Xometry, Inc. ( (XMTR) ) has released its Q3 earnings. Here is a breakdown of the information Xometry, Inc. presented to its investors.
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Xometry, Inc. is a global, AI-powered marketplace that connects enterprise buyers with suppliers of manufacturing services, specializing in the digitization of the manufacturing industry through data-driven solutions.
In its latest earnings report for the third quarter of 2024, Xometry, Inc. announced a record revenue of $142 million, marking a 19% increase compared to the previous year. The company attributes this growth primarily to a 24% increase in its marketplace activities.
Key financial highlights from the report include a 21% increase in gross profit to $55.8 million and an 85% improvement in adjusted EBITDA, reducing losses to $0.6 million. The company also reported a net loss of $10.2 million, which is a year-over-year improvement. Xometry’s growth initiatives focus on expanding its buyer and supplier networks, enhancing service offerings, and increasing its international presence.
Xometry continues to leverage its AI technology to expand its marketplace capabilities, including introducing new quoting tools and increasing its supplier base. Despite a decrease in supplier services revenue, the company has enhanced its global operations by adding significant expertise to its Board of Directors.
Looking forward, Xometry expects to maintain its momentum with continued revenue growth and aims to achieve slight profitability in adjusted EBITDA by the fourth quarter of 2024, driven by strategic market expansions and operational efficiencies.
