Xometry Inc (XMTR) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Xometry Q1 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Xometry 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Shawn Milne, VP of IR.

現在，我想將會議交給今天的第一位發言人，IR 副總裁 Shawn Milne。

Good morning, and thank you for joining us on Xometry's Q1 2025 earnings call. Joining me are Randy Altschuler, our Chief Executive Officer; Sanjeev Sahni, our President; and James Miln, our Chief Financial Officer.

早安，感謝您參加 Xometry 2025 年第一季財報電話會議。與我一起出席的還有我們的執行長 Randy Altschuler、我們的總裁 Sanjeev Sahni 和我們的財務長 James Miln。

During today's call, we will review our financial results for the first quarter 2025 and discuss our guidance for the second quarter and full year 2025. During today's call, we will make forward-looking statements including statements related to the expected performance of our business, future financial results, strategy, long-term growth and overall future prospects. Such statements may be identified by terms such as believe, expect, intend, and may.

在今天的電話會議上，我們將回顧 2025 年第一季的財務業績，並討論 2025 年第二季和全年的指導。在今天的電話會議中，我們將做出前瞻性陳述，包括與我們業務預期表現、未來財務表現、策略、長期成長和整體未來前景相關的陳述。此類陳述可以用諸如相信、期望、打算和可能等術語來識別。

These statements are subject to risks and uncertainties which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed before the market opened today and in our filings with the US Securities and Exchange Commission, including our Form 10-Q for the quarter ended March 31, 2025. We caution you not to place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

這些聲明受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的資訊可在我們今天開市前發布的收益新聞稿以及我們向美國證券交易委員會提交的文件中找到，其中包括截至 2025 年 3 月 31 日的季度的 10-Q 表。我們提醒您不要過度依賴前瞻性陳述，並且我們不承擔因新資訊、未來事件或我們預期的變更而更新任何前瞻性陳述的責任或義務。

We'd also like to point out that on today's call, we will report GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operating decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute or superior to measures of financial performance prepared in accordance with US GAAP.

我們還想指出，在今天的電話會議上，我們將報告 GAAP 和非 GAAP 結果。我們在內部使用這些非公認會計準則財務指標來做出財務和營運決策，並將其作為評估期間比較的一種手段。非公認會計準則財務指標是依照美國公認會計準則所編製的財務績效指標的補充，而非替代或優於這些指標。

To see the reconciliation of these non-GAAP measures, please refer to our earnings press release distributed today and our investor presentation, both of which are available on the Investors section of our website at investors.xometry.com. A replay of today's call will also be posted on our website.

如需查看這些非公認會計準則 (Non-GAAP) 指標的對帳情況，請參閱我們今天發布的收益新聞稿和投資者簡報，這兩份文件均可在我們網站 investors.xometry.com 的「投資者」板塊找到。今天的電話會議回放也將發佈在我們的網站上。

With that, I'd like to turn the call over to Randy.

說完這些，我想把電話轉給蘭迪。

Thanks, Shawn. Good morning, everyone, and thank you for joining our Q1 2025 earnings call. In Q1, revenue increased 23% year over year to a record $151 million, a 700-basis-point acceleration from 16% year-over-year revenue growth in Q4 2024.

謝謝，肖恩。大家早安，感謝您參加我們的 2025 年第一季財報電話會議。第一季度，營收年增 23%，達到創紀錄的 1.51 億美元，比 2024 年第四季 16% 的年成長率高出 700 個基點。

Marketplace growth accelerated to 27%, driven by continued enterprise adoption. We delivered better-than-expected operating leverage, generating positive adjusted EBITDA alongside investments to accelerate our global sourcing strategy. In Q2, demand continues to be robust, consistent with our forecast of higher revenue growth in 2025 versus 2024.

在企業持續採用的推動下，市場成長加速至 27%。我們實現了好於預期的經營槓桿，產生了正的調整後 EBITDA，同時進行了投資以加速我們的全球採購策略。第二季度，需求持續強勁，這與我們對 2025 年營收成長高於 2024 年的預測一致。

The current volatile and complex international trade and supply chain environment further validates our marketplace model. In addition, there is renewed recognition of the importance of maintaining strong domestic manufacturing bases, which is consistent with our approach of building 18 localized marketplaces in the United States, Europe, and Asia.

當前動盪而複雜的國際貿易和供應鏈環境進一步驗證了我們的市場模式。此外，人們重新認識到保持強大的國內製造業基礎的重要性，這與我們在美國、歐洲和亞洲建立 18 個在地化市場的方法是一致的。

Xometry provides buyers real-time access to unprecedented manufacturing capacity, whether here or abroad. Likewise, we're enabling our manufacturing partners to grow their businesses by tapping into that demand. We work directly with more than 71,000 buyers and over 4,375 manufacturers across the world, giving us real-time data and insights into changing trends such as domestic reshoring and shifts in preferred geographies. For our US customers, the vast majority of their demand was already fulfilled by our US manufacturing network.

Xometry 為買家提供前所未有的製造能力的即時訪問，無論是在國內還是國外。同樣，我們也利用這項需求幫助我們的製造合作夥伴拓展業務。我們與全球超過 71,000 名買家和超過 4,375 家製造商直接合作，為我們提供即時數據和洞察，了解國內回流和首選地區轉變等變化趨勢。對於我們的美國客戶來說，他們的絕大多數需求已經由我們的美國製造網絡滿足。

In Q2, we're seeing an incremental shift in our mix to domestic sourcing. Between our domestic network and our industrial sourcing platform, Thomas, we're well positioned to support the push for more US manufacturing. Low-cost offshore manufacturing does remain an important lever for some of our customers, and we're working with them to identify alternative geographies and solutions to help manage their supply chain costs.

在第二季度，我們看到我們的產品組合逐漸轉向國內採購。透過我們的國內網路和工業採購平台 Thomas，我們完全有能力支持推動更多美國製造業的發展。低成本離岸製造對我們的一些客戶來說仍然是一個重要槓桿，我們正在與他們合作，尋找替代的地理位置和解決方案，以幫助管理他們的供應鏈成本。

Xometry has navigated this kind of situation before. During COVID, not only did global supply chains get severed, local ones were upended as individual US states had different policies around business closures. With our marketplace versus an asset-based approach, we can respond to our customers' needs in real time. We continue to invest in the technology and network, which today spans 51 countries across 4 continents that meets customers' needs.

Xometry 以前也遇過這種情況。在新冠疫情期間，不僅全球供應鏈被切斷，而且由於美國各州對企業關閉的政策不同，當地供應鏈也被顛覆。透過我們的市場而非基於資產的方法，我們可以即時回應客戶的需求。我們持續投資於科技和網絡，如今已覆蓋四大洲 51 個國家，滿足客戶的需求。

In addition, here's what we're focused on in Q2 to further address the situation. First, utilizing our AI-driven marketplace to dynamically optimize sourcing strategies and help mitigate cost increases by identifying competitive pricing across our global supplier network. Our pricing algorithms account for changes in tariffs, consistent with how we manage changes in shipping costs.

此外，以下是我們在第二季將重點關注的事項，以進一步解決此問題。首先，利用我們的人工智慧驅動的市場來動態優化採購策略，並透過確定我們全球供應商網路中的競爭性價格來幫助降低成本增加。我們的定價演算法考慮了關稅的變化，與我們管理運輸成本變化的方式一致。

Two, working with our enterprise customers to secure ample domestic supply and, when requested, provide alternative offshore solutions to meet their specific needs, continuing a strategy that we initiated in Q1, which has proven to be an even more advantageous decision post the Liberation Day tariffs. And then three, delivering coordinated advertising and communication campaigns across Xometry and Thomas, underscoring thought leadership and education for our customers and manufacturing partners.

二是與我們的企業客戶合作，確保充足的國內供應，並在需要時提供替代的離岸解決方案，以滿足他們的特定需求，延續我們在第一季度啟動的戰略，事實證明，這是解放日關稅之後更有利的決定。第三，在 Xometry 和 Thomas 之間進行協調的廣告和溝通活動，強調對我們的客戶和製造合作夥伴的思想領導和教育。

Alongside our global sourcing efforts, we continue to invest in technology to become the digital rails in this massively fragmented and largely off-line custom manufacturing market. In Q1, we launched Instant Quoting for Injection Molding in the EU, UK, and Turkey as we further expand our marketplace platform and aim to be the one-stop shop for our customers; improved our highly successful Teamspace software with enhanced collaboration for enterprise customers. Main improvements in our Workcenter supplier software, including the launch of a new partner success score algorithm.

在我們進行全球採購的同時，我們也繼續投資技術，以成為這個高度分散且大部分離線客製化製造市場的數位化軌道。在第一季度，我們在歐盟、英國和土耳其推出了注塑成型即時報價服務，進一步擴大了我們的市場平台，致力於成為客戶的一站式商店；改進了我們非常成功的 Teamspace 軟體，增強了企業客戶的協作。我們的工作中心供應商軟體的主要改進，包括推出新的合作夥伴成功評分演算法。

On Thomasnet, started testing a new search experience for buyers in April using natural language algorithms to infer intent and offer improved search results. In the next couple of months, we will complement the enhanced search with a new ad server technology platform that increases the inventory of advertising we can sell on Thomasnet.

在 Thomasnet 上，從 4 月開始為買家測試一種新的搜尋體驗，使用自然語言演算法推斷意圖並提供改進的搜尋結果。在接下來的幾個月裡，我們將透過新的廣告伺服器技術平台來補充增強搜索，以增加我們可以在 Thomasnet 上銷售的廣告庫存。

Since I co-founded Xometry in 2013, we've had durable growth in multiple macro environments, including a US manufacturing contraction for the past two years. In 2025, we expect revenue growth to be faster than 2024. We remain confident in our long-term secular growth outlook given, first, the shift to digital sourcing and custom manufacturing is happening irrespective of the macro. Our growth demonstrates that we are a beneficiary of that trend and driving market share gains.

自 2013 年我與他人共同創立 Xometry 以來，我們在多種宏觀環境中實現了持久成長，包括過去兩年美國製造業的萎縮。我們預計 2025 年的營收成長將比 2024 年更快。我們對我們的長期成長前景仍然充滿信心，因為首先，無論宏觀環境如何，向數位採購和客製化製造的轉變都在發生。我們的成長表明我們是這一趨勢的受益者，並推動了市場份額的成長。

Two, the custom manufacturing market is extremely large. Even if that overall market were to shrink, our share is still so small that we can continue to have robust growth rates for many years to come. And then three, because we're a leading two-sided marketplace and a marketplace powered by AI, our efficacy and competitive moat continues to increase as we grow our networks of buyers and suppliers and gain more data to continuously train our algorithms. Each quarter of growth and improvements in our technology helps to incrementally power the quarters that follow.

二是客製化製造市場規模龐大。即使整體市場萎縮，我們的份額仍然很小，因此我們在未來許多年內仍能保持強勁的成長率。第三，由於我們是領先的雙邊市場和由人工智慧驅動的市場，隨著我們擴大買家和供應商網路並獲得更多數據來不斷訓練我們的演算法，我們的效率和競爭力不斷提高。我們技術每季的成長和改進都有助於為接下來的幾季提供持續的動力。

We have a clear strategic path forward. For buyers, it's an unrelenting quest to provide a compelling triad of price, selection and speed, backed by our expanding supplier network and AI-powered sourcing optimization. Our asset-light extensible technology platform and global scope can enable us to do just that.

我們有明確的前進戰略道路。對於買家來說，我們不斷追求的是一個引人注目的價格、選擇和速度的三角組合，並以我們不斷擴大的供應商網路和人工智慧驅動的採購優化為後盾。我們的輕資產可擴展技術平台和全球範圍可以讓我們做到這一點。

Adding additional features and capabilities as part of Teamspace will further deepen our enterprise relationships in particular. For suppliers, it's enabling them to effectively access buyer demand and provide them with the software, marketing tools, and financial products through Workcenter to grow their businesses.

作為 Teamspace 的一部分添加額外的功能和能力將進一步加深我們的企業關係。對於供應商來說，它使他們能夠有效地了解買家的需求，並透過工作中心為他們提供軟體、行銷工具和金融產品，以發展他們的業務。

We expect for 2025 to be a year of accelerated growth and increasing adjusted EBITDA profitability. Thanks to my amazing, talented and hardworking colleagues and our ever-increasing networks of buyers and suppliers, we continue to build an important and exciting AI-enabled marketplace in one of the world's largest and most critical sectors of the economy.

我們預計 2025 年將是加速成長和調整後 EBITDA 獲利能力提升的一年。感謝我那些出色、才華橫溢、勤奮工作的同事，以及我們不斷擴大的買家和供應商網絡，我們將繼續在全球最大、最關鍵的經濟領域之一中建立一個重要且令人興奮的人工智慧市場。

I'll now turn the call over to James for a more detailed review of Q1 and our business outlook.

現在我將把電話轉給詹姆斯，讓他更詳細地回顧第一季和我們的業務前景。

Thanks, Randy, and good morning, everyone. Q1 was a strong quarter for Xometry, delivering accelerated revenue growth and strong operating leverage as our marketplace responds to customers' needs in real time. Xometry is becoming their digital rails in this massively fragmented and largely off-line custom manufacturing market.

謝謝，蘭迪，大家早安。第一季對 Xometry 來說是一個強勁的季度，由於我們的市場即時回應客戶的需求，實現了加速的營收成長和強大的營運槓桿。Xometry 正在成為他們在這個高度分散且大部分離線的客製化製造市場中的數位軌道。

Q1 revenue increased 23% year over year to $151 million, driven by strong marketplace growth. Q1 marketplace revenue was $136 million and supplier services revenue was $14.6 million. Q1 marketplace revenue increased 27% year over year, a 700 basis points acceleration from 20% in Q4, driven by strong execution and growth with larger accounts as we continue to capture significant market share.

受市場強勁成長的推動，第一季營收年增 23%，達到 1.51 億美元。Q1 市場收入為 1.36 億美元，供應商服務收入為 1,460 萬美元。第一季市場營收年增 27%，比第四季的 20% 成長了 700 個基點，這得益於強勁的執行力和更大帳戶的成長，因為我們繼續佔據重要的市場份額。

Q1 active buyers increased 22% year over year to 71,454 with a net addition of 3,187 active buyers. Q1 marketplace revenue per active buyer increased 4% year over year due to strong enterprise growth in the US. In Q1 2025, the US marketplace revenue growth accelerated to nearly 30% year over year, the strongest since Q4 2023.

Q1活躍買家年增22%至71,454人，淨增加3,187人。由於美國企業強勁成長，第一季每位活躍買家的市場營收年增 4%。2025 年第一季度，美國市場營收成長加速至年比近 30%，為 2023 年第四季以來最強的增幅。

International revenue increased 20% year over year compared with 69% growth in Q1 of 2024. We expect strong international growth in 2025 and continue to expand our marketplace platforms, including the recent launch of instant quote for injection molding in Europe.

國際營收年增 20%，而 2024 年第一季的成長率為 69%。我們預計 2025 年國際業務將實現強勁成長，並將繼續擴大我們的市場平台，包括最近在歐洲推出的注塑即時報價。

In Q1, the number of accounts with last 12-month spend of at least $50,000 on our platform increased 12% year over year to 1,545, an increase of 50 from Q4 2024. We view accounts with at least $50,000 spend as the top of the enterprise funnel. We expect to continue to grow this base of accounts over time.

在第一季度，過去 12 個月在我們的平台上消費至少 50,000 美元的帳戶數量同比增長 12%，達到 1,545 個，比 2024 年第四季度增加了 50 個。我們將支出至少 5 萬美元的帳戶視為企業漏斗的頂端。我們期望隨著時間的推移繼續擴大這個帳戶基礎。

Enterprise investments continue to show returns with strong revenue growth in Q1 for marketplace accounts with last 12-month spend of at least $500,000. Our enterprise strategy focuses on our largest accounts, which we believe each have $10 million plus in potential annual account revenue.

企業投資持續呈現回報，第一季市場帳戶收入成長強勁，過去 12 個月的支出至少為 50 萬美元。我們的企業策略專注於我們最大的客戶，我們相信每個客戶的潛在年度客戶收入都有 1000 萬美元以上。

Supplier services revenues declined 6% year over year in Q1 due to macro-related softness in Thomas advertising and the wind down of noncore services. Supplier services revenue increased 4% quarter over quarter, driven primarily by our financial services products as we help our suppliers with their cash flow needs. We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection, and digital marketing solutions.

由於托馬斯廣告的宏觀相關疲軟以及非核心服務的減少，第一季供應商服務收入較去年同期下降 6%。供應商服務收入較上季成長 4%，主要得益於我們幫助供應商滿足其現金流需求的金融服務產品。我們專注於提高平台的參與度和貨幣化，該平台在工業採購、供應商選擇和數位行銷解決方案方面仍然處於領先地位。

In Q1, we made progress on enhancing the experience for both buyers and suppliers. And as Randy mentioned, we are testing new search on Thomas in Q2 and expect to deploy the new ad server in the coming months.

在第一季度，我們在提升買家和供應商的體驗方面取得了進展。正如 Randy 所提到的，我們正在第二季度對 Thomas 進行新搜尋測試，並預計在未來幾個月內部署新的廣告伺服器。

Q1 gross profit was $56.3 million, an increase of 18% year over year with gross margin of 37.3%. Q1 gross margin for marketplace was 31.8%, down 20 basis points year over year due to the investments to accelerate our global sourcing strategy, which we discussed on our Q4 2024 earnings call and a mix shift to US marketplace revenue.

第一季毛利為 5,630 萬美元，年增 18%，毛利率為 37.3%。第一季市場毛利率為 31.8%，年減 20 個基點，原因是我們為加速全球採購策略而進行的投資（我們在 2024 年第四季財報電話會議上討論過該策略）以及向美國市場收入的組合轉變。

Q1 marketplace gross profit dollars increased 26% year over year, approximately in line with revenue growth. We are focused on driving marketplace gross profit dollar growth through the combination of top-line growth and gross margin expansion. Q1 gross margin for supplier services remained strong at 89.1%, driven by our increasing focus on the higher gross margin Thomas advertising and marketing services.

第一季市場毛利年增 26%，與營收成長大致持平。我們專注於透過收入成長和毛利率擴張的結合來推動市場毛利的成長。供應商服務第一季的毛利率保持強勁，達到 89.1%，這得益於我們越來越關注毛利率更高的 Thomas 廣告和行銷服務。

Moving on to Q1 operating costs. Q1 non-GAAP operating expenses increased 2% year over year to $56.4 million, well below revenue growth. We are applying strong discipline and rigor to our capital and resource allocation across teams.

繼續討論第一季的營運成本。第一季非公認會計準則營運費用年增 2% 至 5,640 萬美元，遠低於營收成長。我們對跨團隊的資本和資源分配實行嚴格的紀律和嚴謹態度。

In Q1, sales and marketing expense was down 500 basis points year over year to 15.3%, underscoring improving enterprise sales execution and disciplined advertising spend. Marketplace advertising spend was 4.5% of marketplace revenue, which is down 280 basis points year over year as we balance growth and profitability. We are pleased with organic and viral growth of buyers in enterprise and Teamspace adoption.

第一季度，銷售和行銷費用年減 500 個基點至 15.3%，凸顯了企業銷售執行力的提高和廣告支出的規範。市場廣告支出佔市場收入的 4.5%，由於我們平衡成長和獲利能力，較去年同期下降 280 個基點。我們對企業和 Teamspace 採用的買家的有機成長和病毒式成長感到高興。

Q1 adjusted EBITDA was $0.1 million compared with a loss of $7.4 million in Q1 2024. Q1 adjusted EBITDA improved $7.5 million year over year, driven by growth in revenue, gross profit, and operating efficiencies. In Q1, we delivered an incremental adjusted EBITDA margin of 27%, higher than our long-term target of at least 20%.

第一季調整後的 EBITDA 為 10 萬美元，而 2024 年第一季的虧損為 740 萬美元。第一季調整後的 EBITDA 年成長 750 萬美元，主要得益於營收、毛利和營運效率的成長。在第一季度，我們實現了 27% 的增量調整後 EBITDA 利潤率，高於至少 20% 的長期目標。

Q1 adjusted EBITDA excludes $1.5 million related to a restructuring charge. In March 2025, we initiated a restructuring action to help improve efficiency and align resources by reducing our workforce by approximately 5%. We are reinvesting these savings primarily into technology to drive further automation and scale.

第一季調整後的 EBITDA 不包括與重組費用相關的 150 萬美元。2025 年 3 月，我們啟動了一項重組行動，透過減少約 5% 的員工來幫助提高效率和協調資源。我們將把這些節省下來的資金主要重新投資於技術，以推動進一步的自動化和規模化。

In Q1, US segment adjusted EBITDA was $3 million or 2.4% of revenue, an $8.5 million improvement year over year, driven by expanding gross profit and strong operating expense leverage, particularly in sales and marketing. International segment adjusted EBITDA loss was $2.9 million in Q1 2025 compared to a loss of $2 million in Q1 2024 due to our continuing investments to drive further scale in EMEA and APAC.

第一季度，美國分部調整後的 EBITDA 為 300 萬美元，佔營收的 2.4%，年增 850 萬美元，這得益於毛利的擴大和強勁的營運費用槓桿，尤其是在銷售和行銷方面。由於我們持續投資以進一步擴大 EMEA 和 APAC 的規模，國際部門調整後的 EBITDA 虧損在 2025 年第一季為 290 萬美元，而 2024 年第一季的虧損為 200 萬美元。

At the end of the first quarter, cash and cash equivalents and marketable securities were $231 million, decreasing approximately $8 million from Q4 2024. The decrease in cash was driven by CapEx, primarily software related of $5.5 million and our annual bonus payouts. We are focused on improving working capital efficiency and cash flow conversion given our asset-light model and limited capital spending.

第一季末，現金、現金等價物和有價證券為 2.31 億美元，較 2024 年第四季減少約 800 萬美元。現金減少是由於資本支出，主要是與軟體相關的 550 萬美元以及我們的年度獎金支出。鑑於我們的輕資產模式和有限的資本支出，我們專注於提高營運資本效率和現金流轉換。

Q1 demonstrates the ability of our AI-powered marketplace to deliver strong revenue, gross profit growth and operating leverage as we remain disciplined in our execution even as we continue to invest in our growth initiatives. As we scale towards $1 billion of revenue, we expect continued 20% plus incremental adjusted EBITDA leverage on an annual basis. Given our large market opportunity and low penetration rates, we will continue to balance investing in the future with driving operating leverage.

第一季證明了我們的人工智慧市場能夠實現強勁的收入、毛利成長和經營槓桿，因為我們在繼續投資於成長計畫的同時，仍然嚴格執行。隨著我們的收入向 10 億美元邁進，我們預計每年的調整後 EBITDA 槓桿率將繼續保持在 20% 以上。鑑於我們巨大的市場機會和較低的滲透率，我們將繼續平衡未來投資和推動營運槓桿。

Now moving on to guidance. For the second quarter, we expect revenue in the range of $155 million to $157 million or 17% to 18% growth year over year. We expect Q2 marketplace growth to be approximately 20% to 22% year over year.

現在開始指導。對於第二季度，我們預計營收將在 1.55 億美元至 1.57 億美元之間，或年增 17% 至 18%。我們預計第二季市場成長率將比去年同期高出約 20% 至 22%。

As Randy mentioned, trends remain strong in Q2, even as we are mindful of the uncertain macro environment. We have adjusted our pricing to reflect changing tariffs and our AI cost algorithms update regularly to reflect changes in our supplier network. We expect Q2 supplier services revenue to decrease approximately 5% to 7% year over year.

正如蘭迪所提到的，儘管我們注意到宏觀環境的不確定性，但第二季的趨勢仍然強勁。我們已調整定價以反映不斷變化的關稅，並且我們的 AI 成本演算法會定期更新以反映供應商網路的變化。我們預計第二季供應商服務收入將年減約 5% 至 7%。

We expect Q2 marketplace gross margin to improve significantly quarter over quarter to roughly the same range as Q2 of 2024 and continue to expect full-year marketplace gross margin to increase year over year.

我們預計第二季市場毛利率將環比大幅提高，大致與 2024 年第二季持平，並繼續預計全年市場毛利率將同比增長。

In Q2, we expect adjusted EBITDA of $1 million to $2 million compared to a loss of $2.6 million in Q2 2024. In Q2, we expect stock-based compensation expenses, including related payroll taxes to be approximately $9 million or approximately 6% of revenue.

我們預計第二季調整後的 EBITDA 為 100 萬至 200 萬美元，而 2024 年第二季的虧損為 260 萬美元。在第二季度，我們預計股票薪資支出（包括相關薪資稅）約為 900 萬美元，約佔收入的 6%。

For the full year 2025, we are raising our marketplace growth outlook from our previous guidance of at least 20% to at least 22% growth, driven by our growth initiatives in our large fragmented market even as we remain mindful of the macro environment.

對於 2025 年全年，我們將市場成長預期從先前預測的至少 20% 提高到至少 22%，儘管我們仍然關注宏觀環境，但這得益於我們在龐大分散的市場中實施的成長計劃。

We continue to expect overall growth in 2025 to exceed 2024 growth. We expect supplier services to be down approximately 5% year over year. Lastly, we expect to be adjusted EBITDA positive for the full year 2025 and expect incremental adjusted EBITDA margins of approximately 20% on a full-year basis for 2025.

我們仍然預計 2025 年的整體成長將超過 2024 年的成長。我們預計供應商服務將年減約 5%。最後，我們預計 2025 年全年調整後 EBITDA 將為正值，並預計 2025 年全年調整後 EBITDA 利潤率增量約為 20%。

I want to close by thanking our dedicated Xometry team members around the world. Their commitment to our buyers and suppliers is instrumental to our continued growth and core to our mission of digitizing manufacturing.

最後，我要感謝我們遍佈全球的敬業的 Xometry 團隊成員。他們對我們的買家和供應商的承諾對於我們的持續成長至關重要，也是我們數位化製造使命的核心。

With that, operator, can you please open up the call for questions?

接線生，您能打開電話詢問嗎？

(Operator Instructions) Brian Drab, William Blair.

（操作員指示）Brian Drab，William Blair。

Hi, good morning, thanks for taking my questions. I just wanted to start by asking if you could make any comments regarding what you've seen over the last five weeks. So since the April 2 tariff announcements, are you seeing new customers coming to Xometry and/or existing customers lean on you more? Just any comments on customer behavior given the disruption?

嗨，早上好，感謝您回答我的問題。我首先想問一下，您是否可以針對過去五週所見所聞發表一些評論。那麼，自 4 月 2 日關稅公告發布以來，您是否看到新客戶加入 Xometry 和/或現有客戶更加依賴您？鑑於這種中斷，您對客戶行為有何評論？

Yeah, good morning, Brian. So as we said in our prepared remarks, we're definitely seeing robust growth in demand here in the second quarter. And we are seeing an increase -- we've talked about an increased slight mix shift to more people sourcing domestically. And we're seeing our enterprise customers, in particular, reaching out to us to discuss their sourcing strategies, whether that's pivoting to more domestic or looking at alternative geographies.

是的，早上好，布萊恩。正如我們在準備好的發言中所說，我們確實看到第二季需求強勁成長。而且我們看到了成長——我們已經談到了略微增加的混合轉變，更多的人選擇在國內採購。我們看到，尤其是我們的企業客戶，正在與我們聯繫，討論他們的採購策略，無論是轉向國內市場還是尋找其他地區。

Okay. And regarding incremental EBITDA margin, this might be splitting hairs a little bit, but I think that -- I mean, I know the longer-term guidance is for 20% plus incremental EBITDA margin. It looks like you're below that maybe just a little bit in terms of what you're implying with the second quarter guidance. Is that right? Is there anything we should be thinking about with respect to that?

好的。關於增量 EBITDA 利潤率，這可能有點吹毛求疵，但我認為——我的意思是，我知道長期指導是 20% 以上的增量 EBITDA 利潤率。就第二季指引所暗示的內容而言，看起來可能略低於這個數字。是嗎？關於這一點，我們該思考什麼嗎？

Yeah. Thanks, Brian. It's James. That's correct. I think the midpoint would be a little under. I think we look at the first half, though, with the strong performance in Q1, it would be in the low 20s there as we're looking at that performance for the first half. And as you know and as we've talked about, that's really -- we're managing this on an annual basis. We're making the right balance of growth and profitability as we look at our growth initiatives. And so we feel really good about the progress we've made here in Q1, the 27% incremental margins there, and we'll still be in the low 20s as we look at the full first half.

是的。謝謝，布萊恩。是詹姆斯。沒錯。我認為中間點會稍微低一點。我認為，我們看一下上半年，由於第一季的強勁表現，所以當我們看上半年的表現時，這個數字將在 20 出頭。如您所知，正如我們所討論的，我們確實是按年度管理這個問題。在審視我們的成長計劃時，我們正在實現成長和獲利之間的正確平衡。因此，我們對第一季的進展感到非常滿意，利潤率增加了 27%，而放眼整個上半年，利潤率仍將在 20% 出頭。

So low 20s incremental is the expectation for the -- I guess, James, what's the expectation for the full year for incremental?

因此，預計增量將在 20 秒以下——詹姆斯，您預計全年增量是多少？

Yeah, it's still the 20% level for the full year.

是的，全年還是20%的水平。

Yeah, got it. Okay, I'll follow up more later. Thanks very much.

是的，明白了。好的，我稍後會跟進更多。非常感謝。

Thank you, Brian.

謝謝你，布萊恩。

Nick (inaudible)

缺口（聽不清楚）

Hey, good morning, guys. It's Tim on for Nick. Just first, wondering if you could talk a little bit about the improvement that you've been seeing in supplier services. Is that more just a function of increased advertising? Or what's kind of driving the full-year improvement in the outlook?

嘿，大家早安。提姆代替尼克上場。首先，您是否可以談談供應商服務的進步？這是否只是增加廣告的功能？或者說，是什麼因素推動了全年前景的改善？

Tim, it's James. I'll kick that off and then hand it over to Randy in terms of some of the key initiatives. As I talked about on the call, really pleased with the performance in Q1 here. On a Q-over-Q basis, we saw some improvement. Part of that was driven by our offering on the financial services. We have an offering there where we're able to support our cash flow needs of our suppliers. So it's good to see some strong adoption there.

提姆，我是詹姆斯。我將啟動這項工作，然後將一些關鍵措施交給蘭迪。正如我在電話中談到的，我對第一季的表現非常滿意。與上一季相比，我們看到了一些改善。部分原因是我們提供的金融服務。我們提供的服務能夠滿足我們供應商的現金流量需求。因此很高興看到那裡的大力採用。

I think on the advertising side, it's still a challenging macro out there for advertising. And so we're working on the improvement of the product for search and the advertising model to set us up for growth in the future.

我認為在廣告方面，這仍然是一個具有挑戰性的宏觀廣告。因此，我們正在致力於改進搜尋產品和廣告模式，為未來的成長做好準備。

Yeah. And just to add to that, so as we talked about, we started in April testing new search on Thomas, enhanced search there. And then we talked about in a couple of months, they're going to be launching the new ad server technology that will enable us to sell more of the advertising inventory. So I think between both of those, we're optimistic here about how we're going to be doing on the advertising side for Thomas.

是的。補充一點，正如我們所說的，我們從四月開始在 Thomas 上測試新的搜尋功能，並在那裡增強搜尋功能。然後我們談到，幾個月後他們將推出新的廣告伺服器技術，這將使我們能夠銷售更多的廣告資源。因此，我認為，綜合考慮這兩者，我們對托馬斯在廣告方面的表現感到樂觀。

Great. And just wanted to see if you could give us a little bit of detail on kind of Workcenter. You kind of mentioned focus on enterprises, large accounts. Just any updates on how Workcenter has been trending, any enhancements you've been making to the platform and just some of the trends you've been seeing there?

偉大的。我只是想看看您是否可以向我們提供有關工作中心的一些詳細資訊。您提到了關注企業和大客戶。您能否介紹一下 Workcenter 的發展趨勢、您對該平台所做的改進以及您在那裡看到的一些趨勢？

Yeah. And Tim, this is James. I think if you're asking about enterprise, I think you're thinking about Teamspace with -- that Workcenter is the platform that we have for our suppliers. Would that be right?

是的。提姆，這是詹姆斯。我想如果你問的是企業，那你會想到 Teamspace——Workcenter 是我們提供給供應商的平台。那樣做對嗎？

Yeah, sorry about that.

是的，很抱歉。

Yeah. So Teamspace, we're making good progress. We've now grown to over 7,000 teams on Teamspace. And just to remind everyone or people who might be new to our story, Teamspace is our software that enables groups of buyers who are collaborating on either a project or an entire product to work together with Xometry. And that has been, just to your point, has been particularly effective with enterprises.

是的。所以 Teamspace，我們正在取得良好的進展。目前，Teamspace 上的團隊已超過 7,000 個。只是為了提醒所有人或可能不熟悉我們故事的人，Teamspace 是我們的軟體，它使在專案或整個產品上進行協作的買家群體能夠與 Xometry 一起工作。正如您所說，這對企業來說尤其有效。

And as we talked about last year, our largest customers grew 40% year over year. That's customers with excess of $500,000 of LTM spend. And those customers continue to lean in, in Teamspace, and we've made enhancements to it, additional communication features, additional collaboration features, and that's being well received in the market.

正如我們去年談到的，我們最大的客戶年增了 40%。即 LTM 支出超過 50 萬美元的客戶。這些客戶繼續依賴 Teamspace，我們對它進行了改進，增加了額外的通訊功能、額外的協作功能，並且受到了市場的好評。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

I wanted to ask, maybe see if I can get away with three things. Just Randy, on the tariffs, I know you just got a question on that and seeing incremental 2Q demand and the shift to domestic sourcing. But any other insights on where this could go, call it, longer term? Are we seeing just a structural change, I guess, is question number one.

我想問一下，看看我是否可以擺脫三件事。蘭迪，關於關稅，我知道你剛才有一個問題，並且看到第二季需求增加和向國內採購的轉變。但對於這現象的長期發展，您還有其他見解嗎？我想，我們看到的只是結構性改變嗎？這是第一個問題。

And then, James, on gross profit, given a little bit light on the marketplaces business and wanted to dive into a little bit more on that. And then, Sanjeev, I think it's your first quarter in. Would love to hear your thoughts as you join as a President and sort of how you're seeing things relative to where we can go. Thank you guys. Appreciate it.

然後，詹姆斯就毛利問題對市場業務進行了簡單介紹，並希望對此進行更深入的探討。然後，Sanjeev，我認為​​這是你的第一個季度。我很想聽聽您就任總統後的想法，以及您對我們未來發展方向的看法。謝謝你們。非常感謝。

Thanks, Ron. So I'll jump in here on the question about this -- the tariffs. I think as we did talk about the slight shift to more domestic and folks looking at alternative geographies, and this will tie into your question about the gross margin. We've been investing in those geographies in Q1.

謝謝，羅恩。因此，我想在這裡討論一下有關關稅的問題。我認為，正如我們討論的那樣，業務略微轉向國內市場，人們也在關注其他地區，這將與您關於毛利率的問題相關。我們在第一季一直在這些地區進行投資。

I think one of the more enduring trends you may see is multi-sourcing. So folks that are going to -- knowing that this is a dynamic environment that could be changing for years to come. And that could mean, hey, I'm not going to source in one geography any longer or maybe even one source domestically, but I need to multisource. And that just again plays into the value that we add at Xometry, where if you're trying to build a resilient supply chain, supply chain offers you multiple options and can protect you against these kind of fluctuations. Our marketplace model is ideal for that. And I think that's why you're seeing the strong demand that we have today.

我認為您可能會看到的更持久的趨勢之一是多源採購。所以人們要知道這是一個動態的環境，在未來幾年可能會改變。這可能意味著，嘿，我不再在一個地區尋找資源，甚至可能只在國內尋找一個資源，而是需要從多個地方尋找資源。這再次體現了我們在 Xometry 增加的價值，如果您試圖建立一個有彈性的供應鏈，供應鏈會為您提供多種選擇，並可以保護您免受此類波動的影響。我們的市場模式非常適合這一點。我想這就是我們今天看到如此強勁需求的原因。

And Ron, James, on the gross profit and gross margin, maybe I'll just take a little bit of a step back. So overall gross margin for the quarter was at 37.3%. That was down driven primarily by the mix shift between -- we had a very strong marketplace growth quarter, marketplace growing 27%. And then so the mix shift between that and supplier service was a little accentuated this quarter, and we'd expect that to rebalance as we move forward, certainly back into our sort of long-term range of 38% to 40%.

羅恩、詹姆斯，關於毛利和毛利率，我可能要稍微退一步談談。因此本季的整體毛利率為 37.3%。這主要是由於混合轉變造成的——我們有一個非常強勁的市場成長季度，市場成長了 27%。因此，本季度，該業務與供應商服務之間的組合轉變略有加劇，我們預計，隨著業務的推進，這種轉變將重新平衡，肯定會回到 38% 至 40% 的長期範圍內。

Marketplace gross margin, as Randy was talking about, and as we talked about on the prior call, Q4 earnings call in early '25, we accelerated that global sourcing strategy. We did see that drive good success in the quarter, helping us meeting the demand -- the strong demand that we're seeing out there as we scale up suppliers in different geographies.

正如蘭迪所談論的，市場毛利率，以及我們在先前的電話會議上，即 25 年初的第四季度財報電話會議上所談論的，我們加快了全球採購策略。我們確實看到本季取得了良好的成功，幫助我們滿足了需求——隨著我們擴大不同地區的供應商，我們看到了強勁的需求。

As we ramp up the order volume there, that did temporarily dampen the gross margin in Q1 on the marketplace. We're now expecting that marketplace gross margin to improve significantly in Q2. I'd say that we think it will be roughly around the same level that we were a year ago in the mid-30%s -- 33%s, sorry, so around 33.5%. And we'll continue to expect gross margin to expand year over year.

隨著我們那裡的訂單量增加，這確實暫時抑制了市場第一季的毛利率。我們現在預計市場毛利率將在第二季大幅提高。我想說，我們認為它大致與一年前 30% 左右的水平相同 - 33%，抱歉，大約是 33.5%。我們預計毛利率將繼續逐年擴大。

So that -- I think that's where we're at. And actually, that will lead quite nicely, and I'll pass it on to Sanjeev in terms of areas of his focus.

所以——我認為這就是我們現在的狀況。實際上，這將會帶來很好的引導，我會根據 Sanjeev 關注的領域將其傳遞給他。

Yeah. And just before that, just to make it simple. So we invested a couple of million dollars into those markets in Q1 to create liquidity in the marketplace and to train our model. So there was an impact in Q1. But as James said, our guidance now for Q2 reflects the trends that we're seeing, and that includes a strong bounce back, and those investments are paying off.

是的。在此之前，只是為了簡單起見。因此，我們在第一季向這些市場投資了數百萬美元，以創造市場流動性並訓練我們的模型。因此第一季受到了影響。但正如詹姆斯所說，我們現在對第二季度的指導反映了我們所看到的趨勢，其中包括強勁的反彈，而這些投資正在獲得回報。

Thank you, Randy, and thanks for the question, Ron. In the early days that I've been here, I've been, of course, talking to our customers, our partners and engaging our teams. Clearly, the moat that Xometry has built around AI, quality and speed of manufacturing is something that stands out big time to me even in these early days.

謝謝你，蘭迪，也謝謝你的提問，羅恩。在我剛來這裡的日子裡，我當然一直在與我們的客戶、合作夥伴進行交流，並與我們的團隊進行溝通。顯然，即使在早期，Xometry 圍繞著人工智慧、製造品質和速度建造的護城河對我來說也是非常突出的。

The few big strengths that I do want to point out are: one, the proprietary AI technology. It is pretty clear that the technology around AI is integrated in the supply chain from the entire starting of the order cycle to the final delivery of the product. It's in the assessment of the manufacturability of the item. It's in pricing of the jobs accurately instantly. It's in the intelligent matching of each order with a best fit supplier for quality, speed, and cost. So it's truly impressive how that is truly part of the end-to-end supply chain.

我想指出的幾個主要優勢是：第一，專有的人工智慧技術。很明顯，圍繞人工智慧的技術已經融入從整個訂單週期開始到產品最終交付的供應鏈中。這是對產品可製造性的評估。它可以立即準確地對工作進行定價。它能夠智慧地將每個訂單與品質、速度和成本最合適的供應商進行配對。因此，這確實令人印象深刻，因為它是端到端供應鏈的一部分。

What I would say actually is even more impressive to me is that the strength of our supplier network. In my experience, most e-commerce players have built a supply chain network or a supplier network that is concentrated in two or three sourcing markets. And therefore, any supply chain or tariff-related disruptions take them years to address.

實際上我想說的是，令我印象更深刻的是我們的供應商網路的實力。根據我的經驗，大多數電子商務參與者都建立了集中在兩個或三個採購市場的供應鏈網路或供應商網路。因此，任何與供應鏈或關稅相關的中斷都需要他們花費數年時間來解決。

At Xometry in contrast, our supplier network is not tied to such a dependency on two or three large international sourcing markets. To me, that is a real strength because that means we have a vast network of suppliers within the US balanced by a well-spread-out international network in 50 additional countries. And therefore, you can see how our suppliers can benefit in conversations with us in driving that -- to get the right outcomes for them.

相較之下，Xometry 的供應商網路並不依賴兩到三個大型國際採購市場。對我來說，這是一個真正的優勢，因為這意味著我們在美國擁有龐大的供應商網絡，並且還擁有遍布另外 50 個國家的廣泛國際網絡。因此，您可以看到我們的供應商如何透過與我們的對話受益，從而為他們獲得正確的結果。

That's great. Thank you, guys.

那太棒了。謝謝你們。

Matt Swanson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Swanson。

Hey. This is [Simran] on for Matt Swanson. Congrats on the quarter. Just one for me. Would you be able to double-click on some of these customer conversations that you're having around domestic sourcing and how these conversations start and then ramp up from there? And then just the general trajectory of the platform becoming a permanent piece of these customers' onshoring strategy. Thanks.

嘿。這是 [Simran] 為 Matt Swanson 主持的。恭喜本季取得佳績。對我來說只有一個。您能否雙擊一些有關國內採購的客戶對話，以及這些對話是如何開始然後逐漸升溫的？然後，平台的整體發展軌跡將成為這些客戶在岸策略的永久組成部分。謝謝。

Yeah. Thank you for the question. So I think for our customers, there's a couple of questions they're trying to get answered. And this is what we're seeing. I've been traveling around meeting with lots of our customers across the country. And first, they're digging into where to find that domestic, if they're going to drive more manufacturing here in the United States, where does that capacity exist.

是的。謝謝你的提問。所以我認為對於我們的客戶來說，他們正在嘗試得到幾個問題的答案。這就是我們所看到的。我到處奔波，會見了全國各地的許多客戶。首先，他們正在深入研究如何找到國內產能，如果他們要在美國推動更多的製造業，那麼這些產能在哪裡。

And so one of the benefits that Xometry provides domestically, even for the largest companies, and our large customers tend to be very large companies, is being able to find that best supplier irrespective of the geography. In this case, irrespective of what state they're in. And so a lot of the conversations we're having with our customers are, where do I find that domestic extra suppliers? Where can I build that supply base?

因此，Xometry 在國內提供的優勢之一，即使對於最大的公司（而且我們的大客戶往往也是非常大的公司）來說，也是能夠找到最佳供應商，而不受地理位置的限制。在這種情況下，無論他們處於什麼狀態。因此，我們與客戶進行的許多對話都是：我可以在哪裡找到國內的額外供應商？我可以在哪裡建立該供應基地？

And again, they've come to us because that is inherent to what our model is as a distributed marketplace. So that's what a lot of the flavor of the conversations end up being. And again, there's also the conversation around risk mitigation and multi-sourcing alongside of that.

他們之所以來找我們，是因為這是我們作為分散式市場的模式所固有的。所以，很多對話最後都呈現出這樣的味道。此外，還有關於風險緩解和多源採購的討論。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

I guess just maybe looking at the Q2 guide a little bit more on the revenue side. I mean, you talked about -- I think what your words were robust growth demand so far quarter to date. I mean, usually, like seasonality-wise in Q2, if you go back, there's a pretty big sequential jump from Q1 to Q2. So I guess I'm just trying to tie out the guide and the commentary and the normal seasonality to kind of what the -- maybe the lack of like meaningful sequential growth in terms of the revenue outlook. So maybe we can dig into that a little bit more. Thanks.

我想也許只是從收入方面多看第二季指南。我的意思是，您談到了——我認為您說的是本季迄今為止強勁的成長需求。我的意思是，通常，從第二季的季節性來看，如果回顧一下，你會發現從第一季到第二季有一個相當大的連續成長。所以我想我只是想將指南、評論和正常的季節性與某種東西聯繫起來——也許在收入前景方面缺乏有意義的連續增長。所以也許我們可以對此進行更深入的探討。謝謝。

Thanks, Greg. Thanks for the question. It's James. Yes. So I think, as you say, we're expecting Q2 revenue growth of 17% to 18% versus the 23% in Q1. Q2 marketplace growth, we said is 20% to 22% versus the 27% in Q1. And we have seen a good strong start to the quarter. There's about 100-basis-point tougher comp in Q2 versus a year ago. But based on the strength of what we are seeing in Q1 and Q2, we did raise our view for the full year. So from at least 20% to at least 22% for the full year for the marketplace.

謝謝，格雷格。謝謝你的提問。是詹姆斯。是的。所以我認為，正如您所說，我們預計第二季度營收成長率為 17% 至 18%，而第一季為 23%。我們表示，第二季市場成長率為 20% 至 22%，而第一季為 27%。我們看到本季開局良好，表現強勁。與去年同期相比，第二季的年增速約高出 100 個基點。但基於我們在第一季和第二季看到的表現，我們確實提高了對全年的預期。因此，全年市場成長率至少為 20% 至 22%。

So I think that reflects what we're seeing in the business and the strong performance that we saw in Q1. And consistent with prior guidance, we're taking into account those recent trends and the opportunities and risks that we're seeing ahead. It does remain uncertain manufacturing environment, and the manufacturing indices continue to suggest that some buyers remain cautious. But I think as you've heard from us today and Randy's prepared remarks and answers, Xometry is very well placed for this environment for providing flexible and resilient sourcing. And so we're feeling good about where we are, and that's reflected in our outlook.

所以我認為這反映了我們業務中看到的情況以及我們在第一季看到的強勁表現。根據先前的指導，我們正在考慮最近的趨勢以及我們看到的未來​​機會和風險。製造業環境確實仍然存在不確定性，製造業指數繼續顯示一些買家仍保持謹慎。但我認為，正如您今天從我們這裡聽到的以及 Randy 準備好的發言和回答一樣，Xometry 非常適合在這種環境中提供靈活且有彈性的採購。因此，我們對目前的狀況感到滿意，這也反映在我們的前景上。

But I guess maybe just to be a little bit more specific, if I could, if we look at '24 revenue sequentially from March to June, up 8% overall, the guide this -- at the midpoint is more like 3%. And so I'm just trying to kind of tie out the commentary about what you're seeing versus kind of what you've normally seen historically. Maybe it's just a matter of we're being a little bit more conservative just given the uncertainty, but it just feels overly conservative just given the commentary.

但我想也許只是為了更具體一點，如果可以的話，如果我們連續查看 3 月至 6 月的 24 年收入，總體增長 8%，那麼指導值——中間值更像是 3%。因此，我只是想將您所看到的內容與您過去通常看到的內容聯繫起來。也許這只是一個問題，考慮到不確定性，我們會變得更加保守，但考慮到評論，我們感覺過於保守了。

Yeah. Greg, it's Shawn. Just keep in mind, in 2024 we had talked about Q1 was a little bit of a slower start in January. So be careful with that quick analogy. But again, as James has been consistent in the way he's laid out his guidance over the last five quarters, we're mindful of the operating environment, but we're seeing robust demand so far in Q2.

是的。格雷格，我是肖恩。請記住，我們談到的 2024 年第一季在 1 月的開局會稍微慢一點。因此，使用這個簡單的類比時要謹慎。但是，由於詹姆斯在過去五個季度中保持一致的指導方式，我們專注於營運環境，但到目前為止，我們看到第二季的需求強勁。

Yeah. Okay. Well, congrats on the quarter. Thanks.

是的。好的。好吧，恭喜本季。謝謝。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Hey, gentlemen, thanks for taking my questions here. I guess I want to hit on production revenues versus prototyping revenues. For me, for you guys to really sustain growth for several years, you're going to have to be successful in production. And if I kind of compare you guys to your competitor in Minnesota here, they're getting about $8,000 kind of average order per customer and they claim about 35% of their business is production with you guys kind of below $2,000 kind of an average order from your marketplace customers. To me, it just speaks that there's a very, very high level of prototyping there. So I'm curious if you guys could touch on production, if you guys could maybe start providing what your production numbers are on a quarterly basis.

嘿，先生們，感謝你們在這裡回答我的問題。我想談談生產收入與原型製作收入。對我來說，你們要真正維持幾年的成長，就必須在生產上取得成功。如果我將你們與明尼蘇達州的競爭對手進行比較，他們平均每位客戶的訂單額約為 8,000 美元，他們聲稱其業務的 35% 左右是生產，而你們來自市場客戶的平均訂單額低於 2,000 美元。對我來說，這說明那裡的原型設計水準非常非常高。所以我很好奇你們是否可以談談生產，你們是否可以開始提供每季的生產數據。

Yeah. Hey, Troy, it's Shawn. Thanks for the question. And I'll turn it over to Randy to give a little bit more qualitative on what we're seeing in terms of production and certainly enterprise growth. Just keep in mind, the number that you're looking at is a quarterly number in terms of our revenue per buyer. So you'd look to annualize that if you're trying to compare numbers. The revenue per buyer for us this quarter was actually up 4% year over year, and we're seeing good strong growth from our enterprise customers. And certainly, part of that is our production continues to grow, which we've talked about now for the last couple of years. And Randy, I don't know if you want to give a little more qualitative on that.

是的。嘿，特洛伊，我是肖恩。謝謝你的提問。我將把話題交給蘭迪，讓他更詳細地介紹我們在生產和企業成長方面看到的情況。請記住，您看到的數字是我們每位買家收入的季度數字。因此，如果您想比較數字，您需要將其年化。本季我們的每位買家收入實際上同比增長了 4%，而且我們的企業客戶也實現了強勁增長。當然，部分原因是我們的產量持續成長，過去幾年我們一直在談論這個問題。蘭迪，我不知道您是否想對此進行更詳細的說明。

Yeah, Troy. And we did -- we put into the presentation, and we're happy to talk through that with -- it's right there in the presentation, but talk about it, but we've got a whole bunch of examples of where we are doing more production. And one of the nice things is that our platform is very extensible. So you're seeing it across multiple technologies.

是的，特洛伊。我們確實這樣做了——我們將其融入演示中，並且我們很樂意與您討論這一點——它就在演示中，但是談論它，但我們有很多關於我們在哪些方面做得更多的例子。我們的平台的優點之一是擴展性極強。所以你可以在多種技術中看到它。

And also, Troy, if you sort of look at the evolution of Xometry over time and the way we've been adding manufacturing processes, you can see starting with where technologies that are pure prototyping like 3D printing and then evolving over time into more things like injection molding, die casting, stamping, which are usually production level technologies. And so we are doing more and more of that. And again, as Shawn said, we worked through the math a little bit from that quarterly number, it may look like -- as you annualize it, it looks like a different number.

而且，特洛伊，如果你看一下 Xometry 隨著時間的推移而發生的演變以及我們添加製造流程的方式，你會發現，它從純原型技術（如 3D 列印）開始，然後隨著時間的推移演變為更多技術，如注塑、壓鑄、沖壓，這些通常都是生產級技術。因此我們正在做越來越多這樣的事。正如肖恩所說，我們根據季度數字進行了一些計算，它可能看起來像 - 當你將其年化時，它看起來就像一個不同的數字。

Is there any way you guys could take a guesstimate on how much of revenues is production?

你們能估算一下收入中有多少是產出的嗎？

Yeah. What we've said historically is that if you look at the mix of our business relative to US manufacturing, we mirror that type of mix. We've said repeatedly that 3D is a very small percentage of that mix. As you know, Troy, I mean, not all prototyping is additive. But if you use that as a proxy, you'll get a sense that prototype is a small piece of our mix.

是的。我們過去說過的是，如果你看一下我們的業務相對於美國製造業的組成，我們就會反映出這種組成。我們已多次說過，3D 只佔該組合的一小部分。如你所知，特洛伊，我的意思是，並非所有原型都是附加的。但如果你使用它作為代理，你會感覺到原型是我們混合的一小部分。

And Troy, I guess the final thing is there are other companies, and we've got -- there are other great companies out there, but those that are probably more reliant on prototyping, et cetera, you've seen them struggle with growth or even shrinking. I think our growth rates sort of speak for itself. And again, I think that calls that we have had success on the production side as well.

特洛伊，我想最後要說的是，還有其他公司，我們也有——還有其他很棒的公司，但那些可能更依賴原型設計等的公司，你已經看到它們在增長甚至萎縮方面苦苦掙扎。我認為我們的成長率是不言而喻的。我認為這再次表明我們在生產方面也取得了成功。

Yes, right. If I could sneak in one more question. I'd just be curious to know what percentage of your revenues are coming from marketplace partners that are overseas that will be impacted by tariffs and stuff then?

是的，對。如果我可以再偷偷問一個問題。我只是好奇想知道你們的收入中有多少比例來自海外的市場合作夥伴，這些合作夥伴會受到關稅等因素的影響嗎？

So we've said, Troy, that the vast majority of our US marketplace revenue, which is roughly 80% or something of our marketplace is fulfilled domestically in the US by US partners. And then if anything, we've actually seen -- we talked about a slight mix shift to even more of that domestic, but it is the overwhelming majority of our revenue is fulfilled by US partners for US customers.

特洛伊，我們說過，我們美國市場收入的絕大部分（大約占我們市場的 80％ 左右）是由美國國內的合作夥伴在美國境內實現的。然後，如果有的話，我們實際上已經看到了——我們談到了稍微向國內轉變，但我們的絕大部分收入是由美國合作夥伴為美國客戶提供的。

Thank you so much for your questions. This does conclude the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Have a good day.

非常感謝您的提問。問答環節到此結束。感謝大家參加今天的會議。這確實結束了程序，您現在可以斷開連接了。祝你有美好的一天。