All right. Am I on? Do you hear me? All right. We are super excited, tail end of day two here of the TIMT Conference to have Xometry. We got a full house up here. We got CEO Randy Altschuler, CFO James Miln, and Sanjeev Sahni, President. Welcome, guys. Thanks for spending some time with us. I think a good way to kinda start off talking about Xometry is you really have these two different sets of customers or stakeholders, right? And you're doing a great job of growing both. When we think of your core value proposition for both buyers and suppliers, can you just talk about the key to running a marketplace where you're ensuring that both sides are benefiting? Yeah. Xometry, just for those of you who aren't familiar, is an AI-powered marketplace for custom manufacturing. That's a giant industry, heavily fragmented, with hundreds of thousands of small manufacturers spread out across the United States and across the world, and millions of buyers. Historically, that entire experience has been offline. I'm buying something custom. I've had to send emails. I've had to go visit the local person. I've phoned. Back in the days, I were faxing. For suppliers, the local supplier, they depended heavily on their local customers. This space hadn't been digitized. For suppliers, the long tail of the internet had never touched them. They weren't able to sell through open capacity. For buyers, the lack of visibility of where is the best opportunity to manufacture something, the best price, the best delivery date, better best manufacturing technology, all those things were not visible. We created the Xometry marketplace. For the buyer, there is a bunch of value proposition. First of all, we give them an e-commerce instant pricing experience that they historically have not had. What used to take days and sometimes even weeks is now done in a matter of seconds. We give them the ability to choose different options of where they manufacture it, at what speed they manufacture it. They can see instantly different manufacturing technologies, different ways I can make this kind of pro, and then compare those. We create for them resilient supply chains. Particularly in these days where people are concerned about supply chain disruptions, they know they can use the Xometry marketplace and find that solution. I'll give you a quick example. We had an aerospace company that came to us with a very tight deadline, with high-precision parts. They showed up and they said, "Hey, we don't have enough capacity here. We need to get these done within hours." The Xometry marketplace had a solution for them. Those parts were successfully delivered, at spec, on the times they needed. As a result, that customer introduced us to the other divisions within it and made Xometry a preferred vendor. For the suppliers, now they have an opportunity. There's no cost to them to join the Xometry marketplace. They don't have to worry about sales and marketing. They can gain customers from across the country or even across the world. We use our artificial intelligence not only to get them work, but also to get them the work that's most profitable for them. It's not only about them filling their capacity, but it's about optimizing that capacity with the most profitable work that's out there. At the leading marketplace, we're really the, you know, essentially the only ones that are doing this for both the buyers and suppliers, certainly the leaders of that. As we gain more buyers and suppliers, it's an increasingly valuable value proposition for both sides. Yeah. That's great. I mean, so when we think about manufacturing, a lot of investors who pay attention to other companies in the space will think about macro and the cyclicality of that. Could you kinda separate out the secular drivers for the company that you've seen over this last year? And if anything, cyclical headwinds or tailwinds from, you know, tariffs and kinda what we're seeing from this new focus, not new focus, but on supply chain agility, renewed focus. Certainly, you know, accelerated growth this year, you know, Q3, we had accelerated growth, so great trends. And the macro, though, has been no help to us. I don't remember over how many quarters now we've been in, if you look at the ISM data, which tracks it, we've been in contraction now for almost. Like 33 out of 36? 33 out of 36 quarters. Our growth has been through gains per share of market. More and more customers and suppliers are realizing that this is a better solution. So many other things in their life are already digital. Like, they're buying everything else digitally. It would make sense for them to do that in manufacturing. We drive them better value, whether it's price, speed, selection, delivery. We've really been expanding through just being a better value prop and taking market share versus the overall macro. Macro has been a headwind for a long time. Yeah. Something we've been talking about increasingly throughout this year is the success that you're seeing in the enterprise. A little over a year ago, a bunch of collaboration solution Teamspace, which really helped a lot of your enterprise customers be able to see within themselves how much they're using Xometry between all these kind of maybe siloed teams. How has the enterprise strategy evolved over the last year? What are the kind of the greatest signs of traction you're seeing that you wanna invest more into? Sure. Sure. Yeah. I can jump in. I would say for enterprise, it's a big, big focus for us primarily because as we've launched Teamspace, we've seen customers bring not only their orders, but orders that then can be actually fulfilled by somebody on the same team. So repeat orders that come through that, and then multiple teams being set up, helping us get deeper into each of the customers. What we've also realized is as we sell more and more into the enterprise, it is not just important to be selling on a platform, but also to be integrating deeply with their procurement platforms, their ERPs. We've had a renewed focus on integrations, whether you're buying in Ariba or Coupa, or you're buying, you know, through a customized platform. We now have the ability to actually integrate straight into your platforms. We can take orders from there, push back updates to you just like you would from any other traditional purchasing platform. I think it's a big, big driver for us. Paired with that, those technology improvements, we've also, you know, in May of last year, we had a new head of sales join us, Steve Dutton, who came from Google Cloud, and really been realigning our sales force to go-to-market focused on enterprise. What had traditionally been much more of an inbound sales force, now we're focused on that outbound, enterprise. When you marry that together with the technology, that has been, you know, one of the main, you know, a very strong driver of our growth here in this year and our accelerated growth. Again, you know, we've remained as we entered here in the fourth quarter. We've got some good momentum coming into the quarter as well, as we said during our earnings call, the better we can have it. Something we caught out, you know, in 2024, we had 100 accounts with over $500,000 spent. That is coming from, in the latest quarter, 1,700 accounts with over $50,000 spent. We think of that as the top of the enterprise funnel. Mm-hmm. Seeing, you know, really great traction. We've got, you know, our largest customers from last year with high single-digit millions of dollars. We've seen that continue to grow this year. That has been, as Randy and Sanjeev have pointed out, that combination of sales and technology has helped drive that growth. Yeah. Yeah. No. And, James, you obviously bring up a really great reason why the enterprise market is important because they're big customers. Also, for a business that has a lot of consumption, the revenue visibility is a really important part of the enterprise market. The majority of your revenue has always kind of come from existing customers. Going into an individual quarter, what do you think is the level of variability you have in the business versus the revenue that you have a high level of certainty in? And how is this enterprise growth helping that? I mean, you certainly look at, as we're and so we've sort of touched upon some elements of that, as we're embedding ourselves within our customer supply chains. Whether it's an enterprise customer or a small or a medium-sized customer, and they really depend on Xometry for a certain, parts, certain a-actual entire assemblies. More and more we're doing entire assemblies. They're saying, "Hey." When you're embedded in that, then you become not just a discretionary spend, of course, or even a one-off spend, but it's something that's repeatable. Mm-hmm. And now, you know, I co-founded the company back in 2013. We've got that cohort data. We really understand how that works. So we, you know, we've, I think we've got some very good visibility as we've shown with, you know, as we've been given guidance and our ability to achieve that guidance. The nice thing going back to our growth and why, you know, we've had accelerated growth this year and we remain confident in that moving forward is those enterprise customers are the largest companies in the world, many of them. And our fraction of our spend is growing very nicely. In 2024, that spend grew 40% with those largest customers. We're still a very small portion of the overall spend. As we gain more traction, again, even if you think about the macro maybe working against us, even in those customers, even if they're, you know, let's say their businesses don't do as well, we're still so small that general spend, as we're gaining more share, that growth is almost inevitable within that. Yeah. And speaking to that guidance, you just gave the 2026 number, of being over 20%. When we think about kinda the key drivers of 2026, what are the variables that give you confidence that level of growth? And are we looking at the same drivers of 2025? Matt, you're right. Like, great momentum this year. You know, we've seen the marketplace accelerate. In the last quarter, we said that, for the full year 2025, we'd expect marketplace to grow 27-28% for the year. That was from the prior outlook that we gave at 2023 to 2024. Mm-hmm. That's on the back of, really, success across all of our segments and all of our processes and initiatives. Enterprise U.S. is a callout, but we've got a lot of activity happening across our product development, our product initiatives. We've had some really nice announcements in the last couple of quarters around our Work Center app, injection molding for water quoting. These are things that aren't in the numbers now, but they're important levers for growth over the longer term, as well as international, which continues to be, you know, a fast-growing part of our business where we think there's a lot of opportunity. I think the model works globally, and we've seen that so far and continue to build on that. I think as we build on these, sort of core initiatives and core areas, that's what gives us the confidence in terms of looking ahead to 2026 with at least 20% growth. Yeah. I mean, thinking about that success you've always had with leveraging your install base, as you try to expand wallet share in your customer base, you've obviously been investing in product innovation. You always have been investing in AI. What are you hearing from your customers, I guess, in terms of pain points that kinda lead your product development to say, "What else are they looking for Xometry to solve? I would say if you go back and look at the origination of Xometry, data science, machine learning, deep learning models have been in the DNA of the company from the beginning. The Instant Quoting Engine, the ability to give instant price was where we started. In the last year or so, we've doubled down further on really actually becoming the preferred marketplace solution for customized parts, which means that even in our tech and talent strategy, we've gone exclusively to hiring from, you name it, marketplace of the world, Amazon, Chewy, Wayfair, Grubhub, DoorDash. I can keep going on. Mm-hmm. The focus is in that can we actually learn from all of these models and create our own playbook and very quickly become the marketplace of choice for all of these areas, which means, are we actually focused on price selection speed, just like, you know, the Amazon playbook will tell you? On price, we are continuing to actually invest in models that now can customize and give you price based on your previous buying behavior, whether you're part of a team or not, whether you bought this product, are you just trying the new product for the first time, truly personalizing just like you and I have gotten so used to, in our, in our daily lives. Similarly, when we launched Work Center Mobile, the Work Center Mobile is coming from the same experiences our partners have gotten used to from their own day-to-day life where they know, "If I have a job offer, I get a notification." Xometry does not have that today, but they do now. Our focus has been to really take experiences that marketplaces have made very commonplace, bring them to this new segment that we are converting online, but build exactly the same price selection speed playbook and expand that across our areas. Yeah. You jumped in front of me on the Work Center Mobile. Maybe thinking through that a little more broadly, I think a lot of the times we're talking about, we talk so much about the demand. On the other side of the equation, like WorkCe nter Mobile is the suppliers. How do you think about the product roadmap in terms of balancing your investments? Those, again, you have those two distinct sets of stakeholders that are really, you know, one value proposition, though, at the end of the day. I would say you have to be very, very balanced in both the sides of the segment. You almost have to have a view that both the buyers and the customer and the partners are your customers, you know? Mm-hmm. We almost have two sets of flows now working on buyer experience, partner experience, buyer journey, partner journey. Therefore, all of these marketplaces have really built a moat on both sides by actually almost treating the two as equally important, of course, sequencing where needed, but treating each of them important. I think on the Work Center Mobile app, for example, to me, that's a tool to create better communication, better visibility of our job offers, better conversion of our job offers, and better experience that goes back to the customers in terms of pictures for their products, documents for their products, things that get updated instantly. For us, that creates that moat where now we are in the wallet of the partner, and every time he has a break, he has the ability to go in and accept one next job, which hopefully is at a price that we would like them to accept at that. James, you've made a lot of progress on profitability recently. How are you thinking about the balance of growth and profitability right now? I guess in the sense of that word balance, do you see there being a need to be a trade-off between the two? All right. Thanks. I we've made terrific progress over the last, you know, couple of years here. And, you know, we passed a huge milestone for us, like, a year ago, getting to adjusted EBITDA profitability. And we've continued to show really great leverage as we've continued to show progress on gross profit dollars. In the last quarter, gross profit dollars were growing on the marketplace 40% year over year as we continue to see the matching of supply and demand and the AI helping grow gross margin. That was at 35.7%. That's a record and within, you know, our long-term target of 35%-40%. That's been really pleasing. And that we've managed to then drive 20% incremental adjusted EBITDA margin as well. Year to date, we're at 21%. There's been a lot of efforts from the team in terms of making sure that we are very disciplined about where we're deploying CapEx and OpEx, and continuing to refine sales and marketing, looking at, like, where we get the best returns. It's been really pleasing to see the enterprise efforts starting to pay off. That was an investment in early 2024, and we're seeing that come through, and have a lot of confidence we can continue to see this balance come. Now, you know, I think that we still have to, you know, we would still wanna make sure that we're leaning into the opportunities that we see. The growth, we're so early in this journey. We, you know, this isn't about being hundreds of millions of dollars. This is about being a marketplace of billions of dollars, a large tab available to us as we expand the menu, as we go deeper into different markets. We think, you know, the track for a billion at 20% incremental adjusted EBITDA is the right balance, as we look forward. I think we'll always be very, very focused on getting the growth and getting the scale. Yeah. One of those growth drivers we've talked about is the expansion to international. I think long-term, you guys have talked about 30-40% of marketplace revenue coming from international markets. When we think about expanding into a new geo, how do you think about suppliers versus buyers? Are there some geos that make more sense for one or the other? Do you come in together? I guess, how do you identify where your investments are gonna see the biggest payoffs? Yeah. Let me, I'll just, I'll start and then I'll let Sanjeev jump in as well. Just to ground you a little bit, we started international in 2020. We had $3 million of business. We're now at a $120 million run rate. That business has grown and actually grown at a faster pace than we saw in the United States. The great news is that going back to being extensible with technology, marketplace, our technology is extensible. We've been using the technology developed in the United States. We've moved it to EMEA. We've moved it to Asia PAC. What's also awesome is that we're seeing innovations in EMEA and Asia PAC that we're now bringing back to the United States. We're getting collective wisdom there. You know, we are in giant markets there. While we're very proud of that growth, we're from $3 million to $120 million run rate, we're talking about all of, you know, the EU plus the U.K. plus China and now countries like Australia. I don't think you're gonna see us in a lot more geos in terms of from the buyer side. Some people talking about the supplier side. We just need to continue to go deeper, and go broader in those markets. Again, the traction there has been even faster than we saw in the U.S. The dynamics are very similar, heavily fragmented, very opaque offline experience, and so our marketplace model really is attractive to those European and Asian customers as well. Like Randy said, I think you almost have to think of this as two different sets. One is the buyer side. On the buyer side, just like we have xometry.com, xometry.eu serves our customers in the EU. Xometry.asia serves our customers in Asia and now, you know, outside of China as well, to Australia and some of those markets. There our focus is to continue to build the best buying experience and convert an offline buying experience for those local customers into a true online experience. Very similar dynamics. Most of the market is offline. We are just helping bring it online. On the partner side, I think you hit it well. We think of the partner base as truly serving the world. We have partners. Or suppliers. Suppliers. Yeah. Suppliers, and we call them partners internally. Suppliers, in the U.S., of course, most of these markets,.com,.eu,.asia, serve their customers from locally within those markets. There are markets like Asia, where China, India being the two most prominent ones. We have a large presence in Turkey through an acquisition that we did a while back, but also now increasingly Vietnam, where we use them as sourcing heavy markets. Those suppliers get the ability to see jobs from everywhere in the world. Our value proposition there is even stronger, where I go to a partner and talk to them and supplier and say, "Hey, you get the value of the platform with jobs, these three from U.S., these two from Germany, this one from China, and you can actually continue to see a lot more traction. More and more of your work, you can source online through my WorkCenter platform, which is very much consistent across the world. Definitely, there are some markets which are heavier, sourcing. I mentioned in one of our calls, a couple of quarters ago, I came in, in January from a very heavy, standardized SKU, SKU-based e-commerce, where every chair, every chair is a standard SKU, which is where I was, to a place where nothing is standard. Everything is custom manufactured for that customer. What does that mean? The implication of that are huge in a world of tariffs and global sourcing because that chair is made in five factories, and those five factories alone. Those five factories are the only ones who can get you that chair. Maybe you can develop a new factory, and over time, it'll get you the same chair, but it takes time. Whereas for a custom manufacturing part, when the customer uploads the file to us, instantly, customer can decide, and we can decide, "This goes to seven countries across the world. This goes to two countries across the world, or this just stays in the U.S." I don't have to build a supply chain or a new factory to go source that. I can actually instantly use all of my partners globally for that. I think that has been huge as people that start to discover us in the turbulent times of tariff, that, "Oh, actually, I can tell them exclude country X, and they can still get me a price." I can actually say, "This was built overseas. I want to bring it back. Give me a U.S. price tomorrow. I can give it to them." That is a huge difference in the way we've set up our marketplace, which I think will help us accelerate the online adoption even more. Maybe going to a slightly different part of your business for a second, another acquisition a few years back of ThomasNet. You have got a really interesting opportunity here around advertising. It is just such a unique set of users, and it feels like it would be a really valuable, addressable market. Could you guys just talk a little bit about what the long-term opportunity is for that business? Yeah. Just to get everybody up to speed. We're excited. You know, we've launched two different, you know, fundamental changes in the technology at Thomas. For the searchers or the users, we're now using LLMs, and really upgraded that search experience. That's, you know, again, we've done all this recently, but preliminary metrics are very strong on that. Then we've gone to a performance-based advertising model as well. We're selling that now to new logos. As we get to 2026, we're gonna be, you know, selling that broadly. Again, the preliminary results are very strong on that. Thomas is a very unique niche, a big niche, but it's been around for over 100 years. When you think about industrial sourcing, Thomas is sort of the gold name in that. There is a lot of opportunities for us to cross-pollinate. The Thomas brand is very strong. There are millions of people who use Thomas. Thomas has over 500,000 suppliers listed on that. As we think about expanding the categories that we can offer as part of the Xometry ecosystem, we have Xometry where we can do the instant quoting. We can also offer our customers, you know, access to these hundreds of thousands of suppliers listed who do even broader things. As we think about those buyers on Thomas who are not familiar with Xometry, the ability to cross-pollinate there as well and understand both. When you think about going back to one of your earlier questions about increasing share of wallet, we want to be the one-stop shop for our customer. If they can't find it on Xometry, or if they wanna go direct to a supplier, we've got ThomasNet right there for them. As we upgrade that technology, the search technology, as we upgrade the advertising model, it'll make it easier and easier for the customer to navigate and to get exactly what they want and make us be their one-stop shop. It'll make the supplier have multiple streams of ways to benefit from being in the Xometry ecosystem. Yeah. No, that's super helpful. I may be going back and double-clicking a little bit more into the enterprise success. When we talk about the go-to-market strategy and some of the tweaks you've made there to be able to bring this expanded product offering, but also to go find these enterprise customers, can you just talk about what's been successful this year? Maybe take us through, like, a typical example of a land and expand journey with a larger customer. You think about a customer, let's say the customer has never worked with Xometry before, and it's what we would deem an enterprise customer. Yeah. A lot of potential spend, normally they find it's maybe from some of our digital marketing. At Xometry, you'll have an individual engineer. He or she will then, and they have the ability, individual engineers will have the ability to buy things on a corporate credit card or they call it P-card or purchase card. They'll come to our site. They'll purchase from us. Hopefully we delight them. One of the nice things about, you know, for me about Xometry, is that that customer usually then goes to their procurement or sourcing and says, "Hey, I've had a really good experience with Xometry. I wanna buy something that's outside my spending limit of my card. Now maybe we need an NDA. We're gonna move into a different set of parts. And so very proactively, we get reached out to by these supply chain groups at that corporate customer. At that point now, you've got an engineer. We'll probably at that point sign a salesperson if it's deemed to be an enterprise account. We're trying to rally then multiple engineers. One level above that engineer typically will be what's called a buyer. That buyer is purchasing for multiple engineers. For the individual engineer, it's about that one-on-one experience. For the buyer, it's now Teamspace. Buyer's gonna be orchestrating multiple purchases, multiple engineers purchasing, coordinating, so Teamspace fits that buyer very well. A level above that will be, let's say, the VP for a particular material or process. Maybe there's a VP for plastics or VP for metals. For that person, that's when we're working on the integrations. We say, "Hey, we should be embedded in your supply chain. You're spending $50 million a year in this plastics category. You can source that all from Xometry's marketplace. Let's have an ERP integration so the purchasing can happen. You get notifications. All that happens." One level above that, of course, would be a truly enterprise-wide conversation to have and strategic alignment. The wonderful thing is with these large customers we talked about, the 100 customers that last year sent more than $100,000, $500,000, those customers we think have at least $10 million they can spend with us. Again, we think about our growth not only in 2026 and beyond. There's so much fertile ground there. we just it's our faith in our own hands. We are quickly running out of time. I wanna turn it to the audience. Does anyone have any questions for the team here? I guess my original question was how much of your business would be in terms of your enterprise expansion is making the customer more aware of what you can do for them versus products, new products that could expand what they need for you to do for them. I guess your answer would be both. The example you just gave of somebody spending $500,000 that can go to $10 million, how, number one. Number two is what's the coordination between sales and product to make sure you get the $500,000 to $10 million? That's a good question. I'd say that the product is really the tip of the spear. Like, once you get the customer because, and Teamspace, I'll give you an example of how it works. You talk about that. You start a team. You're within a company, Company A, B, C. You've got a project. You're inviting a bunch of colleagues. They're, a lot of the time, to your point about where they've never heard Xometry before, but they've been invited the same way you invite people to Slack. Back Back when LinkedIn started, we all got invited to it. They invite, when they accept that invite, they now become registered users of Xometry. Now they're in the Xometry ecosystem. Now they're seeing it at work. If we're successful in converting those initial champions, and then that technology helps us spread virally, whether it's Teamspace or the integration. The integration's really important because suddenly we've got a storefront, not only just with that individual buyer, but everybody within the company or within that division can see Xometry. When they need to buy something, often what they'll do is they'll see who are the approved vendors, who's got that storefront here. Maybe they haven't heard of Xometry. Maybe I was using the local person, but now it's right there. It's approved. It's seamless. I'm gonna make that purchase. The tech is really the big driver. Obviously, sales is helpful. Sales is gonna rally the strategic thinkers, but it's really the technology and the product that's the tip of the spear. Like when you introduce injection molding. Yes. How much does that expand your can with certain customers? It expanded significantly. When you think about going back to what Matt was asking about, that journey, when you think about that VP, for example, and she's got different plastics, plastics come in 3D printing. It could be machining. It could be injection molding. We're now saying to her, "Hey, we've got that important part that we didn't offer before. Now we can offer that for you." We have been successful with that. When you look at in the third quarter, our revenue per buyer grew 9% year over year. Not only did we add 21% more buyers year over year, but the spend per buyer grew 9%. As we expand what we can instant quote, what we offer, our expectation is we're going to expand that spend per buyer as well as attract some buyers who did not know about us before. Hey, I only did exclusively injection molding before. You guys did instant quoting. Okay. Now now I'm gonna start using Xometry. We're coming right up against time here. Typically, the last question we always ask is, what are you most excited about over the next three to five years at Xometry? Look, obviously, you know, this has been a strong year for Xometry, but for all of us, this is the beginning of the journey. James mentioned that. We think that Xometry could be a $100 billion-plus company. This is a giant space. We are the leader in the space. We are building a strong competitive moat. We are using data. That moat, that data combined with our networks, combined with our product innovation, it's gonna enable us to become the rails for custom manufacturing for both buyers and suppliers. Five years from now, not only do I want everybody to know about us, I want everybody to work for us. And I want everybody to say, "Hey, if I have to buy or manufacture something in custom manufacturing, of course I'm using Xometry. That's a great way to leave it. Thank you guys so much for giving the time today. Thank you. Thank you. Thanks so much.