Non-GAAP net loss: The Company defines non-GAAP net loss as net loss adjusted for depreciation and amortization, stock-based compensation, amortization of lease intangible, amortization of deferred costs on convertible notes, loss on marketable securities, loss on sale of property and equipment, charitable contributions of common stock, impairment of assets, lease abandonment and termination costs, restructuring charges, costs to exit the supplies business and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net loss divided by weighted average number of common stock outstanding.
Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net loss and non-GAAP EPS, basic and diluted provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.
About Xometry
Xometry’s (NASDAQ:XMTR) AI-powered marketplace, popular Thomasnet® industrial sourcing platform and suite of cloud-based services are rapidly digitizing the $2 trillion manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and makes it easy for buyers to create locally resilient supply chains. The Xometry Instant Quoting Engine® leverages millions of pieces of data to analyze complex parts in real-time, matches buyers with the right suppliers globally, and provides accurate pricing and lead times. Learn more at www.xometry.com or follow @xometry.
Conference Call and Webcast Information
The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on February 29, 2024. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at
investors.xometry.com.
Xometry, Inc. Fourth Quarter and Full Year 2023 Earnings Presentation and Conference Call
- 8:30 a.m. Eastern / 5:30 a.m. Pacific on Thursday, February 29, 2024
- To register please use the following link: https://register.vevent.com/register/BIe8fa0a130127401593eefccfb6625781
- You may also visit the Xometry Investor Relations Homepage at
investors.xometry.com to listen to a live webcast of the call
Cautionary Information Regarding Forward-Looking Statements
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 2024, our expectations regarding our full year marketplace and supplier services revenue and our ability to achieve Adjusted EBITDA profitability in the third quarter of 2024; our initiatives for growth; the impact of the appointment of James Miln on our long-term growth and profitability; and statements regarding our strategy, products and platform capabilities. 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, 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 year ended December 31, 2023, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. 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
(1)
Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 53,424 | $ | 65,662 | ||||
| Marketable securities | 215,352 | 253,770 | ||||||
| Accounts receivable, less allowance for credit losses of $2.4 million and $2.0 million as of December 31, 2023 and 2022 | 70,102 | 49,277 | ||||||
| Inventory | 2,885 | 1,571 | ||||||
| Prepaid expenses | 5,571 | 7,591 | ||||||
| Other current assets | 8,897 | 9,373 | ||||||
| Total current assets | 356,231 | 387,244 | ||||||
| Property and equipment, net | 35,637 | 19,079 | ||||||
| Operating lease right-of-use assets | 12,251 | 25,923 | ||||||
| Investment in unconsolidated joint venture | 4,114 | 4,068 | ||||||
| Intangible assets, net | 35,768 | 39,351 | ||||||
| Goodwill | 262,915 | 258,036 | ||||||
| Other assets | 471 | 413 | ||||||
| Total assets | $ | 707,387 | $ | 734,114 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 24,710 | $ | 12,437 | ||||
| Accrued expenses | 41,845 | 33,433 | ||||||
| Contract liabilities | 7,357 | 8,729 | ||||||
| Income taxes payable | 2,484 | 3,956 | ||||||
| Operating lease liabilities, current portion | 6,799 | 5,471 | ||||||
| Total current liabilities | 83,195 | 64,026 | ||||||
| Convertible notes | 281,769 | 279,909 | ||||||
| Operating lease liabilities, net of current portion | 10,951 | 16,940 | ||||||
| Deferred income taxes | 275 | 429 | ||||||
| Other liabilities | 778 | 1,011 | ||||||
| Total liabilities | 376,968 | 362,315 | ||||||
| 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, 2023 and 2022, respectively | — | — | ||||||
| Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares; 45,489,379 shares and 44,822,264 shares issued and outstanding as of December 31, 2023 and 2022, 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, 2023 and 2022, respectively | — | — | ||||||
| Additional paid-in capital | 648,317 | 623,081 | ||||||
| Accumulated other comprehensive income | 855 | 28 | ||||||
| Accumulated deficit | (319,872 | ) | (252,400 | ) | ||||
| Total stockholders’ equity | 329,300 | 370,709 | ||||||
| Noncontrolling interest | 1,119 | 1,090 | ||||||
| Total equity | 330,419 | 371,799 | ||||||
| Total liabilities and stockholders’ equity | $ | 707,387 | $ | 734,114 | ||||
