Xometry Inc (XMTR) 2025 Q3 法說會逐字稿

Hi, and welcome to Xometry's earnings conference call. (Operator Instructions) I would now like to hand the call over to VP of Investor Relations, Shawn Milne.

大家好，歡迎參加Xometry的財報電話會議。 （操作說明）現在我將把電話交給投資者關係副總裁肖恩·米爾恩。

Good morning, and thank you for joining us on Xometry's Q3 2025 earnings call. Joining me are Randy Altschuler, our Chief Executive Officer; Sanjeev Singh Sahni, our President; and James Miln, our Chief Financial Officer. During today's call, we will review our financial results for the third quarter 2025 and discuss our guidance for the fourth quarter and full year 2025.

早安，感謝各位參加Xometry 2025年第三季財報電話會議。與我一同出席的有：執行長Randy Altschuler、總裁Sanjeev Singh Sahni以及財務長James Miln。在今天的電話會議上，我們將回顧2025年第三季的財務業績，並探討我們對2025年第四季和全年的業績展望。

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. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results.

在今天的電話會議中，我們將做出一些前瞻性陳述，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。這些陳述可能包含「相信」、「預期」、「打算」和「可能」等字眼。這些陳述受風險和不確定性因素的影響，可能導致其與實際結果有重大差異。

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 September 30, 2025.

有關這些風險的資訊可在我們今天開市前發布的獲利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，包括我們截至 2025 年 9 月 30 日的季度 10-Q 表格。

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'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、未來事件或預期變更而更新任何前瞻性陳述的義務。此外，我們想指出，在今天的電話會議上，我們將報告GAAP和非GAAP財務表現。我們在內部使用這些非GAAP財務指標進行財務和營運決策，並以此作為評估各期間績效比較的手段。非GAAP財務指標是根據美國通用會計準則（US GAAP）編制的財務績效指標的補充，而非替代或優於後者。

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GAAP指標的調整明細，請參閱我們今天發布的盈利新聞稿和投資者演示文稿，這兩份文件均可在我們網站投資者關係頁面（investors.xometry.com）查閱。今天電話會議的錄音也將發佈在我們網站上。

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

接下來，我想把電話交給蘭迪。

Thanks, Shawn. Good morning, and thank you for joining our Q3 2025 earnings call. Our Q3 performance powerfully demonstrates the success of our purposely built marketplace model in this massive and highly fragmented custom manufacturing market. We are proving that a superior experience for both buyers and suppliers, fueled by the power of marketplace dynamics is delivering sustainable growth and value.

謝謝肖恩。早安，感謝您參加我們2025年第三季財報電話會議。我們第三季的業績有力地證明了我們精心打造的市場模式在這個龐大且高度分散的客製化製造市場中取得了成功。我們正在證明，借助市場動態的力量，為買家和供應商提供卓越的體驗，能夠帶來可持續的成長和價值。

Our marketplace structure is a key differentiator, powering our industry-leading growth and significant adoption amongst our customers and suppliers. Our marketplace sits at the intersection of manufacturing, AI and technology, and we are excited about digitizing custom manufacturing as we accelerate platform innovation.

我們的市場平台結構是我們的關鍵差異化優勢，它推動了我們領先產業的成長，並使其在客戶和供應商中廣泛應用。我們的市場平台融合了製造業、人工智慧和技術，我們致力於在加速平台創新的同時，推動客製化製造的數位轉型。

Q3 was a record quarter for Xometry across many fronts, including revenue, gross profit, marketplace gross margin, and adjusted EBITDA. Q3 revenue growth accelerated, increasing 28% year over year to $181 million. Marketplace growth accelerated, increasing 31% year over year, driven by our rapidly expanding networks of buyers and suppliers and deepening enterprise engagement.

第三季是Xometry在多個方面創紀錄的季度，包括營收、毛利、平台毛利率和調整後EBITDA。第三季營收成長加速，年增28%至1.81億美元。平台業務成長加速，年增31%，這得益於我們快速擴張的買家和供應商網路以及不斷深化的企業合作。

We are delivering this level of growth in an ongoing manufacturing contraction, underscoring our significant market share gains. We're off to a strong start in Q4, and we're again raising our full year marketplace growth outlook, which James will discuss later in the call.

我們在製造業持續萎縮的情況下實現瞭如此高的成長，凸顯了我們市場份額的顯著提升。第四季開局強勁，我們再次上調了全年市場成長預期，James 將在稍後的電話會議中詳細討論這一點。

Powered by improving AI pricing and selection algorithms, we drove a 210 basis points increase in marketplace gross margin year over year in Q3, driving 40% growth in marketplace gross profit, expanding marketplace gross margin underscores the value we're creating with our AI-powered marketplace.

由於不斷改進的 AI 定價和選擇演算法，我們在第三季度實現了市場毛利率同比增長 210 個基點，推動市場毛利潤增長 40%，市場毛利率的擴大凸顯了我們透過 AI 驅動的市場所創造的價值。

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. This has driven significant and steady increases in our marketplace gross margins from the 25% level four years ago to 35.7% in Q3 of this year.

隨著我們買家和供應商網路的不斷拓展，以及更多數據用於持續訓練演算法，我們的效率和競爭優勢不斷增強。這推動了我們市場毛利率的顯著且穩定成長，從四年前的25%成長到今年第三季的35.7%。

Each quarter of growth and improvements in our technology helps to incrementally power the quarters that follow. Our results in Q3 and year-to-date marked strong progress on our mission to become the de facto digital rails in custom manufacturing. Alongside strong financial results, we are making investments that will pay off in years to come as we drive innovation across our global marketplaces and supplier networks.

每個季度我們技術的成長和改進都為接下來的幾個季度提供了持續的動力。第三季和年初至今的業績表明，我們在成為客製化製造領域事實上的數位化平台這一目標上取得了顯著進展。除了強勁的財務表現外，我們還在進行投資，這些投資將在未來幾年帶來豐厚的回報，因為我們將推動全球市場和供應商網路的創新。

Our President, Sanjeev Singh Sahni, has accelerated our product development efforts to embed technology and an expanding suite of AI capabilities across the organization. We continue to win, especially with larger customers as we improve price, speed, and selection on the marketplace.

我們的總裁桑吉夫·辛格·薩尼加快了產品開發步伐，將技術和不斷擴展的人工智慧功能融入整個組織中。隨著我們在價格、速度和產品選擇方面不斷提升，我們在市場上持續贏得客戶，尤其是在大型客戶中。

In early Q4, we launched auto-quote for injection molding services in the United States, following a launch earlier this year in Europe. Xometry's new auto-quoting capability simplifies the injection molding manufacturing process, providing a seamless digital experience to enable customers to move quickly from design to finished part.

今年第四季初，我們在美國推出了射出成型服務的自動報價功能，此前該功能已於今年稍早在歐洲推出。 Xometry 的全新自動報價功能簡化了射出成型製造流程，提供無縫的數位體驗，使客戶能夠快速完成從設計到成品交付的整個過程。

The platform enables a spectrum of injection molding options from prototype and low-volume bridge tooling to high-volume multi-cavity production tooling in over 35 different materials, colors, and finishes. We advanced our AI-powered design for manufacturing capabilities, expanding our automated extraction engine that interprets technical drawings and CAD files. This enhancement improves the accuracy of our quotes and supplier matching, further reducing friction and improving the buyer experience.

該平台提供一系列注塑成型方案，涵蓋從原型和小批量過渡模具到大批量多腔生產模具，並支援超過 35 種不同的材料、顏色和表面處理。我們提升了人工智慧驅動的面向製造的設計能力，擴展了能夠解讀技術圖和 CAD 檔案的自動化提取引擎。這項改進提高了報價和供應商匹配的準確性，進一步減少了摩擦，並提升了買家體驗。

For our customers, we're increasing supply chain resilience and agility by offering access to a diverse expanding global manufacturing network of over 4,500 active suppliers. This allows buyers to instantly diversify their supplier base, reducing dependence on a single source or region, and enhancing overall resilience.

我們透過提供對接超過4500家活躍供應商的多元化、不斷擴展的全球製造網絡，為客戶提升供應鏈的韌性和靈活性。這使買家能夠立即實現供應商基礎多元化，降低對單一來源或地區的依賴，並增強整體韌性。

In Q3, we continue to expand our global network and our global sourcing efforts and flexible asset-light model are resonating with customers given the rapidly changing global trade environment. We're delivering a scalable enterprise offering through tools like Teamspace and ERP integrations to become more embedded in customer workflows, reducing buyer friction, and expanding wallet share in these large accounts.

第三季度，我們持續拓展全球網絡，鑑於全球貿易環境的快速變化，我們的全球採購策略和靈活的輕資產模式正受到客戶的正面回應。我們正透過 Teamspace 等工具和 ERP 集成，提供可擴展的企業級解決方案，從而更深入地融入客戶的工作流程，減少採購摩擦，並提升我們在這些大客戶中的份額。

Our technology initiatives, combined with our enterprise sales efforts are powering our land-and-expand strategy. In Q3, a US aerospace company faced a major production challenge, needing complex tight tolerance components on an aggressive time line with limited supplier options. This company turned to the Xometry marketplace as a trusted partner capable of delivering precision, speed, and reliability.

我們的技術創新與企業銷售策略結合，正推動我們「先佔領市場，再拓展業務」的策略。第三季度，一家美國航空航太公司面臨重大的生產挑戰，需要在緊迫的時間內交付複雜且公差極小的零件，而供應商選擇卻十分有限。該公司最終選擇了Xometry平台，將其視為值得信賴的合作夥伴，因為Xometry能夠提供精準、快速且可靠的解決方案。

Based on the success of this program, Xometry quickly expanded to other divisions within the company, becoming a preferred manufacturing partner for rapid production. In Europe, a medical device manufacturer partnered with Xometry to accelerate production of precision components for its next-generation surgical systems.

基於此專案的成功，Xometry迅速將業務拓展至公司其他部門，成為快速生產領域的首選製造合作夥伴。在歐洲，一家醫療器材製造商與Xometry合作，加速其下一代手術系統精密組件的生產。

What began with CNC machined and 3D printed parts evolved into multiple high-volume production programs, including injection molded assemblies for other advanced equipment. By leveraging the Xometry marketplace, the customer was able to innovate faster and drive scale in the competitive medical technology market. These are good examples of enterprise customers we believe can generate $10 million plus in annual revenue.

最初，客戶主要生產CNC加工和3D列印零件，後來發展成為多個大批量生產項目，包括為其他先進設備提供注塑成型組件。透過利用Xometry市場，客戶得以更快地進行創新，並在競爭激烈的醫療技術市場中擴大規模。這些都是我們認為能夠創造1000萬美元以上年收入的企業客戶的成功案例。

For our suppliers, our marketplace is driving increasing value, enabling them to sell their capacity digitally, unlock access to global demand, and increase asset utilization and profitability through our Workcenter platform.

對於我們的供應商而言，我們的市場正在創造越來越大的價值，使他們能夠以數位化方式出售產能，獲得全球需求，並透過我們的 Workcenter 平台提高資產利用率和獲利能力。

In early Q4, we launched the new Workcenter mobile app. The Workcenter platform is Xometry's proprietary all-in-one quote-to-cash solution, enabling its partners to source and consolidate work, manage operations, monitor performance, and secure cash flow.

在第四季初，我們推出了全新的 Workcenter 行動應用程式。 Workcenter 平台是 Xometry 自主研發的一體化報價到收款解決方案，使合作夥伴能夠獲取和整合工作、管理營運、監控績效並確保現金流。

This powerful new tool is designed to help suppliers within the Xometry partner network manage job offers, production workflows, and shop performance anytime, anywhere. By providing easier access to the job board and job management, we expect to drive increasing supplier engagement. Additionally, the new app provides for better communication flow to ensure that partners are quickly informed of critical updates and job opportunities.

這款強大的全新工具旨在幫助 Xometry 合作夥伴網路中的供應商隨時隨地管理工作機會、生產流程和車間績效。透過提供更便利的工作資訊發布和工作管理功能，我們期望能夠提升供應商的參與度。此外，這款新應用程式還優化了溝通流程，確保合作夥伴能夠快速了解重要更新和工作機會。

The app also enables seamless data capture through photos, certifications, and status updates to improve accuracy and get information flowing quickly, delivering greater quality, transparency, and responsiveness to customers. We expect that the Workcenter app will deepen supplier engagement and enhance our data to further support marketplace gross margin expansion and improve the buyer and supplier experience.

該應用程式還支援透過照片、認證和狀態更新無縫採集數據，從而提高準確性並加快資訊流通，為客戶提供更高品質、更高透明度和更快速響應的服務。我們期望 Workcenter 應用程式能夠加深供應商參與度，增強我們的數據，從而進一步支持市場毛利率的提升，並改善買賣雙方的體驗。

For Thomas, in Q3, we launched our new dynamic ad serving technology and began selling on a new platform for new customers. The new pay-for-performance platform enables advertisers to set budgets, better define their target audience, maximize ad effectiveness, and improve ROI tracking. While still early, we are pleased how the platform is functioning, and we're pleased with the initial sales efforts.

對 Thomas 而言，第三季我們推出了全新的動態廣告投放技術，並開始在一個面向新客戶的新平台上進行銷售。這個全新的按效果付費平台使廣告主能夠設定預算、更精準地定義目標受眾、最大限度地提高廣告效果並改善投資回報率 (ROI) 的追蹤。雖然目前仍處於早期階段，但我們對平台的運作情況以及初步的銷售成果感到滿意。

We expect the new technology will increase advertising penetration and engagement. In Q4, we will further integrate our new natural language search experience to improve buyer engagement as search results are more relevant. There's much more to come in the following months on the innovation front as we focus on further improving buyer and supplier experience and expanding our platforms.

我們預期這項新技術將提升廣告滲透率和用戶互動度。第四季度，我們將進一步整合全新的自然語言搜尋體驗，讓搜尋結果更加精準，進而提升買家參與度。未來幾個月，我們將在創新方面推出更多舉措，致力於進一步改善買家和供應商體驗，並拓展我們的平台。

Our momentum remains strong in Q4. We're raising our 2025 revenue growth outlook given robust demand in our marketplace and the strong execution of our teams. We expect strong secular growth to continue in 2026 and in coming years as we rapidly scale to $1 billion plus.

第四季我們的成長動能依然強勁。鑑於市場需求旺盛以及團隊高效執行，我們上調了2025年營收成長預期。我們預計，隨著公司快速擴張至10億美元以上，強勁的長期成長動能將在2026年及未來幾年持續。

I will now turn the call over to James for a more detailed review of Q3 and our business outlook.

現在我將把電話交給 James，讓他更詳細地回顧第三季業績和我們的業務前景。

Thanks, Randy, and good morning, everyone. Q3 was a great quarter for Xometry, delivering accelerating revenue growth, robust expansion in marketplace gross margin and significant adjusted EBITDA leverage as our marketplace responds to customers' needs in real time.

謝謝蘭迪，大家早安。第三季對Xometry來說是一個非常棒的季度，營收成長加速，市場毛利率強勁提升，調整後EBITDA也顯著提高，這得益於我們的市場能夠即時回應客戶需求。

Xometry is becoming their digital rails in this massively fragmented and largely off-line 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.

在這個高度分散且主要依賴線下通路的客製化製造市場中，Xometry 正在成為他們的數位化橋樑。隨著我們朝 10 億美元的營收目標邁進，我們預計在持續投資成長計畫的同時，獲利能力也將不斷提升。

Q3 revenue increased 28% year over year to $181 million, driven by strong marketplace growth. Q3 marketplace revenue was $167 million and supplier services revenue was $14.1 million. Q3 marketplace revenue increased 31% year over year, a 500 basis points acceleration from Q2, driven by strong execution, expansion of buyer and supplier networks, and growth with larger accounts as we continue to capture significant market share.

第三季營收年增28%至1.81億美元，主要得益於強勁的市場成長。第三季市場營收為1.67億美元，供應商服務營收為1,410萬美元。第三季市場營收年增31%，較第二季成長500個基點，這主要得益於高效的執行力、買家和供應商網路的拓展以及與大型客戶的成長，我們持續擴大市場佔有率。

Marketplace growth was robust across many verticals, including semiconductors and energy, aerospace and defense, and automotive. Q3 active buyers increased 21% year over year to 78,282 with a net addition of 3,505 active buyers. Q3 marketplace revenue per active buyer increased 9% year over year, primarily due to strong enterprise growth and efficient corporate marketing initiatives in the US.

市場在多個垂直領域均實現了強勁成長，包括半導體和能源、航空航太和國防以及汽車產業。第三季活躍買家數量較去年同期成長21%，達78,282人，淨增加3,505人。第三季每位活躍買家的市場收入年增9%，主要得益於美國企業客戶的強勁成長和高效的企業行銷措施。

In Q3, the number of accounts with last 12-month spend of at least $50,000 on our platform increased 14% year over year to 1,724, an increase of 71 from Q2 of 2025. We view accounts with at least $50,000 spend at the top of the enterprise funnel. We expect to continue to grow this base of accounts over time.

第三季度，過去12個月在我們平台上消費至少5萬美元的帳戶數量年增14%，達到1724個，較2025年第二季增加71個。我們認為消費至少5萬美元的帳戶位於企業客戶轉換漏斗的頂端。我們預計未來這一帳戶群體將持續成長。

Enterprise investments continue to show returns with strong revenue growth in Q3 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. Supplier services revenue declined approximately 1% quarter over quarter as we have largely stabilized the core advertising business.

企業投資持續取得回報，第三季市場帳戶收入強勁成長，這些帳戶在過去12個月的支出至少達到50萬美元。我們的企業策略重點關注最大的客戶，我們相信每個客戶的潛在年度帳戶收入都超過1000萬美元。由於我們已基本穩定了核心廣告業務，供應商服務收入較上季下降約1%。

We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection, and digital marketing solutions. Q3 gross profit was $72 million, an increase of 29% year over year with gross margin of 39.9%. Q3 gross margin for Marketplace was 35.7%, an increase of 210 basis points year over year.

我們致力於提昇平台的用戶參與度和獲利能力，該平台在工業採購、供應商選擇和數位行銷解決方案領域仍處於領先地位。第三季毛利為7,200萬美元，較去年同期成長29%，毛利率為39.9%。第三季市場業務毛利率為35.7%，較去年成長210個基點。

Q3 gross profit dollars increased a robust 40% 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.

第三季毛利年增強勁，達到 40%。我們致力於透過營收成長和毛利率提升來推動市場毛利成長。我們將持續調整定價以應對關稅變化，並定期更新人工智慧成本演算法以反映供應商網路的變化。

Moving on to Q3 operating costs. Q3 total non-GAAP operating expenses increased 17% year over year to $66.1 million, well below revenue growth. We are applying strong discipline and rigor to our capital and resource allocation across teams while investing in our growth initiatives.

接下來是第三季營運成本。第三季非GAAP營運總支出較去年同期成長17%至6,610萬美元，遠低於營收成長。我們在加大對成長計畫的投資的同時，也嚴格把控各團隊的資本和資源分配。

In Q3, sales and marketing decreased 140 basis points year over year to 15.9% of revenue. This reflects improving enterprise sales execution and disciplined advertising spend. Marketplace advertising spend was 5% of marketplace revenue, which was down 130 basis points year over year as we balance growth and profitability.

第三季度，銷售和行銷支出較去年同期下降140個基點，佔總收入的15.9%。這反映出企業銷售執行力的提升和廣告支出的嚴格控制。市場平台廣告支出佔市場平台收入的5%，年減130個基點，這反映了我們在成長和獲利能力之間尋求平衡的努力。

In Q3, operations and support decreased 60 basis points year over year to 8.2% of revenue. We are focused on driving increasing automation with AI across operations and support. Q3 adjusted EBITDA was $6.1 million compared with a loss of $0.6 million in Q3 2024.

第三季度，營運和支援業務收入較去年同期下降60個基點，佔總收入的8.2%。我們正致力於透過人工智慧推動營運和支援業務的自動化程度不斷提高。第三季調整後EBITDA為610萬美元，而2024年第三季則虧損60萬美元。

Q3 adjusted EBITDA improved $6.8 million year over year, driven by strong growth in revenue, gross profit, and operating efficiencies. Year-to-date, we have delivered approximately 21% incremental adjusted EBITDA margin, primarily driven by strong marketplace gross margin expansion.

第三季調整後 EBITDA 年成長 680 萬美元，主要得益於營收、毛利和營運效率的強勁成長。今年迄今為止，我們已實現約 21% 的調整後 EBITDA 利潤率增量，這主要得益於市場毛利率的強勁提升。

In Q3, our US segment adjusted EBITDA was $10.3 million or 6.8% adjusted EBITDA margin, a $9 million 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 $4.2 million in Q3 2025 compared with $2 million in Q3 2024, driven in part by our investments to drive further global scale.

第三季度，我們美國業務部門的調整後 EBITDA 為 1,030 萬美元，調整後 EBITDA 利潤率為 6.8%，年增 900 萬美元，主要得益於毛利成長和營運費用槓桿效應顯著，尤其是在銷售和行銷方面。 2025 年第三季度，我們國際業務部門的調整後 EBITDA 虧損為 420 萬美元，而 2024 年第三季為 200 萬美元，部分原因是我們為進一步擴大全球規模而進行的投資。

We expect improved International segment operating leverage in Q4. At the end of the third quarter, cash and cash equivalents and marketable securities were $225 million, decreasing approximately $1 million from Q2 2025. Driven by strong operating leverage and focus on working capital efficiency, we generated $5.8 million in operating cash flow in Q3.

我們預計第四季國際業務板塊的經營槓桿將有所改善。截至第三季末，現金及現金等價物及有價證券為2.25億美元，較2025年第二季減少約100萬美元。由於強勁的經營槓桿和對營運資本效率的重視，我們在第三季實現了580萬美元的營運現金流。

We invested $7.4 million in CapEx, primarily software related, reflecting our technology investments in the platform and accelerating product rollouts shared earlier by Randy. We are focused on improving working capital efficiency and cash flow conversion given our asset-light model and limited capital spending.

我們在資本支出方面投入了740萬美元，主要用於軟體相關領域，這反映了我們對平台的技術投入，以及加速產品推廣，正如Randy之前提到的。鑑於我們採用輕資產模式且資本支出有限，我們專注於提高營運資本效率和現金流轉換率。

We expect CapEx to be approximately $8 million to $9 million in Q4 2025. Q3 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 approximately 20% plus incremental adjusted EBITDA leverage on an annual basis.

我們預計2025年第四季資本支出約為800萬至900萬美元。第三季業績表明，在我們保持嚴謹執行的前提下，我們的人工智慧驅動型市場能夠實現強勁的營收和毛利成長以及營運槓桿效應。隨著營收規模向10億美元邁進，我們預期每年調整後EBITDA槓桿率將成長約20%以上。

Given our large market opportunity and low penetration rates, we will continue to balance investing in the future with driving operating leverage.

鑑於我們巨大的市場機會和較低的市場滲透率，我們將繼續平衡對未來的投資與提高營運槓桿。

Now moving on to guidance. For the fourth quarter, we expect revenue in the range of $182 million to $184 million or 23% to 24% growth year over year. We expect Q4 marketplace growth to be approximately 25% to 27% year over year. As Randy mentioned, trends remain strong in Q4 even as we are mindful of the uncertain macro environment.

接下來是業績展望。我們預計第四季營收將在1.82億美元至1.84億美元之間，年增23%至24%。我們預期第四季市場成長率約為25%至27%。正如蘭迪所提到的，儘管我們意識到宏觀環境存在不確定性，但第四季的成長趨勢仍然強勁。

We expect Q4 supplier services revenue to decrease approximately 4% year over year as we work through the transition of the recently launched Thomas Ad serving platform. In Q4, we expect adjusted EBITDA of $6 million to $7 million compared to $1 million in Q4 2024. In Q4, we expect stock-based compensation expenses, including related payroll taxes, to be approximately $11 million or approximately 6% of revenue.

由於我們正在推進近期推出的 Thomas 廣告投放平台的過渡工作，預計第四季度供應商服務收入將年減約 4%。第四季調整後 EBITDA 預計為 600 萬至 700 萬美元，而 2024 年第四季為 100 萬美元。第四季度，包括相關工資稅在內的股權激勵費用預計約為 1,100 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 23% to 24% to 27% to 28% growth. We continue to expect the supplier services to be down approximately 5% year over year. This results in our revenue outlook for the full year rising to $676 million to $678 million.

對於2025年全年，我們將市場成長預期從先前的至少23%至24%上調至27%至28%。我們仍預期供應商服務將年減約5%。因此，我們全年的營收預期將上調至6.76億美元至6.78億美元。

For the full year 2025, we are raising our adjusted EBITDA guidance to $16 million to $17 million. As we look ahead, we believe that our growth initiatives can continue to drive at least 20% total revenue growth in 2026, given the large fragmented market opportunity, our initiatives to expand wallet share with strategic accounts, and further international expansion, while we remain mindful of the macro environment.

我們將2025年全年調整後EBITDA預期上調至1,600萬美元至1,700萬美元。展望未來，鑑於市場機會巨大且分散，以及我們為擴大戰略客戶的市場份額而採取的舉措和進一步的國際擴張，我們相信，在密切關注宏觀環境的同時，我們的增長計劃能夠繼續推動2026年總收入至少​​增長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 making the world's manufacturing capacity accessible to all.

最後，我要感謝Xometry全球各地兢兢業業的團隊成員。他們對買家和供應商的盡心盡力，是我們持續發展的關鍵，也是我們實現「讓全球製造業惠及所有人」這項使命的核心所在。

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

接線員，那麼請開啟提問環節好嗎？

(Operator Instructions) Andrew Boone, Citizens.

（操作說明）安德魯·布恩，市民。

You guys just talked about the 20% growth for 2026. Can you help us by unpacking that a little bit? Can you talk about kind of the assumptions that are underlying that, whether there are any macro assumptions that are embedded within kind of the 20% growth overall or whether that's really idiosyncratic drivers that can power growth next year kind of regardless of the situation?

你們剛才提到了2026年20%的成長。能否幫我們詳細解讀一下？能否談談這個預測背後的假設，是否存在任何宏觀經濟因素，或者這20%的成長是否真的只是某些特殊因素推動的，而與具體情況無關？

Andrew, it's James. Thanks for the question. We're really obviously very happy with the performance that we're seeing this year, Marketplace growth of 31% in the third quarter. That's really being driven by the growth initiatives that we've been very consistently driving across enterprise, across scaling our network of buyers and suppliers and improving the technology of the platform as well.

安德魯，我是詹姆斯。謝謝你的提問。我們對今年的業績非常滿意，第三季市場成長了31%。這主要得益於我們持續推動的企業級成長計劃，包括擴大買家和供應商網絡，以及改進平台技術。

So we're seeing it broad-based at the moment across multiple processes across our broad diversity of categories. So as we're working on our plans for 2026, we wanted to give some view as to -- of our confidence in the consistency of that growth at a 20% plus level. We'll clearly come back with the Q4 earnings with more details on guidance for 2026. So we just wanted to give you a bit of a framework of how to think about that for next year.

目前，我們看到這種情況普遍存在於我們各個品類的多個流程中。因此，在製定2026年計畫時，我們希望就我們對維持20%以上成長的信心做出一些說明。我們將在第四季財報發布後提供更多關於2026年業績指引的細節。我們只是想為大家提供一個關於明年發展方向的框架。

Yes. And Andrew, it's Shawn. And if you just think about the underpinnings of your model heading into 2026, we continue to drive strong active buyer growth, and you see strong revenue per buyer growth, too. So those are some of the underpinnings of the model driving the 20% plus into '26.

是的。安德魯，我是肖恩。如果你仔細想想你們2026年的商業模式的基石，我們會持續推動活躍買家數量的強勁增長，而且每位買家的收入也會實現強勁增長。這些就是推動2026年成長超過20%的商業模式的基石。

Yes. And I think also just to jump in, it's Randy. We are always mindful of the macro. So we didn't assume any improvement in that next year. This is really about Xometry continuing to gain market share and control our own faith.

是的。我想也補充一點，我是蘭迪。我們始終關注宏觀經濟情勢。所以我們並沒有預期明年宏觀經濟會有任何改善。這其實關乎Xometry能否繼續擴大市場份額，並掌控我們自身的發展前景。

And that's what's driving our assumptions here.

這就是我們做出這些假設的依據。

And then the Workcenter mobile app feels like a large unlock as you guys simplify kind of the process for kind of your stakeholders that are clearly the underneath driver of operations to drive the platform. Can you just double-click in terms of what the unlock is in terms of creating that mobile experience and how people are using it and helping to unlock kind of more demand across the platform?

然後，Workcenter 行動應用程式感覺就像是一次重大突破，因為你們簡化了利害關係人的流程，而這些利害關係人顯然是推動平台營運的底層驅動力。能否簡單說明一下，在打造行動體驗方面，這次突破究竟體現在哪裡？人們如何使用它，以及它如何幫助釋放整個平台的更多需求？

This is Sanjeev Sahni. Let me start by talking about our AI efforts. As you know, we've been an AI-native company from the beginning. AI has been part of our DNA, whether it's data science, machine learning or deep learning models, we've always had those as core to our way of working and scaling the customer and partner experience.

我是桑吉夫·薩尼。首先，我想談談我們在人工智慧領域的努力。如您所知，我們從一開始就是一家人工智慧原生公司。人工智慧已經融入我們的基因，無論是資料科學、機器學習或深度學習模型，我們始終將其視為工作方式的核心，並以此來提升客戶和合作夥伴的體驗。

We launched the Workcenter mobile app in the US for our large and expanding partner base truly to drive that customer and supplier experience because we really believe as partners adopt a more friendly way of giving us data about their orders, sharing updates on quality control, sharing updates on dispatch, sharing updates on which job they like, which job they don't. We get deeper into engagement with them and are able to help them manage their business, help them manage time lines and quality for our customers.

我們面向美國龐大且不斷成長的合作夥伴群體推出了 Workcenter 行動應用，旨在真正提升客戶和供應商體驗。我們堅信，合作夥伴可以透過更友善的方式向我們提供訂單資料、品質控制更新、出貨更新以及他們喜歡和不喜歡的項目等資訊。這將有助於我們與合作夥伴建立更深入的聯繫，並幫助他們管理業務、確保專案進度和質量，從而更好地服務我們的客戶。

This is just the beginning of a series of AI-enabled tools that we continue to launch and scale. As you know, our focus has been on deploying that towards pricing, speed, and selection as a core theme on where our efforts go. And so this cycle, this was our effort in driving speed and continuing to scale that with our partners.

這只是我們持續推出和擴展的一系列人工智慧工具的開端。如您所知，我們一直專注於將這些工具應用於定價、速度和選擇方面，這是我們努力的核心方向。因此，在本輪迭代中，我們致力於提升速度，並與合作夥伴共同擴大規模。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

First, I was wondering if you could just talk a little bit more about some of the changes that you're making within the team, some of the additions, Sanjeev, I know you've talked a lot about adding talent and technical capabilities. Can you talk about the importance of that and how that's going to help you get to this $1 billion revenue level and beyond?

首先，我想請您再詳細談談團隊內部的一些變化和新增人員，桑吉夫，我知道您多次提到要增加人才和技術能力。您能否談談這方面的重要性，以及這將如何幫助您們實現10億美元的營收目標，甚至超越這個目標？

Thank you for the question. Again, I think we are seeing very strong success in attracting top talents from some of the best tech companies in the world. As part of our efforts, we want to make sure that we continue to deliver on the strong pipeline of tech outcomes for our customers and partners, like Randy already mentioned, this cycle, we launched auto-quoting for injection, molding, offering that we think will significantly expand our marketplace menu.

感謝您的提問。再次強調，我們在吸引全球頂尖科技公司人才方面取得了顯著成效。作為我們努力的一部分，我們希望確保繼續為客戶和合作夥伴提供強大的技術解決方案。正如蘭迪之前提到的，本輪週期我們推出了注塑成型自動報價服務，我們相信這將極大地豐富我們的市場產品線。

Injection molding, as you know, is a very, very large category. And this is one where we've launched auto-quoting by building on our experience in the offline where we've now got a set of buyers, suppliers, we've got models that have been refined and now driving technology behind those models helps us bring it to the customer in an online platform, which they can easily adopt and help us drive significantly higher market share.

如您所知，注塑成型是一個非常龐大的領域。我們利用線下通路累積的經驗，推出了自動報價功能。我們擁有一批買家和供應商，並建立了完善的模式。現在，我們藉助這些模型背後的技術，將報價功能整合到線上平台，方便客戶輕鬆使用，從而顯著提升我們的市場份額。

But again, going back to what I was saying before, our AI efforts are truly around price selection speed. So if you think about price, we've been continuing to test behavior-based models. We've been trying to test various sortations on our site, which you can see when it comes to selection, I just mentioned injection molding and then speed, the Workcenter and mobile app.

但再說一遍，就像我之前說的，我們的人工智慧研發重點在於提升價格選擇速度。說到價格，我們一直在測試基於行為的模型。我們嘗試在網站上測試各種排序方式，正如我剛才提到的注塑成型和速度方面，我們用到了工作中心和行動應用。

So across areas, including Thomasnet, where we've launched dynamic ad serving technology, this is becoming a truly product-led, product-driven organization with our CTO, Vaidy and his team now in their six months in the organization.

因此，在包括 Thomasnet 在內的各個領域，我們已經推出了動態廣告投放技術，這正在成為一個真正以產品為主導、以產品驅動的組織，我們的首席技術官 Vaidy 和他的團隊加入該組織已經六個月了。

Okay. And then can I ask a much more near-term question. And looking at the guidance and the step function increase that you have from second quarter to third quarter, so you're up almost $20 million in revenue from second quarter to third quarter and then modeling just a couple of million increase sequentially into the fourth quarter.

好的。那我可以問一個更近期的問題嗎？看看你們的業績指引，以及從第二季度到第三季度的階躍式增長，你們的收入從第二季度到第三季度增長了近2000萬美元，然後預計第四季度只會環比增長幾百萬美元。

How are you thinking about that guidance? And what have you -- have you seen anything in the first five weeks of the quarter? Is there anything beyond kind of typical holiday seasonality that you're thinking about?

您如何看待這份指導方針？在本季前五週，您觀察到了什麼？除了典型的假日季節性因素之外，您是否還考慮了其他因素？

Yes. Thanks, Brian. So again, I think, as you know, really great performance in Q3 here on -- even despite an uneven manufacturing environment, Xometry is executing really well. Across enterprise, we're seeing a lot of strength, broad-based across the accounts.

是的，謝謝布萊恩。如你所知，我認為從第三季開始，Xometry 的業績表現非常出色——即使生產環境不穩定，Xometry 的執行力仍然很強。從企業層面來看，我們看到了強勁的成長勢頭，各個客戶群都取得了顯著的進步。

We're seeing, we believe, strong wallet share gains, revenue per buyer being up 9%. We've seen strong growth across processes from CNC to sheet to additive. I think as we look into the guide, as usual, we take into account those trends we're seeing in the business, which we're very pleased about as well as the risks given the uncertain manufacturing environment.

我們相信，客戶的錢包份額顯著增長，每位客戶的收入增長了9%。從數控加工到片材加工再到增材製造，所有製程都實現了強勁成長。我認為，在製定業績指引時，我們會像往常一樣，將這些我們非常看好的業務趨勢以及當前製造業環境不確定性帶來的風險考慮在內。

And so with overall marketplace revenue growth over the year now at 27% to 28% plus on the basis of that strong active buyer growth as well, really pleased with what we're seeing. And just as I said, that all builds into the guidance that we give.

因此，基於活躍買家數量的強勁成長，我們今年的整體市場營收成長率已達到27%至28%以上，對此我們非常滿意。正如我所說，所有這些都納入了我們給出的績效指引中。

Yes. And Brian, it's Randy. Just add a couple of things. We were very clear, both in my remarks and James' remarks, Q4 is off to a strong start. So as we talked about when we entered Q3, we had momentum there.

是的。布萊恩，我是蘭迪。再補充幾點。我和詹姆斯都明確表示，第四季開局強勁。正如我們進入第三季時所說，我們當時勢頭正盛。

We are seeing continued momentum here in Q4. And we -- that's -- I think our strongest guide this year in terms of year-over-year growth is the guide that we're giving for this fourth quarter. So we just continue to be mindful of the macro, but we have a lot of momentum.

我們看到第四季的成長勢頭依然強勁。我認為，就年成長而言，我們今年最強勁的預期就是我們對第四季的預測。因此，我們將繼續關注宏觀經濟形勢，但我們目前的發展勢頭非常強勁。

Matt Swanson, RBC Capital Markets.

Matt Swanson，加拿大皇家銀行資本市場。

This is Simran on for Matt Swanson. Congrats on a great quarter. To start, could you just double-click on the trends that you've been seeing in enterprise and Teamspace and how we should think about that opportunity continuing to grow throughout 2026?

這裡是Simran，代Matt Swanson發言。恭喜你們本季表現出色。首先，能否請您簡單談談您在企業和Teamspace領域觀察到的趨勢，以及我們該如何看待這項機會在2026年持續成長？

Yes. Just to reiterate, enterprise are customers that we think have had more than $500,000 of spend, and that number grew rapidly last year in terms of their year over year in 2020. That number grew -- the revenue generated by them grew rapidly. So there's a couple of things. And in this quarter, you're also seeing our revenue per buyers increased 9% year over year.

是的。再次重申一下，企業客戶是指我們認為消費超過 50 萬美元的客戶，而且這個數字在去年同比迅速增長。他們帶來的收入也快速成長。所以，有幾點值得關注。此外，本季我們每位客戶的營收也較去年同期成長了 9%。

And in part, that is as our enterprise customers are leaning more and more in. There's a couple of technology things that are making that happen. First, widespread adoption of Teamspace by those enterprise customers, and we continue to enhance Teamspace, and that's giving us more traction. Our punchouts, so our integration with our enterprise customers' ERP systems that's also accelerating.

部分原因是我們的企業客戶越來越重視我們的產品。這主要得益於兩項技術。首先，企業客戶廣泛採用 Teamspace，而我們也不斷改進 Teamspace，這為我們帶來了更大的發展動力。其次，我們的出口功能，也就是與企業客戶 ERP 系統的集成，也正在加速發展。

So accelerating adoption of Teamspace, of our ERP punchouts. And then our enterprise sales motion, we've been talking about that. We've been investing in our enterprise sales team. So when you bring that all in, that's resulting in greater traction with those enterprise customers, which is in part reflected by that 9% growth in buyer spend quarter over quarter -- year over year, sorry, year over year.

因此，我們正在加速推廣 Teamspace，也就是我們的 ERP 系統整合方案。此外，我們一直在討論企業銷售策略，並增加對企業銷售團隊的投入。所有這些因素綜合起來，最終使我們在企業客戶中獲得了更大的成功，這在一定程度上體現在買家支出環比增長 9% 上——抱歉，應該是同比增長 9%。

I would just add, I think we're really -- Xometry is purpose-built for sort of the industry trends that we're seeing now, the move towards supply chain resiliency, importance of getting agility and speed to market and really being able to access technology and supply chain.

我還要補充一點，我認為我們真的——Xometry 是專門為我們現在看到的行業趨勢而打造的，例如供應鏈彈性的轉變、敏捷性和快速上市的重要性，以及真正能夠獲取技術和供應鏈資源。

And I think that, that's what the team has built for many years and is behind our initiatives. And again, it's consistent in terms of how we'll be growing ahead into 2026.

我認為，這正是團隊多年來努力的成果，也是我們各項措施的基石。而且，這也將是我們2026年未來發展方向的基石。

That makes sense. That's really helpful. And then with the new product launches in the EU, can you just remind us how you're thinking about international expansion and those investments heading into next year?

有道理，這很有幫助。另外，關於歐盟的新產品發布，您能否簡單介紹一下貴公司對明年國際擴張和相關投資的規劃？

This is James. I mean I'll kick off. I think international, we're very pleased with the performance that we've had there over the years, continuing to see that grow and scale. In the quarter, we're up 23% year over year. And we really think there's a lot of opportunity here given the large and highly fragmented markets that there are, not just in the US but in Europe and in Asia.

我是詹姆斯。我先來開場。我認為，在國際業務方面，我們對這些年來取得的成績感到非常滿意，並持續看到業務成長和規模擴大。本季度，我們年增了23%。鑑於市場規模龐大且高度分散，我們認為這裡蘊藏著巨大的機遇，不僅適用於美國，也適用於歐洲和亞洲。

We had the recent launch of Teamspace that's been going well. We've also been expanding that marketplace more materials, more processes, more quoting possibilities. We're very pleased to see the injection molding order quoting coming to the US after we were able to first launch that in Europe.

我們近期推出了Teamspace平台，目前進展順利。我們也一直在拓展這個市場，增加更多材料、更多工藝流程以及更多報價方式。我們很高興看到注塑成型訂單報價服務繼歐洲首發後，也來到了美國。

So this combination of the market opportunity, again, with the Xometry solution and product road map gives us a lot of confidence and able to continue to see that grow. And as we said before, we believe that could be 30% to 40% of Xometry over time.

因此，市場機遇，加上 Xometry 的解決方案和產品路線圖，讓我們信心十足，並相信它能夠持續成長。正如我們之前所說，我們相信隨著時間的推移，這部分業務最終可能占到 Xometry 總​​業務的 30% 到 40%。

Yes. And just to remind everybody, in 2020, our international revenue was approximately $1 million. We've grown that now to $120 million run rate. So just going back to what James said, we expect that to be eventually 30% to 40% of our marketplace revenue and all the trends are moving nicely in that direction.

是的。再次提醒大家，2020年我們的國際收入約100萬美元。現在，我們已經成長到年化收入1.2億美元。正如James所說，我們預計最終國際收入將占到我們市場總收入的30%到40%，而且所有趨勢都朝著這個方向發展。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

Just thinking back to Q2 and obviously, more so this quarter, but we're not really used to this sort of level of upside on the revenue line. So I'm just curious, like has your visibility changed at all? I'm just kind of curious, as you think back to when you provided guidance last quarter, what changed where you were basically able to outperform by this magnitude?

回想第二季度，尤其是本季度，我們確實不太習慣營收出現如此大幅度的成長。所以我很好奇，你們的期望是否有改變？回想上個季度你們給予的業績指引，是什麼讓你們的業績能夠如此大幅超越預期？

We continue to see our customers leaning in more and more and adoption of technology tools that we've been investing now for a while, whether it's Teamspace, whether it's Workcenter, it's the punchout integrations, those adoptions are accelerating. And here's the great news, Greg. As we think about the fourth quarter next year, the injection molding and supporting launched this quarter, just launched.

我們看到客戶越來越傾向於採用我們長期以來一直在投資的技術工具，無論是 Teamspace、Workcenter 還是 Punchout 集成，這些工具的採用率都在加速成長。還有個好消息，格雷格。展望明年第四季度，注塑成型及配套產品已於本季正式上線。

The mobile app for Workcenter is recent. So -- and we've got a product road map chockful of releases that are going to be coming not only in Q4, but also throughout 2026. So I think you'll have seen us continue to gain momentum. And a lot of that is, as we talked about, the investments we've made in AI and technology and that product adoption from our customers is accelerating.

Workcenter 的行動應用程式是最近才推出的。我們制定了一份產品路線圖，其中包含大量即將發布的產品，不僅在第四季度，而且貫穿整個 2026 年。因此，我想您已經看到我們持續保持成長勢頭。正如我們之前討論的，這很大程度上得益於我們在人工智慧和技術方面的投資，以及客戶對我們產品的快速接受。

Okay. Awesome. And then just as it relates to Q4, I think it implies an incremental margin for the full year around 20%, which I think is a little bit below what you provided last quarter. Is this just sort of maybe a more near-term expansion in some of these investments that you've alluded to?

好的，太棒了。至於第四季度，我認為這意味著全年利潤率將成長約20%，這比您上個季度給出的數字略低。這是否只是您之前提到的某些投資的短期擴張？

I mean, any reason why we wouldn't see incrementals sort of climbing back in the 20s and early '26? Or how are you sort of thinking about that cadence of incremental margins as we progress into next year?

我的意思是，有什麼理由解釋為什麼我們在2020年和2026年初看不到增量利潤回升呢？或者，隨著我們進入明年，您是如何看待增量利潤率的這種節奏的？

Yes. Thanks, Greg. As we said, we're always about balancing the growth and the profitability. I think when we think about the opportunity ahead for Xometry, it's such a large market that we need to make the right choices to invest in product technology to be able to scale the business.

是的，謝謝，格雷格。正如我們所說，我們始終致力於平衡成長和獲利能力。我認為，展望Xometry未來的發展機遇，這是一個如此龐大的市場，我們需要做出正確的選擇，投資於產品技術，才能實現業務規模化。

But we also recognize the importance of delivering profitability and improvement on that along the way. And that's why overall, we've given this framework of 20% at least incremental margins to the bottom line. In the last couple of years, you've seen us do that.

但我們也認識到實現盈利以及在過程中不斷提升盈利能力的重要性。因此，我們始終堅持至少20%的利潤率成長目標。過去幾年，您已經看到了我們在這方面的努力。

Year-to-date, we're at 21%. I think you're right, if you put in our guide, then we'd be around 20% for the full year. That is an increase in adjusted EBITDA dollars that we're delivering over what we had in the last update.

今年迄今為止，我們的成長率為 21%。我認為您說得對，如果按照我們的預期，全年成長率應該在 20% 左右。這意味著我們調整後的 EBITDA 金額比上次更新時有所增長。

So we're really pleased with that progression. And I think that that's what we're doing. We're going to continue to balance growth and profitability so that we can grow into this huge opportunity ahead of us.

我們對這項進展感到非常滿意。我認為這正是我們正在做的。我們將繼續平衡成長和獲利能力，以便抓住眼前的巨大機會。

And here's the great news, Greg, as revenue is accelerating and we've gotten more growth than we've expected, that gives us some optionality to make some investments.

好消息是，格雷格，隨著收入加速成長，我們的成長速度超過了預期，這給了我們一些選擇權，可以進行一些投資。

We're obviously, as James said, very focused on profitability as well, but greater growth gives us some options, and we're going to make sure we're taking advantage of that and being smart on both sides of it.

正如詹姆斯所說，我們顯然也非常注重盈利能力，但更大的增長給我們帶來了一些選擇，我們將確保充分利用這些選擇，並在盈利和增長兩方面都做到明智。

Ron Josey, Citi.

Ron Josey，花旗銀行。

This is Robert on for Ron. Great to see the active buyers growth up 21% in the quarter. Question is, I guess, how much of this was driven by international expansion given all the improvements that you made with new materials and faster lead times versus an expansion within existing client base?

我是羅伯特，替羅恩發言。很高興看到本季活躍買家數量增加了21%。我想問的是，考慮到你們在新材料和縮短交貨週期方面所做的所有改進，這種增長有多少是來自國際擴張，又有多少是來自現有客戶群的擴張？

Robert, this is James. So really pleased with the active buyer growth. I think, in particular, what we're seeing is with a lot of the initiatives that we've been driving both with product and with our marketing teams over the last year, we continue to see success in attracting new buyers to the platform.

羅伯特，我是詹姆斯。我對活躍買家數量的成長感到非常高興。我認為，尤其值得一提的是，在過去一年裡，我們透過產品和行銷團隊所推行的多項舉措，持續有效地吸引新買家加入平台。

I think US enterprise actually has been very strong for us. You've seen that in -- we've called that out in terms of driving the revenue, but it's also been on the active buyer side. And the proposition that we have, again, with these macro trends going on and looking for supply chain resiliency and agility, Xometry is purpose-built for this.

我認為美國企業客戶對我們來說一直都非常強大。這一點我們已經在營收成長方面重點強調過，而且他們也是積極的買家。鑑於當前的宏觀趨勢以及客戶對供應鏈韌性和敏捷性的需求，Xometry 正是為此而生的。

And I think we've been improving our messaging and improving the way that we've been deploying our marketing. So you've actually seen advertising only up modestly year over year, and yet we've been continuing to grow our revenue and our active buyers robustly. So it's been strong in US enterprise, but we have a global opportunity as well.

我認為我們一直在改進資訊傳遞方式和行銷部署方式。因此，儘管廣告支出年增幅不大，但我們的營收和活躍買家數量卻持續強勁成長。我們在美國企業市場表現強勁，但也擁有全球發展機會。

Yes. And just to double-click on what James said, it's Randy. It's really broad-based. So it's our existing accounts, those enterprise customers that are leaning in more and activating more, but it's also attracting new buyers, both here domestically and abroad.

是的。我再補充一下詹姆斯剛才說的，是蘭迪說的。影響範圍非常廣泛。不僅包括我們現有的企業客戶，他們更積極參與和激活我們的服務，而且還吸引了國內外的新客戶。

And then on marketplace gross margins, they reached a record this quarter, and they're at 35.7%. And this is the second quarter that they're now well within your long-term target range. So should we consider this as the new sustainable baseline for the marketplace going forward, just given benefits from AI, et cetera?

此外，市場平台毛利率本季創下歷史新高，達 35.7%。這是該指標連續第二季達到長期目標範圍。考慮到人工智慧等技術帶來的益處，我們是否應該將此視為市場平台未來永續發展的新基準線？

Yes. I mean I think that what you're seeing is the result, as you said, of the overall continued improvements in our AI price prediction accuracy, the machine learning, the opportunity we have as we scale, we have more data, we have more suppliers, we have more sourcing.

是的。我的意思是，我認為你現在看到的成果，正如你所說，是我們人工智慧價格預測準確率、機器學習以及我們規模擴大帶來的機會（我們擁有更多數據、更多供應商、更多採購管道）共同作用的結果。

I continue to expect gross margin to be up year over year in Q4. We are in that range, 35% to 40%. And so it will always be linear every quarter up and to the right. But I think that we feel that the combination of improving our AI of more data and our sourcing keeps us in that 35% to 40% range.

我仍然預期第四季度毛利率將同比增長。我們預計毛利率在35%到40%之間。因此，每季毛利率都會呈線性成長。但我認為，我們不斷改進人工智慧、收集更多數據以及優化採購管道，這些因素共同作用，使我們的毛利率保持在35%到40%的區間。

Yes. I think we're pretty excited that this quarter, not only do we have accelerated marketplace growth, but we actually grew our gross profit dollars in marketplace even faster. So that's a signal that our customers are valuing and our suppliers value the service that we're bringing to them.

是的。我們非常高興地看到，本季不僅市場成長加速，而且市場毛利的成長速度更快。這表明我們的客戶和供應商都認可我們為他們提供的服務。

Thank you. That does conclude our Q&A session and our conference call for today. Thank you for participating, you may now disconnect.

謝謝。今天的問答環節和電話會議到此結束。感謝您的參與，您可以斷開連接了。