Xometry sees Q2 boost driven by strong marketplace growth
August 15, 2023
Xometry, an AI-enabled marketplace for on-demand manufacturing that offers AM services, headquartered in Gaithersburg, Maryland, USA, has shared its second quarter 2023 results including a revenue increase of 16% year-over-year. This was reportedly driven by strong marketplace growth of 24% year-over-year and 8% quarter-over-quarter. Supplier Services revenue impacted by approximately $1.7 million, driven by discontinuation of sales of supplies in the US in Q2.
The company reported a 16% year-over-year increase in gross profit, driven by a 34% growth in marketplace gross profit. The marketplace gross profit was up 19% quarter-over-quarter. Adjusted EBITDA experienced a loss of $8.7 million, which was a $3.1 million improvement from the previous quarter, due to higher revenue, gross profit, and improved operating leverage.
“In Q2 2023, Xometry delivered stronger-than-expected 24% marketplace growth year-over-year, delivered 19% growth in marketplace gross profit quarter-over-quarter and significantly improved operating leverage,” said Randy Altschuler, Xometry’s CEO. “Driven by Artificial Intelligence, the underpinnings of marketplace growth are robust with 44% active buyer growth and continued strong order growth. Xometry is empowering our customers to build parts that are critical components in next-generation industries from spacecraft and electric vehicles to medical devices and robotics. Our digital marketplace and suite of cloud-based solutions are enabling the long tail of the internet to finally reach the thousands of small- and medium-sized manufacturers in the United States and around the world. We expect to continue to rapidly gain market share fuelling robust marketplace revenue growth in 2023 and continuing on our path to Adjusted EBITDA profitability in Q4 2023.”
