Xometry, Inc. (NASDAQ:XMTR), the global online marketplace
connecting enterprise buyers with suppliers of manufacturing
services, today 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.
Financial Summary(In
thousands, except per share amounts)
|
|
For the Three MonthsEnded
March 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
|
(unaudited) |
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
105,326 |
|
|
$ |
83,671 |
|
|
26 |
% |
Gross profit |
|
|
39,369 |
|
|
|
32,939 |
|
|
20 |
% |
Net loss attributable to common
stockholders |
|
|
(18,344 |
) |
|
|
(20,012 |
) |
|
8 |
% |
EPS, basic and diluted |
|
|
(0.38 |
) |
|
|
(0.43 |
) |
|
12 |
% |
Adjusted EBITDA(1) |
|
|
(11,767 |
) |
|
|
(12,726 |
) |
|
8 |
% |
Non-GAAP net loss(1) |
|
|
(9,766 |
) |
|
|
(12,598 |
) |
|
22 |
% |
Non-GAAP EPS, basic and
diluted(1) |
|
|
(0.20 |
) |
|
|
(0.27 |
) |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
Marketplace |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
86,680 |
|
|
$ |
64,415 |
|
|
35 |
% |
Cost of revenue |
|
|
61,747 |
|
|
|
46,741 |
|
|
(32 |
)% |
Gross Profit |
|
$ |
24,933 |
|
|
$ |
17,674 |
|
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
Supplier
services |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
18,646 |
|
|
$ |
19,256 |
|
|
(3 |
)% |
Cost of revenue |
|
|
4,210 |
|
|
|
3,991 |
|
|
(5 |
)% |
Gross Profit |
|
$ |
14,436 |
|
|
$ |
15,265 |
|
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(3) |
|
|
44,716 |
|
|
|
30,683 |
|
|
46 |
% |
Percentage of Revenue from
Existing Accounts(3) |
|
|
96 |
% |
|
|
94 |
% |
|
|
|
Accounts with Last Twelve-Months
Spend of at Least $50,000(3) |
|
|
1,109 |
|
|
|
790 |
|
|
40 |
% |
Active Paying Suppliers(3) |
|
|
7,621 |
|
|
|
6,872 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(2) 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. (3) Amounts shown
for Active Buyers, Accounts with Last Twelve-Months Spend of at
Least $50,000, and Active Paying Suppliers are as of March 31, 2023
and 2022, and Percentage of Revenue from Existing Accounts is
presented for the quarters ended March 31, 2023 and 2022.
Financial Guidance and Outlook:
|
|
Q2 2023 |
|
|
FY 2023 |
|
|
|
(in millions) |
|
|
|
Low |
|
|
High |
|
|
Low |
|
|
High |
|
Revenue |
|
$ |
109.0 |
|
|
$ |
111.0 |
|
|
$ |
470.0 |
|
|
$ |
480.0 |
|
Adjusted EBITDA |
|
$ |
(9.5 |
) |
|
$ |
(8.5 |
) |
|
$ |
(26.0 |
) |
|
$ |
(24.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xometry’s second quarter and full year 2023 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 the charges
excluded from this non-GAAP measure; in particular, the effects of
stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
Xometry’s stock price. Xometry expects the variability of the above
charges to 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 loss and non-GAAP Earnings Per Share,
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.
Key Terms for our Key Metrics and Non-GAAP Financial
Measures
Marketplace revenue: includes the sale of parts
and assemblies.
Supplier service revenue: includes the sales of
advertising on Thomasnet, marketing services, supplies, financial
service products and other fintech products.
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 supplies.
The Company defines Active Suppliers as suppliers that have used
our platform at least once during the last twelve months to
manufacture a product or buy tools or supplies.
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.
Active Paying Suppliers: The Company defines
Active Paying Suppliers as individuals or businesses who have
purchased one or more of our supplier services, including digital
marketing services, data services, financial services or supplies
on our platforms during the last twelve months.
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, income tax
provision (benefit), 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,
stock-based compensation, charitable contributions of common stock,
income from unconsolidated joint venture, impairment of assets,
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 and transaction costs.
Non-GAAP net loss: The Company defines non-GAAP
net loss as net loss adjusted for depreciation and amortization,
stock-based compensation expense, amortization of lease intangible,
amortization of deferred costs on convertible notes, loss on
marketable securities, loss on sale of property and equipment,
charitable contributions of common stock, impairment of assets,
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 and transaction costs.
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 loss divided
by weighted average number of common stock outstanding.
Management believes that the exclusion of certain expenses and
gains in calculating Adjusted EBITDA, non-GAAP net 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.
About Xometry
Xometry (XMTR) powers the industries of today and tomorrow by
connecting the people with big ideas to the manufacturers who can
bring them to life. Xometry’s digital marketplace gives
manufacturers the critical resources they need to grow their
business while also making it easy for buyers at Fortune 1000
companies to tap into global manufacturing capacity and create
locally resilient supply chains. Learn more at www.xometry.com or
follow @xometry.
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
Cautionary Information Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, which statements involve substantial risks and
uncertainties. Forward-looking statements generally relate to
future events or our future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “will,” “should,” “expect,”
“plan,” “anticipate,” “could,” “would,” “intend,” “target,”
“project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans or intentions. Forward-looking statements in this
press release include, but are not limited to, our beliefs
regarding our financial position and operating performance,
including our outlook and guidance for the second quarter and full
year 2023, our expectation regarding our operating leverage and
2023 operating expenses, our potential for growth, and demand for
our marketplaces in general. Our expectations and beliefs regarding
these matters may not materialize, and actual results in future
periods are subject to risks and uncertainties that could cause
actual results to differ materially from those projected, including
risks and uncertainties related to: competition, managing our
growth, financial performance, the impact of the health crises such
as COVID-19 on our business and operations, our ability to forecast
our performance due to our limited operating history, investments
in new products or offerings, our ability to attract buyers and
sellers to our marketplace, legal proceedings and regulatory
matters and developments, any future changes to our business or our
financial or operating model, our brand and reputation, and the
impact of fluctuations in general macroeconomic conditions, such as
the current inflationary environment and rising interest rates. The
forward-looking statements contained in this press release are also
subject to other risks and uncertainties that could cause actual
results to differ from the results predicted, including those more
fully described in our filings with the SEC, including our Annual
Report on Form 10-K for the period ended December 31, 2022. All
forward-looking statements in this press release are based on
information available to Xometry and assumptions and beliefs as of
the date hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law.
Investor Contact: |
Media Contact: |
|
|
Shawn MilneVP Investor
Relations240-335-8132shawn.milne@xometry.com |
Matthew Hutchison Corporate
Communications for
Xometry415-583-2119matthew.hutchison@xometry.com |
Xometry, Inc. and Subsidiaries |
Unaudited Condensed Consolidated Balance
Sheets |
(In thousands, except share and per share
data) |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
39,705 |
|
|
$ |
65,662 |
|
Marketable securities |
|
|
256,458 |
|
|
|
253,770 |
|
Accounts receivable, less allowance for credit losses of $1.9
million and $2.0 million as of March 31, 2023 and December 31,
2022 |
|
|
52,217 |
|
|
|
49,188 |
|
Inventory |
|
|
1,444 |
|
|
|
1,571 |
|
Prepaid expenses |
|
|
7,055 |
|
|
|
7,591 |
|
Other current assets |
|
|
15,897 |
|
|
|
12,273 |
|
Total current assets |
|
|
372,776 |
|
|
|
390,055 |
|
Property and equipment, net |
|
|
21,597 |
|
|
|
19,079 |
|
Operating lease right-of-use assets |
|
|
24,303 |
|
|
|
25,923 |
|
Investment in unconsolidated joint venture |
|
|
4,134 |
|
|
|
4,068 |
|
Intangible assets, net |
|
|
39,041 |
|
|
|
39,351 |
|
Goodwill |
|
|
262,441 |
|
|
|
258,036 |
|
Other assets |
|
|
385 |
|
|
|
413 |
|
Total assets |
|
$ |
724,677 |
|
|
$ |
736,925 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
12,320 |
|
|
$ |
12,437 |
|
Accrued expenses |
|
|
32,121 |
|
|
|
33,430 |
|
Contract liabilities |
|
|
9,974 |
|
|
|
8,509 |
|
Income taxes payable |
|
|
4,113 |
|
|
|
3,956 |
|
Operating lease liabilities, current portion |
|
|
6,256 |
|
|
|
5,471 |
|
Total current liabilities |
|
|
64,784 |
|
|
|
63,803 |
|
Convertible notes |
|
|
280,375 |
|
|
|
279,909 |
|
Operating lease liabilities, net of current portion |
|
|
15,500 |
|
|
|
16,940 |
|
Deferred income taxes |
|
|
406 |
|
|
|
429 |
|
Other liabilities |
|
|
1,260 |
|
|
|
1,011 |
|
Total liabilities |
|
|
362,325 |
|
|
|
362,092 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Preferred stock, $0.000001 par value. Authorized; 50,000,000
shares; zero shares issued and outstanding as of March 31, 2023 and
December 31, 2022, respectively |
|
|
— |
|
|
|
— |
|
Class A Common stock, $0.000001 par value. Authorized; 750,000,000
shares; 45,098,314 shares and 44,822,264 shares issued and
outstanding as of March 31, 2023 and December 31, 2022,
respectively |
|
|
— |
|
|
|
— |
|
Class B Common stock, $0.000001 par value. Authorized; 5,000,000
shares; 2,676,154 shares issued and outstanding as of March 31,
2023 and December 31, 2022, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
628,808 |
|
|
|
623,081 |
|
Accumulated other comprehensive income |
|
|
159 |
|
|
|
28 |
|
Accumulated deficit |
|
|
(267,710 |
) |
|
|
(249,366 |
) |
Total stockholders’
equity |
|
|
361,257 |
|
|
|
373,743 |
|
Noncontrolling interest |
|
|
1,095 |
|
|
|
1,090 |
|
Total equity |
|
|
362,352 |
|
|
|
374,833 |
|
Total liabilities and
stockholders’ equity |
|
$ |
724,677 |
|
|
$ |
736,925 |
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries |
Unaudited Condensed Consolidated Statements of Operations and
Comprehensive Loss |
(In thousands, except share and per share amounts) |
|
|
|
|
Three Months
EndedMarch 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(unaudited) |
|
Revenue |
|
$ |
105,326 |
|
|
$ |
83,671 |
|
Cost of revenue |
|
|
65,957 |
|
|
|
50,732 |
|
Gross profit |
|
|
39,369 |
|
|
|
32,939 |
|
Sales and marketing |
|
|
22,439 |
|
|
|
19,285 |
|
Operations and support |
|
|
12,608 |
|
|
|
12,358 |
|
Product development |
|
|
8,125 |
|
|
|
7,290 |
|
General and administrative |
|
|
15,957 |
|
|
|
12,959 |
|
Impairment of assets |
|
|
27 |
|
|
|
- |
|
Total operating expenses |
|
|
59,156 |
|
|
|
51,892 |
|
Loss from operations |
|
|
(19,787 |
) |
|
|
(18,953 |
) |
Other (expenses)
income |
|
|
|
|
|
|
Interest expense |
|
|
(1,198 |
) |
|
|
(769 |
) |
Interest and dividend income |
|
|
2,695 |
|
|
|
96 |
|
Other income (expenses) |
|
|
17 |
|
|
|
(962 |
) |
Income from unconsolidated joint
venture |
|
|
66 |
|
|
|
34 |
|
Total other income
(expenses) |
|
|
1,580 |
|
|
|
(1,601 |
) |
Loss before income taxes |
|
|
(18,207 |
) |
|
|
(20,554 |
) |
Provision (benefit) for income
taxes |
|
|
(136 |
) |
|
|
559 |
|
Net loss |
|
|
(18,343 |
) |
|
|
(19,995 |
) |
Net income attributable to
noncontrolling interest |
|
|
1 |
|
|
|
17 |
|
Net loss attributable to common stockholders |
|
$ |
(18,344 |
) |
|
$ |
(20,012 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.38 |
) |
|
$ |
(0.43 |
) |
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted |
|
|
47,699,561 |
|
|
|
46,789,585 |
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
Foreign currency translation |
|
$ |
135 |
|
|
$ |
(28 |
) |
Total other comprehensive income (loss) |
|
|
135 |
|
|
|
(28 |
) |
Net loss |
|
|
(18,343 |
) |
|
|
(19,995 |
) |
Comprehensive
loss |
|
|
(18,208 |
) |
|
|
(20,023 |
) |
Comprehensive income attributable
to noncontrolling interest |
|
|
5 |
|
|
|
34 |
|
Total comprehensive loss
attributable to common stockholders |
|
$ |
(18,213 |
) |
|
$ |
(20,057 |
) |
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries |
Unaudited Condensed Consolidated Statements of Cash Flows |
(In thousands) |
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
(unaudited) |
|
Net loss |
$ |
(18,343 |
) |
|
$ |
(19,995 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
2,566 |
|
|
|
1,799 |
|
Impairment of assets |
|
27 |
|
|
|
— |
|
Reduction in carrying amount of right-of-use asset |
|
1,935 |
|
|
|
1,765 |
|
Stock based compensation |
|
4,694 |
|
|
|
3,456 |
|
Revaluation of contingent consideration |
|
— |
|
|
|
434 |
|
Income from unconsolidated joint venture |
|
(66 |
) |
|
|
(34 |
) |
Donation of common stock |
|
370 |
|
|
|
— |
|
Unrealized loss on marketable securities |
|
— |
|
|
|
858 |
|
Non-cash income tax benefit |
|
— |
|
|
|
(559 |
) |
Loss on sale of property and equipment |
|
91 |
|
|
|
71 |
|
Amortization of deferred costs on convertible notes |
|
466 |
|
|
|
312 |
|
Deferred taxes benefit |
|
(23 |
) |
|
|
(2 |
) |
Changes in other assets and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
(2,804 |
) |
|
|
(6,145 |
) |
Inventory |
|
133 |
|
|
|
(180 |
) |
Prepaid expenses |
|
185 |
|
|
|
567 |
|
Other assets |
|
(3,687 |
) |
|
|
(1,787 |
) |
Accounts payable |
|
(503 |
) |
|
|
(2,752 |
) |
Accrued expenses |
|
(2,119 |
) |
|
|
(2,843 |
) |
Contract liabilities |
|
1,436 |
|
|
|
2,145 |
|
Lease liabilities |
|
(970 |
) |
|
|
(1,369 |
) |
Income taxes payable |
|
157 |
|
|
|
— |
|
Net cash used in operating activities |
|
(16,455 |
) |
|
|
(24,259 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
Purchase of marketable securities |
|
(2,688 |
) |
|
|
(280,091 |
) |
Proceeds from sale of marketable securities |
|
— |
|
|
|
4 |
|
Purchases of property and equipment |
|
(4,186 |
) |
|
|
(2,543 |
) |
Proceeds from sale of property and equipment |
|
223 |
|
|
|
165 |
|
Cash paid for business combination, net of cash acquired |
|
(3,349 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(10,000 |
) |
|
|
(282,465 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
Proceeds from stock options exercised |
|
483 |
|
|
|
1,263 |
|
Proceeds from issuance of convertible notes |
|
— |
|
|
|
287,500 |
|
Costs incurred in connection with issuance of convertible
notes |
|
— |
|
|
|
(9,301 |
) |
Payments on finance lease obligations |
|
— |
|
|
|
(2 |
) |
Net cash provided by financing activities |
|
483 |
|
|
|
279,460 |
|
Effect of foreign currency translation on cash and cash
equivalents |
|
15 |
|
|
|
(29 |
) |
Net decrease in cash and cash equivalents |
|
(25,957 |
) |
|
|
(27,293 |
) |
Cash and cash equivalents
at beginning of the year |
|
65,662 |
|
|
|
86,262 |
|
Cash and cash equivalents
at end of the period |
$ |
39,705 |
|
|
$ |
58,969 |
|
Supplemental cash flow
information: |
|
|
|
|
|
Cash paid for interest |
$ |
1,438 |
|
|
$ |
— |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
Non-cash purchase of property and
equipment |
|
78 |
|
|
|
— |
|
Non-cash consideration in
connection with business combination |
|
1,593 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries |
Unaudited Reconciliations of Non-GAAP Financial Measures |
(In thousands) |
|
|
|
For the Three MonthsEnded
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
Net loss |
|
$ |
(18,343 |
) |
|
$ |
(19,995 |
) |
Add (deduct): |
|
|
|
|
|
|
Interest expense, interest and
dividend income and other expenses |
|
|
(1,514 |
) |
|
|
1,635 |
|
Depreciation and
amortization(1) |
|
|
2,566 |
|
|
|
1,799 |
|
Income tax provision
(benefit) |
|
|
136 |
|
|
|
(559 |
) |
Amortization of lease
intangible |
|
|
333 |
|
|
|
333 |
|
Stock-based compensation(2) |
|
|
4,694 |
|
|
|
3,456 |
|
Charitable contribution of common
stock |
|
|
370 |
|
|
|
— |
|
Income from unconsolidated joint
venture |
|
|
(66 |
) |
|
|
(34 |
) |
Acquisition and other(3) |
|
|
30 |
|
|
|
639 |
|
Impairment of assets |
|
|
27 |
|
|
|
— |
|
Adjusted
EBITDA |
|
$ |
(11,767 |
) |
|
$ |
(12,726 |
) |
|
|
|
|
|
|
|
|
|
|
|
For the Three MonthsEnded
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Non-GAAP Net
Loss: |
|
|
|
|
|
|
Net loss |
|
$ |
(18,343 |
) |
|
$ |
(19,995 |
) |
Add (deduct): |
|
|
|
|
|
|
Depreciation and
amortization(1) |
|
|
2,566 |
|
|
|
1,799 |
|
Stock-based compensation(2) |
|
|
4,694 |
|
|
|
3,456 |
|
Amortization of lease
intangible |
|
|
333 |
|
|
|
333 |
|
Amortization of deferred costs on
convertible notes |
|
|
466 |
|
|
|
312 |
|
Loss on marketable
securities |
|
|
— |
|
|
|
858 |
|
Acquisition and other(3) |
|
|
30 |
|
|
|
639 |
|
Loss on sale of property and
equipment |
|
|
91 |
|
|
|
— |
|
Charitable contribution of common
stock |
|
|
370 |
|
|
|
— |
|
Impairment of assets |
|
|
27 |
|
|
|
— |
|
Non-GAAP Net
Loss |
|
$ |
(9,766 |
) |
|
$ |
(12,598 |
) |
|
|
|
|
|
|
|
Weighted-average number of shares
outstanding used to compute Non-GAAP Net Loss per share, basic and
diluted |
|
|
47,699,561 |
|
|
|
46,789,585 |
|
|
|
|
|
|
|
|
Non-GAAP EPS, basic and
diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
(1) Represents depreciation expense of the
Company’s long-lived tangible assets and amortization expense of
its finite-lived intangible assets, as included in the Company’s
GAAP results of operations.(2) Represents the
non-cash expense related to stock-based awards granted to
employees, as included in the Company’s GAAP results of
operations.(3) Includes adjustments related to
purchase accounting, the revaluation of contingent consideration
and transaction costs.
Xometry, Inc. and Subsidiaries |
Unaudited Segment Results |
(In thousands) |
|
|
|
For the Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Segment
Revenue: |
|
(unaudited) |
|
U.S. |
|
$ |
93,903 |
|
|
$ |
77,209 |
|
International |
|
|
11,423 |
|
|
|
6,462 |
|
Total revenue |
|
$ |
105,326 |
|
|
$ |
83,671 |
|
|
|
|
|
|
|
|
Segment Net
Loss: |
|
|
|
|
|
|
U.S. |
|
$ |
(12,937 |
) |
|
$ |
(16,296 |
) |
International |
|
|
(5,407 |
) |
|
|
(3,716 |
) |
Total net loss attributable to common stockholders |
|
$ |
(18,344 |
) |
|
$ |
(20,012 |
) |
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries |
Unaudited Supplemental Information |
(In thousands) |
|
|
For the Three MonthsEnded
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Summary of Stock-based
Compensation Expense |
|
(unaudited) |
|
Sales and marketing |
|
$ |
1,052 |
|
|
$ |
636 |
|
Operations and support |
|
|
1,697 |
|
|
|
1,423 |
|
Product development |
|
|
1,076 |
|
|
|
894 |
|
General and
administrative |
|
|
869 |
|
|
|
503 |
|
Total stock-based compensation
expense |
|
$ |
4,694 |
|
|
$ |
3,456 |
|
|
|
|
|
|
|
|
Summary of
Depreciation and Amortization Expense |
|
|
|
|
|
|
Cost of revenue |
|
$ |
44 |
|
|
$ |
34 |
|
Sales and marketing |
|
|
791 |
|
|
|
774 |
|
Operations and support |
|
|
12 |
|
|
|
11 |
|
Product development |
|
|
1,311 |
|
|
|
793 |
|
General and
administrative |
|
|
408 |
|
|
|
187 |
|
Total depreciation and
amortization expense |
|
$ |
2,566 |
|
|
$ |
1,799 |
|
|
|
|
|
|
|
|
|
|
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Apr 2023 to Apr 2024