Xometry reports record Q3 2024 results
November 6, 2024
Xometry Inc, headquartered in North Bethesda, Maryland, USA, has reported its financial results for the third quarter ended September 30, 2024. Marketplace revenue for the third quarter of 2024 was $127 million, marking an increase of 24% year-over-year.
Net loss attributable to common stockholders was $10.2 million for the quarter, a decrease of $1.8 million year-over-year. Net loss for the third quarter of 2024 included $7.0 million of stock-based compensation and $3.2 million of depreciation and amortisation expense.
Adjusted EBITDA was a loss of $0.6 million for the third quarter of 2024, reflecting an improvement of $3.6 million year-over-year. Non-GAAP net income was $1.1 million for the third quarter of 2024, as compared to a non-GAAP net loss of $2.6 million in the third quarter of 2023.
“Q3 2024 represented another record-setting quarter for our company. Powered by our AI-driven marketplace, we achieved record revenues, record gross profit and record marketplace gross margin while capturing additional market share globally,” said Randy Altschuler, Xometry’s CEO. “We delivered better-than-expected results driven by strong 24% marketplace growth. The combination of our team’s strong execution, rapidly growing networks of buyers and suppliers, data-driven AI, and expanding enterprise relationships will continue to fuel strong revenue and gross profit growth.”
“We delivered another quarter of strong marketplace revenue growth and operating leverage demonstrating the value that we bring to global buyers and suppliers,” James Miln, Xometry’s CFO, shared. “Q3 Adjusted EBITDA loss improved 85% year-over-year driven by a 250 basis point increase in marketplace gross margin and operating efficiencies.”
Business highlights
During the third quarter of 2024, Xometry expanded its US marketplace menu with instant pricing and lead time offerings for tube cutting and tube bending. Through its partnership with Google Cloud, Xometry is leveraging Vertex AI to accelerate the deployment of new auto-quote methods on its marketplace.
Xometry also launched a suite of tools on the European marketplace that looks to make it easier for enterprise customers to order parts for its high-volume manufacturing projects. The tools give engineers, designers, procurement professionals and project managers everything that they need to coordinate, collaborate and manage complex orders. Xometry added the Hungarian (Magyar) language to its marketplace. Worldwide, the Xometry marketplace is available in 16 languages.
The company continued expanding its global supplier base, with more than 4,200 Active Suppliers, compared with 1,410 since the beginning of 2021. In Q3, Xometry expanded its supplier base in the US, focusing on adding new suppliers with key quality certifications to serve the needs of its larger customers across key industries.
Xometry appointed Roy Azevedo to its Board of Directors on October 15, 2024. Azevedo is the former president for two of Raytheon Technologies’ business units and brings significant expertise in engineering, global manufacturing and supply chain management to Xometry.
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