal components remained robust. Customers increasingly require advanced manufacturing technologies capable of delivering precision, repeatability, and scalability for mission-critical applications, and we believe Velo3D is well-positioned to meet these needs.

在航太領域，對複雜、高性能金屬零組件的需求仍然強勁。客戶日益需要能為任務關鍵應用提供精度、可重複性與可擴展性的先進製造技術，而我們認為 Velo3D 已具備良好條件來滿足這些需求。

Importantly, the pipeline itself is evolving. Not only are we seeing more opportunities overall, but we are also seeing larger, more sophisticated production opportunities emerge earlier in the sales cycle. Increasingly, customers are evaluating multi-system deployments from outset rather than beginning with single-system installations.

重要的是，潛在案源本身也在演變。我們不僅看到整體機會增加，也看到更大規模、更高複雜度的量產機會在銷售週期更早階段就出現。愈來愈多客戶從一開始就評估多系統部署，而非先從單一系統安裝起步。

We view this as a strong indicator of where the industry is headed and on Velo3D's growing role in that transition. To support this growing demand environment, we are actively advancing plans for our next manufacturing capacity expansion. This expansion is expected to meaningfully increase output while also improving operational efficiency through automation, optimized workflows and enhanced throughput capabilities.

我們將此視為產業發展方向的強烈指標，也顯示 Velo3D 在這一轉型中的角色日益重要。為支援這個需求成長的環境，我們正積極推進下一階段製造產能擴張計畫。預期此擴張將在顯著提升產出的同時，透過自動化、最佳化工作流程與提升產能吞吐能力來改善營運效率。

At the same time, we continue investing strategically in our technology roadmap. Our teams are making meaningful progress across AI-driven process optimization, advanced software integration and next-generation manufacturing intelligence tools designed to improve consistency, accelerate cycle times and enhance overall system performance.

同時，我們也持續在技術藍圖上進行策略性投資。我們的團隊在 AI 驅動的製程最佳化、先進軟體整合，以及下一代製造智慧工具方面取得實質進展，這些工具旨在提升一致性、加速週期時間並強化整體系統效能。

We're also advancing robotics integration initiatives that we believe will further increase scalability and reduce manual intervention across production environments. Together, we expect these capabilities to move us closer to our long-term vision of fully connected intelligence manufacturing ecosystem.

我們也在推進機器人整合計畫，我們相信這將進一步提升可擴展性，並降低生產環境中的人工介入。綜合而言，我們預期這些能力將使我們更接近長期願景：一個完全互聯的智慧製造生態系。

Ultimately, we see a significant opportunity to evolve beyond discrete part production toward a closed-loop digital manufacturing platform. The customer can design, validate, optimize and manufacture mission-critical parts using real-time production intelligence.

最終，我們看到一個重大的機會：從離散零件生產進一步演進為閉環的數位製造平台，讓客戶能運用即時生產智慧來設計、驗證、最佳化並製造任務關鍵零件。

Overall, the first quarter represents another important step forward in Velo3D's evolution. We believe we're executing against a large and expanding market opportunity driven by defense modernization, industrial reassuring and accelerating adoption of additive manufacturing at production scale.

總體而言，第一季代表 Velo3D 演進過程中又一個重要的向前邁進。我們相信，我們正針對一個龐大且持續擴張的市場機會有效執行，該機會由國防現代化、工業回流（reassuring）以及在量產規模上加速採用積層製造所驅動。

While we are encouraged by our progress, we recognize that execution at scale brings new challenges, and we remain focused on managing costs and capital carefully as we grow. We believe Velo3D is playing an increasingly important role in this transformation.

儘管我們對進展感到鼓舞，我們也認知到規模化執行會帶來新的挑戰；在成長的同時，我們仍專注於審慎管理成本與資本。我們相信 Velo3D 在這場轉型中正扮演日益重要的角色。

Our focus remains clear, execute with discipline, scale efficiently, deepen customer relationships, and continue investing in technologies and capabilities. That will drive long-term growth, profitability and shareholder value creation.

我們的重點依然明確：以紀律執行、有效率地擴大規模、深化客戶關係，並持續投資於技術與能力。這將推動長期成長、獲利能力以及股東價值的創造。

With that, I'll turn the call over to our CFO, Jim Suva, to walk through our financial performance in more detail.

接下來，我將把電話會議交給我們的財務長 Jim Suva，請他更詳細說明我們的財務表現。

Thank you, Arun. We are pleased to start off 2026 with a strong first quarter as revenue growth accelerated and gross margin expanded, both. On a year-over-year basis and on a sequential quarter-over-quarter basis.

謝謝你，Arun。我們很高興以強勁的第一季揭開 2026 年序幕，營收成長加速且毛利率同步擴張，無論是年對年或是季對季皆然。

First quarter 2026 revenue was $13.8 million, up 48% compared to $9.3 million in the year-ago quarter. This increase was driven primarily by an increase in the average selling price, an increase in the number of systems sold, and an increase in RPS revenue.

2026 年第一季營收為 1,380 萬美元，較去年同期的 930 萬美元成長 48%。此一成長主要來自平均銷售價格上升、系統銷售數量增加，以及 RPS 營收增加。

First quarter 2026 revenue also grew. 46% sequentially from $9.4 million in the fourth quarter 2025. Gross margin for the first quarter was 17.2%, compared to gross margin of 7.5% in the year-ago quarter and negative 73.6% in the fourth quarter 2025.

2026 年第一季營收亦較 2025 年第四季的 940 萬美元季增 46%。第一季毛利率為 17.2%，相較去年同期毛利率 7.5%，以及 2025 年第四季的負 73.6%。

We are not only pleased with the gross margin improvement in the first quarter, but we also expect gross margin to improve as RPS scales and new Sapphire XC systems are built to order. Operating expenses for the first quarter were $9.3 million, down from $12.2 million a year ago.

我們不僅對第一季毛利率改善感到滿意，也預期隨著 RPS 規模擴大，以及新的 Sapphire XC 系統採接單生產，毛利率將持續改善。第一季營業費用為 930 萬美元，低於一年前的 1,220 萬美元。

On a non-GAAP basis, excluding $1.2 million of stock-based compensation, operating expenses were $8.1 million, again down compared to $8.8 million in the prior year quarter, demonstrating continued cost discipline without sacrificing revenue growth. GAAP net loss for the quarter was $7 million and improved compared to a net loss of $25 million in the year-ago quarter and also improved from a net loss of $21.9 million in the December 2025 quarter.

以非 GAAP 基礎計算，排除 120 萬美元的股票基礎薪酬後，營業費用為 810 萬美元，亦較去年同期的 880 萬美元下降，顯示在不犧牲營收成長的情況下持續維持成本紀律。本季 GAAP 淨損為 700 萬美元，較去年同期淨損 2,500 萬美元改善，亦較 2025 年 12 月季度淨損 2,190 萬美元改善。

Non-GAAP net loss for the quarter was $5.1 million, excluding stock. Base compensation of $1.9 million, an improvement compared to a non-GAAP net loss of $9 million in the year-ago quarter, and also an improvement from a non-GAAP net loss of $11.6 million in the December 2025 quarter.

本季非 GAAP 淨損為 510 萬美元，排除股票基礎薪酬 190 萬美元；相較去年同期非 GAAP 淨損 900 萬美元有所改善，亦較 2025 年 12 月季度非 GAAP 淨損 1,160 萬美元改善。

Adjusted EBITDA for the first quarter of 2026 improved to negative $3.6 million compared to negative $6.9 million in the first quarter of 2025 and also improved compared to negative $10 million in the December 2025 quarter.

2026 年第一季調整後 EBITDA 改善至負 360 萬美元，相較 2025 年第一季的負 690 萬美元改善，亦較 2025 年 12 月季度的負 1,000 萬美元改善。

As of March 31, 2026. We had a backlog of $30 million, slightly down compared to the $31 million at the end of December 2025 quarter, which was the largest quarterly bookings in company history and up from the $18 million backlog in the first quarter of 2025. Our backlog reflects strong demand across both defense and aerospace programs.

截至 2026 年 3 月 31 日，我們的在手訂單（backlog）為 3,000 萬美元，較 2025 年 12 月季度末的 3,100 萬美元略降；該季度為公司史上最高的單季接單金額，且較 2025 年第一季的 1,800 萬美元在手訂單增加。我們的在手訂單反映國防與航太專案的強勁需求。

Importantly, the composition of our backlog continues to show year-over-year growth in RPS, fueled by strong demand from both the aerospace and defense sectors.

重要的是，我們在手訂單的組成持續顯示 RPS 年對年成長，並由航太與國防兩大領域的強勁需求所帶動。

Moving on to the balance sheet, we had $16.6 million of cash and cash equivalents as of March 31, 2026. Down from $39 million at the end of 2025. We made significant progress on strengthening our balance sheet during the first quarter of 2026, with the completion of debt-to-equity conversions totaling $15 million, including $5 million converted at a premium to the company's share price on the date of conversion. And full repayment of the secured note.

接著看資產負債表，截至 2026 年 3 月 31 日，我們持有的現金及約當現金為 1,660 萬美元，低於 2025 年底的 3,900 萬美元。2026 年第一季我們在強化資產負債表方面取得重大進展，完成合計 1,500 萬美元的債轉股，其中包含 500 萬美元以高於公司於轉換日股價的溢價進行轉換，並全額償還擔保票據。

As a result, we reduced our outstanding debt by approximately 70% to approximately $9 million. Subsequent to quarter end and not reported on the March 31, 2026 balance sheet, on April 27, 2026. We further enhanced our financial position through a successful equity financing, raising approximately $50 million in gross proceeds through a firm commitment underwritten registered direct offering.

因此，我們將未償還債務降低約 70%，至約 900 萬美元。於季末之後、且未反映於 2026 年 3 月 31 日資產負債表者，我們於 2026 年 4 月 27 日透過成功的股權融資進一步強化財務狀況，透過包銷商以確定承諾（firm commitment）方式承銷的註冊直接發行（registered direct offering），募集約 5,000 萬美元的總募資額。

These actions collectively strengthen our liquidity and provide additional flexibility to support ongoing investments. In our people, operations and growth initiatives.

這些行動整體上強化了我們的流動性，並提供更多彈性，以支持對人才、營運與成長計畫的持續投資。

In summary, our strategy is gaining traction. Employee efforts are translating to positive operating and financial progress, and we delivered a strong first quarter, posting both revenue growth acceleration and gross margin expansion.

總結而言，我們的策略正逐步奏效。員工的努力正轉化為正向的營運與財務進展，我們也交出強勁的第一季成績，實現營收成長加速與毛利率擴張。

With that. I will turn the call back to a room. For a few remarks regarding our outlook for 2026. Thank you.

接下來，我將把電話會議交回 Arun，請他就我們 2026 年展望做幾點說明。謝謝。

Looking ahead, we continue to expect strong momentum through 2026. As we scale our operations and execute against growing demand across defense and commercial. Reflecting continued adoption of our rapid production solutions and expansion of our large format additive manufacturing capabilities across both existing and new programs.

展望未來，我們仍預期 2026 年將維持強勁動能。隨著我們擴大營運規模並因應國防與商業領域日益成長的需求，反映市場持續採用我們的快速量產解決方案，以及我們的大尺寸積層製造能力在既有與新專案中的擴展。

We continue to expect sequential improvement in gross margins, with margins projected to exceed 30% in the second-half of 2026. As production volumes increase and we realized further operational efficiencies, non-GAAP adjusted operating expenses are expected to remain disciplined in the range of $45 million to $55 million as we continue investing selectively to support strategic growth initiatives.

我們仍預期毛利率將逐季改善，並預估 2026 年下半年毛利率將超過 30%。隨著產量提升並實現進一步的營運效率，非 GAAP 調整後營業費用預期將維持紀律，落在 4,500 萬至 5,500 萬美元區間；同時我們將持續選擇性投資，以支持策略性成長計畫。

Capital expenditures are expected to remain in the range of $40 million to $50 million. Primarily focused on expanding production capacity, enhancing automation and supporting the scale of our manufacturing footprint.

資本支出預期將維持在 4,000 萬至 5,000 萬美元區間，主要用於擴充產能、提升自動化，以及支援我們製造據點規模的擴大。

Subject to the availability of sufficient funding, we continue to expect to achieve EBITDA profitability in the second-half of 2026.

在具備充足資金的前提下，我們仍預期於 2026 年下半年達成 EBITDA 獲利。

More broadly, we remain focused on executing the first phase of our long-term capacity expansion strategy. Which envisions a potential scale production network over the next decade to support approximately 400 production systems.

更廣泛而言，我們仍專注於執行長期產能擴張策略的第一階段。該策略設想在未來十年建立具備規模的量產網路，以支援約 400 套量產系統。

The investments we're making in 2026 across manufacturing infrastructure, supply chain optimization and workforce development are foundational to that plan, and we expect to provide periodic updates as we progress against key capacity milestones.

我們在 2026 年於製造基礎設施、供應鏈最佳化與人力發展方面的投資，是該計畫的基石；隨著我們在關鍵產能里程碑上持續推進，我們預期將定期提供更新。

(Operator Instructions)

（接線員指示）

Jason Schmidt, Lake Street Capital Markets.

Jason Schmidt，Lake Street Capital Markets。

Hey, guys. Thanks for taking my questions. Arun, just curious if you could update us on how you're thinking about the ramp of the fleet of printers this year to get to that goal of [40]? And any update on the expansion plans in California would be helpful.

嗨，各位。謝謝讓我提問。Arun，我想請教你能否更新一下，你們今年對印表機機隊擴張（ramp）的規劃，以達到 [40] 這個目標？另外，加州的擴建計畫若有更新也會很有幫助。

Thank you.

謝謝。

Yeah. Jason, thank you for your question. So you're talking about the fleet expansion of 400 in 10 years or I can divide that?

好的。Jason，謝謝你的問題。所以你指的是 10 年內擴張到 400 台的機隊，還是要我把它拆開來說？

Just the expansion this year and how we should think about the ramp of printers.

就今年的擴張，以及我們應該如何看待印表機的爬坡。

Currently, the facility has about 15 and we're building another 20 machines and we're buying back some of the machines. So that will be 40-plus machines at a full production level.

目前該設施大約有 15 台，我們正在再建造 20 台機器，並且回購部分機器。因此在滿載量產水準下，將會有 40 台以上的機器。

So sequentially, we are adding more printers every quarter, according to our model like we're ramping that more on the third quarter and fourth quarter and we will finish the bills of 20-plus machines this year, that will put us at 40-plus production machines generating revenue by end of the year.

因此按季度來看，我們會依照模型每一季增加更多印表機；我們在第三季與第四季會加快爬坡，並在今年完成 20 台以上機器的建置，這將使我們在年底前達到 40 台以上可量產、可創造營收的生產機台。

And the expansion plan, we're expanding in California. We finalized one of the sites and we will announce that pretty soon once the paper -- I mean, the formalities are done from lease aspect. But this expansion within California will host up to 100 machines in that facility that is Phase 1 of our production, which will be completed within two and a half years of.

至於擴建計畫，我們正在加州擴張。我們已敲定其中一個據點，一旦租賃相關文件——我是說，租約方面的正式程序——完成後，我們很快就會宣布。這個加州的擴建在第一階段將可容納最多 100 台機器，作為我們量產的第一期，預計在兩年半內完成。

Start up that new facility. The reason why we selected California is to reduce a lot of burden on our present teams and also to reduce the OpEx overall as we grow. Then we'll find out and then we'll find better options to expand in the future.

啟動那座新設施。我們之所以選擇加州，是為了大幅減輕現有團隊的負擔，同時在我們成長的過程中也能整體降低營運費用（OpEx）。接著我們會再評估，並在未來找到更好的擴張選項。

So I hope I answered all your questions.

所以我希望我已經回答了你所有的問題。

Yes, that's helpful. And then on the last call, you mentioned some momentum in munitions programs. Just given the consumable nature of those programs, they seem to be pretty sizable. How should we think about those programs impacting the P&L both this year and '27 and beyond?

是的，這很有幫助。另外在上一次電話會議中，你提到在彈藥計畫上有一些動能。考量到這些計畫具有耗材性質，看起來規模相當可觀。我們應該如何看待這些計畫對今年以及 2027 年及之後損益表（P&L）的影響？

So most of the contracts we announced, we are hoping to capture all that backlog within 12 months, that's the time period. We have a couple of full production orders this year, which has already been announced in March and January.

我們宣布的大多數合約，我們希望能在 12 個月內把所有積壓訂單（backlog）都消化掉，時間區間就是這樣。今年我們有幾筆已進入全面量產的訂單，已在 3 月與 1 月公告過。

So that's why the push for building more machines because the capacity is parallel to what we can produce and that increases the RPS revenue. So the speed of building machines dictates. How much revenue you can actually capture this year?

所以這也是為什麼要推動建置更多機台，因為產能與我們能生產的量是並行的，而這會提高 RPS 的營收。因此，機台建置的速度將決定你今年實際能夠認列多少營收。

Okay. That makes sense. And the last one for me, and I'll jump back into Q. What percentage of revenue was RPS in Q1?

好的，了解。那我最後一個問題，問完我就回到 Q。第一季（Q1）營收中，RPS 佔比是多少？

So it's about 25%. Perfect.

大約是 25%。完美。

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Hey, gentlemen. Congrats on the results here. Maybe just a couple of questions on the RPS. I mean, obviously, that's kind of a key story going forward. So how much of the backlog with the RPS business of the $30 million exiting Q1?

各位先生好。恭喜這次的成果。關於 RPS 我可能有幾個問題。顯然這是未來的一個關鍵主軸。那麼，第一季結束時 3,000 萬美元的積壓訂單中，有多少是 RPS 業務的？

So if you see if you just have the announcements, what we have won on the 11.1, that's purely RPS, 11.3, and then there is another development program, so you can say half of the backlog is RPS.

如果你看我們的公告內容，我們在 11.1 贏得的那筆是純 RPS，11.3 也是，另外還有一個開發計畫，所以你可以說大約一半的積壓訂單是 RPS。

So about $15 million, and I guess my question, Arun, like getting to the profitability goal in the second-half of the year is based on your ability to kind of deploy a lot of machines and. And drive that RPS revenues, but just thoughts on just capacity utilization as you turn these machines on.

所以大約 1,500 萬美元。那我想問的是，Arun，要在下半年達到獲利目標，是基於你能部署大量機台並帶動 RPS 營收；但你對於這些機台啟用後的產能利用率有什麼看法？

Do you have enough bookings right now through the end of the year to get to 40% to drive these 40% plus gross margins or just thoughts on utilization of the facility as you scale up?

你們目前到今年底的接單量是否足以讓產能利用率達到 40%，以推動 40% 以上的毛利率？或者對於你們在擴產過程中設施的利用率有什麼看法？

So we are building these machines parallel to what the demand is and all the 40 machines will be fully occupied by end of the year with the programs we have. That's why we are sequentially building and that is not enough. This is only first quarter.

我們是依照需求同步建置這些機台；到今年底，我們的 40 台機器會在現有計畫下全部滿載。這也是為什麼我們採取循序建置，但這仍然不夠。這才第一季而已。

There's more to come in the future. So we are preparing the capacity because we expected very minimal turnaround of these, but it's like 10x. What we need as a capacity now.

未來還會有更多。因此我們正在提前準備產能，因為我們原本預期周轉時間會非常短，但實際上需求是我們目前所需產能的 10 倍。

So basically, we're trying our best because it's not easy to just stand up everything overnight because it's manufacturing.

所以基本上，我們正在盡最大努力，因為這不是一夜之間就能把所有事情都搭建起來的，畢竟這是製造業。

There's a supply chain and everything is involved, but we're making really good progress. I'm super impressed by my teams, how they're progressing and how they're pushing the limits to get this done. So I would rely totally on capacity, I'm not worried at all about filling those because we have more than an effort to fill them.

牽涉到供應鏈等各個環節，但我們進展非常好。我對我的團隊非常佩服，他們的推進速度以及為了完成這件事所突破的極限。所以我完全依賴產能規劃，我一點也不擔心填滿這些產能，因為我們有超過足夠的需求來填滿它們。

And Jim, do you still stand by or endorse the goal of I think it's EBITDA profitability in the second-half of the year?

Jim，你是否仍然堅持或認同你們的目標——我記得是下半年達到 EBITDA 獲利？

Absolutely, I do, Troy, and the way to think about it, first of all, is the past month or so, I've been spending a lot of time with our customers and also operations and our customers keep asking us for more and what more we can do for them and how we can help out them more and more, so this is aligned with the customers and then operationally, we see some efficiencies to help out those margins and then Arun referred to the capacity site expansion that we're diligently working on too, so I absolutely stand behind that guidance.

當然，我認同，Troy。思考方式是這樣：首先，在過去一個月左右，我花了很多時間與客戶以及營運團隊在一起，而客戶一直在要求我們提供更多、我們還能為他們做什麼、以及我們如何能更多地協助他們，所以這與客戶需求是一致的。其次，在營運面，我們也看到一些效率提升可以幫助改善毛利；另外 Arun 也提到我們正勤勉推進的產能據點擴張。因此我完全支持這項指引。

Awesome. Hi, guys. Keep up the good work.

太棒了。各位辛苦了，請繼續保持好表現。

George Mariama, Pareto Ventures.

George Mariama，Pareto Ventures。

Good afternoon, Arun. I had a couple of questions. I was curious, what kind of efforts are being made to sort of ease and simplify the processes for third parties using [VLO] machines and production of scale.

下午好，Arun。我有幾個問題。我很好奇，為了讓第三方使用 <content> 中提到的 [VLO] 機台以及規模化生產時的流程更容易、更簡化，你們正在做哪些努力？

So, I mean, our field service and so we're basically going back to most of the platforms and services out there, I mean, our systems out there and just trying to see how we can fulfill our present demand with the capacity we have.

我的意思是，我們的現場服務團隊正在回到大多數平台與服務——也就是我們已部署的系統——並嘗試看看如何在現有產能下滿足目前的需求。

So that's been very receptive and we're supporting them on a financial model that actually works for both the customer and us.

因此反應非常正面，我們也在協助他們建立一個對客戶與我們雙方都可行的財務模型。

You're building a nice snowball with 70% of your orders are repeat orders now. I'm just kind of curious, so outside of defense government procurement areas, what other, like what are the top sources and what's the sales and marketing motions. To fill top of funnel outside of defense, the production orders.

你們正在形成一個很好的雪球效應，因為現在 70% 的訂單都是重複下單。我有點好奇，除了國防政府採購領域之外，還有哪些其他主要來源？以及你們的銷售與行銷打法是什麼，用來在國防以外把漏斗上端填滿、帶來量產訂單？

So apart from that, energy and semiconductor is another areas which we are really focused on, and we're moving ahead with some of the semiconductors. I mean, you can see the demand, you can correlate the demand with AI chip and data center manufacturing, how they're increasingly in demand of the chip manufacturing equipment providers.

除了那之外，能源與半導體是我們另一個非常聚焦的領域，我們也正在推進一些半導體相關的進展。你可以看到需求，並把需求與 AI 晶片與資料中心製造做關聯：晶片製造設備供應商的需求正在持續增加。

So that correlates to what Velo does in a future generation semiconductor market. So these two areas are so intensely getting things done compared to last year. And one other area you want to really focus on is energy.

這也與 Velo 在未來一代半導體市場能做的事情相呼應。相較去年，這兩個領域的推進強度都高很多。另外一個你應該真正關注的領域是能源。

Because all these requires energy and a way of supporting energy requirements for all the infrastructure we are building here on the data side and also the equipment side and different side. So this is actually a long duration tailwinds, I would say, which these kind of programs can run up to decades. So that's what I would look forward to on our tailwinds, what we're doing, and it's helping us quite tremendously.

因為這一切都需要能源，以及支援能源需求的方法，來支撐我們在資料端、設備端以及其他不同面向正在建置的各種基礎設施。我會說這其實是長期的順風，這類計畫可能會延續數十年。所以我會期待我們所做的事情所帶來的順風效應，而這也確實非常大幅地幫助了我們。

And with that, there are no further questions at this time. I would like to turn the floor back over to Arun Jeldi for closing remarks.

另外，目前沒有其他問題。我想把時間交回給 Arun Jeldi 做結語。

Thank you. Everyone for supporting Velo3D and being with us and joining this call.

謝謝大家支持 Velo3D，並與我們同在、參與這通電話會議。

This journey has not been easy in the last 16 months of what we have done. There's a lot more to go and I truly appreciate our investors, our suppliers, our employees and everybody who is involved in this journey and we look forward to keep growing this momentum for the rest of the year and decades to come. And thank you again, once again, and have a nice evening.

在過去 16 個月裡，我們所做的一切讓這段旅程並不容易。未來還有很多路要走，我由衷感謝我們的投資人、供應商、員工，以及所有參與這段旅程的人。我們期待在今年剩餘時間以及未來數十年持續擴大這股動能。再次謝謝大家，祝各位晚安。

Bye. Thank you. And with that, ladies and gentlemen, this does conclude today's teleconference.

再見。謝謝。各位女士先生，今天的電話會議到此結束。

Thank you for your participation. You may disconnect your lines at this time and have a wonderful rest of your evening.

感謝各位的參與。此時您可以掛斷電話，祝您今晚餘下時間愉快。