Desktop Metal (DM) 10 May 222022 Q1 Earnings call transcript

Good day and welcome to the Desktop Metal’s First Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jay Gentzkow. Please go ahead.

you financial us results thank first we and XXXX quarter for morning for as joining discuss Good Desktop Metal. are today James me Ric and Founder With CEO Haley, CFO. Fulop, and and our results this that are the our section under & available referred Investor note Please Relations call press release website. to presentation financial on Presentations of Events slides a same website. the call also This at is being link webcast live with call. for The webcast replay available and following months be accompanying for this slides XX will property of content Metal. today’s of is the The Desktop call It cannot without prior be reproduced or our consent. transcribed

Before Harbor on and we expectations include and reflect begin, results actual number Today’s of our I’d statements like to materially views XXXX and risks of will refer disclaimer the only may vary you as to uncertainties. forward-looking call a X forward-looking Metal’s Safe statements. of These on based today, Slide Desktop XX, presentation. May

risks Form to about results, section impact For forward-looking We on Report please the obligation addition with assume other the no statements. to SEC. the filings Metal’s financial of the refer more that Risk Factors to the XX-K business Annual and company’s update may information in the Desktop

intended a Additionally, basis. may refer GAAP. on session, during Non-GAAP the we performance presentation our not results measures in this Q&A to substitute but accordance with and following to are for calculated supplement non-GAAP measures

it’s Desktop as that, results and CEO release With Founder a as well reconciliation over Metal. today pleasure information quantitative non-GAAP to of the discussed measures. call financial Our GAAP Fulop, be contains the other to financial of to Ric the to turn and my

you, Thank everyone. Jay. Hi,

will highlights our few XXXX towards key financial you for update will the quarterly closing host for I financials, in our strategic Metal’s over the and results start business XXXX. progress exciting some to further excited start the developments quarter I our James very provide results to customer call the turn our financial on before with color spotlight first are the to recent an on We the review call. to wins. of Today, of year then of with quarter Desktop priorities

revenue as Q&A. driven performance strong XXXX Slide We I first by with Consolidated demand, growth growth. of experienced for quarter’s quarter for financial call will then shipments as $XX.X a broad-based was line open including well resulting will summary. representing the in the quarter with we results from X of contributions first organic Overall, combination This as another XXX%. acquisitions. new million, growth, products exciting begin top was a of am the a I of year-over-year pleased on

increase the We growth. an this portfolio to absorption and seasonally lowest basis of gross first of from consistent down our quarter quarter are percent decline quality XXXX opportunity long-term structure. overhead of that the pulling X,XXX so revenue the extra while points fourth QX margin quarter for together is Non-GAAP a year-over-year, we really This is business over excited factor and XXXX. about in XX.X% for our key drive the is products contributing quarter ‘XX, first were of versus X.X% margins the the the put

throughout a our approximately all over we of expectations anticipate year reaffirming expand XXXX, XXXX solutions. technologies the XXXX. to and quarter start gross XXXX margin strong are a full and meaningful XX%. year million, full representing continue non-GAAP and to remains compared to AM to we portfolio it revenue been margins As this Therefore, a and we gross in we of exceed will demand XXX% It’s grow XXXX robust expansion $XXX expect across growth revenue versus

progress year exit to adjusted while to EBITDA maintaining today. we I’d public approximately breakeven and of the since are commitment our a have also reaffirming we calendar moment the made like basis. take are significant negative where an We expectations XXXX million to adjusted going on EBITDA reflect $XX on

sheet past our develop of to AM to AM a has bring acquire includes that, and of breadth X.X sustainable range months, metal P-XX. that a technologies technology a capabilities wide production market we Over diligently and applications. strong a our XX our utilized portfolio provide to broaden worked Added greatly flagship X.X depreciation with team of system, the platforms, and range to balance us across now which our

X.X have solutions. As the a efforts, believe of pure-play parts. we purposeful a portfolio have platforms of strategic volume this market on focus leading leading with XX built end-use print Today, we result of we high production undisputed AM

and including and diverse have metals, support materials, dental, such woods portfolio and a many in us of help increased platform verticals address a to a others. name we have array applications sands, polymers, prices amongst additive, our added as adopting few. composites, Our key elastomers, end-use foundries, automotive healthcare, compelling of growing materials These

can Metal’s over Desktop established of at demonstrating. we look we the next a currently continue roadmap are we scale rapidly we to top As as which few foundation on years, have

This diversified also across Importantly, we across us of are our to and with position. cycles industry the better many well additive to capitalize to durability and adoption growth trajectory on has manufacturing. accelerating grow able predictability industries enable drivers and now will

AM billion double-digit our We we $XXX progress by the the to are goal market share our end manufacturing of starting decade. to additive a be of for over capture come the mass to production see dominant together the towards in vision player as

In patent a differentiated hyperscale production goal part the We platform our the and Production Decker customer System leveraging Moving as the apart we and of to & as we highlights, P-X report shipments that installed fantastic. and China single establishing the in with made the am step our technology. towards first technology what Black can developing in in proud response few continue have pass of production system been team we sets installed has our This business costs Stanley kickoff partners, us speed and of P-XX, to our industry of with down to customers we hardware XXXX. quarter, now terms accomplished our commenced system I pending jetting progress grow in applications. solid base very

of it here our Flex. of casting affordable in casting. The book Flex first initial for more to for kind including business, digital which been our into the expanding have color foundry time get a one launch this S-Max response any for I opportunity has printer, the digital slides. also order made provide will encouraging. makes digital following a is casting on extremely the new excellent in We the all solution progress

designed we and the healthcare for dental portfolio support in performance in increased under leading demand are differentiated our in Desktop series the expanding precision applications. production printers Health market. well Einstein going cleared materials Finally, Einstein demand. for to features the dental launch Class the X And FDA extremely our are high and driving systems are capacity of of is series These

for We terrific balance are very happy in of up shaping how XXXX. potential growth with the with this is

chain been and disruptions one and associated of of biggest manufacturing to their now Slide benefits front of a X, logistic manufacturing mind networks. us of benefits to global additive the as with have resulting than have supply what extraordinary and chain. Turning long it result the the in become These across brings is the additive top ever COVID supply more opportunities and of

prototyping. through cannot challenges be rapid solved Our chain supply

chain manufacturing. volume to pure-play in is and on Desktop need supply You XD a disruption. capabilities printing order effectively Metal to sustainably high conventional provide alternatives

unique drive effective third-party in in on-demand borderless on onshoring a supply reduce production the way, unlock dependencies production, and decentralized and ability Our flexibility inventory to suppliers. including the global production, mass resiliency, chains capabilities to localized cost ability

customer recent here, demand number of wins challenges a We have seen driving are supply decisions. chain purchase where and

enables of major production the in of manufacturers looking print disruption are from to our through U.S. experiencing Biden We components President cost those his U.S. as manufacturers digital helping as based AM have overseas initiative, parts to Friday XD electrical significant U.S. those restore the effective ranging new in production customers last we parts Forward indicated country. where part And Companies of business those casting. foundries printing in

and the turnaround uptick a our to parts which model case components world, are are their of to Desktop enabling looking volume delays. is products challenges Department as has of In chain international to production the their suppliers, additive facing issues, AM now of solutions through their issues. X.X award a awarded issues. capacity their Logistics Agency Even dental hydraulic around disruptions through platform for steep looking manufacturing. supply Labs as amid are each and recently the and finally, improve many footprint to logistic major current and printed chains Defense address as sidestep cost alternatives to agro And to network its offer supply and environmental these Defense supplier our with companies in through working path traditional times as flexible XD Our U.S. improve a expanding business practices significant reduce due network well orders customers for seen

AM binder can combines technology This efforts energy, and deliver new a an Flex out ExOne’s markets metal of long-awaited aerospace, like market last to them designs S-Max single print leading in The our to complex in democratizes quickly that on to our and new like integration cores. acquisition It’s for On foundries such slide, the the access binder to scalable solution spot. industrial sand following the new scalable S-Max of found build but system from our bringing S-Max world, speeds. robotics to for affordable leverages jetting more have around cast as customers you process XD is digital with X.X. materials, Metal’s The platforms expertise year. level of digital with to numerous result among to format larger offered Pro, Flex benefits of reliability printing highlight equipment bring I’d reach. The malls casting under system the premium format architecture volume pass This automotive, innovative Foundries printed go Desktop foundries ExOne price productivity and that improved value is an others. a and briefly of offering ExOne use product jetting, and from launch tolerances and are solutions contracts affordability, casting for a signing of large rare a a Flex jetting brand. sand one higher S-Max large

of the casting meet We have expanding demand. wouldn’t Flex end. book for to since surprised order printer the product are XK Flex digital world’s be it’s year the also S-Max bestselling new the I growing this a Xtreme if by and production becomes we the

We are technology affordability for class company. the globally foundries is over this level new excited another into to it of XX,XXX extremely turning applicable for this system. driver about With growth of this opportunity the

customer to of X, customer new Slide across brands, accounts adoption quarter base. our of well within our as as we a Turning existing expanding fantastic adding had lots

an side Rolls on Aerospace. displayed Royce, slide, We are continue which Schlumberger, of left to see including the progress the with example and Microsoft, marquee customers, of Collins

customers printing the required James, share sizes in enables our to in companies printed as finish company of needs really our medical benefits start I devices. across customer our one highlight end some year benefits expand call their printers to with financial surface Manufacturing They embracing shop to nanotechnology jetting of to have we XD maintaining remain see as or James? now while markets, their to spectacular volume PrinterPrezz medical demands system cover outstanding The PrinterPrezz. the device of our the to want our been was SME Customer P-Xs proprietary I medical like a instruments, products market, turn different market combine all board X.X. confident using and the of of parts. and side, meet CFO we right superior the address to orthopedic demand On the called will including for coatings quality e-tech and Additive over well binder Systems’ the of spinal Shop as highlights. to part metal technology high for ability other many

Please included Ric. up to filed Thanks, quarter in of non-GAAP to data for our will we XXX% metrics is year-over-year was revenue million, Consolidated million the from of referring first basis. be $XX.X Slide quarter a quarter performance see first appendix. Reconciliation $XX.X GAAP in XXXX. XXXX. the will you the the note X, several on financial highlights financial Beginning of on for

anticipated across AM of and year, than portfolio offerings. our began But dental In saw photopolymer This QX as addition Einstein in particularly launch performance portfolio acquisitions, revamped the series products, to across particular, seeing and modest contributions weaker the we commercial Einstein our launched the and solutions growth from are XK. such the offset from the Flex S-Max broad was in in we we and are Xtreme recently by portfolio, this our we technologies metal with ramping as slightly shipments. and of demand series

across first business the potential are We of the of points balance year-over-year the at XX.X% XXXX. X,XXX X.X% margin to in quarter of growth gross over from confident increased XXXX. the Non-GAAP basis

down mix a gross QX did to revenues we result to a expected lower factors, trade increased P-XX the of impacts and costs logistics overhead underperform for acquisitions, to sequentially anticipated chain from related global notably expenses. come the continued system, from supply forecast we due one-time most and our production including lower margin Einstein to While margin internal seasonally several than as product additional relative series launches and higher and disruptions,

product mature ahead Looking of confidence absorption, sales including for in are scaling gross there balance margin meaningful product volumes to on a favorable profiles. improved that more resulting of expansion factors us and mix the of more into our margin XXXX the expectation higher number recent launches year, give a expected overhead

products we in as progress end made have into of half the back of the more addition, certain we towards will an updates expect effect on QX the year. QX In of pricing we

result, As expansion we basis for XXXX. exceeding XXXX, non-GAAP in margin the year XXXX an of a gross anticipate gross continued XX% annual versus full with on margins

slide, of in fees quarter, the to Einstein than one-time were product see the optimize company. XXXX, associated of quarter the ongoing On QX XXX% launches percentage our we professional efforts with across expenses system revenue to quarter of moderate to and were and P-XX due the structure series. the for operating with XXX% expense the cost representing non-GAAP first Overall, higher a continue first operating production $XX.X of XXXX. versus planned next million as In operating expenses expenses

balance including And companies focused acquired year. manufacturing, on are previously footprint. efficiencies across of expenses, executing the in discussed the have cost product logistics rationalizing the portfolio, we we our and driving We the to reduce and consolidating initiatives chain driving portfolio global also synergies through supply are facilities of our

continued internal operating early expect plan previously the under-perform impacted initiatives path as focused and the stages order did quarter forecast this drive the sales and combination our by and EBITDA of negative to relative that balance of EBITDA operating margins operating We structure. was the lower primarily product focus Adjusted will we improve Adjusted in to commitment XXXX as $XX.X have meet remain to continued on and revenue million. including and profitability. well expense margins, a optimize higher In driven QX initiatives our than impact are in to XXXX factors with our We of expenses durable gross product volumes, these for mix execution on seasonally to expected and leverage first expenses. growth, one-time throughout adjusted strategic the expenses on EBITDA launch our detailed beyond. achieve

cash, million short-term leverage, in with XXXX. improved the of initiatives lead investments cash through make operating We progress end of we XX, the expect equivalents as revenue significant quarter these ended absorption and balance in well as on XXXX, the EBITDA of the growth through as As to realize March continuing $XXX.X which year. we improvement will to adjusted and

reaffirming to contributions fiscal $XX.X quarter from revenue our our first have moving revenue came first million, approximately represents the raise the detailed $XXX XXXX. growth. we year Ric XXXX, our to XXX% potential which which we for inventory in in made managing And meet supply full to finally, portfolio, quarterly We fourth of up and in to quarter our inventory risk as balance guidance with across demand short, year-over-year proactive efforts XXXX, enough million strong targets. the at products expectations also were robust are quarter of in levels million $XX.X We mitigate of and ongoing chain in

we significant operating to margins, that, to moderation, combination revenue, in of anticipate increased We the back a balance call adjusted throughout EBITDA negative $XX expense the drive expect operating of to turn With approximately over million gross and of leverage improved also Ric. will I as EBITDA continue adjusted XXXX. improvements

with We XXXX our in accounts, fell we continue opportunity strategic and represent the priorities Thank you, strong we the automotive, players penetration growth. on engaged strides commitment. deliver quarter up focused the was the outsized specifically opportunities, turbo short gained expense and electronics, quarter. healthcare. consumer in to hyperscale are first with our can on dental those continuous as James. business that grow I Revenue at the the in made first we for important business will verticals XX. With to And driving The several spend key market accounts meet believe remain scale. area business we and respect for in large growth to where significant is We we technical commercial wrap this and key Slide with one quarter.

between We in from to gain you are slide the made contain synergies in from cost progress end profitability now for to It’s James. effort last us to year. an very make we as year and the path the cost our acquisitions of important making and the saw previous

specific As a of and through in and remains our that, the demonstrating throughout with we seeing and product growth proactive margins up deliver effect. the reduce to expenses continue expenses With gross progress working get as broad EBITDA percentage demand and flow the to decreasing the see year it and revenue, and operating and across synergies. portfolio paired to leverage in remain growth start the Operator? demonstrate path focus this a open allocation, cash it to initiatives there. are for Managing rest take are year disciplined important breakeven business of will great with chain capital management line balance supply our an to to inventory the confident questions. of you the at revenues end expansion are growing to Overall, let’s the of on Revenue top of efforts of we market our that several capital XXXX. XXXX. throughout the we margin committed improvement expect the and top reaching by We to was confident our are XXXX was adjusted are

question Instructions] Thank first from you. comes ahead. Josh Company. [Operator Sullivan go The The Please Benchmark with

morning. Good

Josh. Hi,

just the As should product far you the cadence growth? help results, rest given the quarter-to-quarter how various us for just the think can driving about we just of guidance as the the ‘XX year, revenue launches with QX through

going we quarter think ramping be it’s what way. to the similar and previous to I described up that it’s in

capacity scale more but… launch much ramp, that making We very start have, had and as that. question now the Einstein this you we product feel a – of we launch in and in go our to good are QX answers as We know you then after if product through I your don’t QX we about but of we

slightly QX of and the sequentially think we Josh, last XX% QX have shutdown, the we QX given percentage to tends of in the other down pattern I if the to that be revenues – the be well. revenue XX% So, and will, low tends in QX, so saw about, as we then you in about QX, will be typically the European part similar talked what see balance of XXs. year the to

we force of you does for you on the M&A discipline channels to long-term And the feel a absorption then think in just where have overhead that and just sales as going Do expenses? are the edge factor, have to from? finer going place you where you want

all. products of also margins. us point quite on the direct to seasonality at working the in as it few and lower terms to sales factors of your channels, indirect with Certainly, both mix But against it a though, relates weather QX

dramatically we number see issues in revenue do be sort as as one-time we again, have launching And those course logistics also did So, expenses products. a and are out global as of chain products, the year. are of to margin the supply launch We will items the scale. improving of trying we balancing the over that

Thank the time. you for

Yes.

Craig-Hallum Your Please with next go question comes from Capital ahead. Greg Palm Group.

here. good morning, Yes, everyone. the for Thanks questions taking

capitalize geographies you was growing product demand think you talk onshore about projects. about and an on that comment. are most or you interesting support to to suited are do that Can in I excited best this So call mentioned lines end it need? the wind what’s these your uptick maybe markets you certain thought

It’s pretty polymer broad-based metal. both and in

are the got side, have that dental costs. to lot We basically would it’s, A sourcing stuff the have And one and folks polymer automotive anywhere different produce metal I that up parts that and we over where in having board in more on side down the think difficulty supply like say from chain high it’s electronics materials to healthcare quite on shaping across – well. volume in that’s benefiting. and of control consumer the components are everything would area input I people

focused what a and used are be definitely which additive there announced Biden on which core We our to companies tapping significant production, is the was product President we to are last additive to week we people specifically before. or industry the imposed where sort what is going and to leader versus benefit mass with business tooling of think really on do

chain there So didn’t in supply to from you year have a thing. another, it’s we place And tailwind that significant I a think move think a one this ago becomes durable I is area. once that

So, customers. busy folks supporting I are our think sales those

don’t in of thinking in Flex. of Makes And more the just talk kind then little the a back about Can guess, six more you close. on new are bit broadly, of Yes. of ExOne, of I development most just the looking know it’s excited since etcetera? S-Max sort sense. kind months terms about of projects, what co-development And the of been I synergies, else you terms

I excited a mean that we it’s ExOne, the fact we on company. are really and about are fantastic

got really have good things in combined some development. we think I

which before makes first able benefit this. was of foundries one XX,XXX for class globally that expensive. it of quite to Flex, which S-Max First, used be can time over affordable use to the foundry is for There any this to product, be from which

product. nice definitely a it’s So, very

great spot we We the buying have announced them and demand, it. been on have got people since

done. – continue we in we of more plan really say these excited are the second have we we synergies transactions to revenue have we So, our make lot and would will, over to of continually happy the about that the think for year, integrated and taken time, a products will cost software the happy capabilities so has, But DM benefits which these from with makes take a and some as make continue am side organization install. best-in-class. products more significantly ExOne of I benefits easier that becoming products efficient on really more the a the I the we over to transactions especially And that And we synergies, that whole. very I of metal time our product. half turnkey will to far.

the way continue market grow by on share slice are market, jet the plan We leader, we binder any market. the that our the data you in and to to position

Alright. of Appreciate forward. luck the color. going Best

you. Thank

comes Yang & ahead. The with Oppenheimer next go Martin question Please Company. from

Hey, Martin.

Thank Good my Ric. morning. for question, you taking

So, is on activities update you you please any And and us? early first engagement P-XX. if there give an customer pipeline? Can with around maybe question customer feedback, us the if is comfortable are share

Yes.

able keep about Stanley that usually plans are. tend goes to be will to but have reference Large to significant field demand. going and talk are to the large see we let the I a continue the get program with we happy we I year as making every announcements And that and are instances. us more don’t systems I – the we and that think think if in their program we will know companies because has, be future we will definitely companies. this customer confidential, very progresses, make way very in to

economics have the to know, with judicious are market. rollout game disrupt allows As changing a P-XX a and really product But incredible you you large scale going it’s as and it pretty platform the to appropriately. is we

in products it. follow-up Is to highlight contributed you to Got increase inventory? regarding My that there inventory. certain question any want your is that that

inventory strategy year that, things up the a been of and ended before like Well, to quarter. we QX were end to the have situation parts of products in be don’t that to has balance I our able to a ship that think where we want trying short on had we last

supply the a are and have operations needs to products to chain in our to been quarter we And next way our shipped. be so run we that have support that and the the to trying ship able capacity

adjusting But it’s, So, we adjusting could And meet make to way very so I case can I sure targets. we the prudent and are think time to you case revenue more have would our that that more for towards or products, as inventory. company that we it. share complex are And run select targets inventories a have people today, to you lockdowns then, a leaning adjusting like and market inability judicious it’s say being in inventory parts. environment can executing in first we its China are get with

we that to significant fortunate are We a don’t have manufacturing exposure China.

We have outside China. machines of all our production our are – made

are have may we suppliers that However, that have there. components made

revenue do last we how targets. really we our gotten our been sourcing, about so have So, having strategic make bitten year three, that can we

proactive a to our for we And to our to out the of balance move on because be that part is able so, make call continue it year. it numbers is the

goods well. two-thirds add inventories would in as that roughly increase to I of Martin, in finished the

able again, key to So, satisfy to too is exporter us. Ric’s of being an about the for point demand

Got it. you. Thank

comes question Troy Street The Lake Jensen Please Instructions] ahead. go Capital. from with next [Operator

revenue here. And the results congrats nice on

Troy. Thank you,

Hi, guys.

So, order also Shapeways QX. million I about a with you in But of a QX, then you backlog and placed question their multi-part is supply like with a ship, guess bit order entering right, I million of that $X a lot a in in little QX, to guys would chain am you had $XX a talk they here. just because businesses assuming like couldn’t kind I there constraints. statement of XX-K

does looks like of entering So, QX? kind quarter and curious backlog XX% whether the in what customer

Sure.

ours. key So, of a Shapeways clarity, just for customer first is off,

relationship. to cash great talk a think have But filings. that We individual to customer. per about referring Shapeways I the is don’t Troy disclosure are you any what We generally like one paid actually

$XXX QX revenue was normal. from terms was million. It In of it Shapeways

So, you language flick noticed aren’t when as was have closely, there, balance you what paid. they about their actually think reading look at I

the arrears. when are for that shipments great. paying you is oftentimes But So, in relationship again, are

We continue exciting to have a lot business. of

backlog. on said just James what on building say would I

QX chain million targets. I situation hit pushing million hold in think from quarter. to have force And where last you that since than you your $X usually larger to supply $XX been sales another a are getting numbers that year, your we related

I So, quarter on to think building you and components catching those momentum, with you finishing products, the as that and up are of end those going level next is that the that then product. that up that up then rolls benefit you of the to some end next

the products, we we And than what run of their ExOne, support well are trying happens And expected. those total demand. we into to have But turn also have to on that that we to backlog We significant do just close Also are we be on have to we to increasing quite business. forecast those And business got backlog capacity going selling then we to And that’s selling is how they just – gaps. Xtreme versus to Einstein are be extremely time a trying continue driven are continue part over very it well. on forecast to that backlog better business. to definitely a are on products XK. which

I XD much additives. years had if then [indiscernible] And the ago, back we that. from know his was Obama I administration And even my here, printing initiatives part saw if X follow-up, think of one years, Okay. for benefit X go we great don’t

monitor their we that And how other the this is what’s and are? of Biden initiatives having kind here differently effect? administration an incentives doing with can So,

Yes.

those great that questions. think I are

this than a back know, But mean speak I has solution is very the administration. And the to don’t chain that’s want to I some be. to for I though think to a at are looking think I that needs of supply you that China. it context significant to as as address used today re-shoring happen they from different there think I come

If effectively there components. some But you permeating line versus happening that it there AM with been or recently greater defense adopt in be ease. contractors of as we through this you time. going us the at production. be help as a dedicated for ability of XXX which do beneficiary industry made additive of RAPID, as leader what showcasing polymer be goods and space examples look production it Innovation And We from actual has is designed more at actually, aerospace to bill, things for Like to in that now a Bipartisan going these And and a to is, helping are a broader percentage mass section call industry we to to know, the to with to And do will produce tradition of thing it’s commercial additive the and you over are know types are additive. of manufacturing some is in to things molds different you disproportionate metal economy. X.X, tend efforts. of significant other and items some financing parts, can the of commitments are advanced cost

new much So, this back applications. is is tooling. mass not very or the production parts This and what prototyping, we days really doing additive, in is are with really of which Obama in

think is just going see our see segments I definitely, I something be that issues, good think Innovation if And there to other national semiconductor to country. is of It’s we the are also to excited with help that issues think I passes, will problems. our us and think do. solve I think all somebody am help. are industry, really the and I I competitiveness I not economy. end resiliency, help is But bill critical to security additive trying the intentions they which government what Bipartisan not do for to with solution a can of mean here So, they but

we will see. So,

can question. if just $XXX in seems on than would massive be of why the the on the It I the I now, guys two, sneak today, convertible guys announced do I my now, question. and revenue at just more curious this announcement, and you guess convertible, in If like you have one Ric, ramp million this is be better the hopefully guess sentiment would end year, why Okay.

offering. because So, on Troy, restrictions, securities we law of the comment unfortunately, cannot

good luck. and Congrats guys. Understood, Alright. Okay.

Thank you.

from Dilts with comes Noelle go Stifel. question next Please ahead. The

thinking that the may Hi, could kind like about the with Thank – on, would be customer, installed? are where I to you the you the have you on one If hyperscale terms piece? you adding you customer customers, able the how of additional just basically you. what hyperscale be expand machine think what guys, could just That morning, in hoping good pipeline scale you was great. of on in expand China, how looks

Absolutely, no.

all working actually are with We of them.

are in I in to to say at companies. some do These we electronic can and So, products. are that need going of the of you now things most we see class auto of in which And you I want And probably move super But are the pretty good they of cliff, confidential. the think that don’t disclosures. companies with lots additive stuff our this consumer see future. at a will products lots think right this it’s to progressing these at the considering with pace

Got might to guess, things. the and you the you on side you and of dental opportunities think are just it. what How seeing kind just little on then about into And this of same they if are lab accelerate expand of could thinking XXXX…? Okay. bit growth I how a sort year about

Yes. I more dentist. for been billion other after is that for here very But different. mouth, – really It’s And restorative than these dental a you are you parts in what we market the orthodontics what’s to go which adopted in know, are in if excited $XX already permanently a talking tooling parts, are the is because you have your segment. was the about once about and aligners happening products. could mean additive I

point which and something technology are to there from class are higher new – a dental products, two are putting and of stays work. for it’s area a It’s a for very FDA much time. these make more barriers view regulatory required throughput that the So, the chemistry And more numbers of sophisticated and long printing.

excited about that And so, super super, are we segment.

Our view going by of additive. is decade with that the and that fully all made segment turn decade the be will end are billion $XX this in to

Demand are launches products we materials the incredible several year. we and and We can in the make we platform over that an applications. growing In it. have faster is with best-in-class products space, got developing next lots have new of

generation got dramatically love the Our three abrasion is it. and products. better It has product customers the of It and doing properties, half got resistance. the has previous has resistance extremely Flexcera resistance fracture best-in-class well moisture times

very very, So, it products your mouth. looks good – in the look

to are plus parts excited that dental or to be see move and of to with growth that part So, are to And that and excited our segment significant it’s components our practices labs to X,XXX we a X,XXXs future. them technology use of continue we the forward. we have to sell partner try for the foreseeable industry

you. thank Great,

next The The Please Sullivan go with from ahead. question comes Josh Benchmark Company.

Yes.

could Just duration logistics of award, size, on the specifics defense were can provide go there potentially long-term? any you

yet, we provide it future. will in the Not but

This is to in have components. going our by to government to are flexibility – primarily having excited. do We printing more metal enable

Okay. Thank you.

This back any would conference the Fulop to concludes like our I turn question-and-answer over to session. for closing remarks. Ric

world thank I as work build call everybody thank again, would this the year. this and DM Wonderful. really, that helping company. across the all Desktop And really on the of interest team the for everyone through your well at great want in tremendous to joining to like this morning us Metal start company for I is

of looking you are forward call. all you. to the quarter speaking in Thank second again to We

attending now has for presentation. Thank today’s conference The you concluded.

disconnect. may You now