Xometry marketplace announces record Q2 revenue of $133 million
August 16, 2024
Xometry, Inc., headquartered in North Bethesda, Maryland, USA, has posted its financial results for the second quarter ended June 30, 2024. The company reported a revenue increase of 19% year-over-year, with record revenue of $133 million driven by marketplace growth of 25% year-over-year.
“We delivered record revenue, record gross profit and record gross margins as our AI-powered marketplace continues to gain market share,” said Randy Altschuler, Xometry’s CEO. “In Q2 2024, we grew our marketplace revenue 25%, with accelerated growth in the U.S. and a record 33.5% marketplace gross margin as more customers turn to Xometry for their supply chain solutions. The combination of data-driven AI and supplier network expansion will fuel robust growth and continued margin improvement.”
“We delivered another strong quarter with better-than-expected results driven by improving marketplace gross margin and significant operating leverage,” stated James Miln, Xometry’s CFO. “This resulted in a 70% improvement in our Adjusted EBITDA loss to $2.6 million, or 2.0% of revenue. We remain focused on our path to Adjusted EBITDA profitability.”
Total gross profit for the second quarter 2024 was $52.9 million, an increase of 21% year-over-year. Q2 marketplace gross margin increased 180 basis points year-over-year to a record 33.5%.
Net loss attributable to common stockholders was $13.7 million for the quarter, a decrease of $12.9 million year-over-year. Net loss for Q2 2024 included $8.1 million of stock-based compensation, $0.8 million of payroll tax expense related to stock-based compensation and $3.3 million of depreciation and amortisation expense.
Q2 Adjusted EBITDA improved 70% year-over-year to a loss of $2.6 million for the quarter, reflecting an improvement of $6.0 million year-over-year. Q2 Adjusted EBITDA loss represented 2.0% of revenue.
During Q2 Xometry developed new auto-quote categories and is now beta-testing new auto-quote tube-bending and tube-cutting processes within Xometry’s AI-powered marketplace which the company expects to release later in Q3. Xometry is leveraging Google Cloud Vertex AI to accelerate the development of new instant-quoting capabilities.
Expanded offerings in the Asia Pacific region, including new English-speaking countries Australia, Singapore and New Zealand through an upgraded xometry.asia site. In China, Xometry also launched enhanced customer service capabilities on its WeChat mini app for buyers to quote, order and track deliveries.
Expanded European marketplace menu with new finishes and materials. For CNC, Xometry Europe added 11 new materials including new steel and aluminium grades. Additionally, the EU site expanded its finishing options for Additive Manufacturing. Xometry Europe now offers localised marketplaces in 15 different languages.
Xometry is expecting revenue growth of 14-16% year-over-year to $136-$138 million in Q3 2024 as well as an Adjusted EBITDA loss of $1.5-$3.5 million. It also looks to reaffirm fiscal 2024 marketplace revenue growth of at least 20% year-over-year and expects supplier services revenue to be down approximately 10% year-over-year.
