• Q1 revenue increased 26% year-over-year driven by stronger-than-expected marketplace growth of 35% year-over-year. Marketplace revenue up 10% quarter-over-quarter   
• Q1 gross profit increased 20% year-over-year driven by 41% growth in marketplace gross profit. Marketplace gross profit up 16% quarter-over-quarter
• Q1 Adjusted EBITDA loss of $11.8 million, a $2.5 million quarter-over-quarter improvement driven by higher revenue and gross profit, partly offset by approximately $0.8 million in incremental non-recurring accounting and legal costs associated with Sarbanes-Oxley Act implementation. Expect improved operating leverage through 2023
• Expect Q2 revenue growth of 14%-16% year-over-year to $109-$111 million, driven by healthy marketplace growth
• Early positive results from our 5-point strategic plan with increasing focus on our top 200 accounts; rapidly expanding the marketplace menu; furthering international expansion and growth; driving adoption of new products, and aggressively reducing operating expenses
  

NORTH BETHESDA, Md., May 10, 2023 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the first quarter ended March 31, 2023.

“In Q1 2023, Xometry delivered stronger-than-expected 35% marketplace growth year-over-year, improved marketplace gross margin by 170 basis points quarter-over-quarter and improved operating leverage driven by our steadfast focus on our 5-point strategic plan,” said Randy Altschuler, Xometry’s CEO. “We continue to rapidly expand our network of buyers and suppliers and enhance our products and services. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth while further tightening operating expenses to achieve Adjusted EBITDA profitability in Q4 2023.”                                                                         

First Quarter 2023 Financial Highlights

• Total revenue for the first quarter 2023 was $105.3 million, an increase of 26% year-over-year.
• Marketplace revenue for the first quarter of 2023 was $86.7 million, an increase of 35% year-over-year.
• Supplier services revenue for the first quarter of 2023 was $18.6 million, a decrease of 3% year-over-year.
• Total gross profit for the first quarter 2023 was $39.4 million, an increase of 20% year-over-year.
• Marketplace Active Buyers increased 46% from 30,683 as of March 31, 2022 to 44,716 as of March 31, 2023.
• Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 40% from 790 as of March 31, 2022, to 1,109 as of March 31, 2023.
• Marketplace Percentage of Revenue from Existing Accounts was 96%.
• Active Paying Suppliers increased 11% from 6,872 as of March 31, 2022 to 7,621 as of March 31, 2023.
• Net loss attributable to common stockholders was $18.3 million for the quarter, a decrease of $1.7 million year-over-year, and Adjusted EBITDA was negative $11.8 million for the quarter, reflecting an decrease of $1.0 million year-over-year. Net loss for Q1 2023 included $4.7 million of stock-based compensation.
• Cash, cash equivalents and marketable securities were $296.2 million as of March 31, 2023.

First Quarter 2023 Business Highlights

• Expanded further in Europe with the launch of xometry.uk, a localized marketplace for UK customers. Xometry’s localized marketplaces allow regional customers to get quotes and purchase parts directly in local currency.
• Introduced instant quoting for parts with multiple finishes. Buyers can identify parts requiring multiple finishes and the instant quoting engine will automatically price them. This instant feedback helps buyers make decisions in real-time.
• Introduced a new quick-turn injection molding service for quotes in as fast as two hours and parts in as little as five business days.
• Expanded instant quoting for more than three dozen new materials.
• Announced Xometry will be the exclusive provider of real-time pricing and lead times for Alibaba Group's 1688.com on-demand manufacturing services.
• Acquired Tridi Teknoloj A.S. ("Tridi") located in Istanbul, Turkey. The acquisition of Tridi extends our marketplace capabilities in Europe by opening an array of affordable suppliers and the ability to serve all of Europe within a 24-hour turnaround period.

Financial Summary
(In thousands, except per share amounts)