Xometry, Inc. Reports Third Quarter 2021 Results

ROCKVILLE, Md., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), a leading AI-enabled marketplace for on-demand manufacturing, today reported financial results for the third quarter ended September 30, 2021, including the following highlights:

  • Revenue grew 35% year-over-year from $42.0 million as of September 30, 2020 to $56.7 million as of September 30, 2021. Revenue increased 77% year-over-year in Q3 2021, when excluding sales of masks by one customer from both periods. 
  • Gross profit increased 42% year-over-year to $14.5 million as of September 30, 2021, as compared to $10.2 million as of September 30, 2020. Gross profit margin improved to 25.6% as of September 30, 2021 from 24.3% as of September 30, 2020.  
  • Active Buyers increased 61% from 16,266 as of September 30, 2020 to 26,187 as of September 30, 2021.
  • Accounts with Last Twelve-Months Spend of at least $50,000 increased 67% from 361 as of September 30, 2020 to 603 as of September 30, 2021.
  • Percentage of Revenue from Existing Accounts was 95%, consistent with the prior quarter.
  • Net loss was $14.7 million for the quarter, an increase of $8.5 million year-over-year, and Adjusted EBITDA was negative $10.0 million for the quarter, reflecting an increase of $5.4 million year-over-year. Net loss for Q3 2021 includes $2.3 million of stock-based compensation expense and $1.2 million of expense for charitable contributions.
  • Xometry expects business momentum to continue and is providing guidance for Q4 2021 of 58%-63% revenue growth year-over-year. Q4 2021 revenue when excluding sales of masks by one customer from both periods, is expected to be 75%-80% year-over-year.  
  • Cash and cash equivalents and marketable securities were $324.5 million as of September 30, 2021.

“Xometry’s third quarter 2021 performance was outstanding as we saw accelerated demand from larger customers across many verticals on our platform”, said Randy Altschuler, Xometry’s CEO. “Active Buyer growth was robust at 61% year-over-year and Accounts with Last Twelve Month Spend of at least $50,000 increased 67% year-over-year. Excluding the sales of masks by one customer which accounted for significant revenue in the prior year, third quarter revenue accelerated significantly to 77% growth year-over-year. Additionally, we delivered significant improvement in gross margin on a year-over-year and quarter-over-quarter basis driven by AI based pricing and expanding seller network.”

“We remain in the early innings of the secular digitization of the manufacturing industry, one of the largest industries in the world. We continue to grow our great team to build out the leading global on-demand manufacturing marketplace including the recent acquisitions of Big Blue Saw and FactoryFour. Big Blue Saw extends our marketplace capabilities in water jet and laser cutting while FactoryFour will provide a SaaS based solution to help manufacturers in the Xometry marketplace improve lead times and make strong, data-driven decisions through real-time production tracking. We expect these acquisitions to make an impact on our product offering beginning in 2022.” 

“Marketplace trends remain robust in Q4 and we expect revenue growth of 75-80% year-over-year excluding sales of masks by one customer in both periods. Our machine learning pricing algorithms continue to drive improving gross margins and we expect that trend to continue with sequential growth in gross margins from Q3 to Q4.”

Unaudited Financial Summary
(In thousands, except per share amounts)

   For the Three Months Ended September 30,      For the Nine Months Ended September 30,    
   2021   2020   % Change   2021   2020   % Change 
                   
Revenue $56,727  $41,953   35% $151,238  $ 103,425       46 %
Gross profit     14,494       10,175       42 %     36,205       23,806       52 %
Net loss     (14,711 )     (6,183 )     138 %     (37,476 )     (20,909 )     79 %
EPS—basic and diluted     (0.33 )     (1.99 )     (83 )%     (1.87 )     (3.98 )     (53 )%
Adjusted EBITDA (Non-GAAP) (1)     (10,024 )     (4,605 )     118 %     (27,905 )     (16,910 )     65 %

(1) These non-GAAP financial measures, and 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.

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