Xometry, Inc. (NASDAQ:XMTR), the global AI-powered marketplace
connecting enterprise buyers with suppliers of manufacturing
services, today reported financial results for the third quarter
ended September 30, 2024.
“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,” said James Miln, Xometry’s
CFO. “Q3 Adjusted EBITDA loss improved 85% year-over-year
driven by a 250 basis point increase in marketplace gross margin
and operating efficiencies.”
Third Quarter 2024 Financial Highlights
- Marketplace revenue for the third quarter of 2024 was $127
million, an increase of 24% year-over-year.
- Marketplace Active Buyers increased 24% from 52,382 as of
September 30, 2023 to 64,851 as of September 30, 2024.
- Marketplace Accounts with Last Twelve-Months Spend of at least
$50,000 increased 23% from 1,223 as of September 30, 2023 to 1,506
as of September 30, 2024.
- Supplier services revenue for the third quarter of 2024 was
$14.7 million, a decrease of 10% year-over-year driven primarily by
the exit of non-core supplier services and to a lesser extent
advertising and marketing services.
- 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, $0.1 million of payroll tax expense
related to stock-based compensation and $3.2 million of
depreciation and amortization 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.
Third Quarter 2024 Business Highlights
- Expanded our US marketplace menu with instant pricing and lead
time offerings for tube cutting and tube bending. Through our
partnership with Google Cloud, Xometry is leveraging Vertex AI to
accelerate the deployment of new auto-quote methods and models on
our marketplace.
- Launched a suite of tools on the European marketplace that
makes it easier for enterprise customers to order parts for their
high-volume manufacturing projects. The tools give engineers,
designers, procurement professionals and project managers
everything they need to coordinate, collaborate and manage complex
orders. Xometry Europe added the Hungarian (Magyar) language to its
marketplace. Worldwide, the Xometry marketplace is available in 16
languages.
- Continued the rapid expansion of the company’s global supplier
base, with more than 4,200 Active Suppliers, as compared with 1,410
since the beginning of 2021. In Q3, we expanded our supplier base
in the U.S. with a focus on adding new suppliers with key quality
certifications to serve the needs of our larger customers across
key industries.
- Appointed Roy Azevedo to Xometry's Board of Directors on Oct.
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.
|
Financial Summary(In thousands, except per share
amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
|
|
|
For the Nine Months Ended September 30, |
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
%Change |
|
|
2024 |
|
|
2023 |
|
|
%Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
141,698 |
|
|
$ |
118,927 |
|
|
|
19 |
% |
|
$ |
396,983 |
|
|
$ |
335,261 |
|
|
|
18 |
% |
| Gross profit |
|
|
55,825 |
|
|
|
46,249 |
|
|
|
21 |
% |
|
|
156,604 |
|
|
|
129,174 |
|
|
|
21 |
% |
| Net loss attributable to
common stockholders |
|
|
(10,199 |
) |
|
|
(12,023 |
) |
|
|
15 |
% |
|
|
(40,512 |
) |
|
|
(56,921 |
) |
|
|
29 |
% |
| EPS, basic and diluted, of
Class A and Class B common stock |
|
|
(0.21 |
) |
|
|
(0.25 |
) |
|
|
16 |
% |
|
|
(0.83 |
) |
|
|
(1.19 |
) |
|
|
30 |
% |
| Adjusted EBITDA(1) |
|
|
(632 |
) |
|
|
(4,215 |
) |
|
|
85 |
% |
|
|
(10,725 |
) |
|
|
(24,640 |
) |
|
|
56 |
% |
| Non-GAAP net income
(loss)(1) |
|
|
1,114 |
|
|
|
(2,562 |
) |
|
|
143 |
% |
|
|
(5,234 |
) |
|
|
(18,955 |
) |
|
|
72 |
% |
| Non-GAAP EPS, basic and
diluted(1), of Class A and Class B common stock |
|
|
0.02 |
|
|
|
(0.05 |
) |
|
|
140 |
% |
|
|
(0.11 |
) |
|
|
(0.40 |
) |
|
|
73 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketplace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
126,965 |
|
|
$ |
102,473 |
|
|
|
24 |
% |
|
$ |
351,438 |
|
|
$ |
282,664 |
|
|
|
24 |
% |
| Cost of revenue |
|
|
84,347 |
|
|
|
70,578 |
|
|
|
(20 |
)% |
|
|
235,278 |
|
|
|
196,240 |
|
|
|
(20 |
)% |
| Gross Profit |
|
$ |
42,618 |
|
|
$ |
31,895 |
|
|
|
34 |
% |
|
$ |
116,160 |
|
|
$ |
86,424 |
|
|
|
34 |
% |
| Gross Margin |
|
|
33.6 |
% |
|
|
31.1 |
% |
|
|
2.5 |
% |
|
|
33.1 |
% |
|
|
30.6 |
% |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplier
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
14,733 |
|
|
$ |
16,454 |
|
|
|
(10 |
)% |
|
$ |
45,545 |
|
|
$ |
52,597 |
|
|
|
(13 |
)% |
| Cost of revenue |
|
|
1,526 |
|
|
|
2,100 |
|
|
|
27 |
% |
|
|
5,101 |
|
|
|
9,847 |
|
|
|
48 |
% |
| Gross Profit |
|
$ |
13,207 |
|
|
$ |
14,354 |
|
|
|
(8 |
)% |
|
$ |
40,444 |
|
|
$ |
42,750 |
|
|
|
(5 |
)% |
| Gross Margin |
|
|
89.6 |
% |
|
|
87.2 |
% |
|
|
2.4 |
% |
|
|
88.8 |
% |
|
|
81.3 |
% |
|
|
7.5 |
% |
(1) These non-GAAP financial measures, and the
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(2):
|
|
|
As of September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(3) |
|
|
64,851 |
|
|
|
52,382 |
|
|
|
24 |
% |
| Percentage of Revenue from
Existing Accounts(3) |
|
|
97 |
% |
|
|
96 |
% |
|
|
|
| Accounts with Last
Twelve-Months Spend of at Least $50,000(3) |
|
|
1,506 |
|
|
|
1,223 |
|
|
|
23 |
% |
| Active Paying
Suppliers(3) |
|
|
6,762 |
|
|
|
7,415 |
|
|
|
(9 |
)% |
- These key operating metrics are for Marketplace and
Supplier Services. See “Key Terms for our Key Metrics and Non-GAAP
Financial Measures” below for definitions of these metrics.
- Amounts shown for Active Buyers, Accounts with Last
Twelve-Months Spend of at Least $50,000, and Active Paying
Suppliers are as of September 30, 2024 and 2023, and Percentage of
Revenue from Existing Accounts is presented for the quarters ended
September 30, 2024 and 2023.
Financial Guidance and Outlook:
| |
|
Q4 2024 |
|
| |
|
(in millions) |
|
| |
|
Low |
|
|
High |
|
|
Revenue |
|
$ |
145 |
|
|
$ |
147 |
|
- Expect to be slightly Adjusted EBITDA profitable in Q4
2024.
Xometry’s fourth quarter 2024 financial outlook is based on a
number of assumptions that are subject to change and many of which
are outside of its control. If actual results vary from these
assumptions, Xometry’s expectations may change. There can be no
assurance that Xometry will achieve these results.
Reconciliation of Adjusted EBITDA on a forward-looking basis to
net loss, the most directly comparable GAAP measure, is not
available without unreasonable efforts due to the high variability
and complexity and low visibility with respect to the charges
excluded from this non-GAAP measure; in particular, the effects of
stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
Xometry’s stock price. Xometry expects the variability of the above
charges to have a significant, and potentially unpredictable,
impact on its future GAAP financial results.
Use of Non-GAAP Financial Measures To
supplement its consolidated financial statements, which are
prepared and presented in accordance with generally accepted
accounting principles in the United States of America (“GAAP”),
Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses
Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP Earnings
Per Share basic and diluted, which are considered non-GAAP
financial measures, as described below. These non-GAAP financial
measures are presented to enhance the user’s overall understanding
of Xometry’s financial performance and should not be considered a
substitute for, nor superior to, the financial information prepared
and presented in accordance with GAAP. The non-GAAP financial
measures presented in this release, together with the GAAP
financial results, are the primary measures used by the Company’s
management and board of directors to understand and evaluate the
Company’s financial performance and operating trends, including
period-to-period comparisons, because they exclude certain expenses
and gains that management believes are not indicative of the
Company’s core operating results. Management also uses these
measures to prepare and update the Company’s short and long term
financial and operational plans, to evaluate investment decisions,
and in its discussions with investors, commercial bankers, equity
research analysts and other users of the Company’s financial
statements. Accordingly, the Company believes that these non-GAAP
financial measures provide useful information to investors and
others in understanding and evaluating the Company’s operating
results in the same manner as the Company’s management and in
comparing operating results across periods and to those of
Xometry’s peer companies. In addition, from time to time we may
present adjusted information (for example, revenue growth) to
exclude the impact of certain gains, losses or other changes that
affect period-to-period comparability of our operating
performance.
The use of non-GAAP financial measures has certain limitations
because they do not reflect all items of income and expense, or
cash flows, that affect the Company’s financial performance and
operations. Additionally, non-GAAP financial measures do not have
standardized meanings, and therefore other companies, including
peer companies, may use the same or similarly named measures but
exclude or include different items or use different computations.
Management compensates for these limitations by reconciling these
non-GAAP financial measures to their most comparable GAAP financial
measures in the tables captioned “Reconciliations of Non-GAAP
Financial Measures” included at the end of this release. Investors
and others are encouraged to review the Company’s financial
information in its entirety and not rely on a single financial
measure.
Key Terms for our Key Metrics and Non-GAAP Financial
Measures
Marketplace revenue: includes the sale of parts
and assemblies on our platform.
Supplier service revenue: includes the sales of
marketing and advertising services and, to a lesser extent,
financial service products, SaaS-based solutions and the sale of
tools and materials, which was discontinued during the second
quarter of 2023.
Active Buyers: The Company defines “buyers” as
individuals who have placed an order to purchase on-demand parts or
assemblies on our marketplace. The Company defines Active Buyers as
the number of buyers who have made at least one purchase on our
marketplace during the last twelve months. We adjusted the number
of our Q3 2023 active buyers in 2024 to reflect an immaterial
correction.
Active Suppliers: The Company defines
“suppliers” as individuals or businesses that have been approved by
us to either manufacture a product on our platform for a buyer or
have utilized our supplier services, including our digital
marketing services, data services, financial services or tools and
materials. The Company defines Active Suppliers as suppliers that
have used our platform at least once during the last twelve months
to manufacture a product or buy tools or materials.
Percentage of Revenue from Existing Accounts:
The Company defines an “account” as an individual entity, such as a
sole proprietor with a single buyer or corporate entities with
multiple buyers, having purchased at least one part on our
marketplace. The Company defines an existing account as an account
where at least one buyer has made a purchase on our
marketplace.
Accounts with Last Twelve-Month Spend of At Least
$50,000: The Company defines Accounts with Last
Twelve-Month Spend of At Least $50,000 as an account that has spent
at least $50,000 on our marketplace in the most recent twelve-month
period.
Active Paying Suppliers: The Company defines
Active Paying Suppliers as individuals or businesses who have
purchased one or more of our supplier services, including digital
marketing services, data services, financial services or tools and
materials on our platforms, during the last twelve
months.
Adjusted earnings before interest, taxes, depreciation
and amortization (Adjusted EBITDA): The Company defines
Adjusted EBITDA as net loss, adjusted for interest expense,
interest and dividend income and other expenses, provision for
income taxes, and certain other non-cash or non-recurring items
impacting net loss from time to time, principally comprised of
depreciation and amortization, amortization of lease intangible,
stock-based compensation, payroll tax expense related to
stock-based compensation, lease abandonment, charitable
contributions of common stock, income from unconsolidated joint
venture, impairment of assets, restructuring charge, costs to exit
the tools and materials business and acquisition and other
adjustments not reflective of the Company’s ongoing business, such
as adjustments related to purchase accounting, the revaluation of
contingent consideration, transaction costs and executive
severance.
Non-GAAP net income (loss): The Company defines
non-GAAP net income (loss) as net loss adjusted for depreciation
and amortization, stock-based compensation, payroll tax expense
related to stock-based compensation, amortization of lease
intangible, amortization of deferred costs on convertible notes,
loss (gain) on sale of property and equipment, charitable
contributions of common stock, lease abandonment and termination,
impairment of assets, restructuring charge, costs to exit the tools
and materials business and acquisition and other adjustments not
reflective of the Company’s ongoing business, such as adjustments
related to purchase accounting, the revaluation of contingent
consideration, transaction costs and executive severance.
Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP
EPS, basic and diluted): The Company calculates non-GAAP
earnings per share, basic and diluted as non-GAAP net income (loss)
divided by weighted average number of shares of common stock
outstanding.
Management believes that the exclusion of certain expenses and
gains in calculating Adjusted EBITDA, non-GAAP net income (loss)
and non-GAAP EPS, basic and diluted, provides a useful measure for
period-to-period comparisons of the Company’s underlying core
revenue and operating costs that is focused more closely on the
current costs necessary to operate the Company’s businesses and
reflects its ongoing business in a manner that allows for
meaningful analysis of trends. Management also believes that
excluding certain non-cash charges can be useful because the amount
of such expenses is the result of long-term investment decisions
made in previous periods rather than day-to-day operating
decisions.
About
XometryXometry’s (NASDAQ:XMTR) AI-powered
marketplace, popular Thomasnet® industrial sourcing
platform and suite of cloud-based services are rapidly digitizing
the manufacturing industry. Xometry provides manufacturers the
critical resources they need to grow their business and makes it
easy for buyers to create locally resilient supply chains. The
Xometry Instant Quoting Engine® leverages millions of pieces of
data to analyze complex parts in real-time, matches buyers with the
right suppliers globally, and provides accurate pricing and lead
times. Learn more at www.xometry.com or follow
@xometry.
Conference Call and Webcast InformationThe
Company will host a conference call and webcast to discuss the
results at 8:30 a.m. ET (5:30 a.m. PT) on November 5, 2024. In
addition to its press release announcing its third quarter 2024
financial results, Xometry will release an earnings presentation,
which will be available on its investor website at
investors.xometry.com.
Xometry, Inc. Third Quarter 2024 Earnings Presentation and
Conference Call
- Tuesday, November 5, 2024
- 8:30 a.m. Eastern / 5:30 a.m. Pacific
- To access the webcast use the following link:
https://register.vevent.com/register
- You may also visit the Xometry Investor Relations Homepage at
investors.xometry.com to listen to a live webcast of the call
Cautionary Information Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, which statements involve substantial risks and
uncertainties. Forward-looking statements generally relate to
future events or our future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “will,” “should,” “expect,”
“plan,” “anticipate,” “could,” “would,” “intend,” “target,”
“project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans or intentions. Forward-looking statements in this
press release include, but are not limited to, our beliefs
regarding our financial position and operating performance,
including our outlook and guidance for the fourth quarter of 2024;
our expectations regarding our growth and margin expansion; and
statements regarding our strategy, initiatives, products and
platform capabilities. Our expectations and beliefs regarding these
matters may not materialize, and actual results in future periods
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected, including risks
and uncertainties related to: competition, managing our growth,
financial performance, our ability to forecast our performance due
to our limited operating history, investments in new products or
offerings, our ability to attract buyers and sellers to our
marketplace, legal proceedings and regulatory matters and
developments, any future changes to our business or our financial
or operating model, our brand and reputation, and the impact of
fluctuations in general macroeconomic conditions, such as
fluctuations in inflation and rising interest rates. The
forward-looking statements contained in this press release are also
subject to other risks and uncertainties that could cause actual
results to differ from the results predicted, including those more
fully described in our filings with the SEC, including our Annual
Report on Form 10-K for the year ended December 31, 2023, our
Quarterly Reports on Form 10-Q, and other filings and reports that
we may file from time to time with the SEC. All forward-looking
statements in this press release are based on information available
to Xometry and assumptions and beliefs as of the date hereof, and
we disclaim any obligation to update any forward-looking
statements, except as required by law.
| Investor
Contact: |
Media
Contact: |
| Shawn MilneVP Investor
Relations240-335-8132shawn.milne@xometry.com |
Matthew Hutchison Global
Corporate
Communications415-583-2119matthew.hutchison@xometry.com |
| |
|
|
Xometry, Inc. and Subsidiaries Condensed Consolidated
Balance Sheets (In thousands, except share and per share
data)(Unaudited) |
| |
|
|
|
|
|
|
| |
|
September 30, |
|
|
December 31, |
|
|
|
|
2024 |
|
|
2023 |
|
| Assets |
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
17,430 |
|
|
$ |
53,424 |
|
|
Marketable securities |
|
|
216,605 |
|
|
|
215,352 |
|
|
Accounts receivable, less allowance for credit losses of $3.4
million and $2.4 million as of September 30, 2024 and December 31,
2023 |
|
|
78,530 |
|
|
|
70,102 |
|
|
Inventory |
|
|
3,500 |
|
|
|
2,885 |
|
|
Prepaid expenses |
|
|
4,789 |
|
|
|
5,571 |
|
|
Other current assets |
|
|
4,855 |
|
|
|
8,897 |
|
|
Total current assets |
|
|
325,709 |
|
|
|
356,231 |
|
|
Property and equipment, net |
|
|
42,323 |
|
|
|
35,637 |
|
|
Operating lease right-of-use assets |
|
|
9,607 |
|
|
|
12,251 |
|
|
Investment in unconsolidated joint venture |
|
|
4,207 |
|
|
|
4,114 |
|
|
Intangible assets, net |
|
|
33,039 |
|
|
|
35,768 |
|
|
Goodwill |
|
|
262,955 |
|
|
|
262,915 |
|
|
Other assets |
|
|
368 |
|
|
|
471 |
|
|
Total assets |
|
$ |
678,208 |
|
|
$ |
707,387 |
|
| Liabilities and
stockholders’ equity |
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,368 |
|
|
$ |
24,710 |
|
|
Accrued expenses |
|
|
48,719 |
|
|
|
41,845 |
|
|
Contract liabilities |
|
|
8,303 |
|
|
|
7,357 |
|
|
Income taxes payable |
|
|
864 |
|
|
|
2,484 |
|
|
Operating lease liabilities, current portion |
|
|
6,638 |
|
|
|
6,799 |
|
|
Total current liabilities |
|
|
70,892 |
|
|
|
83,195 |
|
|
Convertible notes |
|
|
283,163 |
|
|
|
281,769 |
|
|
Operating lease liabilities, net of current portion |
|
|
6,729 |
|
|
|
10,951 |
|
|
Deferred income taxes |
|
|
245 |
|
|
|
275 |
|
|
Other liabilities |
|
|
819 |
|
|
|
778 |
|
|
Total liabilities |
|
|
361,848 |
|
|
|
376,968 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
| Stockholders’
equity |
|
|
|
|
|
|
|
Preferred stock, $0.000001 par value. Authorized; 50,000,000
shares; zero shares issued and outstanding as of September
30, 2024 and December 31, 2023, respectively |
|
|
— |
|
|
|
— |
|
|
Class A Common stock, $0.000001 par value. Authorized; 750,000,000
shares; 46,768,801 shares and 45,489,379 shares issued and
outstanding as of September 30, 2024 and December 31, 2023,
respectively |
|
|
— |
|
|
|
— |
|
|
Class B Common stock, $0.000001 par value. Authorized; 5,000,000
shares; 2,676,154 shares issued and outstanding as of September 30,
2024 and December 31, 2023, respectively |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
674,335 |
|
|
|
648,317 |
|
|
Accumulated other comprehensive income |
|
|
1,282 |
|
|
|
855 |
|
|
Accumulated deficit |
|
|
(360,384 |
) |
|
|
(319,872 |
) |
| Total stockholders’
equity |
|
|
315,233 |
|
|
|
329,300 |
|
|
Noncontrolling interest |
|
|
1,127 |
|
|
|
1,119 |
|
|
Total equity |
|
|
316,360 |
|
|
|
330,419 |
|
| Total liabilities and
stockholders’ equity |
|
$ |
678,208 |
|
|
$ |
707,387 |
|
| |
|
|
|
|
|
|
|
Xometry, Inc. and SubsidiariesCondensed
Consolidated Statements of Operations and Comprehensive Loss(In
thousands, except share and per share amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
141,698 |
|
|
$ |
118,927 |
|
|
$ |
396,983 |
|
|
$ |
335,261 |
|
| Cost of revenue |
|
|
85,873 |
|
|
|
72,678 |
|
|
|
240,379 |
|
|
|
206,087 |
|
|
Gross profit |
|
|
55,825 |
|
|
|
46,249 |
|
|
|
156,604 |
|
|
|
129,174 |
|
| Sales and marketing |
|
|
27,204 |
|
|
|
23,210 |
|
|
|
81,891 |
|
|
|
68,315 |
|
| Operations and support |
|
|
14,698 |
|
|
|
12,622 |
|
|
|
42,918 |
|
|
|
39,450 |
|
| Product development |
|
|
9,344 |
|
|
|
8,523 |
|
|
|
28,952 |
|
|
|
25,570 |
|
| General and administrative |
|
|
16,060 |
|
|
|
14,940 |
|
|
|
47,470 |
|
|
|
56,479 |
|
| Impairment of assets |
|
|
- |
|
|
|
151 |
|
|
|
- |
|
|
|
397 |
|
| Total operating expenses |
|
|
67,306 |
|
|
|
59,446 |
|
|
|
201,231 |
|
|
|
190,211 |
|
|
Loss from operations |
|
|
(11,481 |
) |
|
|
(13,197 |
) |
|
|
(44,627 |
) |
|
|
(61,037 |
) |
| Other income
(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(1,187 |
) |
|
|
(1,205 |
) |
|
|
(3,564 |
) |
|
|
(3,596 |
) |
| Interest and dividend income |
|
|
2,781 |
|
|
|
2,994 |
|
|
|
8,275 |
|
|
|
8,648 |
|
| Other expenses |
|
|
(444 |
) |
|
|
(597 |
) |
|
|
(1,064 |
) |
|
|
(1,156 |
) |
| Income from unconsolidated joint
venture |
|
|
162 |
|
|
|
134 |
|
|
|
493 |
|
|
|
437 |
|
| Total other income |
|
|
1,312 |
|
|
|
1,326 |
|
|
|
4,140 |
|
|
|
4,333 |
|
|
Loss before income taxes |
|
|
(10,169 |
) |
|
|
(11,871 |
) |
|
|
(40,487 |
) |
|
|
(56,704 |
) |
| Provision for income taxes |
|
|
(30 |
) |
|
|
(139 |
) |
|
|
(20 |
) |
|
|
(208 |
) |
|
Net loss |
|
|
(10,199 |
) |
|
|
(12,010 |
) |
|
|
(40,507 |
) |
|
|
(56,912 |
) |
| Net income attributable to
noncontrolling interest |
|
|
- |
|
|
|
13 |
|
|
|
5 |
|
|
|
9 |
|
|
Net loss attributable to common stockholders |
|
$ |
(10,199 |
) |
|
$ |
(12,023 |
) |
|
$ |
(40,512 |
) |
|
$ |
(56,921 |
) |
| Net loss per share, basic and
diluted, of Class A and Class B common stock |
|
$ |
(0.21 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.19 |
) |
| Weighted-average number of shares
outstanding used to compute net loss per share, basic
and diluted, of Class A and Class B common stock |
|
|
49,282,164 |
|
|
|
47,989,277 |
|
|
|
48,901,475 |
|
|
|
47,852,671 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(10,199 |
) |
|
$ |
(12,010 |
) |
|
$ |
(40,507 |
) |
|
$ |
(56,912 |
) |
| Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
795 |
|
|
|
91 |
|
|
|
430 |
|
|
|
450 |
|
|
Total other comprehensive income |
|
|
795 |
|
|
|
91 |
|
|
|
430 |
|
|
|
450 |
|
| Comprehensive
loss |
|
|
(9,404 |
) |
|
|
(11,919 |
) |
|
|
(40,077 |
) |
|
|
(56,462 |
) |
| Comprehensive (loss) income
attributable to noncontrolling interest |
|
|
(23 |
) |
|
|
21 |
|
|
|
8 |
|
|
|
45 |
|
| Total comprehensive loss
attributable to common stockholders |
|
$ |
(9,381 |
) |
|
$ |
(11,940 |
) |
|
$ |
(40,085 |
) |
|
$ |
(56,507 |
) |
|
Xometry, Inc. and Subsidiaries Condensed
Consolidated Statements of Cash Flows(In thousands)(Unaudited) |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
| Cash flows from
operating activities: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(40,507 |
) |
|
$ |
(56,912 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,622 |
|
|
|
7,939 |
|
|
Impairment of assets |
|
|
— |
|
|
|
397 |
|
|
Reduction in carrying amount of right-of-use asset |
|
|
3,328 |
|
|
|
13,257 |
|
|
Stock based compensation |
|
|
21,115 |
|
|
|
16,222 |
|
|
Revaluation of contingent consideration |
|
|
137 |
|
|
|
305 |
|
|
Income from unconsolidated joint venture |
|
|
(93 |
) |
|
|
(137 |
) |
|
Donation of common stock |
|
|
1,063 |
|
|
|
696 |
|
|
(Gain) loss on sale of property and equipment |
|
|
(23 |
) |
|
|
92 |
|
|
Inventory write-off |
|
|
— |
|
|
|
223 |
|
|
Amortization of deferred costs on convertible notes |
|
|
1,394 |
|
|
|
1,396 |
|
|
Deferred taxes benefit |
|
|
(30 |
) |
|
|
(66 |
) |
|
Changes in other assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(8,263 |
) |
|
|
(14,873 |
) |
|
Inventory |
|
|
(598 |
) |
|
|
(17 |
) |
|
Prepaid expenses |
|
|
786 |
|
|
|
2,335 |
|
|
Other assets |
|
|
4,354 |
|
|
|
1,395 |
|
|
Accounts payable |
|
|
(18,293 |
) |
|
|
640 |
|
|
Accrued expenses |
|
|
6,782 |
|
|
|
1,032 |
|
|
Contract liabilities |
|
|
916 |
|
|
|
1,178 |
|
|
Lease liabilities |
|
|
(5,068 |
) |
|
|
(3,845 |
) |
|
Other liabilities |
|
|
529 |
|
|
|
- |
|
|
Income taxes payable |
|
|
(1,620 |
) |
|
|
160 |
|
|
Net cash used in operating activities |
|
|
(24,469 |
) |
|
|
(28,583 |
) |
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(16,253 |
) |
|
|
(8,630 |
) |
|
Proceeds from sale of marketable securities |
|
|
15,000 |
|
|
|
30,000 |
|
|
Purchases of property and equipment |
|
|
(13,560 |
) |
|
|
(12,063 |
) |
|
Proceeds from sale of property and equipment |
|
|
79 |
|
|
|
223 |
|
|
Cash paid for business combination, net of cash acquired |
|
|
— |
|
|
|
(3,349 |
) |
|
Net cash (used in) provided by investing
activities |
|
|
(14,734 |
) |
|
|
6,181 |
|
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
Proceeds from stock options exercised |
|
|
3,215 |
|
|
|
1,428 |
|
|
Net cash provided by financing activities |
|
|
3,215 |
|
|
|
1,428 |
|
|
Effect of foreign currency translation on cash and cash
equivalents |
|
|
(6 |
) |
|
|
(315 |
) |
|
Net decrease in cash and cash equivalents |
|
|
(35,994 |
) |
|
|
(21,289 |
) |
| Cash and cash
equivalents at beginning of the period |
|
|
53,424 |
|
|
|
65,662 |
|
| Cash and cash
equivalents at end of the period |
|
$ |
17,430 |
|
|
$ |
44,373 |
|
| Supplemental cash flow
information: |
|
|
|
|
|
|
| Cash paid for interest |
|
$ |
2,875 |
|
|
$ |
2,875 |
|
| Non-cash investing and
financing activities: |
|
|
|
|
|
|
| Non-cash consideration in
connection with business combination |
|
|
— |
|
|
|
1,593 |
|
| |
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries Reconciliations of
Non-GAAP Financial Measures (In thousands, except share and per
share amounts)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,199 |
) |
|
$ |
(12,010 |
) |
|
$ |
(40,507 |
) |
|
$ |
(56,912 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, interest and
dividend income and other expenses |
|
|
(1,150 |
) |
|
|
(1,192 |
) |
|
|
(3,647 |
) |
|
|
(3,896 |
) |
| Depreciation and
amortization(1) |
|
|
3,213 |
|
|
|
2,478 |
|
|
|
9,622 |
|
|
|
7,939 |
|
| Amortization of lease
intangible |
|
|
180 |
|
|
|
180 |
|
|
|
540 |
|
|
|
770 |
|
| Provision for income
taxes |
|
|
30 |
|
|
|
139 |
|
|
|
20 |
|
|
|
208 |
|
| Stock-based
compensation(2) |
|
|
6,954 |
|
|
|
5,730 |
|
|
|
21,115 |
|
|
|
16,222 |
|
| Payroll tax expense related to
stock-based compensation(3) |
|
|
96 |
|
|
|
— |
|
|
|
876 |
|
|
|
— |
|
| Lease abandonment(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,706 |
|
| Acquisition and other(5) |
|
|
— |
|
|
|
117 |
|
|
|
686 |
|
|
|
343 |
|
| Charitable contribution of
common stock |
|
|
406 |
|
|
|
326 |
|
|
|
1,063 |
|
|
|
696 |
|
| Income from unconsolidated
joint venture |
|
|
(162 |
) |
|
|
(134 |
) |
|
|
(493 |
) |
|
|
(437 |
) |
| Impairment of assets |
|
|
— |
|
|
|
151 |
|
|
|
— |
|
|
|
397 |
|
| Restructuring charge(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
738 |
|
| Costs to exit the tools and
materials business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
586 |
|
| Adjusted
EBITDA |
|
$ |
(632 |
) |
|
$ |
(4,215 |
) |
|
$ |
(10,725 |
) |
|
$ |
(24,640 |
) |
| |
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Non-GAAP Net Income
(Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,199 |
) |
|
$ |
(12,010 |
) |
|
$ |
(40,507 |
) |
|
$ |
(56,912 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and
amortization(1) |
|
|
3,213 |
|
|
|
2,478 |
|
|
|
9,622 |
|
|
|
7,939 |
|
| Stock-based compensation
(2) |
|
|
6,954 |
|
|
|
5,730 |
|
|
|
21,115 |
|
|
|
16,222 |
|
| Payroll tax expense related to
stock-based compensation(3) |
|
|
96 |
|
|
|
— |
|
|
|
876 |
|
|
|
— |
|
| Amortization of lease
intangible |
|
|
180 |
|
|
|
180 |
|
|
|
540 |
|
|
|
770 |
|
| Amortization of deferred costs
on convertible notes |
|
|
464 |
|
|
|
466 |
|
|
|
1,394 |
|
|
|
1,396 |
|
| Acquisition and other(5) |
|
|
— |
|
|
|
117 |
|
|
|
686 |
|
|
|
343 |
|
| (Gain) loss on sale of
property and equipment |
|
|
— |
|
|
|
— |
|
|
|
(23 |
) |
|
|
92 |
|
| Charitable contribution of
common stock |
|
|
406 |
|
|
|
326 |
|
|
|
1,063 |
|
|
|
696 |
|
| Lease abandonment and
termination(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,778 |
|
| Impairment of assets |
|
|
— |
|
|
|
151 |
|
|
|
— |
|
|
|
397 |
|
| Restructuring charge(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
738 |
|
| Costs to exit the tools and
materials business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
586 |
|
| Non-GAAP Net Income
(Loss) |
|
$ |
1,114 |
|
|
$ |
(2,562 |
) |
|
$ |
(5,234 |
) |
|
$ |
(18,955 |
) |
| Weighted-average number of
shares outstanding used to compute Non-GAAP Net Income (Loss) per
share, basic and diluted, of Class A and Class B common stock |
|
|
49,282,164 |
|
|
|
47,989,277 |
|
|
|
48,901,475 |
|
|
|
47,852,671 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EPS, basic and diluted, of
Class A and Class B common stock |
|
$ |
(0.21 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.19 |
) |
| Non-GAAP EPS, basic and
diluted, of Class A and Class B common stock |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.40 |
) |
- Represents depreciation expense of the Company’s long-lived
tangible assets and amortization expense of its finite-lived
intangible assets, as included in the Company’s GAAP results of
operations.
- Represents the non-cash expense related to stock-based awards
granted to employees, as included in the Company’s GAAP results of
operations.
- In the second quarter of 2024, we changed the definition of
Adjusted EBITDA and Non-GAAP Net Income (Loss) to exclude payroll
tax expense related to stock-based compensation. For prior periods,
this amount was considered de minimis and, accordingly, we have not
adjusted the Adjusted EBITDA or Non-GAAP Net Income (Loss) amounts
for such periods.
- Amount is recorded in general and administrative and/or other
expenses.
- Includes adjustments related to purchase accounting, the
revaluation of contingent consideration, transaction costs and
executive severance.
- Costs associated with the May 2023 reduction in workforce.
|
Xometry, Inc. and SubsidiariesSegment Results(In
thousands)(Unaudited) |
| |
|
|
|
|
|
|
| |
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Segment
Revenue: |
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
117,584 |
|
|
$ |
103,379 |
|
|
$ |
333,113 |
|
|
$ |
292,715 |
|
| International |
|
|
24,114 |
|
|
|
15,548 |
|
|
|
63,870 |
|
|
|
42,546 |
|
|
Total revenue |
|
$ |
141,698 |
|
|
$ |
118,927 |
|
|
$ |
396,983 |
|
|
$ |
335,261 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Segment Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
(4,183 |
) |
|
$ |
(7,893 |
) |
|
$ |
(23,115 |
) |
|
$ |
(43,742 |
) |
| International |
|
|
(6,016 |
) |
|
|
(4,130 |
) |
|
|
(17,397 |
) |
|
|
(13,179 |
) |
|
Total net loss attributable to common stockholders |
|
$ |
(10,199 |
) |
|
$ |
(12,023 |
) |
|
$ |
(40,512 |
) |
|
$ |
(56,921 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries Supplemental
Information(In thousands)(Unaudited) |
| |
|
|
|
|
|
|
| |
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Summary of Stock-based
Compensation Expense and Payroll Taxes Related to Stock-based
Compensation Expense |
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
1,913 |
|
|
$ |
1,216 |
|
|
$ |
6,000 |
|
|
$ |
3,453 |
|
| Operations and support |
|
|
2,259 |
|
|
|
1,955 |
|
|
|
6,843 |
|
|
|
5,690 |
|
| Product development |
|
|
1,543 |
|
|
|
1,424 |
|
|
|
5,047 |
|
|
|
3,890 |
|
| General and
administrative |
|
|
1,335 |
|
|
|
1,135 |
|
|
|
4,101 |
|
|
|
3,189 |
|
| Total stock-based compensation
expense and payroll taxes related to stock-based compensation |
|
$ |
7,050 |
|
|
$ |
5,730 |
|
|
$ |
21,991 |
|
|
$ |
16,222 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of
Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenue |
|
$ |
183 |
|
|
$ |
38 |
|
|
$ |
549 |
|
|
$ |
120 |
|
| Sales and marketing |
|
|
794 |
|
|
|
796 |
|
|
|
2,387 |
|
|
|
2,380 |
|
| Operations and support |
|
|
32 |
|
|
|
52 |
|
|
|
105 |
|
|
|
142 |
|
| Product development |
|
|
1,982 |
|
|
|
1,294 |
|
|
|
5,912 |
|
|
|
3,998 |
|
| General and
administrative |
|
|
222 |
|
|
|
298 |
|
|
|
669 |
|
|
|
1,299 |
|
| Total depreciation and
amortization expense |
|
$ |
3,213 |
|
|
$ |
2,478 |
|
|
$ |
9,622 |
|
|
$ |
7,939 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of
Restructuring Charge |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales and marketing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
224 |
|
| Operations and support |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
230 |
|
| Product development |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
117 |
|
| General and
administrative |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
167 |
|
| Total restructuring
charge |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
738 |
|
Xometry (NASDAQ:XMTR)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
Xometry (NASDAQ:XMTR)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
