Some companies out there are trying, but they haven't actually put what they've made into practical use.

If you look at the situation in 2025, see how we've diversified the business, and how lowering the barriers to entry for our business has driven interest growth, it has created a $31 million backlog that the company has never seen before in its history. As we predicted in terms of revenue and other aspects, we expect even bigger numbers in 2026. This is a snowball effect, starting slowly at first, but in the second, third, and fourth years, and by the fifth year, due to gross margins, you'll see huge profits from this, and because...

I mean, if you think of each machine as a robot, and they're automated, you don't actually need much overhead. This operational efficiency will start to show in the next 2 years, and then you'll see growth in the 4th and 5th years. It's very clear about how we want to expand, and velo won't be limited to just this. We're also targeting product markets now and expanding our product portfolio in different areas. This should give a good picture of what we want to do.

We won't be satisfied with just laser powder bed fusion technology. As we expand our product line, what we provide to customers must stem from customer needs at all levels. At the same time, we won't compromise our own technology. I mean, there are two reasons. If you think RPS is just someone going out and buying different machines and running them, that's the least likely successful trouble you can afford, because you have to hire different people to understand different machines, and you can't control your own technology. The strength Velo has is that, as an original equipment manufacturer (OEM), we can control our technology as we wish, okay? This is a powerful tool that others lack. I mean, if you think these machine shops or those contract manufacturers can do this, right? Then what value-add do we provide? I mean, the market overlooks this. When you're an OEM with technology in both software and hardware, you have a much greater chance of success to iterate quickly and collect data, to a level that others are not capable of. When you can do that, you become a powerful engine in the data field that all these companies lack. At the same time, when we adopt any technology, it will be under Velo's wing. You can't wait for a service, you can't wait for someone to fix your software or upgrade software, and you can't wait for someone to repair your machine. When I mention M&A, we have a strong focus on the business for the next five years, we will become the "AWS" of data and analytics and defense-grade products, what you see now is just a starting point. What you see in the next seven years will be Velo's vision, ensuring we're ready for the next generation of manufacturing and digital platforms, which are currently very siloed and can't access all these features I'm talking about. Imagine the scale, no company in the country has the kind of fleet we're building. Velo is taking this first-of-its-kind initiative. I've always thought that if you can control your raw material supply chain, you as a company will have tremendous value. Like if you look at some vertically integrated companies, you'll find the main source of their profit bottom line is the metal or other things they produce themselves. That's why if we want to scale to 400 or 500 machines, our supply chain must be robust. We're building a complete ecosystem of how scaled additive manufacturing happens.

I'm focused on ensuring metal powder and raw materials are well secured in the coming years. When we make commitments to customers, we want to deliver on time, I don't want any supplier waiting. I mean, we don't want to wait for suppliers to give us what we want. This is a great feat that no one has done, and we're taking it on as the first million-square-foot digital manufacturing facility. Velo has a grand project to do, both involving the digitization of industrial manufacturing data and the transformation of how things are made in the future, which will be used by any OEM or anyone who wants to make a product.

We do have software protected by internal IP, others don't have this capability. I mean, no company has that kind of complex software that can actually execute algorithms to produce complex parts, some companies out there are trying, but they're not actually putting what they make into practice. Velo has adopted this approach, and most of our products are already at production scale and prototyping scale. Not only that, digitizing traditional manufacturing and collecting all the data is super important to us.

Starting from the material side, I think every layer we print, every layer of material we use, all the way to delivering the finished product to the customer, this entire process is the target of our acquisition, and M&A is basically to provide a fully digital manufacturing ecosystem. Siloed data now doesn't work, that's why you run into these supply chain issues. When you convert some legacy parts into digital data collection from the early stages of design, it will truly help everyone, not just an OEM or a tier-one contractor, to adopt these technologies at scale. This is where you see products being designed differently, manufactured differently, and analyzed differently, which also shows the full vision Velo is trying to do. We don't want to just be an OEM that makes machines. We're transforming digital manufacturing, as I said, moving into the future, it can be transferred anywhere in the world or even to the stars, which is necessary for making and building things, and we're taking this step as Velo3D. The future is bright, we proved our thesis and concept in the first year. The second, third, fourth years will be the real financial stabilization of the company, moving towards full digital manufacturing, the full digital manufacturing fleet will be shown digitally and meet them as customer demand emerges.