Velo3D, Inc.

and welcome to the Velo3D Fiscal Year 2025 Financial Results. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, James Carbonara, Hayden Investor Relations. Thank you, James. You may begin.

Thank you, Operator. Good afternoon, and welcome to Velo3D's fourth quarter and full year 2025 earnings call. Before we begin, please note that today's call will contain forward-looking statements within the means or max 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 2025 Form 10-K for 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. Arun, please go ahead.

Good afternoon. 2025 was a defining year for Velo3D, a year where strategy, execution, and market timing converged to unlock meaningful growth and position us at the center of next-generation manufacturing. We delivered double-digit revenue growth driven by accelerating demand for our rapid production solutions and our unmatched large format additive manufacturing capabilities. And importantly, we exited the year with powerful momentum. In the fourth quarter, we achieved record bookings and built a backlog of approximately 31 million, which we believe is a clear evidence that demand is not only strong, but accelerating. This momentum gives us high confidence as we look ahead to 2026 and beyond. We believe that what's driving this growth is not just adoption, it's reliance. Our technology has become mission critical. In defense, we reached major milestones by becoming the first additive manufacturing vendor qualified under the U.S. Army's Ground Vehicle Systems Center initiative. This is a breakthrough moment, not just for Velo3D, but for the broader adoption of additive manufacturing in defense supply chains. We deepened that relationship through a cooperative research and development agreement with DEVCOM, positioning us at the forefront of solving some of the most urgent challenges in the defense manufacturing, speed, resilience, and scalability. We also secured a key Department of War contract supporting Project FORGE, enabling faster prototyping and qualification of components to eliminate bottlenecks in defense production. And importantly, we won a multi-year full-rate production contract with major defense prime contractor, a strong validation that our technology is moving beyond prototyping and into sustained high volume production. On the commercial side, adoption is accelerating just as quickly. Our rapid production solutions are now being used by Intergalactic to manufacture advanced heat exchanger components for next generation aviation platforms. demonstrating how our technology scales seamlessly across industries with precision, repeatability, and performance. But what truly differentiates Velo3D and where we see the next phase of value creation is the evolution of our business model beyond hardware. As we scale our install base and expand production capacity, Velo3D is well positioned to pursue opportunity in digital manufacturing data and analytics. This is a powerful shift. Every build, every part, every material input, and every design iteration across our growing network of production systems generates high value data. With this expansion over time, we expect to build a connected ecosystem that could deliver real-time insights across materials, design optimization, and process performance. Over time, we expect that this platform would enable customers to not only manufacture complex metal parts, but to continuously improve them. We see a future where engineers can design, simulate, validate, refine components in a closed-loop environment powered by live production data, accelerating innovation cycles and unlocking entirely new classes of metal applications. This is about moving from manufacturing parts to powering next-generation digital manufacturing intelligence. And importantly, we see potential to extend across industries from defense to aerospace to energy, which we believe could create an additional revenue layer on top of our production business. This is a key pillar of our long-term strategy and a significant driver of potential future value. Now, Stepping back into the broader market, across defense and aerospace, we are seeing a structural shift. Customers are demanding faster, more localized, and more resilient supply chains. Programs are no longer staying in development. They're scaling into production. They're doing so rapidly, we believe this creates a compounding demand effect. Programs that begin with a single system are quickly expanding to multiple systems. sometimes within months. As volumes increase and new programs come online, demand just doesn't grow. It accelerates. Based on the programs we have already won and the trajectory we are seeing across our customer base, we developed a long-term capacity plan envisioning up to approximately 400 production systems over the next decade, subject to securing additional financing and continued growth programs. This is a demand-driven roadmap grounded in real programs, real customers, and real scaling needs that we are seeing today. To capture this opportunity, we are moving decisively. We are developing a near-term expansion plan designed to significantly increase our production capacity. This includes scaling our manufacturing footprint and investing in automation to drive IL throughput. while maintaining the exceptional quality required for mission-critical applications. And with demand accelerating, we expect to raise additional capital to move faster. Our approach to capital is disciplined and shareholder-focused. We are leveraging asset-backed financing as a core strategy, using our production systems as collateral to fund growth with minimal dilution. We already demonstrated success with this model and expect to continue financing a significant portion of new systems through debt. In parallel, we are actively exploring potential government-backed financing program designed to support domestic manufacturing expansion, which offer highly attractive non-diluted capital. Any equity we raise will be targeted, focused on scaling our workforce and operational infrastructure, with the goal of timing dilution while enabling us to fully capitalize on the significant market opportunities. This is about scaling intelligently, efficiently, and with strong returns in mind. Beyond organic growth, we also see meaningful opportunities to strengthen our ecosystem through strategic M&A, particularly in areas like feedstock and metal powder, where vertical integration can drive both cost advantages and supply chain resilience. As we look ahead, we believe the story is clear. It appears we are in the intersection of two powerful forces, the reindustrialization of critical supply chains and the rapid adoption of additive manufacturing at scale. Velo3D is not just participating in this shift. We are helping lead it. 2025 was the foundation year where we proved the model, secured critical partnerships, and built the momentum. 2026 and beyond is about positioning us to pursue sustained growth, expanding our footprint, building a category-defining digital manufacturing platform, and delivering long-term value for our shareholders. With that, I'll turn the call over to our CFO, Bernie Chung, to walk through our financial performance in more detail.