Good afternoon. Welcome to the Velo3D First Quarter 2024 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. As a reminder, today's conference call is being recorded. Now, I'll turn the call over to Mr. Bob Okunski, Vice President of Investor Relations at Velo3D Corporation. Thank you, sir. You may begin. Thank you. I'd like to welcome everyone to our first quarter 2024 earnings conference call. On the call today, we will start out with comments from Brad Kreger, CEO of Velo3D, who will provide a summary of the quarter, as well as an update on certain key strategic priorities for 2024. Following Brad's comments, Hull Xu, our CFO, will then review our first quarter 2024 financial results and provide our guidance. As a reminder, a replay of this call will be available later today on the Investor Relations page of our website. During today's calls, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the Safe Harbor slide of today's presentation, today's press release, as well as our 2023 10-K and additional 2024 SEC filings. Please see those documents for additional information regarding those factors that may affect these forward-looking statements. Also, we will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation as well as today's earnings press release for the appropriate GAAP to non-GAAP reconciliation. We've also posted a set of PowerPoint slides, which we'll reference during the call on the Events and Presentations page of our Investor Relations website. Before we get started, I would like to provide some brief comments related to the strategic review we announced in the fourth quarter. This comprehensive process remains ongoing, and the board of directors is in discussions with multiple parties related to maximizing stockholder value. As we announced previously, we do not intend to disclose further developments on the strategic review process until we determine that such a disclosure is appropriate or necessary. As a result, we will not be answering questions on the status of the review during this call. With that, I'd like to turn the call over to Brad Kreger, CEO of Velo3D. Brad? Thanks, Bob. I'd like to welcome everyone to our first quarter earnings call. As we mentioned last quarter, we initiated a company realignment to reduce costs, rebuild our bookings pipeline, and recommit ourselves to ensuring our customers are successful while instituting a culture of quality, efficiency, and profitability. Our Q1 results reflect the continued execution on these priorities, as we made significant progress in several key areas, with more to come this quarter. Our goal of achieving sustainable profitability by year-end remains unchanged. With that in mind, I'd like to discuss the specifics of our first quarter. Please turn to slide three. Overall, we met our revenue guidance for the quarter and are now seeing the benefits from the new go-to-market strategy we implemented last year. Q1 bookings improved measurably on a sequential basis, and this momentum is carrying over into the second quarter, giving us significant visibility for this quarter. On the expense side, the successful implementation of our aggressive cost reduction programs over the last six months is yielding enough results as OpEx declined by 15% versus Q4 and 30% year-over-year. We remain focused on prudently managing cash and expect quarterly OpEx to continue to trend down for the balance of the year. We completed our shift to a customer-driven model in both sales and support, and we continue to make material progress on improving system reliability in the field. More on that topic later. Finally, we further expanded our pipeline during the quarter, with a particular emphasis on our core verticals of defense, space and aerospace. We were pleased to see a strong rebound in our Q1 bookings as our value-based selling approach is gaining traction. Given this success, we believe we have significant visibility to Q2 revenue, achievement, and shipping goals. Specifically, we continue to see a recovery in existing customer orders, given our reliability initiatives, with approximately 50% of Q1 bookings coming from our current customers. Additionally, on the new customer front, we increased our footprint in defense with the addition of three new customers in this sector during the quarter. We exited the quarter with $22 million in systems backlog, with Q1 bookings totaling $17 million, the majority of which came from our core end markets. As a result of this visibility, we see sequential revenue growth of more than 30% for the second quarter. Our cost control programs are working well and remain on track to achieve our cost reduction goals for the second quarter. Finally, given the success of our realignment initiatives, along with our rebound in bookings, we remain well positioned to achieve our goal of cash flow breakeven by the end of the year. As we discussed last quarter, we instituted a new go-to-market strategy over the last six months in order to rebuild our bookings momentum. I would now like to highlight some of our completed initiatives that have led to our recent successes, as well as a few initiatives we plan on implementing to sustain this momentum. Please turn to slide four. We continue to benefit from our shift to a customer-driven model as the mix between new and existing customers has returned to our historical pattern. While this mix can fluctuate due to timing, we expect this split to remain consistent for the balance of the year. As part of our new strategy, we instituted several programs to simplify and improve our fundamental sales processes. This includes initiatives focused on improving pipeline qualification, along with leveraging our value-based approach versus a pure technology sell. As a result, we saw a significant improvement in our win rate for the first quarter. Additionally, we've also narrowed our customer focus to those markets where we include the space and aerospace sectors, but more importantly, increasing our footprint in defense, a market that we remain very excited about. Again, we see a huge opportunity in defense in areas such as hypersonics and legacy part production. We have been, and continue to be, in discussions with the DOD leadership about how we can be a leader in their transition to AM. Looking forward, we are investing the resources required to fuel new market expansion by leveraging our experience in sectors such as space, to open new application areas in both aerospace and defense. We are also exploring new pricing and packaging models to drive growth while reducing overall production costs by improving our manufacturing and installation efficiency. Finally, we started a program working directly with the supply chain of key defense primes to better position the company as a long-term trusted partner to our defense customers. This has already paid off as we continue to receive orders related to the $825 billion defense, defense spending bill, which was approved in late March. While we're excited about the growth potential given our go-to-market changes, these efforts will not come to fruition without executing on our internal realignment initiatives to position the company for success. I'd like to briefly provide an update on the 2024 strategic priorities we laid out. Please turn to slide five. We continue to execute on our quality enhancements as we saw a 40% sequential improvement in both days to install and labor related to our XC installation efforts. This was made possible through the success of key initiatives that we launched in the second half of last year, focused on improving the quality of our printers and streamlining installation processes. We are most proud of the customer experience and success improvements we've accomplished in the first quarter. We accelerated the rollout of reliability upgrades to the field and established a regular cadence of providing reliability improvement updates to our customers. Additionally, our pipeline continues to fill with qualified leads as we've started to rebuild our backlog, exiting the first quarter at $22 million. This success demonstrates our customers value our technology and that we are successfully addressing the reliability issues in the field. Finally, to reiterate, we further reduced our cost structure by 30% year-over-year, and remain confident that we see a clear executable path to cash flow breakeven in the second half of 2024. Before turning the call over to Hull for financials, I wanted to highlight some of the recent manufacturing and customer successes we've had and why customers continue to choose Velo3D's technology for their AM needs. Please turn to slide six. On the left, we internally designed and built a turbofan for demonstration purposes to highlight our ability to print parts with significant low angles and overhangs without supports, something our competitors have a hard, difficult time matching. This part was built on a Sapphire XC in aluminum and is one of the largest LPBF AM parts ever built in this material. This part was done as a single piece in less than three days, as compared to traditional casting processes that could take weeks or months, while also requiring significant upfront investment and typically yielding lower results. In the middle, we are highlighting our leading position in heat exchanger production, as our technology is particularly well suited for the complex nature of these parts. For example, one of our partners, a large semiconductor equipment company, is using our technology to produce heat exchangers for use in next-generation AI chip production. Finally, on the right, we went head-to-head with other AM companies in a surfacing trial for a hypersonic ramjet. By printing this part on our system, the customer was able to reduce the cost by $20,000 and significantly reduce their lead time from six weeks to just days. On the competitive front, we were able to achieve this result three times faster than our closest competitor and with the highest surface quality across all participants in the trial. In closing, I'm very encouraged with the progress we've achieved so far and remain excited about our future opportunity. While there is still a lot of work to be done, we firmly believe we have turned the corner and we are in a much stronger position to achieve our 2024 goals. With that, I would like to turn the call over to Hull to discuss our financials and provide our guidance. Hull? Thanks, Brad. Before reviewing our financial results, I wanted to say how excited I am to be part of the Velo3D team and share the reasons why I joined Velo3D at this juncture. As I took some time between my last job and joining Velo3D, I did some thinking as to what I was looking for in my next adventure. I was looking for a company with leading-edge technology and products, serving markets that are ready to adopt and have high demand for this technology. I was also looking for a company with a professional management team wanting to grow the business at a rapid pace. I believe I found it in Velo. With any new technology being turned into successful products, there's always a period of growing pain. I believe the current Velo team has identified the challenges and are actively addressing them. While only being here a few weeks, I'm already impressed with the Velo team's dedication, focus, and desire to make this company a successful and profitable enterprise. I'm looking forward to helping Brad and the team execute on our realignment initiatives. As Brad mentioned, we are making significant progress in a number of areas, and I am encouraged with our success to date. While there is still a lot of work to do, I believe we have turned the corner and are now well on our way to achieve our 2024 plan. Moving on to our quarterly financial performance, please turn to slide 8. First quarter revenue was $10 million, up significantly from Q4 2023, and in line with our guidance. The sequential improvement was entirely driven by increased shipments as we started to benefit from our new go-to-market strategy that was implemented in Q4 of 2023. Gross margin for the first quarter was negative 29%, and primarily due to lower fixed cost absorption. We expect positive gross margin in the second quarter, given the increased system shipments, improvement in our bill of materials costs, and ongoing benefits from our new long-term supply contracts. We also made significant progress in reducing our operating cost structure in the first quarter, as non-GAAP OpEx declined 15% sequentially to $14 million, excluding the costs and charges related to our realignment initiatives. The decrease in operating expenses reflects a reduction in all expense categories and savings related to our realignment initiatives. Specifically, R&D expense declined by $4.8 million, G&A declined $2.1 million, and sales and marketing was down slightly compared with last quarter. We expect OpEx to decline by over 10% in second quarter, with additional quarterly reduction for balance of the year. GAAP net loss for the quarter was $28.3 million, including a non-cash charge of approximately $3.1 million, related to changes in the fair value of our warrants and earnout liabilities. On a non-GAAP basis, which excludes these non-cash charges and stock-based comp, net loss was $20.2 million. Adjusted EBITDA for the quarter, excluding the same items, was -$11.7 million. As we discussed, we expect to see a positive gross margin in the second quarter, with continued improvement as we go through the year. I want to briefly reiterate the four key drivers we highlighted last quarter that will drive this improvement. Please turn to slide nine. First, we're just starting to benefit from our BOM cost reduction initiatives that we started in Q4. We have identified and started to implement approximately 25 separate programs to lower our Sapphire XC costs by more than 30% by the end of the year. Second is our continued product mix shift to our larger format, higher-priced Sapphire XC systems at a reduced BOM cost. We have also added programs to improve the monetization of our maintenance and parts recurring revenue streams, as well as expanding our consumable business, such as powder sales. Third is just becoming more operationally efficient in the factory. This will be accomplished through improved overhead cost absorption as we scale system volume, in addition to leveraging our new supply agreements in a shift to utilizing a higher number of system subassemblies. Finally, improving field support efficiency, which is directly tied to customer system reliability. While this has been a drag on gross margin for the past couple of quarters, we firmly believe the changes we have made in our service organization will minimize the impact in the near term, while allowing us to expand margins in the second half of the year. On slide 10, we are providing some additional detail in our operating expense reduction initiatives. As we highlighted, we have significantly reduced our cost structure over the last six months and expect this to continue to trend down for the balance of the year. We expect Q2 OpEx to decline by more than 10%, as we see continued benefits from a more efficient spend in our sales and marketing and G&A functions, with additional reductions in R&D, given our product roadmap. Finally, we are also evaluating additional cost reduction measures. Now I'd like to provide our outlook for fiscal year 2024. Please turn to slide 11. As mentioned, we expect sequential quarterly improvement in revenue, margin, and operating expenses in 2024 as we start to benefit from our realignment initiatives. For Q2, we expect sequential revenue growth of greater than 30%. Our full year 2024 guidance is as follows: We expect the revenue to be in the range of $80 million-$95 million. Gross margin improvements for the balance of the year with gross margin of approximately 30% in the fourth quarter of 2024. Non-GAAP operating expenses in the range of $40 million-$50 million. In conclusion, we are focused on executing a realignment of strategies with a clear path to profitability through improvements in operating efficiency, margin, and cash flow. We continue to believe that we are well on our way to achieve sustainable profitability as we exit 2024. With that, I'd like to turn the call over to questions. Operator? .Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star one on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of James Ricchiuti with Needham & Company. Please proceed. Hi, good afternoon. So you're suggesting significant improvement in gross margin, I guess, getting to a positive gross margin, Q2, and that's at around $13 million or so of revenue. So what I'm trying to understand is, what are some of the levers that are gonna generate that kind of improvement? Is it—I mean, will you get enough manufacturing absorption to get to a break-even gross margin off of those revenues? Yeah. Hi, Jim, this is Hull. Yes, that, that is the plan. As we fill out the factory floor, you know, some of the fixed costs will be absorbed by more system, system shipments. That'll, that'll help on the gross margin side. So yeah, that—you're exactly right. You can get that kind of improvement just even with, with, you know, still, I would say sequentially, it's a healthy level improvement in gross margin, but you're still at a relatively low level. So it's just coming from manufacturing absorption or there's some other components to that? It's just puzzling to me when I look at where you ended up coming in at gross margin for Q1. Yeah, and as we, as we build more systems, we are able to utilize some of the, you know, less expensive, inventory that we have on hand, that also help on the, on the margin side. So, you know, more system shipments is overall, you know, much better for us. Okay. Okay. Wondering how we should think about cash burn in the current quarter. Any color you could provide? So OpEx for the last quarter was, you know, Non-GAAP OpEx, was $14 million and change. We expect about 10% reduction sequentially. Okay. I'll join the queue. Thank you. Our next question comes from the line of Brian Kinstlinger with Alliance Global Partners. Please proceed. Yes, hi, this is Matthew on for Brian. Thanks for taking our questions today. Sure. Can you quantify a little bit more widely the improvement in printing machine downtime at your installed base over the last six months? And are the majority of your customers now evaluating purchasing new systems? And then one more, like, in that same vein, can you comment specifically on whether you're seeing a return in demand from your largest customer from 2022, which dropped down in 2023? Sure. So, you know, in terms of customer reliability, we don't provide details on, you know, specifics of numbers. What I could say is, you know, we've made material improvements for our customers, right? And so when we're talking to our customers and they're looking at, you know, placing orders for additional systems, they're typically looking at being able to achieve, right, with their existing systems, the throughput and uptime and utilization values that meet their economic models, right, for originally purchasing the system. And so I think what, you know, what we're seeing is we're helping customers get to that point where, you know, their models are valid, and they feel comfortable that making additional investments will continue to deliver that kind of a result. Got it. Great. And maybe one- Yeah. Yeah. Thank you. So I'll add one thing is that, you know, on the customer service side, we've been able to address more issues than they come up. So I think that's definitely a good trend, right? Yeah. All right. Thanks very much. And then one more, just a similar question as it relates to government purchasing. On this end, we thought the concern was reliability and that they, the contractor, would reevaluate when that's fixed. Can you provide any updates related to government product evaluation or any ongoing testing in that vein or any communication? So, I mean, in terms of government spending, the way that comes to us is typically indirectly, right? So you have a number of government programs, you know, hypersonics or various programs coming through defense. And, you know, these are ultimately being serviced by the defense primes, and then the defense primes are leveraging contract manufacturers, in most cases, that are the customers utilizing our technology. So if you look at customers like, you know, Mears that we added at the end of last quarter, that's directly tied to defense and supporting defense primes and ultimately government spending. But again, it's coming to us, you know, kind of indirectly through that supply chain. So I'm not sure if I... If that kind of addresses your question, but I think, you know, so the evaluations being done are ultimately being done by contract manufacturers who are guided to us or directed to us by, again, the primes and the government programs. Okay. Got it. All right. Yeah, I think- That's all for me. Thank you. Additionally, our you know, our efforts been paying off, right? You saw that we announced three new customers just in the defense sector. This is an area where we're pretty, you know, seeing a lot of traction, right? It's a unique market. Defense is clearly ramping up, and it's something we see you know, as a tailwind for us throughout 2024 and going forward. All right. Thank you for the color, guys. Thank you. Yeah, gotcha. Ladies and gentlemen, this will conclude our question -and -answer session. I'd like to turn the call back to Brad Kreger for closing remarks. Thank you. Yeah, I wanna thank everybody for attending, and look forward to meeting with you again, at the end of next quarter. You know, I continue to be very optimistic for the balance of 2024. Quite pleased with the progress we've made in the first quarter. And again, with the sort of secular tailwinds from defense behind us, we are well positioned to achieve our plan for 2024. So thanks again. This concludes today's conference. You may disconnect your lines at this time.