Xometry, Inc., a leading global AI-enabled digital manufacturing marketplace, reported financial results for the first quarter ended March 31, 2022.
"In Q1 2022, Xometry delivered strong growth across the board, expanded our marketplace to new geographies and extended the reach of our AI driven quoting engine through the launch of Xometry Everywhere. We also improved our supplier services including new products from Thomas,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with suppliers. With our supplier network expanding domestically and abroad, we are playing an instrumental role in helping create locally resilient supply chains irrespective of macro events.”
First Quarter 2022 Financial Highlights
- Total revenue for the first quarter 2022 was $83.7 million an increase of 90% year-over-year.
- Marketplace revenue for the first quarter of 2022 was $64.4 million.
- Supplier services revenue for the first quarter of 2022 was $19.3 million.
- Total gross profit for the first quarter 2022 was $32.9 million an increase of 235% year-over-year.
- Marketplace Active Buyers increased 44% from 21,345 as of March 31, 2021 to 30,683 as of March 31, 2022.
- Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 92% from 412 as of March 31, 2021 to 790 as of March 31, 2022.
- Marketplace Percentage of Revenue from Existing Accounts was 94%.
- Net loss attributable to common stockholders was $20.0 million for the quarter, an increase of $9.5 million year-over-year, and Adjusted EBITDA was negative $12.7 million for the quarter, reflecting an increase of $3.9 million year-over-year. Net loss for Q1 2022 includes $3.5 million of stock-based compensation and $0.2 million of transaction costs.
- Cash and cash equivalents and marketable securities were $368.7 million as of March 31, 2022.
First Quarter 2022 Business Highlights
- Introduced “Xometry Everywhere” software which extends the reach of Xometry’s AI-driven instant-quoting pricing engine to popular third-party sites where engineers and other buyers spend significant amounts of time. Xometry Everywhere is also available for integration into the procurement processes of Fortune 1000 companies.
- Obtained certification for Medical Device Manufacturing (ISO 13485) enabling the Xometry marketplace to expand the breadth of medical device manufacturing.
- Expanded European operations including an enhanced site for European customers, xometry.eu, which makes it even easier for buyers to compare and price technologies, materials and finishes in real time. Added a new Spanish site.
- Introduced new self-serve advertising subscription options for suppliers on Thomasnet.
- Launched a local manufacturing network in China (Xometry.Asia) and began taking orders from Chinese customers in April 2022.
- Expanded CAD integrations with the addition of PTC’s Onshape product development platform which has over 2 million users. The integration provides seamless instant quoting with our proprietary, AI-driven Xometry Instant Quoting Engine, enabling engineers and designers to instantly price parts in Onshape.
- On February 11, 2022 completed an offering of Convertible Senior Notes, raising net proceeds of $278.2 million.
Financial Summary
(In thousands, except per share amounts)
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For the Three Months Ended March 31, |
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2022 |
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2021 |
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% Change |
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(unaudited) |
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Consolidated |
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Revenue |
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$ |
83,671 |
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$ |
43,922 |
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90 |
% |
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Gross profit |
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32,939 |
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9,835 |
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235 |
% |
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Net loss attributable to common stockholders |
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(20,012 |
) |
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(10,501 |
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(91 |
)% |
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EPS—basic and diluted |
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(0.43 |
) |
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(1.33 |
) |
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68 |
% |
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Adjusted EBITDA(1) |
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(12,726 |
) |
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(8,810 |
) |
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(44 |
)% |
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Non-GAAP net loss(1) |
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(12,598 |
) |
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(9,262 |
) |
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(36 |
)% |
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Non-GAAP EPS-basic and diluted(1) |
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(0.27 |
) |
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(1.17 |
) |
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77 |
% |
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Marketplace |
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Revenue |
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$ |
64,415 |
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Cost of revenue |
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46,741 |
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Gross Profit |
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$ |
17,674 |
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Supplier services |
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Revenue |
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$ |
19,256 |
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Cost of revenue |
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3,991 |
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Gross Profit |
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$ |
15,265 |
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(1) |
These non-GAAP financial measures, and reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables. |
Key Operating Metrics(2):
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As of March 31, |
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2022 |
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2021 |
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% |
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Active Buyers(3) |
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30,683 |
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21,345 |
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44 |
% |
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Percentage of Revenue from Existing Accounts(3) |
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94 |
% |
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95 |
% |
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(1 |
)% |
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Accounts with Last Twelve-Months Spend of at Least $50,000(3) |
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790 |
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412 |
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92 |
% |
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(2) |
These key operating metrics are for Marketplace. |
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(3) |
Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of March 31, 2022 and 2021, and Percentage of Revenue from Existing Accounts is presented for the quarters ended March 31, 2022 and 2021. |
Financial Guidance and Outlook:
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Q2 2022 |
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FY 2022 |
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(in millions) |
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Low |
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High |
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Low |
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High |
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Revenue |
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$ |
91.5 |
|
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$ |
93.5 |
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$ |
392.0 |
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$ |
400.0 |
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Adjusted EBITDA |
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$ |
(11.0 |
) |
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$ |
(10.0 |
) |
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$ |
(36.0 |
) |
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$ |
(32.0 |
) |
Conference Call
The Company will discuss its first quarter 2022 financial results during a teleconference on 5/11/2022, at 8:30 AM ET/5:30 AM PT. The conference call can be accessed in the U.S. at 877-313-2061 or outside the U.S. at 470-495-9537 with the conference ID# 1993784. A live audio webcast of the call will also be available simultaneously at investors.xometry.com. Following completion of the call, a recorded replay of the teleconference will be available in the investor relations section of Xometry's website. The earnings webcast presentation will be archived within the Investor Relations section of Xometry's website.
