Good day, and thank you for standing by. Welcome to the Xometry Q1 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the 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'll then hear an automated message advising that your hand is raised. Please limit yourself to one question per person. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Shawn Milne, VP of IR. Good morning, and thank you for joining us on Xometry's Q1 2025 Earnings Call. Joining me are Randy Altschuler, our Chief Executive Officer; Sanjeev Sahni, our President; and James Miln, our Chief Financial Officer. During today's call, we will review our financial results for the first quarter 2025 and discuss our guidance for the second quarter and full year 2025. During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, long-term growth, and overall future prospects. Such statements may be identified by terms such as believe, expect, intend, and may. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed before the market open today and in our filings with the U.S. Securities and Exchange Commission, including our Form 10-Q for the quarter ended March 31st, 2025. We caution you not to place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations. We would also like to point out that on today's call, we will report GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operating decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute or superior to measures of financial performance prepared in accordance with U.S. GAAP. To see the reconciliation of these non-GAAP measures, please refer to our earnings press release distributed today and our investor presentation, both of which are available in the investors section of our website at investors.xometry.com. A replay of today's call will also be posted on our website. With that, I'd like to turn the call over to Randy. Thanks, Shawn. Good morning, everyone, and thank you for joining our Q1 2025 earnings call. In Q1, revenue increased 23% year-over-year to a record $151 million, a 700 basis point acceleration from 16% year-over-year revenue growth in Q4 2024. Marketplace growth accelerated to 27%, driven by continued enterprise adoption. We delivered better-than-expected operating leverage, generating positive adjusted EBITDA alongside investments to accelerate our global sourcing strategy. In Q2, demand continues to be robust, consistent with our forecast of higher revenue growth in 2025 versus 2024. The current volatile and complex international trade and supply chain environment further validates our marketplace model. In addition, there is renewed recognition of the importance of maintaining strong domestic manufacturing bases, which is consistent with our approach of building 18 localized marketplaces in the United States, Europe, and Asia. Xometry provides buyers real-time access to unprecedented manufacturing capacity, whether here or abroad. Likewise, we're enabling our manufacturing partners to grow their businesses by tapping into that demand. We work directly with more than 71,000 buyers and over 4,375 manufacturers across the world, giving us real-time data and insights into changing trends such as domestic reshoring and shifts in preferred geographies. For our U.S. customers, the vast majority of their demand was already fulfilled by our U.S. manufacturing network. In Q2, we're seeing an incremental shift in our mix to domestic sourcing. Between our domestic network and our industrial sourcing platform, Thomasnet, we're well-positioned to support the push for more U.S. manufacturing. Low-cost offshore manufacturing does remain an important lever for some of our customers, and we're working with them to identify alternative geographies and solutions to help manage their supply chain costs. Xometry has navigated this kind of situation before. During COVID, not only did global supply chains get severed, local ones were upended as individual U.S. states had different policies around business closures. With our marketplace versus an asset-based approach, we can respond to our customers' needs in real time. We continue to invest in the technology and network, which today spans 51 countries across four continents, that meets customers' needs. In addition, here's what we're focused on in Q2 to further address this situation. First, utilizing our AI-driven marketplace to dynamically optimize sourcing strategies and help mitigate cost increases by identifying competitive pricing across our global supplier network. Our pricing algorithms account for changes in tariffs consistent with how we manage changes in shipping costs. Two, working with our enterprise customers to secure ample domestic supply and, when requested, provide alternative offshore solutions to meet their specific needs. Continuing a strategy that we initiated in Q1, which has proven to be an even more advantageous decision post the Liberation Day tariffs. Then, delivering coordinated advertising and communication campaigns across Xometry and Thomas, underscoring thought leadership and education for our customers and manufacturing partners. Alongside our global sourcing efforts, we continue to invest in technology to become the digital rails in this massively fragmented and largely offline custom manufacturing market. In Q1, we launched instant quoting for injection molding in the EU, U.K., and Turkey as we further expand our marketplace platform and aim to be the one-stop shop for our customers. Improved our highly successful Teamspace software with enhanced collaboration for enterprise customers. Main improvements in our Workcenter supplier software, including the launch of a new partner success score algorithm. On Thomasnet, started testing a new search experience for buyers in April using natural language algorithms to infer intent and offer improved search results. In the next couple of months, we will complement the enhanced search with a new ad server technology platform that increases the inventory of advertising we can sell on Thomasnet. Since I co-founded Xometry in 2013, we've had durable growth in multiple macro environments, including a U.S. manufacturing contraction for the past two years. In 2025, we expect revenue growth to be faster than 2024. We remain confident in our long-term secular growth outlook given, first, the shift to digital sourcing and custom manufacturing is happening irrespective of the macro. Our growth demonstrates that we are a beneficiary of that trend and driving market share gains. Two, the custom manufacturing market is extremely large. Even if that overall market were to shrink, our share is still so small that we can continue to have robust growth rates for many years to come. Three, because we are a leading two-sided marketplace and a marketplace powered by AI, our efficacy and competitive moat continues to increase as we grow our networks of buyers and suppliers and gain more data to continuously train our algorithms. Each quarter of growth and improvements in our technology helps to incrementally power the quarters that follow. We have a clear strategic path forward. For buyers, it is an unrelenting quest to provide a compelling triad of price, selection, and speed, backed by our expanding supplier network and AI-powered sourcing optimization. Our asset-light, extensible technology platform and global scope can enable us to do just that. Adding additional features and capabilities as part of Teamspace will further deepen our enterprise relationships in particular. For suppliers, it's enabling them to effectively access buyer demand and provide them with the software, marketing tools, and financial products through Workcenter to grow their businesses. We expect for 2025 to be a year of accelerated growth and increasing adjusted EBITDA profitability. Thanks to my amazing, talented, and hardworking colleagues and our ever-increasing networks of buyers and suppliers, we continue to build an important and exciting AI-enabled marketplace in one of the world's largest and most critical sectors of the economy. I'll now turn the call over to James for a more detailed review of Q1 and our business outlook. Thanks, Randy, and good morning, everyone. Q1 was a strong quarter for Xometry, delivering accelerated revenue growth and strong operating leverage as our marketplace responds to customers' needs in real time. Xometry is becoming their digital rails in this massively fragmented and largely offline custom manufacturing market. Q1 revenue increased 23% year-over-year to $151 million, driven by strong marketplace growth. Q1 marketplace revenue was $136 million, and supplier services revenue was $14.6 million. Q1 marketplace revenue increased 27% year-over-year, a 700 basis points acceleration from 20% in Q4, driven by strong execution and growth with larger accounts as we continue to capture significant market share. Q1 active buyers increased 22% year-over-year to 71,454, with an addition of 3,187 active buyers. Q1 marketplace revenue per active buyer increased 4% year-over-year due to strong enterprise growth in the U.S. In Q1 2025, the U.S. Marketplace revenue growth accelerated to nearly 30% year-over-year, the strongest since Q4 2023. International revenue increased 20% year-over-year, compared with 69% growth in Q1 of 2024. We expect strong international growth in 2025 and continue to expand our marketplace platforms, including the recent launch of instant quote for injection molding in Europe. In Q1, the number of accounts with last 12 months spend of at least $50,000 on our platform increased 12% year-over-year to 1,545, an increase of 50 from Q4 2024. We view accounts with at least $50,000 spend as the top of the enterprise funnel. We expect to continue to grow this base of accounts over time. Enterprise investments continue to show returns with strong revenue growth in Q1 for marketplace accounts with last 12 months spend of at least $500,000. Our enterprise strategy focuses on our largest accounts, which we believe each have $10 million plus in potential annual account revenue. Supplier services revenue declined 6% year-over-year in Q1 due to macro-related softness in Thomasnet Advertising and the wind down of non-core services. Supplier services revenue increased 4% quarter over quarter, driven primarily by our financial services products as we help our suppliers with their cash flow needs. We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection, and digital marketing solutions. In Q1, we made progress on enhancing the experience for both buyers and suppliers, and Randy mentioned, we are testing new search on Thomas in Q2 and expect to deploy the new ad server in the coming months. Q1 gross profit was $56.3 million and increased 18% year-over-year with gross margin of 37.3%. Q1 gross margin for marketplace was 31.8%, down 20 basis points year-over-year due to the investments to accelerate our global sourcing strategy, which we discussed on our Q4 2024 earnings call and a mix shift to U.S. marketplace revenue. Q1 marketplace gross profit dollars increased 26% year-over-year, approximately in line with revenue growth. We are focused on driving marketplace gross profit dollar growth through the combination of top-line growth and gross margin expansion. Q1 gross margin for supplier services remained strong at 89.1%, driven by our increasing focus on the higher gross margin Thomas Advertising and Marketing Services. Moving on 2Q1 operating costs. Q1 non-GAAP operating expenses increased 2% year-over-year to $56.4 million, well below revenue growth. We are applying strong discipline and rigor to our capital and resource allocation across teams. In Q1, sales and marketing expense was down 500 basis points year-over-year to 15.3%, underscoring improving enterprise sales execution and disciplined advertising spend. Marketplace advertising spend was 4.5% of marketplace revenue, which is down 280 basis points year-over-year as we balance growth and profitability. We are pleased with organic and viral growth of buyers in enterprise and Teamspace adoption. Q1 adjusted EBITDA was $0.1 million, compared with a loss of $7.4 million in Q1 2024. Q1 adjusted EBITDA improved $7.5 million year-over-year, driven by growth in revenue, gross profit, and operating efficiencies. In Q1, we delivered an incremental adjusted EBITDA margin of 27%, higher than our long-term target of at least 20%. Q1 adjusted EBITDA excludes $1.5 million related to a restructuring charge. In March 2025, we initiated a restructuring action to help improve efficiency and align resources by reducing our workforce by approximately 5%. We are reinvesting these savings primarily into technology to drive further automation and scale. In Q1, U.S. segment adjusted EBITDA was $3 million, or 2.4% of revenue, an $8.5 million improvement year-over-year, driven by expanding gross profit and strong operating expense leverage, particularly in sales and marketing. International segment adjusted EBITDA loss was $2.9 million in Q1 2025, compared to a loss of $2 million in Q1 2024, due to our continuing investments to drive further scale in EMEA and APAC. At the end of the first quarter, cash and cash equivalents and marketable securities were $231 million, decreasing approximately $8 million from Q4 2024. The decrease in cash was driven by CapEx, primarily software-related, of $5.5 million and our annual bonus payouts. We are focused on improving working capital efficiency and cash flow conversion, given our asset-light model and limited capital spending. Q1 demonstrates the ability of our AI-powered marketplace to deliver strong revenue, gross profit growth, and operating leverage, as we remain disciplined in our execution, even as we continue to invest in our growth initiatives. As we scale towards $1 billion of revenue, we expect continued 20%+ incremental adjusted EBITDA leverage on an annual basis. Given our large market opportunity and low penetration rates, we will continue to balance investing in the future with driving operating leverage. Now, moving on to guidance. For the second quarter, we expect revenue in the range of $155 million-$157 million, or 17%-18% growth year-over-year. We expect Q2 marketplace growth to be approximately 20%-22% year-over-year. As Randy mentioned, trends remain strong in Q2, even as we are mindful of the uncertain macro environment. We have adjusted our pricing to reflect changing tariffs, and our AI cost algorithms update regularly to reflect changes in our supplier network. We expect Q2 supplier services revenue to decrease approximately 5%-7% year-over-year. We expect Q2 marketplace gross margin to improve significantly quarter over quarter to roughly the same range as Q2 of 2024, and continue to expect full-year marketplace gross margin to increase year-over-year. In Q2, we expect adjusted EBITDA of $1 million-$2 million, compared to a loss of $2.6 million in Q2 2024. In Q2, we expect stock-based compensation expenses, including related payroll taxes, to be approximately $9 million, or approximately 6% of revenue. For the full year 2025, we are raising our marketplace growth outlook from our previous guidance of at least 20% to at least 22% growth, driven by our growth initiatives and our large fragmented market, even as we remain mindful of the macro environment. We continue to expect overall growth in 2025 to exceed 2024 growth. We expect supplier services to be down approximately 5% year-over-year. Lastly, we expect to be adjusted EBITDA positive for the full year 2025 and expect incremental adjusted EBITDA margins of approximately 20% on a full-year basis for 2025. I want to close by thanking our dedicated Xometry team members around the world. Their commitment to our buyers and suppliers is instrumental to our continued growth and core to our mission of digitizing manufacturing. With that, Operator, can you please open up the call for questions? Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please limit yourself to one question per person. Please stand by while we compile the Q&A roster. Our first question today comes from Brian Drab with William Blair. Your line is open. Hi, good morning. Thanks for taking my question. I just wanted to start by asking if you could make any comments regarding what you've seen over the last five weeks. You know, since the April 2 tariff announcements, are you seeing new customers coming to Xometry and/or existing customers lean on you more? Just any comments on customer behavior given the disruption? Yeah, good morning, Brian. You know, as we said in our prepared more, we're definitely seeing robust, you know, growth and demand here in the second quarter. We are seeing an increase, you know, we've talked about an increase, slight mix shift to more people sourcing domestically. We are seeing our enterprise customers in particular reaching out to us to discuss their sourcing strategies, whether that's pivoting to more domestic or looking at alternative geographies. Okay. Regarding incremental EBITDA margin, this might be splitting hairs a little bit, but I think that, I mean, I know the longer-term guidance is for 20% plus incremental EBITDA margin. It looks like, you know, you're below that maybe just a little bit in the, in terms of what you're implying with the second quarter guidance. Is that right? Is there anything we should be thinking about with respect to that? Yeah, thanks, Brian. It's James. That's correct. I think the midpoint would be a little under. I think if we look at the first half, though, with the strong performance in Q1, it would be in the low 20% there as we're looking at that performance for the first half. And, you know, as you know, and as we've talked about, that's really, you know, we're managing this on an annual basis. We're making the, you know, right balance of growth and profitability as we look at our growth initiatives. And, you know, we feel really good about the progress we've made here in Q1, the 27% incremental margins there, and we'll still be in the low 20% as we look at the full first half. Low 20s incremental is the expectation for the, or I guess, James, what's the expectation for the full year for incrementals? Yeah, it's still the 20% level for the full year. Yeah, got it. Okay. I'll follow up more later. Thanks very much. Of course. Thank you, Brian. Thank you. Our next question comes from [audio distortion]. Your line is open. Hey, good morning, guys. It's Tim on for Nick. Thank you for taking our questions. Just first, I wonder if you could talk a little bit about the improvement that you've been seeing in supplier services. Is that more of just a function of increased advertising, or what's kind of driving the full-year improvement in the outlook? Hey, Tim, it's James. I'll kick that off and then hand it over to Randy in terms of some of the key initiatives. You know, as I talked about on the call, really pleased with the performance in Q1 here. You know, on a Q over Q basis, we saw some improvement. Part of that was driven by our offering on the financial services. You know, we have an offering there where we're able to support our cash flow needs of our suppliers. So it's good to see some strong adoption there. I think on the advertising side, you know, it's still, you know, still a challenging macro out there for advertising. And so we're working on the improvement of the product for search and the advertising model to set us up for, you know, growth in the future. Yeah, and just to add to that, as we talked about, you know, we started in April testing new search on Thomas, enhanced search there. And then we talked about in a couple of months, they were going to be launching the new ad server technology that will enable us to sell more of the advertising inventory. I think between both of those, you know, we're, you know, optimistic here about how we're going to be doing on the advertising side for Thomas. Great. I just wanted to see if you could give us a little bit of detail on kind of Workcenter. You kind of mentioned focus on enterprises, large accounts. Just any updates on how Workcenter has been trending, any enhancements you've been making to the platform, and just some of the trends you've been seeing there. Yeah. Tim, as you say, James, I think if you're asking about enterprise, I think you're thinking about Teamspace with the, you know, that Workcenter is the platform that we have for our suppliers. Would that be right? Yeah, sorry about that. Yeah. Teamspace, we're making good progress. We've now grown to over 7,000 teams on Teamspace. And just to remind, you know, everyone or people who might be new to our story, Teamspace is our software that enables groups of buyers who are collaborating on either a project or an entire product to work together with Xometry. That has been, just to your point, has been particularly effective with enterprises. As we talked about last year, our largest customers grew 40% year over year. That's customers with excess of $500,000 of LTM spend. Those customers continue to lean in and Teamspace. We've made enhancements to it, you know, additional communication features, additional collaboration features, and that's being well received in the market. All right. Thank you very much. Thank you for your question. Our next question comes from Ron Josey with Citi. Your line is open. Great. Thanks for taking the question. I wanted to ask maybe see if I can get away with three things. Just Randy, on the tariffs, I know you just got a question on that and seeing incremental 2Q demand and to shift to domestic sourcing. Any other insights on where this could go, call it longer term, or are we seeing just a structural change? I guess this is question number one. James, on gross profit, giving a little bit of light on the marketplace's business and wanted to dive into a little bit more on that. Sanjeev, I think it's your first quarter in. Would love to hear your thoughts as you join as President and sort of how you're seeing things relative to where we can go. Thank you, guys. Appreciate it. Thanks, Ron. I'll jump in here on the question about this, you know, the tariffs. I think, you know, as we did talk about this slight shift to more domestic and folks looking at alternative geographies. This will tie into your question about the gross margin. You know, we've been investing in those geographies in Q1. I think one of the more enduring trends you may see is multi-sourcing. Folks are going to know that this is a dynamic environment that could be changing for years to come. That could mean, hey, I'm not going to source in one geography any longer, or maybe even one source domestically, but I need to multi-source. That just, again, plays into the value that we add at Xometry, where, you know, if you're trying to build a resilient supply chain, a supply chain offers you multiple options and can protect you against these kinds of fluctuations. Our marketplace model is ideal for that. I think that's why you're seeing, you know, the strong demand that we have today. Ron, James, on the gross profit and gross margin, maybe I just take a little bit of a step back. Overall gross margin for the quarter was at 37.3%. That was down, driven primarily by the mix shift between, you know, we had a very strong marketplace growth quarter, marketplace growing 27%. The mix shift between that and supply service was a little accentuated this quarter. We'd expect that to rebalance as we move forward, certainly back into our sort of, you know, long-term range of 38%-40%. Marketplace gross margin, as Randy was talking about, and as we talked about on the prior call, Q4 earnings call in early 2025, you know, we accelerated that global sourcing strategy. We did see, you know, that drive good success in the quarter, helping us, you know, meeting the demand, the strong demand that we're seeing out there as we scale up suppliers in different geographies. As we ramped up the order volume there, that did temporarily dampen the gross margin in Q1 on the marketplace. We're now expecting that marketplace gross margin to improve significantly in Q2. You know, I'd say that we think it'll be roughly around the same level that we were a year ago in the mid-30s, 33s, sorry, so around 33.5%. We will continue to expect gross margin to expand year over year. You know, I think that's where we're at. Actually, that'll lead quite nicely. I'll pass it on to Sanjeev in terms of areas of his focus. Yeah. Just before that, just to make it, you know, simple, we invested a couple of million dollars into those markets in Q1, you know, to create liquidity in the marketplace and to train our models. So, you know, there was an impact in Q1, but as James said, you know, our guidance now for Q2 reflects the trends that we're seeing. That includes a strong bounce back, and those investments are paying off. Thank you, Randy. Thank you for the question, Ron. In the early days that I've been here, I've been, of course, talking to our customers, our partners, and engaging our teams. Clearly, the moat that Xometry has built around AI, quality, and speed of manufacturing is something that stands out big time to me, even in these early days. The few big strengths that I do want to point out are, one, the proprietary AI technology. It is pretty clear that the technology around AI is integrated in the supply chain from the entire starting of the order cycle to the final delivery of the product. It is in the assessment of the manufacturability of the item. It is in pricing of the jobs accurately and instantly. It is in the intelligent matching of each order with the best fit supplier for quality, speed, and cost. It is truly impressive how that is truly part of the end-to-end supply chain. What I would say actually is even more impressive to me is the strength of our supplier network. In my experience, most e-commerce players have built a supply chain network or a supplier network that is concentrated in two or three sourcing markets. Therefore, any supply chain or tariff-related disruptions take them years to address. At Xometry, in contrast, our supply network is not tied to such a dependency on two or three large international sourcing markets. To me, that is a real strength because that means we have a vast network of suppliers within the U.S., balanced by a well-spread-out international network in 50 additional countries. Therefore, you can see how our suppliers can benefit in conversations with us in driving that to get the right outcomes for them. Thank you. That's great. Thank you, guys. Thank you. Our next question comes from Matt Swanson with RBC Capital Markets. Your line is open. Hey, this is Simran on for Matt Swanson. Thanks for taking our question and congrats on the quarter. Just one from me. Would you be able to double-click on some of these customer conversations that you're having around domestic sourcing and how these conversations start and then ramp up from there, and then just the general trajectory of the platform becoming a permanent piece of these customers' onshoring strategy? Thanks. Yeah, thanks for the question. You know, I think for our customers, there's a couple of questions they're trying to get answered. This is, you know, what we're seeing. I've been traveling around, you know, meeting with lots of our customers across the country. First, you know, they're digging into where to find that domestic. If they're going to drive more manufacturing here in the United States, where does that capacity exist? One of the benefits that Xometry provides domestically, even for the largest companies, and our large customers tend to be very large companies, is being able to find that best supplier, irrespective of the geography, in this case, irrespective of what state they're in. You know, a lot of the conversations we're having with our customers are, where do I find that domestic extra suppliers? Where can I build that supply base? Again, they've come to us because that is inherent to what our model is as a distributed marketplace. That is what a lot of the flavor of the conversations ends up being. Again, there is also the conversation around risk mitigation and multi-sourcing alongside of that. Thanks. Thank you for your question. Our next question comes from Greg Palm with Craig-Hallum. Your line is open. Yeah, thanks. Good morning. I guess just maybe looking at the Q2 guide a little bit more on the revenue side. I mean, you talked about, you know, I think what your words were, robust growth demand so far, quarter to date. I mean, usually, like seasonality-wise in Q2, if you go back, there's a pretty big sequential jump from Q1 to Q2. I guess I'm just trying to tie out the guide and the commentary and the normal seasonality to, you know, kind of what the, you know, maybe the lack of, like, meaningful sequential growth in terms of the revenue outlooks. Maybe we can dig into that a little bit more. Thanks. Thanks, Greg. Question the same. Yeah. So I think, you know, as you say, we're expecting Q2 revenue growth of 17%-18% versus the 23% in Q1. You know, Q2 marketplace growth, we said, is 20%-22% versus the 27% in Q1. And we have seen a, you know, good, strong start to the quarter. There's about a 100 basis point type of comp in Q2 versus a year ago. But based on the strength of what we are seeing in Q1 and Q2, we did raise our view for the full year. So from at least 20% to at least 22% for the full year for the marketplace. So I think that reflects the, you know, what we're seeing in the business and the strong performance that we saw in Q1. Consistent with prior guidance, we're taking into account those recent trends and the opportunities and risks that we're seeing ahead. You know, it does remain uncertain manufacturing environment. The manufacturing indices continue to suggest that some buyers remain cautious. I think, as you've heard from us today and Randy's prepared remarks and answers, you know, Xometry is very well placed for this environment for providing flexible and resilient sourcing. You know, we're feeling good about where we are, and that's reflected in our outlook. I guess maybe just to be a little bit more specific, and if I could, you know, if we look at 2024, you know, revenue sequentially from March to June, you know, up 8%, you know, overall, you know, the guide this, you know, at the midpoint is more like 3%. I am just trying to kind of tie out the commentary about what you're seeing versus kind of what you've normally seen historically. Maybe it's just a matter of, you know, we're being a little bit more conservative just given the uncertainty. It just feels overly conservative just given the commentary. Yeah. Hey, Greg, it's Shawn. Just keep in mind, in 2024, we had talked about Q1 was a little bit of a slower start in January. So be careful with that quick analogy. But again, as James has been consistent in the way he's laid out his guidance over the last five quarters, you know, we're mindful of the operating environment, but we're seeing robust demand so far in Q2. Yeah. Okay. Hey, congrats on the quarter. Thanks. Thanks, Greg. Thank you. Our next question comes Troy Jensen with Cantor Fitzgerald. Your line is open. Hey, gentlemen. Thanks for taking my questions here. I guess I want to hit on, you know, production revenues versus prototyping revenues. For me, for you guys to really sustain growth, you know, for several years, you're going to have to be successful in production. If I kind of compare you guys to, you know, the competitor in Minnesota here, you know, they're getting about $8,000 kind of average order per customer, and they claim about 35% of their business is production. With you guys kind of below $2,000, kind of an average order from your marketplace customers, to me, it just speaks that there is a very, very high level of prototyping there. I'm curious if you guys could touch on production, if you guys could, you know, maybe start providing what your production numbers are on a quarterly basis. Yeah. Hey, Troy, it's Shawn. Thanks for the question. I'll turn it over to Randy to give a little bit more qualitative on what we're seeing in terms of production and certainly enterprise growth. Just keep in mind the number that you're looking at is a quarterly number in terms of our revenue per buyer. You'd look to annualize that if you're trying to compare numbers. You know, the revenue per buyer for us this quarter was actually up 4% year over year. We're seeing good, strong growth from our enterprise customers. Certainly, part of that is our production continues to grow, which we've talked about now for the last couple of years. Randy, I don't know if you want to give a little more qualitative on that. Yeah, Troy. We did, you know, we put into the presentation, and, you know, we're happy to talk through that with, you know, talk right there in the presentation, but talk about it. You know, we've got a whole bunch of examples of where we are doing more production. One of the nice things is that our platform is very extensible. You are seeing it across multiple technologies. Also, Troy, if you sort of look at the evolution of Xometry over time and the way we've been adding manufacturing processes, you can see, you know, starting with where technologies that are fewer prototyping, like 3D printing, and they're evolving over time into more, you know, things like injection molding, die casting, stamping, which are usually production, you know, production-level technologies. We are doing more and more of that. As Shawn said, we, you know, work through the math a little bit. From that quarterly number, it may look like a, as you annualize it, it looks like a different number. Is there any way you guys could take a guesstimate on how much of revenues is production? Yeah. What we said historically is that, you know, if you look at the mix of our business relative to U.S. manufacturing, we mirror that type of mix. And we've said repeatedly that 3D is a very small percentage of that mix. As you know, Troy, I mean, not all prototyping is additive, but if you use that as a proxy, you'll get a sense that prototype is a small piece of our mix. Troy, I guess the final thing is, you know, there are other companies, and we've got, you know, there are other great companies out there. Those, you know, those that are probably more reliant on, you know, prototyping, etc., you know, you've seen them struggle with growth or even shrinking. I think our growth rate sort of speaks for itself. You know, and again, I think that that calls in that we have had success on the production side as well. Gotcha. If I could sneak in one more question, I'd just be curious to know what percentage of your revenues are coming from marketplace partners that are overseas that will be impacted by tariffs and stuff? We said, Troy, that the vast majority of our U.S. marketplace revenue, which is, you know, roughly 80% or something of our marketplace, is fulfilled domestically in the U.S. by U.S. partners. If anything, we've actually seen, we talked about a slight nick shift to even more of that domestic. It is the overwhelming majority of our revenue is fulfilled by U.S. partners for U.S. customers. Thank you so much for your questions. This does conclude the question and answer session. Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Have a good day.