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Xometry Reports Record Second Quarter 2025 Results
Globenewswire· 2025-08-05 11:05
Core Insights - Xometry, Inc. reported strong financial performance for Q2 2025, achieving record revenue and significant marketplace gross margin expansion, indicating sustainable long-term growth potential [2][5][6] Financial Highlights - Q2 2025 revenue increased by 23% year-over-year to $163 million, driven by robust marketplace growth [5][7] - Marketplace revenue for Q2 2025 was $148 million, a 26% increase year-over-year [6][7] - Gross profit for Q2 2025 rose 23% year-over-year to $65.2 million, representing a gross margin of 40.1% [5][7] - Adjusted EBITDA improved by $6.6 million year-over-year to $3.9 million, reflecting strong operating leverage [5][6] - The net loss attributable to common stockholders for Q2 2025 was $26.4 million, which included a $16.4 million non-recurring loss on debt extinguishment [6][7] Business Developments - Active Buyers increased by 22% year-over-year, reaching 74,777 as of June 30, 2025 [6][11] - The number of Accounts with Last Twelve-Months Spend of at least $50,000 grew by 15% to 1,653 [6][11] - Xometry EU launched Teamspace, a cloud-based solution to enhance collaboration on projects and custom part orders [6][9] - New AI features were introduced to streamline quoting processes for technical drawings in North America [9] Financial Guidance - For Q3 2025, Xometry expects revenue between $167 million and $169 million, representing 18-19% year-over-year growth [12][16] - Adjusted EBITDA for Q3 2025 is projected to be approximately $4.0 to $5.0 million, an improvement from a loss of $0.6 million in Q3 2024 [12][16] - The full year 2025 marketplace growth outlook has been raised to 23-24% [16]
Xometry Announces Convertible Debt Refinancing and Closing of $250 Million of 0.75% Convertible Senior Notes Offering
Globenewswire· 2025-06-12 20:41
Core Viewpoint - Xometry, Inc. successfully closed a $250 million offering of 0.75% Convertible Senior Notes due 2030, enhancing its financial flexibility and supporting its growth initiatives in the manufacturing sector [1][2]. Transaction Overview - The offering included the full exercise of an option for an additional $25 million, aimed at qualified institutional buyers under Rule 144A of the Securities Act [1][3]. - The proceeds will be used to retire approximately $202 million of existing convertible notes due in 2027, effectively refinancing the company's debt at improved terms [4][5]. - The transaction lowers the coupon rate to 0.75% and minimizes potential future dilution for equity shareholders with a 75% conversion premium over the market price on the transaction date [2][4]. Financial Details - The Notes have an interest rate of 0.75% per annum, payable semiannually starting December 15, 2025 [5]. - The initial conversion rate is set at 21.2495 shares of Class A common stock per $1,000 principal amount of Notes, with a conversion price of approximately $47.06, representing a 30% premium to the last reported sale price [5]. - A capped call hedge was purchased with a cap price of $63.35, which is a 75% premium over the last reported sale price on June 9, 2025 [4][5]. Use of Proceeds - Approximately $216.7 million in cash was utilized to repurchase about $201.7 million of outstanding 1.00% Convertible Senior Notes due 2027 [5]. - Around $17.5 million of the net proceeds funded the cost of capped call transactions, and approximately $8 million was used to repurchase 220,994 shares of common stock [5]. Company Background - Xometry operates an AI-powered marketplace that is digitizing the manufacturing industry, providing critical resources for manufacturers and facilitating instant pricing and lead times for buyers [8].
Xometry Announces Pricing of $225 Million Offering of Convertible Senior Notes
Globenewswire· 2025-06-10 06:00
Core Viewpoint - Xometry, Inc. has announced the pricing of $225 million in 0.75% Convertible Senior Notes due 2030, aimed at qualified institutional buyers, with expected net proceeds of approximately $217 million for various corporate purposes [1][4]. Group 1: Offering Details - The offering includes an option for initial purchasers to buy an additional $25 million in Notes within 13 days of issuance [2] - The Notes will accrue interest at a rate of 0.75% per year, payable semiannually, and will mature on June 15, 2030 [3] - The initial conversion rate is set at 21.2495 shares of Class A common stock per $1,000 principal amount of Notes, equating to a conversion price of approximately $47.06 per share, representing a 30% premium over the last reported sale price [5] Group 2: Use of Proceeds - Xometry plans to use the net proceeds to cover the cost of capped call transactions ($15.7 million), repurchase approximately $8 million of its Class A common stock, and repurchase about $201.7 million of its outstanding 1.00% Convertible Senior Notes due 2027 [4] - Additional proceeds, if the option is exercised, may be used for further capped call transactions, working capital, and potential acquisitions or strategic investments [4] Group 3: Redemption and Conversion Terms - The Notes cannot be redeemed before June 20, 2028, and can be redeemed under specific conditions related to the stock price [6] - In the event of a "fundamental change," noteholders may require Xometry to repurchase their Notes at 100% of the principal amount plus accrued interest [7] - The conversion rate may be adjusted in certain corporate events or upon redemption [8] Group 4: Capped Call Transactions - Xometry has entered into capped call transactions to mitigate potential dilution from the conversion of the Notes, with an initial cap price of $63.35, a 75% premium over the last reported sale price [9][10] - The capped call transactions are expected to reduce cash payments required upon conversion and are subject to customary adjustments [9] Group 5: Market Impact - The initial purchasers may engage in derivative transactions and stock purchases that could influence the market price of Xometry's Class A common stock and the Notes [11][12] - Concurrently with the offering, Xometry repurchased approximately $8 million of its Class A common stock, which may affect the market price [13] - Xometry also repurchased approximately $216.7 million of its 2027 notes, which could lead to further market activity affecting stock prices [14][15] Group 6: Regulatory Information - The Notes are offered only to qualified institutional buyers under Rule 144A and are not registered under the Securities Act [16] - This offering does not constitute an offer to sell or a solicitation of an offer to buy any securities [17] Group 7: Company Overview - Xometry operates an AI-powered marketplace that connects buyers with suppliers of manufacturing services, aiming to digitize the manufacturing industry [19]
Xometry Announces Proposed $225 Million Offering of Convertible Senior Notes
Globenewswire· 2025-06-09 20:05
Core Viewpoint - Xometry, Inc. plans to offer $225 million in Convertible Senior Notes due 2030, with an option for an additional $25 million, to qualified institutional buyers, aiming to enhance its financial flexibility and support various corporate activities [1][3]. Group 1: Offering Details - The offering consists of $225 million in Convertible Senior Notes, with a potential additional $25 million, aimed at qualified institutional buyers under Rule 144A [1]. - The Notes will be unsecured obligations of Xometry, accruing interest payable semiannually, with conversion options including cash, shares, or a combination [2]. - The interest rate and conversion terms will be determined at the time of pricing [2]. Group 2: Use of Proceeds - Xometry intends to use the net proceeds for capped call transactions, repurchasing up to $25 million of its Class A common stock, and repurchasing a portion of its outstanding 1.00% Convertible Senior Notes due 2027 [3][9]. - Additional proceeds from the offering may be allocated for working capital, strategic investments, or further repurchases of the 2027 notes, although no specific agreements are in place for acquisitions at this time [3]. Group 3: Capped Call Transactions - Xometry plans to enter capped call transactions to mitigate potential dilution from the conversion of the Notes, which will cover the shares underlying the Notes [4]. - These transactions are expected to reduce cash payments required upon conversion and are subject to customary adjustments [4]. Group 4: Market Impact - The initial purchasers may engage in derivative transactions or purchase shares of Xometry's Class A common stock, potentially influencing the market price of the stock and the Notes [5][6]. - Activities by hedged holders of the 2027 notes may also affect the market price of Xometry's Class A common stock, impacting the effective conversion price of the Notes [9].