Xometry Reports Fourth Quarter and Full Year 2022 Results

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the first quarter and full year 2023, our expectation regarding our operating leverage and 2023 operating expenses, our potential for growth, and demand for our marketplaces in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, the impact of the health crises such as COVID-19 on our business and operations, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as the current inflationary environment and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2022. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

Investor Contact: Media Contact:

Shawn Milne
VP Investor Relations
240-335-8132
shawn.milne@xometry.com
Matthew Hutchison
Corporate Communications for Xometry
415-583-2119
matthew.hutchison@xometry.com



Xometry, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)

  December 31,   December 31, 
  2022   2021 
  (unaudited)    
Assets     
Current assets:     
Cash and cash equivalents$319,432  $86,262 
Marketable securities    30,465 
Accounts receivable, less allowance for credit losses of $2.0 million and $0.8 million as of December 31, 2022 and 2021, respectively. 49,188   32,427 
Inventory 1,571   2,033 
Prepaid expenses   7,591       6,664  
Other current assets   12,273       5,580  
Total current assets   390,055       163,431  
Property and equipment, net   19,079       10,287  
Operating lease right-of-use assets   25,923       27,489  
Investment in unconsolidated joint venture   4,068       4,198  
Intangible assets, net   39,351       41,736  
Goodwill   258,036       254,672  
Other assets   413       773  
Total assets $ 736,925     $ 502,586  
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable $ 12,437     $ 12,718  
Accrued expenses   33,430       30,905  
Contract liabilities   8,509       7,863  
Income taxes payable   3,956        
Operating lease liabilities, current portion   5,471       5,549  
Finance lease liabilities, current portion         2  
Total current liabilities   63,803       57,037  
Convertible notes   279,909        
Operating lease liabilities, net of current portion   16,940       16,920  
Long term income taxes payable         1,450  
Deferred income taxes   429       18  
Other liabilities   1,011       1,678  
Total liabilities   362,092       77,103  
Commitments and contingencies          
Stockholders’ equity          
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero
shares issued and outstanding as of December 31, 2022 and 2021, respectively
         
Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares;
44,822,264 shares and 43,998,404 shares issued and outstanding as of
December 31, 2022 and 2021, respectively
         
Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares;
2,676,154 shares issued and outstanding as of December 31, 2022 and 2021,
respectively
         
Additional paid-in capital   623,081       597,641  
Accumulated other comprehensive income (loss)   28       149  
Accumulated deficit   (249,366 )     (173,341 )
Total stockholders’ equity   373,743       424,449  
Noncontrolling interest   1,090       1,034  
Total equity   374,833       425,483  
Total liabilities and stockholders’ equity $ 736,925     $ 502,586  



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