Xometry, Inc., the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, reported financial results for the first quarter ended March 31, 2023.
“In Q1 2023, Xometry delivered stronger-than-expected 35% marketplace growth year-over-year, improved marketplace gross margin by 170 basis points quarter-over-quarter and improved operating leverage driven by our steadfast focus on our 5-point strategic plan,” said Randy Altschuler, Xometry’s CEO. “We continue to rapidly expand our network of buyers and suppliers and enhance our products and services. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth while further tightening operating expenses to achieve Adjusted EBITDA profitability in Q4 2023.”
First Quarter 2023 Financial Highlights
- Total revenue for the first quarter 2023 was $105.3 million, an increase of 26% year-over-year.
- Marketplace revenue for the first quarter of 2023 was $86.7 million, an increase of 35% year-over-year.
- Supplier services revenue for the first quarter of 2023 was $18.6 million, a decrease of 3% year-over-year.
- Total gross profit for the first quarter 2023 was $39.4 million, an increase of 20% year-over-year.
- Marketplace Active Buyers increased 46% from 30,683 as of March 31, 2022 to 44,716 as of March 31, 2023.
- Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 40% from 790 as of March 31, 2022, to 1,109 as of March 31, 2023.
- Marketplace Percentage of Revenue from Existing Accounts was 96%.
- Active Paying Suppliers increased 11% from 6,872 as of March 31, 2022 to 7,621 as of March 31, 2023.
- Net loss attributable to common stockholders was $18.3 million for the quarter, a decrease of $1.7 million year-over-year, and Adjusted EBITDA was negative $11.8 million for the quarter, reflecting an decrease of $1.0 million year-over-year. Net loss for Q1 2023 included $4.7 million of stock-based compensation.
- Cash, cash equivalents and marketable securities were $296.2 million as of March 31, 2023.
First Quarter 2023 Business Highlights
- Expanded further in Europe with the launch of xometry.uk, a localized marketplace for UK customers. Xometry’s localized marketplaces allow regional customers to get quotes and purchase parts directly in local currency.
- Introduced instant quoting for parts with multiple finishes. Buyers can identify parts requiring multiple finishes and the instant quoting engine will automatically price them. This instant feedback helps buyers make decisions in real-time.
- Introduced a new quick-turn injection molding service for quotes in as fast as two hours and parts in as little as five business days.
- Expanded instant quoting for more than three dozen new materials.
- Announced Xometry will be the exclusive provider of real-time pricing and lead times for Alibaba Group's 1688.com on-demand manufacturing services.
- Acquired Tridi Teknoloj A.S. ("Tridi") located in Istanbul, Turkey. The acquisition of Tridi extends our marketplace capabilities in Europe by opening an array of affordable suppliers and the ability to serve all of Europe within a 24-hour turnaround period.
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 May 10, 2023. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at investors.xometry.com.
Xometry, Inc. First Quarter 2023 Earnings Presentation and Conference Call
- 8:30 a.m. Eastern / 5:30 a.m. Pacific on Wednesday, May 10, 2023
- To register please use the following link: https://register.vevent.com/register/BIb776f13895ac48c283ebd1dd5079490b
- You may also visit the Xometry Investor Relations Homepage at investors.xometry.com to listen to a live webcast of the call
