Velo3D, Inc. — Call Transcript 2026

Good morning, everyone. I'm Arun Jeldi, CEO of Velo3D, and welcome to the investor presentation of Velo3D, June 2026 at RedChip Companies. Velo is founded in 2014. We're headquartered in Fremont, California. Currently, we employ about 150 employees. What is Velo? Velo is a fully integrated metal AM solution, additive manufacturing solution, with a laser powder bed fusion technology. We are the only American manufactured, made in America, largest laser powder bed fusion OEM. Velo has a strong moat of about 63 issued patents, actually 64 issued patents, and 51 pending. About 114 patents issued and pending. Our technology involves two stacks of products. One is a software product, and one is a hardware product. A software product, we have a software called Flow. Flow is a slicing software, and Assure is a quality assurance software, which is fully developed in-house and holds the IP on them. Our machines are called Sapphires. Sapphire, we have three different Sapphire machines. One is Sapphire XC, and Sapphire 1MZ. Sapphire 1MZ is the 1 meter Z-height, the largest laser powder bed fusion machine what we produce. We have diverse customers in what we sell for, and we focus on mainly four important sectors. One is aerospace, space, and defense, and energy like semiconductors. Semiconductors and energy is one sector, and then space and defense is another sector. You can see we have quite a bit of prominent names here. Anywhere from RTX, Sikorsky, U.S. Air Force. Defense, we serve all three of them, Air Force, Navy, and Army. You can recently see several different press releases from the company on winning several contracts directly from the defense space. The space, as everyone know, Velo is well known for the initial moat of SpaceX machines, which we delivered back in 2018 and 2021. The recent Raptor engine and all other 3D, what Elon talks about is specifically, is a pure Velo platform. We are very much focused also on semiconductor. We do quite a bit of work with the famous names here. Most of them are designing and production of the lithographic machines and other semiconductor producing machines. We have a big CM network we also work with. We have about eight to nine different CM worker for post-processing what we do, and also we deploy the machines on their facilities. We have a collaborative moat of various sectors which we focus on, and there is a huge interest in the market currently, you can see the stock price, how it's going. Coming to the history of Velo, back in 2021, Velo raised about $500 million in total capital to develop this technology. In 2018, SpaceX invested as a private investor. In 2021, the company went on SPAC. In 2024, Arrayed Additive, which is my company, which I'm also CEO of Arrayed Additive, acquired 95% of the company and became the biggest shareholder of the company, and later being diluted for raising the capital. What complements Arrayed and Velo was a pure technology perspective of both in the additive manufacturing, and we actually have a lightweight materials focus and purely metal laser powder bed fusion. That's what our focus is, and both are U.S.-based companies. What is the key drivers of the Velo today are geopolitical demands on the domestic supply chain. There is a theme of 5-10 years of domestic supply chain and national security, economic resilience, and simplified supply chain. If you see the Trump administration is putting quite effectively various things on the paper to push this reshoring the manufacturing to U.S. That increases our efficiency and protects the national security itself. The market is big, and it has tripled from 2022 to 2024 on this reshoring of manufacturing. Velo is leading as a digital manufacturer, is creating waves in this sector. One of the key challenges today is on the national readiness for the autonomous factory, is production is slow and siloed. And there is no digital collection of materials actually to increase and digitalize our manufacturing itself. When every sector is moving away from a traditional way of doing things, and a lot of siloed manufacturing is done throughout the country and around the world. AM is one of the solutions which can create and increase the demand for digital manufacturing, and that brings a huge demand on-demand. Anytime you can print the parts on these machines, and these machines can be deployed to different areas, whether war zones or where the customers are, and then put digital factories around the world. That's the idea of enabling mission-critical metal manufacturing around the world is the idea of Velo3D. The foundation is how the technology works is what makes Velo unique in that sector is you create a digital platform of one, and that Golden Print File can be printed any part of the world, where these machines are deployed. You don't have to recreate every location a different thing. You can digitalize these 3D files in the cloud and others, and put the security as a back layer, and then that information flows through any part of the world, and then print anywhere where you needed the parts. What it happens is, once you have creating these ecosystem, you will collect so much data that can actually make another layer of AI and ML predictions on the design to material specifications to speed, and that will create another layer of software enablement in our Flow software, which in future becomes the AI and ML software for most of the manufacturing platforms. Which now transforms into a platform that actually deploys a security level, AWS, a hub of various designs around the world, and then you can deploy on any of our machines. So the enablement of mission-critical metal manufacturing is real today because of Velo. Then we are creating that next level of machine learning and AI to become an autonomous dark factories in the future. In that factor, we expanded our footprint 3x this year, and building hundreds of machines to deploy in next four to five years. Coming to the key markets of demand and go-to-market strategy, as I mentioned in the past, like in my previous talk, is we are focused in four areas. We're not deviating from that is purely because of how AM is very suitable in these. AM metal especially, is very suitable in certain factors where you charge to be low production, high quality, high complex parts rather than any automotive industry just to scale it to that level. Especially when you manufacture at U.S., it doesn't make any economic sense for us. We are fixing our four sectors like defense, space, semiconductor, and energy markets for the same reason. In the last year, you have seen how Velo has transformed these sectors and won several of those contracts, and that makes it unique that we're suiting, and our technology moat has proved that in these sectors very efficiently. How did 2025/2026 is a transformative year for Velo? In 2024, the company is financially distressed, and then there's a restructuring done. What happened once we took the ownership as Arrayed, we changed the business model from a single source of selling the machines where there is a long lead time and then there is a high overhead, which caused the company to go into the financial distress. We changed it to a recurrent income model where the end product is delivered to the customer and the end product of these machines is basically parts. We introduced Rapid Production Solutions. What that means is we actually host these systems because these are not like desktop machines. These are very complex machines that actually needs complex maintenance and needs a lot of infrastructure to put these machines on. The biggest barrier for the customers basically is to buy a machine, and it takes about a year to develop that machine, and then you put it on your floor, and it takes about a year. Before you see a part, it takes about two years if you just sell the machine. Instead, we are putting our own fleet of machines on our floor, getting the prototypes faster to the customer, which can be tested and then go to the production faster. Hosting these machines and buying the capacity by the customer makes it very reasonable upfront investment and reduces the barrier of entry for them to test the product and then also get their parts faster. It worked out really well last year, and then we had 70% of new customers last year alone compared to all the previous years combined. The Rapid Production Solution is a big hit in 2025 that's driving even bigger revenue. It takes about two to three years to get to the full scale of how you want to produce, because you have to put the capacity together and there's a CapEx requirements for that. We are still continuing to do the system sales. The system sales, how it works now is they're buying the systems for capacity versus rather than putting these systems on their floor. Once they finish the prototype level and they are basically pushing to hold the capacity for themselves, especially some of those high confidential, high national security missions, they want to hold their own fleet. Right now, what our model is like 50% is customer-owned, 50% is Velo-owned machines on the floors. We also increased our engineering services because there's a complexity of these geometries and the design which the customer doesn't know how to design some of those on the additive side. We help them on engineering and services to keep up these machines on various consumables. These are the four recurrent layers of revenue that we're producing currently and then driving the company to EBITDA positive this year. If you see on this scale how we have guided and changed how the revenue mix is going to be, the RPS is going to take over sometime in 2027/2028, with a full fledge of more than 60% of the revenue of the company, and the rest will be followed by services and sales of the systems. The RPS pipeline as you see how it transforms from 2025 to 2026 and beyond. There's a proven backlog and a robust pipeline driven by demonstrated RPS demand. In that aspect, this year we're expanding 3x the size of what we are manufacturing today in Velo in Fremont. We finalized our location, and it's going to be in California, and then that will be fully equipped with 100 machines as a phase I in two and a half years. Each machine today produces about $2 million on an average in revenue for each machine. You can calculate once we put in the 100 machines with post-processing and also sale of the machines, that facility can give anywhere between $300 million-$400 million in revenue. That will be completed within two and a half years. That's two years. By mid-2028, it's fully equipped with 100 machines. The construction, it's a brownfield which we leased a property, that makes it easy to immediately ramp up, and then the physicalization should complete in next three months. The phase II, phase III, and phase IV all together combined, we will be keeping about 400+ machines within five to seven years. That's a long-term mission of the Velo, where the capacity increases the data collection and also increases the efficiency of these machines by a closed circular loop of feedback. That pushes the software level to the next level of AI and ML technologies, where the dark factories is no more a fiction, it's a reality by Velo3D. We are at an inflection point where Velo is leading the way in metal AM, especially in U.S., specifically to those defense and space technologies and also semiconductor and energy sectors. Expanding its footprint globally by increasing its revenue margins and then becoming EBITDA positive in 2026 later this year. Especially the marquee customers, what you have seen on our presentation can tell you the stories how we have transformed a company from a different business model to a real money-making machine in one and a half year. Thank you for giving me time to present this presentation and hope you guys have a lot of questions, and I'm willing to take those questions. Jim can talk more on the financial side. I can talk more on the mission and how we're going to expand our footprint. Arun, we had a question asked in the chat about any security on how you print for customers or print files or any security that people should be aware of as you print these highly important confidential products. If you see the certification on the cybersecurity, I think we are days away from CMMC 2.0, and then also we are AS9100 certified manufacturing facilities, and we have all the securities, what we are doing on the defense side, we have all those controls today. We've been successfully doing that currently, and we are expanding that portfolio wherever we deploy on the cybersecurity level. Great. Then there was a question that I'll answer about how are our recent results and outlook. Q1 was very strong. We're very pleased with that. Our revenues grew 48%. Again, 48% year-over-year. We've given full year annual guidance of $60 million-$70 million, which results in revenue growth of 30%-52%. The strength that you see in Q1 wasn't an aberration. We're actually looking at a very strong year, and we have about $30 million in our backlog. We're very pleased with Q1 results and excited about our outlook, which aligns with what Arun said for the strategy. Thank you very much, gentlemen, for the presentation. Yeah, as you know, we've already been taking some questions through the chat. Just to remind everybody, if you want to submit a question, use the Q&A button at the bottom of your Zoom window. A text box will appear. You can type your question into that text box. We love getting your questions. Gentlemen, we've got other questions coming through. This person writes, "One of the themes that comes through clearly is that Velo3D is increasingly selling outcomes rather than simply selling machines. How has customer demand evolved, and what led you to emphasize Rapid Production Solutions as a larger part of the business model? The Rapid Production Solutions is we're doing an end-to-end product to the customer. It's not just giving a high complex machine and making their life hard. The company has shifted everything what the customer said, we listen to them, and then shifted our focus to what they really need and what they really want. What they want is a part that can actually fit in their profile and then actually sell more of their product. They're not here to deal with a complex machine and worry about when their part's going to come and how complex it's going to be. It's not about one machine or 10 machines they want. They might need 100 machines for the programs, what we deal with, and it's quite impossible for them to put the infrastructure together. We are pooling all the needs of the various customers together, and these are the lessons learned when you see back in the Industrial Revolution and how the supply chain has evolved, and that we're just following the same pattern, but giving a digital platform for them to make it recurrent and easy, and then deploy their capacity at a higher level because no one knows those machines better than we know as we build them. It's easy to maintain them. The uptime will be much higher being on our floor. We keep our locations as secure locations for defense, and that's one of the factor we want to emphasize is most of our locations when we do these defense projects will be secured locations, and we're going to get those certifications in the next one or two years. That actually makes you sustained for decades to come rather than just one or two year of hype. We're actually building a long-term profile of what this country national security looks like. Gentlemen, where is additive manufacturing becoming most strategically important for customers right now? The geopolitical strain has caused so many pain points evolved recently on the supply chain itself. One of the things is we cannot produce what the national security requires on the defense level. That shifted, if you see the NDAA or other legislations passed to encourage additive is one of those reasons, because our adversaries are creating much faster product than us, and we don't have that infrastructure today. Then to do this with a large scale, AM is one of the real solution which can be deployed, because Velo3D, the company like us, is well capable of putting hundreds of machines pretty quickly. That is giving confidence in the market and the national security that this is driving that demand very quickly. Can you talk more about the Golden File concept and print file portability? Why is that capability so important, and how could it change the way mission-critical parts are produced in the future? The Golden File is nothing but a fully sliced digital 3D-printed file, which we printed several parts at the prototype level, and then that file is fully acceptable by the customer. Now, normally, some of those big laser bed fusion machines have hard time transferring from one machine to other, where Velo, the inventors of Velo, are semiconductor, where repeatability and reliability of the machine is the utmost focus. This Golden File, which is digital form of this file, can be transferred. Let's say if I print a file in California, it can be deployed to New York or Texas, where our machine is, without even changing a single change, and it will print for them wherever it is. That's our Golden File, and that is why there's a feedback loop on collecting this data when the prints and layers and layers and hundreds of these parts, how the machine is acting, so it can lead to machine learning, where it can be fully automized in next couple of years. We are in the initial stages of the digitalization. Once it locks into that mode and once at the scale, we digitalize and automate it. Yeah. You want to become the AWS of advanced manufacturing. What are the key building blocks, and where are you today? The capacity and the data is the building blocks today. That's why we are ramping up our capacity and then collecting the data on various different models, not just few of them. The more higher number of parts you print, the data becomes more available to you. It's not just for AM, it's spread out through entire industry of manufacturing, how the metals work at the real-time, because we don't have the data today digitally how the real-time works. It's more of a trial and error. That's why your prototypes takes so long. In future, the prototypes will be much faster. Whatever the design you want, there is no design limitation. That data is absolutely needed for our to become the next generation of manufacturing digitally. Geopolitical dynamics and reshoring trends appear to be creating a favorable backdrop for domestic manufacturing, as you've been highlighting. How do you see Velo3D benefiting from the growing focus on supply chain security and national industrial readiness? Geopolitical for sure is increasing, also on the national security-wise, we are dependent quite a bit on the adversary nations for a very critical amount, very critical missions of us. That needs to change, if you see how many companies have evolved in last two to five years, hundreds of them on the manufacturing side. The reason is becoming very evident that we lack the capacity today where our adversaries have 8 million to, I mean, 7.5 million of manufacturing of additive in one single spot, and we don't have in half 100,000 sq ft of capability today. That makes it evident that we are lagging behind on the digital manufacturing. This push is absolutely necessary, not just because of geopolitical, I mean, the conflicts, but also it's necessary to become a U.S. manufacturing as a hub, too. This can only happen with automation and the technologies we have, not dependent on the people itself, where the adversaries depend quite a bit on the people. The automation and the advanced technologies what we have can be adopted very quickly, and the cost effectiveness becomes very reasonable as you expand. It has to be a scale. We cannot do at a small scale and then be profitable. That's really pushing this drive. The traditional manufacturing lag for years has caused us quite a bit of stress today on the stockpiles and other programs on the defense level that's helping us to push this to be much more faster than what we expected last year. We've got 30 seconds left for this final question. Are customers increasingly approaching Velo3D with applications that simply could not exist without additive manufacturing? The customers, if you see the design freedom is the main thing for additive manufacturing. Right now, the engineers actually design most of their design based on the manufacturability and the physics laws. If you take those factors out, the physics laws still apply, if there is no limit on the design, now the engineers have the freedom to go to the next level of designing. It's very hard on those low angles then narrow channels to create in a traditional manufacturing. That makes it quite evident that we need next generation of parts, we need next generation of efficiency in engines, design frames, or else in the software in the manufacturing. That is pushing our, that AM quite evidently to the next generation manufacturing. Jim and Arun, thank you very much. It's Velo3D, V-E-L-O on the Nasdaq. For more information, call us at 1-800-RedChip or write us at [email protected]. Thanks again.

Speaker 1: Good morning, everyone. I'm Arun Jeldi, CEO of Velo3D, and welcome to the investor presentation of Velo3D, June 2026 at RedChip Companies. Velo is founded in 2014. We're headquartered in Fremont, California. Currently, we employ about 150 employees. What is Velo? Velo is a fully integrated metal AM solution, additive manufacturing solution, with a laser powder bed fusion technology. We are the only American manufactured, made in America, largest laser powder bed fusion OEM. Good morning, everyone. good morning everyone I'm Arun Jeldi, CEO of Velo3D, and welcome to the investor presentation of Velo3D, June 2026 at RedChip Companies. i'm arun jeldi ceo of velo3d and welcome to the investor presentation of velo3d june 2026 at redchip companies Velo is founded in 2014. velo is founded in 2014 We're headquartered in Fremont, California. we're headquartered in fremont california Currently, we employ about 150 employees. currently we employ about 150 employees What is Velo? what is velo Velo is a fully integrated metal AM solution, additive manufacturing solution, with a laser powder bed fusion technology. velo is a fully integrated metal am solution additive manufacturing solution with a laser powder bed fusion technology We are the only American manufactured, made in America, largest laser powder bed fusion OEM. we are the only american manufactured made in america largest laser powder bed fusion oem Velo has a strong moat of about 63 issued patents, actually 64 issued patents, and 51 pending. About 114 patents issued and pending. Our technology involves two stacks of products. One is a software product, and one is a hardware product. A software product, we have a software called Flow. Flow is a slicing software, and Assure is a quality assurance software, which is fully developed in-house and holds the IP on them. Velo has a strong moat of about 63 issued patents, actually 64 issued patents, and 51 pending. velo has a strong moat of about 63 issued patents actually 64 issued patents and 51 pending About 114 patents issued and pending. about 114 patents issued and pending Our technology involves two stacks of products. our technology involves two stacks of products One is a software product, and one is a hardware product. one is a software product and one is a hardware product A software product, we have a software called Flow. a software product we have a software called flow Flow is a slicing software, and Assure is a quality assurance software, which is fully developed in-house and holds the IP on them. flow is a slicing software and assure is a quality assurance software which is fully developed in-house and holds the ip on them Our machines are called Sapphires. Sapphire, we have three different Sapphire machines. One is Sapphire XC, and Sapphire 1MZ. Sapphire 1MZ is the 1 meter Z-height, the largest laser powder bed fusion machine what we produce. We have diverse customers in what we sell for, and we focus on mainly four important sectors. Our machines are called Sapphires. our machines are called sapphires Sapphire, we have three different Sapphire machines. sapphire we have three different sapphire machines One is Sapphire XC, and Sapphire 1MZ. one is sapphire xc and sapphire 1mz Sapphire 1MZ is the 1 meter Z-height, the largest laser powder bed fusion machine what we produce. sapphire 1mz is the 1 meter z-height the largest laser powder bed fusion machine what we produce We have diverse customers in what we sell for, and we focus on mainly four important sectors. we have diverse customers in what we sell for and we focus on mainly four important sectors One is aerospace, space, and defense, and energy like semiconductors. Semiconductors and energy is one sector, and then space and defense is another sector. You can see we have quite a bit of prominent names here. Anywhere from RTX, Sikorsky, U.S. Air Force. Defense, we serve all three of them, Air Force, Navy, and Army. You can recently see several different press releases from the company on winning several contracts directly from the defense space. One is aerospace, space, and defense, and energy like semiconductors. one is aerospace space and defense and energy like semiconductors Semiconductors and energy is one sector, and then space and defense is another sector. semiconductors and energy is one sector and then space and defense is another sector You can see we have quite a bit of prominent names here. you can see we have quite a bit of prominent names here Anywhere from RTX, Sikorsky, U.S. anywhere from rtx sikorsky u.s Air Force. air force Defense, we serve all three of them, Air Force, Navy, and Army. defense we serve all three of them air force navy and army You can recently see several different press releases from the company on winning several contracts directly from the defense space. you can recently see several different press releases from the company on winning several contracts directly from the defense space The space, as everyone know, Velo is well known for the initial moat of SpaceX machines, which we delivered back in 2018 and 2021. The recent Raptor engine and all other 3D, what Elon talks about is specifically, is a pure Velo platform. We are very much focused also on semiconductor. We do quite a bit of work with the famous names here. The space, as everyone know, Velo is well known for the initial moat of SpaceX machines, which we delivered back in 2018 and 2021. the space as everyone know velo is well known for the initial moat of spacex machines which we delivered back in 2018 and 2021 The recent Raptor engine and all other 3D, what Elon talks about is specifically, is a pure Velo platform. the recent raptor engine and all other 3d what elon talks about is specifically is a pure velo platform We are very much focused also on semiconductor. we are very much focused also on semiconductor We do quite a bit of work with the famous names here. we do quite a bit of work with the famous names here Most of them are designing and production of the lithographic machines and other semiconductor producing machines. We have a big CM network we also work with. We have about eight to nine different CM worker for post-processing what we do, and also we deploy the machines on their facilities. Most of them are designing and production of the lithographic machines and other semiconductor producing machines. most of them are designing and production of the lithographic machines and other semiconductor producing machines We have a big CM network we also work with. we have a big cm network we also work with We have about eight to nine different CM worker for post-processing what we do, and also we deploy the machines on their facilities. we have about eight to nine different cm worker for post-processing what we do and also we deploy the machines on their facilities We have a collaborative moat of various sectors which we focus on, and there is a huge interest in the market currently, you can see the stock price, how it's going. Coming to the history of Velo, back in 2021, Velo raised about $500 million in total capital to develop this technology. In 2018, SpaceX invested as a private investor. In 2021, the company went on SPAC. We have a collaborative moat of various sectors which we focus on, and there is a huge interest in the market currently, you can see the stock price, how it's going. we have a collaborative moat of various sectors which we focus on and there is a huge interest in the market currently you can see the stock price how it's going Coming to the history of Velo, back in 2021, Velo raised about $500 million in total capital to develop this technology. coming to the history of velo back in 2021 velo raised about $500 million in total capital to develop this technology In 2018, SpaceX invested as a private investor. in 2018 spacex invested as a private investor In 2021, the company went on SPAC. in 2021 the company went on spac In 2024, Arrayed Additive, which is my company, which I'm also CEO of Arrayed Additive, acquired 95% of the company and became the biggest shareholder of the company, and later being diluted for raising the capital. What complements Arrayed and Velo was a pure technology perspective of both in the additive manufacturing, and we actually have a lightweight materials focus and purely metal laser powder bed fusion. In 2024, Arrayed Additive, which is my company, which I'm also CEO of Arrayed Additive, acquired 95% of the company and became the biggest shareholder of the company, and later being diluted for raising the capital. in 2024 arrayed additive which is my company which i'm also ceo of arrayed additive acquired 95% of the company and became the biggest shareholder of the company and later being diluted for raising the capital What complements Arrayed and Velo was a pure technology perspective of both in the additive manufacturing, and we actually have a lightweight materials focus and purely metal laser powder bed fusion. what complements arrayed and velo was a pure technology perspective of both in the additive manufacturing and we actually have a lightweight materials focus and purely metal laser powder bed fusion That's what our focus is, and both are U.S.-based companies. What is the key drivers of the Velo today are geopolitical demands on the domestic supply chain. There is a theme of 5-10 years of domestic supply chain and national security, economic resilience, and simplified supply chain. If you see the Trump administration is putting quite effectively various things on the paper to push this reshoring the manufacturing to U.S. That's what our focus is, and both are U.S.-based companies. that's what our focus is and both are u.s.-based companies What is the key drivers of the Velo today are geopolitical demands on the domestic supply chain. what is the key drivers of the velo today are geopolitical demands on the domestic supply chain There is a theme of 5-1 0 years of domestic supply chain and national security, economic resilience, and simplified supply chain. there is a theme of 5-1 0 years of domestic supply chain and national security economic resilience and simplified supply chain If you see the Trump administration is putting quite effectively various things on the paper to push this reshoring the manufacturing to U.S. if you see the trump administration is putting quite effectively various things on the paper to push this reshoring the manufacturing to u.s That increases our efficiency and protects the national security itself. The market is big, and it has tripled from 2022 to 2024 on this reshoring of manufacturing. Velo is leading as a digital manufacturer, is creating waves in this sector. That increases our efficiency and protects the national security itself. that increases our efficiency and protects the national security itself The market is big, and it has tripled from 2022 to 2024 on this reshoring of manufacturing. the market is big and it has tripled from 2022 to 2024 on this reshoring of manufacturing Velo is leading as a digital manufacturer, is creating waves in this sector. velo is leading as a digital manufacturer is creating waves in this sector One of the key challenges today is on the national readiness for the autonomous factory, is production is slow and siloed. And there is no digital collection of materials actually to increase and digitalize our manufacturing itself. When every sector is moving away from a traditional way of doing things, and a lot of siloed manufacturing is done throughout the country and around the world. One of the key challenges today is on the national readiness for the autonomous factory, is production is slow and siloed. And there is no digital collection of materials actually to increase and digitalize our manufacturing itself. one of the key challenges today is on the national readiness for the autonomous factory is production is slow and siloed. and there is no digital collection of materials actually to increase and digitalize our manufacturing itself When every sector is moving away from a traditional way of doing things, and a lot of siloed manufacturing is done throughout the country and around the world. when every sector is moving away from a traditional way of doing things and a lot of siloed manufacturing is done throughout the country and around the world AM is one of the solutions which can create and increase the demand for digital manufacturing, and that brings a huge demand on-demand. Anytime you can print the parts on these machines, and these machines can be deployed to different areas, whether war zones or where the customers are, and then put digital factories around the world. That's the idea of enabling mission-critical metal manufacturing around the world is the idea of Velo3D. AM is one of the solutions which can create and increase the demand for digital manufacturing, and that brings a huge demand on-demand. am is one of the solutions which can create and increase the demand for digital manufacturing and that brings a huge demand on-demand Anytime you can print the parts on these machines, and these machines can be deployed to different areas, whether war zones or where the customers are, and then put digital factories around the world. anytime you can print the parts on these machines and these machines can be deployed to different areas whether war zones or where the customers are and then put digital factories around the world That's the idea of enabling mission-critical metal manufacturing around the world is the idea of Velo3D. that's the idea of enabling mission-critical metal manufacturing around the world is the idea of velo3d The foundation is how the technology works is what makes Velo unique in that sector is you create a digital platform of one, and that Golden Print File can be printed any part of the world, where these machines are deployed. You don't have to recreate every location a different thing. You can digitalize these 3D files in the cloud and others, and put the security as a back layer, and then that information flows through any part of the world, and then print anywhere where you needed the parts. The foundation is how the technology works is what makes Velo unique in that sector is you create a digital platform of one, and that Golden Print File can be printed any part of the world, where these machines are deployed. the foundation is how the technology works is what makes velo unique in that sector is you create a digital platform of one and that golden print file can be printed any part of the world where these machines are deployed You don't have to recreate every location a different thing. you don't have to recreate every location a different thing You can digitalize these 3D files in the cloud and others, and put the security as a back layer, and then that information flows through any part of the world, and then print anywhere where you needed the parts. you can digitalize these 3d files in the cloud and others and put the security as a back layer and then that information flows through any part of the world and then print anywhere where you needed the parts What it happens is, once you have creating these ecosystem, you will collect so much data that can actually make another layer of AI and ML predictions on the design to material specifications to speed, and that will create another layer of software enablement in our Flow software, which in future becomes the AI and ML software for most of the manufacturing platforms. What it happens is, once you have creating these ecosystem, you will collect so much data that can actually make another layer of AI and ML predictions on the design to material specifications to speed, and that will create another layer of software enablement in our Flow software, which in future becomes the AI and ML software for most of the manufacturing platforms. what it happens is once you have creating these ecosystem you will collect so much data that can actually make another layer of ai and ml predictions on the design to material specifications to speed and that will create another layer of software enablement in our flow software which in future becomes the ai and ml software for most of the manufacturing platforms Which now transforms into a platform that actually deploys a security level, AWS, a hub of various designs around the world, and then you can deploy on any of our machines. So the enablement of mission-critical metal manufacturing is real today because of Velo. Then we are creating that next level of machine learning and AI to become an autonomous dark factories in the future. Which now transforms into a platform that actually deploys a security level, AWS, a hub of various designs around the world, and then you can deploy on any of our machines. which now transforms into a platform that actually deploys a security level aws a hub of various designs around the world and then you can deploy on any of our machines So the enablement of mission-critical metal manufacturing is real today because of Velo. so the enablement of mission-critical metal manufacturing is real today because of velo Then we are creating that next level of machine learning and AI to become an autonomous dark factories in the future. then we are creating that next level of machine learning and ai to become an autonomous dark factories in the future In that factor, we expanded our footprint 3x this year, and building hundreds of machines to deploy in next four to five years. Coming to the key markets of demand and go-to-market strategy, as I mentioned in the past, like in my previous talk, is we are focused in four areas. We're not deviating from that is purely because of how AM is very suitable in these. In that factor, we expanded our footprint 3x this year, and building hundreds of machines to deploy in next four to five years. in that factor we expanded our footprint 3x this year and building hundreds of machines to deploy in next four to five years Coming to the key markets of demand and go-to-market strategy, as I mentioned in the past, like in my previous talk, is we are focused in four areas. coming to the key markets of demand and go-to-market strategy as i mentioned in the past like in my previous talk is we are focused in four areas We're not deviating from that is purely because of how AM is very suitable in these. we're not deviating from that is purely because of how am is very suitable in these AM metal especially, is very suitable in certain factors where you charge to be low production, high quality, high complex parts rather than any automotive industry just to scale it to that level. Especially when you manufacture at U.S., it doesn't make any economic sense for us. We are fixing our four sectors like defense, space, semiconductor, and energy markets for the same reason. AM metal especially, is very suitable in certain factors where you charge to be low production, high quality, high complex parts rather than any automotive industry just to scale it to that level. am metal especially is very suitable in certain factors where you charge to be low production high quality high complex parts rather than any automotive industry just to scale it to that level Especially when you manufacture at U.S., it doesn't make any economic sense for us. especially when you manufacture at u.s it doesn't make any economic sense for us We are fixing our four sectors like defense, space, semiconductor, and energy markets for the same reason. we are fixing our four sectors like defense space semiconductor and energy markets for the same reason In the last year, you have seen how Velo has transformed these sectors and won several of those contracts, and that makes it unique that we're suiting, and our technology moat has proved that in these sectors very efficiently. How did 2025/2026 is a transformative year for Velo? In 2024, the company is financially distressed, and then there's a restructuring done. In the last year, you have seen how Velo has transformed these sectors and won several of those contracts, and that makes it unique that we're suiting, and our technology moat has proved that in these sectors very efficiently. in the last year you have seen how velo has transformed these sectors and won several of those contracts and that makes it unique that we're suiting and our technology moat has proved that in these sectors very efficiently How did 2025/ 2026 is a transformative year for Velo? how did 2025/ 2026 is a transformative year for velo In 2024, the company is financially distressed, and then there's a restructuring done. in 2024 the company is financially distressed and then there's a restructuring done What happened once we took the ownership as Arrayed, we changed the business model from a single source of selling the machines where there is a long lead time and then there is a high overhead, which caused the company to go into the financial distress. We changed it to a recurrent income model where the end product is delivered to the customer and the end product of these machines is basically parts. We introduced Rapid Production Solutions. What happened once we took the ownership as Arrayed, we changed the business model from a single source of selling the machines where there is a long lead time and then there is a high overhead, which caused the company to go into the financial distress. what happened once we took the ownership as arrayed we changed the business model from a single source of selling the machines where there is a long lead time and then there is a high overhead which caused the company to go into the financial distress We changed it to a recurrent income model where the end product is delivered to the customer and the end product of these machines is basically parts. we changed it to a recurrent income model where the end product is delivered to the customer and the end product of these machines is basically parts We introduced Rapid Production Solutions. we introduced rapid production solutions What that means is we actually host these systems because these are not like desktop machines. These are very complex machines that actually needs complex maintenance and needs a lot of infrastructure to put these machines on. What that means is we actually host these systems because these are not like desktop machines. what that means is we actually host these systems because these are not like desktop machines These are very complex machines that actually needs complex maintenance and needs a lot of infrastructure to put these machines on. these are very complex machines that actually needs complex maintenance and needs a lot of infrastructure to put these machines on The biggest barrier for the customers basically is to buy a machine, and it takes about a year to develop that machine, and then you put it on your floor, and it takes about a year. Before you see a part, it takes about two years if you just sell the machine. Instead, we are putting our own fleet of machines on our floor, getting the prototypes faster to the customer, which can be tested and then go to the production faster. The biggest barrier for the customers basically is to buy a machine, and it takes about a year to develop that machine, and then you put it on your floor, and it takes about a year. the biggest barrier for the customers basically is to buy a machine and it takes about a year to develop that machine and then you put it on your floor and it takes about a year Before you see a part, it takes about two years if you just sell the machine. before you see a part it takes about two years if you just sell the machine Instead, we are putting our own fleet of machines on our floor, getting the prototypes faster to the customer, which can be tested and then go to the production faster. instead we are putting our own fleet of machines on our floor getting the prototypes faster to the customer which can be tested and then go to the production faster Hosting these machines and buying the capacity by the customer makes it very reasonable upfront investment and reduces the barrier of entry for them to test the product and then also get their parts faster. It worked out really well last year, and then we had 70% of new customers last year alone compared to all the previous years combined. Hosting these machines and buying the capacity by the customer makes it very reasonable upfront investment and reduces the barrier of entry for them to test the product and then also get their parts faster. hosting these machines and buying the capacity by the customer makes it very reasonable upfront investment and reduces the barrier of entry for them to test the product and then also get their parts faster It worked out really well last year, and then we had 70% of new customers last year alone compared to all the previous years combined. it worked out really well last year and then we had 70% of new customers last year alone compared to all the previous years combined The Rapid Production Solution is a big hit in 2025 that's driving even bigger revenue. It takes about two to three years to get to the full scale of how you want to produce, because you have to put the capacity together and there's a CapEx requirements for that. We are still continuing to do the system sales. The system sales, how it works now is they're buying the systems for capacity versus rather than putting these systems on their floor. The Rapid Production Solution is a big hit in 2025 that's driving even bigger revenue. the rapid production solution is a big hit in 2025 that's driving even bigger revenue It takes about two to three years to get to the full scale of how you want to produce, because you have to put the capacity together and there's a CapEx requirements for that. it takes about two to three years to get to the full scale of how you want to produce because you have to put the capacity together and there's a capex requirements for that We are still continuing to do the system sales. we are still continuing to do the system sales The system sales, how it works now is they're buying the systems for capacity versus rather than putting these systems on their floor. the system sales how it works now is they're buying the systems for capacity versus rather than putting these systems on their floor Once they finish the prototype level and they are basically pushing to hold the capacity for themselves, especially some of those high confidential, high national security missions, they want to hold their own fleet. Right now, what our model is like 50% is customer-owned, 50% is Velo-owned machines on the floors. Once they finish the prototype level and they are basically pushing to hold the capacity for themselves, especially some of those high confidential, high national security missions, they want to hold their own fleet. once they finish the prototype level and they are basically pushing to hold the capacity for themselves especially some of those high confidential high national security missions they want to hold their own fleet Right now, what our model is like 50% is customer-owned, 50% is Velo-owned machines on the floors. right now what our model is like 50% is customer-owned 50% is velo-owned machines on the floors We also increased our engineering services because there's a complexity of these geometries and the design which the customer doesn't know how to design some of those on the additive side. We help them on engineering and services to keep up these machines on various consumables. These are the four recurrent layers of revenue that we're producing currently and then driving the company to EBITDA positive this year. We also increased our engineering services because there's a complexity of these geometries and the design which the customer doesn't know how to design some of those on the additive side. we also increased our engineering services because there's a complexity of these geometries and the design which the customer doesn't know how to design some of those on the additive side We help them on engineering and services to keep up these machines on various consumables. we help them on engineering and services to keep up these machines on various consumables These are the four recurrent layers of revenue that we're producing currently and then driving the company to EBITDA positive this year. these are the four recurrent layers of revenue that we're producing currently and then driving the company to ebitda positive this year If you see on this scale how we have guided and changed how the revenue mix is going to be, the RPS is going to take over sometime in 2027/2028, with a full fledge of more than 60% of the revenue of the company, and the rest will be followed by services and sales of the systems. The RPS pipeline as you see how it transforms from 2025 to 2026 and beyond. If you see on this scale how we have guided and changed how the revenue mix is going to be, the RPS is going to take over sometime in 2027/ 2028, with a full fledge of more than 60% of the revenue of the company, and the rest will be followed by services and sales of the systems. if you see on this scale how we have guided and changed how the revenue mix is going to be the rps is going to take over sometime in 2027/ 2028 with a full fledge of more than 60% of the revenue of the company and the rest will be followed by services and sales of the systems The RPS pipeline as you see how it transforms from 2025 to 2026 and beyond. the rps pipeline as you see how it transforms from 2025 to 2026 and beyond There's a proven backlog and a robust pipeline driven by demonstrated RPS demand. In that aspect, this year we're expanding 3x the size of what we are manufacturing today in Velo in Fremont. We finalized our location, and it's going to be in California, and then that will be fully equipped with 100 machines as a phase I in two and a half years. There's a proven backlog and a robust pipeline driven by demonstrated RPS demand. there's a proven backlog and a robust pipeline driven by demonstrated rps demand In that aspect, this year we're expanding 3x the size of what we are manufacturing today in Velo in Fremont. in that aspect this year we're expanding 3x the size of what we are manufacturing today in velo in fremont We finalized our location, and it's going to be in California, and then that will be fully equipped with 100 machines as a phase I in two and a half years. we finalized our location and it's going to be in california and then that will be fully equipped with 100 machines as a phase i in two and a half years Each machine today produces about $2 million on an average in revenue for each machine. You can calculate once we put in the 100 machines with post-processing and also sale of the machines, that facility can give anywhere between $300 million-$400 million in revenue. That will be completed within two and a half years. Each machine today produces about $2 million on an average in revenue for each machine. each machine today produces about $2 million on an average in revenue for each machine You can calculate once we put in the 100 machines with post-processing and also sale of the machines, that facility can give anywhere between $300 million - $400 million in revenue. you can calculate once we put in the 100 machines with post-processing and also sale of the machines that facility can give anywhere between $300 million - $400 million in revenue That will be completed within two and a half years. that will be completed within two and a half years That's two years. By mid-2028, it's fully equipped with 100 machines. The construction, it's a brownfield which we leased a property, that makes it easy to immediately ramp up, and then the physicalization should complete in next three months. The phase II, phase III, and phase IV all together combined, we will be keeping about 400+ machines within five to seven years. That's two years. that's two years By mid-2028, it's fully equipped with 100 machines. by mid-2028 it's fully equipped with 100 machines The construction, it's a brownfield which we leased a property, that makes it easy to immediately ramp up, and then the physicalization should complete in next three months. the construction it's a brownfield which we leased a property that makes it easy to immediately ramp up and then the physicalization should complete in next three months The phase II, phase III, and phase IV all together combined, we will be keeping about 400 + machines within five to seven years. the phase ii phase iii and phase iv all together combined we will be keeping about 400 + machines within five to seven years That's a long-term mission of the Velo, where the capacity increases the data collection and also increases the efficiency of these machines by a closed circular loop of feedback. That pushes the software level to the next level of AI and ML technologies, where the dark factories is no more a fiction, it's a reality by Velo3D. That's a long-term mission of the Velo, where the capacity increases the data collection and also increases the efficiency of these machines by a closed circular loop of feedback. that's a long-term mission of the velo where the capacity increases the data collection and also increases the efficiency of these machines by a closed circular loop of feedback That pushes the software level to the next level of AI and ML technologies, where the dark factories is no more a fiction, it's a reality by Velo3D. that pushes the software level to the next level of ai and ml technologies where the dark factories is no more a fiction it's a reality by velo3d We are at an inflection point where Velo is leading the way in metal AM, especially in U.S., specifically to those defense and space technologies and also semiconductor and energy sectors. Expanding its footprint globally by increasing its revenue margins and then becoming EBITDA positive in 2026 later this year. Especially the marquee customers, what you have seen on our presentation can tell you the stories how we have transformed a company from a different business model to a real money-making machine in one and a half year. We are at an inflection point where Velo is leading the way in metal AM, especially in U.S., specifically to those defense and space technologies and also semiconductor and energy sectors. we are at an inflection point where velo is leading the way in metal am especially in u.s specifically to those defense and space technologies and also semiconductor and energy sectors Expanding its footprint globally by increasing its revenue margins and then becoming EBITDA positive in 2026 later this year. expanding its footprint globally by increasing its revenue margins and then becoming ebitda positive in 2026 later this year Especially the marquee customers, what you have seen on our presentation can tell you the stories how we have transformed a company from a different business model to a real money-making machine in one and a half year. especially the marquee customers what you have seen on our presentation can tell you the stories how we have transformed a company from a different business model to a real money-making machine in one and a half year Thank you for giving me time to present this presentation and hope you guys have a lot of questions, and I'm willing to take those questions. Jim can talk more on the financial side. I can talk more on the mission and how we're going to expand our footprint. Thank you for giving me time to present this presentation and hope you guys have a lot of questions, and I'm willing to take those questions. thank you for giving me time to present this presentation and hope you guys have a lot of questions and i'm willing to take those questions Jim can talk more on the financial side. jim can talk more on the financial side I can talk more on the mission and how we're going to expand our footprint. i can talk more on the mission and how we're going to expand our footprint

Speaker 2: Arun, we had a question asked in the chat about any security on how you print for customers or print files or any security that people should be aware of as you print these highly important confidential products. Arun, we had a question asked in the chat about any security on how you print for customers or print files or any security that people should be aware of as you print these highly important confidential products. arun we had a question asked in the chat about any security on how you print for customers or print files or any security that people should be aware of as you print these highly important confidential products

Speaker 1: If you see the certification on the cybersecurity, I think we are days away from CMMC 2.0, and then also we are AS9100 certified manufacturing facilities, and we have all the securities, what we are doing on the defense side, we have all those controls today. We've been successfully doing that currently, and we are expanding that portfolio wherever we deploy on the cybersecurity level. If you see the certification on the cybersecurity, I think we are days away from CMMC 2.0, and then also we are AS9100 certified manufacturing facilities, and we have all the securities, what we are doing on the defense side, we have all those controls today. if you see the certification on the cybersecurity i think we are days away from cmmc 2.0 and then also we are as9100 certified manufacturing facilities and we have all the securities what we are doing on the defense side we have all those controls today We've been successfully doing that currently, and we are expanding that portfolio wherever we deploy on the cybersecurity level. we've been successfully doing that currently and we are expanding that portfolio wherever we deploy on the cybersecurity level

Speaker 2: Great. Then there was a question that I'll answer about how are our recent results and outlook. Q1 was very strong. We're very pleased with that. Our revenues grew 48%. Again, 48% year-over-year. We've given full year annual guidance of $60 million-$70 million, which results in revenue growth of 30%-52%. The strength that you see in Q1 wasn't an aberration. We're actually looking at a very strong year, and we have about $30 million in our backlog. We're very pleased with Q1 results and excited about our outlook, which aligns with what Arun said for the strategy. Great. great Then there was a question that I'll answer about how are our recent results and outlook. then there was a question that i'll answer about how are our recent results and outlook Q1 was very strong. q1 was very strong We're very pleased with that. we're very pleased with that Our revenues grew 48%. our revenues grew 48% Again, 48% year-over-year. again 48% year-over-year We've given full year annual guidance of $60 million-$70 million, which results in revenue growth of 30%-52%. we've given full year annual guidance of $60 million-$70 million which results in revenue growth of 30%-52% The strength that you see in Q1 wasn't an aberration. the strength that you see in q1 wasn't an aberration We're actually looking at a very strong year, and we have about $30 million in our backlog. we're actually looking at a very strong year and we have about $30 million in our backlog We're very pleased with Q1 results and excited about our outlook, which aligns with what Arun said for the strategy. we're very pleased with q1 results and excited about our outlook which aligns with what arun said for the strategy

Speaker 3: Thank you very much, gentlemen, for the presentation. Yeah, as you know, we've already been taking some questions through the chat. Just to remind everybody, if you want to submit a question, use the Q&A button at the bottom of your Zoom window. A text box will appear. You can type your question into that text box. We love getting your questions. Thank you very much, gentlemen, for the presentation. thank you very much gentlemen for the presentation Yeah, as you know, we've already been taking some questions through the chat. yeah as you know we've already been taking some questions through the chat Just to remind everybody, if you want to submit a question, use the Q&A button at the bottom of your Zoom window. just to remind everybody if you want to submit a question use the q&a button at the bottom of your zoom window A text box will appear. a text box will appear You can type your question into that text box. you can type your question into that text box We love getting your questions. we love getting your questions Gentlemen, we've got other questions coming through. This person writes, "One of the themes that comes through clearly is that Velo3D is increasingly selling outcomes rather than simply selling machines. How has customer demand evolved, and what led you to emphasize Rapid Production Solutions as a larger part of the business model? Gentlemen, we've got other questions coming through. gentlemen we've got other questions coming through This person writes, "One of the themes that comes through clearly is that Velo3D is increasingly selling outcomes rather than simply selling machines. this person writes "one of the themes that comes through clearly is that velo3d is increasingly selling outcomes rather than simply selling machines How has customer demand evolved, and what led you to emphasize Rapid Production Solutions as a larger part of the business model? how has customer demand evolved and what led you to emphasize rapid production solutions as a larger part of the business model

Speaker 1: The Rapid Production Solutions is we're doing an end-to-end product to the customer. It's not just giving a high complex machine and making their life hard. The company has shifted everything what the customer said, we listen to them, and then shifted our focus to what they really need and what they really want. The Rapid Production Solutions is we're doing an end-to-end product to the customer. the rapid production solutions is we're doing an end-to-end product to the customer It's not just giving a high complex machine and making their life hard. it's not just giving a high complex machine and making their life hard The company has shifted everything what the customer said, we listen to them, and then shifted our focus to what they really need and what they really want. the company has shifted everything what the customer said we listen to them and then shifted our focus to what they really need and what they really want What they want is a part that can actually fit in their profile and then actually sell more of their product. They're not here to deal with a complex machine and worry about when their part's going to come and how complex it's going to be. It's not about one machine or 10 machines they want. They might need 100 machines for the programs, what we deal with, and it's quite impossible for them to put the infrastructure together. What they want is a part that can actually fit in their profile and then actually sell more of their product. what they want is a part that can actually fit in their profile and then actually sell more of their product They're not here to deal with a complex machine and worry about when their part's going to come and how complex it's going to be. they're not here to deal with a complex machine and worry about when their part's going to come and how complex it's going to be It's not about one machine or 10 machines they want. it's not about one machine or 10 machines they want They might need 100 machines for the programs, what we deal with, and it's quite impossible for them to put the infrastructure together. they might need 100 machines for the programs what we deal with and it's quite impossible for them to put the infrastructure together We are pooling all the needs of the various customers together, and these are the lessons learned when you see back in the Industrial Revolution and how the supply chain has evolved, and that we're just following the same pattern, but giving a digital platform for them to make it recurrent and easy, and then deploy their capacity at a higher level because no one knows those machines better than we know as we build them. It's easy to maintain them. We are pooling all the needs of the various customers together, and these are the lessons learned when you see back in the Industrial Revolution and how the supply chain has evolved, and that we're just following the same pattern, but giving a digital platform for them to make it recurrent and easy, and then deploy their capacity at a higher level because no one knows those machines better than we know as we build them. we are pooling all the needs of the various customers together and these are the lessons learned when you see back in the industrial revolution and how the supply chain has evolved and that we're just following the same pattern but giving a digital platform for them to make it recurrent and easy and then deploy their capacity at a higher level because no one knows those machines better than we know as we build them It's easy to maintain them. it's easy to maintain them The uptime will be much higher being on our floor. We keep our locations as secure locations for defense, and that's one of the factor we want to emphasize is most of our locations when we do these defense projects will be secured locations, and we're going to get those certifications in the next one or two years. That actually makes you sustained for decades to come rather than just one or two year of hype. We're actually building a long-term profile of what this country national security looks like. The uptime will be much higher being on our floor. the uptime will be much higher being on our floor We keep our locations as secure locations for defense, and that's one of the factor we want to emphasize is most of our locations when we do these defense projects will be secured locations, and we're going to get those certifications in the next one or two years. we keep our locations as secure locations for defense and that's one of the factor we want to emphasize is most of our locations when we do these defense projects will be secured locations and we're going to get those certifications in the next one or two years That actually makes you sustained for decades to come rather than just one or two year of hype. that actually makes you sustained for decades to come rather than just one or two year of hype We're actually building a long-term profile of what this country national security looks like. we're actually building a long-term profile of what this country national security looks like

Speaker 3: Gentlemen, where is additive manufacturing becoming most strategically important for customers right now? Gentlemen, where is additive manufacturing becoming most strategically important for customers right now? gentlemen where is additive manufacturing becoming most strategically important for customers right now

Speaker 1: The geopolitical strain has caused so many pain points evolved recently on the supply chain itself. One of the things is we cannot produce what the national security requires on the defense level. That shifted, if you see the NDAA or other legislations passed to encourage additive is one of those reasons, because our adversaries are creating much faster product than us, and we don't have that infrastructure today. The geopolitical strain has caused so many pain points evolved recently on the supply chain itself. the geopolitical strain has caused so many pain points evolved recently on the supply chain itself One of the things is we cannot produce what the national security requires on the defense level. one of the things is we cannot produce what the national security requires on the defense level That shifted, if you see the NDAA or other legislations passed to encourage additive is one of those reasons, because our adversaries are creating much faster product than us, and we don't have that infrastructure today. that shifted if you see the ndaa or other legislations passed to encourage additive is one of those reasons because our adversaries are creating much faster product than us and we don't have that infrastructure today Then to do this with a large scale, AM is one of the real solution which can be deployed, because Velo3D, the company like us, is well capable of putting hundreds of machines pretty quickly. That is giving confidence in the market and the national security that this is driving that demand very quickly. Then to do this with a large scale, AM is one of the real solution which can be deployed, because Velo3D, the company like us, is well capable of putting hundreds of machines pretty quickly. then to do this with a large scale am is one of the real solution which can be deployed because velo3d the company like us is well capable of putting hundreds of machines pretty quickly That is giving confidence in the market and the national security that this is driving that demand very quickly. that is giving confidence in the market and the national security that this is driving that demand very quickly

Speaker 3: Can you talk more about the Golden File concept and print file portability? Why is that capability so important, and how could it change the way mission-critical parts are produced in the future? Can you talk more about the Golden File concept and print file portability? can you talk more about the golden file concept and print file portability Why is that capability so important, and how could it change the way mission-critical parts are produced in the future? why is that capability so important and how could it change the way mission-critical parts are produced in the future

Speaker 1: The Golden File is nothing but a fully sliced digital 3D-printed file, which we printed several parts at the prototype level, and then that file is fully acceptable by the customer. Now, normally, some of those big laser bed fusion machines have hard time transferring from one machine to other, where Velo, the inventors of Velo, are semiconductor, where repeatability and reliability of the machine is the utmost focus. The Golden File is nothing but a fully sliced digital 3D-printed file, which we printed several parts at the prototype level, and then that file is fully acceptable by the customer. the golden file is nothing but a fully sliced digital 3d-printed file which we printed several parts at the prototype level and then that file is fully acceptable by the customer Now, normally, some of those big laser bed fusion machines have hard time transferring from one machine to other, where Velo, the inventors of Velo, are semiconductor, where repeatability and reliability of the machine is the utmost focus. now normally some of those big laser bed fusion machines have hard time transferring from one machine to other where velo the inventors of velo are semiconductor where repeatability and reliability of the machine is the utmost focus This Golden File, which is digital form of this file, can be transferred. Let's say if I print a file in California, it can be deployed to New York or Texas, where our machine is, without even changing a single change, and it will print for them wherever it is. This Golden File, which is digital form of this file, can be transferred. this golden file which is digital form of this file can be transferred Let's say if I print a file in California, it can be deployed to New York or Texas, where our machine is, without even changing a single change, and it will print for them wherever it is. let's say if i print a file in california it can be deployed to new york or texas where our machine is without even changing a single change and it will print for them wherever it is That's our Golden File, and that is why there's a feedback loop on collecting this data when the prints and layers and layers and hundreds of these parts, how the machine is acting, so it can lead to machine learning, where it can be fully automized in next couple of years. We are in the initial stages of the digitalization. Once it locks into that mode and once at the scale, we digitalize and automate it. Yeah. That's our Golden File, and that is why there's a feedback loop on collecting this data when the prints and layers and layers and hundreds of these parts, how the machine is acting, so it can lead to machine learning, where it can be fully automized in next couple of years. that's our golden file and that is why there's a feedback loop on collecting this data when the prints and layers and layers and hundreds of these parts how the machine is acting so it can lead to machine learning where it can be fully automized in next couple of years We are in the initial stages of the digitalization. we are in the initial stages of the digitalization Once it locks into that mode and once at the scale, we digitalize and automate it. once it locks into that mode and once at the scale we digitalize and automate it Yeah. yeah

Speaker 3: You want to become the AWS of advanced manufacturing. What are the key building blocks, and where are you today? You want to become the AWS of advanced manufacturing. you want to become the aws of advanced manufacturing What are the key building blocks, and where are you today? what are the key building blocks and where are you today

Speaker 1: The capacity and the data is the building blocks today. That's why we are ramping up our capacity and then collecting the data on various different models, not just few of them. The more higher number of parts you print, the data becomes more available to you. The capacity and the data is the building blocks today. the capacity and the data is the building blocks today That's why we are ramping up our capacity and then collecting the data on various different models, not just few of them. that's why we are ramping up our capacity and then collecting the data on various different models not just few of them The more higher number of parts you print, the data becomes more available to you. the more higher number of parts you print the data becomes more available to you It's not just for AM, it's spread out through entire industry of manufacturing, how the metals work at the real-time, because we don't have the data today digitally how the real-time works. It's more of a trial and error. That's why your prototypes takes so long. In future, the prototypes will be much faster. Whatever the design you want, there is no design limitation. That data is absolutely needed for our to become the next generation of manufacturing digitally. It's not just for AM, it's spread out through entire industry of manufacturing, how the metals work at the real-time, because we don't have the data today digitally how the real-time works. it's not just for am it's spread out through entire industry of manufacturing how the metals work at the real-time because we don't have the data today digitally how the real-time works It's more of a trial and error. it's more of a trial and error That's why your prototypes takes so long. that's why your prototypes takes so long In future, the prototypes will be much faster. in future the prototypes will be much faster Whatever the design you want, there is no design limitation. whatever the design you want there is no design limitation That data is absolutely needed for our to become the next generation of manufacturing digitally. that data is absolutely needed for our to become the next generation of manufacturing digitally

Speaker 3: Geopolitical dynamics and reshoring trends appear to be creating a favorable backdrop for domestic manufacturing, as you've been highlighting. How do you see Velo3D benefiting from the growing focus on supply chain security and national industrial readiness? Geopolitical dynamics and reshoring trends appear to be creating a favorable backdrop for domestic manufacturing, as you've been highlighting. geopolitical dynamics and reshoring trends appear to be creating a favorable backdrop for domestic manufacturing as you've been highlighting How do you see Velo3D benefiting from the growing focus on supply chain security and national industrial readiness? how do you see velo3d benefiting from the growing focus on supply chain security and national industrial readiness

Speaker 1: Geopolitical for sure is increasing, also on the national security-wise, we are dependent quite a bit on the adversary nations for a very critical amount, very critical missions of us. That needs to change, if you see how many companies have evolved in last two to five years, hundreds of them on the manufacturing side. Geopolitical for sure is increasing, also on the national security-wise, we are dependent quite a bit on the adversary nations for a very critical amount, very critical missions of us. geopolitical for sure is increasing also on the national security-wise we are dependent quite a bit on the adversary nations for a very critical amount very critical missions of us That needs to change, if you see how many companies have evolved in last two to five years, hundreds of them on the manufacturing side. that needs to change if you see how many companies have evolved in last two to five years hundreds of them on the manufacturing side The reason is becoming very evident that we lack the capacity today where our adversaries have 8 million to, I mean, 7.5 million of manufacturing of additive in one single spot, and we don't have in half 100,000 sq ft of capability today. That makes it evident that we are lagging behind on the digital manufacturing. This push is absolutely necessary, not just because of geopolitical, I mean, the conflicts, but also it's necessary to become a U.S. manufacturing as a hub, too. The reason is becoming very evident that we lack the capacity today where our adversaries have 8 million to, I mean, 7.5 million of manufacturing of additive in one single spot, and we don't have in half 100,000 sq ft of capability today. the reason is becoming very evident that we lack the capacity today where our adversaries have 8 million to i mean 7.5 million of manufacturing of additive in one single spot and we don't have in half 100,000 sq ft of capability today That makes it evident that we are lagging behind on the digital manufacturing. that makes it evident that we are lagging behind on the digital manufacturing This push is absolutely necessary, not just because of geopolitical, I mean, the conflicts, but also it's necessary to become a U.S. manufacturing as a hub, too. this push is absolutely necessary not just because of geopolitical i mean the conflicts but also it's necessary to become a u.s manufacturing as a hub too This can only happen with automation and the technologies we have, not dependent on the people itself, where the adversaries depend quite a bit on the people. The automation and the advanced technologies what we have can be adopted very quickly, and the cost effectiveness becomes very reasonable as you expand. It has to be a scale. This can only happen with automation and the technologies we have, not dependent on the people itself, where the adversaries depend quite a bit on the people. this can only happen with automation and the technologies we have not dependent on the people itself where the adversaries depend quite a bit on the people The automation and the advanced technologies what we have can be adopted very quickly, and the cost effectiveness becomes very reasonable as you expand. the automation and the advanced technologies what we have can be adopted very quickly and the cost effectiveness becomes very reasonable as you expand It has to be a scale. it has to be a scale We cannot do at a small scale and then be profitable. That's really pushing this drive. The traditional manufacturing lag for years has caused us quite a bit of stress today on the stockpiles and other programs on the defense level that's helping us to push this to be much more faster than what we expected last year. We cannot do at a small scale and then be profitable. we cannot do at a small scale and then be profitable That's really pushing this drive. that's really pushing this drive The traditional manufacturing lag for years has caused us quite a bit of stress today on the stockpiles and other programs on the defense level that's helping us to push this to be much more faster than what we expected last year. the traditional manufacturing lag for years has caused us quite a bit of stress today on the stockpiles and other programs on the defense level that's helping us to push this to be much more faster than what we expected last year

Speaker 3: We've got 30 seconds left for this final question. Are customers increasingly approaching Velo3D with applications that simply could not exist without additive manufacturing? We've got 30 seconds left for this final question. we've got 30 seconds left for this final question Are customers increasingly approaching Velo3D with applications that simply could not exist without additive manufacturing? are customers increasingly approaching velo3d with applications that simply could not exist without additive manufacturing

Speaker 1: The customers, if you see the design freedom is the main thing for additive manufacturing. Right now, the engineers actually design most of their design based on the manufacturability and the physics laws. If you take those factors out, the physics laws still apply, if there is no limit on the design, now the engineers have the freedom to go to the next level of designing. The customers, if you see the design freedom is the main thing for additive manufacturing. the customers if you see the design freedom is the main thing for additive manufacturing Right now, the engineers actually design most of their design based on the manufacturability and the physics laws. right now the engineers actually design most of their design based on the manufacturability and the physics laws If you take those factors out, the physics laws still apply, if there is no limit on the design, now the engineers have the freedom to go to the next level of designing. if you take those factors out the physics laws still apply if there is no limit on the design now the engineers have the freedom to go to the next level of designing It's very hard on those low angles then narrow channels to create in a traditional manufacturing. That makes it quite evident that we need next generation of parts, we need next generation of efficiency in engines, design frames, or else in the software in the manufacturing. That is pushing our, that AM quite evidently to the next generation manufacturing. It's very hard on those low angles then narrow channels to create in a traditional manufacturing. it's very hard on those low angles then narrow channels to create in a traditional manufacturing That makes it quite evident that we need next generation of parts, we need next generation of efficiency in engines, design frames, or else in the software in the manufacturing. that makes it quite evident that we need next generation of parts we need next generation of efficiency in engines design frames or else in the software in the manufacturing That is pushing our, that AM quite evidently to the next generation manufacturing. that is pushing our that am quite evidently to the next generation manufacturing

Speaker 3: Jim and Arun, thank you very much. It's Velo3D, V-E-L-O on the Nasdaq. For more information, call us at 1-800-RedChip or write us at [email protected]. Thanks again. Jim and Arun, thank you very much. jim and arun thank you very much It's Velo3D, V-E-L-O on the Nasdaq. it's velo3d v-e-l-o on the nasdaq For more information, call us at 1-800-RedChip or write us at [email protected]. for more information call us at 1-800-redchip or write us at [email protected] Thanks again. thanks again