Xometry, Inc. (XMTR) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Xometry's Q2 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Xometry 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Shawn Milne, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係副總裁 Shawn Milne。請開始。

Good morning and thank you for joining us on Xometry's Q2 2026 earnings call. Joining me are Sanjeev Singh Sahni, our Chief Executive Officer; and James Miln, our Chief Financial Officer. During today's call, we will review our financial results for the second quarter of 2026 and discuss our guidance for the third quarter and full-year 2026.

各位早安，感謝您參加 Xometry 2026 年第二季財報電話會議。與我一同出席的有我們的執行長 Sanjeev Singh Sahni，以及我們的財務長 James Miln。在今天的會議中，我們將回顧 2026 年第二季的財務結果，並討論第三季與 2026 全年的財測指引。

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.

在今天的會議中，我們將發表前瞻性陳述，包括與我們業務預期表現、未來財務結果、策略、長期成長以及整體未來展望相關的陳述。此類陳述可能會以「相信」、「預期」、「打算」以及「可能」等用語辨識。這些陳述受到風險與不確定性影響，可能導致其與實際結果出現重大差異。

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 June 30, 2026. We caution you to not 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.

關於上述風險的資訊，可在我們於今日開盤前發布的財報新聞稿，以及我們向美國證券交易委員會提交的文件中取得，包括截至 2026 年 6 月 30 日止季度的 10-Q 表格。我們提醒您不要過度依賴前瞻性陳述；且因新資訊、未來事件或我們預期的變動而更新任何前瞻性陳述，我們不承擔任何責任或義務。

We would 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. 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.

我們也要指出，今天的會議中我們將報告 GAAP 與非 GAAP 的結果。我們在內部將這些非 GAAP 財務衡量指標用於財務與營運決策之目的，並作為評估各期比較的方式。非 GAAP 財務衡量指標係作為補充呈現，並非依照美國 GAAP 編製之財務績效衡量指標的替代品或更優指標。如需查看這些非 GAAP 指標的調節表，請參閱我們今日發布的財報新聞稿與投資人簡報，兩者皆可於我們網站 investors.xometry.com 的投資人專區取得。今日會議的重播也將發布於我們的網站。

With that, I would like to turn the call over to Sanjeev.

接下來，我想把電話會議交給 Sanjeev。

Thanks, Shawn. Good morning, and thank you for joining our Q2 earnings call. Our accelerating growth and record Q2 results demonstrate the growing strength of our AI-native marketplace. Q2 was a record quarter for Xometry across many fronts, including revenue, gross profit, and adjusted EBITDA. Q2 revenue increased 41% year-over-year to a record $229 million. Marketplace revenue growth accelerated to 45% year-over-year, driven by broad-based strength across many verticals, improving conversion rates, increasing adoption by new buyers, and growing wallet share of existing buyers.

謝謝，Shawn。各位早安，感謝您參加我們的第二季財報電話會議。我們加速的成長與創紀錄的第二季成果，展現了我們 AI 原生市集日益增強的實力。第二季對 Xometry 而言在多個面向創下紀錄，包括營收、毛利與調整後 EBITDA。第二季營收年增 41%，達到創紀錄的 2.29 億美元。市集營收成長加速至年增 45%，主要受多個垂直領域的廣泛強勁表現、轉換率改善、新買家採用增加，以及既有買家錢包份額提升所帶動。

We continued to see strong enterprise growth. Q2 marks our fourth consecutive quarter of accelerating revenue growth. Our AI models are effectively optimizing conversion, buyer growth, and market share gains. On top of the revenue growth, Q2 adjusted EBITDA improved $10.2 million year-over-year to $14.1 million.

我們持續看到強勁的企業客戶成長。第二季是我們連續第四個季度營收成長加速。我們的 AI 模型正有效優化轉換率、買家成長與市占提升。除了營收成長之外，第二季調整後 EBITDA 較去年同期改善 1,020 萬美元，達到 1,410 萬美元。

We delivered record results in the first half of 2026. We are again raising our outlook for the second half of this year. The strength we saw in Q2 has continued in Q3. We are off to a strong start in the quarter. We expect strong compounding growth and operating leverage to continue through the second half of 2026 and for years to come. I reiterate this point every quarter because it remains fundamental to our long-term growth thesis.

我們在 2026 年上半年交出創紀錄的成果。我們再次上調今年下半年的展望。我們在第二季看到的強勁動能已延續到第三季。本季開局表現強勁。我們預期強勁的複利式成長與營運槓桿將在 2026 年下半年持續，並在未來多年延續。我每一季都重申這一點，因為它仍是我們長期成長論述的核心。

We have penetrated less than 1% of our massive $275 billion custom manufacturing TAM. This is a market that remains largely offline today, still run on email quotes and multi-day turnarounds. The majority of it is still sourced within 30 to 50-mile radius of a factory floor. To me, that gap is the opportunity.

在我們龐大的 2,750 億美元客製化製造 TAM（可服務總市場）中，我們的滲透率仍不到 1%。這個市場目前仍大多在線下運作，仍以電子郵件報價與數天的交期為主。其中大部分的採購仍侷限於工廠周邊 30 到 50 英里的範圍內。對我而言，這個落差就是機會所在。

We are in the opening innings of a digital transformation. Our ability to capture this massive untapped opportunity gives us strong confidence in our long-term growth trajectory. Beyond the shift from offline to online, we see a long-term tailwind in physical AI. The rapid growth of robotics, autonomous systems, and defense platforms creates a new category of customers needing fast on-demand parts. Our marketplace is well-positioned to capture this demand.

我們正處於數位轉型的開局階段。我們有能力掌握這個龐大且尚未被開發的機會，使我們對長期成長軌跡充滿信心。除了從線下轉向線上之外，我們也看到「實體 AI」帶來的長期順風。機器人、自主系統與國防平台的快速成長，正在創造一個需要快速、隨需零件的新客群類別。我們的市集具備良好定位以掌握這股需求。

The four consecutive quarters of accelerating growth are direct evidence that the product-led strategy put in place last year is working. We are defining the e-commerce playbook in custom manufacturing and raising the experience bar for buyers and suppliers everywhere. We will structure our calls going forward to provide updates on our key focus areas. First, I will talk about establishing Xometry as the infrastructure for custom manufacturing.

連續四個季度的加速成長，直接證明我們去年導入的產品驅動策略正在奏效。我們正在為客製化製造建立電商作戰手冊，並為各地的買家與供應商提高體驗標準。未來我們將調整電話會議架構，以提供我們關鍵聚焦領域的最新進展。首先，我將談談把 Xometry 打造成客製化製造的基礎設施。

Our confidence in driving the next S-curve of our growth stems from our ability to apply our core AI models to a decade plus of proprietary data. The intelligence we derive from our data gives our customers the confidence in manufacturability of their part, the instant pricing options we present, and Xometry's ability to source the part optimally. The depth of our data and the intelligence is unrivaled in custom manufacturing.

我們對推動下一條成長 S 曲線的信心，源自於我們能將核心 AI 模型應用於十年以上的專有資料。我們從資料中萃取的智慧，讓客戶對其零件的可製造性更有信心、對我們提供的即時報價選項更有把握，並提升 Xometry 以最佳方式尋源該零件的能力。在客製化製造領域，我們的資料深度與智慧無可匹敵。

That same intelligence is now extending beyond our marketplace. Embedding natively into partnership environments like Siemens Design Center proves that intelligence itself, not just the marketplace around it, is the infrastructure other platforms want to build on. More broadly, we see this as Xometry becoming the connective layer between design intent and actual physical production. Siemens is the first, not the only place we expect to integrate our intelligence.

同樣的智慧如今正延伸到我們的市集之外。原生嵌入到像 Siemens Design Center 這樣的合作夥伴環境，證明其他平台想要建立的基礎設施是「智慧本身」，而不僅僅是圍繞它的市集。更廣泛而言，我們將此視為 Xometry 正成為連結設計意圖與實際實體生產之間的連接層。Siemens 是第一個，但不會是我們預期整合智慧的唯一場域。

Deep technical integration is a critical pillar of our product-led growth strategy. Establishing seamless AI-native digital threads that remove friction from the custom manufacturing workflows will be an ongoing focus. We are making excellent progress on the Siemens collaboration, with both teams moving at the pace we expected. We are building real integration, bringing Xometry's manufacturability and pricing insight directly into Siemens Design Center.

深度技術整合是我們產品驅動成長策略的關鍵支柱。建立無縫的 AI 原生數位串聯（digital threads），以消除客製化製造工作流程中的摩擦，將是我們持續的重點。我們在與 Siemens 的合作上進展非常順利，雙方團隊的推進速度符合我們的預期。我們正在打造真正的整合，把 Xometry 的可製造性與定價洞察直接帶入 Siemens Design Center。

In addition to the work within Design Center, there's also active collaboration between Siemens Supplyframe and Thomas, extending the value both teams can bring to their customers. We will share more as we hit milestones, and we expect the Siemens partnership to positively impact our 2027 operating results. Our second focus area is improving our AI-native marketplace experiences. Our customer and supplier online journeys are rapidly defining the e-commerce playbook in custom manufacturing.

除了在 Design Center 內的工作之外，Siemens Supplyframe 與 Thomas 之間也有積極合作，延伸兩個團隊能為其客戶帶來的價值。當我們達成里程碑時會分享更多資訊，並預期 Siemens 的合作夥伴關係將對我們 2027 年的營運成果帶來正面影響。我們的第二個聚焦領域是改善我們 AI 原生市集的體驗。我們的客戶與供應商線上旅程，正在快速定義客製化製造的電商作戰手冊。

As I've shared before, one of our core beliefs is that the B2B buying experience should be every bit as good as what people experience in their personal lives. The days of clunky B2B software, multi-step checkout processes, and waiting days for an email quote are simply over. What we are seeing is a generational shift in who is making manufacturing purchasing decisions. The engineers, procurement buyers, and supply chain lead roles are now full of dynamic, digitally native individuals.

如我先前分享過的，我們的一項核心信念是：B2B 的採購體驗應該要和人們在個人生活中所體驗到的一樣好。笨重的 B2B 軟體、多步驟結帳流程，以及等待數天才收到電子郵件報價的時代，已經結束了。我們看到的是：做出製造採購決策的人正在出現世代更迭。工程師、採購買家與供應鏈主管等角色，如今充滿了充滿活力、數位原生的個人。

They expect the same frictionless experience at work that they have in their personal lives. When they find that Xometry can deliver, they become Xometry champions inside their organizations. In Q2, we made significant upgrades to our proprietary AI models that power our marketplace. Specifically, we enhanced model capabilities in costing, sourcing, and process recommendations.

他們期望在工作中也能享有與個人生活相同的無摩擦體驗。當他們發現 Xometry 能夠做到時，就會在其組織內成為 Xometry 的擁護者。在第二季，我們對驅動我們市集的專有 AI 模型進行了重大升級。具體而言，我們強化了在成本估算、採購尋源與製程建議方面的模型能力。

These comprehensive upgrades deploy a new generation of high-capacity interconnected models that span the entire manufacturing journey. The upgrades enable additional data insights across five elements of our data architecture: geometry, manufacturability, certifications, supplier capability, and production outcomes. The smarter the platform gets, the faster we can turn complex engineering inputs into manufacturing decisions.

這些全面升級部署了新一代高容量、相互連結的模型，涵蓋整個製造旅程。升級使我們能在資料架構的五個要素上獲得更多資料洞察：幾何、可製造性、認證、供應商能力與生產結果。平台越聰明，我們就能越快把複雜的工程輸入轉化為製造決策。

As part of our AI model upgrades, we launched a new generation cost prediction model that considers a greater breadth and depth of inputs, including geometry, material, finish, and whether the part is a standalone part or one of several in a job. This granular input leads to more accurate pricing. The model understands the specific parameters each part requires, delivering an approximately 15% improvement in CNC cost prediction accuracy. In addition, in Q2, we launched a new adaptive sourcing model that uses our proprietary data to price jobs dynamically for our suppliers.

作為 AI 模型升級的一部分，我們推出了新一代成本預測模型，納入更廣、更深的輸入因素，包括幾何、材料、表面處理，以及該零件是單一零件或同一工單中的多個零件之一。這種細緻的輸入可帶來更精準的定價。模型能理解每個零件所需的特定參數，使 CNC 成本預測準確度提升約 15%。此外，在第二季，我們推出了新的自適應尋源模型，使用我們的專有資料為供應商動態定價工單。

The new model incorporates an upgraded partner suitability score for each job, measured against partners' specific machine capabilities, quality, and on-time shipping history. By matching jobs to the right machines, we ensure our suppliers receive a curated flow of better-fitting work, which strengthens our network overall. Lastly, we launched an upgraded context-aware AI process recommender. It reads a part's industry application to anticipate needs like tighter tolerances for aerospace components.

新模型納入了升級後的合作夥伴適配度評分，針對每個工單，並以合作夥伴的特定機台能力、品質與準時出貨歷史進行衡量。透過將工單匹配到合適的機台，我們確保供應商能收到更契合的精選工作流，從而整體強化我們的網路。最後，我們推出了升級版、具情境感知的 AI 製程推薦器。它會讀取零件的產業應用，以預先判斷需求，例如航太零組件需要更嚴格的公差。

By factoring in material and geometry, it closes a real gap for first-time customers. Buyers are now accepting the recommendation more than 85% of the time, with the biggest gains coming from exactly those first-time customers.

透過將材料與幾何納入考量，它彌補了首次使用客戶的一個實際缺口。買家目前超過 85% 的時間會接受該推薦，而最大的提升正是來自那些首次使用的客戶。

I will now share advances we made in our third focus area, expanding our buyer and supplier networks. Our focus is on becoming the most expansive custom manufacturing e-commerce platform for buyers and suppliers. We delivered strong active buyer growth during the quarter.

接下來我將分享我們在第三個重點領域——擴大買家與供應商網路——所取得的進展。我們的重點是成為對買家與供應商而言最具規模的客製化製造電商平台。本季我們實現了強勁的活躍買家成長。

The active buyers increasing 20% year over year to over 89,000. Our marketing teams have strengthened our martech and personalization capabilities, helping drive almost 4,000 net adds. Their efforts, combined with our AI model optimizations, are driving conversion rate improvements and continued robust buyer growth. At the same time, these efforts are also steadily decreasing our marketing costs as a percentage of revenue, which is improving marketplace unit economics.

活躍買家年增 20%，超過 89,000 名。我們的行銷團隊強化了行銷科技（martech）與個人化能力，協助帶來近 4,000 名淨新增。他們的努力，加上我們對 AI 模型的最佳化，正在推動轉換率提升並持續帶來強勁的買家成長。同時，這些努力也在穩步降低行銷成本占營收的比例，進而改善市集的單位經濟效益。

There are still millions of potential buyers to convert. We expect continual improvements in marketing technology and AI models will enable us to steadily increase our conversion rates and net adds. Our partnership with Siemens and our other initiatives to become the infrastructure layer in custom manufacturing will further accelerate these trends. In Q2, we further strengthened our US injection molding offering. We added new auto quotable materials to expand choices for our buyers.

仍有數以百萬計的潛在買家有待轉化。我們預期行銷科技與 AI 模型的持續改進，將使我們能穩步提高轉換率與淨新增。我們與西門子（Siemens）的合作，以及其他旨在成為客製化製造基礎設施層的計畫，將進一步加速這些趨勢。在第二季，我們進一步強化了美國的射出成型產品供應。我們新增了可自動報價的材料，以擴大買家的選擇。

We also made free on-demand design for manufacturability consultations schedulable directly on the platform, connecting customers with our injection molding experts from the very first quote. Additionally, we launched self-service one-click reordering for injection molded parts. Customers can generate new quotes that automatically carry forward configurations, specifications, and files from the original order, routing them directly back to the original supplier holding the tool.

我們也讓免費、按需的可製造性設計（DFM）諮詢可直接在平台上預約，從第一份報價起就把客戶與我們的射出成型專家連結起來。此外，我們推出了射出成型零件的自助式一鍵再訂購功能。客戶可產生新的報價，系統會自動沿用原始訂單的配置、規格與檔案，並直接導回持有模具的原供應商。

Small thing on the surface, but it is exactly the kind of friction we are trying to strip out everywhere. Because friction is the only thing standing between a first order and a habit. We are ever more focused on expanding our global supplier network and improving our supplier experience. Our global network of over 5,000 active suppliers across 50 countries remains a significant strategic advantage, giving buyers unmatched speed, capacity, and resilience.

表面上看是小事，但這正是我們試圖在各處去除的那種摩擦。因為摩擦是阻礙第一次下單與形成習慣之間的唯一因素。我們更加專注於擴大全球供應商網路並改善供應商體驗。我們在 50 個國家擁有超過 5,000 家活躍供應商的全球網路，仍是重要的策略優勢，為買家帶來無可匹敵的速度、產能與韌性。

In Q2, we added capacity in newer international markets, providing our buyers more choice and flexibility, including India and Vietnam. We continue to expand domestically, as we recently referenced in our Texas market press release. Additionally, we are investing in new categories, adding suppliers with specific advanced capabilities and certifications. Furthermore, we are supporting our high-performing partners in obtaining additional certifications to meet growing production demands.

在第二季，我們在較新的國際市場增加了產能，為買家提供更多選擇與彈性，包括印度與越南。我們也持續在國內擴張，正如我們近期在德州市場新聞稿中所提及。此外，我們正在投資新類別，新增具備特定先進能力與認證的供應商。同時，我們也支持高績效合作夥伴取得更多認證，以滿足日益成長的生產需求。

Alongside expanding supplier breadth, we continue to expand the depth of our relationship with each supplier, driving up average volume per supplier and becoming more integral to their long-term success. Our fourth focus area is deepening enterprise engagement. We continue to deliver robust enterprise growth. Our Q2 revenue from our larger customers increased by more than 40%. We delivered a record net addition of 175 accounts with greater than $50,000 spent.

在擴大供應商廣度的同時，我們也持續加深與每家供應商的合作深度，提高每家供應商的平均承接量，並成為其長期成功更不可或缺的一部分。我們的第四個重點領域是深化企業客戶參與。我們持續交出強勁的企業客戶成長。第二季來自較大型客戶的營收成長超過 40%。我們創下紀錄，淨新增 175 個年度支出超過 50,000 美元的帳戶。

As Xometry becomes more embedded in our customers' workflows, we are seeing continued wallet share gains and more predictable spend. We ended 2025 with four accounts spending at least $10 million annually. We expect more accounts to cross that threshold in 2026. This is driven by multi-year production programs across key end markets. For example, this deeper integration is exactly what we saw with a major enterprise robotics leader who faced a critical build deadline.

隨著 Xometry 更深度嵌入客戶的工作流程，我們看到錢包占比持續提升，支出也更可預測。我們在 2025 年底有四個帳戶的年度支出至少達到 1,000 萬美元。我們預期 2026 年會有更多帳戶跨越該門檻。這主要由關鍵終端市場的多年期量產計畫所驅動。例如，這種更深的整合正是我們在一家大型企業級機器人領導者身上看到的情況，當時他們面臨關鍵的組裝期限。

They turned to us with a massive challenge, nearly 200 complex parts, including metal structures and tight tolerance CNC components, all needed within a short delivery window. We brought the strength of a marketplace to bear and leveraged 40 network suppliers to deliver the full build on time and on spec. This success proved that our platform is the go-to solution for high-stakes, large-scale hardware programs, directly resulting in significant follow-on production work.

他們帶著一項巨大的挑戰找上我們：近 200 個複雜零件，包括金屬結構件與高公差的 CNC 零組件，且都必須在很短的交付窗口內完成。我們發揮市集的力量，動員 40 家網路供應商，按時並按規格交付整套組裝。這次成功證明我們的平台是高風險、大規模硬體專案的首選解決方案，並直接帶來可觀的後續量產工作。

The final focus area I will share is leveraging services opportunities. Our services offerings under Thomas help us engage with suppliers who aren't yet in the marketplace ecosystem. Thomas has built the largest digital sourcing network in North America for industrial manufacturing, providing buyers access to over 500,000 suppliers.

我最後要分享的重點領域是把握服務機會。Thomas 旗下的服務產品，幫助我們與尚未進入市集生態系的供應商建立互動。Thomas 已建立北美最大的工業製造數位採購網路，為買家提供接觸超過 500,000 家供應商的管道。

We are focused on improving our monetization on the Thomas platform and leveraging the vast network to supplement Xometry's supply capacity. We made strong progress on our Thomas platform in Q2. We have completed the transition to our new ad platform and redesigned search experience. These are already yielding improvement in monetization.

我們專注於提升 Thomas 平台的變現能力，並運用其龐大網路來補充 Xometry 的供應產能。第二季我們在 Thomas 平台上取得了強勁進展。我們已完成向新廣告平台的轉換並重新設計搜尋體驗。這些措施已開始帶來變現改善。

We are building on this momentum by launching new AI-powered tools and processes for our Thomas marketing services. With the traction we are seeing across advertising and marketing services, we are ever more confident about inflecting the revenue curve and bringing our services offerings back to revenue growth year-over-year in the second half of 2026.

我們將在此動能上再接再厲，為 Thomas 行銷服務推出新的 AI 驅動工具與流程。鑑於我們在廣告與行銷服務上的進展，我們對於推動營收曲線出現拐點、並在 2026 年下半年讓服務業務恢復年對年營收成長，愈發有信心。

In conclusion, I'm very excited about the road ahead. Before I hand it over, I want to thank our entire team. The stellar results we are reporting today are the outcomes of a lot of hard work across product, technology, sales, marketing, and operations. I'm proud of the pace at which our teams continue to execute our product-led growth strategy.

總結來說，我對未來的道路感到非常振奮。在我把時間交出去之前，我想感謝我們整個團隊。我們今天所報告的亮眼成果，是產品、技術、銷售、行銷與營運等各部門大量努力的結果。我為團隊持續以這樣的速度執行我們以產品驅動的成長策略而感到自豪。

I will now turn the call over to James for a more detailed review of Q2 and our business outlook.

接下來我將把電話會議交給 James，請他更詳細地回顧第二季表現以及我們的業務展望。

Thanks, Sanjeev. Good morning, everyone. Our record results for the second quarter underscore the continued scaling and increasing efficiency of our marketplace, driving both accelerated growth and expanding profitability. Revenue growth accelerated for the fourth quarter in a row. This accelerating top line was paired with yet another quarter of improved adjusted EBITDA profit margins. These achievements demonstrate that our marketplace is becoming the essential infrastructure for a predominantly offline and fragmented industry.

謝謝你，Sanjeev。各位早安。我們第二季創紀錄的業績，凸顯我們的市集持續擴張規模並提升效率，帶動更快的成長與更高的獲利能力。營收成長已連續第四季加速。這樣的營收加速，同時也伴隨著又一季調整後 EBITDA 利潤率的改善。這些成果顯示，我們的市集正成為一個以線下為主且高度分散產業的關鍵基礎設施。

Driven by our record Q2 results and strong start to Q3, we are raising our revenue and adjusted EBITDA guidance for the full year. Q2 revenue grew 41% year over year to $229 million, a 500 basis point sequential acceleration from Q1. Q2 marketplace revenue was $215 million, and services revenue was $13.9 million.

在第二季創紀錄的業績以及第三季強勁開局的帶動下，我們上調全年營收與調整後 EBITDA 的指引。第二季營收年增 41% 至 2.29 億美元，較第一季再加速 500 個基點。第二季市集營收為 2.15 億美元，服務營收為 1,390 萬美元。

Q2 marketplace revenue increased 45% year over year, a 500-basis point acceleration from Q1, driven by broad-based strength and adoption across the marketplace as we continue to capture significant market share. Q2 active buyers increased 20% year over year to 89,557, with a net addition of 3,976 active buyers, the highest number of net adds in 10 quarters. Strong Q2 net additions were driven by our product-led growth strategy, optimization of AI models for market share, and efficient marketing, including personalized pricing initiatives.

第二季市集營收年增 45%，較第一季加速 500 個基點；在我們持續取得顯著市占的同時，市集各面向皆展現廣泛的強勁動能與採用。第二季活躍買家數年增 20% 至 89,557 名，淨增加 3,976 名活躍買家，為近 10 個季度最高的淨增數。第二季強勁的淨新增，來自我們以產品驅動的成長策略、為提升市占而優化 AI 模型，以及高效率的行銷投入（包含個人化定價方案）。

Q2 marketplace revenue per active buyer increased a robust 21% year over year, primarily due to increasing wallet share. We view accounts with at least $50,000 spend as the top of the enterprise funnel. In Q2, the number of accounts with last 12 months' spend of at least $50,000 on our platform increased 23% year over year to [2,039], with a record 175 quarterly net adds.

第二季每位活躍買家的市集營收年增強勁 21%，主要來自錢包占比提升。我們將年度支出至少 5 萬美元的客戶視為企業級漏斗的上層。第二季，過去 12 個月在我們平台支出至少 5 萬美元的帳戶數年增 23% 至 [2,039]，單季淨新增 175 個，創下新高。

Enterprise investments continued to show strong returns. Our enterprise strategy focuses on our largest accounts, each of which we believe have $10 million plus in potential annual account revenue. Services revenue was up slightly quarter over quarter as we stabilized the core advertising business. We expect services revenue will return to year-over-year growth beginning in Q3. We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection, and digital marketing solutions.

企業級投資持續展現強勁回報。我們的企業策略聚焦於最大型的客戶帳戶；我們相信每一個帳戶的年度潛在帳戶營收可達 1,000 萬美元以上。隨著我們穩定核心廣告業務，服務營收較上季小幅成長。我們預期服務營收將自第三季起恢復年對年成長。我們專注於提升平台的互動與變現；該平台在工業採購、供應商遴選與數位行銷解決方案方面仍居領先地位。

Q2 gross profit was $87.5 million, an increase of 34% year over year. Q2 marketplace gross profit dollars increased a robust 42% year over year. Q2 gross margin for Marketplace was 34.7%, flat quarter-over-quarter. We are focused on driving marketplace gross profit dollar growth through the combination of top-line growth and gross margin expansion. Our AI models are effectively optimizing conversion, buyer growth, and market share gains.

第二季毛利為 8,750 萬美元，年增 34%。第二季市集毛利金額年增強勁 42%。第二季市集毛利率為 34.7%，與上季持平。我們專注於透過營收成長與毛利率擴張的組合，推動市集毛利金額成長。我們的 AI 模型正有效優化轉換率、買家成長與市占提升。

In Q2, this led to accelerating active buyer net adds, accelerating revenue growth, and increased leverage on marketplace advertising, with spend down 220 basis points year over year. In fact, over the last year, our marketplace revenue growth has accelerated nearly 20 points to approximately 45%, driven by our optimization efforts.

在第二季，這帶動活躍買家淨新增加速、營收成長加速，並提升市集廣告的槓桿效益，使相關支出年減 220 個基點。事實上，過去一年在我們的優化努力推動下，市集營收成長率已加速近 20 個百分點至約 45%。

We expect marketplace gross margins to be higher in the second half of the year than the first half of the year, and we expect this trend to continue, expanding further into our target range, 35% to 40%. Our commitment to strong discipline and rigor in capital and resource allocation across all teams, while continuing to invest in growth initiatives, is reflected in our Q2 operating costs. Total non-GAAP operating expenses for Q2 were $73.2 million, a 19% increase year-over-year, which is less than half the growth rate of our revenue.

我們預期下半年市集毛利率將高於上半年，且此趨勢將持續，進一步向我們 35% 至 40% 的目標區間擴張。我們在持續投資成長計畫的同時，對各團隊在資本與資源配置上維持高度紀律與嚴謹，這也反映在第二季的營運成本上。第二季非 GAAP 營業費用總額為 7,320 萬美元，年增 19%，不到營收成長率的一半。

Q2 operating costs as a percentage of revenue improved 590 basis points year-over-year. In Q2, sales and marketing decreased 320 basis points year-over-year to 13.2% of revenue. This reflects improving enterprise sales execution, efficiency of AI models, as well as the strength in Martech and personalization capabilities that Sanjeev mentioned earlier.

第二季營運成本占營收比重年對年改善 590 個基點。第二季銷售與行銷費用占營收比重年減 320 個基點至 13.2%。這反映企業銷售執行力提升、AI 模型效率提高，以及 Sanjeev 先前提到的 Martech 與個人化能力的優勢。

Marketplace advertising spend was a record low 3.4% of marketplace revenue, reflecting our optimization efforts, driving improved marketplace unit economics. In Q2, operations and support decreased 90 basis points year-over-year to 8% of revenue. We are focused on driving increasing automation with AI across operations and support. Q2 adjusted EBITDA was $14.1 million, compared with $3.9 million in Q2 2025. Q2 adjusted EBITDA improved $10.2 million year over year, driven by strong revenue growth, gross profit, and operating efficiencies.

市集廣告支出占市集營收比重降至創紀錄低點 3.4%，反映我們的優化努力，並帶動市集單位經濟效益改善。第二季營運與支援費用占營收比重年減 90 個基點至 8%。我們專注於在營運與支援流程中以 AI 推動更高程度的自動化。第二季調整後 EBITDA 為 1,410 萬美元，相較於 2025 年第二季的 390 萬美元。第二季調整後 EBITDA 年增 1,020 萬美元，主要由強勁的營收成長、毛利提升與營運效率帶動。

Alongside accelerating revenue growth, we delivered expanded adjusted EBITDA margin of 6.2%, a 380 basis point increase compared with 2.4% in Q2 2025. Q2 US segment adjusted EBITDA was $17.4 million, a $10.6 million improvement year-over-year. Q2 US segment adjusted EBITDA margin was 9%, a significant increase compared to 5.1% a year ago, driven by strong gross profit dollar growth and operating expense leverage.

在營收成長加速的同時，我們也交出擴張的調整後 EBITDA 利潤率 6.2%，相較 2025 年第二季的 2.4% 提升 380 個基點。第二季美國分部調整後 EBITDA 為 1,740 萬美元，年對年改善 1,060 萬美元。第二季美國分部調整後 EBITDA 利潤率為 9%，相較一年前的 5.1% 顯著提升，主要由強勁的毛利金額成長與營業費用槓桿帶動。

Our international segment adjusted EBITDA loss was $3.3 million in Q2 2026, or 9.6% of revenue, a 140-basis point improvement from a loss of 11% in Q2 2025. At the end of the second quarter, cash and cash equivalents and marketable securities were $517 million, including $248 million raised in our follow-on offering completed on June 2, and $50 million from the Siemens investment announced on May 7.

2026 年第二季國際分部調整後 EBITDA 虧損為 330 萬美元，約占營收 9.6%，較 2025 年第二季虧損占比 11% 改善 140 個基點。截至第二季末，現金及約當現金與有價證券為 5.17 億美元，其中包含 6 月 2 日完成的後續發行所募集的 2.48 億美元，以及 5 月 7 日宣布的西門子投資 5,000 萬美元。

Our successful follow-on offering will support key organic growth initiatives and our selective tuck-in M&A strategy. We generated $17 million in operating cash flow in the first half of 2026, driven by strong operating leverage and working capital efficiency. In the second quarter, we invested approximately $13 million in cash CapEx, almost entirely software-related, reflecting our technology investments in the platform and accelerating product rollouts.

我們成功的後續發行將支持關鍵的內生成長計畫，以及我們具選擇性的補強式併購（tuck-in M&A）策略。2026 年上半年我們產生 1,700 萬美元的營運現金流，主要由強勁的營運槓桿與營運資金效率帶動。第二季我們投入約 1,300 萬美元的現金資本支出（CapEx），幾乎全數與軟體相關，反映我們對平台的技術投資以及加速產品推出。

We are focused on improving cash flow conversion given our asset-light model and limited capital spending. Our disciplined execution has led to strong revenue and gross profit growth in our AI-native marketplace, coupled with significant operating leverage and increased operating cash flow generation. We are focused on strategically balancing future investment with a relentless pursuit of operating leverage, given the vast market opportunity and our low penetration rates. As we rapidly approach a 1 billion run rate this year, we have a clear trajectory for improved adjusted EBITDA margins while sustaining our investment in growth.

鑑於我們的輕資產模式與有限的資本支出，我們專注於提升現金流轉換率。我們有紀律的執行，帶動 AI 原生市集中強勁的營收與毛利成長，同時伴隨顯著的營運槓桿與更高的營運現金流產生。考量龐大的市場機會與我們偏低的滲透率，我們專注於在未來投資與持續追求營運槓桿之間取得策略性平衡。隨著我們今年快速逼近 10 億美元的年化營收規模（run rate），在持續投資成長的同時，我們對調整後 EBITDA 利潤率改善有清晰的發展軌跡。

Moving on to guidance, we are raising our outlook for 2026, which includes higher revenue and profitability for the full year. For the second half of 2026, we are now expecting revenue growth of approximately 30% year over year, an incremental adjusted EBITDA of 20%.

接著談指引，我們上調 2026 年展望，包含全年更高的營收與獲利。對於 2026 年下半年，我們目前預期營收年增約 30%，增量調整後 EBITDA 為 20%。

For the third quarter, we expect revenue in the range of $234 million to $236 million, or 30% to 31% growth year over year. We expect Q3 marketplace growth to be approximately 33% year over year, driven by ongoing momentum from our growth initiatives. We expect Q3 services revenue to be up modestly year over year. In Q3, we expect adjusted EBITDA of $16 million to $17 million, compared to $6.1 million in Q3 2025.

對於第三季，我們預期營收介於 2.34 億至 2.36 億美元之間，年增 30% 至 31%。我們預期第三季市集營收年增約 33%，主要由我們成長計畫的持續動能帶動。我們預期第三季服務營收將較去年同期小幅成長。第三季我們預期調整後 EBITDA 為 1,600 萬至 1,700 萬美元，相較 2025 年第三季的 610 萬美元。

For the full-year 2026, we are raising our revenue growth outlook to 33% to 34%, from 27% to 28%, driven by approximately 37% marketplace growth. This equates to an approximately 8-point acceleration over full year 2025 growth. For the full year 2026, we expect adjusted EBITDA in the range of $60 million to $62 million. Before we open up to questions, I want to recognize our team. The results we've discussed today reflect their execution, and I'm equally excited for what those results make possible going forward. We have real momentum, a large market in front of us, and a team that has demonstrated it can deliver. That combination gives us genuine confidence in what's ahead.

針對 2026 全年，我們將營收成長展望自 27% 至 28% 上調至 33% 至 34%，主要由約 37% 的市集成長所帶動。這相當於相較 2025 全年成長約加速 8 個百分點。針對 2026 全年，我們預期調整後 EBITDA 將落在 6,000 萬至 6,200 萬美元的區間。在開放提問之前，我想先表揚我們的團隊。我們今天討論的成果反映了他們的執行力，而我也同樣期待這些成果在未來所能帶來的可能性。我們擁有實質動能、眼前有龐大的市場，以及一支已證明能夠交付成果的團隊。這樣的組合讓我們對未來充滿真正的信心。

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

那麼，接線員，能否請您開放電話會議進入提問環節？

(Operator Instructions) Andrew Boone, Citizens.

(接線員指示) Citizens 的 Andrew Boone。

Thanks so much for taking the questions. I wanted to ask about demand. It sounds like AI has been a key unlock on the platform. Can you just expand upon that? How do we think about AI in terms of unlocking incremental demand? What specifically is it helping with? Then just as a bigger picture, how do we think about AI and model improvements and that rolling through the model on a go-forward basis?

非常感謝讓我提問。我想問一下需求面。聽起來 AI 一直是平台上的關鍵解鎖因素。能否請你再多談談？我們該如何看待 AI 在解鎖增量需求方面的作用？它具體在協助哪些事情？再從更宏觀的角度來看，隨著 AI 與模型持續改進，未來這些改進將如何在模型中逐步體現？

Secondly, on Siemens, I'd love to hear more broadly just how partner conversations are going outside of Siemens, right? It feels like it's a step function change for functionality for CAD platforms, broadly speaking. What has that done as you guys now look more broadly across the industry? How are those conversations going? Thank you so much.

第二個問題關於西門子（Siemens），我也很想更廣泛地了解一下，除了西門子之外，你們與其他合作夥伴的對話進展如何？整體而言，這看起來像是對 CAD 平台功能的一次階躍式提升。當你們現在更廣泛地放眼整個產業時，這帶來了什麼影響？這些對話進行得如何？非常感謝。

Thanks for the question, Andrew. This is Sanjeev Sahni. Let me take the questions one after the other. First, as you can see, we are clearly super excited about. Phenomenal outcomes our teams delivered. Marketplace revenue accelerating to 45% growth and 43% in the first half for year over year. All of that is broad-based. We see growth happening across categories, across new and existing buyers, conversion rate improvements, and just a broad-based increase in adoption of the platform as a go-to place for custom manufacturing.

謝謝你的問題，Andrew。我是 Sanjeev Sahni。我會依序回答這些問題。首先，如你所見，我們顯然非常興奮。我們團隊交出了卓越的成果。市集營收加速至 45% 成長，上半年年增為 43%。這些成長是全面性的。我們看到各品類、新舊買家、轉換率提升，以及平台作為客製化製造首選之地的採用度全面上升。

To me, this is all rooted in the product-led growth strategy we've been working on and we've been talking about over the last year. That product-led strategy is truly bringing together the AI models that actually are no longer independently doing pricing, sourcing, and manufacturability. They're all interconnected models that are truly focused on driving the real big outcomes, which is the marketplace revenue, the profitability, the gross profit that is, and then the EBITDA.

在我看來，這一切都根植於我們過去一年一直在推動、也一直在談的「產品驅動成長」策略。這個產品驅動策略，真正把 AI 模型整合在一起——這些模型不再各自獨立地做定價、採購與可製造性判斷。它們是彼此互聯的模型，真正聚焦於推動最重要的成果，也就是市集營收、獲利能力（也就是毛利），以及 EBITDA。

As they do that, we want to make sure that we are continuing to get new buyers excited about joining the platform. We saw active buyers were up 20%, highest net adds in the last 10 quarters. All of that to say that the product-led strategy that we put in place is the real core. The AI models are not just independent models now, they're an ecosystem that's powering the growth that we have.

在推動這些成果的同時，我們也希望確保能持續讓新買家對加入平台感到興奮。我們看到活躍買家成長 20%，淨新增數為過去 10 個季度最高。總而言之，我們所建立的產品驅動策略是核心。AI 模型如今不只是獨立模型，而是一個生態系，正在為我們的成長提供動力。

To your second question on Siemens, we are making excellent progress on that collaboration. Like I said, even in my prepared remarks, the two teams are actually working together through a timeline on integration. We are really fundamentally changing the way price for custom parts shows up inside a CAD tool, as you said. That's actually really net new.

至於你第二個關於西門子的問題，我們在這項合作上進展非常順利。如同我在事先準備的談話中提到的，兩個團隊正依照整合時程表共同合作。我們正在從根本上改變客製化零件的價格如何在 CAD 工具內呈現，正如你所說。這確實是非常全新的作法。

The most exciting part is that we are getting continuous approaches by customers who want to be part of the initial group experiencing this new way of working, and in some cases, even wanting to provide feedback so they can actually help shape what gets rolled out. I think this is really, really exciting because we see the same asks come to us, not just here in the US, but also in EMEA, where we have a strong platform as well. So lots more exciting things to come. We'll share more milestones as we go along, but we expect, clearly, the Siemens partnership to positively impact our FY27 results.

最令人振奮的是，我們持續收到客戶主動接洽，希望成為第一批體驗這種新工作方式的用戶；在某些情況下，他們甚至希望提供回饋，以協助塑造最終推出的內容。我認為這真的非常令人興奮，因為我們看到同樣的需求不只出現在美國，也出現在我們同樣擁有強大平台的 EMEA 地區。所以接下來還會有更多令人期待的進展。我們會在推進過程中分享更多里程碑，但我們也明確預期，西門子合作夥伴關係將對我們 FY27 的業績帶來正面影響。

Thank you.

謝謝。

Brian Drab, William Blair.

William Blair 的 Brian Drab。

Hi. Thanks for taking my question. I'm just going to ask one question for now. Sanjeev, can you just elaborate on what changes you're making in the pricing algorithm? You've been leveraging the millions and millions of parts and the data associated with them to improve that algorithm for years. Is this a step function change in the algorithm? Can you just elaborate on what exactly is changing and what this could do for gross margin in the marketplace longer term? Thanks.

你好。謝謝讓我提問。我目前先問一個問題。Sanjeev，你能否再詳細說明你們在定價演算法上做了哪些改變？你們多年來一直利用數以百萬計的零件及其相關數據來改進該演算法。這次是演算法的階躍式變化嗎？能否具體說明到底改了什麼，以及長期來看這可能如何影響市集的毛利率？謝謝。

Thanks, Brian. I think I'll start by saying first that we expect the marketplace gross margin to expand further into the target range of 35% to 40%, driven by all of these changes that we are making. What you're seeing is actually the proprietary data that we've had for a decade plus of parts that we produced. We're actually more extensively mining that data to find behavior patterns, find conversion rate opportunities, and optimizing those models such that every part that gets produced helps make the next quote stronger.

謝謝，Brian。我想先說，我們預期市集毛利率將在我們所做的這些改變帶動下，進一步擴張並朝 35% 至 40% 的目標區間邁進。你所看到的其實是我們十多年來累積的、由我們生產的零件所形成的專有數據。我們正在更深入地挖掘這些數據，以找出行為模式、發掘轉換率提升機會，並優化模型，讓每一個被生產的零件都能讓下一次報價更有競爭力。

That the feedback mechanisms on the actual production floor are actually making their way back to when the next part is priced on the site. We already know if we've got a part that actually was more complicated than anticipated, what should that do to the pricing of the next part? What kind of questions we should be asking the customer. It's really becoming, to me, an intelligence engine. I think the exciting part there then is that, how are we taking that intelligence engine and embedding in places like Siemens in the future to truly drive the future of manufacturing?

也就是說，實際生產現場的回饋機制正回流到網站上下一個零件的定價流程。我們已經能知道某個零件是否比預期更複雜——那麼這應該如何影響下一個零件的定價？我們應該向客戶提出哪些問題？在我看來，這正逐步成為一個智慧引擎。而更令人興奮的是，我們未來要如何把這個智慧引擎嵌入到像西門子這樣的場景中，真正推動製造業的未來？

Okay. Thanks very much.

好的。非常感謝。

Ron Josey, Citi.

Citi 的 Ron Josey。

Great. Thanks for taking the question, Sanjeev. I wanted to ask a little bit more just about the improving conversion rates you mentioned on active buyers, while also delivering that leverage in sales and marketing. Talk to us about the drivers of the conversion rate improvements, especially as we think about the millions of clients to convert, I think you mentioned.

很好。謝謝讓我提問，Sanjeev。我想再多問一些你提到的活躍買家轉換率改善，同時也在銷售與行銷上實現槓桿效益。請談談轉換率提升的驅動因素，特別是當我們想到你提到的、仍有數以百萬計的客戶有待轉換時。

With conversion rates improving, sales and marketing showing leverage and millions to go, just wanted to hear more about the approach here for sales and marketing. On the self-service for injection molding, you just talked about how that also has increased conversion rates. I wanted to hear a little bit more about the potential for other products to go self-service as you continue to integrate those capabilities. Thank you.

在轉換率改善、銷售與行銷展現槓桿效益、且仍有數百萬可轉換對象的情況下，我想更了解你們在銷售與行銷上的策略做法。另外，關於射出成型的自助服務，你剛提到這也提高了轉換率。我也想多了解，隨著你們持續整合這些能力，其他產品轉向自助服務的潛力如何？謝謝。

Thanks, Ron. This is Sanjeev. I'll start off and then have James chime in as well. As we think about the application of technology, I spoke a little bit about what we are doing in the marketing technology front or Martech. We're actually using the signals we are getting from the customers' shopping behavior to identify what kinds of sales and marketing interventions should follow.

謝謝，Ron。我是 Sanjeev。我先回答，之後也請 James 補充。談到技術的應用，我先前稍微提到我們在行銷科技（Martech）方面正在做的事情。我們實際上正在利用從客戶購物行為中取得的訊號，來辨識接下來應該採取哪些銷售與行銷介入措施。

In the same way we are connecting the models, we are connecting the signals that the customer give us by amount of time that they spend on the platform, which page do they leave, which page do they actually continue to browse on, to then use that to differentially plan our sales follow-ons or our sales conversations. I think that is what is making the change in us being able to really leverage the data we've had.

以同樣的方式連結模型，我們也在連結客戶透過他們在平台上花費的時間、他們從哪個頁面離開、以及他們實際繼續瀏覽哪個頁面所給我們的訊號，然後用這些訊號來差異化規劃我們的銷售跟進或銷售對話。我認為這正是讓我們能夠真正運用我們既有資料、並帶來改變的關鍵。

Now with the scale and the strength we have, that's truly becoming a difference maker in being able to know when a customer is likely to convert and actually following a much stronger follow-on with them, versus a customer who's a casual browser, looking at the site and then may not convert. How do we resource that follow-on in a much more efficient way. James?

現在，憑藉我們的規模與實力，這確實正在成為一個關鍵差異化因素，使我們能夠知道客戶何時可能轉換，並對其進行更強而有力的跟進；相較之下，有些客戶只是隨意瀏覽網站，之後可能不會轉換。我們要如何以更有效率的方式配置這些跟進資源。James？

Yeah. Thank you, Ron, for noticing on the leverage there. I think we're really very happy here with what this is indicating in terms of improving unit economics, which bodes very well for continuing to grow into the large TAM ahead of us. 4,000 net adds in the quarter. That was, I think, a record in the last 10 quarters. Doing that while our AI models are optimizing our gross margin for our gross profit, for conversion, for buyer growth. We also saw accounts above $50,000 at a record as well, net adds in the quarter of 175.

是的。謝謝你，Ron，注意到這裡的槓桿效益。我們對這些指標所顯示的單位經濟效益改善感到非常滿意，這也為我們持續在眼前龐大的TAM中擴張奠定非常好的基礎。本季淨新增4,000。我認為這是過去10個季度以來的紀錄。在此同時，我們的AI模型正在為毛利、毛利額、轉換率與買家成長進行最佳化。我們也看到單一帳戶金額超過50,000美元的帳戶同樣創下紀錄，本季淨新增175個。

Just as Sanjeev said, the work that we're doing on these AI models gives us a lot of confidence that we'll continue to see gross margin expand further over time into our target range of 35% to 40%, while also being able to support this strong growth on top line into our expanding opportunity.

正如Sanjeev所說，我們在這些AI模型上的工作讓我們非常有信心，隨著時間推進，我們將持續看到毛利率進一步擴張並進入我們35%到40%的目標區間，同時也能支撐我們在擴大機會下的強勁營收成長。

Thank you. On self-service?

謝謝。關於自助服務？

Thank you.

謝謝。

Ron, what was the question on service?

Ron，關於服務的問題是什麼？

Oh, excuse me. I already promoted the next questioner. I can go back.

喔，不好意思。我已經請下一位提問者發言了。我可以回到上一題。

Okay. That'd be great.

好的。那太好了。

Let me try to see.

我來試著看一下。

Yeah, Ron, could you just repeat your second, just clarify the second question you had?

是的，Ron，你可以再重複一下你的第二個問題嗎？也就是把你第二個問題再釐清一下？

Yeah. Just, if you can hear me, hopefully you can. Just with more insights on injection molding, I think you launched self-service there more recently.

可以。如果你聽得到我，希望你聽得到。就是想更深入了解射出成型（injection molding），我想你們最近才在那裡推出自助服務。

Yeah.

是的。

I wanted just to hear about how that has changed sort of the conversion rate to project and maybe can collapse the time frames or compress the time frames and, also, how you think about self-service going forward for other projects. Thank you.

我想聽聽這如何改變從瀏覽到專案的轉換率，是否能縮短時程或壓縮時程；另外，也想了解你們未來如何看待自助服務在其他專案上的推進。謝謝。

Thanks for the question, Ron. The injection molding work that we are doing is truly transformational in the sense that we're not only taking a completely offline process that is a two-part process, as you know, between the mold and the actual production. We are actually making a ton of progress in making sure the connective tissue between the mold, and the actual final production, actually is set in stone from the beginning.

謝謝你的問題，Ron。我們正在進行的射出成型工作確實具有變革性，因為我們不僅把一個完全離線、且如你所知是兩段式的流程（模具與實際量產）搬到線上。我們也在確保模具與最終量產之間的「連結關係」從一開始就被確立並固定下來方面，取得了大量進展。

To that, the increasing adoption in injection molding is actually making a ton of great traction for us. The benefits of linking all of that upfront with the expert advice that I mentioned, with the reordering made super easy in as one click as it can be, I think that's driving the awareness, and we are seeing that in the adoption numbers already. Lots more to come on that space. We actually are very excited about the tech improvements we've made there.

因此，射出成型的採用率提升，確實為我們帶來了非常好的進展。把前端全部串起來的好處，再加上我提到的專家建議，以及讓再次下單變得極其容易、幾乎一鍵完成，我認為這正在提升市場認知，而我們也已經在採用數據上看到了。這個領域後續還有很多進展。我們對在那裡所做的技術改進感到非常興奮。

Great. Thank you.

很好。謝謝。

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Hey, gentlemen. Congrats on the great results here.

嗨，各位先生。恭喜這次的優異成果。

Thank you.

謝謝。

Thank you, Troy.

謝謝你，Troy。

Hey, Sanjeev, I'll maybe start with you. Could you just give us just your thoughts on the M&A focus comment that you had? Curious if it's just kind of like software tuck-ins or if you ever think you would need to own some more equipment.

嗨，Sanjeev，我先從你開始。你能談談你提到的併購（M&A）聚焦方向的看法嗎？我好奇這是否主要是軟體的小型併購（tuck-ins），或者你們是否曾想過需要擁有更多設備。

Great. Thanks, Troy. I can start. I think maybe there's almost two elements to it. One is the tuck-in M&As for us are focused specifically on continuing to drive our moat. As you've seen, we've become more and more focused on driving product-led growth strategy, which means ensuring that we have access to some of the best technology capabilities in this space, and we continue to drive some of the growth that actually comes from that.

很好。謝謝，Troy。我先說。我認為大概有兩個面向。第一，對我們而言，小型併購主要聚焦在持續加深我們的護城河。如你所見，我們越來越聚焦於推動產品驅動成長（product-led growth）策略，這意味著要確保我們能取得這個領域中一些最頂尖的技術能力，並持續推動由此帶來的成長。

To that, we don't necessarily have a next update to give you, but as you can imagine, both thanks to the Siemens conversation and the point on M&A that we made during the equity raise, phones have been continuously ringing. There's conversations that are ongoing that we'd share as soon as we can. James, you can add anything.

就此而言，我們目前不一定有下一個更新可以提供，但你可以想像，無論是因為與Siemens的對話，或是我們在股權募資時提到的併購觀點，電話一直響個不停。目前有一些對話正在進行中，我們會在可分享時盡快對外說明。James，你可以補充。

Troy, I think you know us. We're very disciplined in terms of our capital allocation. We feel that we're in a very strong position now in terms of our performance and in terms of our balance sheet. One that we'll remain disciplined around. Building on Sanjeev's point, the marketplace model is clearly winning here and being very strong. Ways that we can continue to blend that and improve our offerings, improve our geographies, augment technology and talent, that can help us on our roadmap. I think that complements also, the approach that we're taking in terms of partnerships as well.

Troy，我想你了解我們。我們在資本配置上非常自律。就績效表現與資產負債表而言，我們現在處於非常強勢的位置。我們也會持續保持這種自律。延續Sanjeev的觀點，市場平台（marketplace）模式在這裡顯然正在勝出，而且非常強勁。我們可以持續融合並改善我們的產品供給、拓展地理覆蓋、補強技術與人才，這些都能協助我們的路線圖。我認為這也與我們在合作夥伴關係上的做法相互補強。

Perfect. All right, James, maybe just a follow-up for you. I guess I'm assuming a lot of the profitability leverage is going to come from the international side, as that kind of shifts from being a drag on profitability to accretive. Can you just talk us through maybe investments you're doing there? Are you trying to accelerate that more than the US or maybe timing to a breakeven or any help would be great.

完美。好，James，我再追問一下。我猜測很多獲利能力的槓桿將來自國際業務，因為它會從拖累獲利轉為增厚獲利。你能談談你們在那邊正在做的投資嗎？你們是否想讓它比美國更快加速，或是達到損益兩平的時間點？任何說明都很有幫助。

Yeah. I'll kick off and I think, also Sanjeev, too, in terms of extending our playbook because I think I'd point first to the fantastic progress we've been demonstrating in the US, that we've made a lot of progress on enterprise and then a lot of progress on our product roadmap and playbook. In fact, in the last quarter on a segment basis, our US margin was at adjusted EBITDA, our margin was at 9%, that's up from 5% a year ago.

好的。我先說，另外也請Sanjeev補充，關於如何延伸我們的作戰手冊（playbook）。我想先指出我們在美國所展現的出色進展：我們在企業客戶方面取得很大進步，也在產品路線圖與作戰手冊上取得很大進步。事實上，上季以分部來看，我們美國的調整後EBITDA利潤率為9%，高於一年前的5%。

I think showing great progress towards our longer-term target. On international, we're really pleased with how the marketplace offering is a truly global offering, that it works well, the unit economics are similar across the markets we're in, that the strength that we get with being able to source globally and continue to grow that, as we've done.

我認為這顯示我們正朝長期目標取得很好的進展。在國際方面，我們對市場平台供給作為真正的全球化供給感到非常滿意：它運作良好，我們所在市場的單位經濟效益相近；而我們能夠全球採購並持續擴張所帶來的優勢，也如同我們一直以來所做的那樣。

We've talked about places like India, Turkey, Southeast Asia is also as areas that we're expanding into. I think that, the performance that we're seeing is really encouraging for us in terms of getting to our $120 million run rate earlier than we had in the U We'll continue to build on that momentum. I think, the opportunity for us is to now take more of that playbook on the go-to-market and product side to international. Yeah.

我們談過像印度、土耳其、東南亞等地，都是我們正在擴張的區域。我認為，我們看到的表現非常令人鼓舞，讓我們有機會比原先預期更早達到1.2億美元的年化營收（run rate）。我們會持續在這股動能上再接再厲。我認為我們現在的機會在於，把更多在市場拓展（go-to-market）與產品面的作戰手冊帶到國際市場。是的。

I totally echo James' point. I think you've seen us execute to a product-led playbook here in the US. You're seeing the impact of phenomenal revenue growth. We're going to take the same playbook and do the same kind of a growth trajectory build in Europe. You'll see that come through the numbers in the quarters and years to come. Clearly, we've perfected that playbook that we want to now take on and execute in enterprise, in product differentiation, in marketing technology, more to come.

我完全呼應 James 的觀點。我想你們已經看到我們在美國這裡依照產品驅動（product-led）的作戰手冊在執行。你們也看到了驚人的營收成長所帶來的影響。我們會把同一套作戰手冊帶到歐洲，打造同樣類型的成長軌跡。你們會在接下來幾季與未來幾年，從數字上看到這些成果。很明顯地，我們已經把這套作戰手冊打磨成熟，現在希望把它帶去並在企業市場、產品差異化、行銷科技上落地執行，後續還會有更多進展。

Well, it's been an amazing run, guys. Keep up the good work.

各位，這一路走來真的很精彩。請繼續保持好表現。

Thank you.

謝謝。

Thanks, Troy.

謝謝你，Troy。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the questions. Appreciate the opportunity. I want to come back on the first one to something you said in the beginning of the prepared remarks that I thought was really interesting. You talked about the rapid growth in new market segments like robotics and autonomous systems and defense platforms opening up pockets of market opportunity.

非常感謝讓我提問。也很感謝這個機會。我想回到第一個問題，延伸你在開場的事先準備發言中提到、我覺得很有意思的一點。你談到像機器人、自主系統與國防平台等新市場區隔的快速成長，正在開啟一些市場機會的切入點。

Can you talk to us a little bit about how new verticals and innovation in the broader manufacturing landscape is opening up a wider array of potential customer growth for the medium to long term? Would love to go as far as you can in terms of digging deeper on that topic.

你能否多談一些，從中長期來看，新的垂直領域以及更廣泛製造業版圖中的創新，如何為潛在客戶成長打開更廣的空間？也希望你能在這個主題上盡可能深入分享。

Secondarily, maybe for James, following on the equity offering you did recently, how should investors think about capital allocation and broadly balance sheet flexibility, strategic M&A, and making sure you're making all the critical growth investments in the business over the medium long term in terms of the balance you want to strike there? Thanks so much, guys.

另外，可能給 James：延續你們近期做的股權發行，投資人應該如何看待資本配置與整體資產負債表的彈性、策略性併購（M&A），以及確保在中長期持續投入所有關鍵成長投資之間，你們希望取得的平衡？非常感謝各位。

Thanks for the question, Eric. Let me ask actually the first question in two parts. One, in terms of the momentum that we are trying to, or we are seeing on the platform, as I mentioned, we've seen really broad-based expansion in your customers and categories that we are getting traction on. Whether it's CNC or additive or sheet or tube, all of those areas, including injection molding, we've seen grow.

謝謝你的問題，Eric。我先把第一個問題拆成兩個部分來回答。第一，就我們在平台上試圖推動、或說我們正在看到的動能而言，如我提到的，我們在客戶與我們取得進展的品類上，看到非常廣泛的擴張。不論是 CNC、增材製造、鈑金或管材等領域，包含射出成型，我們都看到成長。

To your point, we have also seen people who are in new areas like robotics and in autonomous vehicles, just naturally find their way to the online marketplace much more easily. In fact, part of the growth in the active buyer base that I mentioned, also talks about the new buyer growth and how we are actually continuing to see that traction.

如你所說，我們也看到在機器人、自主車等新領域的人，自然而然更容易找到並使用線上市集。事實上，我剛提到的活躍買家基數成長，其中一部分也反映了新買家的成長，以及我們持續看到的這股動能。

To your point, a lot of that is coming from the digital native or digitally native individuals in the right roles there that are finding that, when they come to Xometry and we deliver the friendly e-commerce platform they're used to in their personal life, they stay on and be part of the platform longer term. Actually in the physical AI space, in robotics and autonomous vehicles, all of those spaces, we are seeing significant traction from new buyers.

如你所說，其中很大一部分來自數位原生、或具數位原生思維、且在那裡擔任合適職務的人；他們發現當他們來到 Xometry，而我們提供他們在個人生活中習慣的友善電商平台時，他們就會留下來，長期成為平台的一部分。其實在實體 AI（physical AI）領域、機器人與自主車等所有這些領域，我們都看到新買家帶來顯著的進展。

The other side of the spectrum, I mentioned in the first priority for us, which is truly becoming the infrastructure for customer manufacturing, we are seeing a real interesting trend there, where clearly everybody is looking to get to a zero-touch manufacturing reality.

在光譜的另一端，我在我們的第一優先事項中提到，也就是要真正成為客戶製造的基礎設施（infrastructure），我們在那裡看到一個非常有趣的趨勢：很明顯地，每個人都在追求零接觸（zero-touch）的製造現實。

I think the intelligence that we have, that we can actually insert in other platforms, think Siemens, that opportunity is actually surfacing in multiple other spaces along the manufacturing spectrum, from design intent all the way to capacity planning and production. I think we see ourselves play a key role in that provider of design intelligence or the infrastructure that helps manufacturing go from today's multi-touch environments to a zero-touch. More to follow on that, but that's the other exciting part about new areas and new opportunities that we're seeing. James?

我認為我們所擁有、且能夠嵌入到其他平台中的智慧能力——例如 Siemens——這個機會其實正在製造業光譜上的多個領域浮現，從設計意圖一路到產能規劃與生產。我認為我們會在其中扮演關鍵角色，成為設計智慧的提供者，或是協助製造從今日的多次接觸環境走向零接觸的基礎設施。後續會有更多分享，但這也是我們在新領域與新機會上看到的另一個令人興奮的部分。James？

Thanks, Sanjeev. Eric, on the question, I think that what you've seen from us Really over the last couple of years, there's been a very deliberate strategy to ensure that we've got the capital structure and balance sheet that the opportunity ahead of us merits. We went through, we refinanced our convertible to give us a lot of flexibility as we continued to grow and show the opportunity ahead here.

謝謝，Sanjeev。Eric，關於你的問題，我認為你在過去幾年從我們這裡看到的是：我們非常有意識地制定策略，確保我們擁有與前方機會相匹配的資本結構與資產負債表。我們進行了可轉債再融資，讓我們在持續成長並展現未來機會的同時，擁有更大的彈性。

We were fortunate to be able to do a strong equity raise as well as the investments in Siemens. We went in the quarter with $517 million in cash. We also have moved from being a cash burning a couple of years ago to now in the first half of this year, basically neutral. That puts us now in a really strong position, in all operating environments to continue on the strategy and mission and opportunity that Xometry has ahead of it. Our first focus is about building shareholder value.

我們也很幸運能夠完成一筆強勁的股權募資，以及 Siemens 的投資。我們在該季度以 5.17 億美元的現金結束。此外，我們也從幾年前的燒錢狀態，轉變為今年上半年基本上現金流持平。這讓我們在各種營運環境下，都處於非常有利的位置，能持續推進 Xometry 面前的策略、使命與機會。我們的首要重點是創造股東價值。

It's about growing into the 275 billion TAM that we have, that we're less than 1%, we think we've got a huge opportunity ahead. Our focus will remain on sustainable, profitable growth, continuing to adjust our profitability. Maintaining a strong balance sheet gives us a lot of flexibility in different operating environments, as well as the opportunity, as we were just saying, for selective discipline, talking M&A, that can help us execute on that strategy.

也就是在我們所看到的 2,750 億美元 TAM（總可服務市場）中持續成長；我們目前不到 1%，我們認為前方有巨大的機會。我們的重點將持續放在可持續、具獲利性的成長，並持續改善我們的獲利能力。維持強健的資產負債表，讓我們在不同營運環境下擁有很大的彈性；同時也帶來機會——如我們剛才所說——以選擇性且有紀律的方式來看待 M&A，協助我們執行該策略。

If I can just go in and touch on that M&A. The way we think about M&A opportunities is not adjacency, it's actually to my point that I made in the prepared remarks about becoming the expansive marketplace for custom parts, which means opportunities in categories that we are already strong in, but we see opportunities to grow further, geographies where we are actually already having a presence, but we can see an additional add there. It's very much focused on the expansive e-commerce platform that we are building and driving traction to that.

如果我可以再補充談一下 M&A。我們看待 M&A 機會的方式不是做相鄰延伸（adjacency），而是呼應我在事先準備發言中提到的：成為客製零件的擴張型市集（expansive marketplace）。這代表在我們已經很強的品類中，仍有進一步成長的機會；以及在我們已經有布局的地理區域中，我們也看到可以再加碼的空間。這非常聚焦在我們正在打造的擴張型電商平台，以及推動該平台的成長動能。

Thank you.

謝謝。

Matt Swanson, RBC Capital Markets.

Matt Swanson，RBC 資本市場。

Great. Thank you guys so much. You've spent the last couple of years showing really strong growth despite having headwinds from PMI and kind of like the overall macro environment. As we're starting to see some of those indicators improve, are there any parts of the business that you're noticing, like a notable impact, in terms of pickup that maybe you didn't know were seeing headwinds before, whether it be enterprise, discrete manufacturing, or certain like international geos?

很好。非常感謝各位。過去幾年你們在 PMI 等因素以及整體總體環境逆風下，仍展現非常強勁的成長。隨著我們開始看到其中一些指標改善，你們是否注意到業務中有任何部分出現明顯的影響或回升，例如先前可能沒意識到其實受到逆風影響的地方——不論是企業客戶、離散製造，或某些國際地區？

Hey, Matt, it's Shawn. I'll take that. Certainly, we talked a lot about the last couple of years really driving strong enterprise growth, which drove a big lift in our revenue growth rates. Sanjeev, of course, has really driven the product-led growth strategy, which has added a whole another layer to the growth. What we talked about on the call is these added markets now around physical AI, which are gonna drive long-term tailwinds.

嗨，Matt，我是 Shawn。我來回答。當然，我們過去幾年談了很多，確實是透過推動強勁的企業端成長，帶動我們營收成長率大幅提升。Sanjeev 當然也大力推動產品驅動成長策略，為成長再加上一層動能。我們在電話會議上也談到，現在在實體 AI 周邊出現了這些新增市場，將帶來長期的順風。

A lot of what you're seeing has been driven by the execution of the company. That said, we're now seeing in manufacturing, the PMIs turn positive for several months, and we can lean into that. You saw in our active buyers this quarter, we're near a 10-quarter high, and so we're prepared to continue to gain outsized market share capture.

你們看到的很多成果，都是公司執行力所驅動。話雖如此，我們現在也看到製造業的 PMI 已連續數月轉正，我們可以順勢加大投入。你們在本季看到我們的活躍買家數接近 10 個季度以來的高點，因此我們已準備好持續取得超額的市占率提升。

Yeah, just to build on that, Matt, I think Xometry, as we talked about before, I think we feel very much that we are built for this pivotal time in manufacturing. The choice of a resilient and flexible supply chain, the marketplace offerings and the value of our network and the value of an improving e-commerce experience just continues to raise.

是的，再補充一下，Matt，我認為如同我們之前談過的，Xometry 的確是為製造業這個關鍵轉折時刻而打造的。對具韌性且彈性的供應鏈的選擇、市集型產品服務、我們網路的價值，以及持續改善的電商體驗所帶來的價值，都在不斷提升。

Just as Sanjeev talked about in his remarks, it's really just transformational in terms of how buyers, suppliers, the marketplace, these crosscurrents are all areas that Xometry was built to work in and solve for.

正如Sanjeev在他的發言中提到的，這在買方、供應商與市場之間的互動方式上確實具有變革性；這些交錯的力量都是Xometry所打造來運作其中並加以解決的領域。

That's super helpful. Then I guess just one follow-up question to an earlier question on the Siemens partnership. We talked a little last quarter about how the workflow integrations kind of supercharged this enterprise adoption that you've been working on for a long time. Is there anything from these early conversations with customers that is starting to kind of help the way you think of your own R&D process, and maybe some different features or use cases that are gonna help you develop Xometry's kind of overall enterprise capabilities inside and outside of Siemens in the future?

這非常有幫助。那我想再追問一個先前關於與西門子（Siemens）合作的問題。我們在上一季稍微談到，工作流程整合如何大幅加速你們長期推動的企業端採用。從這些與客戶的早期對話中，有沒有任何內容開始影響你們對自身研發流程的思考，或是一些不同的功能或使用情境，將在未來幫助你們在西門子內外發展Xometry整體的企業級能力？

That's an excellent question. I will say one of the most interesting outcomes of the Siemens collaboration has been across the world, we are seeing the understanding of what we are trying to do just list up in most of the enterprise conversations we are having. From being able to explain what custom manufacturing marketplace can do for you, as an initial push into a new enterprise. Now we are talking directly about, here are the three opportunities we have.

這是個很棒的問題。我想說，西門子合作最有趣的成果之一是：在全球範圍內，我們看到在多數企業端對話中，大家對我們想做的事情的理解程度明顯提升。過去我們是先向新的企業客戶解釋「客製化製造市場」能為你做什麼，作為切入點。而現在我們直接在談：我們有三個機會點。

You can work with us on prototyping, you can work with us on production, you can work with us on special projects, and tell us where your data is strongest and how you can actually help us gain insight. I think for the nature of that conversation that we have with our enterprise customers is already changing.

你可以和我們合作做打樣，你可以和我們合作做量產，你也可以和我們合作做特殊專案；並告訴我們你的資料在哪些面向最強，以及你如何實際幫助我們獲得洞察。我認為，我們與企業客戶對話的性質已經在改變。

To your point, a lot of them are asking the next level of question then saying, hey, I'm a Design Center user already, when I start working with Xometry in the box, what would that mean? Could the flow actually do X, Y, and Z?

如你所說，很多客戶會問更進一步的問題，例如：嘿，我已經是Design Center的使用者了，當我開始在「盒內」（in the box）與Xometry合作時，這代表什麼？這個流程是否真的能做到X、Y、Z？

Actually, a lot of those inputs are super helpful, as you can imagine, because with the close partnership, work that the tech teams are doing, we want all of those inputs to be defining what the outcome looks like. Even on the outset, just being able to have those conversations with the enterprise customers, with an acknowledgement of the role we will play long term, that's a welcome change for sure.

實際上，這些回饋非常有幫助，你可以想像得到，因為在緊密合作之下、技術團隊正在進行的工作，我們希望所有這些輸入都能用來界定最終成果會長什麼樣子。即便在一開始，能夠與企業客戶進行這些對話，並且對方也認可我們長期將扮演的角色，這無疑是一個令人樂見的改變。

Thank you.

謝謝。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Good morning. This is Jackson Schroeder on for Greg Palm. Just kind of a follow-up first to that PMI question. Is there any effect that that's kind of having on the buyers and suppliers in the platform, both like buyers kind of expediting shipping more, seeing elevated traction, and suppliers being maybe more or less price sensitive, how much extra capacity it seems like they have?

早安。我是代替Greg Palm提問的Jackson Schroeder。先就剛才那個PMI問題做個追問。這對平台上的買方與供應商是否有任何影響？例如買方是否更常加急出貨、需求動能是否提升；供應商是否變得更或更不在意價格、以及看起來他們有多少額外產能？

Then also, can you kind of separate what you're seeing internationally versus the US, the international like PMI ticking up, possibly be a bigger benefit and help you get to a point where you're kind of growing that at a rate above the domestic market, again, to expand that as a percentage of sales? Thank you.

另外，你能否區分一下國際市場與美國的情況？國際PMI回升可能帶來更大的助益，並幫助你們讓國際成長速度高於國內市場，進而提升其在營收中的占比？謝謝。

Thanks for the question. I would say on the first part around various different tiers, as you know, we don't necessarily disclose that. I would say when you're growing at 45% year over year, really all boards are actually driving in the same direction and at the same pace.

謝謝你的問題。我想先回應第一部分，關於不同層級的細分，如你所知，我們不一定會揭露那樣的資訊。我會說，當你年增成長45%時，基本上各個面向都在同一方向、以相近的速度推進。

We're actually seeing the true value of a marketplace play out here, where customers, depending on their price sensitivity, their urgency, can actually choose between I want it in one day or two day. We in fact launched the ability to ship orders the same day in a couple of categories, which is really, really exciting. The expedite definition, we are redefining ourselves.

我們其實正在看到「市場平台」模式的真正價值在此展現：客戶可以依其價格敏感度與急迫性，在「我想要一天到貨」或「兩天到貨」之間做選擇。我們甚至在幾個品類推出了當日出貨的能力，這真的非常令人振奮。對於「加急」的定義，我們正在重新定義。

Also there are customers, of course, who are very, very price sensitive, and with the continued investments in the sourcing markets like India and Vietnam, we are continuing to take that head on and actually capture a lot of that share as well.

當然也有一些客戶非常、非常在意價格；隨著我們持續投資於印度、越南等採購市場，我們也持續正面迎戰，並同樣拿下了相當多的市占。

Truly to me, that growth numbers that you see is not concentrating one way or the other, but actually helping us capture both ends of the market very, very well. Then you're absolutely spot on. As growth picks up in EMEA and the conversations around focusing on manufacturing again starts to pick up, we see that same trend happen in Europe, and that's why we are ready with our playbook to drive those conversations.

對我而言，你看到的成長數字並不是偏向某一端集中，而是同時幫助我們非常有效地掌握市場兩端。另外你說得完全正確。隨著歐洲、中東與非洲（EMEA）的成長回升，以及「再次聚焦製造」的討論熱度上升，我們也在歐洲看到同樣的趨勢，因此我們已準備好用我們的作戰手冊來推動這些對話。

Perfect. I'll leave it there. Thank you.

完美。我就先到這裡。謝謝。

Ygal Arounian, Wedbush.

Ygal Arounian，Wedbush。

Good morning, guys. I guess a question on the gross margins. They were slightly lower year-over-year here in 2Q, then you talked about expectations for them to improve over the second half. I know you have the AI models driving better pricing over time. Is that what's driving to the improvement over the course of the rest of the year?

早安，各位。我想問一下毛利率。你們第二季（2Q）的毛利率年對年略低，接著你們提到預期下半年會改善。我知道你們有AI模型隨時間推動更好的定價。這是否就是今年剩餘期間毛利率改善的主要驅動因素？

Are there other factors? I just want to understand the components of gross margin through this year. Then on the guidance also for the rest of the year and as we look into next year, is there any Siemens component in the guidance for this year, and how are we thinking about the contribution as we get into next year? Any updates on that at all? Thanks.

還有其他因素嗎？我想了解今年毛利率的組成要素。另外關於今年剩餘期間的財測，以及我們展望明年時，今年的指引中是否包含任何西門子相關的貢獻？以及進入明年後，我們該如何看待其貢獻？這方面有任何更新嗎？謝謝。

Thanks for the question. Let me start, then I'll hand it over to James. The continued gross margin expansion into our target range of 35% to 40%, that is indeed driven by our confidence in the AI models and the continuous improvement that we are seeing them drive, not just on one metric, but across the board.

謝謝你的問題。我先回答，然後再交給James。毛利率持續擴張並朝我們35%到40%的目標區間前進，確實是由我們對AI模型的信心所驅動，以及我們看到它們帶來的持續改善——不只是在單一指標上，而是全面性的。

I mean, you saw those models have now helped us improve growth rate from 20 point or so from 20 something last year to 45% this year. The same thing we expect and we are seeing, in fact, Q3 has started really strong and all of the same indicators, we are seeing them trend really, really well. We feel very, very positive about making that commitment for the rest of the year. James?

我的意思是，你看到這些模型已經幫助我們把成長率從去年約20%出頭提升到今年的45%。同樣地，我們也預期並且確實正在看到類似的情況；事實上，第三季開局非常強勁，所有相同的指標都呈現非常、非常好的趨勢。因此我們對於在今年剩餘期間做出這樣的承諾感到非常正面。James？

Yeah. Thanks, Sanjeev. Yeah, very pleased with the start. In fact, marketplace gross margin over the first half is up about 100 basis points. We've got a long track record here of the more data, more suppliers, more orders. Now, with the improving AI models working across the whole marketplace, I think as Sanjeev said, gives us good confidence in continuing to make progress in that 35 to 40 range over time.

是的。謝謝，Sanjeev。是的，我們對開局非常滿意。事實上，市場平台的毛利率在上半年提升了大約100個基點。我們在這方面有很長的紀錄：更多資料、更多供應商、更多訂單。現在，隨著AI模型在整個市場平台上持續改善並發揮作用，我認為如Sanjeev所說，讓我們對於隨時間推進、持續朝35%到40%區間改善更有信心。

In terms of, well, on the guidance, you're asking about Siemens, I think there is some slightly more product related cost within our second half guidance. It's embedded in there. That in terms of prepare, the work that the teams are doing as we build for operating back in 2027.

至於指引方面，你問到西門子，我想在我們下半年的指引中，確實包含一些略偏產品相關的成本。它已經內含在其中。這主要是為了準備——團隊正在進行的工作，因為我們在建置以便於2027年回到營運（operating back in 2027）。

Thanks so much.

非常感謝。

Thanks, Ygal.

謝謝你，Ygal。

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

謝謝。問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束，您現在可以中斷連線。