Velo3D Inc (VELO) 2026 Q2 法說會逐字稿

Greetings and welcome to the Velo3D Inc., second-quarter 2026 financial results. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Velo3D Inc. 2026 年第二季財務業績發布會。(接線員指示) 提醒各位，本次電話會議將被錄音。

It is now my pleasure to introduce your host, James Carbonara, Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人：投資人關係部的 James Carbonara。謝謝。您可以開始了。

Thank you, Operator. Good afternoon, everyone, and welcome to Velo3D's second-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. 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 Form 10-K, for a discussion of these risks.

謝謝，接線員。各位下午好，歡迎參加 Velo3D 2026 年第二季財報電話會議。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》所界定的前瞻性陳述。這些陳述存在風險與不確定性，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 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.

我們也將在本次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在今日新聞稿中找到；該新聞稿可於我們網站的投資人關係專區取得。本次電話會議結束後不久，也將提供重播。

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

接下來，我將把電話交給我們的執行長 Arun Jeldi。

Good afternoon, everyone, and thank you for joining Velo3D's second-quarter 2026 earnings call. The second quarter represents another important period of execution for Velo3D. As we continue to build on the strong momentum established at the beginning of the year, we are seeing continued expansion across our manufacturing capabilities, growing engagement from strategic customers, and increasing recognition of Velo3D as a critical partner supporting production-scale additive manufacturing across aerospace, defense, energy, and other industrial markets.

各位下午好，感謝各位參加 Velo3D 2026 年第二季財報電話會議。第二季對 Velo3D 而言是另一個重要的執行期。在我們持續延續年初建立的強勁動能之際，我們看到製造能力持續擴張、策略性客戶的參與度提升，以及市場對 Velo3D 作為關鍵合作夥伴的認可度提高，協助在航太、國防、能源及其他工業市場推動量產規模的積層製造。

Our financial performance during the quarter reflected this continuing momentum. Revenue increased 52.3% year over year to $20.7 million, driven by continued strength across our aerospace and defense end markets. As qualified programs increasingly transition into production deployments. We believe this performance reflects the continued execution of our strategy and the growing confidence customers are placing in Velo3D as a long-term manufacturing partner.

本季的財務表現反映了這股持續的動能。營收年增 52.3% 至 2,070 萬美元，主要受惠於航太與國防終端市場的持續強勁需求。隨著已完成資格認證的專案愈來愈多地轉入量產部署。我們認為，這樣的表現反映了我們策略的持續落實，以及客戶對 Velo3D 作為長期製造合作夥伴的信心日益提升。

From a profitability standpoint, we continue to demonstrate meaningful operational progress. The gross margin expanded to 21.5%, an increase of 33.2% compared to the prior-year period. This improvement reflects higher manufacturing utilization, improved production efficiencies, stronger operational discipline, and continued benefits from strategic initiatives we have implemented over the past year. It also reflects a refinement in the allocation of certain labor and overhead costs to align with operational activities, which Jim will cover in more detail.

從獲利能力角度來看，我們持續展現具意義的營運進展。毛利率擴大至 21.5%，較去年同期增加 33.2%。此改善反映了更高的製造稼動率、提升的生產效率、更強的營運紀律，以及我們在過去一年所推動之策略性措施帶來的持續效益。同時也反映了我們對部分人力與間接費用成本分攤方式的精進，以更貼近營運活動；Jim 將在後續更詳細說明。

Our balance sheet strengthened meaningfully during the quarter. We ended the quarter with $91.1 million in cash and cash equivalents, providing greater financial flexibility to execute our growth strategy and support ongoing operations, manufacturing expansion, and strategic investment.

本季我們的資產負債表顯著強化。季末我們持有 9,110 萬美元的現金及約當現金，為執行成長策略並支援持續營運、製造擴張與策略性投資提供更大的財務彈性。

One of the most significant milestones this quarter was the launch of our new Livermore Production Campus. This investment represents a transformational expansion of our manufacturing footprint and is expected to triple the company's manufacturing capacity once fully operational. The campus is expected to become operational later this year and will serve as Velo3D's primary production and manufacturing center.

本季最重要的里程碑之一，是我們全新的 Livermore 生產園區正式啟用。這項投資代表我們製造版圖的變革性擴張，待全面投產後，預期可使公司的製造產能提升至三倍。該園區預計將於今年稍晚開始運作，並將成為 Velo3D 的主要生產與製造中心。

Beyond expanding production capacity, the Livermore campus represents a critical step in Velo3D's evolution into a data-driven digital manufacturing company. Every production build we execute at our own facilities generates valuable manufacturing data that helps improve our software, process intelligence, and production capabilities. By centralizing manufacturing operations within a highly automated production environment, we expect to capture and leverage significantly more real-world manufacturing data to accelerate the development of our next-generation digital design and manufacturing software platform. We believe this creates a powerful competitive edge as our install base and production volumes continue to grow.

除了擴大產能之外，Livermore 園區也代表 Velo3D 朝向資料驅動的數位製造公司演進的關鍵一步。我們在自有設施執行的每一次量產建置，都會產生寶貴的製造數據，有助於改善我們的軟體、製程智慧與生產能力。透過在高度自動化的生產環境中集中製造作業，我們預期能擷取並運用更多真實世界的製造數據，以加速開發下一代數位設計與製造軟體平台。我們相信，隨著裝機基礎與產量持續成長，這將帶來強大的競爭優勢。

So does our proprietary manufacturing data set. That data enables us to further optimize print parameters, improve process predictability, accelerate customer qualification, and develop increasingly intelligent software powered by artificial intelligence and machine learning. Over time, we believe this flywheel strengthens every aspect of our platform, from design optimization and simulation to in-process monitoring and quality assurance.

我們的專有製造資料集亦是如此。這些數據使我們能進一步最佳化列印參數、提升製程可預測性、加速客戶資格認證，並開發由人工智慧與機器學習驅動、愈加智慧化的軟體。長期而言，我們相信這個飛輪效應將強化平台的各個面向，從設計最佳化與模擬，到製程中監控與品質保證。

Ultimately, our vision extends beyond manufacturing hardware. We are building the next generation of digital manufacturing, enabling customers to design and manufacture complex mission-critical parts anywhere, anytime, on demand, and without the design limitations of traditional manufacturing. We believe the Livermore Production Campus is a foundational step toward realizing that vision by transforming Velo3D into a software and data-powered manufacturing company capable of continuously improve the performance of every system deployed across our global manufacturing network.

最終，我們的願景不僅止於製造硬體。我們正在打造下一代數位製造，使客戶能在任何地點、任何時間、按需設計並製造複雜且任務關鍵的零件，且不受傳統製造的設計限制。我們相信，Livermore 生產園區是實現該願景的基礎性一步，透過將 Velo3D 轉型為由軟體與數據驅動的製造公司，能夠持續提升部署於全球製造網路中每一套系統的效能。

Our distributed manufacturing strategy also continued to gain momentum during the quarter through the expansion of our strategic partnership with Mears Machine Corporation. Mears ordered its fifth Velo3D Sapphire XC metal additive manufacturing system with options for two additional systems, further expanding manufacturing capacity, supporting aviation, defense, energy, and space applications. We believe this continued investment reflects the growing confidence our manufacturing partners have in Velo3D's technology and demonstrates how our distributed production model continues to scale alongside customer demand.

我們的分散式製造策略在本季也因與 Mears Machine Corporation 的策略合作夥伴關係擴大而持續增溫。Mears 訂購了其第五套 Velo3D Sapphire XC 金屬積層製造系統，並保留再增購兩套系統的選擇權，進一步擴充製造產能，以支援航空、國防、能源與太空等應用。我們相信，這項持續投資反映了製造合作夥伴對 Velo3D 技術日益增強的信心，也展現我們的分散式生產模式如何隨客戶需求持續擴大規模。

Expanding our network of qualified production partners enables us to provide greater manufacturing flexibility while strengthening domestic supply chain resilience across several strategically important industries. We also announced a strategic partnership with Aurelia Technologies focused on advancing the use of metal additive manufacturing within next-generation gas turbine systems. Through this collaboration, we expect to support customers pursuing greater design consolidation, faster product development cycles, enhanced supply chain resilience, and meaningful cost reduction initiatives. We believe partnerships like Aurelia demonstrate the expanding applicability of additive manufacturing beyond traditional aerospace applications and reinforce our ability to deliver differentiated manufacturing solutions across a broader range of industrial markets.

擴大合格量產合作夥伴網路，使我們能提供更高的製造彈性，同時強化多個具策略重要性產業的國內供應鏈韌性。我們也宣布與 Aurelia Technologies 建立策略合作夥伴關係，聚焦於推動金屬積層製造在下一代燃氣渦輪系統中的應用。透過此合作，我們預期可支援客戶追求更高的設計整合、更快的產品開發週期、更強的供應鏈韌性，以及具實質意義的成本降低計畫。我們相信，像 Aurelia 這樣的合作夥伴關係，展現積層製造在傳統航太應用之外的適用性持續擴大，並強化我們在更廣泛的工業市場中提供差異化製造解決方案的能力。

Beyond our operational execution, we also continue to strengthen Velo3D's presence within the public markets. During the quarter, we were added to both the Russell 3000 Index and the Russell Microcap Index, increasing our visibility among institutional investors and broadening market awareness of the company. We believe this inclusion represents another important milestone as Velo3D continues to mature as a public company and expand its shareholder base.

除了營運執行之外，我們也持續強化 Velo3D 在公開資本市場的能見度。本季我們被納入 Russell 3000 指數與 Russell Microcap 指數，提升了我們在機構投資人間的曝光度，並擴大市場對公司的認知。我們相信，這次納入是 Velo3D 持續成熟為上市公司並擴大股東基礎的另一項重要里程碑。

We also strengthened our corporate governance with the appointment of Lily Mei as an independent director to our Board of Directors. Lily brings extensive leadership experience across both the public and private sectors, including her tenure as Mayor of Fremont, California, one of the nation's leading centers for advanced manufacturing and technology innovation. We believe her experience in economic development, manufacturing ecosystems, and public-private collaboration will provide valuable strategic perspective as we continue executing our long-term growth strategy.

我們也透過任命 Lily Mei 擔任董事會獨立董事，強化公司治理。Lily 在公部門與私部門皆具備豐富的領導經驗，包括曾任加州佛利蒙市（Fremont）市長；該市是全美先進製造與科技創新的重要中心之一。我們相信，她在經濟發展、製造生態系以及公私協作方面的經驗，將在我們持續推動長期成長策略的過程中，提供寶貴的策略視角。

More broadly, customers across our pipeline continues to strengthen. We are seeing increasing interest from aerospace, defense, and industrial customers evaluating additive manufacturing for production-scale applications. Existing customers continue expanding into additional programs, while new opportunities increasingly involve larger, more strategic production deployments, we believe these trends reinforce our view that the industry continues transitioning from isolated qualification programs toward broader production adoption.

更廣泛而言，我們整體銷售管線中的客戶動能持續增強。我們看到來自航太、國防與工業客戶的興趣日益升高，這些客戶正評估將積層製造用於量產規模的應用。既有客戶持續擴展至更多專案，而新的機會也愈來愈多涉及更大規模、策略性更高的量產部署；我們認為，這些趨勢強化了我們的觀點：產業正持續從零散的資格認證專案，轉向更廣泛的量產採用。

The macro environment also remains highly supportive of our long-term strategy. Governments and commercial manufacturers continue prioritizing domestic production capabilities, supply chain resilience, manufacturing agility, and advanced technology capable of reducing lead times while improving performance. We believe Velo3D remains well-positioned to benefit from these long-term secular trends.

宏觀環境同樣持續高度支持我們的長期策略。各國政府與商業製造商持續優先推動國內生產能力、供應鏈韌性、製造敏捷性，以及能在縮短交期的同時提升效能的先進技術。我們相信，Velo3D 仍具備良好定位，可受惠於這些長期的結構性趨勢。

As we bring the Livermore Production Campus online later this year and continue executing against our strategic initiatives, we believe Velo3D is entering an important new phase of growth. Our expanded manufacturing capacity, improved liquidity, growing strategic partnerships, and increasing customer adoption provide a solid foundation for continued execution and long-term value creation.

隨著我們在今年稍晚讓利佛摩生產園區（Livermore Production Campus）正式上線，並持續推進各項策略性計畫，我們相信 Velo3D 正進入一個重要的新成長階段。我們擴增的製造產能、改善的流動性、日益成長的策略合作夥伴關係，以及客戶採用度的提升，為持續執行與長期價值創造奠定了穩固基礎。

Overall, the second quarter represented another meaningful step forward in Velo3D's evolution. We believe the investments we are making today, including our expanded manufacturing infrastructure, strategic partnerships, and continued operational execution, position the company to support the next generation of production-scale additive manufacturing across critical industries.

整體而言，第二季代表 Velo3D 演進過程中又向前邁出重要一步。我們相信，我們今天所進行的投資，包括擴增的製造基礎設施、策略合作夥伴關係，以及持續的營運執行力，將使公司具備支援關鍵產業下一代量產規模積層製造的能力。

While we recognize there remains significant work ahead, we are encouraged by the momentum we continue to see across our business. Our focus remains unchanged: execute with discipline, scale efficiently, strengthen customer partnerships, and continue investing in the capabilities that we believe will drive sustainable long-term growth, expanding profitability, and long-term shareholder value creation.

雖然我們認知到前方仍有大量工作要完成，但我們對於業務各面向持續展現的動能感到鼓舞。我們的重點維持不變：以紀律執行、有效率地擴張規模、強化客戶夥伴關係，並持續投資於我們相信將驅動可持續的長期成長、擴大利潤率，以及創造長期股東價值的能力。

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，我把電話交給我們的財務長 Jim Suva，請他更詳細說明我們的財務表現。

Thanks, Arun, and good afternoon, everyone. I am pleased to announce that second-quarter results were even stronger than the first-quarter results. We continue to see solid execution across the business, which drove an acceleration in our financial results, both quarter over quarter and year over year. We delivered robust revenue growth, continued improvement in our gross margins, grew our backlog, further strengthened our balance sheet, and secured an expansion site that is expected to triple our manufacturing capacity. This comes at a time when we are experiencing continued demand from our customers, which gives us great confidence in the direction of our business.

謝謝你，Arun，各位下午好。我很高興宣布，第二季的結果甚至比第一季更強勁。我們持續看到全公司穩健的執行力，推動我們的財務成果加速成長，無論是季對季或年對年。我們實現強勁的營收成長、毛利率持續改善、在手訂單增加、資產負債表進一步強化，並取得一處預期可使我們製造產能提升至三倍的擴建基地。在我們持續感受到客戶需求的此刻，這些成果讓我們對業務發展方向充滿信心。

With that, let me walk you through the financial results for the quarter. Second-quarter 2026 revenue was $20.7 million, up 52.3% compared to $13.6 million in the year-ago quarter. The increase was driven primarily by an increase in the average selling price and an increase in RPS revenue. Second-quarter 2026 revenue also grew sequentially, up 50% from $13.8 million in the first quarter 2026. Gross margin for the second quarter was 21.5% compared to negative 11.7% in the year-ago quarter and 17.2% in the first quarter of 2026.

接下來，我帶各位回顧本季的財務結果。2026 年第二季營收為 2,070 萬美元，較去年同期的 1,360 萬美元成長 52.3%。成長主要來自平均銷售價格上升，以及 RPS 營收增加。2026 年第二季營收亦呈現連續成長，較 2026 年第一季的 1,380 萬美元增加 50%。第二季毛利率為 21.5%，相較去年同期為負 11.7%，以及 2026 年第一季的 17.2%。

The gross margin increase reflected higher average selling prices, a more favorable product mix, and refinement in the allocation of certain labor and overhead costs from cost of revenue to operating expenses to align with current operational activities.

毛利率的提升反映了更高的平均銷售價格、更有利的產品組合，以及為配合目前營運活動而將部分人力與間接費用成本，從營收成本重新分配至營業費用的調整與精進。

We are not only pleased with the gross margin improvement in the second quarter, but we also expect gross margin to improve as RPS scales, new Sapphire XC systems are built to order, and positive leverage from top-line revenue growth. Operating expenses for the second quarter were $15.5 million, up from $10.0 million a year ago. On a non-GAAP basis, excluding $2.4 million of stock-based compensation, operating expenses were $13.1 million, up compared to $8.8 million in the prior-year quarter. The increase reflects a return to hiring to support our strong revenue growth and backlog, as well as the refinement of certain labor and overhead costs described a moment ago. GAAP net loss for the second quarter was $11.5 million, an improvement of $1.8 million compared to the net loss of $13.3 million in the year-ago quarter.

我們不僅對第二季毛利率改善感到滿意，也預期隨著 RPS 規模擴大、新的 Sapphire XC 系統採接單生產，以及營收成長帶來的正向營運槓桿，毛利率將進一步提升。第二季營業費用為 1,550 萬美元，高於去年同期的 1,000 萬美元。以非 GAAP 基礎計算，排除 240 萬美元的股票基礎薪酬後，營業費用為 1,310 萬美元，較去年同期的 880 萬美元增加。增加主要反映我們恢復招募以支援強勁的營收成長與在手訂單，以及剛才提到的部分人力與間接費用成本的重新分配調整。第二季 GAAP 淨損為 1,150 萬美元，較去年同期淨損 1,330 萬美元改善 180 萬美元。

Non-GAAP net loss for the second quarter was $9.0 million, excluding stock-based compensation of $2.5 million and certain other items, an improvement compared to a non-GAAP loss -- non-GAAP net loss of $11.4 million in the year-ago quarter. Adjusted EBITDA for the second quarter of 2026 improved to negative $8.1 million compared to negative $8.9 million in the second quarter of 2025.

第二季非 GAAP 淨損為 900 萬美元，排除 250 萬美元的股票基礎薪酬及其他特定項目後，較去年同期非 GAAP 淨損 1,140 萬美元有所改善。2026 年第二季調整後 EBITDA 改善至負 810 萬美元，相較 2025 年第二季為負 890 萬美元。

As of June 30, 2026, we had a backlog of $31 million, up from the $16 million backlog at the end of the second quarter of 2025. Our backlog reflects strong demand across our customer end markets. Importantly, the composition of our backlog continues to show year-over-year growth in RPS fueled by strong demand from our customer base.

截至 2026 年 6 月 30 日，我們在手訂單（backlog）為 3,100 萬美元，高於 2025 年第二季末的 1,600 萬美元。我們的在手訂單反映了客戶終端市場的強勁需求。重要的是，在手訂單的組成持續顯示 RPS 年對年成長，主要由我們客戶群的強勁需求所帶動。

Moving on to the balance sheet, we had $91.1 million of cash and cash equivalents as of June 30, 2026, up from $39 million at the end of 2025. We made significant progress on strengthening our balance sheet during the first half of 2026. In April, we completed an underwritten registered direct offering raising approximately $50 million in gross proceeds. And during the second quarter, we raised $59.4 million in gross proceeds under our at-the-market offering program. We also completed debt-to-equity conversions of $18.5 million, and as a result, we reduced our outstanding debt by more than 70% to $8.2 million as of quarter end.

接著看資產負債表，截至 2026 年 6 月 30 日，我們的現金及約當現金為 9,110 萬美元，高於 2025 年底的 3,900 萬美元。我們在 2026 年上半年於強化資產負債表方面取得顯著進展。4 月，我們完成一項由承銷商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。此外，在第二季，我們透過 ATM（at-the-market）發行計畫募集 5,940 萬美元的總募資額。我們也完成 1,850 萬美元的債轉股，因而將期末未償債務降低逾 70%，至 820 萬美元。

These actions collectively strengthen our liquidity and provide additional flexibility to support ongoing investments in our people, operations, and growth initiatives. Overall, the second quarter was marked by continued execution across the business and an acceleration from the first quarter driven by strong revenue growth, expanded margins, and a stronger balance sheet, all positioning the company to continue executing on our strategic priorities.

這些措施整體上強化了我們的流動性，並提供更多彈性，以支持我們在人才、營運與成長計畫上的持續投資。整體而言，第二季的特點是全公司持續落實執行，並在第一季基礎上加速前進；強勁的營收成長、擴大的利潤率，以及更強健的資產負債表，共同使公司得以持續推進我們的策略重點。

The opening of our Livermore, California expansion site, which is expected to triple our manufacturing capacity, is well-timed to enable us to capture the accelerated demand we are experiencing and move us to the next chapter in the history at Velo3D. The customer support for this expansion has been overwhelmingly positive, and we are working to get permitting and production ramped up as fast as possible.

我們在加州利佛摩的擴建基地正式啟用，預期可使製造產能提升至三倍；此時機恰到好處，能讓我們掌握目前所見的加速需求，並帶領 Velo3D 進入公司歷史的新篇章。客戶對於此次擴建的支持極為正面，我們正努力以最快速度完成許可申請並提升產能爬坡。

With that, I'll turn the call back over to Arun.

那麼，我把電話交回給 Arun。

Thank you, Jim. Looking ahead, we are increasing our 2026 revenue guidance to $65 million to $75 million, from $60 million to $70 million, reflecting continued adoption of rapid production solutions and expansion of our large-format additive manufacturing capabilities across both existing and new programs. 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 realize further operational efficiencies.

謝謝你，Jim。展望未來，我們將 2026 年營收指引自 6,000 萬至 7,000 萬美元上調至 6,500 萬至 7,500 萬美元，反映快速生產解決方案持續被採用，以及我們在既有與新專案上擴展大型積層製造能力。我們仍預期毛利率將逐季改善，隨著產量提升並進一步實現營運效率，預計 2026 年下半年毛利率將超過 30%。

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. Capital expenditures are expected to remain in the range of $40 million to $50 million, primarily for RPS expansion, subject to availability of sufficient financing. We continue to expect to achieve positive EBITDA in the second half of 2026.

非 GAAP 調整後營業費用預期將維持審慎控管，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。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 RPS 擴張，並視是否能取得充足融資而定。我們仍預期在 2026 年下半年達成 EBITDA 轉正。

Operator, we can open the call to questions.

接線員，我們可以開放提問。

(Operator Instructions)

(接線員指示)

Jaeson Schmidt, Lake Street.

Jaeson Schmidt，Lake Street。

Yeah. Thanks for taking my questions. Just curious if you could disclose how much RPS revenue was in Q2, and then relatedly, just given the strength you saw in Q2, how are you thinking about RPS as a percentage of revenue exiting this year?

是的。謝謝讓我提問。想請教你們是否能揭露第二季 RPS 營收是多少？另外，考量你們在第二季看到的強勁表現，你們如何看待今年年底 RPS 佔營收的比重？

So the revenues in RPS has grown double digits from the last year. As I mentioned in the past like the RPS full growth takes about three years, and exiting this year, we're doubling that percentage from last year, which will be about 25% to 30%.

RPS 的營收較去年同期呈現雙位數成長。如我過去提到，RPS 的完整成長週期大約需要三年；而在今年年底，我們會把去年的占比翻倍，大約會到 25% 到 30%。

Got you. And then just as a follow-up, I think previously the goal was to have 40 printers by year-end. Just curious with this new facility, how you're thinking about the overall fleet exiting this year?

了解。再追問一下，我記得先前的目標是年底達到 40 台印表機。想請教在這座新廠之下，你們如何看待今年年底整體機隊規模？

So we're building about 20 to 25 machines. I mean, 20 are brand-new machines and five or six we're buying back from the field. So about 25 machine capacity. We already have 15 machine capacity built in Fremont. So with the new improvements, there's a 9 to 10 bay, which we're going to keep it here, and the next 10 will be deploying to Livermore. So that will give you a 40-machine capacity by end of the year. But the actual capacity ramp-up starts in 2027.

我們正在打造大約 20 到 25 台機器。其中 20 台是全新機器，另外 5 或 6 台是從外部現場買回來的。所以大約是 25 台的機器產能。我們在 Fremont 已經建置了 15 台的產能。隨著新的改善，這裡會保留 9 到 10 個機位，接下來的 10 台會部署到 Livermore。因此到年底你會看到 40 台的產能。但實際的產能爬坡會從 2027 年開始。

Okay. Perfect. Thanks a lot, guys.

好的。太好了。非常感謝，各位。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Just starting with the kind of more of a broad, high-level discussion on kind of demand. I mean, as it relates to your bookings, what are you seeing from your customer base as it relates to your current customers versus potential new customers? And then, from like a high-level standpoint, I'd just love to kind of get more color on what you're seeing across various end markets, because it clearly seems like demand for metal additive technology is really accelerating right now.

先從較宏觀、高層次的需求討論開始。就你們的訂單（bookings）而言，你們從客戶群看到的情況如何——現有客戶相較於潛在新客戶各是什麼狀況？另外，從更高層次的角度，我也想更了解你們在各終端市場看到的趨勢，因為金屬積層製造技術的需求顯然正在加速。

Yeah. I mean, there are several bottlenecks, Greg, in general in aerospace and the fields we are serving, like space, defense and energy markets are booming. So if you see, there are a lot of new visions and new companies are popping up every day, and the defense market with the stockpile and the recent international conflicts has raised a lot of concerns on the manufacturing and the stockpile bring back in manufacturing.

是的。Greg，一般來說，在航太以及我們服務的領域存在幾個瓶頸；像太空、國防與能源市場都在蓬勃發展。所以你會看到每天都有很多新的願景與新公司冒出來；而國防市場方面，因為庫存儲備以及近期的國際衝突，讓製造與庫存儲備回流製造（bring back in manufacturing）引發了許多關切。

So that is creating quite a bit of demand, and energy markets in general with the data centers and other AI boom. We need a lot of electricity. So that is creating a market for specific turbines and both fusion, fusion and other ways of clean energy.

因此這帶來相當多的需求；而能源市場方面，整體上因資料中心與其他 AI 熱潮，我們需要大量電力。我們需要很多電力。所以這也為特定渦輪機，以及核融合（fusion）、核融合與其他潔淨能源方式創造了市場。

And in the space, obviously, there's a lot of space race and multiple space companies now is really pushing the limits to speed up their production rates. So we're running out of space and we're trying to catch up with the demand we have. So it's, as I mentioned last year, we have already seen this, right? So I mentioned it. We absolutely need 100 machines as of today to actually run all the programs on the demand we have.

至於太空領域，顯然有一波太空競賽，現在有多家太空公司正把極限推得更高，以加快其生產速度。所以我們的空間已經不夠用，正努力追上我們所面對的需求。所以，正如我去年提到的，我們其實已經看到這個趨勢，對吧？所以我有提過。以目前的需求來看，我們絕對需要 100 台機器，才能真正跑完所有專案。

But we're lagging behind on the production of more machines, and we're trying to keep up and pushing the limits to get as soon as possible. So by next year, we'll have half of that capacity, and the following year, we'll have half of the capacity beyond 2027.

但我們在生產更多機器方面落後了，我們正努力跟上並把極限推到最高，盡快把機器做出來。所以到明年，我們會有其中一半的產能；再下一年，我們會在 2027 年之後再增加一半的產能。

By mid-2028, we're focusing to get all the 100 machines up. And those will be sold before we can actually build. So that's how much demand we are ramping up.

我們的目標是在 2028 年年中把 100 台機器全部到位。而這些機器在我們真正造出來之前就會先被賣掉。這就是我們正在加速爬坡的需求量。

And I guess as it relates to that, your confidence level in being able to build that rate, I mean significantly higher than what you have been doing this year or last. So maybe you can just give us some sense on what it relates to supply chain or labor, or anything else that's on your mind?

那就此而言，你們對於能以那樣的速度建置產能的信心如何？畢竟那會比你們今年或去年所做的速度高出很多。所以也許你可以談談供應鏈、人力，或任何你在意的其他因素？

I mean, every company goes through supply chain problems. It's not that is more worry for me. My thing is, it's now the demand is higher than what anybody can create today. So my biggest problem is like getting the people at the skill level growth and then getting alignment with single point failures and creating the double layers of things.

我的意思是，每家公司都會遇到供應鏈問題。那並不是我最擔心的。我在意的是，現在的需求高到超過任何人今天能創造的供給。所以我最大的問題是：如何招募並培養具備相應技能水準的人才成長，然後在單點失效（single point failures）上取得一致，並建立雙層備援。

That work we have been doing from last 1.5 years, as I mentioned. The last 1.5 years for Velo is just purely the stability of the company, okay? And now we are beyond that point. Now it's a growth phase. And the growth phase represents the higher margins, operational efficiencies that you can do with the funds available to the company.

正如我提到的，這項工作我們過去 1.5 年一直在做。過去 1.5 年對 Velo 來說，純粹是在建立公司的穩定性，好嗎？而現在我們已經超過那個階段。現在是成長階段。成長階段代表你可以在公司可用資金的支持下，做到更高的毛利率與營運效率。

And the financial struggles in the last year didn't help us to really do what we want. And this year we have the stability to create that ecosystem we always envisioned for, and it's ramping up faster. And as my vision is coming to fruition, you can always see like what we told we're doing it in sequential form. And it's inevitable that if our adversaries have a 10 million square foot already existent, and you don't even have a 250,000 square foot of additive in the country, it's quite evident that we absolutely need the capacity to bring back all the programs and all the production and the prototype models right now is moving on to the productions at a bigger scale.

而去年財務上的掙扎，確實不利於我們真正去做我們想做的事。今年我們有了穩定性，得以打造我們一直以來所構想的生態系，而且正在更快地擴張。隨著我的願景逐步實現，你也可以看到我們所說的正在按部就班地落實。而且這是不可避免的：如果我們的對手已經有 1,000 萬平方英尺的既有設施，而你在這個國家甚至連 25 萬平方英尺的積層製造產能都沒有，那就很明顯，我們絕對需要產能把所有專案、生產與原型模型帶回來；而這些原型現在正轉向更大規模的量產。

And we need actually 300 or 400 machines as of -- in the next one or two years. But we can only build 100. And metal additive is so hard. It's not that -- especially when you have specific requirements in space and defense and the precision.

而且我們實際上在未來一到兩年內需要300或400台機器。但我們只能製造100台。而金屬增材製造非常困難。這不是說——尤其當你在航太與國防領域有特定需求，以及對精度的要求時。

Velo is beating everybody to on the tech side to prove that point, and we have been doing this for almost seven years on the printing side. And still that, I still feel like there's a lot more to go. So there's an absolute need on that.

Velo在技術面上領先所有人，證明了這一點，而我們在列印端已經做了將近七年。即便如此，我仍然覺得還有很長的路要走。所以這方面確實有絕對的需求。

Yeah. Okay. And then two quick housekeeping. If I can, I think you said Livermore operational this year. Will it start to produce revenue-generating parts later this year or early next?

是的。好。接著兩個簡短的例行問題。如果可以的話，我想你說過Livermore今年會投入營運。它會在今年稍晚或明年初開始生產能帶來營收的零件嗎？

So we're pushing to get that done by fourth quarter because it's absolutely necessary. Fremont is fully occupied. And we thought of first quarter, but it's inevitable that we have to get by fourth quarter. So we're pushing those boundaries to get that operational and put those machines running to produce parts and also build machines there.

所以我們正努力在第四季前把它完成，因為這絕對必要。Fremont已經滿載。我們原本想的是第一季，但不可避免的是我們必須在第四季前完成。所以我們正在突破界限，讓它投入營運，讓那些機器運轉來生產零件，也在那裡組裝機器。

Yep. Okay. And then one for Jim. I think you said there was a reclassification of costs from COGS to OpEx. Can you quantify what that was in the quarter, and is there expected to be an additional amount here going forward?

了解。好。接著一題給Jim。我想你提到有把成本從COGS重新分類到OpEx。你能量化一下本季是多少嗎？以及未來是否預期還會有額外的金額？

Sure, Greg. Thank you for the question. First of all, it's actually not like an error or not a restatement. But as we look forward and with Livermore opening and aligned with what Arun talked about the opening of Livermore, it's an alignment in job duties. So it's really kind of apples and oranges and not really applicable or anything that actually requires us to quantify.

當然可以，Greg。謝謝你的問題。首先，這其實不像是錯誤，也不是重編。但當我們往前看，隨著Livermore開張，並且與Arun談到的Livermore啟用相一致，這是工作職責上的調整對齊。所以這其實有點像拿蘋果比橘子，不太適用，也沒有什麼需要我們去量化的。

So it's kind of really a not relevant item to quantify. And so there's really no numbers behind it because again, it's an alignment in job duties as we look forward with Livermore opening.

所以這基本上不是一個需要量化的相關項目。因此背後也沒有什麼數字，因為如前所述，這是因應Livermore啟用、面向未來的工作職責對齊。

Okay. Fair enough. All right. Thanks for all the color.

好。可以理解。好吧。謝謝你提供這麼多細節。

Thank you, Greg.

謝謝你，Greg。

Austin Bohlig, Needham & Company.

Austin Bohlig，Needham & Company。

Hey, guys. Thanks for taking my question and congrats on the great results. I wanted to just more maybe dive a little bit into the end market and maybe specifically what you guys are seeing in traditional defense, understanding you guys have some pretty good exposure to the munitions market, missiles, unmanned systems. Those are areas that are inflecting as we speak. Just kind of curious on what you guys saw in the quarter in those verticals and how we should be thinking about demand throughout the year.

嗨，各位。謝謝讓我提問，也恭喜你們有很好的成果。我想更深入一點談談終端市場，特別是你們在傳統國防領域看到的情況；我了解你們在彈藥市場、飛彈、無人系統方面有相當不錯的曝險。這些領域目前正出現拐點。我想請教你們本季在這些垂直領域看到了什麼，以及我們應該如何看待全年需求。

So the demand is driven by, as I mentioned before, there is an absolute need for a push on unmanned vehicles and also munitions programs and other engine programs that are ramping up because every drone you create, every unmanned vehicle you create requires engines, and you can imagine the scale of how fast it has to go to produce thousands and thousands of them. So that's a different story, but in the space itself, the ramp-up is heavy on both on the data centers and others, the AI models, and also space rocket engines.

如我先前提到，需求的驅動因素是：無人載具以及彈藥計畫等，還有其他正在加速的引擎計畫，都迫切需要推進；因為你每製造一架無人機、每打造一台無人載具都需要引擎，你可以想像要生產成千上萬台，其規模需要多快地提升。這是一個不同的故事；但在太空領域本身，擴產也很強勁，包含資料中心與其他領域、AI模型，以及太空火箭引擎。

So multiple existing customers who have proven their prototype level is now going to production level at a high scale. And energy markets, to run all this energy markets, electricity is the key, like so producing some clean energy on various turbines and design changes have led to a greater demand on production. So anything we talk on space, defense, or energy markets in general, if you do a prototype like two years and then they'll go to production and then they ramp up, it's a three to five-year program run.

因此，多個既有客戶已經在原型階段驗證完成，現在正以高規模進入量產階段。而能源市場方面，為了支撐這一切，電力是關鍵；例如在各式渦輪機上的潔淨能源生產，以及設計變更，都帶來了更高的量產需求。所以不論我們談的是太空、國防或能源市場，一般來說，你做兩年左右的原型，接著進入量產並開始爬坡，整個計畫通常是三到五年的週期。

So that's how we started these programs like last year, going to the prototype at the scale and now at the production at the scale. And as I mentioned, that's how the demand is ramping up and ramping up, and you can't create machines overnight. So the demand is superseding the existing capacity, and we need to catch up. So there's absolutely need for our capacity increase.

所以我們是從去年開始啟動這些計畫，在規模化的原型階段，現在進入規模化的量產階段。如我所說，需求就是這樣一路爬升、持續爬升，而機器不可能一夜之間就造出來。因此需求已經超過現有產能，我們需要追趕上來。所以我們絕對需要提升產能。

Okay. And then as we think about the Livermore facility, could you maybe give some color on, like, how many systems you guys are planning to have operational maybe at the end of this year and as you think about Q1 of next year?

好。那在思考Livermore廠的部分，你能否提供一些細節，例如你們計畫在今年底前會有多少套系統投入運作，以及展望明年第一季時的情況？

Specifically to Livermore, like 25 capacity in Fremont and 10 to 15 by end of the year and another 40 machines by end of '27 is what we are looking. So that will bring a total capacity up to 75 to 80 machines. That's the total manufactured and build machines. So by mid-'28, we should see about half of that capacity standing in Livermore.

就Livermore而言，Fremont有25台的產能；到今年底我們預計會有10到15台，並且到2027年底再增加40台，是我們目前的規劃。因此總產能將提升到75到80台機器。這是總製造與組裝機器的產能。所以到2028年年中，我們應該會看到其中大約一半的產能落在Livermore。

Okay. And then lastly, might be one more for Jim. Just thinking about like the revenue cadence sequentially as we make our way in the back half of the year, should we be expecting kind of down sequentially in Q3 and then end of the year ramping up?

好。最後一題，可能再問Jim。在我們進入今年下半年、思考營收的季度節奏時，我們是否應該預期第三季會季減，然後年底再爬升？

No, it's a sequential ramp-up. So quarter after quarter, what we projected is -- because it's a capacity game. So increasing the capacity should increase all the numbers. And the spend to -- basically, if the revenue ramps up, your gross profitability increases, and that reduces the operational cost eventually.

不會，是逐季爬升。所以一季接一季，我們的預測是——因為這是一個產能的問題。因此提升產能應該會帶動所有數字上升。而支出方面——基本上，如果營收爬升，你的毛利能力會提高，最終也會降低營運成本。

But the initial CapEx, what we talked, and also some operational to increase the production requires some additional hires. So that will increase some operational costs, but it should -- we're trying to very strategically balance the revenues and operational costs, not to exceed. And we are guided to be EBITDA positive this year. So that should tell you a story.

但一開始的資本支出（CapEx），以及我們提到的一些為了提升產量的營運投入，會需要額外增聘人力。因此營運成本會增加一些，但我們會——我們正非常策略性地平衡營收與營運成本，不讓其超出。而我們的指引是今年要達到EBITDA轉正。所以這應該能說明整體方向。

Okay. Well, thank you guys and keep up the good results.

好。謝謝各位，請繼續保持這樣的好成果。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Kieran McCabe, Cantor Fitzgerald.

Kieran McCabe，Cantor Fitzgerald。

Thank you for taking my question. It's Kieran McCabe on for Troy Jensen. I think most of my questions have been answered, but I did have one on labor.

謝謝讓我提問。我是 Kieran McCabe，代替 Troy Jensen 提問。我想我大多數的問題都已經得到回答，但我還有一個關於勞動力的問題。

You mentioned labor and the new facility being located in California to help with labor there. Can you kind of maybe give us some color on the labor markets and the ability to fill positions and things like that for your company?

你提到勞動力，以及新設施設在加州有助於那邊的用工。你能否大概跟我們分享一下勞動市場的情況、職缺填補能力等，對你們公司而言是怎麼樣？

So we are actually feeling pretty good. I mean, we hired about 16 new hires this year in a matter of seven months. So, the labor market is pretty aggressive. And then the amount of training and skill, what we are in-housely giving them, actually pushing us to get those people.

所以我們其實感覺相當不錯。我的意思是，我們今年在七個月內大約招了 16 位新進員工。所以，勞動市場競爭相當激烈。另外，我們在內部提供的訓練與技能培養，也確實促使我們去把這些人招進來。

And one of the things we have changed is not only that, it's like we're getting really experienced people to scale these operations, and that's helping us to actually grow faster. So, we do not see -- foresee that -- and the amount of -- the kind of labor we are hiring is not the top level. We are actually hiring more on the technician level because it required -- I mean, three machines run is done by one technician.

而且我們改變的一點不只如此；我們也在招募非常有經驗的人才來擴大這些營運規模，這也幫助我們更快成長。所以，我們不認為——也不預期——而且我們招募的這類勞動力並不是最高階層。我們其實更多是在技術員層級招募，因為需要——我的意思是，三台機器的運轉由一位技術員就能完成。

So we're not planning to hire hundreds and hundreds of them in future, but we are also by '27, '28, the idea is to automate so the existing pool can actually run a whole Livermore facility. So we are preparing the ground today on the workforce and eventually to automate to balance that workforce not to have too much operational cost.

所以我們未來不打算招募成百上千的人，但我們也在規劃到 '27、'28 年時，目標是自動化，讓現有的人力池就能實際運作整個 Livermore 廠。因此我們今天就在為人力基礎做準備，並最終透過自動化來平衡這個人力配置，避免營運成本過高。

Right. And my second question kind of leads off to that. You brought up automation, but also in your prepared remarks, you talked about the data and using large language models and AI. Is really that kind of drive, is that more to really drive a lot of efficiencies and quality assurance and things in-house? Is there any way that it can also help with not really that you have a demand issue right now, but really would help with adoption of advanced manufacturing as well?

了解。那我的第二個問題也延伸自此。你提到自動化，但在你準備好的發言中，你也談到資料，以及使用大型語言模型和 AI。這樣的推動，主要是為了在內部提升效率、品質保證等嗎？它是否也能在某種程度上幫助先進製造的採用（並不是說你們現在有需求問題），而是促進採用？

Yes. So it's not the data just to drive the operational efficiency in-house. For the data, what we are talking is to create a product on a next-level software. The software will right now, like, you take the CAD or CAM or something you design and simulate, and then you move to the production and all that. And you have to do several prototype iterations to actually fix it.

是的。所以這些資料不只是用來推動內部的營運效率。我們談的資料，是要在更高一層的軟體上打造一個產品。目前的軟體流程大概是：你拿 CAD 或 CAM 或某種設計與模擬，然後再移到生產等等。而你必須做好幾輪原型迭代才能把它修正到位。

But if you have the real-time data, which we are lacking in manufacturing in general today, because most of these manufacturing capabilities are siloed, and there is no data to pull in all of the efficiencies. So if someone is manufacturing something, they have the data to internally increase the efficiencies and solve it. But externally, there is no universal data to actually support the various changes during the process of material build or the parts buildup and also material studies as they actually melt and do the manufacturing.

但如果你有即時資料——而這正是當今製造業普遍缺乏的，因為多數製造能力是各自為政、彼此孤立的，沒有資料能把所有效率整合起來。所以如果有人在製造某個東西，他們有資料可以在內部提升效率並解決問題。但在外部，並沒有通用的資料能在材料成形或零件堆疊的過程中支援各種變更，也無法支援材料研究，例如材料在熔融並進行製造時的各種行為。

And also eventually to monitoring and other digital factors will create a software that actually can help you to actually literally change while you build, and also you can -- don't have to do too many prototyping that reduces the time, and you can go to production faster. So these laws need to be applicable to most of the manufacturing in future, so we're building that in-house by creating these data sets and having a hardware pull that data while you are on the floor is the most essential part, just like anybody done in the previous times, and that increases another product level of revenue for Velo. And that's what we're creating, not just manufacturing of parts.

此外，最終透過監測與其他數位因素，我們會打造一套軟體，能在你建造的同時，實際上幫助你即時調整；而且你也可以——不必做太多原型，從而縮短時間，並更快進入量產。所以這些法則需要能適用於未來大多數的製造業；我們正在內部建構它，方法是建立這些資料集，並用硬體在你於產線現場作業時把資料拉取出來——這是最關鍵的一部分，就像過去任何人所做的一樣——而這也會為 Velo 帶來另一個產品層級的營收。這就是我們正在打造的，不只是零件製造而已。

Great. Thank you for taking my question.

很好。謝謝讓我提問。

Thank you. We have reached the end of the question-and-answer session, I would like to turn the floor back over to CEO, Arun Jeldi for closing remarks.

謝謝。我們已到問答環節的尾聲，我想把時間交回給執行長 Arun Jeldi 作結語。

Thank you very much for all the support from my investors, employees, and well-wishers of Velo3D. It's been an 18 month of really hard journey. And turning around a company is not easy. We have faced a lot of ups and downs, and I think we're in a position to thrive now, and this is a year of scaling.

非常感謝各位投資人、員工以及所有支持 Velo3D 的朋友。這是一段長達 18 個月、非常艱辛的旅程。而扭轉一家公司的局面並不容易。我們經歷了許多起起落落，我認為我們現在已經處在能夠茁壯成長的位置，而今年是擴張規模的一年。

And from here onwards, what we have mentioned from last 18 months have been proven. And now we're showing the real value where Velo is the next generation of digital manufacturing.

從現在開始，我們在過去 18 個月所提到的事情都已經被證明。而現在我們正在展現真正的價值：Velo 是下一代的數位製造。

As we grow, there will be a lot of people throwing stones on us, but we are not worried about those. We are focused purely on the signal and want to achieve what we promise for the future digital manufacturing. And this is a pure intention to bring back that manufacturing to our shores and give a lead from our adversaries how we actually make things in the future. And this effort will be fulfilled with the dedicated team at Velo.

隨著我們成長，會有很多人對我們丟石頭，但我們不擔心那些。我們只專注於真正的訊號，並希望達成我們對未來數位製造所承諾的目標。而這是一個純粹的初衷：把製造帶回我們的國土，並在我們未來如何製造方面，領先我們的對手。而這項努力將在 Velo 專注投入的團隊之下得以完成。

And I want to thank you again for taking this call and answering and asking these questions. I think I appreciate each one's effort, and thank you, and have a good evening.

也再次感謝各位參與這通電話會議，並回答與提出這些問題。我很感謝每一位的付出，謝謝各位，祝各位晚安。

Thank you, and this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝，今天的電話會議到此結束，您現在可以掛斷電話線。感謝各位的參與。