Xometry(US:XMTR)2025-11-04 12:15Revenue Growth - Q3 2025 revenue increased 28% year-over-year to a record $181 million, driven by robust marketplace growth[5] - Marketplace revenue for Q3 2025 was $167 million, an increase of 31% year-over-year[6] - Revenue for Q3 2025 was $180.7 million, a 27.5% increase from $141.7 million in Q3 2024[34] - For Q4 2025, revenue is expected to be between $182 million and $184 million, representing 23-24% growth year-over-year[13] - The company raised its full-year 2025 revenue guidance to $676 million to $678 million[14] - Total revenue for the nine months ended September 30, 2025, was $494,234,000, up 24.5% from $396,983,000 in 2024[45] - U.S. segment revenue for the nine months ended September 30, 2025, was $414,646,000, a 24.5% increase from $333,113,000 in 2024[45] - International segment revenue for the nine months ended September 30, 2025, was $79,588,000, up 24.6% from $63,870,000 in 2024[45] Profitability Metrics - Q3 Adjusted EBITDA improved by $6.8 million year-over-year to $6.1 million, reflecting strong operating expense leverage[5] - Non-GAAP net income for Q3 2025 was $6.2 million, compared to $1.1 million in Q3 2024, reflecting a 457% increase[6] - Gross profit for Q3 2025 was $72.0 million, compared to $55.8 million in Q3 2024, reflecting a gross margin improvement[34] - Adjusted EBITDA for the nine months ended September 30, 2025, was $10,146,000, compared to a loss of $10,725,000 in 2024, indicating a significant improvement[39] - Non-GAAP EPS diluted for the nine months ended September 30, 2025, was $0.22, compared to a loss of $0.11 in 2024[43] Expenses and Losses - Operating expenses for Q3 2025 were $83.1 million, up from $67.3 million in Q3 2024, driven by increased sales and marketing costs[34] - Net loss for Q3 2025 was $11.6 million, compared to a net loss of $10.2 million in Q3 2024, resulting in a net loss per share of $0.23[34] - For the nine months ended September 30, 2025, the net loss was $53,110,000 compared to a net loss of $40,507,000 for the same period in 2024, representing a 31% increase in losses[37] - The company incurred $16,430,000 in losses on debt extinguishment during the nine months ended September 30, 2025[39] Asset and Liability Changes - Total current assets increased to $341.1 million as of September 30, 2025, up from $327.5 million at the end of 2024[32] - Total liabilities rose to $425.8 million as of September 30, 2025, compared to $364.5 million at the end of 2024[32] - Cash and cash equivalents decreased to $20.8 million as of September 30, 2025, from $22.2 million at the end of 2024[32] - The cash and cash equivalents at the end of the period were $20,845,000, down from $53,424,000 at the beginning of the period[37] Operational Developments - Marketplace Active Buyers increased 21% from 64,851 as of September 30, 2024, to 78,282 as of September 30, 2025[6] - The new Workcenter mobile app was launched to enhance supplier management and communication within the Xometry partner network[8] - Xometry's marketplace continues to expand, leveraging AI to enhance the procurement process for manufacturers[28] Compensation and Expenses - The company reported stock-based compensation of $25,985,000 for the nine months ended September 30, 2025, compared to $21,115,000 in 2024, reflecting a 23% increase[39] - Total stock-based compensation expense and payroll taxes related to stock-based compensation for the nine months ended September 30, 2025, reached $28,085,000, an increase of 27.6% compared to $21,991,000 in the same period of 2024[46] - Total depreciation and amortization expense for Q3 2025 was $5,000,000, representing a 55.3% increase from $3,213,000 in Q3 2024[46] - Total restructuring charges for the nine months ended September 30, 2025, amounted to $1,464,000, with a significant increase from no charges reported in the same period of 2024[46] - Product development expenses for Q3 2025 were $2,583,000, a 67.4% increase from $1,543,000 in Q3 2024[46] - Operations and support expenses for Q3 2025 totaled $3,712,000, up 64.4% from $2,259,000 in Q3 2024[46] - General and administrative expenses for the nine months ended September 30, 2025, were $4,416,000, compared to $4,101,000 in the same period of 2024, reflecting a 7.7% increase[46] - Cost of revenue for the nine months ended September 30, 2025, was $550,000, slightly up from $549,000 in the same period of 2024[46] - Sales and marketing expenses for Q3 2025 were $3,170,000, up 65.7% from $1,913,000 in Q3 2024[46] - Sales and marketing depreciation for Q3 2025 was $799,000, nearly unchanged from $794,000 in Q3 2024[46] - Operations and support depreciation for the nine months ended September 30, 2025, was $129,000, an increase from $105,000 in the same period of 2024[46]