Velo3D, Inc.

Greetings and welcome to the first quarter 2026 earnings call. 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. Please note this conference is being recorded. I will now turn the conference over to James Carbonero, investor relations. Thank you.

You may be good. Thank you, operator. Good day, everyone, and welcome to Velo3D's first quarter 2026 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 2025 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. Arun, please go ahead.

Good afternoon, everyone. And thank you for joining Velo3D's first quarter 2026 earnings call. 2026 is off to a strong start for Velo3D. We are seeing accelerating momentum across the business. Driven by strong execution, expanding customer demand, and increasing adoption of additive manufacturing as a true production technology across defense and aerospace markets. In the first quarter, Revenue increased 48% year over year, reflecting continuous strength across both our defense and commercial aerospace and markets as qualified programs increasingly convert into full-scale production activity. We believe this performance underscores the growth strategic, growing strategic importance of our technology. and the confidence customers are placing in Velo3D as a long-term manufacturing partner. A major highlight this quarter was continued expansion of our rapid production solution, or RPS, business, which now represents an increasingly meaningful portion of total revenue. We believe this evolution is transformational for Velo3D. Unlike traditional one-time system sales, RPS creates long-duration production relationships with repeat utilization across multiple programs, driving greater visibility, stronger customer integration, and what we believe will be improved long-term economics for the business. As adoption accelerates, we believe this makes shift positions us to pursue more durable, high quality revenue streams and scalable. Profitable growth over time. From a profitability standpoint, we delivered positive gross margin of 17% during the quarter. A significant milestone and another strong indicator that the structural improvements we have implemented are taking hold. Gross margin expansion was driven by higher utilization rates. improved manufacturing efficiency, better absorption of fixed costs, and continued operational discipline throughout our production footprint. Importantly, we believe we are still in early innings of this margin expansion story. We expect meaningful continued progress throughout 2026. As production volumes increases, RPS continues to scale and operating leverage improves. Our backlog was approximately $30 million compared to approximately $31 million at year-end, reflecting a modest decline, while bookings totaled approximately $12 million during the first quarter. Demand trends remain highly encouraging, particularly across defense and aerospace customers, pursuing larger-scale production deployments. It's important to recognize that bookings can fluctuate from quarter to quarter due to the timing of government procurement cycles and the size of individual production awards. However, the underlying pipeline continues to strengthen significantly, and we are seeing growth, growing momentum in both quality and quality of opportunities entering the funnel. This quarter also included several landmark commercial and defense achievements that we believe further validate Velo3D's growing strategic importance within advanced manufacturing. An announcement in our latest earnings call in March, 2026. We continue to execute on our program with defense contractors, supporting the US Navy, US Army, and other defense programs. We had announced in February and $11.5 million full-rate production contract from a major U.S. defense prime contractor. This award represents a meaningful step beyond qualification and pilot activity into scale production deployment and reflects increasing confidence in our ability to deliver complex, mission-critical components, reliable and at scale. Also in February, we had announced the Velo3D became the first additive manufacturing vendor qualified for U.S. Army ground vehicle applications. We believe the milestones is particularly significant because it establishes a new benchmark for additive manufacturing adoption within defense platforms and further expands our long-term opportunities across military sustainment and modernization programs. In March, we also announced that Velo3D was awarded a $9.8 million five-year IDIQ contract with the Defense logistics agencies supporting the Joint Directive Manufacturing Acceptability, or JAMA, pilot project program. This award is strategically important for several reasons. First, it reinforces Velo3D's growing role within critical defense sustainment initiatives. Second, it validates the strength and reliability of our technology for Michigan critical applications. And third, it positions at the forefront of the Department of Defense's adoption of additive manufacturing solutions designed to improve readiness, resilience, and supply chain flexibility. Collectively, these wins represent more than just contract value. They demonstrate increasing institutional adoption of Velo3D technology across some of the most demanding and strategically important manufacturing environments in the world. More broadly, we continue to deepen engagement across our customer base. Existing customers are expanding utilization into additional programs, while new customers are progressing through evaluation and qualification cycles at an increasing pace. We are seeing a growing number of defense primes and tier one aerospace suppliers transition from pilot projects into multi-system production deployments. This marks an important inflection point for additive manufacturing industry and further validates our belief that the market is increasingly moving from experimentation to scale production adoption. The macro backdrop in defense remains highly favorable. Governments and defense organizations continue prioritizing modernization. Domestic manufacturing capabilities, supply chain resilience, and faster production timelines We believe these trends align directly with Velo3D's core trends and significantly expand our long-term opportunity set. In our space, demand for complex high-performance metal components remain robust. Customers increasingly require advanced manufacturing technologies capable of delivering precision, repeatability, and scalability for mission-critical applications. And we believe Velo3D is well-positioned to meet these needs. Importantly, the pipeline itself is evolving. Not only are we seeing more opportunities overall, but we are also seeing larger, more sophisticated production opportunities emerge earlier in the sales cycle. Increasingly, customers are evaluating multi-system deployments from outset rather than beginning with single-system installations. We view this as a strong indicator of where the industry is headed and of Velo3D's growing role in that transition. To support this growing demand environment, we are actively advancing plans for our next manufacturing capacity expansion. This expansion is expected to meaningfully increase output while also improving operational efficiency through automation, optimized workflows, and enhanced throughput capabilities. At the same time, we continue investing strategically technology roadmap. Our teams are making meaningful progress across AI-driven process optimization, advanced software integration, and next-generation manufacturing intelligence tools designed to improve consistency, accelerate cycle times, and enhance overall system performance. We're also advancing robotics integration initiatives that we believe will further increase scalability, and reduce manual intervention across production environments. Together, we expect these capabilities to move us closer to our long-term vision of fully connected intelligence manufacturing ecosystem. Ultimately, we see significant opportunities to evolve beyond discrete part production toward a closed-loop digital manufacturing platform. The customer can design, validate, optimize, and manufacture mission-critical parts using real-time production intelligence. Overall, the first quarter represents another important step forward in Velo3D's evolution. We believe we're executing against a large and expanding market opportunity driven by defense modernization, industrial reshoring, and accelerating adoption of additive manufacturing at production scale. While we are encouraged by our progress, we recognize that execution at scale brings new challenges, and we remain focused on managing costs and capital carefully as we grow. We believe Velo3D is playing an increasingly important role in this transformation. Our focus remains clear, execute with discipline, scale efficiently, deepen customer relationships, and continue investing in technologies and capabilities that will drive long-term growth, profitability, and shareholder value creation. With that, I'll turn the call over to our CFO, Jim Sua, to walk through our financial performance in more detail.