Xometry Inc (XMTR) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Xometry fourth quarter 2020 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your speaker host for today, Shawn Milne, VP of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Xometry 2020 年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。現在我將把會議交給今天的主講嘉賓，投資者關係副總裁肖恩·米爾恩。請繼續。

Good morning, and thank you for joining us on Xometry's Q4 and full year 2025 earnings call. Joining me are Randy Altschuler, our Chief Executive Officer; Sanjeev Singh Sahni, our President; and James Milne, our Chief Financial Officer.

早安，感謝各位參加 Xometry 2025 年第四季及全年財報電話會議。與我一同出席的有：執行長蘭迪·阿爾特舒勒；總裁桑吉夫·辛格·薩尼；以及財務長詹姆斯·米爾恩。

During today's call, we will review our financial results for the fourth quarter and full year 2025 and discuss our guidance for the first quarter and full year 2026.

在今天的電話會議上，我們將回顧 2025 年第四季和全年的財務業績，並討論我們對 2026 年第一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.

在今天的電話會議中，我們將發表前瞻性聲明，包括與我們業務的預期表現、未來財務表現、策略、長期成長和整體未來前景相關的聲明。

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.

此類陳述可能包含「相信」、「期望」、「打算」和「可能」等字眼。這些聲明存在風險和不確定性，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-K for the year ended December 31, 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 12 月 31 日止年度的 10-K 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.

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。

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 remains to evaluate period-to-period comparisons.

我們還要指出，在今天的電話會議上，我們將公佈 GAAP 和非 GAAP 業績。我們內部使用這些非GAAP財務指標進行財務和營運決策，並用於評估各期間之間的比較。

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.

非公認會計準則財務指標是依照美國公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。

To see the reconciliation of these non-GAAP measures, please refer to our earnings press release distributed today and in 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, John. Good morning, and thank you for joining our Q4 2025 earnings call. Our record Q4 quarter and record full year 2025 and powerfully demonstrate the success of our AI native marketplace in the massive, complex and highly fragmented custom manufacturing market.

謝謝你，約翰。早安，感謝各位參加我們2025年第四季財報電話會議。我們創紀錄的第四季業績和創紀錄的 2025 年全年業績，有力地證明了我們的 AI 原生市場在龐大、複雜且高度分散的客製化製造市場中取得了成功。

Our revenue growth and profitability accelerated as 2025 progress, we are encouraged by our strong start to 2026. Alongside reporting record financial results, today, we announced the planned transition in Xometry's leadership.

隨著 2025 年的推進，我們的營收成長和獲利能力加快，我們對 2026 年的強勁開局感到鼓舞。今天，在公佈創紀錄的財務表現的同時，我們也宣布了 Xometry 領導層的過渡計畫。

Effective July 1, 2026, and I will transition to become the Executive Chair of the Board; and Sanjeev Singh sane, Xometry's current President will become Chief Executive Officer.

自 2026 年 7 月 1 日起，我將過渡成為董事會執行主席；而 Xometry 現任總裁 Sanjeev Singh sane 將成為執行長。

This transition is a result of a deliberate long-term succession process with our Board, and we are aligned in our conviction that Sanjiv is the right leader for our next chapter.

這項轉變是我們與董事會精心策劃的長期繼任計畫的結果，我們一致認為桑吉夫是帶領我們開啟下一個篇章的合適人選。

Together with Laurence Sure, I cofounded Xometry in 2013 and with a mission to make the world's manufacturing capacity accessible to all by digitizing the VaaS, highly fragmented custom manufacturing work.

2013 年，我與 Laurence Sure 共同創立了 Xometry，我們的使命是透過數位化 VaaS（車輛即服務）和高度分散的客製化製造工作，使全世界的製造能力都能被所有人所利用。

We stayed true to that vision from the start, and that consistency is now delivering scale and accelerating growth and profitability. I'm proud that in 2025, our marketplace serves over 80,000 active buyers around the world.

我們從一開始就堅持這個願景，而這種堅持現在正在帶來規模效應，並加速成長和獲利。我很自豪，到 2025 年，我們的市場平台將服務全球超過 8 萬名活躍買家。

The record performance we are reporting today and the momentum that built throughout 2025 and is carrying into the first quarter of 2026, reflects the investments and changes we've been making in our product technology and go-to-market strategies and leadership.

我們今天公佈的創紀錄業績，以及在 2025 年持續到 2026 年第一季的發展勢頭，反映了我們在產品技術、市場推廣策略和領導力方面所做的投資和變革。

As we continue to lean into product-led growth, I've decided that this is the right time to hand over the leadership of Xometry to Sanjiv. Sanjeev has been my close partner since he joined in January of last year and has held the operational mandate for our global teams.

隨著我們繼續向產品驅動型成長靠攏，我認為現在是將 Xometry 的領導權移交給 Sanjiv 的合適時機。自去年一月加入公司以來，Sanjeev 一直是我的親密合作夥伴，並負責我們全球團隊的營運。

During his tenure, Sanjeev has been instrumental to Xometry's accelerated revenue growth and expanded profitability while further deepening our suite of advanced technology and AI capabilities across the business.

在任職期間，Sanjeev 對 Xometry 的營收加速成長和獲利能力擴大起到了至關重要的作用，同時進一步深化了我們在整個業務中的先進技術和人工智慧能力。

Sanjiv's track record at Xometry, and his background of driving global growth, innovation and scale with large global marketplaces makes him the right leader to drive our next stage of innovation and profitable growth.

Sanjiv 在 Xometry 的業績記錄，以及他在推動全球大型市場實現成長、創新和規模化方面的經驗，使他成為推動我們下一階段創新和獲利成長的合適人選。

Sanjeev has done a terrific job as our President and I expect that we will continue to outperform as our CEO. In my new role as Executive Chair and as the largest individual long-term shareholder, I will remain closely involved in the company's future focusing on strategic growth initiatives and key corporate partnerships.

Sanjeev 作為總裁做得非常出色，作為首席執行官，我期望我們能夠繼續取得優異的成績。作為執行主席和最大的個人長期股東，我將繼續密切參與公司的未來發展，並專注於策略成長計劃和重要的企業合作。

In short, I'm not going anywhere. While this transition will be a milestone for Xometry, as always, our focus remains on executing the significant opportunity in front of us.

總之，我哪裡也不去。雖然這次轉型對 Xometry 來說是一個里程碑，但與以往一樣，我們的重點仍然是掌握眼前的重大機會。

It is a pivotal time in manufacturing driven by accelerating digital transformation, increasing customer demands for speed and transparency, rapid AI-driven innovation, and the crucial need for resilient supply chains, including the push towards reshoring.

製造業正處於一個關鍵時期，其驅動力包括加速數位轉型、客戶對速度和透明度的需求不斷增長、人工智慧驅動的快速創新以及對具有韌性的供應鏈的迫切需求（包括推動製造業回流）。

This new era necessitates resilient digital workflows and robust supplier networks. Xometry's AI native marketplace is digitizing how custom manufacturing is price, source and fulfilled by replacing manual legacy processes.

新時代需要具有彈性的數位化工作流程和強大的供應商網路。Xometry 的 AI 原生市場正在透過取代傳統的人工流程，實現客製化製造的定價、採購和交付方式的數位化。

Our networks of buyers and suppliers alongside the proprietary data they generate through their interactions in our marketplace, continue to grow and create increasing network effects. Over the last year, we've accelerated our product development to meet these increasing expectations and requirements of custom manufacturing buyers.

我們的買家和供應商網絡，以及他們透過在我們市場中的互動而產生的專有數據，持續成長並產生越來越大的網路效應。過去一年，我們加快了產品開發步伐，以滿足客製化製造買家日益增長的期望和要求。

We have enhanced flexibility in manufacturing selection by expanding the portfolio of high-performance manufacturing materials and certifications who rapidly innovating sectors across all end markets, Xometry provides a secure certified platform that facilitates AI-enabled sourcing with improved visibility into qualified domestic suppliers to meet the growing need for speed, scale and compliance.

我們透過擴展高性能製造材料和認證組合，增強了製造選擇的靈活性，為所有終端市場快速創新的行業提供支援。 Xometry 提供了一個安全的認證平台，促進了人工智慧賦能的採購，提高了合格國內供應商的可見性，以滿足對速度、規模和合規性的日益增長的需求。

As I said earlier, Q4 was a record quarter for Xometry across many fronts, including revenue, gross profit and adjusted EBITDA. Q4 revenue growth accelerated, increasing 30% year-over-year, driven by 33% marketplace growth through our expanding network of buyers and suppliers and deepening enterprise engagement.

正如我之前所說，第四季度是 Xometry 在多個方面創紀錄的一個季度，包括營收、毛利和調整後的 EBITDA。第四季營收成長加速，年增 30%，這主要得益於我們不斷擴大的買家和供應商網路以及企業合作的深化，推動了市場成長 33%。

Q4 marketplace gross margin expanded 80 basis points year-over-year to 35.3%. The expansion of our marketplace gross margin underscores the significant economic value generated by our AI native marketplace.

第四季市場毛利率年增 80 個基點至 35.3%。我們市場毛利率的提升凸顯了我們人工智慧原生市場所創造的巨大經濟價值。

Our competitive moat continues to increase as we grow our network of buyers and suppliers and gain more data to continuously train our algorithms. This continuous improvement has driven substantial and steady growth in our marketplace gross margins moving from 25% four years ago to approximately 35% in 2025.

隨著我們買家和供應商網路的不斷擴大，以及獲得更多數據來持續訓練我們的演算法，我們的競爭優勢也不斷增強。這種持續改進推動了我們市場毛利率的大幅穩定成長，從四年前的 25% 增加到 2025 年的約 35%。

Enterprise growth remained robust in Q4, finishing off a strong 2025 as revenue from marketplace accounts with last 12 month spend of at least $500,000 increased by over 40% year-over-year.

第四季企業成長依然強勁，為 2025 年畫上了圓滿的句號，過去 12 個月消費額至少達到 50 萬美元的市場帳戶收入年增超過 40%。

We are focused on driving further penetration in our largest accounts, each with an estimated potential spend that lease $10 million annually.

我們專注於進一步拓展在最大客戶群中的市場，每個客戶群的預計潛在支出每年可達 1,000 萬美元。

In 2025, we ended with four accounts with at least $10 million of spend driven by strong execution from sales in our technology solutions and an acceleration in large multiyear production programs across key end markets.

2025 年，我們最終擁有四個帳戶，每個帳戶的支出至少達到 1000 萬美元，這得益於我們技術解決方案銷售的強勁執行力，以及在主要終端市場加速推進的大型多年生產計劃。

Our strong Q4 financial results cap a transformative year for Xometry as we delivered accelerating revenue growth and four consecutive quarters of positive and increasing EBITDA margins.

我們強勁的第四季度財務業績為 Xometry 的轉型之年畫上了圓滿的句號，我們實現了加速的收入增長，並連續四個季度實現了正 EBITDA 利潤率和不斷增長的 EBITDA 利潤率。

At the same time, we invested in and strengthened our platforms to deliver robust secular growth and expanding profitability in the coming years. We're off to a strong start in Q1 and expect robust growth to continue in 2026, which James will discuss later in the call.

同時，我們對平台進行了投資和加強，以期在未來幾年實現強勁的長期成長和不斷擴大的獲利能力。第一季我們開局強勁，預計 2026 年將繼續保持強勁增長，詹姆斯稍後將在電話會議中討論這一點。

I will now turn it over to our President, Sanjeev Singh Sane to discuss some of the initiatives that are driving our strong growth and increasing profitability.

現在我將把發言權交給我們的總裁桑吉夫·辛格·薩內，讓他來討論一些推動我們強勁增長和提高盈利能力的舉措。

Thanks, Andy, and good morning. I'm honored and excited to step into the CEO role at Xometry on July 1. Under Andy's leadership, Xometry has been defined by a singular unwavering mission to make the world's manufacturing capacity accessible to us.

謝謝你，安迪，早安。我很榮幸也很興奮，將於7月1日正式就任Xometry的執行長一職。在 Andy 的領導下，Xometry 始終秉持著一個堅定不移的使命，那就是讓世界製造業的資源惠及我們。

I look forward to working closely with Randy and our talented global team to accelerate our product-led growth and further cement Xometry as the essential marketplace for the custom manufacturing industry.

我期待與 Randy 和我們才華橫溢的全球團隊緊密合作，加速我們以產品為導向的成長，並進一步鞏固 Xometry 作為客製化製造業必備市場的地位。

Reflecting on the past year, I continue to be impressed by our large market opportunity, and long runway of growth ahead as we increasingly become a product-led company.

回顧過去一年，我仍然對我們龐大的市場機會和未來漫長的成長前景感到印象深刻，因為我們正日益成為一家產品主導型公司。

We are focused on key growth initiatives, including expanding our marketplace offerings, driving structural growth for enterprise accounts, and building out our global supplier network. Let me start by talking about expanding marketplace offerings.

我們專注於關鍵成長舉措，包括擴大市場產品供應、推動企業客戶結構性成長以及建立全球供應商網路。首先，我想談談如何拓展市場產品。

In 2025, Xometry accelerated the pace of innovation enabling better pricing, speed and selection for our buyers and finding the optimal match for suppliers in our network.

2025 年，Xometry 加快了創新步伐，為我們的買家提供了更好的價格、速度和選擇，並為我們的網路中的供應商找到了最佳匹配。

Xometry launched auto codes for injection molding services in the US and Europe providing customers immediate access to pricing and lead time estimates for one of the most critical production processes and one of the largest categories in customer manufacturing.

Xometry 在美國和歐洲推出了射出成型服務的自動代碼，使客戶能夠立即獲得定價和交貨時間估算，這是客戶製造中最關鍵的生產流程之一，也是最大的類別之一。

We expanded our marketplace capabilities, including AI-powered design for manufacturing, or DFM, which utilizes machine learning and automated algorithms to identify and correct reduction issues early in the design phase.

我們擴展了市場能力，包括人工智慧驅動的面向製造的設計（DFM），它利用機器學習和自動化演算法在設計階段早期識別和糾正縮減問題。

We recently added the ability to interpret technical drawings within our AI DFM, further enhancing our proprietary data set. In Q4, we added a portfolio of high-performance materials for additive manufacturing technologies to the US marketplace.

我們最近在 AI DFM 中增加了解讀技術圖的功能，進一步增強了我們的專有資料集。第四季度，我們向美國市場新增了一系列用於增材製造技術的高性能材料。

These materials are critical for advanced applications in aerospace, defense and medical device industries. Additionally, we introduced a preferred subprocess feature for CNC machining.

這些材料對於航空航太、國防和醫療器材產業的先進應用至關重要。此外，我們也為數控加工引入了首選子製程功能。

Also in 2025, we launched our highly successful team space feature in the EU. Team space continues to scale with over 11,000 teams created globally since launch. Additionally, Xometry EU launched its sports library, simplifying how customers manage and reuse part data across projects.

同樣在 2025 年，我們在歐盟推出了非常成功的團隊空間功能。Teamspace平台持續發展壯大，自推出以來，全球已創建超過11,000個團隊。此外，Xometry EU 還推出了其運動器材庫，簡化了客戶在專案中管理和重複使用零件資料的方式。

The EU parts library consolidates their clients entire upload artistry into a single filterable interface, enabling users to quickly reorder previously quoted or produced parts. In 2026, our focus remains on key marketplace expansion efforts.

歐盟零件庫將客戶上傳的所有零件整合到一個可篩選的介面中，使用戶能夠快速重新訂購先前報價或生產的零件。2026年，我們的重點仍是關鍵的市場擴張工作。

These include, first, increasing our marketplace offerings. In injection molding, we will expand our capabilities, further enhancing the buyer experience and growing the associated supplier network.

首先，這包括增加我們的市場產品。在射出成型領域，我們將拓展自身能力，進一步提升買家體驗，並發展相關供應商網路。

Also, we will continue to add material and finish offerings enabling us to service more complex and production scale programs; second, continuing to advance our pricing intelligence, including more personalized pricing based on customer context and order characteristics.

此外，我們將繼續增加材料和表面處理產品，以便能夠服務於更複雜和生產規模更大的項目；其次，我們將繼續提升定價能力，包括根據客戶背景和訂單特徵提供更個人化的定價。

Third, further raising the bar to deliver a world-class e-commerce experience through deeper integration of automated DFM analysis and AI-assisted customer and supplier workflows. One of the key drivers of accelerating growth of our marketplace has been our ability to drive structural enterprise growth.

第三，透過更深入整合自動化 DFM 分析和 AI 輔助的客戶和供應商工作流程，進一步提高標準，提供世界一流的電子商務體驗。我們市場加速成長的關鍵驅動因素之一是我們推動企業結構性成長的能力。

As Randy mentioned, we delivered strong enterprise growth in 2025 with 40% plus revenue growth from our larger customers. Xometry is becoming more embedded within the enterprise customer workflows, which in turn drives larger and more predictable spend.

正如蘭迪所提到的，我們在 2025 年實現了強勁的企業成長，來自大客戶的收入成長超過 40%。Xometry 正日益融入企業客戶的工作流程中，這反過來又推動了更大、更可預測的支出。

In 2025, and we ended with four accounts with at least $10 million spend, driven by strong execution from sales and the efficacy of our technology solutions. We expect more accounts to join the $10 million plus threshold in 2026 driven in part by many multiyear production programs across key end markets.

到 2025 年，我們最終獲得了四個消費額至少為 1000 萬美元的客戶，這得益於銷售部門的強力執行以及我們技術解決方案的有效性。我們預計，到 2026 年，將有更多帳戶達到 1000 萬美元以上的門檻，部分原因是許多主要終端市場的多年生產計劃的推動。

In 2026, we are focusing on driving further structural enterprise adoption through deeply embedded sales and marketing motions and increasing use of technology solutions, including team space and ERP procurement integrations.

2026 年，我們將重點放在透過深度嵌入的銷售和行銷活動以及增加技術解決方案的使用（包括團隊空間和 ERP 採購整合），進一步推動企業結構化採用。

Now let me talk about our Thomas Industrial sourcing platform. We made significant progress in 2025, modernizing our Thomas platform so we can return to growth. Thomas is a leading digital platform connecting industrial buyers with over 500,000 listed North American suppliers.

現在讓我來談談我們的托馬斯工業採購平台。2025年，我們取得了重大進展，對Thomas平台進行了現代化改造，以便我們能夠恢復成長。Thomas 是一個領先的數位平台，連接工業買家和超過 50 萬家北美註冊供應商。

Thomas supports manufacturers, distributors and service providers with tools and resources to drive business growth. In Q4, we launched a new dynamic ad serving model and Palmer Smart Search setting the stage for a completely new experience on the Thomas platform.

Thomas 為製造商、分銷商和服務提供者提供工具和資源，以推動業務成長。第四季度，我們推出了新的動態廣告投放模式和 Palmer 智慧搜索，為 Thomas 平台上的全新體驗奠定了基礎。

We are pleased with the early results from the Thomas platform, in 2026. Thomas is focused on improving how buyers and suppliers interact across the Thomas network by allowing the buyers to describe requirements more naturally and quickly to find local suppliers.

我們對 Thomas 平台在 2026 年的初步成果感到滿意。Thomas 致力於改善買家和供應商在 Thomas 網路中的互動方式，讓買家能夠更自然、更快速地描述需求，從而找到當地供應商。

We will improve search results relevance and help our advertisers better access the extensive demand on Thomas. To continue to grow Thomas awareness, we are strengthening the Thomas brand with a new marketing campaign.

我們將提高搜尋結果的相關性，並幫助我們的廣告商更好地滿足用戶對 Thomas 的廣泛需求。為了繼續提高托馬斯品牌的知名度，我們正在透過一項新的行銷活動來加強托馬斯品牌。

Finally, we are focused on expanding our global supplier network and improving the supplier experience.

最後，我們將致力於擴大全球供應商網路並改善供應商體驗。

Our global supplier network of approximately 5,000 active suppliers is a significant strategic advantage, giving buyers unmatched speed, capacity and resilience, allowing for immediate scaling and offering sourcing flexibility across 50 countries on 4 continents.

我們擁有約 5,000 家活躍供應商的全球供應商網絡，這是一項重要的戰略優勢，為買家提供無與倫比的速度、產能和韌性，從而能夠立即擴大規模，並在四大洲 50 個國家/地區提供靈活的採購方式。

In the US, we expanded our supplier base with a focus on larger suppliers with key quality certifications to ensure the needs of our enterprise customers. Globally, we expanded our sourcing network to include more suppliers in Europe, India, China and Turkey.

在美國，我們擴大了供應商基礎，並專注於擁有關鍵品質認證的大型供應商，以確保滿足我們企業客戶的需求。在全球範圍內，我們擴大了採購網絡，納入了歐洲、印度、中國和土耳其的更多供應商。

In 2025, we launched the new WorkCenter mobile app to improve supplier experience and engagement. The WorkCenter platform is Xometry's proprietary all-in quote-to-cash solution, enabling its partners to source and consolidate work, manage operations, monitor performance and secure cash flow.

2025年，我們推出了新的WorkCenter行動應用程序，以改善供應商體驗和參與度。WorkCenter 平台是 Xometry 的專有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。

By providing easier access to the job board and job management, we expect to drive increasing supplier engagement. In 2026, we will continue to strengthen marketplace density by enhancing supplier matching precision and expanding network depth across geographies, and capabilities, especially in India.

透過提供更便利的職缺和職缺管理途徑，我們希望能夠提高供應商的參與度。2026年，我們將持續加強市場密度，提高供應商匹配的精準度，並擴大跨地域和跨能力的網路深度，尤其是在印度。

We will further increase the choice of processes and lead time from suppliers across the world. In 2026, we have an exciting road map of updates and new features for our WorkCenter mobile app, including improving usability by enhancing how users review, jobs and desires.

我們將進一步增加來自世界各地供應商的製程選擇和交貨週期。2026 年，我們為 WorkCenter 行動應用程式製定了令人興奮的更新和新功能路線圖，包括透過增強使用者查看工作和表達需求的方式來提高可用性。

There's much more to come in the following months as we focus on further improving buyer and supplier experiences and expanding our platforms.

接下來的幾個月裡，我們將更專注於改善買家和供應商的體驗，並擴展我們的平台，屆時將有更多精彩內容推出。

As Randy mentioned, our momentum remained strong in Q1, we expect robust profitable growth to continue in 2026, given strong demand on our marketplace and our product road map. I will now turn the call over to James for a more detailed review of Q4 and our business outlook.

正如蘭迪所提到的，我們在第一季保持了強勁的成長勢頭，鑑於市場對我們產品的強勁需求以及我們的產品路線圖，我們預計2026年將繼續保持強勁的獲利成長。現在我將把電話交給 James，讓他更詳細地回顧第四季業績和我們的業務展望。

Thanks, Sanjeev, and good morning, everyone. Having worked closely with Randy over the past two years, I've seen firsthand how his and Laurence's vision have translated into the rapidly growing profitable business we are reporting today.

謝謝桑吉夫，大家早安。在過去的兩年裡，我與蘭迪密切合作，親眼目睹了他和勞倫斯的願景是如何轉化為我們今天所報導的快速增長且盈利的企業的。

I would like to thank Randy for leading the company to where we are today and setting Xometry up for our next chapter. Looking ahead, I speak for the entire executive team when I say we welcome the opportunity to work alongside Sanjeev to accelerate our momentum.

我要感謝蘭迪帶領公司走到今天，並為 Xometry 開啟新的篇章奠定了基礎。展望未來，我代表整個管理團隊表示，我們非常歡迎有機會與 Sanjeev 攜手合作，加速我們的發展勢頭。

He has been a disciplined partner in driving our 2025 performance, and we are excited to continue to scale the business toward our long-term targets under Sanjeev's leadership. Turning now to our financial results.

他一直是推動我們實現 2025 年業績目標的可靠合作夥伴，我們很高興能在 Sanjeev 的領導下繼續擴大業務規模，朝著我們的長期目標邁進。現在來看我們的財務表現。

So much we had an excellent Q4 marked by accelerating revenue growth and a significant increase in marketplace gross profit.

因此，我們第四季業績非常出色，營收成長加速，市場毛利也大幅成長。

This performance highlights the real-time responsiveness of our marketplace to customer demand and solidify Xometry's position as the digital rails for the largely offline and fragmented custom manufacturing industry.

這一表現凸顯了我們市場對客戶需求的即時回應能力，並鞏固了 Xometry 作為主要離線且分散的客製化製造業的數位化平台的地位。

As we progress towards $1 billion in revenue, we anticipate continuous improvements in profitability alongside ongoing investment in our growth initiatives.

隨著我們朝 10 億美元的營收目標邁進，我們預計獲利能力將持續提高，同時我們將持續投資於我們的成長計畫。

2025 was a standout year for Xometry, as we accelerated annual revenue growth 800 basis points to 26%, further expanded marketplace gross margin by 120 basis points and delivered full year profitability with $18.5 million in adjusted EBITDA compared to a loss of $9.7 million in 2024.

2025 年是 Xometry 的傑出之年，我們加速了年度收入增長 800 個基點至 26%，進一步擴大了市場毛利率 120 個基點，並實現了全年盈利，調整後 EBITDA 為 1850 萬美元，而 2024 年則虧損了 970 萬美元。

At the same time, investments in our platforms have positioned us for robust secular growth and increased profitability in the coming years. In Q4, revenue grew 30% year-over-year to more than $192 million a 200 basis point sequential acceleration from Q3.

同時，我們對平台的投資使我們在未來幾年內能夠實現強勁的長期成長和更高的獲利能力。第四季度，營收年增 30%，超過 1.92 億美元，比第三季季增 200 個基點。

Q4 marketplace revenue was $178 million, and supplier services revenue was $13.9 million. Q4 marketplace revenue increased 33% year-over-year, driven by strong execution, expansion of buyer and supplier networks and growth with larger accounts.

第四季市場平台收入為1.78億美元，供應商服務收入為1390萬美元。市場收入年增 33%，這得益於強有力的執行、買家和供應商網路的擴張以及與大客戶的成長。

Marketplace growth was robust across many verticals, including aerospace and defense, electronics and semiconductors, energy and automotive. Q4 active buyers increased 20% year-over-year to 81,821, with a net addition of 3,539 active buyers, driven by efficient corporate marketing initiatives.

包括航空航太與國防、電子與半導體、能源和汽車在內的許多垂直領域的市場成長強勁。第四季活躍買家數量年增 20% 至 81,821 人，淨增 3,539 人，這得益於高效的企業行銷舉措。

Q4 marketplace revenue per active buyer increased 11% year-over-year, primarily due to strong enterprise growth. We view accounts with at least $50,000 spend at the top of the enterprise funnel.

第四季市場每位活躍買家的營收年增 11%，主要得益於企業客戶的強勁成長。我們將消費額至少達到 5 萬美元的帳戶視為企業行銷漏斗的頂端。

In Q4, the number of accounts with last 12 months spend of at least $50,000 on our platform increased 18% year-over-year to 1,760. Enterprise investments continue to show returns with strong revenue growth from marketplace accounts, ending 2025 with over 140 accounts with last 12 month spend of at least $500,000.

第四季度，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 18%，達到 1760 個。企業投資持續獲得回報，市場帳戶收入強勁成長，到 2025 年底，將有超過 140 個帳戶在過去 12 個月的支出至少達到 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. Services revenue declined approximately 1% quarter-over-quarter as we have largely stabilized the core advertising business.

我們的企業策略重點是最大的客戶，我們認為每個客戶都有超過 1000 萬美元的潛在年客戶收入。由於我們已基本穩定了核心廣告業務，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. Q4 gross profit was $75.2 million, an increase of 27% year-over-year, with gross margin of 39.1%.

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方面仍然處於領先地位。第四季毛利為 7,520 萬美元，年增 27%，毛利率為 39.1%。

Q4 gross margin for marketplace was 35.3% and an increase of 80 basis points year-over-year. Q4 marketplace gross profit dollars increased a robust 36% year-over-year.

第四季市場毛利率為 35.3%，較去年同期成長 80 個基點。第四季市場毛利年增 36%，增幅強勁。

We are focused on driving marketplace gross profit dollar growth through the combination of top line growth and gross margin expansion. The growth in our marketplace gross margin underscores the significant value our AI native marketplace is providing.

我們致力於透過營收成長和毛利率擴張來推動市場毛利的成長。我們市場毛利率的成長凸顯了我們人工智慧原生市場所提供的巨大價值。

Moving on to Q4 operating costs. Q4 total non-GAAP operating expenses were $67 million, increasing 15% year-over-year, demonstrating strong leverage by growing at half the rate of our revenue growth.

接下來是第四季營運成本。第四季非GAAP營運總支出為6,700萬美元，年增15%，顯示公司利用槓桿效應實現了強勁成長，增速達到營收增速的一半。

We are applying strong discipline and rigor to our capital and resource allocation across teams while investing in our growth initiatives. In Q4, sales and marketing decreased 20 basis points year-over-year to 15.6% of revenue.

我們在投資成長計畫的同時，對各團隊的資本和資源分配實行嚴格的紀律和嚴謹性。第四季度，銷售和行銷費用年減 20 個基點，佔營收的 15.6%。

Marketplace advertising spend was 5.2% of marketplace revenue, which was down 40 basis points year-over-year as we delivered accelerating growth and expanding profitability. In Q4, operations and support decreased 80 basis points year-over-year to 8.1% of revenue.

由於我們實現了加速成長和獲利能力擴大，市場廣告支出佔市場收入的 5.2%，比去年同期下降了 40 個基點。第四季度，營運和支援費用年減 80 個基點，佔營收的 8.1%。

We are focused on driving increasing automation with AI across operations and support. Q4 adjusted EBITDA was $8.4 million, an increase of $7.3 million year-over-year driven by strong growth in revenue, gross profit and operating efficiencies.

我們致力於在營運和支援領域推動人工智慧的自動化程度不斷提高。第四季調整後 EBITDA 為 840 萬美元，年增 730 萬美元，主要得益於營收、毛利和營運效率的強勁成長。

In 2025, we delivered our target of approximately 20% incremental adjusted EBITDA margin. In Q4, our US segment adjusted EBITDA was $10.8 million or 6.8% adjusted EBITDA margin, a $6.8 million improvement year-over-year driven by expanding gross profit and strong operating expense leverage.

2025年，我們達成了調整後EBITDA利潤率成長約20%的目標。第四季度，我們美國業務部門的調整後 EBITDA 為 1,080 萬美元，調整後 EBITDA 利潤率為 6.8%，年增 680 萬美元，主要得益於毛利的成長和強勁的營運費用槓桿作用。

Our international segment adjusted EBITDA loss was $2.4 million in Q4 2025. And a $0.5 million improvement from a loss of $3 million in Q4 of 2024. We expect continued improvement in international segment operating leverage in 2026.

2025 年第四季度，我們國際業務部門調整後的 EBITDA 虧損為 240 萬美元。與 2024 年第四季虧損 300 萬美元相比，改善了 50 萬美元。我們預計2026年國際業務部門的營運槓桿將持續改善。

At the end of the fourth quarter, cash and cash equivalents and marketable securities were $219 million. We generated $6.1 million in operating cash flow in 2025 driven by strong operating leverage and focus on working capital efficiency.

第四季末，現金及現金等價物及有價證券為 2.19 億美元。2025 年，我們透過強大的營運槓桿和對營運資本效率的關注，實現了 610 萬美元的營運現金流。

In the fourth quarter, we invested $10.3 million in CapEx, almost entirely software related reflecting our technology investments in the platform and accelerating product rollouts.

第四季度，我們在資本支出方面投入了 1,030 萬美元，幾乎全部用於軟體相關領域，反映了我們對平台的技術投資以及加速產品推廣。

We are focused on improving working capital efficiency and cash flow conversion given our asset-light model and limited capital spending. Throughout 2025, our AI native marketplace delivered strong revenue and gross profit growth, along with significant operating leverage, showcasing our disciplined execution.

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。2025 年全年，我們的 AI 原生市場實現了強勁的營收和毛利成長，以及顯著的營運槓桿作用，展現了我們嚴謹的執行力。

As we progress towards $1 billion in revenue, we anticipate to continue to deliver at least 20% incremental adjusted EBITDA leverage annually. Given the vast market opportunity and our low penetration rates, we will continue to strategically balance future investment with the relentless pursuit of operating leverage.

隨著我們朝著 10 億美元的營收目標邁進，我們預計每年將繼續實現至少 20% 的調整後 EBITDA 槓桿率成長。鑑於巨大的市場機會和我們較低的市場滲透率，我們將繼續在未來的投資和對營運槓桿的不懈追求之間取得策略平衡。

Now moving on to guidance. For the first quarter, we expect revenue in the range of $187 million to $189 million or 24% to 25% growth year-over-year. We expect Q1 marketplace growth to be approximately 27% to 28% year-over-year.

接下來進入指導環節。我們預計第一季營收將在 1.87 億美元至 1.89 億美元之間，年增 24% 至 25%。我們預計第一季市場年增率約為 27% 至 28%。

As Randy mentioned, trends remained strong in Q1, even as we are mindful of the uncertain macro environment. We expect Q1 services revenue to be largely flat quarter-over-quarter as we work through the transition of the recently launched Thomas ad serving platform and search upgrades.

正如蘭迪所提到的，儘管我們意識到宏觀環境的不確定性，但第一季的發展趨勢仍然強勁。我們預計第一季服務收入將與上一季基本持平，因為我們正在推進最近推出的 Thomas 廣告投放平台和搜尋升級的過渡工作。

In Q1, we expect adjusted EBITDA of $6.5 million to $7.5 million compared to roughly breakeven in Q1 of 2025. In Q1, we expect stock-based compensation expenses, including related payroll taxes to be approximately $11 million or approximately 6% of revenue.

我們預計第一季調整後 EBITDA 為 650 萬美元至 750 萬美元，而 2025 年第一季大致達到損益平衡。第一季度，我們預計股票選擇權費用（包括相關薪資稅）約為 1,100 萬美元，約佔收入的 6%。

For the full year 2026, we expect at least 21% revenue growth, driven by our Q1 outlook and at least 20% growth in Q2 to Q4. Our guide for the year reflects us continuing to be mindful of the uncertain macro environment.

預計 2026 年全年營收至少成長 21%，這主要得益於我們第一季的預期，以及第二季至第四季至少 20% 的成長。我們今年的指導方針體現了我們對不確定宏觀環境的持續關注。

We expect 2026 marketplace gross margin to be higher than 2025, as each quarter of growth and technological advancement incrementally fuels performance in the subsequent quarters.

我們預計 2026 年市場毛利率將高於 2025 年，因為每季的成長和技術進步都會逐步推動接下來幾季的業績。

For 2026, we expect services revenue approximately flat year-over-year with modest growth in the second half of the year. For the full year 2026, we expect incremental adjusted EBITDA margins of at least 20%.

我們預計 2026 年服務收入將與上年基本持平，下半年將略有成長。我們預計 2026 年全年調整後 EBITDA 利潤率將至少成長 20%。

I want to close by thanking our dedicated Xometry team members worldwide, whose tireless commitment, professionalism and passion are instrumental to our continued success. We are incredibly proud of our shared accomplishments and look forward to continuing to revolutionize the manufacturing industry together.

最後，我要感謝我們遍佈全球的敬業的 Xometry 團隊成員，他們孜孜不倦的奉獻精神、專業精神和熱情是我們持續成功的關鍵。我們為共同取得的成就感到無比自豪，並期待繼續攜手革新製造業。

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

接線員，那麼請開啟提問環節。

(Operator Instructions) Cory Carpenter with JPMorgan.

（操作員說明）摩根大通的 Cory Carpenter。

Maybe, Randy, one for you and one for you, Sanjeev. Randy, could you just expand a bit on why now for the CEO change? Why was this the right time for you?

蘭迪，或許給你一杯，桑吉夫也給你一杯。蘭迪，你能否詳細解釋為什麼現在要更換執行長？為什麼現在是對你來說的最佳時機？

And where do you expect to focus your time, and then Sanjeev, look, clearly a ton in the product pipeline that you're, but maybe could you just talk about what are you most excited about? Or what initiatives do you think could have the most meaningful impact on growth this year?

那你打算把時間花在哪裡呢？ Sanjeev，你看，你顯然有很多產品線正在開發中，但你能不能談談你最興奮的是什麼？或者，您認為今年哪些措施對經濟成長最有意義？

Great. Well, Cory, look, while this is news today, this transition is the result of the deliberate succession process and as we undergo this transition, and I think it's important to remember that even though we're changing the first in the seat, and I'm sitting right next to right here, we're not changing the destination on the math.

偉大的。科里，你看，雖然今天這是個新聞，但這次過渡是經過深思熟慮的繼任過程的結果。在我們經歷這次過渡的過程中，我認為重要的是要記住，即使我們更換了第一位就任者（我就坐在你旁邊），我們也不會改變最終的目標。

And my commitment to Xometry is a stronger as ever. And the timing of this transition is deliberate, and it reflects the trend of our position. With the record 2025 results, we're on a clear increasingly profitable trajectory, making this the ideal window for a leadership transition later this year on July 1.

我對 Xometry 的投入一如既往地堅定。而這轉變的時機是經過深思熟慮的，它反映了我們立場的趨勢。憑藉創紀錄的 2025 年業績，我們正處於一個盈利能力不斷增強的明確發展軌跡上，這使得今年 7 月 1 日成為領導層過渡的理想時機。

And these results, frankly, from last year and the momentum we're seeing in the first quarter this year reflect the impact of Sanjeev's leadership and its focus on product line growth, which have been key components of our recent success.

坦白說，這些去年的業績以及我們今年第一季看到的勢頭，反映了桑吉夫的領導及其對產品線成長的重視所帶來的影響，而這正是我們近期成功的關鍵因素。

And as the largest individual long-term shareholder here, I'm not going anywhere, as you ask how we remain deeply involved in our future, specifically driving our strategic growth initiatives and corporate partnerships. I plan developing across industry initiatives from a strategic vantage point.

身為公司最大的個人長期股東，我不會離開。正如您所問，我們如何繼續深入參與公司的未來發展，特別是推動我們的策略成長計劃和企業合作。我計劃從策略角度出發，制定跨產業的各項舉措。

Specifically, where Xometry has a significant opportunity become the essential platform for the industry is rapidly moving towards a digital first AI-powered model. And we are very uniquely positioned, and I think there's a lot of strategic partnerships we can build based on that.

具體來說，Xometry 有很大的機會成為產業的重要平台，因為產業正在迅速向數位化優先的 AI 驅動模式轉型。我們擁有非常獨特的優勢，我認為我們可以以此為基礎建立許多策略夥伴關係。

Executing on those initiatives, which are driving significant market share gains in this massive, fragmented market is really critical for our growth ongoing. We expect the pace of new product introductions to continue in '26 as we further expand the marketplace menu, setting up the continued growth in wallet share.

在這個龐大而分散的市場中，這些舉措正在推動我們獲得顯著的市場份額成長，而執行這些舉措對於我們持續成長至關重要。我們預計 2026 年新產品推出的速度將繼續加快，我們將進一步擴大市場菜單，為錢包份額的持續成長奠定基礎。

We are focused on both initiatives across the board, including expanding our marketplace offering, driving structural growth for enterprise accounts and building out our global supply network.

我們正全面專注於這兩項舉措，包括擴大我們的市場產品、推動企業客戶的結構性成長以及建立我們的全球供應鏈網路。

As I have grown and scaled marketplaces in my career, I have seen how the financial models are inherently attractive. Network effects that build competitive modes are able to generate increasing value as the companies grow.

隨著我職涯中市場的發展壯大，我發現這些財務模式本身就具有吸引力。建構競爭模式的網路效應能夠隨著公司的發展創造越來越多的價值。

As the last few years have demonstrated, we've been able to reaccelerate growth while continuing to improve gross margins and deliver at least 20% incremental adjusted EBITDA margins.

正如過去幾年所表明的那樣，我們已經能夠在不斷提高毛利率的同時，重新加速成長，並實現至少 20% 的調整後 EBITDA 利潤率成長。

As Xometry scales, I expect that we will be able to continue to demonstrate consistently strong leverage, delivering increasing profitability and cash flow.

隨著 Xometry 規模的擴大，我預計我們將能夠繼續展現出持續強勁的槓桿作用，從而實現不斷增長的獲利能力和現金流。

Andrew Boone with Citizens.

Andrew Boone 與 Citizens 合作。

You guys printed a really strong 4Q with acceleration. As I look at the guidance for 1Q '26 and then 2026 in total, it implies a deceleration. Can you just speak to that? Is that conservatism? Is there something from macro that you guys are seeing?

你們第四季的表現非常出色，加速成長。從 2026 年第一季以及 2026 年全年的業績指引來看，這意味著成長放緩。您能談談這個問題嗎？這就是保守主義嗎？你們從宏觀角度觀察到什麼現象嗎？

Or anything else that you want to highlight there? And then as I think about the pacing of international investments, you guys talked about improvement for 2026. Can you guys just elaborate on that in terms of what our expectations should be as we think about the path to profitability for international?

或是您還有其他想重點強調的內容嗎？然後，當我思考國際投資的步伐時，你們談到了 2026 年的改進。各位能否詳細說明一下，在考慮國際業務獲利路徑時，我們應該抱持怎樣的預期？

Yeah. This is Randy Andrew, and thank you for the question. Let me just start by saying we have a lot of momentum. We've mentioned, I think, a couple of times in the crib and we raised sort of the guidance for Q1.

是的。我是蘭迪·安德魯，謝謝你的提問。首先我想說的是，我們現在勢頭很強勁。我想，我們已經在內部討論中提到過幾次，並且提高了第一季的業績預期。

So Q1 has started very strong. I think we are mindful of the macro, so that's why. But just to be clear, we also raised our guidance for the year as well.

所以第一季開局非常強勁。我認為我們考慮到了宏觀經濟情勢，所以才會這樣。但需要說明的是，我們也提高了今年的業績預期。

So as the year progresses, and hopefully, we keep the momentum, we'll continue to update. But so far, there's been no change, lots of strong momentum and we're hopeful and confident that will continue throughout the year.

隨著時間推移，希望我們能保持這種勢頭，我們將繼續更新。但到目前為止，情況還沒有改變，勢頭強勁，我們希望並相信這種勢頭將在今年繼續下去。

Yeah. Andrew, this is James. Just to build on that. I think as you point out, Q4 was a great quarter seeing marketplace growth accelerated to 33% year-over-year.

是的。安德魯，這位是詹姆斯。在此基礎上繼續展開。正如你所指出的，我認為第四季度是一個非常棒的季度，市場成長加速至年增 33%。

I think that does really reflect the progress the team are making, particularly this, the enterprise growth we've been driving becoming more embedded in those workflows with our largest customers, seen as enterprise accounts more than 500,000 grow to more than $140 million, seeing the revenue per buyer up 11% year-over-year and seeing the traction that we're making there is really encouraging.

我認為這確實反映了團隊的進展，特別是我們一直在推動的企業成長，它正越來越深入地融入我們最大客戶的工作流程中，例如，超過 50 萬美元的企業帳戶增長到超過 1.4 億美元，每個買家的收入同比增長 11%，看到我們在那裡取得的進展真的令人鼓舞。

And behind that is also the product-led initiatives. And we really feel like we've taking significant share here. I think as we look forward, Andrew, you said like we always are mindful of that macro environment. We control what we can control.

而這背後還有以產品為導向的各項措施。我們感覺我們已經佔據了相當大的市場份額。我認為，安德魯，正如你所說，展望未來，我們始終要關注宏觀環境。我們只能控制我們能控制的事情。

I think we're very pleased with being able to increase the outlook for Q1 here and for the year ahead. And I think as we go through each quarter, we'll be able to continue to give you updates as we move forward. The second question, was that international

我認為我們非常高興能夠提高對第一季以及未來一年的業績預期。我認為隨著每季的推進，我們將能夠繼續向大家提供最新進展。第二個問題是國際

International profitability.

國際獲利能力。

Yeah. And so on that too, I'm really pleased with the overall opportunity and performance we had in international. What we've talked about before is the unit economics that we're seeing the gross margin, the gross cap structure are very similar internationally as we see in the US.

是的。在這方面，我也對我們在國際賽場上的整體機會和表現感到非常滿意。我們之前討論過的單位經濟效益，我們看到毛利率、毛資本結構在國際上與我們在美國看到的非常相似。

And as we penetrate deeper into different international markets, really see very common use cases and needs for our buyers and a common opportunity for us to take advantage of our marketplace offering for our suppliers.

隨著我們更深入地滲透到不同的國際市場，我們真正看到了買家非常共同的使用案例和需求，也看到了我們利用自身市場產品為供應商提供共同機會的機會。

So I think that over the long term, certainly continue to feel very strongly about international being able to grow into a larger part of our business, going up to 30% to 40%.

因此，我認為從長遠來看，我肯定會繼續強烈相信國際業務能夠發展成為我們業務中更大的一部分，達到 30% 到 40%。

And I think over time show very similar economics and so it's great to see the US leading the way and getting to nearly 7% adjusted EBITDA margin here. And I think we'll continue to just balance those choices on profitability and growth as we continue to grow the international business.

我認為隨著時間的推移，經濟效益會非常相似，因此很高興看到美國走在前列，調整後的 EBITDA 利潤率接近 7%。我認為，隨著國際業務的不斷發展，我們將繼續在獲利能力和成長之間尋求平衡。

Brian Drab with William Blair.

布萊恩·德拉布與威廉·布萊爾。

Randy, congratulations on the decision. And it's been an amazing run so far. I was wondering if you, one thing that stood out, and I'm joining the call late, but one thing that stood out was the slide showing what you're doing with some of the larger customers and how fast those customer counts are growing and the revenue with those customers are growing.

蘭迪，恭喜你做出這個決定。到目前為止，這段旅程堪稱精彩絕倫。我想問一下，有一件事讓我印象深刻，雖然我加入​​電話會議的時間比較晚，但讓我印象深刻的是幻燈片上展示的您正在與一些大客戶合作的情況，以及這些客戶數量和收入增長的速度。

You now have four customers over $10 million in revenue. Can you talk about what you're doing and specifically, as you can for those customers and how you're having success whether it's like working yourself into the bill of materials for production runs, ERP systems, et cetera, to build those big customers because it looks like it's really happening.

您現在有四家客戶年收入超過 1000 萬美元。您能否談談您正在做的事情，特別是您為這些客戶所做的工作，以及您是如何取得成功的，例如將自己融入生產運行的物料清單、ERP 系統等等，從而建立起這些大客戶，因為看起來這一切確實正在發生。

Yeah, Brian, thank you. And I think larger customers and as we talked about, we've got that, a bunch of these customers now that we think have a $10 million spend we're probably got them now, we've got the 10, I don't know Brian, you heard that.

是的，布萊恩，謝謝你。我認為，對於大客戶，正如我們剛才討論的，我們現在有很多這樣的客戶，我們認為他們的消費額達到了 1000 萬美元，我們可能已經擁有了這 1000 萬美元的客戶，我不知道布萊恩，你聽到了嗎？

If you joined the call where you have over 140 customers now that have more than 500,000 LTM Sanitas. That's up from 40% from last year when we had 100. So that's been growing rapidly.

如果您參加了電話會議，您現在擁有超過 140 位客戶，他們擁有超過 500,000 個 LTM Sanitas。這比去年的 40% 有所成長，去年我們有 100 人。所以它一直在快速成長。

And there's a couple of keys to that. It starts with the technology. We are embedded more and more in the workflow, and we're embedded in their supply chain. Our punch outs or integrations with their ERP and their purchasing systems are instrumental in that.

這其中有幾個關鍵點。一切始於技術。我們越來越深入地融入他們的工作流程中，也越來越融入他們的供應鏈中。我們與他們的 ERP 系統和採購系統的對接或整合在這方面起著至關重要的作用。

So that just makes us part of what they're doing every day. Then you layer on top of that, the improvement that we're continuously make in the team space, which has been a terrific product for us. And team space also lend itself to larger products, projects.

所以，這也讓我們成為了他們日常工作的一部分。再加上我們在團隊領域不斷取得的進步，這對我們來說是一個非常棒的產品。團隊空間也更適合大型產品和專案。

As we talked about, we have more and more multiyear projects with these customers team space helps facilitate that, and we're constantly adding features to that and enhancing that. So that's that product-led growth.

正如我們之前討論的，我們與這些客戶開展了越來越多的多年期項目，團隊空間有助於促進這些項目，我們也在不斷地為其添加功能並對其進行改進。這就是產品驅動型成長。

And then marrying that of the investments that we've been making in the last couple of years in our in our sales force and our go-to-market, and now we're going that also with you making changes in the marketing side as well. sector joined us the beginning of last year as our new CMO. So all those things are coming together to build out those longer customers.

然後，我們將過去幾年在銷售團隊和行銷方面的投資與你們在行銷方面的變革結合起來。去年年初，一位業內人士加入我們，擔任新的首席行銷長。所以所有這些因素共同作用，是為了培養長期客戶。

For those types of customers, is the work very, has it varied across your different process offerings? Or does it, do they focus typically on one?

對於這類客戶，工作量是否很大？你們提供的不同流程服務是否有所不同？或者他們通常只關注其中一個？

No, Barry. And I think, Brian, a couple, that slide was intended to show a couple of things. First of all, that our platform is extensible. We're in multiple different industries. We have strength in many industries.

不，巴里。布萊恩，我覺得那張投影片是為了展示兩件事。首先，我們的平台具有可擴展性。我們涉足多個不同的行業。我們在許多行業都擁有實力。

Number two, would also, if you go through it, like we're doing multiple different processes as well. So that's one of the advantages of a marketplace and our platform. It's extensible.

第二點，如果你仔細觀察，你會發現我們也正在進行多種不同的流程。所以，這就是市場和我們平台的優勢之一。它是可擴展的。

And also, we can continue that, and we mentioned that certain new processes, the instinct for injection on that we had at the end of last year in the US and we had Europe, the new materials, all that's adding to more one-stop shopping.

而且，我們還可以繼續這樣做，我們提到過一些新的工藝，例如去年底我們在美國和歐洲看到的注塑工藝，以及新材料等等，所有這些都有助於實現一站式購物。

I did want to mention one more thing, Brian, which is the macro is shaky, there's a lot of noise out there.

布萊恩，我還想提一件事，那就是宏觀畫面不穩定，外界有很多噪音。

There is a flight to reliability and security and safety and the nonentry platform provides that, particularly as a public company with their transparency, with the systems we have in place, the security we have in place, for larger customers, that is very important as they think about ensuring that they can deliver to their own customers, they want a partner that can make that happen in our platform as that partner.

人們越來越追求可靠性、安全性和保障性，而我們的非進入平台恰好能滿足這些需求。特別是對於像我們這樣的上市公司而言，憑藉我們的透明度、完善的系統和安全措施，對於大型客戶來說，這一點尤其重要，因為他們需要考慮如何確保能夠向自己的客戶提供服務。他們需要一個能夠幫助他們實現這一目標的合作夥伴，而我們的平台正是如此一個合作夥伴。

And then just lastly on this topic, and then I'll pass it on. The next slide 11 shows the different, I like these slides that you show different work that you're doing for some major customers. I don't know if those are the same customers?

最後，關於這個主題我再補充一點，然後我就把它交給下一位同事了。下一張投影片 11 展示了不同的內容，我喜歡這些投影片，它們展示了你為一些重要客戶所做的不同工作。我不知道這些是不是同一批客戶？

I imagine there is some overlap between these slides. These are probably customers that are at least two and or 50,000 with you. But for the customers that you're doing the $10 million in revenue with.

我想這些投影片之間應該會有一些重疊之處。這些客戶很可能是至少與您保持 20,000 次或 50,000 次交易的客戶。但對於那些能為你帶來 1,000 萬美元收入的客戶來說，情況就不同了。

Are those customers that are generally doing production work with you, low volume production and you're in the bill of materials or it's just recurring production that you're involved in? Or is it just a ton of development work? Or is it both?

這些客戶通常是與你進行生產工作，小批量生產，並且你參與物料清單，還是只是參與一些重複性生產？或者說，這只是大量的開發工作？或者兩者都是？

It's certainly more heavily weighted towards production, Brian, and we are increasingly in the bound just as you develop your to the bond Absolutely.

布萊恩，它無疑更側重於生產，而且我們越來越傾向於你發展你的合作關係。絕對是如此。

Eric Sheridan with Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

I wanted to build on sort of a couple of the answers you've given so far. When you think about the verticalization of the platform today, what are you seeing as the biggest tailwind to growth on an industry vertical standpoint today?

我想在你目前給出的幾個答案的基礎上再補充一些內容。從產業垂直化的角度來看，您認為目前推動平台垂直化發展的最大利多因素是什麼？

And how are you thinking about continuing to maintain or build on some of that operating momentum in certain industry verticals. And which ones do you feel you're under indexed to today?

那麼，您打算如何繼續保持或加強某些行業垂直領域的這種營運動能呢？你覺得自己目前在哪些方面表現不佳？

And what do you think you need to do in terms of changing some of the indexing across some industry verticals or maybe you feel are more opportunity sets looking longer term?

那麼，您認為在改變某些行業垂直領域的一些索引方面需要做些什麼？或者，您認為從長遠來看，有哪些更多的機會？

Yes. Look, I think, Eric, as I mentioned earlier, we are pretty well diversified across multiple verticals, and that's the advantage of our technology platform is extensible. And so when you see the growth that we're getting, it's across multiple industries.

是的。艾瑞克，我認為，正如我之前提到的，我們在多個垂直領域都實現了相當程度的多元化，而我們的技術平台具有可擴展性，這就是它的優勢所在。因此，當你看到我們所取得的成長時，你會發現它是跨多個產業的成長。

So I would say there's one vertical versus another. I think overall, and this is, for me, one of the most exciting things about odometry and while, why we're going to have durable enduring large growth for many years to come, we're underpenetrating the overall market.

所以我認為這裡存在著一種垂直領域的對立。我認為總體而言，這也是里程計最令人興奮的地方之一，也是我們未來多年將持續大幅成長的原因，但我們對整個市場的滲透率仍然很低。

The TAM is huge, and I'm super proud of the results that we have, but we should be, continue to grow super well for a long time with Vettam is massive out there.

TAM 非常龐大，我為我們所取得的成果感到非常自豪，但我們應該繼續保持良好的成長勢頭，因為 Vettam 在市場上的規模非常龐大。

And look, I think there is definitely a trend towards digitization, more and more people are using AI-powered models as the leader in that as we can get the word out, more and more companies are, that the tailwind is people realize this is a better solution.

而且，我認為數位化絕對是一股潮流，越來越多的人正在使用人工智慧模型作為領導者，隨著我們不斷宣傳，越來越多的公司正在這樣做，這股順風表明人們意識到這是一個更好的解決方案。

People want resilient supply chains, people want it to be digital. People want to have the way technology available to them and we're at that intersection of many of them between manufacturing and technology between design and delivery, and we play that key role.

人們想要有韌性的供應鏈，人們想要數位化的供應鏈。人們希望能夠以他們想要的方式獲得所需的技術，而我們正處於製造和技術、設計和交付等諸多需求的交匯點，我們扮演著關鍵角色。

So the more we get that word out, the more that we can build these integrations, and this is one of the many things that Sanjeev is bringing to the table, you'll continue to see that growth continue and hopefully even accelerate.

因此，我們越是廣泛宣傳，就越能建立這些整合，而這正是 Sanjeev 帶來的眾多優勢之一，你會看到這種成長持續下去，甚至有望加速成長。

Eric, Randy just to add, I think as we build out our global supply network, the enterprise capabilities that we have across multiple verticals are a important added value that we bring, whether that's in aerospace or cybersecurity and defense and medical and then having the work center platform, being able to whatever the vertical will be able to put up these jobs to the optimal supplier, the best match who has the capabilities can deliver quality that us continuing to build on that performance across all of these categories to Randy's point, cases penetrate, where we still have a lot of opportunity ahead.

Eric，Randy，我補充一點，我認為隨著我們建立全球供應鏈網絡，我們在多個垂直領域擁有的企業能力是我們帶來的一項重要附加價值，無論是在航空航太、網路安全、國防還是醫療領域。此外，我們擁有工作中心平台，能夠根據各個垂直領域的需求，將這些工作分配給最合適的供應商，也就是那些具備相應能力、能夠提供高品質產品的最佳供應商。正如Randy所說，我們將繼續在所有這些領域提升績效，並進一步拓展業務，這方面我們仍有許多機會。

Ron Josey with Citi.

Ron Josey，花旗銀行員工。

Randy, congrats on Sanjeev, looking forward to working more closely with you. I wanted to ask a little bit as a follow-up to Eric's question here, just the brand awareness amongst your buyer base.

蘭迪，恭喜你生下桑吉夫，期待與你更緊密合作。我想就 Eric 的問題再問一點，關於你們的品牌在買家群體中的知名度。

Randy, you just talked about the TAM being so large and we're just sort of getting started on getting to buyers. So talk just about brand awareness what Xometry is offering, particularly as sales and marketing spend.

蘭迪，你剛才提到市場規模非常大，而我們才剛開始接觸買家。所以，請談談 Xometry 在提升品牌知名度所提供的服務，尤其是在銷售和行銷支出方面。

I think that accelerated in the quarter. And so just talk to us about how you balance, call it, overall profitability in sales and marketing with building that awareness and then, James, as we think about 2026 and the 20% incremental adjusted EBITDA margins, I believe that's consistent with 25.

我認為這種情況在本季加速發展。所以，請您談談您是如何平衡銷售和行銷的整體盈利能力與建立品牌知名度的。然後，James，當我們展望 2026 年，並考慮 20% 的增量調整 EBITDA 利潤率時，我認為這與 25 是一致的。

I'd love to hear your thoughts about how the management team is balancing incremental investments, which is overall greater EBITDA as we do get to the scale or are we just super early given the size of the TAM.

我很想聽聽您對管理團隊如何平衡增量投資的看法，隨著我們達到規模，這是否會帶來更大的 EBITDA，或者考慮到 TAM 的規模，我們是否還處於非常早期的階段。

So let me tackle it and Sanjeev and James will jump in. So let me just start by saying, look, there's a pool of millions of buyers and we are balancing the profitability and making sure we've got profitable growth in marketing.

那我就來處理，桑吉夫和詹姆斯會跟進。首先我想說的是，我們擁有數百萬的買家，我們正在努力平衡獲利能力，確保行銷能夠實現獲利成長。

We've got some good slides here that shows that, that's becoming more and more efficient as we've been going on. So I'd say we are, we've got robust growth. And as we talked about, Q1 has started very strong as well.

我們這裡有一些很好的幻燈片，可以證明，隨著工作的進行，這項工作變得越來越有效率。所以我覺得我們實現了強勁成長。正如我們之前討論的，第一季開局也非常強勁。

But there certainly is a balance between growth and profitability, and we're trying to optimize for both that 20% incremental profitability.

但成長和獲利之間肯定存在平衡，我們正在努力實現這 20% 的增量獲利。

So I think we have a long way to go on the awareness side. We're making good strides. But again, that's where you should expect to see durable long-term growth year after year from us. as more and more people learn about us, it's also where the technology is critical.

所以我覺得我們在提高公眾意識方面還有很長的路要走。我們取得了良好進展。但同樣地，隨著越來越多的人了解我們，科技也至關重要，因為正是在這裡，您可以期待我們實現持續的長期成長。

And by integrating by the time channels be becoming embedded in the workflows, as Brian mentioned earlier, being part of, as Frank Gran mentioned earlier, being part of Xometry material that enables you, without spending marketing dollars to get much greater awareness within your customer base.

正如 Brian 前面提到的，隨著時間管道逐漸融入工作流程，成為 Xometry 材料的一部分，您無需花費行銷費用即可在客戶群中獲得更大的知名度。

And in these large customers, these 10 million plus customers that we now have in the 500,000 plus, it's great next step to hit that milestone. Those are key ways to get out because those companies have often tens of thousands of employees and desperate in different locations.

對於這些大客戶，對於我們現在擁有的超過 50 萬的 1000 萬以上的客戶來說，達到這個里程碑是很好的下一步。這些都是重要的脫身之道，因為這些公司通常擁有數萬名員工，而且在各地都面臨著裁員的困境。

The more we can be embedded in their systems that gets you like free advertising free building and particularly as I mentioned earlier, as more and more customers are in this environment, looking for resilient supply chains and more maturity and reliability that also helps to drive more people to our platform.

我們越能融入他們的系統，就能獲得免費廣告、免費建設等好處，尤其正如我之前提到的，隨著越來越多的客戶身處這樣的環境中，尋求更具彈性的供應鏈以及更成熟、更可靠的系統，這也有助於吸引更多人使用我們的平台。

Let me just add a couple to that on. As you know, geometry has been an AI-native marketplace for inception. So the use of data science, machine learning and foundational models has been key. But even as the AI overviews and AI-enabled answer and answer the optimization engines or GEOs are gaining scale.

我再補充幾點。如您所知，幾何學一直是人工智慧在概念設計領域的原生市場。因此，資料科學、機器學習和基礎模型的應用至關重要。但即便人工智慧概覽和人工智慧支援的答案以及優化引擎或 GEO 正在不斷擴大規模。

We actually think of them as a new organic channel for brand messaging and awareness. We are investing AI marketing capabilities internally, but continuing to strengthen where we are with those efforts.

我們實際上認為它們是品牌訊息傳遞和知名度提升的全新自然管道。我們正在內部投資人工智慧行銷能力，並將繼續加強我們在這方面的努力。

In fact, we believe that we are very well positioned to take advantage of this change in how people search because we've been known to create high-quality content and expertise across multiple different categories that we operate in.

事實上，我們相信我們完全有能力利用人們搜尋方式的這種變化，因為我們一直以來都以在多個不同類別中創造高品質的內容和專業知識而聞名。

So I think with new opportunities with answer engines and AI views, we actually are using them to drive some of that message.

所以我認為，隨著答案引擎和人工智慧視圖帶來的新機遇，我們實際上正在利用它們來傳遞一些這樣的訊息。

And Ron, on the investment and profitability question, over the last two years, you've seen us reaccelerate growth and deliver our full year adjusted EBITDA profitability and incremental margins of 20% and more. Actually, we've actually delivered those incremental margins over the last three years.

羅恩，關於投資和盈利能力的問題，在過去的兩年裡，您已經看到我們重新加速增長，實現了全年調整後 EBITDA 盈利能力和 20% 以上的增量利潤率。事實上，在過去三年裡，我們已經實現了這些增量利潤。

So I think that is helping really demonstrate very tangibly the leverage that we see in the marketplace model. To your point, I think it is still very early. There's still a huge opportunity ahead.

所以我認為這確實非常切實地展現了我們在市場模式中所看到的優勢。你說得對，我覺得現在還為時過早。前方仍蘊藏著巨大的機會。

We're very focused on giving some guideposts here as we scale to $1 billion to continue to deliver at least 20% incremental adjusted EBITDA even as we continue to invest in those growth initiatives.

我們非常注重在這裡提供一些指導方針，以便我們在將規模擴大到 10 億美元的同時，即使我們繼續投資於這些增長計劃，也能繼續實現至少 20% 的調整後 EBITDA 增量。

The advantage of being an asset-light model with strong cash flow conversion from adjusted EBITDA means that as we continue to grow here and approach $1 billion, we'll be seeing that come through both in adjusted EBITDA and in the cash flow.

輕資產模式的優勢在於，其調整後 EBITDA 的現金流轉換率很高，這意味著隨著我們繼續發展並接近 10 億美元，我們將在調整後 EBITDA 和現金流方面都看到這種增長。

And I think that gives us a lot of optionality as we think about the capital allocation and the opportunities ahead to really further scale the business. So it won't always be leaning quarter-to-quarter, but certainly, you've seen us demonstrate this over the last few years, and I think we continue to expect to do that on our up to $1 billion head.

我認為這給了我們很大的選擇餘地，讓我們在考慮資本配置和未來進一步擴大業務規模的機會時擁有更多選擇。所以，季度業績不會總是朝著好的方向發展，但可以肯定的是，過去幾年我們已經證明了這一點，而且我認為我們預計未來還能繼續保持這一勢頭，人均收入高達 10 億美元。

Greg Palm with Craig.

格雷格·帕爾姆和克雷格。

Congrats on the results. And obviously, to Randy and Sanjeev congrats on the planned transition here. I wanted to maybe start with a macro question because there is some thought that we may actually see a broader rebound in manufacturing this year.

恭喜取得好成績。當然，也要祝賀蘭迪和桑吉夫順利完成過渡計畫。我想先從一個宏觀層面的問題入手，因為有人認為今年製造業可能會出現更廣泛的反彈。

It's been a while since we've kind of had that. Number one, have you seen any change in, call it, supplier behavior on a year-to-date basis relative to last year or the last few years?

我們已經很久沒有那種感覺了。首先，與去年或過去幾年相比，您是否觀察到供應商行為在今年迄今為止有任何變化？

And just in terms of the marketplace overall, what kind of impacts what that might have both on revenue and also from a gross margin standpoint, if we did see, call it, a rebounding manufacturing market and thus, maybe a byproduct with some tighter capacity industry-wide?

就整個市場而言，如果我們看到製造業市場反彈，並因此導致整個產業的產能趨緊，那麼這可能會對收入和毛利率產生什麼樣的影響？

Yeah. So just to start, I think it's been business as usual. And I would be clear, I don't think our results are the beneficiary of any sort of pull forward or anything tariff related, et cetera, I think it's just as we've been gaining more and more market share as we become more and more band our customers, more people are looking for digital solutions that helped us and so we haven't seen any change from a macro perspective.

是的。首先，我認為一切照常進行。我要明確一點，我不認為我們的業績得益於任何形式的提前交付或關稅相關的因素等等，我認為這只是因為我們獲得了越來越多的市場份額，我們的客戶也越來越多，越來越多的人正在尋找幫助我們的數位化解決方案，因此從宏觀角度來看，我們沒有看到任何變化。

I think, as we gave our guidance this year, we mentioned we are mindful of the macro, but if there was an upturn in macro, that would absolutely be a tailwind for us.

我認為，正如我們今年給出的指導意見中提到的，我們一直關注宏觀經濟形勢，但如果宏觀經濟出現好轉，那絕對會對我們來說是一個利好因素。

It would be helpful for us. I think the improvement in our margins reflects our approach. We're training our models. Our algorithms are improving as we get more and more data, we get more and more accurate.

這對我們很有幫助。我認為利潤率的提高反映了我們的方法。我們正在訓練模型。隨著我們獲得的數據越來越多，我們的演算法也在不斷改進，變得越來越準確。

And as we grow those networks to buyers and suppliers, the data, those networks, that's what's enabling us to grow our gross merchants, and we've been doing that very steadily and consistently year-over-year since we went public.

隨著我們不斷拓展買家和供應商網絡，這些數據和網絡使我們能夠不斷增長商戶總額，而且自上市以來，我們每年都在穩步持續地實現這一目標。

So I think you should expect, as James said, in 2026, for our gross margins to be higher than they were in 2025. We're excited for Q1 gross margins to be higher year-over-year and sequentially.

所以我認為，正如 James 所說，你們應該預期到 2026 年我們的毛利率會高於 2025 年。我們很高興看到第一季毛利率年增和環比增長。

And I think if we do get a tailwind from a favorable macro, that will only be helping us even not only growth side, but also on the bottom line as well.

我認為，如果我們能從有利的宏觀經濟情勢中獲得順風，不僅有利於我們的成長，也有利於我們的獲利。

Makes sense. And then I wanted to just follow up on the cohort analysis because there's some interesting stuff there. In terms of the makeup of those $10 million accounts.

有道理。然後，我想跟進一下隊列分析，因為裡面有一些有趣的內容。就這些價值 1000 萬美元的帳戶組成而言。

I just want to be clear, are they doing, is it a quantity or quality, like are they doing a lot more projects? Or are they doing bigger, higher value?

我只是想弄清楚，他們是在數量上提高還是在品質上提高，例如他們是否開展了更多專案？還是他們在做規模更大、價值更高的專案？

And in terms of like how these accounts are serviced from an account manager standpoint, anything differently in terms of how that started and has evolved through that relationship that maybe you can use to push more accounts into this specific cohort.

從客戶經理的角度來看，這些帳戶的服務方式有哪些不同？這種服務方式是如何開始的，以及它如何隨著關係的建立而發展演變的？這些不同之處或許可以用來推動更多帳戶進入這個特定的群體。

So a couple of things. So there's certainly with those larger accounts, there's more and more production work. So there's certainly larger projects as we sort of talked about earlier, there is overall more volume.

有兩件事。所以，對於這些大客戶來說，製作工作一定會越來越多。所以，正如我們之前討論過的，肯定有一些規模更大的項目，總體數量也更多。

And I think so you also see the number of users that we've got in those accounts. So it's a combination, but certainly large care projects are helping there.

我認為你也能看到這些帳戶的用戶數量。所以這是多種因素共同作用的結果，但大型援助計畫無疑對此有所幫助。

And then we're built into, and Brian mentioned earlier, we're built in to build materials. So that's like that creates a lot of stickiness or if you become the go-to for certain parts of that customer for a long time.

然後，正如布萊恩之前提到的，我們被納入了建築材料領域。這樣就能產生很強的客戶黏性，或者說，如果你在很長一段時間內成為客戶某些方面的首選。

And again, those technology innovations help a lot with this. I think it's, as we, as you asking about what's the key to those larger accounts. they'll start small, where we get the awareness I think particularly these integrations being embedded in their workflows and in their technology, that has been critical to the growth.

再次強調，這些技術創新對此大有幫助。我認為，正如你所問的，關鍵在於如何贏得那些大客戶。他們會從小規模做起，我們會讓他們意識到，尤其是在他們的工作流程和技術中嵌入這些集成，這對他們的成長至關重要。

And when you get those technology lock-ins, that makes it very sticky. It makes it easier for the customer to default to you and it provides additional learnings particularly in those larger customers across a bigger base because these are large companies.

一旦被技術鎖定，就很難擺脫。這使得客戶更容易選擇你，並且能夠提供額外的學習機會，尤其是在客戶群較大的大型公司中。

So those things really help. We also have, obviously, as you can imagine, our sales force, we've got a tiered sales force like a lot of other companies. So in terms of account management, you've kind of got some different motions there, too. But it's really the technology that's the critical element that it helps that happen.

所以這些真的很有幫助。當然，正如你所想，我們也有銷售團隊，我們像許多其他公司一樣，擁有分層的銷售團隊。所以在帳戶管理方面，也有一些不同的操作方式。但真正起決定性作用的是技術，它有助於這一切的發生。

Josh Chen with UBS.

瑞銀集團的Josh Chen。

Congrats, Randy, Sanjeev, on the transitions. Maybe just two quick questions from me. Number one, on obviously, very strong demand from customers.

恭喜 Randy 和 Sanjeev 順利完成過渡。我可能還有兩個問題想問。第一，顯然是應顧客的強烈需求。

I guess, how do you feel about your momentum adding active suppliers are you concentrated more on larger suppliers, so maybe the count doesn't matter quite as much? And then second question is, as you continue to grow EBITDA, what are your thoughts about potentially getting to a breakeven free cash flow at some point in the near future.

我想問，您對目前不斷增加活躍供應商的發展動能有何看法？您是否更專注於規模較大的供應商，所以供應商數量可能不那麼重要？第二個問題是，隨著 EBITDA 的持續成長，您認為在不久的將來是否有可能實現自由現金流收支平衡？

Thanks for the question, Josh, it's Sanjeev. Let me take the first part. I think, as you mentioned, I think suppliers growth is a key element of continue to drive the marketplace growth.

謝謝你的提問，喬希，我是桑吉夫。讓我來回答第一部分。我認為，正如您所提到的，供應商的成長是持續推動市場成長的關鍵因素。

As you mentioned, we have close to 5,000 suppliers overall and system balances, how we do margins across your suppliers, so continuing to grow both sides of the marketplace is equally important to us across those spaces.

正如您所提到的，我們總共有近 5000 家供應商，並且系統平衡了我們如何處理供應商之間的利潤，因此，在市場供需雙方持續增長對我們來說都同樣重要。

But yes, as we think about the ongoing growth in the large enterprise accounts and the kind of needs they have, we continue to make sure that in our network, we not only have suppliers that are capable of delivering those large programs, but also have the right certifications and requirements that are needed to meet the quality certifications of that customer.

是的，考慮到大型企業客戶的持續成長以及他們的需求，我們不斷確保我們的網路中不僅有能夠交付這些大型專案的供應商，而且有滿足客戶品質認證所需的相應認證和要求。

And so therefore, balancing the network for both size, breadth and depth, so size in terms of number breadth in terms of geographical trend where we want to make sure that we can service the customer needs from anywhere in the globe and then depth in terms of processes that they can service for us remains critical, and we continue to invest in there.

因此，平衡網路的規模、廣度和深度至關重要，規模指的是數量，廣度指的是地理趨勢，我們希望確保能夠滿足全球任何地方的客戶需求，而深度指的是他們能夠為我們提供哪些流程服務，我們將繼續在這方面進行投資。

Josh, on cash flow. So good question. I think you've already seen us go positive or very close to positive on a couple of quarters in the last year. So generally, an asset-light model with good cash conversion, cash flow is coming after adjusted EBITDA.

喬希，關於現金流。問得好。我想你們已經看到，在過去一年中，我們有幾個季度實現了盈利或非常接近盈利。因此，一般來說，對於資產輕、現金轉換率高的模式，現金流是在調整後 EBITDA 之後產生的。

So we had our first full year of adjusted EBITDA profitability $18.5 million. So as we expect, over the last, over the next year, we'll start getting to sustainable free cash flow positive as well as we continue to grow.

因此，我們第一個完整的年度調整後 EBITDA 獲利為 1850 萬美元。因此，正如我們預期的那樣，在過去一年和未來一年裡，隨著我們持續成長，我們將開始實現可持續的自由現金流為正。

Just to put a little bit more framing around that. I think CapEx, operational cash flow last year was actually positive at $6 million. We have been investing in our product-led strategy and so you've seen a that was $10.3 million in the quarter.

只是想再補充一些背景資料。我認為去年資本支出和營運現金流實際上是正值，達到 600 萬美元。我們一直在投資以產品為主導的策略，所以你們也看到了，本季這方面的投資達到了 1,030 萬美元。

I think if we assume a similar sort of percentage of revenue in the year ahead at around 6%, then when we hit the $225 million quarterly run rate I would expect to be free cash flow positive on a sustainable basis.

我認為，如果我們假設未來一年的營收佔比維持在 6% 左右，那麼當我們達到 2.25 億美元的季度營收目標時，我預計我們將能夠持續實現正自由現金流。

Matt Swanson with RBC Capital Markets.

RBC Capital Markets 的 Matt Swanson。

We've touched on this in a couple of different parts, but I wanted to focus a little bit more on the work center mobile app and just kind of what benefits that might give you from the competitive environment of just making it easier to work with for suppliers.

我們在幾個不同的部分都提到過這一點，但我想更重點地談談工作中心行動應用程序，以及它在競爭環境中能為你帶來哪些好處，例如讓與供應商的合作變得更加容易。

They obviously have a limited number of hours every day the machines can be running. How does that kind of help to make sure that they're running Xometry projects?

顯然，機器每天可以運作的時間是有限的。這樣如何才能確保他們正在運行 Xometry 專案？

Thanks for that question, Jon. I think the work center mobile app is proving to be a substantial lock-in with our partners and suppliers across the globe. The advantages that we see are across three different interactions that those partners and suppliers have.

謝謝你的提問，喬恩。我認為工作中心行動應用程式正在成為我們與全球合作夥伴和供應商之間強有力的鎖定工具。我們看到的優勢體現在這些合作夥伴和供應商之間的三種不同互動中。

One is on the job board itself, which is accepting the job and we offer them a lot of the suppliers are not always in front of their computer to be able to actually accept jobs and the flexibility that our mobile app provides them to be able to accept a job where they might be actually at a machine and/or they might be away from their desk at home, given the size and scale of some of the suppliers that the huge benefit just to get started.

一方面，供應商可以透過招聘網站接受工作。我們為許多供應商提供靈活的工作方式，因為他們並不總是坐在電腦前接受工作。我們的行動應用程式讓他們隨時隨地接受工作，無論他們是在電腦前還是不在家。考慮到一些供應商的規模，這無疑是一個巨大的優勢，讓他們能夠快速上手。

The second one is around management of the job itself and I think the big advantage there is as they work through those jobs, they want to make sure that they are able to provide us with most timely inputs, both in terms of updates on the job, but also questions that might arise during manufacturing, so improving the analysis around the DFM piece that we were talking about before.

第二點是關於工作本身的管理，我認為最大的優勢在於，當他們處理這些工作時，他們希望確保能夠為我們提供最及時的信息，包括工作進展情況以及製造過程中可能出現的問題，從而改進我們之前討論過的 DFM 分析。

So it acts as a mechanism for us to get real-time data back from the manufacturing flows coming back into our models and helping us improve those. And then finally, of course, managing their own cash flows.

因此，它起到了一種機制的作用，使我們能夠從製造流程中獲取即時數據，並將這些數據回饋到我們的模型中，幫助我們改進這些模型。最後，當然還有管理好自己的現金流。

As you can imagine, a lot of these suppliers are trying to balance lots of jobs that they have, like you mentioned, but also trying to manage the outcomes for the business. So this has been the three areas of engagement that we continue to see increase.

正如你所提到的，許多供應商都在努力平衡他們手邊的眾多工作，同時也努力管理業務成果。因此，我們看到這三個領域的參與度持續成長。

I appreciate that. I know there's been a lot of questions on the large customer front because these are some impressive numbers.

我很感激。我知道大家對大客戶方面有很多疑問，因為這些數字非常驚人。

So you guys delivered, but I guess what I was wondering is when you're thinking about how customers go from $50,000 to $500,000 to $10 million, are there any internal metrics that you look at that kind of signal people are starting to upsize.

所以你們交付了，但我很好奇的是，當你們考慮客戶如何從 5 萬美元增長到 50 萬美元再到 1000 萬美元時，你們會關注哪些內部指標來判斷人們開始擴大規模。

Have you seen any correlation with like the further spreading out of team space or anything else that kind of gives you more confidence that the enterprise momentum we've seen in '25 will kind of continue to build in 2026.

您是否觀察到團隊空間進一步擴展或其他任何相關因素，讓您更有信心認為我們在 2025 年看到的企業發展勢頭將在 2026 年繼續增強？

I think it starts with those customers, we have a pretty good idea or estimate of what their total spend is. So it just starts qualifying that these companies can send $10 million plus with us. And I think if we ever share the names of you who those customers are, they're spending many multiples more than that $10 million.

我認為一切都始於這些客戶，我們對他們的總消費有相當清晰的了解或估算。所以這就開始證明這些公司可以傳送 1,000 萬美元以上給我們。而且我認為，如果我們向你們透露這些客戶的名字，他們的消費金額將遠遠超過 1000 萬美元。

So even if we have a modest share of their total spend, that is a very achievable number. So it just starts with that. And again, because of our platform, it's very extensible.

所以即使我們只佔他們總支出的一小部分，這也是一個完全可以實現的數字。事情就從這裡開始。而且，由於我們的平台，它具有很強的可擴展性。

You can imagine that it's relative to a lot of industries, and there's lots of big customers they're buying billions of dollars of custom manufacturing a lot more than that. So it starts with just that qualification.

你可以想像，這與許多行業都是相對的，有很多大客戶，他們購買的客製化產品價值數十億美元，遠遠不止這些。所以一切都從這個資格開始。

I think as you sort of correctly sort of alluded to, as we get more and more buyers who are adopting the platform as more and more teams are created because that's the way for customers to invite their colleagues to join and use the platform. That's obviously a great signal.

我認為正如你所暗示的那樣，隨著越來越多的買家採用該平台，越來越多的團隊被創建，因為這是客戶邀請同事加入和使用平台的方式。這顯然是個好訊號。

And then as we get traction with our integrations with the punch outs get embedded in become included in those bonds, those are also great signals. But these are customers that clearly are spending the money.

然後，隨著我們的整合取得進展，將彈出視窗嵌入到這些債券中，這些也是很好的訊​​號。但這些顧客顯然是願意花錢的。

It's our job to show them is the best solution and then and that's why we're seeing momentum there. We would expect that number to us to grow every year in that group of 500,000 plus to grow as well. Lots more to go.

我們的工作就是向他們展示這是最佳解決方案，這就是為什麼我們看到了這方面的進展。我們預計，隨著50萬以上人群的增加，每年到我們這裡的人數也會增加。還有很長的路要走。

There are no further questions in the queue at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

目前隊列中沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。