Xometry(US:XMTR)2024-05-09 11:15Revenue Growth - Q1 2024 revenue increased 16% year-over-year to $123 million, driven by 24% growth in marketplace revenue[5] - Revenue for Q1 2024 was $122.69 million, a 16.5% increase from $105.33 million in Q1 2023[39] - U.S. segment revenue increased to $103.36 million from $93.90 million, representing a 10.4% growth year-over-year[47] - International segment revenue rose significantly by 69.0%, from $11.42 million in Q1 2023 to $19.33 million in Q1 2024[47] - The company expects Q2 2024 revenue growth of 14%-16% year-over-year, projecting revenue between $127 million and $129 million[13] - For fiscal 2024, marketplace revenue is expected to grow at least 20% year-over-year, while supplier services revenue is anticipated to decline approximately 10%[16] Marketplace Performance - Marketplace Active Buyers grew 32% year-over-year, from 44,451 to 58,504[6] - Marketplace gross margin reached a record 32.0%, up 320 basis points year-over-year[5] - Active Paying Suppliers decreased 6% year-over-year to 7,159, with a 2% decline when excluding the exited tools and materials business[6] Financial Performance - Q1 Adjusted EBITDA loss improved by 37% year-over-year to negative $7.5 million[7] - Gross profit for Q1 2024 was $47.90 million, compared to $39.37 million in Q1 2023, reflecting a gross margin improvement[39] - Net loss for Q1 2024 was $16.60 million, an improvement from a net loss of $18.34 million in Q1 2023[39] - Adjusted EBITDA improved to $(7.46) million in Q1 2024, compared to $(11.77) million in Q1 2023, reflecting a 36.5% reduction in losses[47] - Non-GAAP net loss decreased to $(5.74) million in Q1 2024 from $(9.77) million in Q1 2023, marking a 41.5% improvement[47] - The total net loss attributable to common stockholders was $(16.62) million in Q1 2024, down from $(18.34) million in Q1 2023, a reduction of 9.3%[47] Expenses and Liabilities - Operating expenses totaled $65.76 million in Q1 2024, up from $59.16 million in Q1 2023, driven by increased sales and marketing expenses[39] - Cash and cash equivalents decreased to $45.70 million as of March 31, 2024, down from $53.42 million at the end of 2023[36] - Total assets decreased to $692.47 million as of March 31, 2024, from $707.39 million at the end of 2023[36] - Total liabilities decreased to $370.88 million as of March 31, 2024, from $376.97 million at the end of 2023[36] - Xometry's stockholders' equity decreased to $320.45 million as of March 31, 2024, from $329.30 million at the end of 2023[36] Stock and Shares - The company reported a weighted-average number of shares outstanding of 48,577,980 for Q1 2024, compared to 47,699,561 for Q1 2023[39] - Basic and diluted EPS for Class A and Class B common stock improved to $(0.34) in Q1 2024 from $(0.38) in Q1 2023[47] - Total stock-based compensation expense increased to $6.04 million in Q1 2024, up from $4.69 million in Q1 2023, a rise of 28.5%[49] Product Development - The company introduced enhanced features for its Teamspace enterprise collaboration software, with over 2,300 teams created since launch[10] - Xometry expanded its marketplace menu, adding new features and services, including a buyer dashboard for tooling processes[10] Depreciation and Amortization - The company reported a significant increase in depreciation and amortization expense, totaling $3.15 million in Q1 2024 compared to $2.57 million in Q1 2023, an increase of 23.0%[49]