Xometry, Inc., the global AI-powered marketplace connecting buyers with suppliers of manufacturing services, reported financial results for the fourth quarter and full year ended December 31, 2024.
“Our AI powered marketplace continues to gain share and deliver record financial results,” said Randy Altschuler, Xometry’s CEO. “In Q4, we delivered stronger-than-expected marketplace growth and generated positive Adjusted EBITDA as our customers increasingly rely on Xometry for their supply chain resiliency. In 2025, we remain focused on driving global growth, scale and operating excellence.”
“In Q4, we delivered strong marketplace revenue growth, operating leverage and positive Adjusted EBITDA,” said James Miln, Xometry’s CFO. “Our record marketplace gross margin of 34.5% and operating efficiencies drove Adjusted EBITDA to a profit of $1.0 million, a $3.9 million improvement year-over-year.”
Fourth Quarter 2024 Financial Highlights
- Marketplace revenue for the fourth quarter of 2024 was $135 million, an increase of 20% year-over-year.
- Marketplace Active Buyers increased 23% from 55,325 as of December 31, 2023 to 68,267 as of December 31, 2024.
- Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 12% from 1,331 as of December 31, 2023 to 1,495 as of December 31, 2024.
- Supplier services revenue for the fourth quarter of 2024 was $14.0 million, a decrease of 13% year-over-year driven primarily by the exit of non-core supplier services and to a lesser extent advertising and marketing services.
- Net loss attributable to common stockholders for the fourth quarter of 2024 was $9.9 million, a decrease of $0.7 million year-over-year. Net loss for the fourth quarter of 2024 included $8.2 million of stock-based compensation, $0.1 million of payroll tax expense related to stock-based compensation and $3.4 million of depreciation and amortization expense.
- Adjusted EBITDA for the fourth quarter of 2024 was a profit $1.0 million, reflecting an improvement of $3.9 million year-over-year.
- Non-GAAP net income for the fourth quarter of 2024 was $3.2 million, as compared to a Non-GAAP net loss of $0.4 million in the fourth quarter of 2023.
- Cash, cash equivalents and marketable securities were $240 million as of December 31, 2024, an increase of $5.8 million from September 30, 2024.
Fourth Quarter 2024 Business Highlights
- Grew the number of Active Suppliers 28% year-over-year from 3,429 to 4,375. In the fourth quarter, we expanded our supplier base in the U.S. with a focus on key quality certifications to serve the needs of our larger customers across key industries.
- Expanded international economy pricing on Xometry marketplace, giving our domestic customers the ability to instantly quote additive processes with global suppliers. This move reflects our growing operational capacities in key manufacturing regions such as Turkey and India.
- Enhanced marketplace certifications for a range of industries furthering our capabilities for enterprise accounts. Xometry retained a key certification for the automotive industry – IATF 16949, an international quality standard enabling the company to expand the breadth of automotive manufacturing on the Xometry marketplace. This certification joins our other key certifications – AS9100 certification for the aerospace and defense industries, and the ISO13485 certification for medical devices which underscores the quality of the Xometry marketplace.
- Received a new patent for our Xometry Instant Quoting Engine® entitled "Methods and Apparatus for Machine Learning Predictions of Manufacturing Processes." Xometry now owns 12 U.S. patents related to the use of machine learning for generating fabrication and manufacturing predictions, such as price, manufacturability and suitable materials.
Full Year 2024 Financial Highlights
- Marketplace revenue for the full year of 2024 was $486 million, an increase of 23% year-over-year.
- Supplier services revenue for the full year of 2024 was $59.6 million, a decrease of 13% year-over-year driven primarily by the exit of non-core supplier services and to a lesser extent advertising and marketing services.
- Net loss attributable to common stockholders for the full year of 2024 was $50.4 million, a decrease of $17.1 million year-over-year. Net loss for the full year of 2024 included $29.3 million of stock-based compensation, $1.0 million of payroll tax expense related to stock-based compensation and $13.0 million of depreciation and amortization expense.
- Adjusted EBITDA for the full year of 2024 was a loss of $9.7 million, reflecting an improvement of $17.8 million year-over-year.
- Non-GAAP net loss for the full year of 2024 was $2.1 million, as compared to a Non-GAAP net loss of $19.4 million for the full year of 2023.
Full Year 2024 Business Highlights
- Expanded our US marketplace menu with instant pricing and lead time auto-quote offerings for tube cutting and tube bending. Through our partnership with Google Cloud, Xometry is leveraging Vertex AI to accelerate the deployment of new auto-quote methods and models on our marketplace.
- Introduced new features for our Teamspace enterprise collaboration software. Teamspace moves the Xometry marketplace from a focus on individual buyers and parts to procurement teams managing essential programs. New features include expanded collaboration, order management tools and comprehensive quote histories. Since launching Teamspace, over 5,000 teams have been created.
- Launched a marketplace buyer dashboard for tooling processes, including injection molding. The new dashboard provides engineers and procurement professionals details about their various tools, and a view of their tool production workflow (tracking everything from quoting, design-for-manufacturability, tool production and part production).
- Expanded European marketplace menu including new processes, materials and languages. Xometry Europe added vacuum casting to the Xometry Instant Quoting Engine, new steel and aluminum grades options and expanded its finishing options for 3D printing. Xometry Europe launched the Czech and Hungarian languages on the site. Worldwide, the Xometry marketplace is available in 18 languages.
- Delivered a suite of tools on the European marketplace that makes it easier for enterprise customers to order parts for their high-volume manufacturing projects. The tools give engineers, designers, procurement professionals and project managers everything they need to coordinate, collaborate and manage complex orders.
- In China, launched enhanced customer service capabilities on our WeChat mini app for buyers to quote, order and track deliveries.
- Released new features for Thomas, including new self-serve tools for suppliers to create custom advertising campaigns on Thomasnet®. The new tools let suppliers select from among 78,000 categories and keywords that best reflect their products and services and present a range of suggested budgets tailored to their marketing spend.
|
Financial Summary |
||||||||||||||||||||||||
|
For the Three Months |
For the Year |
|||||||||||||||||||||||
|
2024 |
2023 |
% Change |
2024 |
2023 |
% Change |
|||||||||||||||||||
|
Consolidated |
||||||||||||||||||||||||
|
Revenue |
$ |
148,546 |
$ |
128,145 |
16 |
% |
$ |
545,529 |
$ |
463,406 |
18 |
% |
||||||||||||
|
Gross profit |
59,020 |
49,085 |
20 |
% |
215,624 |
178,259 |
21 |
% |
||||||||||||||||
|
Net loss attributable to common stockholders |
(9,889 |
) |
(10,551 |
) |
6 |
% |
(50,401 |
) |
(67,472 |
) |
25 |
% |
||||||||||||
|
EPS, basic and diluted, of Class A and Class B common stock |
(0.20 |
) |
(0.22 |
) |
9 |
% |
(1.03 |
) |
(1.41 |
) |
27 |
% |
||||||||||||
|
Adjusted EBITDA(1) |
1,049 |
(2,850 |
) |
137 |
% |
(9,676 |
) |
(27,490 |
) |
65 |
% |
|||||||||||||
|
Non-GAAP net income (loss)(1) |
3,165 |
(400 |
) |
891 |
% |
(2,069 |
) |
(19,355 |
) |
89 |
% |
|||||||||||||
|
Non-GAAP EPS, basic and diluted(1), of Class A and Class B common stock |
0.06 |
(0.01 |
) |
700 |
% |
(0.04 |
) |
(0.40 |
) |
90 |
% |
|||||||||||||
|
Marketplace |
||||||||||||||||||||||||
|
Revenue |
$ |
134,508 |
$ |
112,090 |
20 |
% |
$ |
485,946 |
$ |
394,754 |
23 |
% |
||||||||||||
|
Cost of revenue |
88,087 |
77,024 |
(14 |
)% |
323,365 |
273,264 |
(18 |
)% |
||||||||||||||||
|
Gross Profit |
$ |
46,421 |
$ |
35,066 |
32 |
% |
$ |
162,581 |
$ |
121,490 |
34 |
% |
||||||||||||
|
Gross Margin |
34.5 |
% |
31.3 |
% |
3.2 |
% |
33.5 |
% |
30.8 |
% |
2.7 |
% |
||||||||||||
|
Supplier services |
||||||||||||||||||||||||
|
Revenue |
$ |
14,038 |
$ |
16,055 |
(13 |
)% |
$ |
59,583 |
$ |
68,652 |
(13 |
)% |
||||||||||||
|
Cost of revenue |
1,439 |
2,036 |
29 |
% |
6,540 |
11,883 |
45 |
% |
||||||||||||||||
|
Gross Profit |
$ |
12,599 |
$ |
14,019 |
(10 |
)% |
$ |
53,043 |
$ |
56,769 |
(7 |
)% |
||||||||||||
|
Gross Margin |
89.7 |
% |
87.3 |
% |
2.4 |
% |
89.0 |
% |
82.7 |
% |
6.3 |
% |
||||||||||||
- These non-GAAP financial measures, and the 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):
|
As of December 31, |
||||||||||||
|
2024 |
2023 |
% |
||||||||||
|
Active Buyers(3) |
68,267 |
55,325 |
23 |
% |
||||||||
|
Percentage of Revenue from Existing Accounts(3) |
97 |
% |
96 |
% |
||||||||
|
Accounts with Last Twelve-Months Spend of at Least $50,000(3) |
1,495 |
1,331 |
12 |
% |
||||||||
|
Active Paying Suppliers(3) |
6,582 |
7,271 |
(9 |
)% |
||||||||
- These key operating metrics are for Marketplace and Supplier Services. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
- Amounts shown for Active Buyers, Accounts with Last Twelve-Months Spend of at Least $50,000, and Active Paying Suppliers are as of December 31, 2024 and 2023, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2024 and 2023.
Financial Guidance and Outlook:
|
Q1 2025 |
||||||||
|
(in millions) |
||||||||
|
Low |
High |
|||||||
|
Revenue |
$ |
147 |
$ |
149 |
||||
- For Q1 2025, expect revenue of $147-$149 million, representing 20-21% growth year-over-year. This includes an unfavorable foreign exchange impact of approximately $1.0 million.
- For Q1 2025, expect Adjusted EBITDA loss of approximately $1.5 million, an improvement of approximately $6.0 million from an Adjusted EBITDA loss of $7.5 million in Q1 2024.
- For FY 2025, expect total revenue growth to exceed revenue growth in 2024. We expect marketplace revenue growth of at least 20% year-over-year and expect supplier services revenue to be down approximately 5-10% year-over-year.
- For FY 2025, expect to be Adjusted EBITDA positive for the full year.
Xometry’s first quarter 2025 and full year 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.
Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest and dividend income, benefit for income taxes, charitable contributions of common stock and impairment of assets. Xometry expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results.
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 February 25, 2025. In addition to its press release announcing its fourth quarter and full year 2024 financial results, Xometry will release an earnings presentation, which will be available on its investor website at investors.xometry.com.
Xometry, Inc. Fourth Quarter and Full Year 2024 Earnings Presentation and Conference Call
- Tuesday, February 25, 2025
- 8:30 a.m. Eastern / 5:30 a.m. Pacific
- To access the webcast use the following link: https://register.vevent.com/register
- You may also visit the Xometry Investor Relations Homepage at investors.xometry.com to listen to a live webcast of the call
