Ladies and gentlemen, please stand by. Management is having technical difficulties. Your call will begin at 4:40 P.M. Eastern Time. Once again, please stand by. [Break] Good day, and thank you for standing by. Welcome to the Rapid Micro Biosystems first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Beaulieu, investor relations. Please go ahead. Thank you, Shannon. Good afternoon, and thank you for joining the Rapid Micro Biosystems first quarter earnings call. We apologize for the delay as we were experiencing some technical difficulties on our end. Joining me on the call are Rob Spignesi, President and Chief Executive Officer, and Sean Wirtjes, Chief Financial Officer. This afternoon, we issued a press release announcing our first quarter results. A copy of the release is available on the company's website at rapidmicrobio.com under Investors in the News and Events section. Before we begin, I'd like to remind you that many statements made during this call may be considered forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements, including but not limited to statements relating to Rapid Micro's financial condition, assumptions regarding future financial performance, anticipated future cash usage, statements related to the company's term loan facility, guidance for the second quarter and full year 2026, including revenue, expenses, gross margins, system placements and validation activities, expectations for and plan activities related to Rapid Micro's business development and growth, including the expected benefits from our distribution and collaboration agreement with MilliporeSigma, customer interest and adoption of the Growth Direct System and the impact of the Growth Direct System on their businesses and operations, and statements regarding the potential impact of general macroeconomic conditions on our business and that of our customers. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors, including our ability to meet publicly announced guidance, the impact of our existing and any future indebtedness on our ability to operate our business, our ability to assess any future tranches under our debt facility and to comply with all its obligations thereunder, our ability to deliver products to customers and recognize revenue, and market and macroeconomic conditions. For a more detailed list and description of the risks and uncertainties associated with Rapid Micro's business, please refer to the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission, as updated from time to time in our subsequent filings with the SEC. We urge you to consider these factors, and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 13, 2026. Rapid Micro disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I'll turn the call over to Rob. Thank you, Mike. Good afternoon, everyone. I'll begin today's call with a brief overview of our first quarter performance, then discuss our priorities for the year before turning the call over to Sean for a more detailed review of our first quarter results and our Q2 and full year 2026 outlooks. Today, we reported total revenue of $8 million, representing 11% year-over-year growth, driven by continued momentum across system placements and recurring revenue. During the quarter, we placed six Growth Direct Systems, as of March 31st, we had 196 systems placed globally, including 160 fully validated systems. Placement activity in the quarter was led by multi-system follow-on order from Samsung Biologics, highlighting continued success with larger key customers. Product revenue increased 36% in the first quarter, driven by a record quarter for consumables, which grew more than 30%, reflecting increased utilization in a growing installed base. Service revenue was in line with the guidance we provided in March. Recurring revenue increased 28%, driven by strong growth across both consumables and service contract revenue, and represented 63% of total revenue in the quarter. First quarter gross margin was 5%, consistent with our guidance, representing an 8 percentage point improvement from the fourth quarter of 2025. With that overview, I'll now turn to our priorities and review our progress thus far in 2026, starting with accelerating Growth Direct System placements. We're off to a solid start in 2026. Our commercial team is expanding the funnel with continued momentum in multi-system opportunities and strong engagement, including global rollout discussions with large customers. In early April, we hosted a Japan Growth Direct Day event in Tokyo that brought together current users and prospective customers, the first of three regional Growth Direct Day customer events planned for 2026. The program enabled robust peer-to-peer discussions regarding implementation and validation and highlighted the operational benefits of automating and standardizing microbial QC on the Growth Direct platform. Following Japan, I visited South Korea and met with customers to discuss their QC automation roadmaps. Across these conversations, we discussed a clear intent in scaling Growth Direct deployments as customers accelerate their plans to adopt automation and enterprise-wide standardization in microbial QC. The Asia-Pacific region is an important growth driver for Rapid Micro as we work to accelerate system placements and deepen relationships with large biopharma manufacturers. The engagement we're building in the region positions us well to become a long-term technology partner as the imperative to automate continues to broaden. We're also expanding our installed base across the region with system placements in markets such as Singapore and Australia. In addition, we placed our first Growth Direct System in China, where investment in advanced therapies, including cell and gene therapies, continues to increase, and regulatory pathways are evolving to support accelerated review. Overall, our activities in Asia-Pacific are strengthening customer relationships, building reference sites, and supporting continued acceleration of system placements over time. Looking ahead, in June, Amgen will sponsor our first North American Growth Direct Day. We expect the event to bring together existing and prospective customers and further support momentum in our core biopharma market. I look forward to providing an update on our second quarter earnings call. In addition to our direct commercial channel, our collaboration with MilliporeSigma continues to expand the opportunity for Growth Direct placements, not only in our core pharmaceutical market, but also adjacent markets such as personal care and medical devices. MilliporeSigma is prioritizing automation and digital technologies to help shape the future of the pharma QC lab. This effort centers on improving productivity, reliability, and data integrity. These are areas where the Growth Direct excels and delivers clear customer value. The Growth Direct platform complements MilliporeSigma's product portfolio, and we are pleased to be included within this broader automation framework. We also entered into a services agreement with MilliporeSigma that makes Rapid Micro the exclusive provider of validation, qualification, and maintenance services to their customers that purchase Growth Direct systems. In parallel, we are progressing toward a supply agreement as part of our margin expansion initiatives and continue to collaborate on joint new product development opportunities and enhancements to existing products. Turning to our priority of expanding gross margins, our performance in 2026 continues to track in line with our expectations and within the framework we've previously outlined. Our primary driver for our full year 2026 gross margin guidance of approximately 20% is a meaningful improvement of consumable margins. We have already begun to realize more favorable pricing from several key suppliers, which is lowering our cost structure and meaningfully improving our visibility. Combined with additional actions underway to improve systems manufacturing efficiency, this gives us confidence in an inflection to positive product gross margins beginning in the second quarter. Service margins, where we are currently meaningfully positive, are also expected to accelerate further in the second half of 2026 as revenue ramps, supporting our outlook for an overall gross margin rate in the fourth quarter in the mid 20% range. Looking further out, we remain focused on our long-term goal of 50%+ gross margins, supported by internal initiatives in our work with MilliporeSigma to reduce costs across systems and consumables. These efforts include manufacturing efficiencies, improved sourcing and supply chain optimization, and overhead leverage as volumes scale. Service margins are expected to continue improving through productivity gains and improved headcount leverage across a growing installed base. To conclude my remarks, customer demand remains strong, with purchasing decisions increasingly strategic in nature and, in many cases, focused on the Growth Direct as an enterprise priority. Our direct commercial organization is executing well, and our collaboration with MilliporeSigma continues to advance. Supported by favorable industry tailwinds, including increased automation, U.S. reshoring initiatives, and the growing complexity of advanced biomanufacturing, these dynamics are enhancing our visibility into our longer-term commercial pipeline extending into 2027 and 2028. Based on our first quarter performance and outlook, we are reaffirming our full year 2026 revenue guidance of $37 million-$41 million, including 30- 38 system placements. With that, I'll turn the call over to Sean to discuss our first quarter performance and 2026 outlook in more detail. Sean? Thanks, Rob, and good afternoon, everyone. I'll begin with an overview of our first quarter 2026 results, followed by our outlook for the second quarter and full year. We will then open the call for questions. Total revenue for the first quarter increased 11% to $8 million, compared to $7.2 million in the prior year period. We placed six Growth Direct systems in the quarter, compared to three in Q1 2025. Product revenue, which includes systems and consumables, increased 36% to $5.6 million, compared to $4.1 million in Q1 2025. The increase was driven by strong consumable growth of more than 30% and higher system placements. Service revenue was $2.4 million compared to $3.1 million in Q1 2025. This was within the guidance range we provided in March. As a reminder, the timing of validation activities is typically the largest driver of quarter-to-quarter variability in service revenue. We completed five validations in the first quarter, compared to nine in the prior year period. Recurring revenue increased 28% to $5.1 million, compared to $4 million in Q1 2025. Non-recurring revenue, which is primarily comprised of systems and validation revenue, was $2.9 million, compared to $3.2 million in the prior year period. Turning to margin, total first quarter gross margin and gross margin percentage were relatively flat compared to Q1 last year at $0.4 million and 5% respectively. This was in line with our guidance. Within this, Q1 product margin was - 8% compared to - 23% in Q1 last year. The 15 percentage point improvement was mainly driven by a 33 percentage point improvement in consumable margins, resulting mainly from direct material cost reduction activities, increased manufacturing productivity and efficiency, and operating leverage from higher volumes. Q1 service margin was 34% in the first quarter, compared to 43% in Q1 last year. The lower service margin was due to the lower service revenue in the period, which is partially offset by the positive impact of productivity improvements made over the past year. Moving down the P&L, total operating expenses were $14.2 million in the first quarter, compared to $12.1 million in Q1 2025. Within OpEx, R&D expenses were $3.4 million, sales and marketing expenses were $3.4 million, and G&A expenses were $7.4 million, which included $0.9 million of severance and other non-recurring corporate expenses. Interest income was $0.3 million, and interest expense was $0.6 million in the first quarter. Q1 net loss was $14.3 million. This compares to a net loss of $11.3 million in Q1 last year. The larger net loss in Q1 this year was primarily attributable to the non-recurring G&A costs I just mentioned, as well as interest expense on the debt we issued in Q3 last year, lower interest income, and higher non-cash stock-based compensation expense. In Q2, we expect net loss to step down and be comparable to the second quarter last year, and then show progressive improvement in Q3 and Q4 compared to the comparable periods last year. Net loss per share was $0.31 in Q1, compared to net loss per share of $0.26 in the prior year quarter. With respect to non-cash expenses and capital expenditures, depreciation and amortization expenses were $0.7 million. Stock compensation expense was $1.2 million, and capital expenditures were $0.4 million in the first quarter. I'll turn to our outlook for the second quarter and full year. For the full year 2026, we are reaffirming our total revenue guidance of $37 million-$41 million, which assumes 30-38 system placements. For Q2, we expect revenue of at least $7.7 million, which includes at least four system placements. We continue to expect to complete at least 25 validations in 2026. Turning to margins, we expect our Q2 gross margin as a percentage of revenue to be in the mid to high teens. For the full year, we continue to expect total gross margins of approximately 20%, with a Q4 exit rate in the mid 20% range or better, product margin in the high single digits to low teens, and service margin above 40%. We continue to expect quarter-to-quarter variability in gross margin to be driven by progress on our product cost reduction and service productivity initiatives, overall revenue volumes, and the revenue mix between systems, consumables, and service in each period. Continuing down the P&L, for the full year, we now expect operating expenses of between $48 million and $52 million and $8 million in non-cash expenses, including depreciation and amortization expense of $3 million and stock compensation expense of $5 million, $7 million of non-cash expenses in OpEx and $1 million in cost of revenue. We also expect CapEx of $2 million, interest income of $1 million, and interest expense of $2 million for the full year. I'll now turn to our balance sheet. We used $15 million of cash in the first quarter and ended the period with $23 million. Q1 is typically our highest cash use quarter due to seasonal revenue and margin patterns and certain annual payments. This year, Q1 cash usage also reflects two notable timing items. First, Q1 cash collections were lower than usual due to stronger collections in Q4 2025, including the receipt of 100% of the cash associated with our record 16 system placements, which helped reduce Q4 cash usage to $3 million. Second, the previously mentioned $0.9 million of severance and other non-recurring corporate expenses included in our G&A expense. For the balance of 2026, we expect cash usage to decline sequentially each quarter as revenue increases, margins continue to expand, and operating expenses step down to levels generally consistent with the comparable quarterly periods in 2025. We also expect lower cash usage to be supported by disciplined management of CapEx and working capital. With our $23 million in existing cash and $25 million of remaining availability under our Trinity Capital credit facility, we are well-positioned to execute our strategy and will continue to actively and prudently manage our balance sheet. That concludes my comments. At this point, we'll open the call up for questions. Operator? Thank you. As a reminder to ask a question, please press one one of your telephone and wish for your name to be announced. To withdraw your question, please press star one one again. Pease stand by while we compile the Q&A roster. Our first question comes from the line of Paul Knight with KeyBanc. Your line is now open. Hi, Rob. Can you talk to the Millipore, JV expansion by what more services? Could you help us understand what that is all about? Paul. Basically, that agreement is linked to Growth Directs that MilliporeSigma sells, that we will be the provider of all services associated: installation, qualification, all the way through routine use services. The takeaway is that service revenue would be recorded by us. The best way to think about it is no matter where a Growth Direct is sold in the world, we will perform all the installation qualification services, whether it's through our direct channel or through the MilliporeSigma channel. Then the scale on consumables, is it you need more volume of consumables or is it some technical issue that they're getting solved on the Millipore side? Margin. Yeah, in terms of margin improvement opportunity, Paul? Yeah. Yeah, I think, it's a little bit of both. I think there's clearly opportunity for us to work with them and source from them over time. That's the expectation that we have. We do not source anything from them for our consumables right now, and they make some of the largest components of the products. That's a very large opportunity for us. You know, they have expertise in that product as well. You know, part of the deal with them on distribution is that they're gonna increase the volume and the growth. I think all of that fits together into a nice package for us that we expect is gonna help drive margin improvement going forward. As I touched on in my remarks, Paul, we're collaborating with them now on what that, what that could look like, with regard to that purchasing to drive gross margin improvement separately. The team has done a nice job with our current supply base to make sure we've got the right leverage, which, you know, we've given a forward view for the full year on margin, so that was incorporated. Of course, we have quite a bit of operating leverage in our business, whether it's consumables or systems manufacturing, given our fixed cost leverage in the business. All that is colluding to come together to present our gross margin outlook, which Sean walked through. Okay. Lastly, Sean, the Trinity line of credit remaining or available of $25 million, what are the terms on that? Yeah. Which terms are specifically interested in, Paul? I'm happy to kind of walk through the things that'll be helpful. You mentioned $25 million line of credit available. Yeah. Okay. The remaining $25 million, we have two different tranches that are potentially available to us, and then there's $5 million of additional capital there that is at the lender's option. If you think about the structure of the tranches, the first tranche is potentially available to us later this year. There are some financial metrics that we would need to satisfy to unlock it. We expect to do that by the end of the year and have that be available to us. The next tranche is another $10 million that we could unlock as early as roughly middle of 2027. We are trending toward that as well. $10 million toward the end of this year, another $10 million middle of next year, potentially available to us, and then $5 million of unallocated that we could work with the lender to unlock as well. Okay. Thanks. Thank you. Our next question comes from the line of Dan Arias with Stifel. Your line is now open. Hi, guys. Thanks for the questions here. Rob, is there something to be said or a conclusion to be drawn from the kind of performance that you saw at consumables this quarter, 30%+ growth? Is that part of an acceleration trend, or do you see that as more episodic to start the year? It's what we're seeing, Dan, is a few things in the business. You know, the continued growth and the Growth Direct footprint, efficiencies in our ability to validate. It's one of our fulcrum capabilities. The faster we validate and the more efficiently we do it, the faster our customers get into routine use. I would say the most exciting thing is that customers are really using these systems to drive ROIs in their business, which, you know, is extending conversations to more Growth Direct rollouts. It's a really good leading indicator. If you see that in our business, it means customers are happy in using the system and most importantly, getting an ROI, and that activates more and more discussions. Increasingly, I touched on my trip in Asia, in other conversations. Increasingly, the discussions have become more strategic in nature, you know, at senior levels. It's exciting to see many of our customers thinking about enterprise-wide automation and integration of automation technology. The, you know, the market is definitely trending in the right direction. Okay. All right. Then, Sean, on the 30- 38 systems for the year, what portion of that comes from systems that are part of orders that you have in hand, Samsung, etc? Basically, I'm trying to understand how much new business you need to win in order to get there. It feels like you're on a pretty decent trajectory here, but curious to have you explain it. Yeah. Samsung was in Q1. I think you're asking about backlog, which isn't something we've historically talked about. You know, I think it's if we look out over the balance of the year, you know, Rob talked about the funnel. I think we feel good about the funnel. You know, obviously, MilliporeSigma is part of that as well. We have very tight connectivity with them. I'd say, you know, we feel good about where that range is set at this point. That's why we're reiterating it. You know, a good part of that's based on what we see out over the balance of the year. Remember, you know, we tried to clarify a little bit last quarter, you know, there's some variability in that range, right? Eight systems is a decent-sized range there, and I think, you know, there are opportunities for us to drive, you know, some good movement within that range by getting large multi-system orders that we haven't assumed, and, you know, where we end up with MilliporeSigma this year in terms of what they deliver against their commitment, and the overall environment, which we're obviously watching closely these days. We're trying to drive to the top end of it, but, we feel good about the range in general. Okay. No, no additional Samsung placements after 1Q? Yeah. Is that right? Yeah, I don't think we comment on that at this point. Yeah. I mean, there's definitely opportunity with Samsung going forward. Whether that happens this year or not, I don't think we comment on at this point, Dan. Okay. Thank you. Yep. Thank you. As reminder to ask question at this time, please press one one on your touch tone. Our next question comes from the line of Brendan Smith with TD Cowen. Great. Thanks for taking the questions, guys. Sure. Another one on, kind of margin story here. I guess wondering how we should think about any potential inflection and kind of the impact from consumables and services revenue over the coming quarters. I guess, is there, you know, maybe a sweet spot number of total placements that you expect to ultimately kind of hit that tipping point where consumables read-through starts to kind of outweigh new device placements? Really just any kind of color on how to think about the push and pull there on margin. Brendan, it's Sean. For consumable margins, I think if you go back to what we said back in March, it still holds true. I think we expect to see that moving in a positive direction in the second half, driven in part by volume, but I think also driven very much by the other factors that I think both Rob and I have talked about, which is getting material costs out of the products, including the significant vendor pricing reductions we achieved recently, but also increasing volume and leverage that goes with that from an operating standpoint. Service, I think as we've talked about before, is sensitive to volume. You know, as we said last quarter, you know, the expectation right now is that we're gonna have a heavier second half than a first half in terms of service revenue with validations. You know, you know, we had the big Q4 last year. Those systems seem to be teeing up to be more second half than first half in terms of validation, so that revenue's gonna come in the second half, and that will have a positive impact on margins of the second half. Got it. Great. Thanks. Then maybe just, I know you noted some of the acceleration cell and gene therapy programs. I guess just wanted to maybe get your take on kind of the recent overhaul in leadership at FDA, if you expect any kind of notable changes there, or just anything you're kind of watching over the coming weeks to maybe signal how that momentum shifts, if it does. Yes, Brendan, we watch actively the approvals. As you know, we have very high penetration into the cell therapies, CAR T market, in particular. I think our last reading was 86% of the FDA-approved manufacturers are using our system. As you know, it's a very, very good fit. We watch it actively, and I'm not sure if there's anything we've observed in the past few weeks as far as acceleration or deceleration of approvals. We like generally the pipeline, as I touched on also regionally speaking, to include Asia. We believe we're well-positioned to win, you know, cell and gene business broadly, whether it's through the principal manufacturers or through the CDMOs. As you know, we've got a good footprint there. We're also very well-positioned, you know, to win that business globally, just sort of region independent. We'll continue to report out on what we see, but, you know, the takeaway for us right now is we are, and our intent is to remain well-positioned to win in the cell and gene market and cell therapy in particular. Got it. Makes sense. Thanks, Chris. Thank you. Thank you. Our next question comes from the line of Thomas Flaten with Lake Street Capital Markets. Your line is now open. Hey, good afternoon, guys. Thanks for taking the questions. I was wondering if there's any way you could characterize the Millipore sales funnel. Is it, you know, from an industrial vertical perspective, what's their focus? What are they looking at? Any way you could, and I know you don't talk about backlog, but just give us a sense of what kind of number of potential placements you're looking at in the, you know, coming months, year, however you wanna phrase it. Yeah. Kind of in reverse order. This is Rob, Thomas. I won't speak to the placement numbers. We haven't released that via with regard to Millipore. I can tell you one thing, I'm extremely excited what I'm seeing with regard to the global connectivity and activity and momentum that team is building, the Merck Millipore team. Very happy with how our teams are collaborating. You know, it's a larger company, it's a much larger sales force, so it took a little bit of time to, if you will, get up to flying speed. We're there, and I'm very, very excited about it. MilliporeSigma has hired and focused specialists within their regions, North America, Europe, and Asia. Their funnels are growing and their relationships are deep and broad, which is activating and building funnel. You know, the next step will be, you know, seeing that funnel convert and close and, you know, potentially the acceleration of sales cycle. That's TBD at this point, to be fair. The, I would say the conditions are present and the predicate steps have been put in place for, you know, for this to be a very successful collaboration. The story's still being written, of course, but I think it's I'm very excited about the leading indicators that I'm seeing, and that's globally. It's not in any one region. With regard to end markets, there's, there is focus currently, not complete, but I would say, majority of focus within the broader pharmaceutical markets. You know, we're in a lot of places, but we're also not in a lot of customers, and they have reach of far beyond ours and are in many labs. There's a natural match. We've got good brand in pharma, so that's a natural starting area. They also can go deep in other verticals, which are also very large markets, such as personal care, cosmetics, medical device. Those can tend to be, in some cases, more scattered markets. You need a broader and larger team to get after and brand and capability. That was another reason why this partnership made sense for us. You know, that expands our TAM meaningfully. You know, more to tell there, but, you know, the report card right now with regard to the, I'll call it the leading indicators, the actual activities I'm seeing is, I'm personally very excited about it. Yeah. Okay. If no other questions, we're going to wrap today's call. Thanks to everyone for your time and attention, and we'll look forward to speaking with many of you shortly. Thank you. This concludes today's conference. Thank you for your participation. You may now disconnect.