Xometry(XMTR) - 2025 Q2 - Quarterly Results

Q2 2025 Financial Highlights Xometry reported record Q2 2025 revenue of $163 million, a 23% increase, with Adjusted EBITDA reaching $3.9 million, despite a wider GAAP net loss Q2 2025 Key Financial Metrics (YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $163 | - | +23% | | Marketplace Revenue | $148 | - | +26% | | Gross Profit | $65.2 | - | +23% | | Adjusted EBITDA | $3.9 | ($2.6) | +$6.6 | | Net Loss | ($26.4) | ($13.7) | +93% | | Non-GAAP Net Income | $4.7 | ($0.6) | +$5.3 | - Growth was driven by consistent execution across key initiatives: expanding buyer and supplier networks, deepening enterprise engagement, enhancing the marketplace platform, growing internationally, and improving supplier services[5] Key Operating Metrics (as of June 30, 2025) | Metric | As of June 30, 2025 | As of June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Active Buyers | 74,777 | 61,530 | +22% | | Accounts with >$50k LTM Spend | 1,653 | 1,436 | +15% | Business Highlights Xometry refinanced debt with $250 million in new convertible notes, expanded platform features globally, introduced AI quoting in North America, and partnered for supplier certifications - Completed a convertible debt refinancing, issuing $250 million of new 0.75% convertible notes due 2030, addressing over $200 million of notes with 2027 maturities[7] - Expanded platform features internationally, launching 'Teamspace' in Europe, the UK, and Turkey, and introducing procurement integration capabilities for European enterprise customers[7] - Introduced a new AI feature in North America to automate information extraction from technical drawings, aiming to improve quoting accuracy and supplier selection[7] - Thomasnet partnered with NSF, a global certification leader, to offer certifications to suppliers on its platform[7] Financial Performance Analysis Marketplace revenue grew 26% to $148.2 million with margin expansion, while Supplier Services declined 6% to $14.3 million, contributing to 23% consolidated revenue growth for H1 2025 Q2 2025 Consolidated Financials (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $162,547 | $132,595 | 23% | | Gross Profit | $65,176 | $52,877 | 23% | | Net Loss | ($26,434) | ($13,697) | (93)% | | Adjusted EBITDA | $3,926 | ($2,634) | 249% | | Non-GAAP Net Income | $4,681 | ($606) | 872% | Q2 2025 Segment Performance (in thousands) | Segment | Revenue (in thousands) | YoY Change | Gross Margin | | :--- | :--- | :--- | :--- | | Marketplace | $148,223 | +26% | 35.4% | | Supplier Services | $14,324 | -6% | 88.7% | Financial Guidance and Outlook Xometry forecasts Q3 2025 revenue of $167-$169 million and Adjusted EBITDA of $4.0-$5.0 million, raising full-year marketplace growth outlook to 23-24% while expecting supplier services decline Q3 2025 Guidance | Metric | Low ($M) | High ($M) | | :--- | :--- | :--- | | Revenue | $167 | $169 | | Adjusted EBITDA | $4.0 | $5.0 | - Raised full-year 2025 marketplace growth outlook from at least 22% to a new range of 23-24%[16] - Expects full-year 2025 supplier services revenue to be down approximately 5% year-over-year[16] Detailed Financial Statements Detailed financials show $687.0 million in total assets, $225.8 million in cash, a narrowing operating loss, and improved cash flow from operations for H1 2025 Balance Sheet Summary (in thousands) | Account | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash & Marketable Securities | $225,792 | $239,835 | | Total Assets | $687,041 | $680,129 | | Total Liabilities | $415,520 | $364,533 | | Total Equity | $271,521 | $315,596 | Statement of Operations Summary - Six Months Ended June 30 (in thousands) | Account | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Revenue | $313,518 | $255,285 | | Gross Profit | $121,507 | $100,779 | | Loss from Operations | ($25,681) | ($33,146) | | Net Loss Attributable to Common Stockholders | ($41,512) | ($30,313) | Statement of Cash Flows Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($4,118) | ($20,835) | | Net Cash Used in Investing Activities | ($3,834) | ($12,140) | | Net Cash Provided by Financing Activities | $2,046 | $1,795 | Reconciliations and Supplemental Information Reconciliation details Q2 2025 GAAP net loss adjustments to Adjusted EBITDA, highlighting the U.S. segment as the primary profit driver and ongoing international investment - Key adjustments to reconcile Q2 2025 Net Loss to Adjusted EBITDA include: Interest/other expenses ($16.4M), stock-based compensation ($7.9M), and depreciation & amortization ($4.5M)[37] Geographic Segment Adjusted EBITDA - Q2 (in thousands) | Segment | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :--- | :--- | :--- | | U.S. | $6,875 | $246 | | International | ($2,949) | ($2,880) | | Total Adjusted EBITDA | $3,926 | ($2,634) | - For the six months ended June 30, 2025, total stock-based compensation expense was $17.0 million and total restructuring charges were $1.6 million[44]