welcome everyone like our to call. Bob. Thanks, quarter I'd to fourth earnings
Board to comprehensive with tell Directors to in this value. discussions process multiple fourth to strategic announced the would that stockholder Before the that ongoing in parties we and is related get can I review started, provide related the remains some comments maximizing like of brief I quarter. we you
necessary. the As we or not determine disclosure that developments do such we to review is on intend appropriate announced until further process strategic we disclose previously,
would review that, this As not the call. status a the on I be like on results. to will questions our to of during result, we move With answering
For for was year a context, XXXX transformational the company.
strategy as of system QX early technology performance as our issues These affected base Similarly, we multiple field translate sales adopters our at second bookings installed we by focus of material qualification. expanded broader a issues Our customer increases the opportunity business to our results. year effectively significantly concerns. our impacted beyond markets, the did to to and led evidenced of very rapid in rate methodologies the hyper-growth disappointing beginning poor introductions found our as leading not expansion new and product on half directly
costs, a been has efficiency have company still last As we initiated of to and are successful period a rebuild customers we the a challenging very result, to company, culture pipeline while and realignment for recommit and ways profitability. go. quarter, quality, instituting to reduce our a ourselves bookings ensuring This
the However, specifics we strategic with believe pleased to sustainable efforts strongly I discuss over that last quarter. this and Slide we our of our X X. now are We see XXXX. that just the of as the very benefits With exit us progress to in like months. mind, to achieve X are these will enable starting fourth would turn profitability shift Please to we to
initiatives disruption our from as well was key us we year strategic by last quarter number our a second a QX as were in quarter. the related of by mentioned, I transition the realignment As of during to for impacted challenges half as bookings the
success to tangible beginnings now recommitment our and seeing rebound cycle is the Given along approximately of we as results. the in yielding change is our go-to-market months, typical customer are ensure length strategy, of the in just bookings investment sales a our X with
Sapphire ordering during footprint. bookings, existing We opportunities customers expand In very their about who remain overall to pleased reengaging are addition in off we excited to the held in see to our increase XXXX. QX,
On last OpEx of cost and We aggressive in program the cost the the XXXX. first reduction an additional XX% from of benefit quarter in to our our decline percent continue QX we structure reduced expect to by XX-plus quarter. implementation side, expense more than
showing manufacturing our to Additionally, on as from quarter. fourth cash We're progress reliability shift in the year-over-year. marked by strategic customer customer-driven our financing focus model and a improved free excluding also cash as flow is XX% starting improvements showed flow, benefit to both efficiency
and as to aerospace of technology opportunities rates space, Finally, new qualified we as fill our and highly of advantage. our verticals and improved are rebuilding starts these with seeing opportunities. such defense slowly backlog are our Many reflective close pipeline key in
are our we unique AM U.S.-based benefiting internal customers' solutions our capabilities in metal applications. for large-format required complex of supplier from printing demanding has only Additionally, position geometries the most as that
we fourth the efforts, first as our number achieve achieving selling positioned greater pleased our strategy, and last customers of were well the extremely as and was value-based Moving see This carried benefit of have opportunities on forecast. quarter these we go-to-market are QX. to goals given December approach our In confidence ensure the more success over near-term We the we weeks in QX revenue recovery booked new in million of challenging We financial X quarter, new see enter to orders of has XXXX coming since our This of existing to more customers. now higher summary, recovery orders fronts, initial our X in this into our is XX% reflects bookings momentum half from and reliability successful. to implementation the initiatives bookings. with we fourth reduction $XX an orders a cost a into remain year. booked visibility of strong than also as this but successful go-to-market validation on than significant bookings
as for to of new is efforts competitive for as remain see now we mentioned, we markets believe key and a leadership significant space, turn in as these example. well This XXXX an result we those I Please number discuss Slide a our of revenue provide a update added are on As beyond. some Avio like in defense where space, aerospace. markets In and we AAM sales have X. factors. position focusing advantage, opportunities briefly XXXX, NASA the we of I'd leader as market to customers and we the
have with our cycles in the solution, to and technology performance, Our payload. customers costs being to important a using small accelerate. our design to improve which improvements means less performance rapidly as larger Also, carry This ability is launch customers changes. is expanding enables hardware implement Even launch rapidly quickly able industry. in changing industry a combined software fuel or lowering critical in in
from excited of We're as announced one went in I less the as For such than over new you, utilized defense count legacy customers our I critical design and mass technology. surface to years American most as well scratching recent for with remain about schedule customers for many business. and our tell Park now our North can both launch year as of potential the this next X opportunity X customers, just reaching these technologies being hypersonics acceleration. launch companies see of X successes huge launch procurement. using example, We given
we to can in AAM. about be discussions leadership We have with continue to been how transition in be their and a leader DoD
and we our added bill contracting with Customers Defense, system purchase are improve as in billion Ornate looking U.S. see to X a in Metal XXXX, our this orders Furthermore, Art at funding demand defense activities defense bookings implement multiple Friday Friday's manufacturing in provides X XXXX progress. cost chain Kratos where we've announcement, bringing additional customers to Martin. already to government, to Since have to similar new and as confidence our days. the Aerospace, Becel, coming expect include aimed customers total efforts increased received defense this the close In pursue tied efficiency discussions new strong Lockheed we dynamic concerted the In seeing and methods, addition supply to spending order X. are we we reduction. $XXX Ohio in in industry approved
expect happy in we to to now the are are see market U.S. this in footprint and our increase space that in this year. starting report and both to this We Europe traction
Finally, programs implementing of streams. future revenue our number we're to a expand
package. recently designs our and the black over developer making with monetization potential predefined it of their users software provides package the flexibility parameters more existing print scale unlocking set, control parameter First, by use our and box This maximum to launched efficient flow production. customers for
key on into. are competitive technology sapphire up the be retain front, next-generation and advantages in peers not currently refining Second, we R&D the phases do our open will we early sell markets model. cost, with on our product of very This
more scale as complete to better the margin our leveraging are drive solutions package as and we revenue Third, equipment relationship well consumable reoccurring more space provide expansion help exploring that ways customers to to ancillary in quickly.
like not about excited without discuss for now plan Slide to given growth efforts would to XXXX our come how potential success. fruition execution, improve the before we an efforts, company on initiatives we're to the realignment executing laid Please our these on internal While providing update turn priorities operational to I last to briefly go-to-market X. strategic our quarter. out the position will we
feel As we us future discussed last well in will our success. significant for strategy that position go-to-market changes quarter, we we made
needed production order but supply to one working raw with achieved seen that We've the product half For efficiency and value-based initiatives are plans. margin new a of engineering-led our gross through in to sales second The shifted approach. directly these to XXXX. on started were to we cost relation also early in the worked the reduction in Both our workflows. new materially footprint, from expansion phase initial deliver and example, of starting that establishing we've These adopter have suppliers very agreements adoption, increasing improved of see approach as are focuses production to reductions manufacturing, of material qualification related costs. to we well suppliers, our benefit an selling. success expand just of realized engineering-led approach cost processes value-based In in lower our we we
customer it systems. the focus. put, is reliability happy our resolving critical Simply customers' concerns addressing issue drives customer repeat as #X land-and-expand side, buy is to On sales. this service our more customers Successfully our strategy
increasing from are minimize field organization hands-on, issues. to our high-touch service relationship, customer we more a Aside customer-induced our programs training provide to expanding
OpEx that our cash focused on recently identify reductions more headcount remain alignment to and cash completed consolidation detail, process the of our cost cost of target also proactively breakeven us OpEx second to on enable and program. we ensure in reduction utilization I and our our will flow additional to investing this ensuring highlight and track, Bernie we achieve We that the half higher rates. address field on efforts further plan in flow are processes failures, identifying reducing but will and wanted We in facilities remains in year. are prevent
to wanted discussed the I an financials, Please our for strategic X. the Bernie update of to turn priorities over on provide last we call the turn quarter. Slide I Before status to
XX% success streamline reduced installation second This our processes. First, months. X last year printers Sapphire to the half of initiatives in key and printers we improve of that of have by we over the to the time the launched of goes the quality the our installation
We quarter. issue since resolution times customer the uptime and are We've significantly booking most is has existing our of system had base This which we've across improved the by in improved rate, this XX% experience XXXX. improving reducing success seen QX installed reflected proud in customer success. while
from orders our than that with success mid-December previously those leads, reliability mentioned, signed since with are million and $XX rebuild addressing field. customers with the demonstrates XX% issues more accounts systems. qualified are their than more starting of our to that we fill to new successfully We've our I technology in backlog. pipeline we orders value in strategic As continues our This multiple and
to that, much second Bernie discuss XXXX.In our I our of I'm we encouraged our cash XX% to puts have transformational Finally, to a in expect cost in was closing, remain very the we breakeven to to confident than with the XXXX turn stronger goal remain We achieve our in QX executable reduce clear, flow by guidance. a path us believe the and financials XXXX we would by opportunity that call year over for a reiterate, more and like XXXX. the and see structure company, provide realignment to the to made. profitability position future progress and With excited about half
