Xometry reports stronger than expected first quarter 2023 results
May 26, 2023
Xometry, Gaithersburg, Maryland, USA, has shared its results for Q1 2023. The report included both financial and business highlights and features Xometry’s recent expansion within Europe with the launch of xometry.uk, a localised marketplace for UK customers.
The company reported a total revenue for the first quarter 2023 of $105.3 million, an increase of 26% year-over-year and total gross profit for the first quarter 2023 as $39.4 million, an increase of 20% year-over-year.
“In Q1 2023, Xometry delivered stronger-than-expected 35% marketplace growth year-over-year, improved marketplace gross margin by 170 basis points quarter-over-quarter and improved operating leverage driven by our steadfast focus on our 5-point strategic plan,” said Randy Altschuler, Xometry’s CEO. “We continue to rapidly expand our network of buyers and suppliers and enhance our products and services. We expect to continue to rapidly gain market share fuelling robust marketplace revenue growth while further tightening operating expenses to achieve Adjusted EBITDA profitability in Q4 2023.”
Net loss attributable to common stockholders was $18.3 million for the quarter, marking a decrease of $1.7 million year-over-year. Adjusted EBITDA was negative $11.8 million for the quarter, reflecting a decrease of $1.0 million year-over-year. However, net loss for Q1 2023 was reported to include $4.7 million of stock-based compensation.
