Xometry, Inc. (NASDAQ:XMTR), the global AI-powered marketplace
connecting enterprise buyers with suppliers of manufacturing
services, today reported financial results for the third quarter
ended September 30, 2023.
“In Q3 2023, we had record financial results including our
highest revenue and gross profit in Xometry history. Xometry
delivered strong 22% marketplace revenue growth year-over-year and
significantly improved operating leverage, reducing Q3 Adjusted
EBITDA loss by 51% quarter-over-quarter, well ahead of
expectations,” said Randy Altschuler, Xometry’s CEO. “Driven by AI,
the underpinnings of marketplace growth are robust with over 40%
Active Buyer and order growth in Q3. We are improving operating
leverage across the business, including increased marketing
efficiency with record additions in net Active Buyers. Xometry
continues to expand marketplace functionality including the recent
integration of Teamspace, furthering our enterprise sales solutions
and increasing our organic buyer growth. We are excited to announce
our new Google Cloud AI partnership, which will accelerate instant
quoting into many new categories on our platform. We expect to
continue to rapidly gain market share and accelerate marketplace
revenue growth in Q4.”
Third Quarter 2023 Financial Highlights
- Total revenue for the third quarter
2023 was $119 million, an increase of 15% year-over-year.
- Marketplace revenue for the third
quarter of 2023 was $102 million, an increase of 22%
year-over-year.
- Supplier services revenue for the third
quarter of 2023 was $16.5 million, a decrease of 16% year-over-year
driven primarily by the exit of the tools and materials business
which reduced revenue by $2 million year-over-year.
- Total gross profit for the third
quarter 2023 was $46.2 million, an increase of 13%
year-over-year.
- Marketplace Active Buyers increased 43%
from 36,789 as of September 30, 2022 to 52,467 as of September 30,
2023 with a record addition of 4,173 new Active Buyers.
- Marketplace Accounts with Last
Twelve-Months Spend of at least $50,000 increased 26% from 974 as
of September 30, 2022, to 1,223 as of September 30, 2023.
- Marketplace Percentage of Revenue from
Existing Accounts was 96%.
- Active Paying Suppliers decreased 2%
from 7,557 as of September 30, 2022 to 7,415 as of September 30,
2023. Excluding the exited tools and materials business, Active
Paying Suppliers increased 4% year-over-year from 7,092 as of
September 30, 2022 to 7,337 as of September 30, 2023.
- Net loss attributable to common
stockholders was $12.0 million for the quarter, a decrease of $3.0
million year-over-year. Net loss for Q3 2023 included $5.7 million
of stock-based compensation and $2.5 million of depreciation and
amortization expense.
- Adjusted EBITDA was negative $4.2
million for the quarter, reflecting an improvement of $2.3 million
year-over-year.
- Cash, cash equivalents and marketable
securities were $276.8 million as of September 30, 2023.
Third Quarter 2023 Business Highlights
- Announced a partnership with
Google Cloud to help accelerate new auto-quote methods and models
within Xometry’s AI-powered Instant Quoting Engine. Using Vertex
AI, Xometry will accelerate the deployment of its instant-quoting
to encompass the broadest and most comprehensive set of
manufacturing technologies. The Vertex AI platform will enable us
to get to market faster with new offerings in entirely new
categories, allowing us to become more indispensable to our
customers and to our suppliers globally.
- Launched Xometry Teamspace in October
after a successful beta test with several large customers in Q3.
Teamspace is a cloud-based collaboration tool that lets employees
at the same company manage projects within Xometry’s AI-powered
platform. An important addition to Xometry’s online marketplace,
Teamspace helps streamline order management, increase efficiency
and drive data-based decision-making. Since the launch, over 300
teams have been created.
- Added “Build America, Buy America” as a
recognized certification on the Thomasnet.com manufacturing
sourcing platform of more than 500,000 suppliers throughout North
America. The new category on Thomasnet.com makes it easy for
enterprise buyers to identify manufacturers that are compliant with
the BABA initiative, a significant component of the bipartisan
Infrastructure Investment and Jobs Act.
- Added two additional self-serve profile
options for the more than 500,000 suppliers on Thomasnet.com.
“Thomas Verified” and “Thomas Verified + Video” offer manufacturers
enhanced visibility and targeting to prospects from preferred
industries, as well as custom video options.
- Added AS9100 Certified to the Instant
Quote Engine for our aerospace and defense buyers in October.
AS9100 is a certification defining the design and manufacturing
standard for aerospace and defense products including parts,
components, and assemblies. This is particularly relevant for
customers doing production work including flight parts.
- Expanded International offerings
including Portuguese language capability and new automated
inspection reports in Europe. Buyers now can conveniently pick from
multiple report options on the Xometry Europe marketplace including
First Article Inspection Report (Fair) and Measurement Report.
Xometry Asia added Fused Deposition Modeling (“FDM”) auto-quoting
capabilities.
Financial Summary(In thousands, except per
share amounts) |
|
|
For the Three MonthsEnded
September 30, |
|
|
|
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
118,927 |
|
|
$ |
103,571 |
|
|
|
15 |
% |
|
$ |
335,261 |
|
|
$ |
282,857 |
|
|
|
19 |
% |
Gross profit |
|
|
46,249 |
|
|
|
40,901 |
|
|
|
13 |
% |
|
|
129,174 |
|
|
|
111,536 |
|
|
|
16 |
% |
Net loss attributable to common
stockholders |
|
|
(12,023 |
) |
|
|
(15,037 |
) |
|
|
20 |
% |
|
|
(56,921 |
) |
|
|
(51,602 |
) |
|
|
(10 |
)% |
EPS, basic and diluted, of Class
A and Class B common stock |
|
|
(0.25 |
) |
|
|
(0.32 |
) |
|
|
22 |
% |
|
|
(1.19 |
) |
|
|
(1.10 |
) |
|
|
(8 |
)% |
Adjusted EBITDA(1) |
|
|
(4,215 |
) |
|
|
(6,490 |
) |
|
|
35 |
% |
|
|
(24,640 |
) |
|
|
(27,516 |
) |
|
|
10 |
% |
Non-GAAP net loss(1) |
|
|
(2,562 |
) |
|
|
(5,394 |
) |
|
|
53 |
% |
|
|
(18,955 |
) |
|
|
(26,368 |
) |
|
|
28 |
% |
Non-GAAP EPS, basic and
diluted(1), of Class A and Class B common stock |
|
|
(0.05 |
) |
|
|
(0.11 |
) |
|
|
55 |
% |
|
|
(0.40 |
) |
|
|
(0.56 |
) |
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketplace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
102,473 |
|
|
$ |
84,060 |
|
|
|
22 |
% |
|
$ |
282,664 |
|
|
$ |
224,073 |
|
|
|
26 |
% |
Cost of revenue |
|
|
70,578 |
|
|
|
58,479 |
|
|
|
(21 |
)% |
|
|
196,240 |
|
|
|
158,712 |
|
|
|
(24 |
)% |
Gross Profit |
|
$ |
31,895 |
|
|
$ |
25,581 |
|
|
|
25 |
% |
|
$ |
86,424 |
|
|
$ |
65,361 |
|
|
|
32 |
% |
Gross Margin |
|
|
31.1 |
% |
|
|
30.4 |
% |
|
|
0.7 |
% |
|
|
30.6 |
% |
|
|
29.2 |
% |
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplier
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
16,454 |
|
|
$ |
19,511 |
|
|
|
(16 |
)% |
|
$ |
52,597 |
|
|
$ |
58,784 |
|
|
|
(11 |
)% |
Cost of revenue |
|
|
2,100 |
|
|
|
4,191 |
|
|
|
50 |
% |
|
|
9,847 |
|
|
|
12,609 |
|
|
|
22 |
% |
Gross Profit |
|
$ |
14,354 |
|
|
$ |
15,320 |
|
|
|
(6 |
)% |
|
$ |
42,750 |
|
|
$ |
46,175 |
|
|
|
(7 |
)% |
Gross Margin |
|
|
87.2 |
% |
|
|
78.5 |
% |
|
|
8.7 |
% |
|
|
81.3 |
% |
|
|
78.6 |
% |
|
|
2.7 |
% |
(1) |
|
These non-GAAP financial
measures, and the reasons why we believe these non-GAAP financial
measures are useful, are described below and reconciled to their
most directly comparable GAAP measures in the accompanying
tables. |
Key Operating
Metrics(2): |
|
|
|
As of September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(3) |
|
|
52,467 |
|
|
|
36,789 |
|
|
|
43 |
% |
Percentage of Revenue from
Existing Accounts(3) |
|
|
96 |
% |
|
|
96 |
% |
|
|
|
Accounts with Last Twelve-Months
Spend of at Least $50,000(3) |
|
|
1,223 |
|
|
|
974 |
|
|
|
26 |
% |
Active Paying
Suppliers(3)(4) |
|
|
7,415 |
|
|
|
7,557 |
|
|
|
(2 |
)% |
(2) |
|
|
These key operating metrics are
for Marketplace and Supplier Services. See “Key Terms for our Key
Metrics and Non-GAAP Financial Measures” below for definitions of
these metrics. |
(3) |
|
|
Amounts shown for Active Buyers,
Accounts with Last Twelve-Months Spend of at Least $50,000, and
Active Paying Suppliers are as of September 30, 2023 and 2022, and
Percentage of Revenue from Existing Accounts is presented for the
quarters ended September 30, 2023 and 2022. |
(4) |
|
|
Excluding the impact of the exit
of the supplies business, Active Paying Suppliers increased 4%
year-over-year from 7,092 as of September 30, 2022 to 7,337 as of
September 30, 2023. |
Financial
Guidance and Outlook: |
|
|
|
Q4 2023 |
|
|
|
(in millions) |
|
|
|
Low |
|
|
High |
|
Revenue |
|
$ |
126 |
|
|
$ |
130 |
|
Adjusted EBITDA |
|
$ |
(2 |
) |
|
$ |
0 |
|
Xometry’s fourth quarter 2023 financial outlook is based on a
number of assumptions that are subject to change and many of which
are outside of its control. If actual results vary from these
assumptions, Xometry’s expectations may change. There can be no
assurance that Xometry will achieve these results.
Reconciliation of Adjusted EBITDA on a forward-looking basis to
net loss, the most directly comparable GAAP measure, is not
available without unreasonable efforts due to the high variability
and complexity and low visibility with respect to the charges
excluded from this non-GAAP measure; in particular, the effects of
stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
Xometry’s stock price. Xometry expects the variability of the above
charges to have a significant, and potentially unpredictable,
impact on its future GAAP financial results.
Use of Non-GAAP Financial Measures To
supplement its consolidated financial statements, which are
prepared and presented in accordance with generally accepted
accounting principles in the United States of America (“GAAP”),
Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses
Adjusted EBITDA, non-GAAP net loss and non-GAAP Earnings Per Share,
which are considered non-GAAP financial measures, as described
below. These non-GAAP financial measures are presented to enhance
the user’s overall understanding of Xometry’s financial performance
and should not be considered a substitute for, nor superior to, the
financial information prepared and presented in accordance with
GAAP. The non-GAAP financial measures presented in this release,
together with the GAAP financial results, are the primary measures
used by the Company’s management and board of directors to
understand and evaluate the Company’s financial performance and
operating trends, including period-to-period comparisons, because
they exclude certain expenses and gains that management believes
are not indicative of the Company’s core operating results.
Management also uses these measures to prepare and update the
Company’s short and long term financial and operational plans, to
evaluate investment decisions, and in its discussions with
investors, commercial bankers, equity research analysts and other
users of the Company’s financial statements. Accordingly, the
Company believes that these non-GAAP financial measures provide
useful information to investors and others in understanding and
evaluating the Company’s operating results in the same manner as
the Company’s management and in comparing operating results across
periods and to those of Xometry’s peer companies. In addition, from
time to time we may present adjusted information (for example,
revenue growth) to exclude the impact of certain gains, losses or
other changes that affect period-to-period comparability of our
operating performance.
The use of non-GAAP financial measures has certain limitations
because they do not reflect all items of income and expense, or
cash flows, that affect the Company’s financial performance and
operations. Additionally, non-GAAP financial measures do not have
standardized meanings, and therefore other companies, including
peer companies, may use the same or similarly named measures but
exclude or include different items or use different computations.
Management compensates for these limitations by reconciling these
non-GAAP financial measures to their most comparable GAAP financial
measures in the tables captioned “Reconciliations of Non-GAAP
Financial Measures” included at the end of this release. Investors
and others are encouraged to review the Company’s financial
information in its entirety and not rely on a single financial
measure.
Key Terms for our Key Metrics and Non-GAAP Financial
Measures
Marketplace revenue: includes the sale of parts
and assemblies.
Supplier service revenue: includes the sales of
advertising on Thomasnet, marketing services, supplies, financial
service products and other fintech products.
Active Buyers: The Company defines “buyers” as
individuals who have placed an order to purchase on-demand parts or
assemblies on our marketplace. The Company defines Active Buyers as
the number of buyers who have made at least one purchase on our
marketplace during the last twelve months.
Active Suppliers: The Company defines
“suppliers” as individuals or businesses that have been approved by
us to either manufacture a product on our platform for a buyer or
have utilized our supplier services, including our digital
marketing services, data services, financial services or supplies.
The Company defines Active Suppliers as suppliers that have used
our platform at least once during the last twelve months to
manufacture a product or buy tools or supplies.
Percentage of Revenue from Existing Accounts:
The Company defines an “account” as an individual entity, such as a
sole proprietor with a single buyer or corporate entities with
multiple buyers, having purchased at least one part on our
marketplace. The Company defines an existing account as an account
where at least one buyer has made a purchase on our
marketplace.
Accounts with Last Twelve-Month Spend of At Least
$50,000: The Company defines Accounts with Last
Twelve-Month Spend of At Least $50,000 as an account that has spent
at least $50,000 on our marketplace in the most recent twelve-month
period.
Active Paying Suppliers: The Company defines
Active Paying Suppliers as individuals or businesses who have
purchased one or more of our supplier services, including digital
marketing services, data services, financial services or supplies
on our platforms during the last twelve months.
Adjusted earnings before interest, taxes, depreciation
and amortization (Adjusted EBITDA): The Company defines
Adjusted EBITDA as net loss, adjusted for interest expense,
interest and dividend income and other expenses, income tax
provision (benefit), and certain other non-cash or non-recurring
items impacting net loss from time to time, principally comprised
of depreciation and amortization, amortization of lease intangible,
stock-based compensation, charitable contributions of common stock,
income from unconsolidated joint venture, impairment of assets,
lease abandonment, 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 net loss: The Company defines non-GAAP
net loss as net loss adjusted for depreciation and amortization,
stock-based compensation expense, 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 XometryXometry’s (NASDAQ:XMTR) AI-powered
marketplace, popular Thomasnet industrial sourcing platform and
suite of cloud-based services are rapidly digitizing the $2.4
trillion manufacturing industry. Xometry provides manufacturers the
critical resources they need to grow their business and makes it
easy for buyers to access global manufacturing capacity and create
locally resilient supply chains. The Xometry Instant Quoting
Engine® leverages millions of pieces of data to analyze complex
parts quickly and effectively in real-time, match buyers with the
right suppliers globally and provide accurate pricing and lead
times. Through its extensible marketplace, Xometry continuously
scales its offerings, delivering an ever-expanding menu of
manufacturing capabilities. Learn more at www.xometry.com or follow
@xometry.
Conference Call and Webcast InformationThe
Company will host a conference call and webcast to discuss the
results at 8:30 a.m. ET (5:30 a.m. PT) on November 9, 2023. In
addition to issuing a press release, the Company will post an
earnings presentation to its investor website at
investors.xometry.com.
Xometry, Inc. Third Quarter 2023 Earnings Presentation and
Conference Call
- 8:30 a.m. Eastern / 5:30 a.m. Pacific on Thursday, November 9,
2023
- To register please use the following link:
https://register.vevent.com/register/BI1d244cfd8ee84a47a1618245cd6518fb
- 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
StatementsThis 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 fourth quarter 2023, our
expectation regarding our operating leverage and path to Adjusted
EBITDA profitability in the fourth quarter of 2023, 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, 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, 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 MilneVP Investor
Relations240-335-8132shawn.milne@xometry.com |
Matthew Hutchison Corporate
Communications for
Xometry415-583-2119matthew.hutchison@xometry.com |
|
|
Xometry, Inc. and Subsidiaries Unaudited Condensed
Consolidated Balance Sheets (In thousands, except share and per
share data) |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
44,373 |
|
|
$ |
65,662 |
|
Marketable securities |
|
|
232,400 |
|
|
|
253,770 |
|
Accounts receivable, less allowance for credit losses of $2.1
million and $2.0 million as of September 30, 2023 and December 31,
2022 |
|
|
63,974 |
|
|
|
49,188 |
|
Inventory |
|
|
1,309 |
|
|
|
1,571 |
|
Prepaid expenses |
|
|
4,898 |
|
|
|
7,591 |
|
Other current assets |
|
|
10,309 |
|
|
|
12,273 |
|
Total current assets |
|
|
357,263 |
|
|
|
390,055 |
|
Property and equipment, net |
|
|
25,689 |
|
|
|
19,079 |
|
Operating lease right-of-use assets |
|
|
13,337 |
|
|
|
25,923 |
|
Investment in unconsolidated joint venture |
|
|
4,205 |
|
|
|
4,068 |
|
Intangible assets, net |
|
|
36,678 |
|
|
|
39,351 |
|
Goodwill |
|
|
262,898 |
|
|
|
258,036 |
|
Other assets |
|
|
459 |
|
|
|
413 |
|
Total assets |
|
$ |
700,529 |
|
|
$ |
736,925 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
13,326 |
|
|
$ |
12,437 |
|
Accrued expenses |
|
|
35,113 |
|
|
|
33,430 |
|
Contract liabilities |
|
|
9,659 |
|
|
|
8,509 |
|
Income taxes payable |
|
|
2,956 |
|
|
|
3,956 |
|
Operating lease liabilities, current portion |
|
|
6,736 |
|
|
|
5,471 |
|
Total current liabilities |
|
|
67,790 |
|
|
|
63,803 |
|
Convertible notes |
|
|
281,305 |
|
|
|
279,909 |
|
Operating lease liabilities, net of current portion |
|
|
12,675 |
|
|
|
16,940 |
|
Deferred income taxes |
|
|
363 |
|
|
|
429 |
|
Other liabilities |
|
|
1,499 |
|
|
|
1,011 |
|
Total liabilities |
|
|
363,632 |
|
|
|
362,092 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Preferred stock, $0.000001 par value. Authorized; 50,000,000
shares; zero shares issued and outstanding as of September 30, 2023
and December 31, 2022, respectively |
|
|
— |
|
|
|
— |
|
Class A Common stock, $0.000001 par value. Authorized; 750,000,000
shares; 45,346,289 shares and 44,822,264 shares issued and
outstanding as of September 30, 2023 and December 31, 2022,
respectively |
|
|
— |
|
|
|
— |
|
Class B Common stock, $0.000001 par value. Authorized; 5,000,000
shares; 2,676,154 shares issued and outstanding as of September 30,
2023 and December 31, 2022, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
641,607 |
|
|
|
623,081 |
|
Accumulated other comprehensive income |
|
|
442 |
|
|
|
28 |
|
Accumulated deficit |
|
|
(306,287 |
) |
|
|
(249,366 |
) |
Total stockholders’
equity |
|
|
335,762 |
|
|
|
373,743 |
|
Noncontrolling interest |
|
|
1,135 |
|
|
|
1,090 |
|
Total equity |
|
|
336,897 |
|
|
|
374,833 |
|
Total liabilities and
stockholders’ equity |
|
$ |
700,529 |
|
|
$ |
736,925 |
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries Unaudited Condensed
Consolidated Statements of Operations and Comprehensive Loss(In
thousands, except share and per share amounts) |
|
|
|
Three Months
EndedSeptember 30, |
|
|
Nine Months
EndedSeptember 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
|
$ |
118,927 |
|
|
$ |
103,571 |
|
|
$ |
335,261 |
|
|
$ |
282,857 |
|
Cost of revenue |
|
|
72,678 |
|
|
|
62,670 |
|
|
|
206,087 |
|
|
|
171,321 |
|
Gross profit |
|
|
46,249 |
|
|
|
40,901 |
|
|
|
129,174 |
|
|
|
111,536 |
|
Sales and marketing |
|
|
23,210 |
|
|
|
21,416 |
|
|
|
68,315 |
|
|
|
58,846 |
|
Operations and support |
|
|
12,622 |
|
|
|
11,620 |
|
|
|
39,450 |
|
|
|
36,158 |
|
Product development |
|
|
8,523 |
|
|
|
7,613 |
|
|
|
25,570 |
|
|
|
22,698 |
|
General and administrative |
|
|
14,940 |
|
|
|
15,126 |
|
|
|
56,479 |
|
|
|
43,143 |
|
Impairment of assets |
|
|
151 |
|
|
|
325 |
|
|
|
397 |
|
|
|
444 |
|
Total operating expenses |
|
|
59,446 |
|
|
|
56,100 |
|
|
|
190,211 |
|
|
|
161,289 |
|
Loss from operations |
|
|
(13,197 |
) |
|
|
(15,199 |
) |
|
|
(61,037 |
) |
|
|
(49,753 |
) |
Other income
(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,205 |
) |
|
|
(1,194 |
) |
|
|
(3,596 |
) |
|
|
(3,172 |
) |
Interest and dividend income |
|
|
2,994 |
|
|
|
1,344 |
|
|
|
8,648 |
|
|
|
1,914 |
|
Other expenses |
|
|
(597 |
) |
|
|
(289 |
) |
|
|
(1,156 |
) |
|
|
(1,733 |
) |
Income from unconsolidated joint
venture |
|
|
134 |
|
|
|
297 |
|
|
|
437 |
|
|
|
600 |
|
Total other income
(expenses) |
|
|
1,326 |
|
|
|
158 |
|
|
|
4,333 |
|
|
|
(2,391 |
) |
Loss before income taxes |
|
|
(11,871 |
) |
|
|
(15,041 |
) |
|
|
(56,704 |
) |
|
|
(52,144 |
) |
(Provision) benefit for income
taxes |
|
|
(139 |
) |
|
|
- |
|
|
|
(208 |
) |
|
|
559 |
|
Net loss |
|
|
(12,010 |
) |
|
|
(15,041 |
) |
|
|
(56,912 |
) |
|
|
(51,585 |
) |
Net income (loss) attributable to
noncontrolling interest |
|
|
13 |
|
|
|
(4 |
) |
|
|
9 |
|
|
|
17 |
|
Net loss attributable to common stockholders |
|
$ |
(12,023 |
) |
|
$ |
(15,037 |
) |
|
$ |
(56,921 |
) |
|
$ |
(51,602 |
) |
Net loss per share, basic and
diluted, of Class A and Class B common stock |
|
$ |
(0.25 |
) |
|
$ |
(0.32 |
) |
|
$ |
(1.19 |
) |
|
$ |
(1.10 |
) |
Weighted-average number of shares
outstanding used to compute net loss per share, basic and diluted,
of Class A and Class B common stock |
|
|
47,989,277 |
|
|
|
47,303,090 |
|
|
|
47,852,671 |
|
|
|
47,057,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
$ |
91 |
|
|
$ |
(559 |
) |
|
$ |
450 |
|
|
$ |
(573 |
) |
Total other comprehensive income (loss) |
|
|
91 |
|
|
|
(559 |
) |
|
|
450 |
|
|
|
(573 |
) |
Net loss |
|
|
(12,010 |
) |
|
|
(15,041 |
) |
|
|
(56,912 |
) |
|
|
(51,585 |
) |
Comprehensive
loss |
|
|
(11,919 |
) |
|
|
(15,600 |
) |
|
|
(56,462 |
) |
|
|
(52,158 |
) |
Comprehensive income attributable
to noncontrolling interest |
|
|
21 |
|
|
|
14 |
|
|
|
45 |
|
|
|
85 |
|
Total comprehensive loss
attributable to common stockholders |
|
$ |
(11,940 |
) |
|
$ |
(15,614 |
) |
|
$ |
(56,507 |
) |
|
$ |
(52,243 |
) |
Xometry, Inc. and Subsidiaries Unaudited Condensed
Consolidated Statements of Cash Flows(In thousands) |
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
|
(unaudited) |
|
Net loss |
|
$ |
(56,912 |
) |
|
$ |
(51,585 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
7,939 |
|
|
|
5,716 |
|
Impairment of assets |
|
|
397 |
|
|
|
444 |
|
Reduction in carrying amount of right-of-use asset |
|
|
13,257 |
|
|
|
5,351 |
|
Stock based compensation |
|
|
16,222 |
|
|
|
14,048 |
|
Revaluation of contingent consideration |
|
|
305 |
|
|
|
434 |
|
Income from unconsolidated joint venture |
|
|
(137 |
) |
|
|
(100 |
) |
Donation of common stock |
|
|
696 |
|
|
|
2,272 |
|
Unrealized loss on marketable securities |
|
|
— |
|
|
|
1,659 |
|
Non-cash income tax benefit |
|
|
— |
|
|
|
(559 |
) |
Loss on sale of property and equipment |
|
|
92 |
|
|
|
71 |
|
Inventory write-off |
|
|
223 |
|
|
|
— |
|
Amortization of deferred costs on convertible notes |
|
|
1,396 |
|
|
|
1,250 |
|
Deferred taxes benefit |
|
|
(66 |
) |
|
|
(2 |
) |
Changes in other assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(14,873 |
) |
|
|
(19,032 |
) |
Inventory |
|
|
(17 |
) |
|
|
(3,680 |
) |
Prepaid expenses |
|
|
2,335 |
|
|
|
(1,784 |
) |
Other assets |
|
|
1,395 |
|
|
|
(3,922 |
) |
Accounts payable |
|
|
640 |
|
|
|
(240 |
) |
Accrued expenses |
|
|
1,032 |
|
|
|
5,591 |
|
Contract liabilities |
|
|
1,178 |
|
|
|
2,777 |
|
Lease liabilities |
|
|
(3,845 |
) |
|
|
(4,219 |
) |
Income taxes payable |
|
|
160 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(28,583 |
) |
|
|
(45,510 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(8,630 |
) |
|
|
(281,897 |
) |
Proceeds from sale of marketable securities |
|
|
30,000 |
|
|
|
4 |
|
Purchases of property and equipment |
|
|
(12,063 |
) |
|
|
(9,608 |
) |
Proceeds from sale of property and equipment |
|
|
223 |
|
|
|
165 |
|
Cash paid for business combination, net of cash acquired |
|
|
(3,349 |
) |
|
|
— |
|
Net cash provided by (used in) investing
activities |
|
|
6,181 |
|
|
|
(291,336 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
Proceeds from stock options exercised |
|
|
1,428 |
|
|
|
3,317 |
|
Proceeds from issuance of convertible notes |
|
|
— |
|
|
|
287,500 |
|
Costs incurred in connection with issuance of convertible
notes |
|
|
— |
|
|
|
(9,309 |
) |
Payments on finance lease obligations |
|
|
— |
|
|
|
(2 |
) |
Net cash provided by financing activities |
|
|
1,428 |
|
|
|
281,506 |
|
Effect of foreign currency translation on cash and cash
equivalents |
|
|
(315 |
) |
|
|
(425 |
) |
Net decrease in cash and cash equivalents |
|
|
(21,289 |
) |
|
|
(55,765 |
) |
Cash and cash equivalents
at beginning of the year |
|
|
65,662 |
|
|
|
86,262 |
|
Cash and cash equivalents
at end of the period |
|
$ |
44,373 |
|
|
$ |
30,497 |
|
Supplemental cash flow
information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
2,875 |
|
|
$ |
1,414 |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
Non-cash consideration in
connection with business combination |
|
|
1,593 |
|
|
|
— |
|
Xometry, Inc. and Subsidiaries Unaudited
Reconciliations of Non-GAAP Financial Measures (In thousands) |
|
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,010 |
) |
|
$ |
(15,041 |
) |
|
$ |
(56,912 |
) |
|
$ |
(51,585 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, interest and
dividend income and other expenses |
|
|
(1,192 |
) |
|
|
139 |
|
|
|
(3,896 |
) |
|
|
2,991 |
|
Depreciation and
amortization(1) |
|
|
2,478 |
|
|
|
1,909 |
|
|
|
7,939 |
|
|
|
5,716 |
|
Amortization of lease
intangible |
|
|
180 |
|
|
|
333 |
|
|
|
770 |
|
|
|
999 |
|
Provision (benefit) for income
taxes |
|
|
139 |
|
|
|
— |
|
|
|
208 |
|
|
|
(559 |
) |
Stock-based compensation(2) |
|
|
5,730 |
|
|
|
5,113 |
|
|
|
16,222 |
|
|
|
14,048 |
|
Lease abandonment(3) |
|
|
— |
|
|
|
— |
|
|
|
8,706 |
|
|
|
— |
|
Acquisition and other(4) |
|
|
117 |
|
|
|
42 |
|
|
|
343 |
|
|
|
(1,242 |
) |
Charitable contribution of common
stock |
|
|
326 |
|
|
|
987 |
|
|
|
696 |
|
|
|
2,272 |
|
Income from unconsolidated joint
venture |
|
|
(134 |
) |
|
|
(297 |
) |
|
|
(437 |
) |
|
|
(600 |
) |
Impairment of assets |
|
|
151 |
|
|
|
325 |
|
|
|
397 |
|
|
|
444 |
|
Restructuring charge(5) |
|
|
— |
|
|
|
— |
|
|
|
738 |
|
|
|
— |
|
Costs to exit the supplies
business |
|
|
— |
|
|
|
— |
|
|
|
586 |
|
|
|
— |
|
Adjusted
EBITDA |
|
$ |
(4,215 |
) |
|
$ |
(6,490 |
) |
|
$ |
(24,640 |
) |
|
$ |
(27,516 |
) |
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Non-GAAP Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,010 |
) |
|
$ |
(15,041 |
) |
|
$ |
(56,912 |
) |
|
$ |
(51,585 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization(1) |
|
|
2,478 |
|
|
|
1,909 |
|
|
|
7,939 |
|
|
|
5,716 |
|
Stock-based compensation(2) |
|
|
5,730 |
|
|
|
5,113 |
|
|
|
16,222 |
|
|
|
14,048 |
|
Amortization of lease
intangible |
|
|
180 |
|
|
|
333 |
|
|
|
770 |
|
|
|
999 |
|
Amortization of deferred costs on
convertible notes |
|
|
466 |
|
|
|
469 |
|
|
|
1,396 |
|
|
|
1,250 |
|
Loss on marketable
securities |
|
|
— |
|
|
|
469 |
|
|
|
— |
|
|
|
1,659 |
|
Acquisition and other(4) |
|
|
117 |
|
|
|
42 |
|
|
|
343 |
|
|
|
(1,242 |
) |
Loss on sale of property and
equipment |
|
|
— |
|
|
|
— |
|
|
|
92 |
|
|
|
71 |
|
Charitable contribution of common
stock |
|
|
326 |
|
|
|
987 |
|
|
|
696 |
|
|
|
2,272 |
|
Lease abandonment and
termination(3) |
|
|
— |
|
|
|
— |
|
|
|
8,778 |
|
|
|
— |
|
Impairment of assets |
|
|
151 |
|
|
|
325 |
|
|
|
397 |
|
|
|
444 |
|
Restructuring charge(5) |
|
|
— |
|
|
|
— |
|
|
|
738 |
|
|
|
— |
|
Costs to exit the supplies
business |
|
|
— |
|
|
|
— |
|
|
|
586 |
|
|
|
— |
|
Non-GAAP Net
Loss |
|
$ |
(2,562 |
) |
|
$ |
(5,394 |
) |
|
$ |
(18,955 |
) |
|
$ |
(26,368 |
) |
Weighted-average number of shares
outstanding used to compute Non-GAAP Net Loss per share, basic and
diluted, of Class A and Class B common stock |
|
|
47,989,277 |
|
|
|
47,303,090 |
|
|
|
47,852,671 |
|
|
|
47,057,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS, basic and diluted, of Class
A and Class B common stock |
|
$ |
(0.25 |
) |
|
$ |
(0.32 |
) |
|
$ |
(1.19 |
) |
|
$ |
(1.10 |
) |
Non-GAAP EPS, basic and diluted,
of Class A and Class B common stock |
|
$ |
(0.05 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.56 |
) |
(1) |
|
|
Represents depreciation expense
of the Company’s long-lived tangible assets and amortization
expense of its finite-lived intangible assets, as included in the
Company’s GAAP results of operations. |
(2) |
|
|
Represents the non-cash expense
related to stock-based awards granted to employees, as included in
the Company’s GAAP results of operations. |
(3) |
|
|
Amount is recorded in general and
administrative and/or other expenses. |
(4) |
|
|
Includes adjustments related to
purchase accounting, the revaluation of contingent consideration
and transaction costs. |
(5) |
|
|
Costs associated with the May
2023 reduction in workforce. |
Xometry, Inc. and Subsidiaries Unaudited Segment
Results(In thousands) |
|
|
|
For the Three Months EndedSeptember 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Segment
Revenue: |
|
|
|
|
|
|
U.S. |
|
$ |
103,379 |
|
|
$ |
94,829 |
|
|
$ |
292,715 |
|
|
$ |
258,553 |
|
International |
|
|
15,548 |
|
|
|
8,742 |
|
|
|
42,546 |
|
|
|
24,304 |
|
Total revenue |
|
$ |
118,927 |
|
|
$ |
103,571 |
|
|
$ |
335,261 |
|
|
$ |
282,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
(7,893 |
) |
|
$ |
(10,732 |
) |
|
$ |
(43,742 |
) |
|
$ |
(36,977 |
) |
International |
|
|
(4,130 |
) |
|
|
(4,305 |
) |
|
|
(13,179 |
) |
|
|
(14,625 |
) |
Total net loss attributable to common stockholders |
|
$ |
(12,023 |
) |
|
$ |
(15,037 |
) |
|
$ |
(56,921 |
) |
|
$ |
(51,602 |
) |
Xometry, Inc. and Subsidiaries Unaudited
Supplemental Information(In thousands) |
|
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Summary of Stock-based
Compensation Expense |
|
|
|
|
|
|
Sales and marketing |
|
$ |
1,216 |
|
|
$ |
1,135 |
|
|
$ |
3,453 |
|
|
$ |
3,071 |
|
Operations and support |
|
|
1,955 |
|
|
|
1,715 |
|
|
|
5,690 |
|
|
|
4,879 |
|
Product development |
|
|
1,424 |
|
|
|
1,097 |
|
|
|
3,890 |
|
|
|
3,119 |
|
General and
administrative |
|
|
1,135 |
|
|
|
1,166 |
|
|
|
3,189 |
|
|
|
2,979 |
|
Total stock-based compensation
expense |
|
$ |
5,730 |
|
|
$ |
5,113 |
|
|
$ |
16,222 |
|
|
$ |
14,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
38 |
|
|
$ |
41 |
|
|
$ |
120 |
|
|
$ |
99 |
|
Sales and marketing |
|
|
796 |
|
|
|
776 |
|
|
|
2,380 |
|
|
|
2,326 |
|
Operations and support |
|
|
52 |
|
|
|
15 |
|
|
|
142 |
|
|
|
43 |
|
Product development |
|
|
1,294 |
|
|
|
839 |
|
|
|
3,998 |
|
|
|
2,437 |
|
General and
administrative |
|
|
298 |
|
|
|
238 |
|
|
|
1,299 |
|
|
|
811 |
|
Total depreciation and
amortization expense |
|
$ |
2,478 |
|
|
$ |
1,909 |
|
|
$ |
7,939 |
|
|
$ |
5,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
Charge |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
224 |
|
|
$ |
- |
|
Operations and support |
|
|
- |
|
|
|
- |
|
|
|
230 |
|
|
|
- |
|
Product development |
|
|
- |
|
|
|
- |
|
|
|
117 |
|
|
|
- |
|
General and
administrative |
|
|
- |
|
|
|
- |
|
|
|
167 |
|
|
|
- |
|
Total restructuring
charge |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
738 |
|
|
$ |
- |
|
Xometry (NASDAQ:XMTR)
過去 株価チャート
から 4 2024 まで 5 2024
Xometry (NASDAQ:XMTR)
過去 株価チャート
から 5 2023 まで 5 2024