Xometry, Inc. ($XMTR)

Good morning. Good afternoon, everyone. Thanks for joining. Cory Carpenter, Internet analyst at JPMorgan. Pleased to have the full Xometry team with us here today, the outgoing soon to be Exec Chair, Randy, the incoming CEO, Sanjeev and CFO, James Well, thanks for joining us.

Thanks, Cory. Great to be here. Great to be here.

All right. So I'll sprinkle questions across the group. But to start, I think, Randy, for you, just to level set for everyone on the line in the room, just maybe start off with a high-level overview of the business and the problem that metri solving.

Yes. So Xometry is the leading AI native marketplace for custom manufacturing. So custom manufacturing is a huge industry, hundreds and hundreds of billions of dollars heavily fragmented with millions of buyers and millions of suppliers and has largely been undigitized. So it's been manual and offline. We created a marketplace to bring together buyers and suppliers, and we use AI to create pricing for both buyers and suppliers and to optimize the match. We cofounded the company in 2013. We've been growing rapidly. JPMorgan helped take us public in 2021. And and we had things were going great. We had an accelerated growth in our last quarter.

Great. And then Sanjeev, maybe for you, you're getting set to take over the CEO role. I think in a few weeks, Obviously, we've been at the company for a while. But before we dive into the business, that would be helpful just for investors to hear a bit on your background and your priorities as incoming CEO.

Thank you. I joined early last year, I came in with most of my experience around scaling larger, high-growth opportunities in companies that are around the e-commerce topic and/or around logistics and supply chain with experience at Wayfair and McKinsey being the 2 prominent ones. To me, we've said this before, the destination is not changing. The person on the seat is changing as far as the CEO transition is considered, so our priorities that we've actually been talking about for a good part of last year around product-led growth around making sure that we continue to deepen our data in AI mode continuing to drive category and enterprise experiences and then international growth, they all remain the same. I think we are continuing to make sure that the momentum on all of those areas continues to pick up. and we have more opportunities to deliver.

So Randy, you alluded to this in your first answer, just the manufacturing industry, it's obviously massive. I think you said hundreds of billions, but maybe put a finer point on that, how do you think about the addressable market and just where the industry is at in terms of online penetration?

Yes. So I think if you take a step back in manufacturing, we put it into sort of 2 big -- maybe 3 big buckets. One bucket is contract manufacturing. So that's when you're making millions and millions of something. That is a very efficient low-margin industry, a mature industry. The second would be off-the-shelf parts. So common parts that you buy -- that's also where you see e-commerce players like a Grainger or Fastenal, folks like that MSCs of the world. And then you have the custom parts. So think about an aerospace company, a medical device company, a robotics company that's making parts that are specific for their product that's also a huge industry. But because it's custom manufacturing, it's not a commoditized product, it has turned into a very fragmented industry with every manufacturer being good at a very specific thing. And the long tail of the Internet hasn't really touched custom manufacturing because it's hard to figure out who's good at what and who is the right person to choose at a given time. So because of this, it has remained off-line. And what is the choice? What does the customer usually do? They go to their local manufacturer or they go to the manufacturer who they know. That may not be the best manufacturer for that particular order but that's all they know. And then the supplier lives and dies with their local customers. So if you're -- in Houston, Texas, you're going to be about oil and gas or if you're in Southfield, Michigan, you're going to be about automotive, even if there's a great aerospace customer in Southern California, who's desperate for your capacity and your capabilities, you wouldn't know about that because this is custom. So that's where AI is so important to bring it together -- we've got lots -- we will talk about this later on, our proprietary algorithms and data, and that's enabling us to actually then create a lot more efficiency and transparency for both the buyer and the supplier. It's 1 of these rare marketplaces where it's a win for both sides.

So a lot of disruption in the supply chains globally in recent years, tariffs, geopolitical conflicts. How is that impacting or is that accelerating the shift to digital? And how is that impacting buyer behavior in your business?

Yes. So what's interesting is over the last couple of years, it's changed just recently, but manufacturing has been in decline, like the overall market has declined. And again, just to put that in perspective, it is a huge market. So Cory, I didn't quite answer your question before about how -- what percentage of the market is digitized, a very small portion of it in terms of the supply chain. We've still been growing at a very robust rate because we're taking market share as people understand that that digital makes a lot of sense. And when you think about our customers, they're buying so many other things digitally that, of course, manufacturing should be the same way. When you see all these supply chain shocks, whether it's COVID or it's geopolitical issues or wars, et cetera, that just reinforces for people the need to have resilient supply chains to have ones that they can make changes. So if you're sourcing in a particular part of the world and something happens there, how do I quickly switch or diversify so I can protect my end customers. And of course, Xometry being natively digital, having these supply chains in the United States, but also around the world, giving customers that flexibility becomes a logical choice for them. So I think it becomes a flight to, hey, where can I get the best resiliency and as we've grown as a company and matured where is the safest choice. And more and more we're that choice.

So just on competition, I think that's a question we get a lot from investors. I mean off-line is clearly the biggest competitor still. But what does the competitive environment look like on the digital side? And just as we think longer term, is the competitive intensity increasing? Or is this more of a winner take all or take most type of market?

Well, you want to I can take that. .

I would say just to put a number on the percentage of market that's online, we believe less than 1% is. So offline, fragmented job shop around the corner, that's 99% of where custom manufacturing happens today. And so there's a lot of headroom, we believe, for the online penetration to even get to the numbers that you typically see in e-commerce. That said, from a digital online marketplace perspective. If you look around, you'll see there's a combination of manufacturers with some online capabilities. There are some really, really small online marketplaces as well. The key differentiator in my mind is it happens in all network-based flywheel businesses where data is at the core and the more data you collect, the better your flywheel works. So in our case, we've been around for over a decade, native from day 1. So our focus was always in making sure our data was structured such that we can continue to build on that flywheel. And so at this point, we believe we have enough data for millions and millions of parts that we've produced and the lead time models that we've built, we recently said that we updated our lead time models to now use 4x the data sets that we used to before. We believe that, that's just going to continue to accelerate our ability to take more and more market share.

So you may have kind of answered this next question with that one. But just with all the focus on AI, investors are looking at every company trying to think about what's the disruption risk. So as we think about your moat -- why is the geometry marketplace not something that could be like Vive-coted overnight?

It's a really important question. I think 1 that a lot of us have answered about every possible Internet business that we see out there or SaaS business. For us, -- if you look at the core AI models that we have, which is our pricing models, our manufacturing models and our supplier network and how we manage that. Those models are built on files provided by our customer, which is a custom part for that particular customer. Those are converted into geometric data that's based on our algorithm. And that data is retained in our tooling till the manufactured product is given to the customer, so it gets augmented by manufacturability information. That data, that proprietary data sits with us. That's not something that's available in a public domain. You can't go right and get an LLM to get you data that would convert that into a price, a price that the LLM will guarantee to manufacture that product at the margins that we deliver. So our view is very clearly what sits with us in our core AI data models is all proprietary data. You can, of course, right in LLM, but likely will point us point you back to coming to Xometry to get a manufacturer and to get it made.

Great. Okay. So I want to talk about your partnership you announced at earnings a few weeks ago. So a strategic partnership with Siemens and embed Xometry directly into Siemens Accelerator and a couple of other things. Could you just help us understand the scope of this partnership and how transformational you think it could be for the company?

I can start, and I feel free to join in -- we think that partnership is completely transformative, 1 of a kind that we've not done ourselves before, but also nobody else has done in the market. So typically, the way getting price in a design tool today. So if you think about the top CAD tooling that exists out there, only 3 or 4 super large players, the way that pricing works today is that once you're done designing your file, you either mail it to a provider, the off-line provider, we're talking about to get a price or you actually download an add-on, 1 of them would be Xometry, install it on your local software and then actually try to get a price through that. As you can imagine, in today's age of cybersecurity and the confidentiality that every can company wants to maintain -- it is generally an act of Congress to get a third-party add-on approved by our IT team to be installed behind your firewall, right? Typically, this is not happening. So what Siemens partnership that we are doing is completely changing it by converting our core AI model into a native of the software. So in the future, when their design center software used by engineers for CAD tooling when that ships in built with it would be an EXE for Xometry. So as an engineer, as you're designing your tool, you could get a price that Xometry will guarantee to manufacture it, if you so wish to place your order right then or if you plan to make 4 or 5 changes right there to see what the price changes you get real time in the native tool feedback without having to go to your IT team to get an approval to install anything without your filing your confidentiality ever leaving your system. And so therefore, this is a game changer because it just completely changes the way you get price and the way you are able to maintain security and confidentiality. Of course, we've -- that's 1 big thing that we're excited about in the partnership. The other thing that we are working with them is on the supply frame business that they have, which is a business in which they take the bill of materials from companies and help price those for them to show what opportunity exists to address cost in those bill of materials. We can provide both custom part pricing in that through our customer marketplace, but we also have a services business, the Thomas business which actually has lots of off-the-shelf partner information. We can help them with those data points as well. So 1 design center, 2 supply frame and then finally, the third part of that partnership is to integrate all of the information and updates straight into their PLM. So technically, the Siemens design center and PLM user never really has to leave their ecosystem and still be able to get the entire value Xometry for us. We think it's super exciting because it changes the way customers buy, but it opens up a whole new channel for us in terms of marketing and getting more customers.

For the tech investor, I'll bucket myself in that crowd, who may be less familiar with Siemens. Maybe give us a sense of their size and scope in the market. And then -- what is the kind of integration road map look like in terms of getting the product live.

So Siemens overall is in multiple different domains. The specific business that we're speaking to here is the 1 that's focused on digital industry software. And the aim of that digital industry software is to truly aggregate capabilities around manufacturing and design so that they have tooling from CAD design to life cycle management, and the ability to actually push that orders into the manufacturers back in. So it's all around digital software ...

And it seems, and it's huge. I mean it's, I think, the leading industrial software company and you're talking millions of users that use human software. And just to put that perspective, we're very proud of last quarter, we had, obviously, the number -- highest number of users we've ever had, but also a record net add quarter-over-quarter since, I think, 9 quarters, we're at 85,000 users. So -- just going back to Sanjeev's excitement and all of our excitement about this, this has a chance to really be a big multiplier when you look at their installed base. It's much larger than ours. And it's -- they're a big player. .

I'm actually going to jump. So Randy, I think 1 of the questions a couple or at 4Q earnings when you announced the transition to exec shares, what is your ingoing to be doing? I think we now know what you've been doing. I guess as we look forward, -- where do you see potential for more -- how many -- how much more partnership opportunities are there? Is there any sort of exclusivity element to this we should be aware of?

Yes. So we have a very special relationship with Siemens, but that doesn't prevent us from building other relationships. And we think just as you said, Cory, I'm not writing up in the sunset. I'm the Executive Chairman I'm still very, very engaged with Xometry. Obviously, Sanjeev is running the business as our CEO. But there are lots of other partnership opportunities, lots of other places around the ecosystem, and we are actively working on that. So we think that Xometry has the opportunity to become that rail that's connecting buyers and suppliers that's helping in the digitization, getting to that final part of that digital thread to actual procurement and delivery and there's lots of players in there. And so we think there's lots of opportunities to build those and that's just how we are working on this. And that's where you're spending your time. That's what.

So Marketplace revenue, it's accelerated 3 quarters in a row, I mean, in a pretty meaningful way from 20% to close to 40%. What do you attribute this to? How do you think about the sustainability of this growth trajectory? .

And even the cover is years. But Sanjeev joined us in January of last year, and he has been running a large portion of the business ever since. I think as he talked about, he brought this -- this is why we wanted Sanjeev as our next CEO, this product-led growth mentality, we've really leaned into that. And so when you look at the number of product releases we've had, the enhancements we've made in our buyer and supplier experience, that has accelerated at a pace that we never had Xometry. Lots of marketing innovation. We've made lots of great changes. So I think you're seeing proof of that, and that's why you're seeing that acceleration that's happening -- been happening now quarterly and it's just the right way to go. And when you think about such a large TAM and going back to our penetration, still so small, the way to do that at scale and to accelerate is through the product. and we're getting there in large part because of Sanjeev's leadership. And also, we did bring in some other folks together with Sanjeev that he had worked with that had similar experience and scale businesses, very proud of where we've gotten osometry, but as we get -- not got quickly to $1 billion and beyond the run rate, we needed people who have been there done that and done $10 billion and more than that. We've got many more people in the organization now for that, and that's helping us accelerate.

Yes. I'd just add, like the revenue -- the buyer -- the active buyer growth we saw has been accelerating as well. So that was our highest net adds. -- for a couple of years. And so that's driving 20%, and that's on the back of what Randy was talking about, all the product innovation, the marketing improvements and go-to-market. We also saw revenue per buyer grow accelerated rate as well as 17% year-over-year. And I think I'd line that up with all of the great initiatives on enterprise and all the progress we've been making there. We're penetrating more and more accounts. We -- at the end of last year, we had more than 140 with $500,000 or more on the platform. So seeing the continued acceleration both on the buyers and on the revenue per buyer as well as then international growing at an accelerated pace 2 in the quarter at 42%. So these are all core initiatives that we've been driving, increasingly driven by our pace of product innovation.

Sanjeev, maybe you could talk about some of the products that you've rolled out that have had the biggest impact and then what you can tell us about the road map as well.

We continue to focus on changing the way the experiences of all of our customers are happening, right? So to me, 1 of the fundamental beliefs of the product road map has been that nobody wants clunky B2B software anymore. In your B2B buying experiences, everybody now wants to have the same seamless experience of a B2B engine. So just like you and I buy on Amazon, and we feel comfortable that the experience that we find the product easily that the buying will be instant, and the follow-up will be super. We believe that's where all of the B2B softwares are going and in general, e-commerce experience, everybody instantly expect it to borrow -- so I think they're building towards that. We've had some fantastic launches. So you heard about the injection molding auto coating capability that we launched earlier last year where we've now added 6 more materials, we've increased the number of coating capabilities such that we saw 15% more quoting in that interaction. And as you know, injection molding is a big, big TAM in our space. So we continue to focus on driving product capabilities to drive category expansion, customer experiences and buyer experience and partner experiences. And then very recently, we spoke about the depth of the data models that we are working on. So increasing our lead time model, having it used 4x the data points to actually drive more accuracy, but that accuracy is also leading to us launching things like 1-day shipping. So now you can actually get a custom part uploaded today and have it shipped to you tomorrow. So we'll continue to drive selection, speed and pricing through all of these new innovations that lots of exciting things to come.

So I want to talk about enterprise for a bit. I mean 1 of the debates for years, I feel like was the prototype versus largest production run. It's been less of a debate in recent quarters. But the enterprise business has clearly been a growth driver for you and the numbers you've given keep going higher in terms of how you're defining how big a customer can get. So could you just talk about what's working on the enterprise side and how you've been able to get that deeper penetration?

Maybe, James, why don't you give the stats and then Sanjeev and I can give the commentary around .

Yes. Yes. So on the enterprise, as we talked about -- we've got over $50,000 accounts are at the top of the enterprise funnel, and that's been growing very healthily over the last few years -- but what we've been talking about last year and this year was those accounts over 500,000. They've been growing more than 40%. We had 100 at the end of '24. I know we've got 140 at the end of '26. And we think that all of those have the capability, have the capacity to do $10 million plus and really putting out $1 billion-plus target that we see on enterprise in the next few and we had, at the end of last year, 4 of those accounts be over $10 million. So we've been making a lot of really great traction within the business.

Yes. And just to frame up those companies, so -- and as James has said, we've been raising the bar of what we consider a successful account 50,000 went public, now $500,000 we've got that $10 million bogey people often ask is $10 million a lot. These companies are some of the biggest companies in the world, $10 million. We're proud of $10 million, but it's also a sad number is my 19-year-old say, like they're much bigger -- these are companies, some of them are spending billions of dollars of manufacturing. And our slice of it going back to the TAM could be hundreds of millions of that. So 1 of the things that's been helping us on the enterprise side is, first of all, we've got a great sales team there, a great sales leader. We made a change a couple of years ago and really pivoted and started changing our sales team to orient more towards enterprise. But there's also been a -- and this is what's been critical, a lot of technology releases that we've done that have speeded up that growth. And I'll mention one, then I'll hand it over to Sanjeev. We added something called Team space. And this enabled -- so historically, in the beginning, Xometry is more of a one-to-one experience between 1 buyer and Xometry. So you're understandably going to be buying single parts -- as geometry was growing, we were doing more assemblies as we're getting more enterprise customers, they're saying, "Hey, we've got teams of people working on this. There's multiple parts involved. There's multiple assemblies. I need that procurement, I need that purchasing. I need to have all these different people involved. We came out with Team space. Since our launch, we've had thousands and thousands of teams launched. And so that's been a key software launch that's helped us grow within our enterprises.

And again, I think enterprise as you know, is a B2B business that just doesn't shop on a website, right? You have to be present in the journey where they're actually doing their shopping. So design and Siemens is 1 example of that. But then you push that forward integrations into ERP tooling, availability of unsold solutions. That's been the other focus. So for us, the enterprise by is not limited to what we can get somebody to come to our site, but we are making very concentrated effort to be present in their journeys, whether it's design or procurement and making sure that we are actually forefront in the recognition that they have.

So I want to come back to international. James, you called it out as a growth driver earlier. Maybe give us a sense of your footprint today on the international side. And then I think the Siemens partnership, they're certainly a global company. So how could that help with your international expansion?

Yes. So Enterprise grew 42% year-over-year in the first quarter. So we really love that growth. We think we're still early in the opportunity. We made progress getting to $100 million plus run rate internationally faster than the U.S. And what's really exciting as well is we're seeing very similar buyer and supplier demands and expectations of what a digital marketplace needs to look like. And we're seeing similar unit economics gross margin. So we're in -- we have 18 different languages across Europe and Asia. We've been taking learnings from the U.S. and being able to pull those into Europe, such as team space, we've also launched injection molding auto quoting in Europe, too. So these things will be much -- help us on that journey to getting over the long term, this marketplace to be consistent with other marketplaces, sort of 30% to 40% of total revenue. Siemens is a very global company, I think a great partner for us for all the reasons we've said, but particularly from an international perspective as well and helps on that journey of continuing to increase our awareness and our buyer penetration as we grow.

And I think the exciting thing about the international growth is really primarily been EMEA that's been driving that. We are now, as we've indicated, beginning to get more and more traction in Asia. So I think you have -- obviously, those markets independent could be both huge and are comparable to the United States. I think as we're getting both of those cranking, not just to me that could, to James' point, get us faster to that 30% to 40% number that we think ultimately international will be as a mix of the overall revenue of the company.

Great. If you want to ask a question, by the way, feel free to raise your hand, otherwise up I will keep going. I think I think this is for you, James. So you raised your revenue outlook quite materially last quarter. but does still imply a slowdown in growth in the back half of the year. So maybe you could just talk about your assumptions that are embedded in the guide around macro around Siemens? And are you seeing any change in demand? Or how should we think about that?

Yes. We had a fantastic first quarter, and it's just been seeing the acceleration over the last few quarters, and those trends have continued to remain strong into Q2. The Siemens partnership is really exciting. I think has a lot of potential in it. It's not in our guidance, not in our numbers for '26. And so I think we'll come back as the milestones are hit to update you on that as we go. As you say, Cory, we significantly raised our revenue growth, we're now looking at 27% to 28% for the year from an initial look of around 21%. That's just really reflecting the robust Q1. We raised Q2 and it does imply higher growth in the second half as well. So we're excited about those trends. And there's nothing one-off to call out in terms of what happened last year or as we think about the year ahead. So it's really about the drivers we've been talking about, the strategic drivers, the product-driven growth, the strength in enterprise and in international. And I think we couldn't be more excited about the long-term opportunity here.

Yes. And I think just as we publicly said when we released earnings recently, Q2 has started strong, and we'll look at the second half of the year as we reported to Q2, we'll give updates People can look at our history. We've been -- I think we've been good at updating that, and we've seen acceleration and so more good things to come. .

So I think another -- we've talked about a few of the investor debates over the years. I think the last 1 we haven't hit on is the marketplace gross margin. I think it's fair to say when you went public, there was probably skepticism that you'd hit your 35% to 40% actually I think it was lower. I think initially you're at the low end of the upperly revised target now. So my question is, what's driven the expansion that you think investors may have underestimated or missed? And how should we think about the gross margin trajectory in the coming years? .

I mean this really is a data AI-driven solution here and data is the key. So we've got these algorithms, these proprietary algorithms will continue to enhance those algorithms and expand those algorithms. They need data. This is custom manufacturing. So what we've always explained to people is as we get more data, we're going to be more accurate and that will enable us to improve those gross margins. And that is, in fact, what's happened. And then likewise, as we expand the size of our network, that will also help with that. And as we get deeper -- be embedded deeper within our manufacturers. So when you sort of see those different factors coming together, you've been seeing our gross margin improve. As you alluded to, Cory, we went public, we were at 25% in '21. Last year, we had almost 20 -- 35% gross margin for the year, I think 34.7% or something -- so -- and it's been steadily growing every year, 100-plus basis points. So as we get more data, as our networks continue to expand, we expect to continue to see year-over-year improvement in those gross margins. This is, again, such an inefficient market, opaque market. We have such a large opportunity. And again, it's providing value for both the buyer and the supplier. That's what makes me -- I think our team is so excited. We're creating so much value here for both sides, that's special. You don't see that in a lot of marketplaces or are a lot of businesses, frankly.

So James, you've talked about 20% incremental margins is like your target as you scale to the $1 billion of revenue. Why is that the right level for the business? And then does that -- is that the right level? Does that change with the Siemens partnership or as you scale out -- you're getting close to that $1 billion mark?

And yes, we've delivered about approximately 20% or above incremental adjusted EBITDA over the last 3 years. And it's really a calibration that reflects balance leaning into the growth as we scale the platform, thinking about initiatives like international, but also demonstrating the scalability of the or as we increase the gross margin and as we're able to leverage more in OpEx. We have some segmentation between U.S. and international. So I think when you break that apart, you can see how consistently we've also grown the U.S. business and seeing better than 20% improvement there, while making a careful investment on the international side that being at an earlier stage. So I think as we scale to $1 billion and above, I think that continued progress on U.S., scaling of international and as we find abilities using automation, AI in our teams to get -- help us reduce our cost to serve and our cost of sales as we scale on the journey that we've been in. I think where Siemens comes in is that like other major initiatives, they help us into that TAM. As Sanjeev was talking about, we're only at 1%, so or less than. So there's a lot of growth ahead of us. And as we do that, finding efficient ways to go to market and get our awareness out there. Siemens is a great example of that where the economics should be very similar on a revenue and gross margin, but the cost to serve should be significantly lower. And I think I would line that up with other major initiatives such as injection molding, international all things that have a lot of opportunity and revenue runway ahead of them that can help us scale profitably.

Yes. So just put a -- our incremental margins -- contribution margins from that team business could be another accelerator of our overall profit.

I thought we had too many questions. We actually have 3 minutes left for the last question -- so I'm going to -- maybe this is actually for everyone. Everyone has a minute. So just to wrap up, higher levels. So maybe you can each give the 1 thing you're kind of most excited about that no one's talking about today, but you think could really be transformative for the business in the next year or 3 ahead.

Okay. Okay. Obviously, 1 of the most important things that I'm excited about is the data depth and the moat we have there. If you think about the Siemens partnership, 1 of the core anchors for that in my mind is the core AI models that we have and the proprietary data that sits there. Of all of the things that we can do with other conversations and models to launch, that data can be used to actually further increase collaborations, offerings, ability to actually drive more traction in new customers and categories, I think that is the really cool part of our business. That's not something we talk about enough.

I'm going to give 2 things. One is just -- I'm very excited about just going back to what we're seeing in this quarter and our overall outlook. The underlying metrics in our business are -- there's no like we're seeing broad-based growth across industries, across customer segments. So this is exciting. You're just seeing more and more people coming to us, all those different metrics that build up to ultimately your revenue. So I'm excited about how that trend is continuing and even accelerating. I think the 1 thing that people don't understand is the journey from quoting to delivery, that is a difficult journey to conquer. And we are very methodically and very smartly conquering that each step of the way in creating a digital journey, removing friction, making it easier for both the buyer and the supplier. That's a huge moat. It's -- it's -- each part of that is not trivial, and each of that adds up to a successful delivery. And I think we're doing a great job and and getting -- and providing that for customers, and that is a huge -- going back to the data point that Sanjeev made about a competitive moat, just being able to do that is also a huge competitive mode unlike B2C marketplaces where you've got 1,000 people that are crowding in and quickly get, this is a hard market to get into. And by us conquering all these different things, we are making this really formidable position for us and preventing other people from conquering us and taking over.

Yes. I think the final thing I'd add is just the growth of the supplier network. And I think the asset that we have hugely valuable there as buyers look for unmatched speed and capacity resilience across the globe. We've been building up this network, the certifications, the sophistication, the quality and building on NG that workflow and data that can go from design to manufacture as we help our suppliers get and read more signals and get more data there, we can match better and better to the optimal supplier and a great experience for them, great job for them, profitable job for them, and it meets the needs of the buyer and Xometry is able to accrete value from that.

Great. We'll leave it there.

Thank you all. Thank you.

Thank you.