Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the second quarter ended June 30, 2023.

“In Q2 2023, Xometry delivered stronger-than-expected 24% marketplace growth year-over-year, delivered 19% growth in marketplace gross profit quarter-over-quarter and significantly improved operating leverage,” said Randy Altschuler, Xometry’s CEO. “Driven by Artificial Intelligence, the underpinnings of marketplace growth are robust with 44% active buyer growth and continued strong order growth. Xometry is empowering our customers to build parts that are critical components in next-generation industries from spacecraft and electric vehicles to medical devices and robotics. Our digital marketplace and suite of cloud-based solutions are enabling the long tail of the internet to finally reach the thousands of small- and medium-sized manufacturers in the United States and around the world. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth in 2023 and continuing on our path to Adjusted EBITDA profitability in Q4 2023.”                                                                               

Second Quarter 2023 Financial Highlights

  • Total revenue for the second quarter 2023 was $111.0 million, an increase of 16% year-over-year.
  • Marketplace revenue for the second quarter of 2023 was $93.5 million, an increase of 24% year-over-year.
  • Supplier services revenue for the second quarter of 2023 was $17.5 million, a decrease of 13% year-over-year driven by the exit of the supplies business in the U.S. which reduced revenue by $1.7 million year-over-year.
  • Total gross profit for the second quarter 2023 was $43.6 million, an increase of 16% year-over-year.
  • Marketplace Active Buyers increased 44% from 33,491 as of June 30, 2022 to 48,294 as of June 30, 2023.
  • Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 30% from 894 as of June 30, 2022, to 1,159 as of June 30, 2023.
  • Marketplace Percentage of Revenue from Existing Accounts was 96%.
  • Active Paying Suppliers increased 5% from 7,202 as of June 30, 2022 to 7,553 as of June 30, 2023.
  • Net loss attributable to common stockholders was $26.6 million for the quarter, an increase of $10.0 million year-over-year. Net loss for Q2 2023 included $5.8 million of stock-based compensation, $8.8 million of lease abandonment and termination costs and $0.7 million of restructuring costs related to a reduction in force and $0.6 million associated with our exit from the supplies business.
  • Adjusted EBITDA was negative $8.7 million for the quarter, reflecting an increase of $0.4 million year-over-year.
  • Cash, cash equivalents and marketable securities were $286.1 million as of June 30, 2023.

Second Quarter 2023 Business Highlights

  • Expanded AI-powered Xometry Instant Quoting Engine to include instant-quoting of inserts, multi-part assemblies, and expanded sheet-cutting processes. The enhanced features allow buyers to instantly get pricing and lead times on CNC, sheet metal and sheet-cut parts with standard inserts while also analyzing multi-party assemblies, further accelerating Xometry’s assembly production work.
  • Introduced expanded sheet-cutting options to include a wider array of metal, composite and rubber materials. Xometry’s sheet-cutting service can cut a variety of materials using the latest laser and waterjet-cutting technologies.
  • Expanded Thomas Market Services (TMS) self-serve offering to include bundles with advertising and video services.
  • Launched Instant Quoting for Alibaba Group’s 1688.com On-Demand Manufacturing Services through Xometry Asia. The collaboration gives buyers in China the ability to receive instant quotes and lead times from Chinese suppliers, data that is fueled by Xometry’s AI-powered Instant Quoting Engine. Xometry is the only partner specialized in the structural parts on 1688.com that will provide real-time pricing and lead times.
  • Expanded the Xometry platform to include team functionality. This new dashboard allows teams of engineers and procurement professionals within an organization to collaborate and manage manufacturing supply chain projects on Xometry’s marketplace. It provides a suite of tools that enables customers to increase productivity and efficiency by providing real time order status and other data across the organization. The product is in limited beta release.

Financial Summary
(In thousands, except per share amounts)
 
    For the Three MonthsEnded June 30,           For the Six MonthsEnded June 30,        
    2023     2022     % Change     2023     2022     % Change  
    (unaudited)           (unaudited)        
Consolidated                                    
Revenue   $ 111,008     $ 95,615     16 %   $ 216,334     $ 179,286     21 %
Gross profit     43,556       37,696     16 %     82,925       70,635     17 %
Net loss attributable to common stockholders     (26,554 )     (16,553 )   (60 )%     (44,898 )     (36,565 )   (23 )%
EPS, basic and diluted, of Class A and Class B common stock     (0.55 )     (0.35 )   (57 )%     (0.94 )     (0.78 )   (21 )%
Adjusted EBITDA(1)     (8,658 )     (8,300 )   (4 )%     (20,425 )     (21,026 )   3 %
Non-GAAP net loss(1)     (6,627 )     (8,447 )   22 %     (16,393 )     (20,974 )   22 %
Non-GAAP EPS, basic and diluted(1), of Class A and Class B common stock     (0.14 )     (0.18 )   22 %     (0.34 )     (0.45 )   24 %
                                     
Marketplace                                    
Revenue   $ 93,511     $ 75,598     24 %   $ 180,191     $ 140,013     29 %
Cost of revenue     63,914       53,492     (19 )%     125,661       100,233     (25 )%
Gross Profit   $ 29,597     $ 22,106     34 %   $ 54,530     $ 39,780     37 %
Gross Margin     31.7 %     29.2 %   2.5 %     30.3 %     28.4 %   1.9 %
                                     
Supplier services                                    
Revenue   $ 17,497     $ 20,017     (13 )%   $ 36,143     $ 39,273     (8 )%
Cost of revenue     3,538       4,427     20 %     7,748       8,418     8 %
Gross Profit   $ 13,959     $ 15,590     (10 )%   $ 28,395     $ 30,855     (8 )%
Gross Margin     79.8 %     77.9 %   1.9 %     78.6 %     78.6 %    

(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 June 30,  
    2023     2022     %Change  
                   
Active Buyers(3)     48,294       33,491       44 %
Percentage of Revenue from Existing Accounts(3)     96 %     95 %      
Accounts with Last Twelve-Months Spend of at Least $50,000(3)     1,159       894       30 %
Active Paying Suppliers(3)     7,553       7,202       5 %

(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 June 30, 2023 and 2022, and Percentage of Revenue from Existing Accounts is presented for the quarters ended June 30, 2023 and 2022.       

Financial Guidance and Outlook:
 
    Q3 2023     FY 2023  
    (in millions)  
    Low     High     Low     High  
Revenue(1)   $ 119.0     $ 121.0     $ 464.0     $ 474.0  
Adjusted EBITDA   $ (6.5 )   $ (5.5 )   $ (27.0 )   $ (25.0 )

(1) Xometry’s third quarter and full year 2023 guidance reflects the impact of exiting the supplies business in the U.S. lowering revenue by approximately $2.0 million and $6.0 million, respectively.

Xometry’s third 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, lease abandonment, charitable contributions of common stock, income from unconsolidated joint venture, impairment of assets, restructuring charges, costs to exit the supplies business 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, lease abandonment and termination costs, impairment of assets, restructuring charges, costs to exit the supplies business 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 XometryXometry (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 InformationThe 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 9, 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. Second Quarter 2023 Earnings Presentation and Conference Call

  • 8:30 a.m. Eastern / 5:30 a.m. Pacific on Wednesday, August 9, 2023
  • To register please use the following link: https://register.vevent.com/register/BIc35c53c604594be08549f74738e84b27
  • 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 third quarter and full year 2023, our expectation regarding our operating leverage and path to Adjusted EBITDA profitability in the fourth quarter of 2023, 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, 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, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. 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)
 
    June 30,     December 31,  
    2023     2022  
       
Assets            
Current assets:            
Cash and cash equivalents   $ 56,738     $ 65,662  
Marketable securities     229,411       253,770  
Accounts receivable, less allowance for credit losses of $2.0 million and $2.0 million as of June 30, 2023 and December 31, 2022     57,658       49,188  
Inventory     1,339       1,571  
Prepaid expenses     5,831       7,591  
Other current assets     13,825       12,273  
Total current assets     364,802       390,055  
Property and equipment, net     23,990       19,079  
Operating lease right-of-use assets     14,401       25,923  
Investment in unconsolidated joint venture     4,271       4,068  
Intangible assets, net     37,589       39,351  
Goodwill     263,002       258,036  
Other assets     427       413  
Total assets   $ 708,482     $ 736,925  
Liabilities and stockholders’ equity            
Current liabilities:            
Accounts payable   $ 12,592     $ 12,437  
Accrued expenses     37,136       33,430  
Contract liabilities     9,999       8,509  
Income taxes payable     2,796       3,956  
Operating lease liabilities, current portion     6,504       5,471  
Total current liabilities     69,027       63,803  
Convertible notes     280,840       279,909  
Operating lease liabilities, net of current portion     14,372       16,940  
Deferred income taxes     385       429  
Other liabilities     1,382       1,011  
Total liabilities     366,006       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 June 30, 2023 and December 31, 2022, respectively            
Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares; 45,243,447 shares and 44,822,264 shares issued and outstanding as of June 30, 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 June 30, 2023 and December 31, 2022, respectively            
Additional paid-in capital     635,267       623,081  
Accumulated other comprehensive income     359       28  
Accumulated deficit     (294,264 )     (249,366 )
Total stockholders’ equity     341,362       373,743  
Noncontrolling interest     1,114       1,090  
Total equity     342,476       374,833  
Total liabilities and stockholders’ equity   $ 708,482     $ 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 EndedJune 30,     Six Months EndedJune 30,  
    2023     2022     2023     2022  
    (unaudited)     (unaudited)  
Revenue   $ 111,008     $ 95,615     $ 216,334     $ 179,286  
Cost of revenue     67,452       57,919       133,409       108,651  
Gross profit     43,556       37,696       82,925       70,635  
Sales and marketing     22,666       18,145       45,105       37,430  
Operations and support     14,220       12,180       26,828       24,538  
Product development     8,922       7,796       17,047       15,085  
General and administrative     25,582       15,057       41,539       28,017  
Impairment of assets     219       119       246       119  
Total operating expenses     71,609       53,297       130,765       105,189  
Loss from operations     (28,053 )     (15,601 )     (47,840 )     (34,554 )
Other income (expenses)                        
Interest expense     (1,193 )     (1,209 )     (2,391 )     (1,978 )
Interest and dividend income     2,959       474       5,654       570  
Other expenses     (576 )     (482 )     (559 )     (1,444 )
Income from unconsolidated joint venture     237       269       303       303  
Total other income (expenses)     1,427       (948 )     3,007       (2,549 )
Loss before income taxes     (26,626 )     (16,549 )     (44,833 )     (37,103 )
Benefit (provision) for income taxes     67       -       (69 )     559  
Net loss     (26,559 )     (16,549 )     (44,902 )     (36,544 )
Net (loss) income attributable to noncontrolling interest     (5 )     4       (4 )     21  
Net loss attributable to common stockholders   $ (26,554 )   $ (16,553 )   $ (44,898 )   $ (36,565 )
Net loss per share, basic and diluted, of Class A and Class B common stock   $ (0.55 )   $ (0.35 )   $ (0.94 )   $ (0.78 )
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted, of Class A and Class B common stock     47,865,990       47,074,246       47,783,235       46,932,702  
                         
Comprehensive loss:                        
Foreign currency translation   $ 224     $ 14     $ 359     $ (14 )
Total other comprehensive income (loss)     224       14       359       (14 )
Net loss     (26,559 )     (16,549 )     (44,902 )     (36,544 )
Comprehensive loss     (26,335 )     (16,535 )     (44,543 )     (36,558 )
Comprehensive income attributable to noncontrolling interest     19       37       24       71  
Total comprehensive loss attributable to common stockholders   $ (26,354 )   $ (16,572 )   $ (44,567 )   $ (36,629 )

Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
    Six Months Ended June 30,  
    2023     2022  
Cash flows from operating activities:   (unaudited)  
Net loss   $ (44,902 )   $ (36,544 )
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization     5,461       3,807  
Impairment of assets     246       119  
Reduction in carrying amount of right-of-use asset     12,179       3,540  
Stock based compensation     10,492       8,935  
Revaluation of contingent consideration     187       434  
Income from unconsolidated joint venture     (203 )     (103 )
Donation of common stock     370       1,285  
Unrealized loss on marketable securities           1,190  
Non-cash income tax benefit           (559 )
Loss on sale of property and equipment     92       71  
Inventory write-off     223        
Amortization of deferred costs on convertible notes     930       781  
Deferred taxes benefit     (44 )     (2 )
Changes in other assets and liabilities:            
Accounts receivable, net     (8,308 )     (11,833 )
Inventory     5       272  
Prepaid expenses     1,417       (1,649 )
Other assets     (2,546 )     (3,861 )
Accounts payable     (50 )     1,873  
Accrued expenses     2,743       (2,041 )
Contract liabilities     1,470       2,862  
Lease liabilities     (2,369 )     (2,773 )
Net cash used in operating activities     (22,607 )     (34,196 )
Cash flows from investing activities:            
Purchases of marketable securities     (5,641 )     (280,559 )
Proceeds from sale of marketable securities     30,000       4  
Purchases of property and equipment     (8,492 )     (5,436 )
Proceeds from sale of property and equipment     223       165  
Cash paid for business combination, net of cash acquired     (3,349 )      
Net cash provided by (used in) investing activities     12,741       (285,826 )
Cash flows from financing activities:            
Proceeds from stock options exercised     1,144       2,470  
Proceeds from issuance of convertible notes           287,500  
Costs incurred in connection with issuance of convertible notes           (9,309 )
Payments on finance lease obligations           (2 )
Net cash provided by financing activities     1,144       280,659  
Effect of foreign currency translation on cash and cash equivalents     (202 )     (66 )
Net decrease in cash and cash equivalents     (8,924 )     (39,429 )
Cash and cash equivalents at beginning of the year     65,662       86,262  
Cash and cash equivalents at end of the period   $ 56,738     $ 46,833  
Supplemental cash flow information:            
Cash paid for interest   $ 1,438     $  
Non-cash investing and financing activities:            
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 June 30,     For the Six MonthsEnded June 30,  
    2023     2022     2023     2022  
Adjusted EBITDA:                        
Net loss   $ (26,559 )   $ (16,549 )   $ (44,902 )   $ (36,544 )
Add (deduct):                        
Interest expense, interest and dividend income and other expenses     (1,190 )     1,217       (2,704 )     2,852  
Depreciation and amortization(1)     2,895       2,008       5,461       3,807  
Amortization of lease intangible     257       333       590       666  
(Benefit) provision for income taxes     (67 )           69       (559 )
Stock-based compensation(2)     5,798       5,479       10,492       8,935  
Lease abandonment(3)     8,706             8,706        
Acquisition and other(4)     196       (1,923 )     226       (1,284 )
Charitable contribution of common stock           1,285       370       1,285  
Income from unconsolidated joint venture     (237 )     (269 )     (303 )     (303 )
Impairment of assets     219       119       246       119  
Restructuring charge(5)     738             738        
Costs to exit the supplies business     586             586        
Adjusted EBITDA   $ (8,658 )   $ (8,300 )   $ (20,425 )   $ (21,026 )
    For the Three MonthsEnded June 30,     For the Six MonthsEnded June 30,  
    2023     2022     2023     2022  
Non-GAAP Net Loss:                        
Net loss   $ (26,559 )   $ (16,549 )   $ (44,902 )   $ (36,544 )
Add (deduct):                        
Depreciation and amortization(1)     2,895       2,008       5,461       3,807  
Stock-based compensation(2)     5,798       5,479       10,492       8,935  
Amortization of lease intangible     257       333       590       666  
Amortization of deferred costs on convertible notes     464       469       930       781  
Loss on marketable securities           332             1,190  
Acquisition and other(4)     196       (1,923 )     226       (1,284 )
Loss on sale of property and equipment     1             92       71  
Charitable contribution of common stock           1,285       370       1,285  
Lease abandonment and termination(3)     8,778             8,778        
Impairment of assets     219       119       246       119  
Restructuring charge(5)     738             738        
Costs to exit the supplies business     586             586        
Non-GAAP Net Loss   $ (6,627 )   $ (8,447 )   $ (16,393 )   $ (20,974 )
Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted, of Class A and Class B common stock     47,865,990       47,074,246       47,783,235       46,932,702  
                         
EPS, basic and diluted, of Class A and Class B common stock   $ (0.55 )   $ (0.35 )   $ (0.94 )   $ (0.78 )
Non-GAAP EPS, basic and diluted, of Class A and Class B common stock   $ (0.14 )   $ (0.18 )   $ (0.34 )   $ (0.45 )

(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)   Amount is recorded in general and administrative and/or other expenses. (4)   Includes adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs. (5)   Costs associated with the May 2023 reduction in workforce.

Xometry, Inc. and Subsidiaries
Unaudited Segment Results
(In thousands)
 
    For the Three Months EndedJune 30,     For the Six Months EndedJune 30,  
    2023     2022     2023     2022  
Segment Revenue:            
U.S.   $ 95,433     $ 87,675     $ 189,336     $ 163,724  
International     15,575       7,940       26,998       15,562  
Total revenue   $ 111,008     $ 95,615     $ 216,334     $ 179,286  
                         
Segment Net Loss:                        
U.S.   $ (22,912 )   $ (11,222 )   $ (35,849 )   $ (26,245 )
International     (3,642 )     (5,331 )     (9,049 )     (10,320 )
Total net loss attributable to common stockholders   $ (26,554 )   $ (16,553 )   $ (44,898 )   $ (36,565 )

  

Xometry, Inc. and Subsidiaries
Unaudited Supplemental Information
(In thousands)
 
    For the Three MonthsEnded June 30,     For the Six MonthsEnded June 30,  
    2023     2022     2023     2022  
Summary of Stock-based Compensation Expense            
Sales and marketing   $ 1,185     $ 1,300     $ 2,237     $ 1,936  
Operations and support     2,038       1,741       3,735       3,164  
Product development     1,390       1,128       2,466       2,022  
General and administrative     1,185       1,310       2,054       1,813  
Total stock-based compensation expense   $ 5,798     $ 5,479     $ 10,492     $ 8,935  
                         
Summary of Depreciation and Amortization Expense                        
Cost of revenue   $ 38     $ 24     $ 82     $ 58  
Sales and marketing     793       776       1,584       1,550  
Operations and support     78       16       90       27  
Product development     1,393       805       2,704       1,599  
General and administrative     593       387       1,001       573  
Total depreciation and amortization expense   $ 2,895     $ 2,008     $ 5,461     $ 3,807  
                         
Restructuring Charge                        
Sales and marketing   $ 224     $ -     $ 224     $ -  
Operations and support     230       -       230       -  
Product development     117       -       117       -  
General and administrative     167       -       167       -  
Total restructuring charge   $ 738     $ -     $ 738     $ -  

  

 

Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Jan 2024 to Feb 2024 Click Here for more Xometry Charts.
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Feb 2023 to Feb 2024 Click Here for more Xometry Charts.