Velo3D, Inc.

Greetings and welcome to the Bello 3D third quarter 2025 financial results. At this time, all participants are in a listen-only mode. A question and answer session will follow the presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, James Carbonara, Investor Relations. Thank you. You may begin.

Thank you, operator. Good afternoon, everyone, and welcome to Velo3D's third quarter 2025 earnings call. Before we begin, please note that today's call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. please refer to our press release issued earlier today, as well as our filings with the SEC, including our 2024 Form 10-K for a discussion of these risks. We will also reference certain non-GAAP financial measures during the call. Reconciliations between GAAP and non-GAAP results can be found in today's press release, which is available on the Investor Relations section of our website. A replay of this call will also be available shortly after its conclusion. With that, I will turn the call over to our CEO, Arun Jaldi.

Thank you, James. Good afternoon, everyone, and thank you all for joining Velo3D's third quarter 2025 earnings conference call. This quarter represents another important milestone in Velo3D's transformation into a high-value recurring industrial technology platform. one that is deeply aligned with the future of advanced manufacturing, digital production, and national industrial resilience. Over the past year, we have been executing a disciplined and deliberate transformation strategy shifting from a hardware-driven model to a scalable platform business built on recurring services, industrial partnerships, and mission-critical applications. Our third quarter results reflect that progress. We are delivering steady growth, operational improvement, and expanding margins, all while maintaining a clear line of sight toward profitability in the first half of 2026. In Q3, we delivered revenue of $13.6 million, consistent with last quarter, and up over 65% year-over-year from $8.2 million in 2024. This growth demonstrates the increasing market validation of our platform, the steady ramp of our rapid production services business, and the strength of our relationships with leading aerospace, defense, and industrial customers. Our backlog grew to $21 million as of September 30th, up from $16 million at the end of quarter two, reflecting strong repeat orders and long-term production contracts from customers who are embedding Velo3D into their mission-critical supply chains. Our RPS platform is at the heart of this transformation. It enables customers to achieve digitally certified high complexity parts onshore at speed and with unmatched geometric freedom. For many customers, RPS is becoming their preferred pathway to production grade additive manufacturing, delivering not only agility and precision, but also a repeatable digital thread that enhances traceability and reliability across programs. This business is rapidly evolving into a recurring revenue for Velo3D, providing visibility, predictability, and sustainable margin expansion. The third quarter was rich with progress across our key markets and technology roadmap. We achieved several significant milestones that strengthened our position as the technology partner of choice. for high-performance manufacturing. Six million in sales and service agreements were signed under U.S. Navy's Maritime Industrial Base Program, where we developed and qualified copper-nickel alloys for use in our SAFIRE systems. This work supports shipbuilding modernization and repair initiatives due to strengthening U.S. maritime readiness. We joined the US Army DEVCOM AVMC manufacturing and sustainment initiative, advancing cost-effective additive manufacturing for aluminum CP1. This broadens our materials portfolio and expands our presence in defense-grade lightweight metals, a critical capability for next-generation platforms. Our partnership with LEND AMT is enabling the domestic sourcing of copper nickel 7030 powder directly addressing one of the most urgent challenges facing U.S. defense and industrial supply chains, which are materials security and traceability. We achieved AS9100D certification for our RPS quality management system. a major milestone that validates the maturity of our operations and our readiness to scale production within the aerospace and defense sectors. We announced the integration of DynDright LPBF pro software across our SAFIRE and SAFIRExE platforms, unlocking AI-enabled toolpath optimization and rapid process development capabilities that shorten customer time to qualification. And finally, we expanded our partnership with innovative rocket technologies, scaling U.S.-based production for reusable launch vehicle and defense propulsion systems, further anchoring Velo3D in the emerging space and hypersonic manufacturing ecosystem. Collectively, these milestones underscore our technological differentiation. Our alignment with strategic U.S. industrial programs and our ability to compete in the highest value segments of advanced manufacturing. Beyond operations, Q3 marked the defining corporate milestone for Velo3D. We successfully uplisted our common stock to the NASDAQ capital market, a step that not only enhances our visibility and credibility with the broader investment community, but also informs our progress in governance, transparency, and institutional readiness. The up-listing positions Velo3D alongside leading technology innovators and open across to a broader pool of global investors who share our vision for the future of intelligent digital manufacturing. In conjunction with that listing, we completed a $17.5 million underwritten public offering for our common stock. The strong participation in the offering reflects growing investor confidence in our transformation strategy, the scalability of business model, and our trajectory towards profitability. The proceeds from the offering have significantly strengthened our balance sheet, enhancing liquidity. Improving working capital flexibility and providing the fuel to accelerate our RPS scaling. Advance R&D programs in new materials and software. Invest in automation and capacity expansion at our production facilities. This financial strength enables us to execute from position of confidence, investing varied matters, scaling where we see opportunity, and maintaining clear focus on EBITDA profitability in the first half of 2026. Our performance in the first nine months of 2025 demonstrates the momentum building across our business. We have a strong order book, expanding customer base, improving margins, and tighter cost discipline. Based on this progress and our current visibility into Q4, we are reaffirming our full year 2025 guidance. Our revenue will be with $50 to $60 million, and sequential gross margin improvement reaching 30% or higher by quarter four of 2025. The non-GAAP operating expenses will be anywhere between $40 to $50 million. Capital expenditure will be $15 to $20 million. EBITDA positive in the first half of 2026. These targets reflect our continued confidence in strength of our execution, the resilience of our business model, and the depth of demand across our end markets. We believe that Velo3D is now positioning at a unique intersection where digital manufacturing, material innovation, and national reindustrialization coverage. Our technology is not only enabling customers to build impossible, but to do so at production scale with quality and repeatability that meet the highest industry standards. We are confident that the steps we are taking toward today to expand RPS Deep in defense partnerships and invest in material and software innovation will yield a strong, profitable growth platform for years to come. With that, I will turn the call over to our CFO, Al Xu, for a deeper look at our financial performance.