I think with that, I know we're going to have people moving in and out of the room, but to keep the train moving on time, we're going to get started. It's my pleasure to welcome Xometry back to the conference, but it's actually the first time for Sanjeev to be here at the conference in the role of CEO. So welcome to the conference. Thank you for having me. It's such a pleasure. I think for those who are less familiar with Xometry as a story and as a business, maybe frame for us the custom manufacturing landscape today and what some of your key priorities are now that you're in the CEO role when you think about the next couple of years. Sure. Custom manufacturing, just for anybody who's not done or seen many of it, is basically things that don't exist today. So a part that you can't just pick off the shelf, a SKU that you can't buy on Amazon or Grainger or whatever, things that people are innovating or building for themselves. We think of that as like a $275 billion opportunity. Most of the work today is done offline, manual, where people within a 30 mi, 50-mi radius of their manufacturing facility will find a small job shop or a manufacturing shop that will help create that custom part that they want for their overall end goal. The way we think of that opportunity is that if you can take that offline $275 billion, bring them online, make it easier to shop, custom parts that have never been produced before, the way you shop your most favorite e-commerce platform, Amazon, Walmart, whatever you like. We have the opportunity to convert those people from waiting for multiple weeks to get the offline quote, to then have it produced over multiple months, to get them to a stage where custom parts come at the speed of e-commerce today, two days, five days, 10 days, your choice, at a price that you see instantly online, and an experience that feels as good as shopping your best platform. Completely transforming that space, traditional offline, manual, small radius to global opportunity, instant buys at your speed. Today, maybe 1% of that TAM is online, and almost all of it we have, but hopefully, we can take a lot more of it online. So, maybe talk a little bit about this online penetration idea. You've obviously produced, as a company, improved accelerating growth over the last couple of quarters and couple of periods. How are you thinking about that penetration opportunity and what some of the unlocks have to be executed against to capture that market opportunity? I would say, just a little more context on the opportunity as well. As you think about why this opportunity exists today, one, of course, the traditional process is slow and cumbersome, but also the nature of customers and leaders that you're seeing in R&D, in production, in procurement are the Gen Z-ers who are now looking to get the same kind of B2C experience in their purchases as they do on their favorite e-commerce players, but also want to go at much faster speed, like I was sharing. To that extent, creating a great e-commerce experience, helping them find the products easily, helping them continue to actually feel like they have one partner to depend on, not hundreds of shops. Becoming that one shop where they can get all of the parts that they need and then continuing to actually bring them the best intelligence on the parts that we can. When there is a manufacturing issue, making sure we surface it super early. When there is actually a pricing that they want based on little changes that they made on the part, we are able to iterate at the speed that they would like. To that extent, what we have done is we have tried to create a strategy around making that journey significantly better. Okay. How does that feed back to your views about the durability of growth over the medium to long term? So you have got the operating momentum, you have got the market opportunity. Bridge to how investors should be thinking about the durability of that growth over a medium or longer term duration period of time. I mean, we are just coming off of a phenomenal quarter. We had four consecutive quarters of accelerating growth. As you have seen, it has gone on not only just on growth, but even the revenue per buyer has been accelerating. So we had 21% growth in revenue per buyer. A lot of it is actually really long-term because one, we are not seeing that growth in one segment or the other. We are not seeing that growth in any particular process type we do. So we do CNC machining, additive manufacturing, sheet metal, injection molding, so various different categories. It is not concentrated anywhere. It is not happening because a particular industry is growing faster. It is not happening because a particular process is growing faster. It is growing because it is a secular trend of that offline to online. It is growing because we know our experiences online are resonating better, where we are substantially pulling ahead of any little competition that exists elsewhere. I mean, the simple comparison comes to other marketplaces which grew at 0% in the same period, we grew 45%. So clearly pulling ahead because of the strategy that we have been implementing in the last year and a half. Okay. Obviously, there's multiple sides to your marketplace, but let's talk about growing the supplier side, both in terms of depth of work on the supplier side, as well as continuing to grow the geographic SKU of suppliers. Talk about some of the initiatives you have in place to continue to grow and scale the supplier side. Coming from an e-commerce background of my own, I think to me, for the first time, our partners are getting to be treated as equals to our customers. I think that's the very beginning and fundamental difference. Historically, suppliers in manufacturing are treated like order takers. On our platform, they are treated the same way customers do. So we have a dedicated online platform called Workcenter for them, where they get jobs from our platform. They can see their performance scores. They can actually see their financials and invoices. Just like you would expect on a customer side of the marketplace, that experience is really holistic on the other side as well. What we are also doing thoughtfully is, as the nature of demand is really picking up across all of the sectors, we are making sure that we are not only bringing partners online on a first come first basis, but actually making sure that, for example, in the U.S., we've seen a lot of demand around parts that need to be produced from certified shops, whether that's AS9100 for aerospace, whether it's ITAR for export restricted stuff. We are making sure partners that bring specific capabilities get to skip the queue and get onboarded first. While we are continuing to expand globally, we made a massive push into India. We have more than 300 partners there as we speak. We're driving growth in Vietnam. We've always had a big presence in Europe and Turkey; thanks to the work we've done over the years. Both dimensions, one, their capability, their experience, and using that to actually drive their ongoing engagement. Okay. Helpful on the supplier side. When you think about the journey you've been on with enterprises, if we went back years and years before you joined the organization, there was a lot of prototyping. You're moving deeper into larger production runs. Talk a little bit about the enterprise journey you've been on to create and capture more volumes from enterprise clients over time. I would say enterprises are a big focus for us. As you've seen, we've been sharing stats on what used to be greater than $50,000 orders, then we moved to showing $500,000 orders. Last year, we showed you four customers did more than $10 million. There's going to be a lot more in each bucket this year for sure. All of that is happening because one of the big things that we pride ourselves on is those buyers that actually see us deliver on the value, they keep bringing more buyers to the platform. Not only are the accounts that we work with growing, the number of buyers in each account keeps growing. I think to me, the enterprise value stems from that good word spreading and more people using our services, but then also actually continuing to build mechanisms to make it easier to work with us. We spent a lot of time in the last 18 months pivoting our strategy where PunchOut, which is our ability to actually integrate straight into procurement platforms, where if you're on your Ariba or your Coupa platform, you can click a button and land to Xometry and actually purchase on Xometry without necessarily having to go outside your platform. On the post-order side, integrating things like purchase orders, invoices, ASNs, and of course, Siemens, which we can talk about a little bit, is going to be another step in that direction. But really our focus has been on just making it easier for the enterprise buyer to shop on Xometry, whether staying within their platform or getting information in their platform, but then also their ability to actually share what they're doing. Teamspace is a product that we have where they can share all their orders with their teams. As we see them use that Teamspace, we see them bring more users to the platform too. Got it. Okay. I do want to talk about Siemens. Obviously, that announcement had a positive reaction from the stock market, and there were multiple elements to that announcement about both the partnership, what it might mean to build scale and volume on the platform longer term, as well as an equity stake as well. Talk a little bit about how that partnership came about and how investors should be thinking as the partnership rolls out and scales, what it could mean for contribution to the platform as we get into 2027 and beyond. Siemens, I'll start with the history. For a long time, we've actually been talking to and working with various different CAD software companies. If you think about it, the integrations we've done in the past is we've launched add-ons. If you're a CAD user, you can go and download an add-in. That add-in then becomes the way you actually can interact with Xometry from within your CAD software. But for us, that is not something that brings traction in the large enterprise customers and big customers, where the IT teams decide what you can add to your software or not. If it ships with the software that they approved, you're most likely to be open to it. But if it's a lonely engineer on the shop floor or in the R&D team who wants to download an add-in, likely they will not get that approval. That has been a challenge. On the Siemens side, it is very obvious a lot of these CAD companies have invested for years together on what's called should-costing. Should-costing is basically if you create a part in your CAD tool and the CAD tool had an input on what's the cost of the material, what's the cost of the labor, what's the number of hours needed, you can create a bottom-up estimate. Those should costs have improved over the years, but they are never the market price. They're never the market price on which somebody is guaranteeing that they will have the part on your door. Bringing those two problems together is what we are trying to actually make sure we can address the customer's real issue. The customer's real issue is in my tool, show me a price that if I say, "Yes, I want to buy," you will promise to deliver it to my door. If I iterate multiple times, in real time, tell me how the price changes. We are doing true deep integration with Siemens as part of our work now, where our pricing intelligence, our manufacturability intelligence, is going to be natively embedded in the Siemens software when it ships to the customers, which means no add-ins, no shipping your file. You click a Next button on your Siemens Design Center tooling, and you get instant pricing and guarantee of timeline from Xometry, and your file never actually leaves until you hit Order Placed. Yeah. For us, this is actually very exciting. This means a complete transformation in how integrated we are, how we take this intelligence and put it behind their firewall, and I think that's where the teams are really doubling down right now. The tech teams have developed a joint plan, a release date, scale-up plan, so we are going to be available across all versions of Siemens Design Center. They have a cloud version, they have a version called X, which is integrated across multiple softwares, and they have an on-prem version. We are going to be present in every single version as this release happens. Very exciting. A lot of it is going to start rolling out in 2027. Yep. For 2026, we've not made any such assumptions. Even for 2027, we expect to actually show a gradual ramp-up in that use, but it's very exciting. The first time we'll be truly deeply integrated. In fact, any market pricing being available in those tools. Okay, interesting. Beyond Siemens, what is the potential scope for that sort of partnership model to be replicated in other parts of the broader manufacturing ecosystem? When you think about what you've built. Right. Plugging and integrating it into existing providers, what does that landscape of opportunity look like? Massive. In my view, I think that's the one fundamental thing that's changed in the last 18 months that we've been driving transformation. We've realized that the real value that Xometry adds is, like I said, the pricing intelligence, the manufacturing intelligence, and the massive data that we've built all that intelligence on. One of the things that was really front and center in the conversations in February when all of SaaS was dying and challenges were being spoken about everywhere, it became very obvious that the one thing that nobody else has access to is the proprietary data of millions of files on a decade plus of work that Xometry has done. That market price is based on data only we possess and the data that only we have access to. Therefore, making that pricing, that manufacturability, and that timelines available in other people's platforms became a true opportunity that we are actually very aggressively pursuing. Siemens is the first place- In the design stage it'll show up, but you think about the entire manufacturing from intent to the delivered part cycle. There's intent, there's design finalization, there's procurement integration, there's feedback, and then there's the actual manufacturing shop where tools are used to produce that specific part and materials are sourced. You're going to have our intelligence show up across that entire spectrum. To me, that's very exciting because now customers will have access to our intelligence, not just from our portal, but from the tools that they use every day, which changes the dynamics on how you think about our business in itself. These are channels that ride on other people's platforms, customers that are already using them today. We get access to what could be millions of customers versus our 90,000 active customers today, thanks to all these investments that we are doing across the floor. It's very exciting where you go from a small number to a very large number, and you save all your marketing and sales dollars. Yeah, understood. We will get to that as well. Sticking with what you have built from an AI model standpoint, obviously the output of these models is improving the business, improving the outcomes for your customers. How should investors think about the scalability of your AI models? How much better can they get? How linear versus nonlinear will this all be? This is a jumping-off point, but what does this all look like in a couple of years' time? A big focus of continuing to develop our AI models has been actually making them modular while connected. Two years ago, our primary model was our Xometry Instant Quoting Engine, which was our pricing model that spoke about how quickly can you get this part and at what price. Today, we have actually taken our model and federated it into multiple different parts. The three core models that we talk about today are our pricing model, which faces the customer, gives them price, our lead time model that faces the customer, gives them price, our manufacturability and costing engines. Manufacturability tells the partners and ourselves and the customer whether it can be made or not, and costing gets us an estimate of what the market will pay for this if we get it manufactured. These models are now supported by a full layer of personalization, segmentation, sequencing. For example, the sequencing model works to make sure that when jobs come in, partners who get to see that job are also based on our understanding of who is likely to give us the best cost for this, who is likely to deliver this on time, but who also has all of the certifications and supporting needs that are required for that. Our models have now gone from a monolith to multiple different federated models, and each of those models can scale with the data. Therefore, we feel a lot confident that as we strike these partnerships and scale the volume from current levels to hopefully 10x, 15x, 20x, all of these models will actually continue to grow. Okay. Maybe one more, if I can, just on the growth algorithm for the company. International has been something you have talked about. Can you talk a little bit about adoption of the platform outside the U.S.? What do you see as some of the key investments to continue to grow and scale the international operations of the company, and even what some of the long-term mix of U.S. versus international might look like? Just some more background on our international business. We really started expanding internationally in 2021 with a couple of acquisitions in Germany and Turkey. Today, our international business is $125 million or so annual run rate revenue. That business is actually much further ahead in its growth trajectory than the U.S. business was at the same life stage. However, all of the transformation that I've done in the last 18 months in the U.S. business, we've not even started to do on international. You take that and couple that with the same kind of reshoring and manufacturing focus that you have in Europe. Couple that with the growth in aerospace defense and new age Physical AI opportunities there. You can see that business take on a life of its own, much, much higher rates than we've ever seen before in the rest of the business. I think international innings is truly not even started, even though that is at a faster pace already than the U.S. Okay, interesting. I wanted to turn below the revenue and the market growth opportunity to gross margins. How do you frame for investors thinking about long-term marketplace gross margins? When you think about scaling these models and the output in terms of volume, how should investors think about what the key variables are that might impact long-term gross margins for the business? Absolutely. I think we are very, very committed to what we've said as the 35%-40% gross margin target range. In fact, at IPO time, we had that number at 30%-35%. But over time, as we've hit the 35% number, we've become even more confident. With the model delineation that I was just describing between pricing and costing, today those models actually feed off of each other. A simple example is if we get a job that we price to the customer for 100, and we see that the partners are actually not opening that job, not accepting that job as quickly as jobs prior had been accepted, and when the final pricing lands, it's at 70 that they took, so less than 35%, we're actually able to feed back that into the pricing model at an order level. Think about AI models that used to train at three-month, six-month, nine-month timelines. Our models are now designed to train at an order level. Every next order make the model better. This means as we continue to scale, when we see opportunity to take market share, which we clearly have in the first two quarters, given the different growth rates that you've seen across the market, we have the ability to say, "Okay, let's optimize for growth. Let the difference between the two models drift away for a little bit." Once we've captured the growth, if we'd want to go back and actually optimize for margin and bring it even closer, we can do that. But that's a level of control that is hard to have even in the manufacturing business in itself. We are now super confident that depending on the opportunities that come our way, we can optimize for growth. Depending on the opportunities that feel like actually, we should be taking more margin at this stage because actually there's not enough jobs, we actually can literally at an order level tweak that. Okay. I do have to ask about the macro environment that's been coming up at this conference as well. Given the macro environment you're operating in, how does that translate into demand trends for you? And even some of the elements of sourcing that's playing out globally as some manufacturing activity continues to sort of repopulate itself around the globe, and how does that feed back into what you're building and scaling? In our world, the one data point that gets spoken about most often as far as macro is concerned is the ISM. As you know, for the last multiple years, 4 +, the ISM was actually contracting. We've grown in an environment where actually there was headwinds. It's nice to have a little tailwind. The ISM has now turned. But really, when I think about it, $1 billion in a $275 billion opportunity, where at this point, our real opportunity is to just keep taking share from offline and continuing to grow and grow and grow. As far as the global supply chains and the conversations that happen there, my view in general is that any time there is disruption in supply chains, that requires somebody to actually explore options. That always helps somebody to think, "Ah, this was offline. Can I get a better price online? Can somebody online actually source it from a different geography? It actually helps initiate an opportunity where they look around and think of other things, and at the low penetration we have, every such disruption is kind of welcome. Okay. Let me transition to Thomasnet, and with the adtech transition done, the search enhancements have been put in place, how are you thinking about monetization from Thomasnet longer term? That's a phenomenal business that we've had. It runs at 89%+ margins. It's a business that is truly akin to advertising, to think about it more broadly. We've, of course, spent a bunch of times, like you said, changing the adtech underneath and changing the search algorithms. We're committed to, as we've mentioned, turning that around and growing that business now. What really is actually useful is, to think about it, that is a business that has access to 500,000 North American manufacturers. At that number, it is 100x the marketplace active participants. As we continue to grow, it gives us presence, and it gives us visibility to that partner network that we probably don't need today but might need as we continue to scale the marketplace at a very rapid pace. To me, that business is a very core business to helping us continue to feed the marketplace with the right set of players to help us grow the core business. Okay. So far, we've primarily talked about market opportunity, growth initiatives, repositioning the platform for capitalizing on AI models and partnerships. I don't know if this will bring my good friend Shawn into the conversation, but can you help us better understand just some of your key investment priorities? What do you think are the key investments you have to make in the business from a growth standpoint that will make sure you capitalize on the opportunity set when you look out over the next couple of years? I laid out in the last quarterly earnings, but I think there's five key areas that we've prioritized that we'll build our vision around and continue to double down. One is establishing ourselves as the infrastructure for that pricing and intelligence. Siemens Design Center, as we were speaking about. Continue to improve our e-commerce experiences for both customers and partners. Growing just the base of the partners and customers around the world, international, as we spoke about, but ongoing partner expansion everywhere. Continuing to actually drive enterprise, the amount of integrations we can do enterprise, the amount of conversations we can have to continue to drive enterprise engagement, always ongoing. Then the services business, as we spoke about, the Thomas business. To me, those are five very clear focus areas and pillars where we continue to lean behind and drive our strategy with those in the forefront. Very clear. Okay. In the last few minutes we have left, I always try to put to someone, if we were to have this conversation, hopefully we'll be having this conversation next year. But if we have this conversation several years from now, and you talk to investors and you think about the opportunity set, what do you think is the most underappreciated aspects of this company and its operating story going forward that you believe, in terms of through operating, you can close the gap between some of the perceptions and where the company might go? I would say the biggest conversation we'll have is how Xometry changed the way custom manufacturing happens around the world, and that what we are building is not just a marketplace, but a true connected network of manufacturing around the world. So you can have a job that gets manufactured in a network that you don't even have to worry about, where pricing and lead time are guaranteed today. That feels like a little black box today. Tomorrow, it will be that, think of dark factories. This will be the dark network where you can actually plug in your job. AI ensures that manufacturability happens properly, can happen properly. Pricing ensures that you get the right price. The partner integrations at the back with CAM tools, with things like that, ensure that the partners have the right tools already to make those. So actually, AI implemented in a distributed network to deliver custom manufacturing, that's the book we would have written. Okay. Well, Sanjeev, thanks so much for coming to the conference. Really appreciate the opportunity to have the conversation. Thank you. Please join me in thanking Xometry for being part of the conference. Thank you. Thank you so much.