Xometry Inc (XMTR) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Xometry Q2 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 年第二季財報電話會議。（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 Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係副總裁肖恩·米爾恩 (Shawn Milne)。請繼續。

Good morning and thank you for joining us on Xometry's Q2 2025 earnings call. Joining me are Randolph 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 年第二季財報電話會議。與我一起出席的還有我們的執行長 Randolph 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 second quarter of 2025 and discuss our guidance for the third 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.

在今天的電話會議中，我們將回顧 2025 年第二季的財務業績，並討論 2025 年第三季和全年的指導。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。

Such statements may be identified by terms such as believe, expect, intend, and may. 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 opens today and in our filings with the US Securities and Exchange Commission, including our Form-10 Q for the quarter ended June 30, 2025.

此類陳述可以用諸如相信、期望、打算和可能等術語來識別。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 6 月 30 日的季度的 Form-10Q。

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. We 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.

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。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製定財務和營運決策，並將其作為評估期間比較的一種手段。

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 the US GAAP. To see the reconciliation of these non-GAAP measures, please refer to our earnings press release distributed today in our investor presentation, both of which are available in the investor section of our website at investors.xometry.com. A replay of today's call will also be posted on our website. With that, I'd like to turn the call over to Randy.

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。如需查看這些非公認會計準則 (Non-GAAP) 指標的對帳情況，請參閱我們今天在投資者簡報中發布的收益新聞稿，這兩份新聞稿均可在我們網站 investors.xometry.com 的投資者專區找到。今天的電話會議回放也將發佈在我們的網站上。說完這些，我想把電話轉給蘭迪。

Thanks, Shawn. Good morning and thank you for joining our Q2 2025 earnings call. Q2 was another strong quarter with record revenue, gross margin, and adjusted EBITA. Q2 revenue increased 23% year over year to $163 million as we gained significant share in the large and fragmented custom manufacturing market.

謝謝，肖恩。早安，感謝您參加我們的 2025 年第二季財報電話會議。第二季度又是一個強勁的季度，營收、毛利率和調整後 EBITA 均創下新高。由於我們在龐大而分散的客製化製造市場中獲得了顯著的份額，第二季營收年增 23% 至 1.63 億美元。

Marketplace growth remained robust, increasing 26% year over year, driven by a rapidly expanding networks of buyers and suppliers, and deepening enterprise engagement. Our global marketplaces continue to respond well to the volatile supply chain environment.

市場成長依然強勁，年增 26%，這得益於買家和供應商網路的快速擴張以及企業參與度的不斷加深。我們的全球市場繼續對動盪的供應鏈環境做出良好反應。

Powered by improving AI pricing and selection algorithms, marketplace gross margin reached a record 35.4% in Q2, up 190 basis points year over year, contributing to a record overall company gross margin of 40.1%. Expanding marketplace gross margin underscores the value we're creating with our AI powered marketplace. Our efficacy and competitive mode continues to increase as we grow our networks of buyers and suppliers and gain more data to continuously train our algorithms.

在人工智慧定價和選擇演算法改進的推動下，第二季度市場毛利率達到創紀錄的 35.4%，年增 190 個基點，推動公司整體毛利率達到創紀錄的 40.1%。不斷擴大的市場毛利率凸顯了我們利用人工智慧驅動的市場所創造的價值。隨著我們買家和供應商網路的擴大以及獲得更多數據來不斷訓練我們的演算法，我們的效率和競爭模式不斷提高。

This has driven significant and steady increases in our marketplace growth margins from the 25% level four years ago to 35% plus today. Each quarter of growth and improvements in our technology helps to incrementally power the quarters that follow.

這推動了我們的市場成長利潤率從四年前的 25% 大幅穩定上升到今天的 35% 以上。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。

In Q2, we delivered strong operating leverage with adjusted EBITDA of $3.9 million, and improvement of $6.6 million year over year. Our results industry leading growth and significant market share gains underscored the differentiated and durable advantages of our marketplace model. We're building a superior business model that delivers strong experience for both buyers and suppliers while driving increasing operating scale and expanding adjusted to down margin.

在第二季度，我們實現了強勁的營運槓桿，調整後的 EBITDA 為 390 萬美元，年增 660 萬美元。我們的業績實現了領先業界的成長，市佔率顯著提升，彰顯了我們市場模式的差異化和持久優勢。我們正在建立一種卓越的商業模式，為買家和供應商提供強大的體驗，同時推動擴大經營規模並擴大調整後的利潤率。

We deliver these results even as we continue to invest in our key growth initiatives and drive further use of AI throughout our platforms. Since joining Xometry in January in the new role as President, Sanjeev Singhshani has accelerated our efforts to embed technology and AI across the organization to enhance our position as the digital rails in this massively fragmented and traditionally offline custom manufacturing market.

即使我們繼續投資於我們的關鍵成長計劃並推動在我們的平台上進一步使用人工智慧，我們仍然取得了這些成果。自今年 1 月加入 Xometry 擔任總裁一職以來，Sanjeev Singhshani 加快了在整個組織中嵌入技術和人工智慧的努力，以增強我們在這個高度分散且傳統上離線的客製化製造市場中的數位軌道地位。

We are deploying generative AI at scale to improve experience and drive additional value for both our buyers and suppliers. Our pace of product introductions is increasing, including several new releases in Q2 and early Q3.

我們正在大規模部署生成性人工智慧，以改善體驗並為我們的買家和供應商創造更多價值。我們的產品推出速度正在加快，包括第二季和第三季初的幾款新產品的發布。

These include in Q2, we continue to improve the buyer experience in our marketplace. We enhanced our instant quoting and selection, expanded instant quoting for new additive materials, and added the ability to dynamically view 2D drawings in the quote flow.

其中包括在第二季度，我們將繼續改善我們市場中的買家體驗。我們增強了即時報價和選擇功能，擴展了新添加材料的即時報價，並增加了在報價流中動態查看 2D 圖紙的功能。

In Q2, Xometry EU launched our TeamSpace solution in Europe, UK, and Turkey. TeamSpace is a cloud-based solution within the Xometry platform that enables customers to collaborate with other users on projects and custom part orders. This global expansion enables Xometry to drive deeper enterprise engagement and enhance viral buyer growth. We are pleased with the initial results.

第二季度，Xometry EU 在歐洲、英國和土耳其推出了我們的 TeamSpace 解決方案。TeamSpace 是 Xometry 平台內的雲端為基礎的解決方案，讓客戶能夠與其他使用者就專案和客製化零件訂單進行協作。此次全球擴張使 Xometry 能夠推動更深入的企業參與並增強病毒式買家的成長。我們對初步結果感到滿意。

In Q3, Xometry EU launched integration capabilities for enterprise customers to streamline procurement. This feature enables buyers to order custom parts directly from the Xometry EU site while still within the buyer's procurement platform, streamlining the purchasing process, reducing errors, and improving efficiency by automating data transfer between systems.

第三季度，Xometry EU 為企業客戶推出了整合功能，以簡化採購流程。此功能使買家能夠直接從 Xometry EU 網站訂購客製化零件，同時仍在買家的採購平台內，從而簡化採購流程、減少錯誤並透過自動化系統間的資料傳輸來提高效率。

In July, we began testing an improved mobile experience for our suppliers in Work Center, a cloud-based platform for suppliers. The new Work Center mobile app enables suppliers to interact more easily within Xometry's platform, including viewing 3D part design files, sharing images of work in progress, and receiving push notifications.

7 月份，我們開始在 Work Center（一個基於雲端的供應商平台）中為我們的供應商測試改進的行動體驗。新的工作中心行動應用程式使供應商能夠更輕鬆地在 Xometry 平台內進行交互，包括查看 3D 零件設計文件、共享正在進行的工作圖像以及接收推播通知。

Also in July, we introduced a new AI powered capability that automates the extraction of information from technical drawings to help drive more accurate quoting and supplier selection. This capability will be further enhanced to accelerate our initiative to instantly quote technical drawings.

此外，在 7 月份，我們推出了一項新的人工智慧功能，可以自動從技術圖紙中提取信息，以幫助推動更準確的報價和供應商選擇。這項能力將進一步增強，以加速我們即時引用技術圖的措施。

On Thomasnet, we are pleased with the initial test results of our new search experience using natural language algorithms to improve by our search results based on intent. We are pleased to see a 10% plus improvement in our buyer engagement levels.

在 Thomasnet 上，我們對使用自然語言演算法透過基於意圖的搜尋結果改進的新搜尋體驗的初步測試結果感到滿意。我們很高興看到買家參與度提高了 10% 以上。

Now in Q3, we will begin selling on the new ad serving technology platform for new customers. We expect that the new technology will increase advertising penetration and engagement. There's much more to come in the following months and quarters on the technology front as we focus on further improving buyer and supplier experience and expanding our platforms.

現在，在第三季度，我們將開始向新客戶銷售新的廣告投放技術平台。我們預計新技術將提高廣告滲透率和參與度。在接下來的幾個月和幾個季度裡，我們將在技術方面取得更多進展，因為我們將專注於進一步改善買家和供應商的體驗並擴展我們的平台。

Our technology initiatives combined with their enterprise sales and marketing efforts are powering our land and expand strategy. For example, in Q2, Xometry became a preferred supplier for a major European aerospace company. The customer chose Xometry for our easy to use platform and business model, enabling the customer to start transitioning from its legacy procurement system.

我們的技術舉措與他們的企業銷售和行銷努力相結合，為我們的土地和擴張策略提供了動力。例如，在第二季度，Xometry 成為歐洲大型航空航太公司的首選供應商。客戶選擇 Xometry 是因為我們擁有易於使用的平台和業務模式，使客戶能夠開始從其傳統採購系統過渡。

Embedded in the customer supply chain, Xometry is now being used for quick turn projects and long term production programs. It's a good example of an enterprise customer which we believe can generate 10 plus million dollars in annual revenue.

Xometry 嵌入客戶供應鏈中，目前用於快速週轉專案和長期生產計劃。這是企業客戶的一個很好的例子，我們相信它可以創造每年1000多萬美元的收入。

And before I hand it over to James, I want to take a moment to highlight how we're winning, especially with large customers, and why we believe Xometry is increasingly becoming a strategic sourcing partner to some of the world's most demanding buyers.

在交給詹姆斯之前，我想花點時間強調我們是如何取得成功的，尤其是與大客戶合作，以及為什麼我們相信 Xometry 正日益成為世界上一些最苛刻的買家的戰略採購合作夥伴。

First, driving technology innovation to deliver improving marketplace price, speed, and selection. We continue to strengthen our AI-driven marketplace with smarter quoting, dynamic pricing, and integrated workflows to make the platform more valuable to our networks of buyers and suppliers. For buyers, this means faster, more accurate sourcing with greater transparency, increasing agility and speed to market.

首先，推動技術創新，以改善市場價格、速度和選擇。我們繼續透過更聰明的報價、動態定價和整合的工作流程來加強我們的人工智慧驅動的市場，以使該平台對我們的買家和供應商網路更有價值。對買家來說，這意味著更快、更準確的採購、更高的透明度、更高的靈活性和更快的上市速度。

Second, we're improving supply chain resiliency. Our marketplace helps customers mitigate supply chain volatility and disruptions by offering access to a diverse, expanding global manufacturing network of over 4,000 active suppliers. This allows buyers to instantly diversify their supplier base, reducing dependencies on a single source or region and enhancing overall resilience. Our global sourcing efforts and flexible asset light model are resonating with customers given the rapidly changing global trade environment.

第二，我們正在提高供應鏈的彈性。我們的市場透過為客戶提供由 4,000 多家活躍供應商組成的多樣化、不斷擴展的全球製造網絡，幫助客戶緩解供應鏈的波動和中斷。這使得買家可以立即實現供應商基礎多樣化，減少對單一來源或地區的依賴，並增強整體彈性。鑑於全球貿易環境的快速變化，我們的全球採購努力和靈活的輕資產模式引起了客戶的共鳴。

Third, delivering a scalable enterprise offering. Our land and expand playbook is powered by technology as enterprise accounts increasingly adopt our software solutions including TeamSpace and ERP integrations. As we drive adoption of enterprise technology, we become more embedded in customer workflows, reducing buyer friction and expanding wild share in these large accounts.

第三，提供可擴展的企業產品。隨著企業帳戶越來越多地採用我們的軟體解決方案（包括 TeamSpace 和 ERP 整合），我們的登陸和擴展劇本由技術提供支援。隨著我們推動企業技術的應用，我們更加融入客戶工作流程，減少買家摩擦並擴大這些大帳戶的份額。

Fourth, driving value to our global supplier network. Our marketplace is driving increasing value for suppliers, enabling them to sell their capacity digitally, unlock access to global demand, and increase asset utilization and profitability. Suppliers leverage our cloud-based software platform WorkCenter to more efficiently manage their operations, and they utilize our fintech products to improve cash flows.

第四，為我們的全球供應商網路創造價值。我們的市場正在為供應商創造更高的價值，使他們能夠以數位方式銷售產能、釋放全球需求，並提高資產利用率和獲利能力。供應商利用我們基於雲端的軟體平台 WorkCenter 更有效地管理他們的運營，並利用我們的金融科技產品來改善現金流。

We continue to win and momentum remains strong in Q3. We are raising our 2025 revenue growth outlook, giving robust demand in our marketplace and strong execution of our teams. I will now turn the call over to James for a more detailed review of Q2 in our business outlook.

我們持續獲勝，第三季勢頭依然強勁。鑑於市場需求強勁以及團隊執行力強，我們正在上調 2025 年營收成長預期。現在我將把電話轉給詹姆斯，讓他對我們第二季的業務展望進行更詳細的回顧。

Thanks, Randy, and good morning everyone. Q2 was another strong quarter of Xometry, delivering strong revenue growth, robust expansion in marketplace growth margin, and significant adjusted EBITDA leverage. As our marketplace responds to customers' needs in real time, Xometry is becoming their digital rails in this massively fragmented and largely offline custom manufacturing market. As we scale towards $1 billion of revenue, we expect to deliver improving profitability even as we continue to invest in our growth initiatives.

謝謝，蘭迪，大家早安。Xometry 在第二季度表現又一個強勁，實現了強勁的營收成長、市場成長利潤率的強勁擴張以及顯著的調整後 EBITDA 槓桿。隨著我們的市場即時回應客戶的需求，Xometry 正在成為他們在這個高度分散且很大程度上離線的客製化製造市場中的數位軌道。隨著我們的收入向 10 億美元邁進，我們預計即使我們繼續投資於成長計劃，獲利能力也會提高。

Due to revenue increased 23% year over year to $163 million driven by strong marketplace growth, Q2 Marketplace revenue was $148 million and supplier services revenue was $14.3 million. Q2 marketplace revenue increased 26% year over year, driven by strong execution and growth with larger accounts as we continue to capture significant market share. Marketplace growth was robust across many verticals, including aerospace and defense, automotive, and robotics.

由於市場強勁成長，營收年增 23% 至 1.63 億美元，第二季市場營收為 1.48 億美元，供應商服務營收為 1,430 萬美元。第二季市場營收年增 26%，這得益於強勁的執行力和更大帳戶的成長，因為我們繼續佔據顯著的市場份額。許多垂直領域的市場成長強勁，包括航空航太和國防、汽車和機器人。

Q2 active buyers increased 22% year over year to 74,777 with a net addition of 3,323 active buyers. Due to marketplace revenue per active buyer increased 4% year over year, primarily due to strong enterprise growth in the United States.

第二季活躍買家數量年增 22% 至 74,777 人，淨增 3,323 人。由於市場每個活躍買家的營收年增 4%，這主要歸功於美國企業的強勁成長。

In Q2 2025, US marketplace revenue increased 25% year over year. International revenue growth accelerated to 31% year over year growth, and we continue to expand our marketplace capabilities, including the recent launch of TeamSpace in Europe.

2025 年第二季度，美國市場營收年增 25%。國際營收成長加速至年增 31%，我們持續擴大我們的市場能力，包括最近在歐洲推出的 TeamSpace。

In Q2, the number of accounts with the last 12 months spend of at least $50,000 on our platform increased 15% year over year to 1,653, an increase of 108 from quarter one 2025. We view accounts with at least $50,000 spent at the top of the enterprise funnel. We expect to continue to grow this base of accounts over time. Enterprise investments continue to show returns with strong revenue growth in Q2 for marketplace accounts with the last 12 months spend of at least $500,000.

在第二季度，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 15%，達到 1,653 個，比 2025 年第一季度增加了 108 個。我們認為企業漏斗頂端的帳戶消費金額至少為 5 萬美元。我們期望隨著時間的推移繼續擴大這個帳戶基礎。企業投資持續呈現回報，第二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。

Our enterprise strategy focuses on our largest accounts, which we believe each have $10 million plus in potential annual account revenue. Supplier services revenue declined approximately 2% quarter over quarter, as we have largely stabilized the core advertising business ahead of key product upgrades later in 2025.

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。供應商服務收入環比下降約 2%，因為我們在 2025 年下半年關鍵產品升級之前已基本穩定了核心廣告業務。

We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection, and digital marketing solutions. Q2 gross profit was $65.2 million an increase of 23% year over year, with a record gross margin of 40.1%. Q2 gross margin for marketplace was a record 35.4%, an increase of 190 basis points year over year.

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。第二季毛利為 6,520 萬美元，年增 23%，毛利率達到創紀錄的 40.1%。第二季市場毛利率達到創紀錄的 35.4%，較去年同期成長 190 個基點。

Q2 marketplace gross profit dollars increased 34% year over year. We are focused on driving marketplace gross profit dollar growth through the combination of top line growth and gross margin expansion. We continue to adjust our pricing to reflect changing tariffs, and our AI cost algorithms update regularly to reflect changes in our supplier network. Q2 gross margin for supplier services remains strong at 88.7%, driven by our increasing focus on the higher gross margin, Thomas advertising and marketing services.

第二季市場毛利年增 34%。我們專注於透過收入成長和毛利率擴大的結合來推動市場毛利的成長。我們不斷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。供應商服務第二季的毛利率仍然保持強勁，達到 88.7%，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 Q2 operating costs. Q2 total non-GAAP operating expenses increased 10% year over year to $61.7 million well below revenue growth rates. We are applying strong discipline and rigor to our capital and resource allocation across teams while investing in our growth initiatives.

繼續討論第二季的營運成本。第二季非公認會計準則總營運費用年增 10% 至 6,170 萬美元，遠低於營收成長率。我們在投資成長計畫的同時，對跨團隊的資本和資源分配實行嚴格的紀律和嚴謹。

In Q2, sales and marketing and DNA decreased 180 and 170 basis points year over year respectively to 16.4% and 8.9% of revenue. This reflects improving enterprise sales execution and discipline advertising spend. Marketplace advertising spend was 5.6% of marketplace revenue, which was down 130 basis points year over year as we balanced growth and profitability.

第二季度，銷售和行銷以及 DNA 分別較去年同期下降 180 個和 170 個基點，佔營收的 16.4% 和 8.9%。這反映了企業銷售執行力的提升和廣告支出的紀律性。市場廣告支出佔市場收入的 5.6%，由於我們平衡了成長和獲利能力，比去年同期下降了 130 個基點。

Q2 adjusted EBITDA was $3.9 million compared with a loss of $2.6 million in Q2 of 2024. Q2 adjusted EBITDA improved $6.6 million year over year, driven by growth in revenue, gross profit, and operating efficiencies. In Q2 we delivered an incremental adjusted EBITDA margin of 22% above our target of at least 20%, primarily driven by strong marketplace gross margin expansion.

第二季調整後的 EBITDA 為 390 萬美元，而 2024 年第二季虧損 260 萬美元。第二季調整後的 EBITDA 年成長 660 萬美元，主要得益於營收、毛利和營運效率的成長。在第二季度，我們實現了增量調整後的 EBITDA 利潤率 22%，高於至少 20% 的目標，這主要得益於強勁的市場毛利率擴張。

In Q2, our US segment adjusted EBITDA was $6.9 million or 5.1% adjusted EBITDA margin, a $6.6 million dollar improvement year over year driven by expanding gross profit and strong operating expense leverage, particularly in sales and marketing. Our international segment Adjusted EBITDA loss was $2.9 million in Q2 2025, roughly flat year over year driven by investments to further drive global scale.

在第二季度，我們美國分部的調整後 EBITDA 為 690 萬美元，調整後 EBITDA 利潤率為 5.1%，年增 660 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。2025 年第二季度，我們國際部門的調整後 EBITDA 虧損為 290 萬美元，與去年同期基本持平，這得益於進一步擴大全球規模的投資。

At the end of the second quarter, cash and cash equivalents and marketable securities were $226 million decreasing approximately $5 million from Q1 2025. The decrease in cash was driven by CapEx, primarily software related of $6.9 million reflecting our technology investments in the platform and accelerating product rollouts shared earlier by Randy.

截至第二季末，現金、現金等價物和有價證券為 2.26 億美元，較 2025 年第一季減少約 500 萬美元。現金減少是由於資本支出，主要是與軟體相關的 690 萬美元，反映了我們對平台的技術投資以及 Randy 早些時候分享的加速產品推出。

We are focused on improving working capital efficiency and cash flow conversion given our asset-like model and limited capital spending. We expect CapEx to remain approximately $7 million per quarter for the balance of 2025. In June we completed our convertible debt refinancing and closing of $250 million of new 0.75% convertible notes June 2030. This transaction enabled us to extend the maturity of most of our existing debt with improved terms, a lower coupon, and reduced potential dilution to the existing capital structure.

鑑於我們的資產模型和有限的資本支出，我們專注於提高營運資本效率和現金流轉換。我們預計，到 2025 年，資本支出將維持在每季約 700 萬美元。6 月份，我們完成了可轉換債務再融資，並於 2030 年 6 月完成了 2.5 億美元新的 0.75% 可轉換票據的結算。此交易使我們能夠延長大部分現有債務的期限，並改善條款、降低票面利率，並減少現有資本結構的潛在稀釋。

The transaction fortifies our balance sheet by addressing over $200 million principal amount that had 2027 maturities while providing us with financial flexibility to continue focusing on our growth initiatives and margin expansion. Importantly, this transaction was structured to minimize the potential future dilution for our equity shareholders with an effective 75% conversion premium.

該交易透過解決 2027 年到期的超過 2 億美元的本金問題增強了我們的資產負債表，同時為我們提供了財務靈活性，使我們能夠繼續專注於成長計畫和利潤率擴張。重要的是，此交易的結構旨在透過 75% 的有效轉換溢價來最大限度地減少我們股東未來的潛在稀釋。

Q2 demonstrates the ability of our AI powered marketplace to deliver strong revenue and gross profit growth and operating leverage as we remain disciplined in our execution. 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.

第二季證明了我們的人工智慧市場能夠實現強勁的收入和毛利成長以及經營槓桿，因為我們在執行過程中保持紀律。隨著我們的收入向 10 億美元邁進，考慮到我們巨大的市場機會和較低的滲透率，我們預計每年將繼續保持 20% 以上的增量調整後 EBITDA 槓桿率，我們將繼續在未來投資與推動營運槓桿之間取得平衡。

Now moving on to guidance. For the third quarter, we expect revenue in the range of $167 million to $169 million or 18% to 19% growth year over year. We expect Q3 marketplace growth to be approximately 20% to 22% year over year. As Randy mentioned, trends remain strong in Q3, even as we are mindful of the uncertain macro environment.

現在開始指導。對於第三季度，我們預計營收將在 1.67 億美元至 1.69 億美元之間，或年增 18% 至 19%。我們預計第三季市場成長率將比去年同期高出約 20% 至 22%。正如蘭迪所提到的，儘管我們注意到宏觀環境的不確定性，但第三季的趨勢仍然強勁。

We expect Q3 supplier services revenue to decrease approximately 2% to 4% year over year and be approximately flat quarter over quarter. We expect Q3 marketplace gross margin to improve year over year and continue to expect full year marketplace growth margin to also increase year over year.

我們預計第三季供應商服務收入將年減約 2% 至 4%，環比持平。我們預計第三季市場毛利率將年比提高，並繼續預計全年市場成長利潤率也將年增。

In Q3, we expect adjust the data of $4 million to $5 million compared to a loss of $0.6 million in Q3 2024. In Q3, we expect stock-based compensation expenses, including related payroll taxes to be approximately $9 million or approximately 6% of revenue.

我們預計第三季的數據將調整為 400 萬至 500 萬美元，而 2024 年第三季的虧損為 60 萬美元。在第三季度，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 22% to 23% to 24% growth driven by our growth initiatives in our large fragmented market. We expect supplier services to be down approximately 5% year over year. We are raising our revenue outlook for the full year. We expect overall growth in 2025 of at least 20%, exceeding 2024 growth of 18%.

對於 2025 年全年，我們將市場成長預期從先前的至少 22% 提高到 23% 至 24%，這得益於我們在龐大分散的市場中採取的成長措施。我們預計供應商服務將年減約 5%。我們正在上調全年收入預期。我們預計 2025 年整體成長率至少為 20%，超過 2024 年 18% 的成長率。

Lastly, for the full year 2025, we expect incremental adjusted EBITDA margin of approximately 21%. I want to close by thanking our dedicated geometry team members around the world. Their commitment to our buyers and suppliers is instrumental to our continued growth and core to our mission of making the world's manufacturing capacity accessible to all.

最後，對於 2025 年全年，我們預計增量調整後 EBITDA 利潤率約為 21%。最後，我要感謝我們遍布世界各地的敬業的幾何團隊成員。他們對我們的買家和供應商的承諾對我們的持續成長至關重要，也是我們讓全世界的製造能力惠及所有人的使命的核心。

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

接線生，您能打開電話詢問嗎？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Corey Carpenter, JP Morgan.

摩根大通的科里·卡彭特。

Good morning. Thanks for the questions. Randy, one for you and then James, one for you. For Randy, you talked to a number of product initiatives at the company. I wanted to ask where you're seeing the most impact on the business and what your focus areas on the product side are for the second half of the year.

早安.感謝您的提問。蘭迪，給你一個，然後詹姆斯，給你一個。對於蘭迪，您談到了該公司的一些產品計劃。我想問一下，您認為哪些方面對業務的影響最大，以及今年下半年您在產品方面的重點領域是什麼。

And then James, more more financially related, a lot of press around manufacturing reading slowing in July. It sounds like you're still seeing strong trends continue, but perhaps any insights you could provide on what you're seeing so far this quarter and what you're assuming in the guide would be helpful. Thank you.

然後詹姆斯，更多與財務相關的報導是，許多媒體都報告 7 月製造業成長放緩。聽起來您仍然看到強勁的趨勢在持續，但也許您可以就本季度迄今為止所看到的情況以及您在指南中假設的情況提供任何見解，都會有所幫助。謝謝。

Yeah. What, I'm actually, Corey, great to hear from you. I'm going to have Sanjeev start on that first question about the product introductions and then I'll chime in as well, and then we'll get to James. So Sanjeev, go ahead.

是的。什麼，事實上，我叫科里，很高興收到你的來信。我將讓 Sanjeev 開始回答有關產品介紹的第一個問題，然後我也會插話，然後我們再問 James。那麼 Sanjeev，繼續吧。

Thank you for the question. I have now been in the role of President for seven months. I'm focused on driving the day to day running of the company while scaling the value from our current setup. When Randy asked me to join, I believe there was a significant opportunity to embed e-commerce principles to improve the buyer and supplier experience and efficiently rapidly scale our business.

謝謝你的提問。我擔任總統已經七個月了。我專注於推動公司的日常運營，同時擴大我們現有設置的價值。當蘭迪邀請我加入時，我相信這是一個重大的機會，可以融入電子商務原則，以改善買家和供應商的體驗，並有效快速地擴展我們的業務。

In my experience, asset like marketplaces has a scale when they can efficiently and effectively ingest significant amounts of data about the customers and their orders. And then use the insights from the data to find the most supplier at the least cost who can fulfill your own time.

根據我的經驗，當市場等資產能夠有效率且有效地獲取有關客戶及其訂單的大量數據時，它們就具有一定規模。然後利用數據中的見解，以最低的成本找到能夠滿足您時間要求的最佳供應商。

My focus has been to accelerate the technology and AI deployment to capture more and more of this data. And scale our AI models to improve pricing, speed, and selection for our buyers and suppliers on the platform. I'm proud to echo what Randy said earlier that we are already seeing an increased space of water solar and technology deployments in Q2 and Q3 already.

我的重點是加速技術和人工智慧的部署，以捕捉越來越多的數據。並擴展我們的人工智慧模型，以改善平台上買家和供應商的定價、速度和選擇。我很自豪地重複蘭迪之前所說的話，我們已經看到第二季和第三季水太陽能和技術部署空間的增加。

This includes things like instant porting, selection and increased additive materials, launching TeamSpace and enterprise integration in Europe, testing a mobile app experience in work centers, automating extraction of information from technical drawings, and then on [Palmer's net] testing of a new search experience using natural language.

其中包括即時移植、選擇和增加附加材料、在歐洲推出 TeamSpace 和企業整合、在工作中心測試行動應用體驗、自動從技術圖紙中提取信息，以及在 [Palmer 網路] 上使用自然語言測試新的搜尋體驗。

Overall, AI is central to driving significant improvements in our operating leverage in all functions across all markets.

總體而言，人工智慧對於推動我們在所有市場所有職能領域中顯著提升營運槓桿至關重要。

Great, thank you Sanjeev. Cory, on your second question, we're raising our full year marketplace growth outlook to 23% to 24% from at least 22%. So Q2 really sees the quarter 26% growth. We saw great growth in the US and in international and enterprise continues to show good traction. As Randy mentioned, I think Xometry is really purpose built for this rapidly changing global environment, and our marketplace has prospered in terms of macro volatility in the past.

太好了，謝謝你，Sanjeev。科里，關於您的第二個問題，我們將全年市場成長預期從至少 22% 上調至 23% 至 24%。因此第二季實際成長率為 26%。我們在美國和國際上都看到了巨大的成長，並且企業繼續表現出良好的發展勢頭。正如 Randy 所提到的，我認為 Xometry 確實是為這個快速變化的全球環境而建造的，而且我們的市場過去在宏觀波動方面一直很繁榮。

Now, we remain somewhat cautious on the macro environment. It continues, manufacturing industries continue to suggest some buyers remain cautious, but as we've done in the first half, we're very focused on our initiatives, our growth initiatives, what we're seeing that we can drive through enterprise through growing up by a network that we expect to be able to continue to do and we've taken all those trends into account in terms of the guidance

現在，我們對宏觀環境仍然保持謹慎。製造業繼續表明一些買家保持謹慎，但正如我們在上半年所做的那樣，我們非常專注於我們的計劃、我們的成長計劃，以及我們看到的我們可以透過網路發展來推動企業發展，我們預計我們能夠繼續這樣做，並且我們在指導方面已經考慮到了所有這些趨勢

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, thanks for taking my questions. Just a couple on gross margin to start. The first quarter you had little pressure on gross margin as you were making some adjustments to your international manufacturing base. Can you talk about how that went? It seems like that was successfully completed at this point and with the rebound and gross margin, really impressive rebound and gross margin. And so can you just talk about that dynamic and also was there anything unusual in the second quarter gross margin?

你好，謝謝你回答我的問題。首先談談毛利率。第一季度，由於你們正在對國際製造基地進行一些調整，所以毛利率壓力不大。能談談事情進展如何嗎？目前看來，這一步已經成功完成，而且反彈和毛利率確實令人印象深刻。那麼，您能談談這種動態嗎？第二季的毛利率有異常嗎？

And does the guidance imply that maybe gross margin ticks down a little bit sequentially in the second half, or can you sustain this really high level in the second half? Thanks.

該指引是否意味著下半年毛利率可能較上季略有下降，或是下半年能否維持這一高水準？謝謝。

Thanks, Brian. It's James. So yes, gross margin was a record in the quarter, 35.4%, up 190 basis points year-over-year into our long-term guidance range of 35% to 40%. As you noted and as we discussed before, in Q1, we proactively made investments in order to ramp up volume in geographies that we felt would be helpful in this environment. And we were able to see a much more normalized progression of our gross margin in the second quarter.

謝謝，布萊恩。是詹姆斯。是的，本季毛利率創歷史新高，達到 35.4%，年增 190 個基點，達到我們 35% 至 40% 的長期指導範圍。正如您所指出的以及我們之前討論過的，在第一季度，我們積極進行了投資，以增加我們認為在這種環境下有幫助的地區的銷售。我們能夠看到第二季毛利率的成長更加正常化。

So it's up sharply Q-over-Q. And really, the core of this is being AI-driven. It's the main driver of our gross margin expansion, the continual improvements, as Sanjeev was talking about as well on our AI pricing prediction, machine learning with more data and our AI-driven sourcing. We expect Q3 margin to continue to be up year-over-year. It's not always linear quarter-over-quarter.

因此 Q 季度季增大幅上升。而實際上，其核心是由人工智慧驅動。這是我們毛利率擴張的主要驅動力，持續改進，正如 Sanjeev 所談到的，還有我們的 AI 定價預測、使用更多數據的機器學習以及我們的 AI 驅動的採購。我們預計第三季利潤率將繼續同比上升。它並不總是按季度呈線性變化。

So I think that is an important point as we think about progression from here into Q3 into Q4. But we do expect it to continue to show nice improvements year-over-year for the quarter and for the full year.

因此，我認為當我們考慮從現在開始進入第三季再進入第四季時，這一點很重要。但我們確實預期本季和全年的業績將繼續同比呈現良好的改善。

Okay. And I'll just ask one more. I don't know if you guys noticed, but the ISM index has been basically below 50 for like 30 months. It's not really showing up in your results. And I'm just wondering, are you having conversations internally where you're just saying if the situation improves in the U.S., Europe, internationally, we really feel like you're leaving a lot on the table, like growth could accelerate.

好的。我再問一個問題。我不知道你們是否注意到了，但是 ISM 指數基本上已經在 50 以下有 30 個月了。它實際上並沒有顯示在你的結果中。我只是想知道，你們內部是否進行過對話，你們是否說過，如果美國、歐洲和國際情勢有所改善，我們真的覺得你們放棄了很多可能性，例如成長可能會加速。

I mean we're not seeing growth from anyone really in Europe, and you're talking about 31% international growth with strength in Europe. I'm just wondering if you could comment on that, like the potential for even further acceleration in a better environment.

我的意思是，我們實際上沒有看到歐洲任何人出現成長，而你所說的國際成長是 31%，其中歐洲表現強勁。我只是想知道您是否可以對此發表評論，例如在更好的環境下進一步加速的潛力。

Yes. Brian, it's Randy. I appreciate that question. Look, I mean, I think we've been -- we're talking about it now for a while, as you rightfully noted, indices have all been down for a couple of years. And Xometry has been maintaining its strong growth because we're gaining market share and there's more and more adoption by customers of our Xometry marketplace is the best way for sourcing.

是的。布萊恩，我是蘭迪。我很感謝你提出這個問題。你看，我的意思是，我認為我們已經——我們現在已經討論了一段時間，正如你正確指出的那樣，指數已經連續幾年下跌了。Xometry 一直保持著強勁的成長勢頭，因為我們正在獲得市場份額，而且越來越多的客戶認為我們的 Xometry 市場是最佳的採購方式。

So we continue to forecast strong growth based on that. But absolutely, if the macro turns around, that would be a nice tailwind for us. So be good days. But again, we're optimistic. as we talked about coming into Q3, we're off to a strong start in Q3 as well as more and more people are adopting our global marketplace and taking advantage of the AI-driven algorithms and matching.

因此，我們將繼續以此為基礎預測強勁成長。但絕對的是，如果宏觀情況好轉，那對我們來說將是一個很好的順風。所以祝你過好日子。但我們再次表示樂觀。正如我們談到進入第三季時所說，我們在第三季度取得了強勁開局，而且越來越多的人正在採用我們的全球市場並利用人工智慧驅動的演算法和匹配。

Yeah, Brian, it's Shawn. And just if you look at the guidance, I mean again, we've been consistent. We don't expect any improvement in the way we give our guidance. And as you've heard on the call from Randy and Sanjiv, we're really focused on driving product innovation on the platform and really improving the buyer and supplier experience and controlling what we can control.

是的，布萊恩，我是肖恩。如果你看一下指導，我的意思是，我們一直保持一致。我們並不期望我們提供指導的方式會有任何改進。正如您在 Randy 和 Sanjiv 的電話中聽到的那樣，我們真正專注於推動平台上的產品創新，真正改善買家和供應商的體驗，並控制我們能夠控制的事情。

Right. And so the outlook does not include any improvement in the environment is what you're saying, Shawn?

正確的。所以，肖恩，您說的是前景不包括環境的任何改善嗎？

We're continuing to temper our outlook with being cautious and conservative about what the macro will be.

我們將繼續以謹慎和保守的態度來看待宏觀情勢。

Yeah, understood. Okay, thanks for taking my questions.

是的，明白了。好的，感謝您回答我的問題。

Ronald Josey, Citi.

花旗銀行的羅納德‧喬西 (Ronald Josey)。

I wanted to follow up on the product question and another one just on the overall macro trends. So Randy, you talked -- I just want to understand your thoughts on instant quoting and the benefits to conversion rate as that just goes to more and more products. So that's on instant quoting. And then, James, on your prepared remarks, you mentioned, I think, adjustments to pricing in the quarter. And I wanted to understand the pricing environment as it relates to macro and tariffs and everything else. Thank you.

我想跟進產品問題以及有關整體宏觀趨勢的另一個問題。蘭迪，你說了——我只是想了解你對即時報價的看法以及轉換率的好處，因為這適用於越來越多的產品。這就是即時報價。然後，詹姆斯，在您準備好的發言中，我認為您提到了本季度的價格調整。我想了解與宏觀、關稅和其他一切相關的定價環境。謝謝。

Thanks, Ron. I'll jump in here and then Sanjeev can add anything. So we are very focused on increasing the scope of what we can instantly quote. That includes additional manufacturing processes, materials, post-processing. And that's reducing friction in our marketplace.

謝謝，羅恩。我會跳到這裡，然後 Sanjeev 可以添加任何內容。因此，我們非常注重擴大我們可以立即引用的範圍。這包括額外的製造流程、材料、後處理。這減少了我們市場上的摩擦。

It's increasing the speed by which customers not only can order, but where there can be delivery and can also lead to better outcomes. So that is definitely a focus. You'll continue to see that as we're investing in our algorithms and that expansion in our offering itself.

它不僅提高了客戶訂購的速度，而且提高了送貨的速度，還可以帶來更好的結果。所以這絕對是一個重點。隨著我們對演算法的投資以及產品本身的擴展，您將繼續看到這一點。

Thanks, Randy. Just to add to that, I think our focus remains on improving buyer and customer experience by deploying technology at a very rapid pace while continuing to expand the usage of our AI algorithms across the board. Randy pointed to several examples in his remarks earlier where we've launch product in Q2, continue to see a gaining pace on that in Q3. So we are very proud of that.

謝謝，蘭迪。補充一點，我認為我們的重點仍然是透過快速部署技術來改善買家和客戶體驗，同時繼續全面擴大我們的人工智慧演算法的使用。蘭迪在先前的評論中舉了幾個例子，我們在第二季度推出了產品，並在第三季度繼續保持成長勢頭。因此我們對此感到非常自豪。

Ron, on the question on pricing and tariffs. So as we talked about on our last call, tariffs are input into our pricing like other changes in duties and shipping, et cetera. So as we see and as our algorithms and our network sees impacts on costs or on pricing in the network, then our marketplace reflects that. And I think I just zoom out a bit in terms of as a global marketplace, we're investing in the ability to give our customers the best sourcing options. So as we adjust pricing, that allows customers to make their choices in terms of the options on our marketplace.

羅恩，關於定價和關稅的問題。正如我們在上次通話中談到的那樣，關稅和其他關稅、運費等變化都會影響我們的定價。因此，正如我們所看到的，我們的演算法和網路對網路成本或定價的影響，我們的市場就會反映這一點。我認為，就全球市場而言，我只是稍微擴大了一點，我們正在投資為客戶提供最佳採購選擇的能力。因此，當我們調整價格時，客戶可以根據我們市場上的選項做出選擇。

We're able to -- our pricing engine is able to account for changes in international fulfillment. We can work with many of our enterprise customers to secure the domestic supply that they're looking for and as relevant, provide them with the offshore solution. So it's really about the marketplace is purpose-built for these sorts of environments. We're flexible and resilient. We've got a great strong domestic supplier base, but also a global base of over 4,300 suppliers.

我們能夠－我們的定價引擎能夠考慮到國際履行方面的變化。我們可以與許多企業客戶合作，確保他們所需的國內供應，並為他們提供相關的離岸解決方案。因此，這實際上是專門為此類環境而建立的市場。我們靈活且有韌性。我們不僅擁有強大的國內供應商基礎，還擁有超過 4,300 家全球供應商基礎。

And so we feel like we're giving our customers the choice and flexibility that they need to find and secure the sourcing that they want.

因此，我們覺得我們為客戶提供了所需的選擇和靈活性，以找到並確保他們想要的採購。

Got it. Thankyou, all.

知道了。謝謝大家。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking my questions. I wanted to ask about the step-up in sales and marketing from 1Q to 2Q. Is there anything to call out there? And then how do we think about just marketing efficiency on a go-forward basis? And then $500,000 accounts accelerated in the quarter. Is there anything you guys can call out in terms of just the move upmarket and the success you're seeing in terms of driving dollars in terms of larger accounts?

非常感謝您回答我的問題。我想詢問一下從第一季到第二季銷售和行銷的成長。那裡有什麼東西需要呼叫嗎？那麼，我們如何從長遠角度來考慮行銷效率呢？然後本季 50 萬美元的帳戶數量加速成長。就進軍高端市場以及在吸引大客戶方面的成功而言，你們有什麼可以指出的嗎？

Understood that, that may be a threshold that you guys don't necessarily solve for, but how do we think about that growth and the sustainability of it? Thanks so much.

明白這一點，這可能是你們不一定能解決的一個門檻，但我們如何看待這種成長及其可持續性？非常感謝。

Andrew. I'll kick off on the sales and marketing point. We did see a pickup as we saw more normalized, let's say, marketing spend in the quarter. I remember back in Q1, we were balancing growth and profitability in an uncertain environment, waiting on sort of the announcements of the -- with some caution into the April tariff changes. We were able to continue to see really great leverage year-over-year, both on overall sales and marketing, where we saw 180 points year-over-year and our marketplace advertising, where we saw 130 basis point leverage year-over-year and now that at 5.6%.

安德魯。我將從銷售和行銷角度開始講解。我們確實看到了回升，因為我們看到本季的行銷支出更加正常化。我記得在第一季度，我們在不確定的環境中平衡成長和獲利能力，等待 4 月份關稅變化的公告，並保持謹慎。我們能夠繼續看到同比大幅增長的槓桿率，無論是在整體銷售和營銷方面，同比增長 180 點，在市場廣告方面，同比增長 130 個基點，目前為 5.6%。

So really, it's a case of sort of seeing some Q-on-Q normalization, but the trend that we're going down continues to be that one of continuing to see greater leverage from our sales and marketing investments.

因此，實際上，這是一種環比正常化的情況，但我們繼續看到的趨勢是，我們的銷售和行銷投資將繼續發揮更大的槓桿作用。

Yeah. Andrew, it's Shawn. I would just maybe tie the 2 questions together as advertising spend normalized from Q1 to Q2, part of that -- the outcome there was faster growth than the 500 $50,000 spend KPI, which was very strong on a net add basis.

是的。安德魯，我是肖恩。我可能只是將這兩個問題聯繫在一起，因為廣告支出從第一季到第二季度正常化，部分原因是——結果增長速度快於 500 美元 50,000 美元支出 KPI，這在淨增基礎上非常強勁。

Yeah. I think -- I mean, 108 accounts had year-over-year, that's one of the best quarters that we've had. I think the strongest net adds since Q4 of '23. I think a lot of coming from our focus on the driving the land and expand strategy. And to point again to our earnings presentation, we have some nice case studies in there and how we're scaling enterprise accounts.

是的。我認為——我的意思是，108 個帳戶同比增長，這是我們經歷過的最好的季度之一。我認為這是自 2023 年第四季以來最強勁的淨增幅。我認為這很大程度源於我們對推動土地和擴張策略的關注。再次指出我們的收益報告，其中有一些很好的案例研究以及我們如何擴展企業帳戶。

And we really think that with our offerings on the technology side as well as our partnering through our sales and operations organization, we're really helping be that one-stop solution for our customers, lowering their procurement costs and optimizing their sourcing strategies.

我們確實認為，透過我們在技術方面的產品以及透過我們的銷售和營運組織建立的合作夥伴關係，我們確實能夠為客戶提供一站式解決方案，降低他們的採購成本並優化他們的採購策略。

Yeah, just -- this is Randy. Just to jump in here. I mean, particularly as we continue to evolve Teamspace, we're making changes and investments in that and those ERP integrations, that sort of one-two punch really is integrating our workflows more and more with our customer supply chains, and that's resulting not only in more accounts with more than $50,000 spend on an LTM basis, but it's also growing that larger base that we talked about of accounts with more than $500,000 of annual spend. So it's really technology-driven, and we're continuing to invest in that. Thank you.

是的，這就是蘭迪。只是想跳到這裡。我的意思是，特別是隨著我們繼續發展 Teamspace，我們正在對其進行更改和投資，以及那些 ERP 集成，這種組合拳實際上正在將我們的工作流程越來越多地與我們的客戶供應鏈集成在一起，這不僅導致更多帳戶在 LTM 基礎上的支出超過 50,000 美元，而且還擴大了我們所說的每年支出超過 500,000 美元的賬戶群。所以這確實是技術驅動的，我們將繼續在這方面進行投資。謝謝。

Matt Swanson, RBC.

馬特·斯旺森（RBC）。

Great, thank you and congratulations on the results. Randy, you actually led me in perfectly here on that Teamspace and ERP commentary. I guess just as you're seeing enterprises start to spend more and more time in the Xometry platform, can you just talk about maybe some logical adjacencies of kind of maybe what Teamspace Phase 2 is in terms of where you think you can kind of expand the platform and other things you can do in the enterprise?

太好了，謝謝你，恭喜你所取得的成果。蘭迪，你實際上完美地引導我了解 Teamspace 和 ERP 的評論。我想，正如您所看到企業開始在 Xometry 平台上花費越來越多的時間一樣，您能否談談 Teamspace 第 2 階段的一些邏輯鄰接，您認為您可以在哪些方面擴展平台以及您可以在企業中做的其他事情？

I think we've talked about that a lot of our strategy revolves around our strategy about increasing our share of wallet with our customers and the manufacturing world. One of the reasons why the Xometry marketplace model is being adopted by more and more is that there's a lot of different use cases, lots of variety and these different -- what seemingly are small differences make a big difference to our customers. So more and more, we want to enable that enterprise customer to go in and be able to do all their shopping in the Xometry marketplace. So as we expand the things that we can auto quote, whether it's manufacturing technologies, it's materials, post processing, lots of different options, different fulfillment options, that will enable us to gain more and more share with the enterprise customers. So going back to the three basics, speed, price and selection and reducing the friction with the technology, if we stick to that strategy and continue to invest in that, that will enable us to grow that share of wallet and become deeper and deeper embedded in those enterprise customers' supply chains.

我想我們已經討論過，我們的許多策略都圍繞著增加我們在客戶和製造業中的份額的策略。Xometry 市場模型被越來越多人採用的原因之一是，它有很多不同的用例、種類繁多，而且這些不同之處——看似微小的差異卻能給我們的客戶帶來巨大的影響。因此，我們越來越希望讓企業客戶能夠進入 Xometry 市場並進行所有購物。因此，隨著我們擴展可以自動報價的內容，無論是製造技術、材料、後製、許多不同的選項、不同的履行選項，這將使我們能夠從企業客戶中獲得越來越多的份額。因此，回到三個基本點，即速度、價格和選擇，並減少與技術的摩擦，如果我們堅持這一策略並繼續投資，這將使我們能夠增加錢包份額，並越來越深入地融入企業客戶的供應鏈。

And then you mentioned as one of the reasons you guys are winning large customers is that supply chain resiliency. There's obviously a lot of tariff noise, a lot of PMI noise. does that seem like kind of the biggest theme in terms of like what's driving some of this outperformance, maybe even more so from the enterprise side? Is that like the big takeaway from all this noise that people just know that they need to figure out a more maybe elastic supply chain?

然後你提到，你們贏得大客戶的原因之一是供應鏈的彈性。顯然存在著許多關稅噪音和 PMI 噪音。這似乎是推動這種優異表現的最大主題嗎？從企業方面來看，這甚至可能更重要？從所有這些噪音中人們是否能得出一個重要結論：他們需要找到一個更有彈性的供應鏈？

Look, I think, we've had durable growth since the founding of the company and since we've been a public company. So I think it's more that more and more people are adopting the marketplace model. It's been successful in so many other industries. I think as time is progressing and as our awareness grows and as we continue to innovate more, invest in those technology initiatives, reduce the friction, customers are just realizing that this is a great option. And certainly, when there's some noise in the market that helps that certainly helps raise awareness.

我認為，自公司成立以來以及成為上市公司以來，我們一直保持著持續的成長。所以我認為越來越多的人正在採用市場模式。它在許多其他行業中取得了成功。我認為隨著時間的推移，隨著我們意識的增強，隨著我們不斷創新，投資這些技術計劃，減少摩擦，客戶就會意識到這是一個很好的選擇。當然，當市場上出現一些有助於提高認識的聲音時，這肯定有助於提高意識。

But this is a global trend. We've always talked about a secular shift to the digital that's inevitable, and it's continuing. And just to be clear, you haven't asked, but there's been no pull forward here or anything like that. This is just an ongoing trend that we've been seeing.

但這是全球趨勢。我們一直在談論數位化的長期轉變，這是不可避免的，而且這種轉變仍在繼續。需要明確的是，你沒有問，但這裡沒有任何進展或類似的事情。這只是我們一直看到的持續趨勢。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the questions. Maybe one -- the first one, maybe building on that last question. As you see some shifts in the global macro behavior and elements of the way in which supply chains are built, are you seeing any theme around broader domestic sourcing? And is there any way that you might be able to benefit or align some of the platform to benefit if you do see elements of shifts towards more domestic sourcing on the manufacturing side? And then the second one, you talked in the prepared remarks about improving the mobile experience. Can you talk a little bit about what we should be watching from the outside in on rolling out a new and improved mobile experience and how it either might reduce friction or improve conversion on the platform? Thank you.

非常感謝您回答這些問題。也許是一個——第一個，也許是基於最後一個問題。當您看到全球宏觀行為和供應鏈建構方式的某些要素發生一些變化時，您是否看到了有關更廣泛的國內採購的主題？如果您確實看到製造業向國內採購轉變的趨勢，您是否有辦法從中受益或利用部分平台獲益？然後第二個問題，您在準備好的發言中談到了改善行動體驗。您能否談談，在推出全新改進的行動體驗時，我們應該從外部關注什麼，以及它如何減少摩擦或提高平台的轉換率？謝謝。

That's great, Eric. I'll take the first one, and then Sanjiv will take the second. So we are continuing to expand our domestic supplier base. We've talked about the majority of our U.S. orders are sourced domestically.

太棒了，埃里克。我會選擇第一個，然後 Sanjiv 會選擇第二個。因此，我們正在繼續擴大國內供應商基礎。我們已經說過，我們的大部分美國訂單都來自國內。

We're expanding that supplier base. It's over 4,300 and to give our customers more choice and flexibility. Certainly, reshoring trends could be beneficial to the marketplace, but Eric, it's still too early to tell. And so again, I'll reiterate that we're off to a strong start in Q3. It's exciting times for us, but the macro continues to be -- we're conservative about it.

我們正在擴大供應商基礎。它超過 4,300 種，為我們的客戶提供更多選擇和靈活性。當然，回流趨勢可能對市場有利，但埃里克，現在下結論還為時過早。因此，我再次重申，我們在第三季取得了強勁開局。對我們來說，這是一個令人興奮的時刻，但宏觀層面我們仍然持保守態度。

We're not really seeing any uptick on it. It's -- our growth is really from gaining market share and improving our marketplace.

我們確實沒有看到任何上漲。我們的成長實際上來自於獲得市場份額和改善我們的市場。

Thank you, Randy and just to follow on around the question for the mobile app. testing in the mobile app in July is focused on our partner and supplier experience. So very much linked to the first question you asked. We see that the app enables our suppliers to interact more easily with the Xometry platform where they can see 3D part files, they can share work in progress, they can receive push notifications, give us updates.

謝謝你，蘭迪，我只是想繼續回答有關行動應用程式的問題。七月份的行動應用程式測試主要集中在我們的合作夥伴和供應商的體驗。這與您提出的第一個問題非常相關。我們發現該應用程式使我們的供應商能夠更輕鬆地與 Xometry 平台進行交互，在該平台上他們可以查看 3D 零件文件、可以共享正在進行的工作、可以接收推播通知並向我們提供更新。

So we actually see the supplier engagement as the primary experience driver from this first work center mobile app testing that's going on right now. So a lot more to come.

因此，我們實際上將供應商參與視為目前正在進行的首次工作中心行動應用測試的主要體驗驅動因素。未來還會有更多。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

Yeah, good morning, thanks, and congrats on the results. Maybe just going back to the Q2 guidance that you put back out in May. The magnitude of upside was maybe most noteworthy. So I'm just curious what you saw specifically in May and June. And just to be clear, like are you seeing similar strength in July? Any difference? But I'd love to just get a little bit of feel for the cadence of the quarter.

是的，早安，謝謝，並祝賀你取得的成績。也許只是回到您在五月發布的第二季度指引。上漲幅度或許是最值得關注的。所以我只是好奇你在五月和六月具體看到了什麼。只是為了明確起見，您是否在 7 月看到了類似的實力？有差別嗎？但我很想稍微了解一下本季的節奏。

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員指示）

(technical difficulty) Sorry. So I was just coming back, yes, I mean, in terms of the guidance we said of the 20% to 22% range, coming in at 26%, obviously, very pleased with that. It's driven by stronger-than-expected marketplace revenue and strong gross profit performance. And enterprise continues to perform well, really pleased with the net adds that we had in the quarter. International growth as well was very solid.

（技術困難）抱歉。所以我剛剛回來，是的，我的意思是，就我們所說的 20% 到 22% 範圍的指導而言，實際上達到 26%，顯然，我對此非常滿意。這是由強於預期的市場收入和強勁的毛利表現所推動的。企業繼續表現良好，我們對本季的淨增值感到非常滿意。國際成長也非常穩健。

Really, it comes back to our growth initiatives. But as we look out, we continue to be mindful of the environment that we're in. continues to be quite a bit of uncertainty out there. So we sort of embed that into our outlook as we look forward.

事實上，這又回到了我們的成長計畫。但當我們展望未來時，我們會繼續留意我們所處的環境。外面仍然存在相當多的不確定性。因此，我們將其融入我們展望未來的展望中。

Yeah, I mean just to jump in, Greg, we've been clear that Q3 is off to a strong start. We haven't been shy about that. But as Shane said, we're going to continue to be mindful of the macro as we've been for a while here. And so that's going to -- that's always going to temper our expectations here.

是的，格雷格，我的意思是，我們已經清楚第三季開局強勁。我們對此並不羞澀。但正如肖恩所說，我們將繼續關注宏觀，就像我們在這裡已經關注了一段時間一樣。所以這將會——這總是會降低我們的期望。

Yeah. Understood. And then any specific end markets that stood out? I know you named a couple. And specifically, how big of an end market is aerospace and defense at this point?

是的。明白了。那麼有哪些特別突出的特定終端市場呢？我知道你提到了幾個。具體來說，目前航空航太和國防的終端市場有多大？

We -- the great thing about being a technology marketplace, it's extensible across many different verticals. And as you know, there's even a slide in our earnings deck or in our investor deck that shows all the different verticals we're in. So we're very and that's enabled us to have durable growth during -- for a long time and during different periods. So I'd say we're -- you're seeing strength across almost all the different verticals that we're in. And it's just a testament to adoption of our marketplace model as the best operating model in this segment of manufacturing.

我們——作為科技市場最棒的地方在於它可以擴展到許多不同的垂直領域。如你所知，我們的收益簡報或投資者簡報中甚至有一張投影片，展示了我們所處的所有不同垂直領域。因此，我們能夠長期、在不同時期達到持久成長。所以我想說，你會看到，我們所處的幾乎所有不同垂直領域都展現了實力。這只是證明我們的市場模式是製造業這一領域的最佳營運模式。

Okay, all right. Thanks for the call.

好的，好的。謝謝您的來電。

This does conclude our question-and-answer session. Thank you for your participation in today's conference. This concludes the program, and you may now disconnect.

我們的問答環節到此結束。感謝大家參加今天的會議。程式到此結束，您現在可以斷開連線。