Xometry, Inc. (XMTR) 2026 Q3 法說會逐字稿

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

各位好，感謝您稍候。歡迎參加 Xometry 2026 年第三季電話會議。(接線員指示) 請注意，今天的電話會議將被錄音。

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

現在我想把電話會議交給今天的第一位講者 Shawn Milne。

Good morning, and thank you for joining us on Xometry's Q3 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 third quarter 2026 and discuss our guidance for the fourth quarter and full year 2026.

各位早安，感謝您參加 Xometry 2026 年第三季（Q3）財報電話會議。與我一同出席的有我們的執行長 Sanjeev Singh Sahni，以及財務長 James Miln。在今天的電話會議中，我們將回顧 2026 年第三季的財務結果，並討論我們對 2026 年第四季及全年之財測指引。

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.

在今天的電話會議中，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 believe（相信）、expect（預期）、intend（打算）以及 may（可能）等用語辨識。這些陳述受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 September 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，可參閱我們在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，包括截至 2026 年 9 月 30 日止季度的 Form 10-Q。我們提醒您不要過度依賴前瞻性陳述；且對於因新資訊、未來事件或我們預期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'd also like to point out that on today's call, we will report GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operating decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to, and not as a substitute or superior to, measures of financial performance prepared in accordance with US GAAP.

我們也想指出，在今天的電話會議中，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列，並非用以取代或優於依照美國 GAAP 編製的財務績效衡量指標。

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

如欲查看這些非 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。今天電話會議的重播也將發布於我們的網站。

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

接下來，我想把電話會議交給 Sanjeev。

Thanks, Sean. Good morning, and thank you for joining our Q3 earnings call. Our continued robust growth and stellar Q3 results demonstrate the expanding strength of our AI-native marketplace. Q3 was a record quarter for Xometry across many fronts, including revenue, gross profit, marketplace gross margin, and adjusted EBITDA.

謝謝，Sean。各位早安，感謝您參加我們的第三季財報電話會議。我們持續強勁的成長與第三季亮眼的成果，展現了我們 AI 原生市集不斷擴大的實力。第三季對 Xometry 而言在多個面向創下紀錄，包括營收、毛利、市集毛利率以及調整後 EBITDA。

Q3 also marked several major milestones: a $1 billion plus revenue run rate, our highest-ever marketplace gross margin, and our first quarter of GAAP profitability. Q3 revenue increased 40% year over year to a record $252 million, our second consecutive quarter of at least 40% growth. Marketplace revenue increased 43%, driven by broad-based trends across many verticals and increasing buyer adoption. We drove strong structural enterprise growth as we expanded wallet share with large existing accounts.

第三季也達成數個重要里程碑：年化營收運行率超過 10 億美元、創下歷史新高的市集毛利率，以及我們首度實現 GAAP 獲利的季度。第三季營收年增 40% 至創紀錄的 2.52 億美元，這是我們連續第二季達成至少 40% 的成長。市集營收成長 43%，受多個垂直領域的廣泛趨勢與買方採用度提升所帶動。隨著我們在大型既有客戶中擴大錢包份額，我們推動了強勁且具結構性的企業端成長。

Our proprietary AI models are effectively optimizing conversion, buyer growth, and market share gains. The strength we saw in Q3 has continued in Q4. We are off to a strong start in the quarter, and are once again raising our outlook for the year. We expect strong compounding growth and operating leverage to continue for years to come.

我們的專有 AI 模型正有效地最佳化轉換率、買方成長與市占提升。我們在第三季看到的強勢表現已延續到第四季。本季開局強勁，我們也再次上調全年展望。我們預期強勁的複利式成長與營運槓桿將在未來多年持續。

I will start by reiterating the fundamental thesis of our long-term growth. 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 the factory floor.

我先重申我們長期成長的基本論點。在規模龐大的 2,750 億美元客製化製造總可服務市場（TAM）中，我們的滲透率仍不到 1%。這個市場目前仍多半在線下運作，仍以電子郵件報價與數天的交期回覆為主。其中大多數需求仍在工廠周邊 30 到 50 英里半徑內完成採購。

To me, the gap is the opportunity. We are in the opening innings of a digital transformation, and our ability to capture the massive untapped opportunity gives us strong confidence in our long-term growth trajectory. Our marketplace is well-positioned to capture this demand. The three consecutive quarters of 40%-plus growth in our marketplace 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.

對我而言，差距就是機會。我們正處於數位轉型的開局階段，而我們掌握這個龐大未開發機會的能力，使我們對長期成長軌跡充滿信心。我們的市集具備良好定位以承接這股需求。我們市集連續三季達到 40% 以上成長，直接證明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，並為各地的買方與供應商提高體驗標準。

I will now spend a few minutes providing updates to our key focus areas. First, I will talk about establishing Xometry as the digital infrastructure for custom manufacturing. 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.

接下來我將用幾分鐘更新我們的關鍵聚焦領域。首先，我將談談把 Xometry 建立為客製化製造的數位基礎設施。我們對推動下一段 S 曲線成長的信心，來自於我們能將核心 AI 模型應用於十多年累積的專有資料。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、能即時看到我們提供的定價選項，並信任 Xometry 能以最佳方式完成採購與媒合生產。

The depth of our data and intelligence is unrivaled in custom manufacturing. That same intelligence is now extending beyond our marketplace, embedding natively into partnership environments like Siemens Designcenter; proof 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.

在客製化製造領域，我們資料與智慧的深度無可匹敵。同樣的智慧如今也正延伸到市集之外，原生嵌入到像 Siemens Designcenter 這類合作夥伴環境中；這證明其他平台想要建立的基礎設施，是智慧本身，而不僅僅是圍繞其建立的市集。更廣泛而言，我們將其視為 Xometry 正成為連結設計意圖與實際實體生產之間的連接層。

Siemens is the first, but not the only place we expect to integrate our intelligence. 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, working as integrated teams across multiple products, regions, and departments.

Siemens 是第一個，但不是我們預期整合智慧的唯一場域。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 原生數位線索（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 Siemens 的合作上進展非常順利，跨多項產品、地區與部門以整合團隊方式共同推進。

We are building native integrations to Siemens Designcenter, bringing Xometry's manufacturability and pricing insight directly into the platform. We expect a beta launch in Q1 2027, followed by a gradual ramp of customers to the various versions of Designcenter throughout the year. In addition to the work within Designcenter, there is 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 Siemens partnership to positively impact our 2027 operating results.

我們正在為 Siemens Designcenter 建置原生整合，將 Xometry 的可製造性與定價洞察直接帶入該平台。我們預期於 2027 年第一季推出 beta 版本，之後在全年逐步讓客戶導入 Designcenter 的各個版本。除了 Designcenter 內的合作之外，Siemens Supplyframe 與 Thomas 之間也有積極協作，延伸兩個團隊能為其客戶帶來的價值。隨著我們達成里程碑，我們將分享更多資訊；並預期 Siemens 的合作夥伴關係將對我們 2027 年的營運結果帶來正面影響。

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. As I have 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.

我們的第二個聚焦領域是改善 AI 原生市集體驗。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。如我先前分享過的，我們的核心信念之一是：B2B 的採購體驗應該要和人們在個人生活中的體驗一樣好。

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. 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.

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、採購買方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。他們期待在工作中也能享有與個人生活同樣無摩擦的體驗。當他們發現 Xometry 能夠做到時，他們就會在其組織內成為 Xometry 的擁護者。

On our Q2 call, we discussed enhancing our AI model capabilities in costing, sourcing, and process recommendations; a new generation of high-capacity, interconnected models that span the entire manufacturing journey. We are training these models on much larger datasets and retraining them more frequently, so every quote, order, and supplier outcome sharpens the outcomes for the next one. Hence, the smarter the platform gets, the faster we turn complex engineering inputs into comprehensive manufacturing and supply chain decisions.

在我們的第二季電話會議上，我們討論了強化我們在成本估算、採購與製程建議方面的 AI 模型能力；也就是新一代高容量、彼此互聯的模型，涵蓋整個製造旅程。我們正以更大規模的資料集訓練這些模型，並更頻繁地重新訓練，因此每一筆報價、訂單與供應商結果，都會讓下一筆的結果更精準。因此，平台越聰明，我們就能越快把複雜的工程輸入轉化為全面的製造與供應鏈決策。

In Q3, we put that foundation to work. You can see the results in our financials. Q3 marketplace gross margin was a record 36.0%, up 130 basis points from Q2. In Q3, we made further marketplace enhancements to reduce friction and improve buyer experience. We moved the majority of our buyer traffic onto our new e-commerce platform, which is faster, increasingly mobile-optimized, and rebuilt from the ground up to be AI-native. We are seeing that the platform is attracting more and more digitally native engineers.

在第三季，我們把這個基礎付諸實行。你可以在我們的財務表現中看到成果。第三季市集毛利率創下 36.0% 的新高，較第二季提升 130 個基點。第三季我們進一步強化市集功能，以降低摩擦並改善買方體驗。我們已將大多數買方流量導入新的電商平台；該平台速度更快、行動端最佳化程度持續提升，並從零開始重建為 AI 原生架構。我們看到平台正吸引越來越多數位原生的工程師。

The new architecture is changing how fast we can launch product updates. We now deliver core buyer workflows at a fraction of the time that they would have taken a year ago. In Q3, these included a redesigned buyer dashboard with one-click reordering to drive conversion and repeat orders, and a shift to arrives by dates in place of lead and transit times to simplify supply chain decisions.

新的架構正在改變我們推出產品更新的速度。我們現在交付核心買方工作流程所需的時間，僅為一年前的一小部分。第三季的更新包括：重新設計的買方儀表板，提供一鍵重新下單以提升轉換與重複訂單；以及以「到貨日期」取代交期與運輸時間，簡化供應鏈決策。

Additionally, we added more than 100 custom materials to our Instant Quoting Engine to expand marketplace selection. For our suppliers, in Q3, we launched the next generation of Workcenter experience. The new homepage brings together job discovery, performance scores, and payout visibility, and it is now live for all US suppliers. The enhanced Job Board adds filters, an on-screen 3D viewer, and drawing review.

此外，我們在即時報價引擎中新增了 100 多種客製材料，以擴大市集選擇。針對供應商方面，第三季我們推出了新一代的 Workcenter 體驗。新的首頁整合了工作發掘、績效分數與付款可視性，且現已對所有美國供應商上線。強化後的工作看板新增篩選器、螢幕上的 3D 檢視器與圖面審閱功能。

Since launch, suppliers are accepting work faster, and more jobs are matched to the right partner on the first offer. Suppliers can now find and win work that fits their capabilities more easily. 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 our buyers and suppliers.

自上線以來，供應商接受工作的速度更快，且更多工作在首次出價時就能匹配到合適的合作夥伴。供應商現在能更容易找到並贏得符合其能力的工作。接下來我將分享我們在第三個重點領域——擴大買方與供應商網路——所取得的進展。我們的重點是成為對買方與供應商而言最具規模的客製化製造電商平台。

We delivered strong active buyer growth during the quarter, with active buyers increasing 20% year over year to over 93,000. Our marketing teams have strengthened our MarTech and personalization capabilities, helping drive a record number of net buyer adds. Their efforts, combined with our AI model optimizations, are driving conversion rate improvements and continued robust buyer growth, with improving marketplace unit economics.

本季我們交出強勁的活躍買方成長，活躍買方年增 20% 至超過 93,000 名。我們的行銷團隊強化了 MarTech 與個人化能力，協助推動創紀錄的淨新增買方數。這些努力結合我們對 AI 模型的最佳化，正帶動轉換率提升與持續強勁的買方成長，同時改善市集的單位經濟效益。

There are still millions of potential buyers to convert. Our partnership with Siemens and our other initiatives to become the infrastructure layer in custom manufacturing will further add momentum to these strengths. 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 the world remains a significant strategic advantage, giving buyers unmatched speed, capacity, and resilience.

仍有數以百萬計的潛在買方有待轉化。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，將進一步為這些優勢增添動能。我們也更加專注於擴大全球供應商網路並改善供應商體驗。我們在全球擁有超過 5,000 家活躍供應商的網路，仍是重要的策略優勢，為買方提供無可比擬的速度、產能與韌性。

In Q3, we expanded certified capacity and ITAR sponsorships, strengthening US manufacturing by helping suppliers win higher-value work. Additionally, in our domestic supplier network, suppliers are benefiting from Xometry's rapidly growing demand, enabling them to acquire new machines and create net new capacity.

第三季我們擴大了認證產能與 ITAR 贊助（sponsorships），透過協助供應商取得更高價值的工作來強化美國製造。此外，在我們的國內供應商網路中，供應商正受惠於 Xometry 需求的快速成長，使其得以添購新設備並創造淨新增產能。

Our 2027 manufacturing outlook highlights that smaller manufacturers offer a key advantage, as 44% of businesses under $50 million operate below 70% capacity, compared with just 16% of manufacturers above $100 million. As an asset-light marketplace, we are laser-focused on applying our AI investments, connecting these suppliers to demand at scale.

我們的 2027 年製造業展望指出，小型製造商具備關鍵優勢：年營收低於 5,000 萬美元的企業中，有 44% 的產能利用率低於 70%；相較之下，年營收高於 1 億美元的製造商僅有 16%。作為輕資產市集，我們高度聚焦於運用 AI 投資，把這些供應商與規模化需求連結起來。

Let me share an example of success one such supplier has found on our platform. A US machine shop that joined the Xometry network in Q1 of 2025. In its first full quarter, they did about $140,000 of work, ramping rapidly to nearly sevenfold to $1 million in Q3 of 2025. As they grew with Xometry, they added ITAR and ISO certifications, opening up new job demand from aerospace, defense, and medical device industries.

我分享一個此類供應商在我們平台上取得成功的例子。一家美國機械加工廠於 2025 年第一季加入 Xometry 網路。在其第一個完整季度，他們完成約 14 萬美元的工作量，並快速爬升，在 2025 年第三季幾乎成長至 7 倍、達到 100 萬美元。隨著他們與 Xometry 一同成長，他們新增了 ITAR 與 ISO 認證，開啟來自航太、國防與醫療器材產業的新工作需求。

Over the last 12 months, they earned over $2.3 million through Xometry, enabling investments in new CNC machining centers, lathes, and laser engraving capability. This is the flywheel in action. Xometry brings increasing job flow, partners invest in capacity and capabilities, and we deliver against customer demand.

在過去 12 個月中，他們透過 Xometry 賺取超過 230 萬美元，使其得以投資新的 CNC 加工中心、車床與雷射雕刻能力。這就是飛輪效應在運轉。Xometry 帶來持續增加的工作流量，合作夥伴投資於產能與能力，而我們則交付以滿足客戶需求。

Our fourth focus area is deepening enterprise engagement. We continue to deliver robust enterprise growth. Our Q3 revenue from our largest customers increased by over 40%. At the top of our enterprise funnel, we delivered accelerating 26% year-over-year growth in the number of accounts with greater than $50,000 marketplace spend.

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端成長。第三季來自我們最大客戶的營收成長超過 40%。在企業漏斗的頂端，市集年度支出超過 50,000 美元的帳戶數量，年增加速至 26%。

In Q3, we expanded our partnership with TradeCentric to add purchase order automation and invoice automation to our PunchOut connection with customers' e-procurement systems. The integration works with more than 220 e-procurement solutions, including Coupa, SAP Ariba, and Microsoft Dynamics, and is available now to US customers. Invoice-to-PO matching is now automatic before an electronic invoice is sent, which removes several manual steps between an order and payment.

第三季，我們擴大與 TradeCentric 的合作，在我們與客戶電子採購系統的 PunchOut 連線中新增採購單自動化與發票自動化。此整合可支援超過 220 種電子採購解決方案，包括 Coupa、SAP Ariba 與 Microsoft Dynamics，且目前已提供給美國客戶使用。在電子發票送出前，發票與採購單（PO）的匹配現在可自動完成，從而移除訂單到付款之間的多個人工步驟。

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.

隨著 Xometry 更深度嵌入客戶的工作流程，我們看到錢包份額持續提升，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。

For example, this deeper integration is exactly what we saw with a major defense prime facing demanding program timelines. The customer initially projected a six-month manufacturing and assembly lead time. However, by leveraging 15 suppliers in our network and our rapid DFM capabilities, the customer was able to shrink design to delivery by a full three months. Our marketplace has produced hundreds of components for this program, including complex finishing and hardware installation, reinforcing our position as a trusted end-to-end partner for high-stakes defense applications.

例如，這種更深度的整合，正是我們在一家面臨嚴苛專案時程的主要國防主承包商（prime）身上所看到的。該客戶最初預估製造與組裝交期為六個月。然而，透過運用我們網路中的 15 家供應商以及我們快速的 DFM（可製造性設計）能力，客戶得以將從設計到交付的時間縮短整整三個月。我們的市集已為此計畫生產數百個零組件，包括複雜的表面處理與五金安裝，進一步鞏固我們作為高風險國防應用可信賴端到端合作夥伴的地位。

Over our three-year partnership, this proven capability to deliver supply chain resilience and speed has fueled continuous land-and-expand growth, scaling the account well past our $10 million per year enterprise marker. The final focus area I will share is leveraging services opportunities. Our services offerings under Thomas helps us engage with suppliers who aren't yet in the marketplace ecosystem. Thomas has built the largest industrial manufacturing-focused digital sourcing network in North America, providing buyers access to over 500,000 suppliers.

在我們三年的合作期間，這項已被驗證、可提供供應鏈韌性與速度的能力，推動了持續的「落地並擴張」（land-and-expand）成長，使該帳戶規模遠超過我們每年 1,000 萬美元的企業門檻。我將分享的最後一個重點領域是把握服務機會。Thomas 旗下的服務產品，協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、聚焦工業製造的數位採購網路，為買方提供接觸超過 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 supplier capacity. We made strong progress on our Thomas platform in Q3. We are building on this momentum and recently enabled faster marketing services execution by integrating specialized AI workflows into Thomas Marketing Services.

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 的供應商產能。第三季我們在 Thomas 平台取得強勁進展。我們將在此動能上持續推進，並於近期透過將專門的 AI 工作流程整合至 Thomas Marketing Services，使行銷服務的執行更快速。

Additionally, we will soon launch our first collaboration with Supplyframe and Thomas, driving incremental high-quality buyer traffic to Thomas. We will build upon this launch momentum to enhance our services business with additional e-commerce offerings.

此外，我們即將推出與 Supplyframe 與 Thomas 的首次合作，為 Thomas 帶來額外的高品質買方流量。我們將在此次上線動能的基礎上，透過更多電商產品來強化我們的服務業務。

In conclusion, our momentum remains strong in Q4. We are raising our 2026 revenue growth outlook given robust demand on our marketplace and the strong execution of our teams. We expect strong compounding growth to continue in 2027 and coming years, driven by our initiatives as we rapidly scale beyond $1 billion.

總結而言，我們在第四季的動能依然強勁。鑑於市集需求穩健以及團隊執行力出色，我們上調 2026 年營收成長展望。我們預期在 2027 年及往後數年，隨著我們快速擴張至超過 10 億美元規模，我們的各項計畫將持續帶動強勁的複利式成長。

I'm very excited about the road ahead, and before I hand it over, I want to thank our entire team. The $1 billion-plus run rate milestone we are reporting today is the outcome of a lot of hard work across all our teams worldwide. I am proud of the pace at which teams continue to execute our product-led growth strategy.

我對前方的道路感到非常振奮，在交棒之前，我想感謝我們整個團隊。我們今天所報告的年化營收運行率（run rate）突破 10 億美元里程碑，是全球各地所有團隊長期努力的成果。我為各團隊持續以如此速度落實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 Q3 financials 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三季財務表現與我們的業務展望。

Thanks, Sanjeev, and good morning, everyone. Our record-setting Q3 performance demonstrates the compounding growth and operational efficiency of our marketplace, delivering both strong revenue expansion and margin improvement. Top-line performance was fueled by widespread adoption of our platform as we steadily gain market share. This robust growth was accompanied by further expansion in adjusted EBITDA margins, as well as our inaugural quarter of positive GAAP net income.

謝謝你，Sanjeev，各位早安。我們創紀錄的第三季表現，展現了我們市集業務的複利式成長與營運效率，同時帶來強勁的營收擴張與利潤率改善。在我們穩步提升市占率之際，平台的廣泛採用推動了營收端的表現。這波強勁成長也伴隨調整後 EBITDA 利潤率的進一步擴張，以及我們首次出現 GAAP 淨利的季度。

These results highlight how Xometry is establishing itself as vital digital infrastructure within a historically offline and fragmented sector. Building on these outstanding Q3 results and positive Q4 momentum, we are lifting our full-year revenue and adjusted EBITDA guidance. Q3 revenue grew 40% year over year to $252 million. Q3 marketplace revenue was $238 million, and services revenue was $14.4 million.

這些成果凸顯 Xometry 正在一個歷來以線下為主且高度分散的產業中，建立其作為關鍵數位基礎設施的地位。在卓越的第三季成果與第四季正向動能的基礎上，我們上調全年營收與調整後 EBITDA 指引。第三季營收年增 40% 至 2.52 億美元。第三季市集營收為 2.38 億美元，服務營收為 1,440 萬美元。

Q3 marketplace revenue grew 43% year over year, absorbing a 500-basis point tougher comparison relative to Q2 to deliver sustained strong growth. Q3 active buyers increased 20% year over year to 93,812, with a record net addition of 4,255 active buyers. These record net additions were driven by our product-led growth strategy, AI model optimization, and efficient marketing, including personalized pricing initiatives.

第三季市集營收年增 43%，在相較第二季面臨高出 500 個基點的更嚴峻比較基期下，仍交出持續強勁的成長。第三季活躍買家數年增 20% 至 93,812 名，活躍買家淨增加數創紀錄達 4,255 名。這些創紀錄的淨增加主要由我們以產品驅動的成長策略、AI 模型優化與高效率行銷所帶動，其中也包括個人化定價計畫。

Q3 marketplace revenue per active buyer increased a robust 19% 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 Q3, the number of accounts with last 12-month spend of at least $50,000 on our platform increased 26% year over year to 2,172, with 133 quarterly net adds.

第三季每位活躍買家的市集營收年增強勁 19%，主要來自錢包占比（wallet share）的提升。我們將在平台上支出至少 5 萬美元的帳戶視為企業客戶漏斗的上層。第三季，過去 12 個月在我們平台支出至少 5 萬美元的帳戶數年增 26% 至 2,172 個，單季淨增加 133 個。

Enterprise investments continue to show strong returns, with accounts with at least $500,000 spend again growing revenue over 40% year over year. Our enterprise strategy focuses on our largest accounts, each of which we believe have $10 million-plus in potential annual account revenue. Services revenue grew approximately 2% year over year, with a gross margin of approximately 90%. We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection, and digital marketing solutions.

企業端投資持續展現強勁回報，支出至少 50 萬美元的帳戶營收再次年增超過 40%。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營收皆可達 1,000 萬美元以上。服務營收約年增 2%，毛利率約 90%。我們專注於提升平台的互動與變現能力；該平台在工業採購、供應商選擇與數位行銷解決方案方面仍居領先地位。

Q3 gross profit was $98.7 million, an increase of 37% year over year, driven by a robust 44% year-over-year growth in marketplace gross profit. Q3 marketplace gross margin was a record 36.0%, up 130 basis points 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.

第三季毛利為 9,870 萬美元，年增 37%，主要由市集毛利年增強勁 44% 所帶動。第三季市集毛利率創新高達 36.0%，較前一季提升 130 個基點。我們專注於透過營收端成長與毛利率擴張的組合，推動市集毛利金額的成長。我們的 AI 模型正有效優化轉換率、買家成長與市占率提升。

In Q3, this led to record active buyer net adds, record marketplace gross margins, and increased leverage on marketplace advertising spend. We continue to expect marketplace gross margins to be higher in the second half of the year than the first half of the year. Over the long term, we expect to expand further into our target range of 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 Q3 operating costs.

在第三季，這帶來活躍買家淨增加創紀錄、市集毛利率創紀錄，以及市集廣告支出的槓桿效益提升。我們仍預期下半年市集毛利率將高於上半年。長期而言，我們預期將進一步擴張至 35% 至 40% 的目標區間。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的高度紀律與嚴謹，也反映在第三季的營運成本表現上。

Total non-GAAP operating expenses for the third quarter were $77.4 million, a 17% increase year over year, which is less than half the growth rate of our revenue. Q3 operating costs as a percentage of revenue improved 590 basis points year over year. In Q3, this was driven primarily by G&A and sales and marketing, which decreased 250 basis points and 330 basis points year over year respectively. This reflects improving enterprise sales execution, efficiency of AI models, as well as strengthened MarTech and personalization capabilities.

第三季非 GAAP 營運費用總額為 7,740 萬美元，年增 17%，不到營收成長率的一半。第三季營運成本占營收比重年減 590 個基點。第三季的改善主要由一般及行政（G&A）以及銷售與行銷費用帶動，兩者分別年減 250 個基點與 330 個基點。這反映企業銷售執行力提升、AI 模型效率提升，以及 MarTech 與個人化能力的強化。

Marketplace advertising spend was a record low 3.0% of marketplace revenue, down 200 basis points year over year, reflecting our optimization efforts, driving improved marketplace unit economics. We continue to invest behind our product-led growth strategy and our focus on driving increased automation with AI across operations and support.

市集廣告支出占市集營收比重降至創紀錄低點 3.0%，年減 200 個基點，反映我們的優化努力並帶動市集單位經濟效益改善。我們持續投入以產品驅動的成長策略，並專注於以 AI 提升營運與支援流程的自動化程度。

In Q3, Xometry reported its first quarter of GAAP net income, $1.9 million, compared to a GAAP loss of $11.6 million in Q3 2025, driven by our improving operational performance and asset-light model. Q3 adjusted EBITDA was $21.4 million, a record 8.5% margin compared with 3.4% a year ago. Q3 incremental adjusted EBITDA margin was 21% year over year, driven by strong revenue growth, gross margin, and operating efficiencies.

第三季，Xometry 首次實現 GAAP 淨利 190 萬美元；相較之下，2025 年第三季為 GAAP 淨損 1,160 萬美元，主要受惠於營運表現改善與輕資產模式。第三季調整後 EBITDA 為 2,140 萬美元，利潤率創紀錄達 8.5%，相較一年前的 3.4%。第三季增量調整後 EBITDA 利潤率年增為 21%，由強勁營收成長、毛利率與營運效率所驅動。

Our US segment continues to show scaling profitability with adjusted EBITDA margin of 10.3%, while our international segment adjusted EBITDA shows significant improvement year over year. At the end of the third quarter, cash and cash equivalents and marketable securities were $505 million. We generated $25.6 million in operating cash flow year-to-date through Q3, driven by strong operating leverage and working capital efficiency.

我們的美國業務部門持續展現規模化獲利能力，調整後 EBITDA 利潤率為 10.3%；同時，國際業務部門的調整後 EBITDA 也較去年同期顯著改善。截至第三季末，現金及約當現金與可出售證券為 5.05 億美元。截至第三季止的年初至今，我們產生 2,560 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所帶動。

In the third quarter, we invested approximately $15 million in cash CapEx, almost entirely software-related, reflecting our technology investments in the platform and accelerating product rollouts. 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.

第三季我們以現金投入約 1,500 萬美元的資本支出（CapEx），幾乎全部與軟體相關，反映我們對平台的技術投資以及加速產品推出。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 原生市集的營收與毛利強勁成長，同時伴隨顯著的營運槓桿與營運現金流產生能力提升。在龐大的市場機會與我們仍偏低的滲透率背景下，我們專注於策略性平衡未來投資與對營運槓桿的不懈追求。

As we rapidly expand beyond the $1 billion run rate, we have a clear trajectory for improving adjusted EBITDA margins while sustaining our investment in growth. Now, moving on to guidance. We are again raising our outlook for 2026, which includes higher revenue and profitability for the full year. For the fourth quarter, we expect revenue in the range of $254 million to $256 million, or 32% to 33% growth year over year. We expect Q4 marketplace growth to be approximately 35% to 36% year over year, driven by ongoing momentum from our growth initiatives.

隨著我們快速擴張並超越 10 億美元年化運行率，我們在維持成長投資的同時，也有清晰的路徑持續改善調整後 EBITDA 利潤率。接下來談指引。我們再次上調 2026 年展望，包含全年更高的營收與獲利能力。第四季我們預期營收介於 2.54 億至 2.56 億美元之間，年增 32% 至 33%。我們預期第四季市集成長約為年增 35% 至 36%，主要由我們成長計畫帶來的持續動能所驅動。

We expect Q4 services revenue to be flat to slightly up year over year. In Q4, we expect adjusted EBITDA of $22 million to $22.5 million, compared to $8.4 million in Q4 2025. For the full year 2026, we are raising our revenue growth outlook to approximately 37% from 33% to 34%, driven by approximately 41% marketplace growth. For the full year 2026, we expect adjusted EBITDA in the range of $68 million to $68.5 million, approximately $7 million higher than prior guidance, and approximately 20% incremental adjusted EBITDA margin.

我們預期第四季服務營收將與去年同期持平或小幅成長。第四季我們預期調整後 EBITDA 為 2,200 萬至 2,250 萬美元，相較 2025 年第四季的 840 萬美元。就 2026 全年而言，我們將營收成長展望由 33% 至 34% 上調至約 37%，主要由約 41% 的市集成長所帶動。就 2026 全年而言，我們預期調整後 EBITDA 介於 6,800 萬至 6,850 萬美元，較先前指引高約 700 萬美元，且增量調整後 EBITDA 利潤率約 20%。

As we look further ahead, we believe that we are in the opening innings of a digital transformation with a very long-term growth trajectory. We expect strong durable growth to continue to compound in the coming years, given the large fragmented market opportunity and our strategic growth initiatives. We continue to target at least 20% incremental adjusted EBITDA on a full-year basis above the $1 billion revenue run rate. We look forward to updating you on our Q4 call and providing a detailed outlook for 2027 at that time.

展望更長遠的未來，我們相信我們正處於數位轉型的開局階段，且具備非常長期的成長軌跡。鑑於龐大且高度分散的市場機會，以及我們的策略性成長舉措，我們預期未來幾年強勁且具韌性的成長將持續複利累積。在年化營收運行率超過 10 億美元的基礎上，我們仍以全年至少 20% 的增量調整後 EBITDA 為目標。我們期待在第四季電話會議上向各位更新，並於當時提供 2027 年的詳細展望。

Prior to taking your questions, I would like to extend my gratitude to our entire team. Today's strong performance is a direct result of their relentless execution, and I'm thrilled about the opportunities it unlocks for our future. With robust momentum, a large addressable market, and a proven team, we remain committed to fostering a values-driven culture where top talent thrives. Together, these factors give us immense confidence in what lies ahead.

在開始回答各位問題之前，我想向我們整個團隊表達感謝。今天的強勁表現是他們不懈執行力的直接成果，我也為這為我們未來所開啟的機會感到振奮。憑藉強勁動能、龐大的可服務市場，以及經過驗證的團隊，我們仍致力於培育以價值觀為導向的文化，讓頂尖人才得以茁壯。綜合以上因素，我們對未來充滿信心。

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

那麼，接線員，請開放電話會議進入提問環節，好嗎？

(Operator Instructions) Andrew Boone, Citizens.

(接線員指示) Andrew Boone，Citizens。

Thanks so much for taking the questions. I would love to get an update on Siemens. As we think about the progress you guys are making with the partnership, can you guys highlight any key milestones that we should be looking out for ahead? Are there any additional details that we should be expecting as we start to flow this through in terms of expectations for 2027?

非常感謝讓我提問。我想請你們更新一下與西門子（Siemens）相關的進展。在思考你們與該合作夥伴關係的推進情況時，你們能否指出接下來有哪些我們應該關注的關鍵里程碑？另外，當我們開始把這些納入對 2027 年的預期時，是否會有更多細節可以期待？

For my second question, I would love to talk about the growth of larger accounts, 40% revenue growth of accounts of $0.5 million. Can you guys just talk about the drivers of moving upmarket and the penetration of larger spenders on the platform? What does that imply for us looking from the outside in? Is that the move into larger orders? What does that do for revenue visibility? Can you just flesh out what exactly is driving that and the benefits to the platform? Thank you so much.

第二個問題，我想談談大型客戶的成長，也就是年營收 50 萬美元以上客戶帶來的 40% 營收成長。你們能否談談推進至中大型市場（upmarket）的驅動因素，以及平台上高支出客戶滲透率提升的情況？從外部角度看，這對我們意味著什麼？這是否代表訂單規模變大？這對營收能見度有何影響？能否更具體說明究竟是什麼在驅動這個趨勢，以及它對平台帶來的好處？非常感謝。

Thanks, Andrew. This is Sanjeev. I will take the question first, and happy to have James join in after. On Siemens, I think we are very, very happy with the progress we are making. The collaboration is truly global, with integrated teams from multiple products, regions, and departments working on the effort.

謝謝你，Andrew。我是 Sanjeev。我先回答第一個問題，之後也歡迎 James 補充。關於西門子，我想我們對目前取得的進展感到非常、非常滿意。這項合作確實是全球性的，由多個產品線、地區與部門的整合團隊共同推進。

As we go through '27, like I mentioned on the prepared remarks, we will start with a beta launch in Q1 '27. Siemens has various different versions of Designcenter. It is called NX Cloud and installed on the site. You will see, as we launch each one of these, we will actually come up with formal launch events together with Siemens that you will be made aware of.

如同我在事先準備的發言中提到的，進入 2027 年後，我們將在 2027 年第一季先推出 beta 版本。西門子的 Designcenter 有多個不同版本。其中一個稱為 NX Cloud，另有在客戶端現地安裝的版本。你們會看到，當我們逐一推出這些版本時，我們將與西門子共同舉辦正式的發表活動，並會讓各位知悉。

So you will start to see those happen throughout the year as customers are able to sign up freely and are able to actually use those. Lots of exciting action will happen on that front throughout the year, beginning in Q1.

因此，隨著客戶能夠自由註冊並實際使用，你們會在全年陸續看到這些活動發生。從第一季開始，全年在這方面都會有許多令人振奮的進展。

Andrew, I'll just kick off on enterprise, and Sanjeev will be able to add in. I think what you've seen is sustained, durable enterprise growth as we really become more structural and embedded in the workflows. That's getting increasing program volume with our largest customers. We talked about we ended 2025 with four customers over $10 million, and we do expect more as the year goes on. We ended last year with over 140 accounts with more than $0.5 million spent, and we really continue to see great growth there.

Andrew，我先就企業客戶（enterprise）部分開頭說明，Sanjeev 也可以再補充。我認為你所看到的是企業端持續且具韌性的成長，因為我們正逐步在客戶工作流程中變得更具結構性、也更深度嵌入。這帶動我們最大型客戶的專案量持續增加。我們提到過，2025 年底我們有四位客戶年支出超過 1,000 萬美元，而且我們預期隨著今年推進，這個數字還會增加。去年底我們有超過 140 個帳戶年支出超過 50 萬美元，我們也持續看到這部分有很好的成長。

The enterprise playbook's really driven by both technology and improving our sales efforts, driving increasingly adopting our enterprise tools, including Teamspace, and the ability for us to PunchOut into ERP integrations, which further embeds Xometry in the customer workflow. We feel we're really becoming a strategic supply partner, which is giving us greater visibility and confidence in terms of the trends that we're seeing and the growth ahead.

企業端的作戰手冊主要由技術與銷售能力提升共同驅動，推動客戶更廣泛採用我們的企業工具，包括 Teamspace，以及我們能透過 PunchOut 與 ERP 進行整合，進一步讓 Xometry 更深度嵌入客戶工作流程。我們認為自己正逐步成為策略性供應夥伴，這也讓我們對所觀察到的趨勢與未來成長，在能見度與信心上都有所提升。

Absolutely. I think to me, the other trend to marry that with is growing number of greater than $500,000 accounts while we continue to expand our margin. You saw 36% margin that we reported, gross margin on the marketplace that we reported this quarter. It's the highest ever.

完全同意。我認為另一個可以與此相互印證的趨勢是：年支出超過 50 萬美元的帳戶數持續增加，同時我們也持續擴大毛利率。你們看到我們本季在市集（marketplace）所報告的毛利率為 36%。這是歷史新高。

So even as we continue to scale up our presence and integrations with the enterprise customers, some of the largest in the world, we continue to drive our gross margin higher, which truly is a testament to the product-led growth strategy that we've been talking about for the last year.

因此，即便我們持續擴大在企業客戶（其中不乏全球最大企業）中的布局與整合，我們仍能推動毛利率走高；這確實印證了我們過去一年一直在談的「產品驅動成長」（product-led growth）策略。

Brian Drab, William Blair.

Brian Drab，William Blair。

Hi, good morning. Congrats on a great set of results here. First, on the record net adds, can you talk about what levers you are pulling there at this point in the company's life cycle that you are still adding that many customers in the quarter? Are you seeing more success at the larger enterprise customers or smaller businesses? Any insight into the breakdown?

嗨，早安。恭喜你們交出一組非常亮眼的成績。首先，關於創紀錄的淨新增客戶數，在公司目前所處的生命週期階段，你們是透過哪些槓桿，仍能在單季新增這麼多客戶？你們看到的是大型企業客戶端更成功，還是中小型企業更成功？能否分享一些拆分上的洞見？

Thanks for the question. I would say the growth has been truly broad-based across categories, customer types, and products that we offer. To me, the growth is a testament to continued application of our product-led growth strategy. As you remember, we have been talking about ad adoption continues to happen in large enterprises.

謝謝你的提問。我會說，成長確實是全面性的，涵蓋我們提供的各類別、各種客戶型態與產品。在我看來，這樣的成長證明我們持續落實產品驅動成長策略。如你所記得的，我們一直在談到：在大型企業中，採用（adoption）仍在持續發生。

Buyers, once they get used to the truly exceptional e-commerce experience that we provide on our marketplace, they help us actually become not only proponents and champions for Xometry within their organization, but that actually kicks off an engine that helps us bring more buyers into the funnel. Therefore, really, I still believe we are at a very early stage of a very, very large pool of millions of buyers that are out there that we will continue to go after. With the partnerships like Siemens, that is also going to further accelerate as that comes on.

買方一旦習慣我們在市集上提供的卓越電商體驗，他們不僅會在其組織內成為 Xometry 的支持者與推動者，還會啟動一個引擎，幫助我們把更多買方帶入漏斗。因此，我仍然相信，我們正處於一個非常、非常龐大的市場早期階段，外面有數以百萬計的買方，我們會持續去爭取。像西門子這樣的合作夥伴關係，也會在落地後進一步加速這個趨勢。

But right now, our focus is on truly delivering on our five-part strategy, including pillars on that which include exceptional experience on our marketplace and continuing to drive the volumes of active buyers and suppliers.

但就目前而言，我們的重點是確實交付我們的五大策略，其中的支柱包括：在市集上提供卓越體驗，並持續推動活躍買方與供應商的規模成長。

I can add, Brian, I think that the team are executing well here through improvements we had through product-led strategy and some MarTech and personalization efforts. Those are important driver of us sustaining this over 40% marketplace growth, 43% growth in the quarter. I think we are seeing that our brand awareness investments are paying off. We are getting greater direct traffic.

Brian，我補充一下：我認為團隊在這裡執行得很好，透過產品驅動策略的改進，以及一些 MarTech 與個人化（personalization）方面的努力。這些都是我們能維持市集超過 40% 成長（本季 43% 成長）的重要驅動因素。我認為我們在品牌知名度上的投資正在見到成效。我們獲得了更多直接流量。

Just also, I think the team are making a lot of progress in how we deploy our paid media spend across multiple channels, both owned and those that we are paying. Seeing great execution across and both from brand new buyers and new accounts as well as continuing to penetrate more deeply in existing large accounts with new buyers, which is great to see.

另外，我也認為團隊在如何把付費媒體支出部署到多個渠道方面取得很大進展，包含自有渠道以及我們付費投放的渠道。我們看到整體執行力很強：不僅帶來全新買方與新帳戶，也持續在既有大型帳戶中以新買方更深度滲透，這點很令人振奮。

Brian, it is Shawn. I would just add on to what Sanjeev and James were saying. With the corporate marketing initiatives and seeing good growth there and then the MarTech improvements, what you see is improving marketplace unit economics overall. Our gross margin is up, marketplace gross margin is up year over year, and our ad spend, you can see in our deck, is down to 3.0%, an all-time low. So, improving marketplace unit economics as well.

Brian，我是 Shawn。我想在 Sanjeev 和 James 的說法上再補充。透過企業行銷（corporate marketing）計畫帶來的良好成長，以及 MarTech 的改善，你會看到市集的單位經濟效益（unit economics）整體在提升。我們的毛利率上升，市集毛利率也較去年同期上升；而且你可以在我們的簡報中看到，廣告支出占比已降至 3.0%，創歷史新低。因此，市集單位經濟效益也在改善。

Nick Jones, BNP Paribas.

Nick Jones，法國巴黎銀行（BNP Paribas）。

Great. Thank you for taking the questions. I have two, I guess. As we think about the active buyer growth algorithm from here, maybe into '27 and beyond, I think you said there is millions out there. How should we think about one, the right level of your ability to acquire new buyers as you improve sequential and year over year nominal active buyers? Of the millions you see, what is the mix that you think could maybe spend at least $50,000? Then I guess maybe what ties into this is how should we think about level of investment in international as the growth there continues to improve? Thank you.

很好。謝謝讓我提問。我想我有兩個問題。當我們思考從現在開始、也許到 2027 年及以後的活躍買家成長演算法時，我記得你提到外面還有數百萬的潛在客群。第一，我們應該如何看待在你們逐季、逐年提升名目活躍買家數的同時，你們獲取新買家的能力應該達到什麼樣的合理水準？在你看到的數百萬人之中，你認為其中有多少比例可能至少會花到 5 萬美元？接著我想與此相關的是，隨著國際市場的成長持續改善，我們應該如何看待你們在國際市場的投資水準？謝謝。

Let me start. I think the important thing to think about is we are at 1% of the penetration of the TAM, at $275 billion. This is very, very early innings of a transition from offline to online for a custom manufacturing setup, which is truly, even today, really executed in a smaller radius of 30- to 50-mile radius from a factory.

我先回答。我認為重要的是，我們目前對於總可服務市場（TAM）的滲透率只有 1%，而 TAM 規模約為 2,750 億美元。這仍然是從線下轉向線上的非常早期階段；就客製化製造而言，即使到今天，實際執行仍多半侷限在工廠周邊 30 到 50 英里的較小半徑範圍內。

You couple that with the trends we have all seen in aerospace, defense, and physical AI, we are very, very encouraged that the movement offline to online is only going to accelerate, and that we will continue to bring more buyers to look for best-in-class platforms like ourselves, which can continue to apply AI and our models to actually serve up the best experiences at the best price, at the speed the customer really wants.

再加上我們在航太、國防以及實體 AI（physical AI）所看到的趨勢，我們非常、非常受到鼓舞：線下轉線上的進程只會加速；我們也將持續吸引更多買家來尋找像我們這樣的一流平台，能夠持續運用 AI 與我們的模型，以最佳價格、在客戶真正想要的速度下，提供最佳體驗。

I think to me, for an asset-light marketplace like ours, that really becomes a true advantage and brings the funnel of price, selection, speed that we have been talking about for a while to really drive the five-part strategy.

我認為對我來說，像我們這種輕資產的市集平台，這會成為真正的優勢，並把我們談了好一段時間的「價格、選擇、速度」漏斗真正串起來，進而推動五大策略。

Nick, I think in terms of that, international plays an important role here. We are seeing very strong performance there, similar unit economics, similar use cases for our buyers and suppliers in international, and excited about the opportunity of taking the playbook of enterprise and product-driven growth to international and to continue to see strong scaling there.

Nick，我認為就這點而言，國際市場在這裡扮演重要角色。我們看到那邊表現非常強勁，單位經濟效益相近，國際市場的買家與供應商使用情境也相似；我們也很期待把企業端與產品驅動成長的作戰手冊帶到國際市場，並持續看到那邊強勁的規模化成長。

We are very pleased in the quarter to see some good improvement on profitability there. This will remain an area of investment, but I think it is a key driver of both buyers and marketplace revenue growth over time.

我們對本季在那邊看到獲利能力的一些良好改善感到非常滿意。這仍會是投資領域，但我認為長期來看，它是推動買家數與市集營收成長的關鍵驅動因素。

Bryan Smilek, JPMorgan.

Bryan Smilek，摩根大通（JPMorgan）。

Hey, it's Andrew on for Brian. Thanks for taking the question. Just wanted to follow up again on enterprise accounts, and if you could maybe talk about some of the gating factors or remaining friction points that you might be seeing that may limit further wallet share expansion with existing enterprise accounts, and your view on there. Thank you.

嗨，我是 Andrew，代 Brian 提問。謝謝讓我提問。我想再追問一下企業客戶帳戶：你們是否可以談談一些門檻因素或仍存在的摩擦點，可能會限制既有企業客戶的錢包份額（wallet share）進一步擴張？以及你們對此的看法。謝謝。

Thanks, Andrew, for the question. On the enterprise accounts, we are very, very focused on truly serving up our insights in the place where the customers continue to work. As you can imagine, our first pillar of strategy is to become the digital infrastructure for custom manufacturing. The way the enterprise motions work is most enterprises prefer to have their employees stay within their current setup, right? Whatever platforms they use.

謝謝你，Andrew，這個問題問得很好。在企業客戶方面，我們非常、非常專注於在客戶持續工作的地方提供我們的洞察。如你所想像，我們策略的第一支柱是成為客製化製造的數位基礎設施。企業端的推進方式是：多數企業偏好讓員工留在他們現有的環境中，對吧？不論他們使用哪些平台。

To that, integrations with TradeCentric and all of the procurement platforms are an example. The PunchOut capability is an example. Then continuing to work on the Siemens platform, Build & Designcenter, and scaling that is going to be important.

因此，與 TradeCentric 以及各種採購平台的整合就是例子。PunchOut 功能也是例子。接著，持續在西門子（Siemens）平台、Build & Designcenter 上推進並擴大規模，將會很重要。

For us, we continue to double down on making it easy for our enterprise customers to work with us, whether that's working through our sales teams, working through our integrations. We are super happy in what we are seeing. You've seen the growth that we've given on Teamspace. I mean, now at this point, we have 17,000-plus Teamspace users globally. The PunchOut integrations continue to scale.

對我們而言，我們持續加碼，讓企業客戶更容易與我們合作，不論是透過我們的銷售團隊，或是透過各種整合。我們對目前看到的情況非常滿意。你也看到我們在 Teamspace 上所提供的成長數據。我的意思是，到目前為止，我們在全球已有超過 17,000 名 Teamspace 使用者。PunchOut 的整合也持續擴大規模。

I mean, we ended the last year at four customers over $10 million, and expect that in 2026, you'll have that number go up as well. The friction is not necessarily one that we are not solving. The friction is actually something we are extremely focused on removing, and structurally, that is helping us win more and more.

我的意思是，我們在去年年底有 4 位客戶的年支出超過 1,000 萬美元，而我們預期到 2026 年，這個數字也會增加。摩擦點不一定是我們沒有在解決的問題。摩擦點其實是我們極度專注要移除的東西；而在結構性改善之下，這正幫助我們贏得越來越多的業務。

Ron Josey, Citi.

Ron Josey，花旗（Citi）。

Great. Thanks for taking the question. Sanjeev, I want to ask a little bit more about the new e-commerce architecture. You talked about just faster product updates and an increasing conversion rate as a result. Help us understand a little bit more just on the product cadence and what we can expect going forward with the new architecture. James, I want to ask a little bit more about capital allocation and plans here, given the strength of the balance sheet. Thank you.

很好。謝謝讓我提問。Sanjeev，我想再多問一點關於新的電商架構。你提到產品更新更快，並因此帶來更高的轉換率。請協助我們更了解在產品迭代節奏（cadence）方面，以及在新架構下未來我們可以期待什麼。James，我想再多問一點關於資本配置與相關計畫，考量到資產負債表的強勁。謝謝。

Thanks for the excellent question, Brian. Really appreciate it. Our efforts in the last year and a half with our product-led strategy has been truly making sure that the second pillar of our strategy, which is around improving the experiences for our buyers and suppliers online, stays true. I mean, like I mentioned on the prepared remarks, we've completely revamped the e-commerce platform. It is all internally now. API-focused, so it is also very future-looking in terms of agentic workflows and how we integrate with those. We continue to actually focus on the most used journeys by our customers, whether they are pre-ordered as they shop.

Brian，謝謝你這個很棒的問題。非常感謝。過去一年半，我們在產品主導策略上的努力，是真正確保我們策略的第二支柱——也就是改善買家與供應商的線上體驗——能夠落實。我的意思是，如同我在事先準備的發言中提到的，我們已徹底改造電商平台。現在全部都改為內部自建。以 API 為核心，因此在面向未來的代理式工作流程（agentic workflows）以及我們如何與其整合方面，也非常具有前瞻性。我們也持續聚焦在客戶最常使用的旅程，不論是在下單前、他們購物時的流程。

You heard about the process recommendation engine and what that's done for us, including pre-order extension into post-order, so things like repeat and how customers are able to repeat order quickly in one click. I think that's been the other big focus. Things that I would expect from a truly world-class e-commerce platform. In fact, I'd take this opportunity to also talk a little bit about agentic commerce, which is a true differentiation and strategic advantage for us.

你也聽到我們談到製程推薦引擎，以及它為我們帶來的成果；包括把下單前的延伸擴展到下單後，例如重複下單，以及客戶如何能夠一鍵快速重複下單。我認為那是另一個重點。這些都是我會期待一個真正世界級電商平台應具備的能力。事實上，我也想藉此機會談一下代理式商務（agentic commerce），這對我們而言是真正的差異化與策略優勢。

I will say our platform now with the API structure is already ready to leverage the AI architecture we've just rolled out, and the supplier networks of the physical manufacturing of the products. That is a true advantage for us. Our marketplace is now focused on truly solving the complex order-to-part journey in a digital native mechanism for the true real-world challenges of custom manufacturing. In fact, what we've already done, and it's some of the benefit we are starting to see in Q3, is agents today can already interact with our site, learning about selection, categories, and capabilities, and taking it back to the foundation models.

我會說，我們的平台現在採用 API 架構，已經準備好去運用我們剛推出的 AI 架構，以及實體製造產品的供應商網路。這對我們而言是真正的優勢。我們的市集現在聚焦於以數位原生的方式，真正解決從訂單到零件（order-to-part）的複雜旅程，以應對客製化製造在真實世界中的挑戰。事實上，我們已經做到的事情——也是我們在 Q3 開始看到的一些效益——是：如今代理（agents）已經可以與我們的網站互動，學習選品、品類與能力，並把這些回饋到基礎模型（foundation models）。

In fact, internally, we are using agents to drive work streams that focus on our customer interactions. We're actually very focused on continuing to look at the trends around generative CAD and agentic purchasing, which we think will further accelerate the digital transformation in custom manufacturing. As we know, driving the offline to online is a core part of our strategy, and surfacing our insights as an infrastructure layer for custom manufacturing is key to us.

事實上，在內部，我們正在使用代理來推動聚焦於客戶互動的工作流。我們也非常專注於持續觀察生成式 CAD 與代理式採購（agentic purchasing）的趨勢；我們認為這將進一步加速客製化製造的數位轉型。如我們所知，推動線下轉線上是我們策略的核心部分，而將我們的洞察以客製化製造的基礎設施層呈現出來，對我們至關重要。

You will see us continue to actually lean into the tailwind that we see from agentic commerce as demand increases, and we continue to monitor that very closely.

隨著需求增加，你會看到我們持續順勢加碼我們在代理式商務上看到的利多（tailwind），我們也會非常密切地持續監測。

Ron, it's Shawn. Just take a look at the investor overview that was posted this morning. There's a couple new slides that talks about our AI architectural changes that we've made recently, and the e-commerce playbook and changes to the marketplace that Sanjeev was talking about.

Ron，我是 Shawn。你可以看一下今天早上發布的投資人簡報（investor overview）。裡面有幾張新的投影片，談到我們最近做出的 AI 架構變更，以及 Sanjeev 剛提到的電商作戰手冊與市集端的調整。

Ron, this is James. On capital allocation, as you can see and hear from Sanjeev, we've got a lot of exciting opportunities ahead of us that we're keen to continue to invest in a disciplined manner as we grow strongly here and grow profitability and cash flow. As a reminder, we ended Q3 with $505 million in cash. That's after strengthening our balance sheet this year with a $50 million investment from Siemens, as well as approximately $250 million follow-on.

Ron，我是 James。關於資本配置，如同你從 Sanjeev 的說明中所見所聞，我們眼前有許多令人振奮的機會；隨著我們在此強勁成長、提升獲利能力與現金流，我們也希望以審慎且有紀律的方式持續投資。提醒一下，我們在第三季末有 5.05 億美元現金。這是在今年透過西門子 5,000 萬美元投資、以及約 2.5 億美元後續投資來強化資產負債表之後的水位。

This puts us in a strong position where we can focus on our strategy, investing in organic growth, focused on driving sustainable profitable growth over the long term as we continue to increase our adjusted EBITDA profitability, and that flows through to cash flow. We are looking at areas of inorganic growth as well, where we could, through specific tuck-in acquisitions in a disciplined way, expand our offerings and geographies to help augment our technology and talent and continue to drive into the large growth ahead.

這讓我們處於有利位置，能專注於我們的策略、投資於內生成長，並著重於長期推動可持續的獲利性成長；同時我們也會持續提升調整後 EBITDA 的獲利能力，而這也會反映到現金流上。我們也在評估非內生成長的領域；也就是說，我們可能透過特定的小型併購（tuck-in acquisitions），以有紀律的方式擴大我們的產品服務與地理覆蓋，藉此強化我們的技術與人才，並持續把握前方龐大的成長機會。

But overall, we want to maintain our balance sheet and flexibility. We have an asset-light model, and we're focused on investing for product equity.

但整體而言，我們希望維持資產負債表的穩健與彈性。我們採用輕資產模式，並專注於投資以建立產品權益（product equity）。

Scott Devitt, Rosenblatt.

Scott Devitt，Rosenblatt。

Thanks, and great quarter and 4Q guide. I am curious, as investors start thinking more about '27-'28, can you just talk through the long-term model build for the marketplace business? Should investors be focused on sequential growth based on historical trend and tested by two-year stack growth? Is it going to be simply growth in buyers and revenue per buyer? We would like to better understand just how to think about the next few years.

謝謝，這一季表現很棒，第四季指引也很出色。我想問的是，當投資人開始更多思考 2027 到 2028 年時，你們能否談談市集（marketplace）業務的長期模型該如何建構？投資人應該著重於依據歷史趨勢的逐季成長，並用兩年堆疊成長（two-year stack growth）來驗證嗎？還是會單純是買家數成長與每位買家的營收成長？我們希望更了解未來幾年應該如何思考。

Secondly, love to hear your thoughts on the implications of the Schneider Electric PTC deal, how it fits into your view of the future of the industry? Thanks.

第二個問題，也想聽聽你們對施耐德電機與 PTC 交易的影響之看法，以及它如何符合你們對產業未來的觀點？謝謝。

Hey Scott, it is James. So yeah, as we talked about on the call, we are very excited about being at the opening innings here of this digital transformation. We see a very long-term growth trajectory. I think as we have mentioned on the call already, we see a lot of opportunity in continuing to grow out the buyers and buyer demand over time, both domestically and internationally. I think there is a lot of irons and opportunities there to continue to see growth, sustained buyer growth.

嗨 Scott，我是 James。是的，如同我們在電話會議上談到的，我們對於目前正處於這場數位轉型的開局階段感到非常興奮。我們看到非常長期的成長軌跡。我想如同我們在會議中已提到的，我們在持續擴大買家與買家需求方面有很大的機會，無論是在國內或國際市場。我認為這裡有很多正在進行的工作與機會，可以持續看到成長、以及可持續的買家成長。

From a revenue per buyer perspective as well, the growth that we have seen as we capture more enterprise continues, I think, to have a lot of opportunity ahead. I think as we get into next year and give guidance, what we will be able to do there is give a little bit more color on the mix between international and domestic and our various other growth initiatives to consider the balance between buyer growth and rev per buyer growth.

在每位買家的營收方面，隨著我們持續取得更多企業客戶，我們所看到的成長，我認為未來仍有很大的機會。我想當我們進入明年並提供指引時，我們能做的是提供更多細節，說明國際與國內的組合，以及我們各項其他成長計畫，讓大家在評估買家成長與每位買家營收成長之間的平衡時有更多資訊。

Scott, the one thing I would just add on, you can see in our slides and presentations, we have said over the billion-dollar run rate, we will continue to deliver at least 20% incremental adjusted EBITDA margins. So if you are looking at EBITDA growth, keep that in mind.

Scott，我想補充一點：你可以在我們的投影片與簡報中看到，我們曾表示在年化營收突破 10 億美元的水準後，我們將持續交付至少 20% 的增量調整後 EBITDA 利潤率。所以如果你在看 EBITDA 成長，請把這點納入考量。

And to your question on the trends in the industry with the Schneider PTC deal, actually, I think we are very, very excited about opportunities like that, where investments in the CAD space together with manufacturing changes is actually going to further accelerate the tailwind that we want to drive so hard, which is continue to focus on offline to online conversion. The more such collaborations happen, the more people will look for new solutions that are cutting edge and are best in class.

至於你問到施耐德與 PTC 交易對產業趨勢的影響，坦白說，我們對這類機會感到非常、非常興奮；因為在 CAD 領域的投資加上製造端的變革，實際上會進一步加速我們非常努力推動的順風因素，也就是持續聚焦於線下到線上的轉換。這類合作越多，越多人會尋找前沿、且同級最佳（best in class）的新解決方案。

And with the platform that we've built, with the intelligence that we are actually surfacing in other platforms, I think we continue to actually benefit from the changes that you're seeing with deals like that. So, very, very welcome and look forward to lots more.

而以我們所打造的平台、以及我們實際上在其他平台上所呈現的智慧能力來看，我認為我們會持續從你所看到的、像這類交易所帶來的變化中受益。所以，我們非常、非常歡迎，也期待未來有更多這樣的合作。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Yeah, thanks. Good morning. I wanted to ask maybe a follow-up on the net buyer additions, because that's what really stood out to us. I mean, you're seeing this acceleration. Apart from improved end market demand, are supply chain conditions worsening? Is labor availability becoming a bigger risk? I don't know, it'd be helpful to get a little bit perspective on some of these structural tailwinds that maybe you're experiencing.

好的，謝謝。早安。我想追問一下淨新增買家數，因為這點對我們來說最突出。你們看到這個加速。除了終端市場需求改善之外，供應鏈狀況是否正在惡化？勞動力可得性是否正在成為更大的風險？我不確定，但如果能就你們可能正在經歷的一些結構性順風因素提供一些觀點，會很有幫助。

And I guess as a follow-up in light of this, you've got Siemens ramping up next year. I know we got to wait another quarter for formal guidance, but any way to frame up, Sanjeev? I think you said strong compounding growth expectations, just not exactly sure what that means.

另外，基於這點的追問：西門子明年會加速推進。我知道我們還要再等一季才會有正式指引，但 Sanjeev，你能否提供一些框架？我想你提到「強勁的複利式成長」預期，只是我不太確定那具體代表什麼。

First and foremost to your question, I think I would say the challenges in the market, truly we are not seeing those at all. As you can see, when you're in an asset-light marketplace, you are not tied down with a specific set of assets that continue to drag down any challenges that may happen in a specific segment or a part of the industry.

首先針對你的問題，我想我會說，市場上的挑戰，我們確實完全沒有看到。如你所見，當你處於一個輕資產的市集模式時，你不會被一組特定資產所綁住；那些資產可能在某個細分領域或產業某一部分出現挑戰時，持續拖累表現。

For us, as an asset-light marketplace, which has truly applied AI in the field where we're looking at costing, sourcing, DFM at a very, very minute level, we are able to actually find capacity that is actually waiting for demand and use that capacity to actually surface the opportunities that supply needs, but also continuing to make sure that in the process, our margin numbers continue to improve. You've seen us accelerate our margin, GM going up to 36%, while we continue to scale. That happens mainly because we apply that AI to find unused pockets of supply that the demand is really requiring.

對我們而言，作為一個輕資產市集，而且我們確實在成本估算、採購、DFM（面向製造的設計）等領域以非常、非常細緻的層級應用 AI，我們能夠找到正在等待需求的產能，並利用這些產能把供應端所需要的機會呈現出來；同時也確保在這個過程中，我們的利潤率數字持續改善。你已經看到我們的利潤率加速提升，毛利率（GM）上升到 36%，同時我們仍在擴張規模。這主要是因為我們運用 AI 找到需求真正需要、但尚未被使用的供給空檔。

I think these are the times when asset-light marketplaces always shine. Time and again, we have seen that come true in other categories as well. We are very positive on continuing to actually use that to our advantage and actually take market share from everybody who may be tied down by assets that they own. To your point on compounding growth, yes, there is not a number in there that we can plug into a model just yet. Of course, we will give you 2027 guidelines in the next quarter.

我認為在這種時期，輕資產市集總是會發光發熱。我們一次又一次地看到，在其他類別中也同樣如此。我們對於持續把這點轉化為優勢、並從那些可能被自有資產綁住的競爭者手中取得市占，感到非常正面。至於你提到的複利式成長，是的，目前我們還沒有一個數字可以直接放進模型裡。當然，我們會在下一季提供 2027 年的指引。

But to be very specific, just the beginning of the innings that we are at, you have seen us drive significant growth in this market just in the last year and a half. And you can see we continue to target profitability and adjusted EBITDA growth. I think all of those pieces continue to come together as the asset-light model continues to find capacity that needs to run.

但更具體地說，考量到我們正處於開局階段，你已經看到我們在過去一年半在這個市場推動了顯著成長。而且你也可以看到，我們持續以獲利能力與調整後 EBITDA 成長為目標。我認為，隨著輕資產模式持續找到需要運轉的產能，這些要素會持續匯聚在一起。

Yeah, and I think we are always balancing growth and profitability, but feel very excited about that long-term opportunity that is ahead of us.

是的，我想我們一直在成長與獲利之間取得平衡，但對於眼前的長期機會感到非常興奮。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the questions. Maybe following on this theme and attacking it from a qualitative perspective of your philosophy around margins relative to growth. Given the growth momentum you have in the business now, how should we be thinking about anchoring around the 20% of at least 20%, or elements where your priorities might shift between optimizing for margin or optimizing for growth as you think about the long term and what that balance might look like?

非常感謝讓我提問。或許延續這個主題，從你們對於利潤率相對於成長的理念之定性角度來切入。鑑於你們目前業務的成長動能，當我們思考長期時，應該如何以「至少 20%」這個 20% 作為錨點？或者在某些情況下，你們的優先順序可能會在追求利潤率最佳化與追求成長最佳化之間有所轉移；那個平衡可能會是什麼樣子？

The second part of the question would be, how should we be thinking about the scaling of margins internationally as the business builds in terms of the revenue base? Thanks so much.

問題的第二部分是，隨著業務在國際市場建立營收基礎，我們應該如何看待國際業務利潤率的規模化（scaling）？非常感謝。

Thanks, Eric. It's James. I'll kick off and maybe have Sanjeev talk a little bit about our gross margin algorithms. I think there's two parts to it, really, because there's the gross margin that we talked about, and that path to 35%-40%. Within that, what we've seen this year is, as we've rolled out these improving algorithms, it's given us the ability to respond and those to respond to what we see in the marketplace, whether that's leaning into market share driving or margin.

謝謝，Eric。我是 James。我先開場，之後也許請 Sanjeev 稍微談一下我們的毛利率演算法。我認為這其實有兩個部分，因為一方面是我們談到的毛利率，以及通往 35%–40% 的路徑。在這之中，我們今年看到的是，隨著我們推出這些持續改進的演算法，它讓我們有能力做出回應，也讓我們能回應我們在市場上看到的情況，不論是更偏向推動市占，或是更偏向毛利率。

I think while the continued journey is into that long-term range, I think our marketplace responds to the demand signals that it's seeing, and we'll see that play out. On the operating expense side, I think this is a very relentless pursuit of leverage here and focus and discipline across our teams, as well as utilizing automation and AI tools to help us continue to see improvements there. You've seen that in marketing over the last year, as well as in sales and G&A. I think we'll continue to invest in product, which will also be able to improve operations and support over time as well.

我認為，雖然我們仍在朝那個長期區間前進，但我們的市場會對其所看到的需求訊號做出反應，而我們也會看到這點逐步展現。在營業費用方面，我認為我們在這裡非常持續且不懈地追求槓桿效益，並在各團隊之間保持專注與紀律，同時也運用自動化與 AI 工具，協助我們持續看到改善。你們在過去一年已經在行銷上看到了這點，也同樣體現在銷售與 G&A（一般及行政費用）。我認為我們會持續投資產品，而這也將隨時間推進，進一步改善營運與支援。

I think that those are the algorithms that we're looking at. With the large opportunity ahead, I think we've given you that framework of at least 20%, such that if we see the opportunity to drive between market share gain and growth versus margin, we have that ability. Again, I think over the long term, we expect to expand further into our target range of 35% to 40% gross margin as well, which would actually continue our six-year trend of year over year growth in marketplace gross margins. That commitment you have from us.

我認為這些就是我們正在看的那些演算法。在前方有很大機會的情況下，我想我們已經給了你們至少 20% 的框架，因此如果我們看到在市占提升與成長相對於毛利率之間有推動的機會，我們具備那樣的能力。再次強調，長期而言，我們也預期毛利率會進一步擴張到 35% 到 40% 的目標區間，這其實也會延續我們市場型業務毛利率連續六年逐年成長的趨勢。這是我們對你們的承諾。

The main drivers there for this continued expansion are again back to our five-part strategy that we spoke about, and the continued delivery that you've seen on those elements already. And then on international, we saw some good progress this quarter, which I think we'll see in the second half here. I think we'll continue to be focused on that improving.

推動這項持續擴張的主要動能，仍然回到我們先前談到的五大策略，以及你們已經在這些要素上看到的持續交付成果。另外在國際市場方面，本季我們看到一些不錯的進展，我認為在下半年會更明顯地展現出來。我認為我們會持續專注於改善這一塊。

When we look at the segment that you'll see in the Q, while third quarter margins are 8.5%, the US is at 10%, so making really good progress towards the long-term target on marketplace adjusted EBITDA margin. Again, international remains this huge opportunity for us that we're excited about investing in.

當我們看你們在 Q 裡會看到的分部表現時，雖然第三季的利潤率是 8.5%，但美國是 10%，因此在市場型業務調整後 EBITDA 利潤率朝長期目標前進方面，確實取得了很好的進展。再次強調，國際市場對我們而言仍是一個龐大的機會，我們也很期待持續投入。

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Hey, gentlemen. Congrats on this nice stretch of great results. James, question for you. You kind of just hit on it a little bit. It was the international adjusted EBITDA. It was almost at break-even this quarter. I guess I was curious if there's more incremental flow-through on kind of margins in international sales than US, given just kind of where it is right now.

嗨，各位先生。恭喜這一段時間交出很漂亮的一連串成果。James，我有個問題想請教你。你剛剛其實有稍微提到。是關於國際業務的調整後 EBITDA。本季幾乎達到損益兩平。我想了解的是，考量目前的基期，國際銷售的利潤率增量流入（flow-through）是否會比美國更高？

Then also if I could throw in just a second question here, is the flow-through margin for the Siemens channel also going to be greater than 20% incremental? Thank you.

另外如果我可以再加問第二個問題：Siemens 通路的增量流入利潤率也會高於 20% 嗎？謝謝。

Thanks, Troy. So yeah, I think in international in the quarter, there was some expense favorability that I think is a little bit of a one-off. So, I think the flow-through we had this quarter was particularly strong. I think that'll balance out in Q4. Overall, I'd say the gross margin is pretty similar, and I think we can see us achieve the same, similar types of flow-through as we're targeting overall when it comes, as we get into 2027 and over a long period.

謝謝，Troy。是的，我認為本季國際業務有一些費用面的有利因素，我覺得有點像一次性的影響。所以我認為我們本季的流入表現特別強。我認為這在第四季會回到較為平衡的狀態。整體而言，我會說毛利率其實相當接近，而我認為隨著我們進入 2027 年並在更長的期間內，我們在流入表現上也能達到與整體目標相同或相近的水準。

To your question on Siemens, yes, exactly right. Without the sales and marketing associated with having to acquire those buyers, when they do flow through, they should be flowing through at a higher incremental margin. I think to me, the international opportunity truly is about growth. As we said before, we've now created a playbook that you started to see work in the US We hired a new GM to lead Europe, and you'll see that same playbook being rolled out in international over the next few quarters.

至於你問 Siemens 的部分，是的，完全正確。由於不需要承擔為了取得那些買家而產生的銷售與行銷成本，當這些收入流入時，應該會以更高的增量利潤率流入。我認為對我來說，國際機會真正的重點在於成長。如同我們之前說過的，我們現在已經建立了一套你們開始看到在美國奏效的作戰手冊（playbook）。我們聘請了一位新的總經理來領導歐洲，而你們將在接下來幾季看到同樣的作戰手冊在國際市場推行。

That should actually truly be very exciting, given Europe historically has always been faster trajectory for us, just growing even this quarter, revenue grew 32%, up from 29% even in Q2. Even through this period, we are continuing to accelerate international, but there's lots more opportunity that's still untapped there.

這其實會非常令人振奮，因為歐洲在歷史上一直是我們成長軌跡更快的地區；就算在本季，營收仍成長 32%，高於第二季的 29%。即便在這段期間，我們仍在持續加速國際業務，但那裡仍有更多尚未被開發的機會。

Matt Swanson, RBC Capital Markets.

Matt Swanson，RBC Capital Markets。

Great. Thank you guys so much for taking my questions. It feels like the last few quarters or the last year has kind of been the most rapid innovation cycle that we've seen from the company in terms of both product and updates. We're also seeing more and more partnerships, obviously Siemens, and then now with TradeCentric.

很好。非常感謝各位回答我的問題。感覺過去幾季或過去一年，就產品與更新而言，是我們看到公司最迅速的一段創新週期。我們也看到越來越多的合作夥伴關係，顯然包括 Siemens，然後現在還有 TradeCentric。

Could you just talk a little bit more about how you think about your internal development cycle versus where you want to partner, and then where you might want to kind of develop in parallel with partnerships?

能否請你們多談一點，你們如何看待內部開發週期與希望透過合作的部分之間的取捨，以及哪些領域你們可能會希望與合作夥伴並行開發？

That's a very, very interesting question. I will say we have actually been always AI-first as a company. The company started off with Instant Quoting Engine IQE, which was built on a data science model. That data science model now we've converted into an interconnected set of models that span the entire order-to-part journey.

這是一個非常、非常有意思的問題。我會說，其實我們一直都是一家 AI-first（AI 優先）的公司。公司一開始是從即時報價引擎 Instant Quoting Engine（IQE）起步，那是建立在資料科學模型之上。而那個資料科學模型，我們現在已經把它轉換成一組彼此互聯的模型，涵蓋從接單到零件（order-to-part）的整個流程。

As part of these integrations, as you very well pointed out, the true insight that we generate on the part through our DFM or the potential pricing that will hold in the real world and somebody would be ready to produce for, we want to surface that in other places. To your point, when we actually surface with our first pillar of strategy, that intelligence in other marketplaces, that in other software tools and partners, that will not just be us. It will be actually joint development for those outcomes as well.

作為這些整合的一部分，正如你所指出的，我們透過 DFM 所產生的對零件的真正洞察，或是在真實世界中能成立、且有人願意依此生產的潛在定價，我們希望能把這些能力呈現在其他地方。如你所說，當我們依照第一個策略支柱，把那種智慧帶到其他市場、其他軟體工具與合作夥伴時，那不會只是我們單方面完成。實際上也會是為了達成那些成果而進行的共同開發。

In fact, I mentioned a little bit in my comment around agentic, that in agentic, we are actually super excited about what we are seeing in generative CAD and the agentic purchasing there. In fact, those spaces are some of the hottest spaces for conversations that we continue to have with various players.

事實上，我在談到 agentic（代理式）時也稍微提到，在 agentic 方面，我們對於生成式 CAD 以及其中的代理式採購（agentic purchasing）所看到的進展感到非常興奮。事實上，這些領域是我們持續與各種參與者進行對話時，最熱門的一些主題。

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

謝謝。我們的問答環節到此結束。感謝各位參與今天的會議。本次議程到此結束。各位現在可以斷線。