Xometry Reports Third Quarter 2024 Results

Core Insights - Xometry, Inc. reported a record-setting third quarter for 2024, with significant growth in revenue and gross profit driven by its AI-powered marketplace [2][3][4]. Financial Performance - Q3 revenue increased by 19% year-over-year to $142 million, with marketplace revenue growing by 24% to $127 million [1][4]. - Gross profit for Q3 rose by 21% year-over-year to $55.8 million, with marketplace gross profit increasing by 34% [1][4]. - Adjusted EBITDA improved by 85% year-over-year, resulting in a loss of $0.6 million, the lowest percentage of revenue at 0.4% [1][4][7]. Key Metrics - Active Buyers increased by 24% from 52,382 in Q3 2023 to 64,851 in Q3 2024 [9]. - Accounts with last twelve-months spend of at least $50,000 rose by 23% from 1,223 to 1,506 [9]. - The number of Active Suppliers decreased by 9% to 6,762 [9]. Business Highlights - The company expanded its U.S. marketplace menu and launched new tools in Europe to facilitate high-volume manufacturing projects [5][6]. - Xometry's global supplier base grew significantly, with over 4,200 active suppliers compared to 1,410 at the beginning of 2021 [5][6]. Future Outlook - For Q4 2024, Xometry expects revenue between $145 million and $147 million and anticipates being slightly Adjusted EBITDA profitable [10][11].