• Strong start to 2022: Strong quarter with revenue increasing 90% year-over-year driven by rapid organic growth in marketplace and supplier services including Thomas.
  
• Strong gross margin trends driven by AI pricing/supplier selection and additional supplier services: Gross profit up 235% year-over-year.
• Robust marketplace and supplier service expansion: Expanded marketplace to Spain and launched a local manufacturing network in China. Extended the reach of the marketplace with Xometry Everywhere. Added self-serve subscriptions for advertising services.
• Expect strong growth in 2022 and improving operating leverage: We expect revenue growth of 80-83% to $392-$400 million. Growth will be driven by increasing active buyers and suppliers, added supplier services and revenue synergies with Thomas. We expect operating leverage to improve in Q2 2022 and through the second half of 2022.      

ROCKVILLE, Md., May 11, 2022 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), a leading global AI-enabled digital manufacturing marketplace, today reported financial results for the first quarter ended March 31, 2022.

"In Q1 2022, Xometry delivered strong growth across the board, expanded our marketplace to new geographies and extended the reach of our AI driven quoting engine through the launch of Xometry Everywhere. We also improved our supplier services including new products from Thomas,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with suppliers. With our supplier network expanding domestically and abroad, we are playing an instrumental role in helping create locally resilient supply chains irrespective of macro events.”
  
First Quarter 2022 Financial Highlights

• Total revenue for the first quarter 2022 was $83.7 million an increase of 90% year-over-year.
• Marketplace revenue for the first quarter of 2022 was $64.4 million.
• Supplier services revenue for the first quarter of 2022 was $19.3 million.
• Total gross profit for the first quarter 2022 was $32.9 million an increase of 235% year-over-year.
• Marketplace Active Buyers increased 44% from 21,345 as of March 31, 2021 to 30,683 as of March 31, 2022.
• Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 92% from 412 as of March 31, 2021 to 790 as of March 31, 2022.
• Marketplace Percentage of Revenue from Existing Accounts was 94%.
• Net loss attributable to common stockholders was $20.0 million for the quarter, an increase of $9.5 million year-over-year, and Adjusted EBITDA was negative $12.7 million for the quarter, reflecting an increase of $3.9 million year-over-year. Net loss for Q1 2022 includes $3.5 million of stock-based compensation and $0.2 million of transaction costs.
• Cash and cash equivalents and marketable securities were $368.7 million as of March 31, 2022.
  

First Quarter 2022 Business Highlights

• Introduced “Xometry Everywhere” software which extends the reach of Xometry’s AI-driven instant-quoting pricing engine to popular third-party sites where engineers and other buyers spend significant amounts of time. Xometry Everywhere is also available for integration into the procurement processes of Fortune 1000 companies.
• Obtained certification for Medical Device Manufacturing (ISO 13485) enabling the Xometry marketplace to expand the breadth of medical device manufacturing.
• Expanded European operations including an enhanced site for European customers, www.xometry.eu, which makes it even easier for buyers to compare and price technologies, materials and finishes in real time. Added a new Spanish site.
• Introduced new self-serve advertising subscription options for suppliers on Thomasnet.
• Launched a local manufacturing network in China (Xometry.Asia) and began taking orders from Chinese customers in April 2022.
• Expanded CAD integrations with the addition of PTC’s Onshape product development platform which has over 2 million users. The integration provides seamless instant quoting with our proprietary, AI-driven Xometry Instant Quoting Engine, enabling engineers and designers to instantly price parts in Onshape.
• On February 11, 2022 completed an offering of Convertible Senior Notes, raising net proceeds of $278.2 million.
  
  

Financial Summary
(In thousands, except per share amounts)