Xometry Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Xometry, Inc. Reports Second Quarter 2024 Financial Results
Xometry, Inc. (NASDAQ: XMTR), a global AI-powered marketplace connecting enterprise buyers with suppliers of manufacturing services, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Beat/Miss Estimates |
|---|---|---|---|---|---|
| Revenue | $133M | $111.76M | +19% | $128.65M | Beat |
| Earnings Per Share (EPS) | -$13.7M | -$26.6M | +48% | -$0.12 | Beat |
| Gross Profit | $52.9M | $43.73M | +21% | - | - |
| Gross Margin | 39.9% | - | - | - | - |
| Adjusted EBITDA | -$2.6M | -$8.6M | +70% | - | - |
Xometry delivered strong financial performance in Q2 2024, with total revenue and earnings per share significantly surpassing consensus estimates. The company achieved record gross profit and substantial year-over-year improvements in key financial metrics.
Revenue Performance Across Major Segments
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Marketplace Revenue | $117M | $93.6M | +25% |
| Supplier Services Revenue | $15.3M | $17.6M | -13% |
Xometry's marketplace revenue saw robust growth of 25% year-over-year, driven by increased adoption and accelerated growth in the U.S. Conversely, supplier services revenue declined due to strategic exits from lower-margin businesses.
Key Operational Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Marketplace Active Buyers | 61,530 | 48,340 | +27% |
| Accounts with LTM Spend ≥ $50K | 1,436 | 1,159 | +24% |
| Active Paying Suppliers | 6,992 | 7,553 | -7% |
Operational performance highlights include a 27% increase in active buyers and a 24% increase in accounts with significant spending, indicating healthy demand and customer retention. However, there was a slight decrease in active paying suppliers.
Management Commentary
Randy Altschuler, CEO of Xometry, stated, "We delivered record revenue, record gross profit, and record gross margins as our AI-powered marketplace continues to gain market share." James Miln, CFO, added, "We remain focused on our path to Adjusted EBITDA profitability with a 70% improvement this quarter."
Forward Guidance
- Q3 2024 Guidance :
- Revenue: $136M - $138M (14%-16% YoY growth)
- Adjusted EBITDA Loss: $1.5M - $3.5M
- Fiscal 2024 Guidance :
- Expect marketplace revenue growth of at least 20% YoY
- Anticipate supplier services revenue to decline by approximately 10% YoY
- Improved operating leverage compared to fiscal 2023, partly offset by international and enterprise growth investments
Stock Price Movement
Following the earnings release, Xometry's stock surged by 25.77%, reflecting the strong market response to its robust financial performance and positive forward guidance.
The report has been organized into a clear and concise format suitable for investors.
