Xometry, Inc., the global AI-native marketplace connecting buyers and suppliers of custom manufacturing, announced its financial results for the first quarter ended March 31, 2026.
“In the first quarter, we delivered 36% revenue growth year-over-year, underscoring the strength of our marketplace innovation and expanding global network,” said Randy Altschuler, CEO at Xometry. “This quarter marks a significant acceleration of marketplace growth, driven by increasing wallet share and rapid adoption of our supply chain solutions.”
“We delivered robust marketplace gross profit growth in Q1, which increased 53% year-over-year,” said James Miln, CFO at Xometry. “Our Adjusted EBITDA improved by $10.4 million year-over-year to $10.5 million, reflecting the strong leverage in our marketplace model. We expect to continue to deliver 20% annual incremental Adjusted EBITDA margins as we rapidly scale to $1 billion in revenue.”
First Quarter 2026 Financial Highlights
- Total revenue for the first quarter of 2026 was $205 million, an increase of 36% year-over-year.
- Marketplace revenue for the first quarter of 2026 was $191 million, an increase of 40% year-over-year.
- Marketplace Active Buyers increased 20% from 71,454 as of March 31, 2025 to 85,581 as of March 31, 2026.
- Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 21% from 1,545 as of March 31, 2025 to 1,864 as of March 31, 2026.
- Services revenue for the first quarter of 2026 was $13.8 million, roughly flat quarter-over-quarter.
- Net loss attributable to common stockholders for the first quarter of 2026 was $5.3 million.
- Adjusted EBITDA for the first quarter of 2026 was $10.5 million, reflecting an improvement of $10.4 million year-over-year.
- Non-GAAP net income for the first quarter of 2026 was $6.9 million, as compared to a Non-GAAP net loss of $2.5 million in the first quarter of 2025.
- Cash, cash equivalents and marketable securities were $224 million as of March 31, 2026, an increase of $4.8 million from December 31, 2025 driven by $14.6 million of operating cash flow.
First Quarter 2026 Business Highlights:
- Xometry introduced a new enterprise machining lead time model into its Instant Quoting Engine, significantly enhancing its predictive intelligence. This deep learning model, trained on a dataset four times larger than previous versions, is designed to improve reliability and execution speed for enterprise buyers. The key results are superior prediction accuracy, expanded rapid delivery (including 1-day lead times), and enhanced operational throughput, leading to a reduction in standard lead time offerings. The model also incorporates critical factors such as specialized certifications, new materials and finishing options.
- Xometry enhanced the dynamic pricing logic in its Instant Quoting Engine. Xometry's approach uses a "conversion rate model" that analyzes unique geometric features, quote configurations, and customer-specific historical data to construct a price-response function tailored for every individual quote and part.
- Xometry further improved its injection molding offering in the U.S. by introducing six new materials and three additional finishes to give buyers greater choice. These additions increase the selection of instant quoting injection-molded parts by over 15%. Xometry’s proprietary AI-powered platform manages the full lifecycle of injection molding needs from initial quoting to delivery to reordering in one of the largest custom manufacturing markets in the U.S. The platform enables a spectrum of injection molding options – from prototype and low-volume bridge tooling to high-volume, multi-cavity production tooling.
- Xometry simplified the reordering process for marketplace customers by introducing a "name your part" feature which enables customers to match their internal naming conventions and harmonizes their Xometry parts library and SKU structure with their internal systems.
Xometry’s second quarter and full year 2026 financial outlook is based on a number of assumptions that are subject to change and may be 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, (provision) 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.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP Earnings Per Share, basic and diluted, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.
Change in Non-GAAP Financial Measure
Effective January 1, 2026, we revised our definition of Non-GAAP Net Income (Loss) to exclude depreciation expense which had previously been included as an adjustment. Management believes this revised definition provides a more representative view of our core operating performance. All prior-period amounts have been recast to conform to this new definition.
Key Terms for our Key Metrics and Non-GAAP Financial Measures
Marketplace revenue: includes the sale of parts and assemblies on our platform.
Services revenue: includes the sales of marketing and advertising services and, to a lesser extent, financial service products and SaaS-based solutions.
Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.
Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or tools and materials. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product.
Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.
Accounts with Last Twelve-Month Spend of at Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of at Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, provision for income taxes, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from unconsolidated joint venture, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.
Non-GAAP net income (loss): The Company defines non-GAAP net income (loss) as net loss adjusted for stock-based compensation, payroll tax expense related to stock-based compensation, amortization of lease intangible, amortization of deferred costs on convertible notes, charitable contributions of common stock, lease termination, restructuring charges, amortization of acquired intangible assets & patents, other amortization and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.
Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net income (loss) divided by the weighted average number of basic or dilutive shares of common stock outstanding.
Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS, basic and diluted, provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.
