Xometry, Inc., the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, reported financial results for the second quarter ended June 30, 2022.
“In Q2 2022, Xometry delivered accelerated marketplace growth, robust expansion in marketplace gross margin and significant operating leverage quarter-over-quarter,” said Randy Altschuler, Xometry’s CEO. “We introduced important new products including the Industrial Buying Engine and Workcenter providing integrated solutions for our buyers and suppliers. 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.”
Second Quarter 2022 Financial Highlights
- Total revenue for the second quarter 2022 was $95.6 million an increase of 89% year-over-year.
- Marketplace revenue for the second quarter of 2022 was $75.6 million.
- Supplier services revenue for the second quarter of 2022 was $20.0 million.
- Total gross profit for the second quarter 2022 was $37.7 million an increase of 217% year-over-year.
- Marketplace Active Buyers increased 40% from 23,942 as of June 30, 2021 to 33,491 as of June 30, 2022.
- Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 76% from 508 as of June 30, 2021 to 894 as of June 30, 2022.
- Marketplace Percentage of Revenue from Existing Accounts was 95%.
- Net loss attributable to common stockholders was $16.6 million for the quarter, an increase of $4.3 million year-over-year, and Adjusted EBITDA was negative $8.3 million for the quarter, reflecting an decrease of $0.8 million year-over-year. Net loss for Q2 2022 includes $5.5 million of stock-based compensation.
- Cash and cash equivalents and marketable securities were $356.7 million as of June 30, 2022.
Second Quarter 2022 Business Highlights
- Hosted our first Xometry Summit “The Xometry Marketplace: Powering Tomorrow’s Supply Chain” on June 29th. The virtual event featured speakers from leading companies and manufacturers and focused on new technologies that are accelerating the digitization of all aspects of manufacturing – from the procurement process, to the ways in which small- and medium manufacturers run their businesses. A replay of the event is available at xometry.com.
- Launched the Industrial Buying Engine (IBE) which helps customers source and purchase from the more than 500,000 suppliers on Thomasnet.com. The IBE provides buyer choice including instant quote “buy-it-now” functionality and digitizes the old and time-consuming request-for-quote process. Through the Industrial Buying Engine, buyers can request quotes for products and services from suppliers.
- Introduced Workcenter (WC) which gives suppliers a one-stop view into all of their Xometry and non-Xometry work. A cloud-based manufacturing execution system, Workcenter brings the job board and financial services into one, easy-to-use platform. With Workcenter, shop owners can build and manage workflows for all their projects, including those from non-Xometry customers, and also quote new projects from Xometry and Thomas.
- Opened up the API-enabled Workcenter to third-party developers, establishing Workcenter as an emerging platform for innovators seeking to deliver an ecosystem of interconnected solutions for suppliers.
- Extended Xometry quoting capabilities into new categories based on the data and suppliers from the Thomas network. The new processes include laser tube cutting and tube bending.
- Began taking orders from Chinese customers in April and expanded the supplier base on the local manufacturing network.
Conference Call and Webcast Information
The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on August 10, 2022. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at investors.xometry.com.
Xometry, Inc. Second Quarter 2022 Earnings Presentation and Conference Call
- 8:30 a.m. Eastern / 5:30 a.m. Pacific on Wednesday, August 10, 2022
- To register please use the following link: https://register.vevent.com/register/BI35b5aa7646bb4334bcde4a94727a4d05
- You may also visit the Xometry Investor Relations Homepage at investors.xometry.com to listen to a live webcast of the call
