Xometry, Inc. Reports Second Quarter 2021 Results

(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.

Key Operating Metrics:

    As of June 30,  
    2021     2020     %
Change
 
                   
Active Buyers(2)  23,942   14,460   66%
Percentage of Revenue from Existing Accounts(2)  95%  94%  1%
Accounts with Last Twelve-Months Spend of at Least $50,000(2)  508   330   54%

(2)   Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of June 30, 2021 and 2020, and Percentage of Revenue from Existing Accounts is presented for the quarters ended June 30, 2021 and 2020.

Subsequent to Second Quarter 2021

On July 2, 2021, we closed our planned initial public offering ("IPO"), in which we issued and sold 7,906,250  shares of our Class A common stock. The initial offering price was $44.00 per share. We received net proceeds of approximately $325.3 million from the IPO after deducting underwriting discounts and commissions of $22.6 million.

Upon the closing of the IPO on July 2, 2021, 8,665,797 shares of our outstanding common stock were reclassified into Class A common stock, 27,758,941 shares of our outstanding convertible preferred stock were converted into Class A common stock, and 2,676,154 shares of Class A common stock were exchanged by our co-founders for an equivalent number of shares of Class B common stock pursuant to the terms of the exchange agreement.

Also on July 2, 2021, the Company reserved 402,658 shares of its Class A common stock, representing 1% of the Company's fully diluted capitalization as of the date of approval of our board of directors, for charitable contributions to non-profit organizations. These shares will be issued over the next five years, in an amount not to exceed 20% of the initial reserve amount per calendar year.

On July 9, 2021, we repaid our $15.9 million term loan outstanding and recorded a loss on extinguishment of approximately $0.3 million.

Financial Guidance and Outlook:

   Q3 2021    FY  2021  
   (in millions)  
   Low     High     Low     High  
Revenue   $ 53.0     $ 55.0     $ 207.5     $ 211.5  
Adjusted EBITDA   $ (13.0 )   $ (12.0 )   $ (43.0 )   $ (41.0 )
                                 
  • In 2020, one customer, that produces masks, accounted for approximately 11% of our revenue with a majority of that revenue recognized in Q3 2020. Excluding revenue from that one customer, growth is expected to range between 66%-72% for Q3 2021, as compared to Q3 2020.

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