Xometry(US:XMTR)2025-11-04 21:06Active Buyers and Revenue Growth - As of September 30, 2025, the number of Active Buyers reached 78,282, representing a 21% increase from 64,851 as of September 30, 2024[158]. - For the quarter ended September 30, 2025, 98% of revenue was generated from existing accounts, indicating strong account retention and revenue predictability[161]. - The number of accounts with Last Twelve-Month Spend of at least $50,000 increased by 14% to 1,724 as of September 30, 2025, up from 1,506 as of September 30, 2024[164]. - Total revenue increased by $39.0 million, or 28%, from $141.7 million for the three months ended September 30, 2024, to $180.7 million for the same period in 2025[195]. - Marketplace revenue increased by $39.6 million, or 31%, from $127.0 million for the three months ended September 30, 2024, to $166.6 million for the same period in 2025, driven by increased buyer activity[195]. - Total revenue increased by $97.3 million, or 24%, from $397.0 million for the nine months ended September 30, 2024, to $494.2 million for the nine months ended September 30, 2025[216]. - Marketplace revenue increased by $99.7 million, or 28%, from $351.4 million for the nine months ended September 30, 2024, to $451.2 million for the nine months ended September 30, 2025, driven by increased buyer activity[216]. Financial Performance and Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2025, was $6.1 million, compared to $(0.6) million for the same quarter in 2024, reflecting improved operational efficiency[168]. - For the nine months ended September 30, 2025, Adjusted EBITDA was $10.1 million, a significant improvement from $(10.7) million for the same period in 2024[169]. - For the three months ended September 30, 2025, Non-GAAP net income was $6.2 million, compared to $1.1 million for the same quarter in 2024, representing an increase of 463%[171]. - For the nine months ended September 30, 2025, Non-GAAP net income was $11.7 million, compared to a Non-GAAP net loss of $(5.2) million for the same period in 2024[172]. - Non-GAAP net income for the nine months ended September 30, 2025, represented 2.4% of revenue, compared to (1.3)% of revenue for the same period in 2024[172]. Operating Expenses and Profitability - Total operating expenses for the three months ended September 30, 2025, were $83.1 million, compared to $67.3 million for the same period in 2024[191]. - Gross profit for the three months ended September 30, 2025, was $72.0 million, compared to $55.8 million for the same period in 2024[191]. - The gross margin for marketplace revenue increased to 35.7% for the three months ended September 30, 2025, from 33.6% for the same period in 2024[194]. - Loss from operations for the three months ended September 30, 2025, was $(11.1) million, compared to $(11.5) million for the same period in 2024[191]. - Total gross margin was 39.2% for the nine months ended September 30, 2025, compared to 39.4% for the same period in 2024[222]. Cash Flow and Financing Activities - For the nine months ended September 30, 2025, net cash provided by operating activities was $1.7 million, compared to a net cash used of $24.5 million in the same period of 2024[262][263]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $6.0 million, primarily due to the purchase of property and equipment of $19.9 million[264]. - Net cash provided by financing activities was $2.5 million for the nine months ended September 30, 2025, resulting from $241.4 million in net proceeds from the issuance of the 2030 Notes[266]. - The company issued $250.0 million of 0.75% Convertible Senior Notes due 2030, with net proceeds of approximately $241.4 million[153]. - The company recorded approximately $17.5 million of net proceeds from the 2030 Notes to pay the cost of the Capped Calls, classified as equity[257]. Workforce and Restructuring - The company initiated restructuring actions in 2025, resulting in a workforce reduction of approximately 5% and incurring $1.5 million in employee termination costs[154]. International Operations and Currency Impact - Approximately 16% of the company's revenues for the nine months ended September 30, 2025, were generated from international operations, primarily in Euros[273]. - If the average exchange rate of Euros changed unfavorably by 10%, revenues for the nine months ended September 30, 2025, would have decreased by 1.3%[273]. Other Financial Metrics - Interest and dividend income decreased by $1.7 million, or 20.5%, from $8.3 million for the nine months ended September 30, 2024, to $6.6 million for the nine months ended September 30, 2025[209]. - General and administrative expense increased by $5.9 million, or 12.4%, from $47.5 million for the nine months ended September 30, 2024, to $53.4 million for the nine months ended September 30, 2025[207]. - Net loss attributable to common stockholders was $53.1 million for the nine months ended September 30, 2025, compared to a net loss of $40.5 million for the same period in 2024[213]. - The company experienced a net decrease in operating assets and liabilities primarily driven by changes in accounts receivable of $23.4 million due to increased sales[262]. - The company did not experience delays in receiving payments from U.S. government agencies during the quarter ended September 30, 2025, but an extended government shutdown could disrupt cash flows[259].