Xometry, Inc. (NASDAQ:XMTR), the global AI-powered marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the fourth quarter and full year ended December 31, 2023.

“In Q4 2023, we delivered record financial results including our highest revenue and gross profit in Xometry history,“ said Randy Altschuler, Xometry’s CEO. ”Xometry's strong 31% revenue growth was driven by accelerated 42% marketplace growth. We improved operating leverage, reducing Q4 Adjusted EBITDA loss by 32% quarter-over-quarter. Powered by AI, our marketplace continues to gain significant market share as buyers and suppliers realize the value, convenience and resiliency of our platform. While we have seen a softer start to the year as reflected in our outlook, we remain confident in our initiatives to drive long term profitable growth.”

Fourth Quarter 2023 Financial Highlights

  • Total revenue for the fourth quarter 2023 was $128 million, an increase of 31% year-over-year.
  • Marketplace revenue for the fourth quarter of 2023 was $112 million, an increase of 42% year-over-year.
  • Supplier services revenue for the fourth quarter of 2023 was $16.1 million, a decrease of 15% year-over-year driven primarily by the exit of the tools and materials business, which reduced revenue by approximately $2 million year-over-year.
  • Total gross profit for the fourth quarter 2023 was $49.1 million, an increase of 39% year-over-year.
  • Marketplace Active Buyers increased 36% from 40,664 as of December 31, 2022 to 55,458 as of December 31, 2023.
  • Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 30% from 1,027 as of December 31, 2022 to 1,331 as of December 31, 2023.
  • Marketplace Percentage of Revenue from Existing Accounts was 96%.
  • Active Paying Suppliers decreased 6% from 7,715 as of December 31, 2022 to 7,271 as of December 31, 2023. Excluding the exited tools and materials business, Active Paying Suppliers was flat year-over-year.
  • Net loss attributable to common stockholders was $10.6 million for the quarter, a decrease of $15.3 million year-over-year. Net loss for Q4 2023 included $5.9 million of stock-based compensation and $2.8 million of depreciation and amortization expense.
  • U.S. segment net loss to common stockholders was $5.9 million, a decrease of $16.0 million year-over-year. International segment net loss to common stockholders was $4.6 million, an increase of $0.7 million year-over-year.
  • Adjusted EBITDA was negative $2.9 million for the quarter, reflecting an improvement of $12.8 million year-over-year.
  • Cash, cash equivalents and marketable securities were $268.8 million as of December 31, 2023.

Fourth Quarter 2023 Business Highlights

  • Launched Xometry Teamspace in October after a successful beta test with several large customers in Q3. The cloud-based collaboration tool enables the customer’s employees to manage projects within Xometry’s AI-powered platform, streamlining order management, increasing efficiency and driving data-based decision-making. Since the launch, over 1,500 teams have been created.   
  • Added IATF 16949 Automotive standard to the marketplace for our automotive buyers. IATF (“International Automotive Task Force”) is the international standard for quality management systems in the automotive industry.
  • Updated process recommender to the AI-powered Xometry Instant Quoting Engine®, expanding coverage of manufacturing processes and improving accuracy. As computer-aided design (“CAD”) files are uploaded to the Xometry marketplace, the new process recommender instantly analyzes the geometric features of the file, identifies the most appropriate manufacturing process for the customer, and configures their quote.
  • Launched add-in for SOLIDWORKS in Europe, the U.K. and Türkiye. Buyers can now get instant quotes, lead times, and design-for-manufacturability feedback from Xometry directly in the CAD software.

Full Year Financial Highlights

  • Total revenue for the full year 2023 was $463 million, an increase of 22% year-over-year.
  • Marketplace revenue for the full year of 2023 was $395 million, an increase of 30% year-over-year.
  • Supplier services revenue for the full year of 2023 was $68.7 million, a decrease of 12% year-over-year driven primarily by the exit of the tools and materials business, which reduced revenue by approximately $6 million year-over-year.
  • Total gross profit for the full year of 2023 was $178 million, an increase of 22% year-over-year.
  • Marketplace gross profit margin improved to 30.8% for the year ended December 31, 2023 from 28.2% for the year ended December 31, 2022.
  • Net loss attributable to common stockholders was $67 million for the full year of 2023, a decrease of $12 million year-over-year. Net loss for the full year of 2023 included $22 million of stock-based compensation and $11 million of depreciation and amortization expense.
  • U.S. segment net loss to common stockholders was $49.7 million, a decrease of $12.1 million year-over-year. International segment net loss to common stockholders was $17.8 million, an increase of $0.5 million year-over-year.
  • Adjusted EBITDA was negative $27.5 million for the full year 2023, reflecting an improvement of $17.3 million.

Full Year Business Highlights

  • Grew the number of Active Suppliers 36% year-over-year from 2,529 to 3,429.
  • 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.
  • Acquired Tridi Teknoloj A.S. (“Tridi”) located in Istanbul, Türkiye. 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.
  • Expanded AI-powered Xometry Instant Quoting Engine to include instant-quoting of inserts, multi-part assemblies, and expanded sheet-cutting processes. The enhanced features allow buyers to instantly get pricing and lead times on CNC, sheet metal and sheet-cut parts with standard inserts while also analyzing multi-party assemblies, further accelerating Xometry’s assembly production work.
  • Introduced expanded sheet-cutting options to include a wider array of metal, composite and rubber materials. Xometry’s sheet-cutting service can cut a variety of materials using the latest laser and waterjet-cutting technologies.
  • Launched Instant Quoting for Alibaba Group’s 1688.com on-demand manufacturing services through Xometry APAC. The collaboration gives buyers in China the ability to receive instant quotes and lead times from Chinese suppliers, data that is fueled by Xometry’s AI-powered Instant Quoting Engine. Xometry is the only partner specialized in the structural parts on 1688.com that will provide real-time pricing and lead times.
  • Announced a partnership with Google Cloud to help accelerate new auto-quote methods and models within the AI-powered Xometry 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.
  • Expanded Thomas Marketing Services’ self-serve offering to include bundles with advertising and video services. 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 Quoting 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 and Measurement Report. Xometry Asia added Fused Deposition Modeling auto-quoting capabilities. 

Financial Summary(1)(In thousands, except per share amounts)(Unaudited)
    For the Three MonthsEnded December 31,           For the YearEnded December 31,        
    2023     2022     % Change     2023     2022     % Change  
                               
Consolidated                                    
Revenue   $ 128,145     $ 98,061       31 %   $ 463,406     $ 380,921       22 %
Gross profit     49,085       35,202       39 %     178,259       145,991       22 %
Net loss attributable to common stockholders     (10,551 )     (25,813 )     59 %     (67,472 )     (79,059 )     15 %
EPS, basic and diluted, of Class A and Class B common stock     (0.22 )     (0.54 )     59 %     (1.41 )     (1.68 )     16 %
Adjusted EBITDA(2)     (2,850 )     (15,639 )     82 %     (27,490 )     (44,799 )     39 %
Non-GAAP net loss(2)     (400 )     (15,119 )     97 %     (19,355 )     (43,131 )     55 %
Non-GAAP EPS, basic and diluted(2), of Class A and Class B common stock     (0.01 )     (0.32 )     97 %     (0.40 )     (0.91 )     56 %
                                     
Marketplace                                    
Revenue   $ 112,090     $ 79,148       42 %   $ 394,754     $ 303,223       30 %
Cost of revenue     77,024       58,323       (32 )%     273,264       217,779       (25 )%
Gross Profit   $ 35,066     $ 20,825       68 %   $ 121,490     $ 85,444       42 %
Gross Margin     31.3 %     26.3 %     5.0 %     30.8 %     28.2 %     2.6 %
                                     
Supplier services                                    
Revenue   $ 16,055     $ 18,913       (15 )%   $ 68,652     $ 77,698       (12 )%
Cost of revenue     2,036       4,536       55 %     11,883       17,151       31 %
Gross Profit   $ 14,019     $ 14,377       (2 )%   $ 56,769     $ 60,547       (6 )%
Gross Margin     87.3 %     76.0 %     11.3 %     82.7 %     77.9 %     4.8 %

(1)   Our 2022 results have been revised to reflect immaterial corrections related to certain captions within the Consolidated Balance Sheet, Consolidated Statement of Operations and Comprehensive Loss and Consolidated Statement of Cash Flows. See tables below for additional details with respect to the line items impacted.(2)   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(3):      
    As of December 31,  
    2023     2022     % Change  
                   
Active Buyers(4)     55,458       40,664       36 %
Percentage of Revenue from Existing Accounts(4)     96 %     96 %      
Accounts with Last Twelve-Months Spend of at Least $50,000(4)     1,331       1,027       30 %
Active Paying Suppliers(4)(5)     7,271       7,715       (6 )%

(3)   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. (4)   Amounts shown for Active Buyers, Accounts with Last Twelve-Months Spend of at Least $50,000, and Active Paying Suppliers are as of December 31, 2023 and 2022, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2023 and 2022. (5)   Excluding the impact of the exit of the supplies business, Active Paying Suppliers was flat year-over-year.       

Financial Guidance and Outlook:      
    Q1 2024  
    (in millions)  
    Low     High  
Revenue   $ 118     $ 120  
Adjusted EBITDA   $ (9 )   $ (7 )
  • Expect Q1 2024 revenue growth of 12%-14% year-over-year to $118-$120 million.
  • Expect Q1 2024 Adjusted EBITDA loss of $7.0-$9.0 million.
  • Expect fiscal 2024 marketplace revenue growth of at least 20% year-over-year and expect supplier services revenue to be down approximately 10% year-over-year driven by the discontinuation of the sale of tools and materials and the wind down of non-core services.
  • Expect to be Adjusted EBITDA profitable in the third quarter of 2024. For fiscal 2024, we expect improved operating leverage partly offset by international and enterprise growth investments.

Xometry’s first quarter 2024 and full year 2024 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 on our platform.

Supplier service revenue: includes the sales of marketing and advertising services and, to a lesser extent, financial service products, SaaS-based solutions and the sale of supplies, which was discontinued during the second quarter of 2023.

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. We adjusted the number of our 2022 active suppliers in 2023 to reflect an immaterial correction.

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, 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 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 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 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 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 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 MilneVP Investor Relations240-335-8132shawn.milne@xometry.com Matthew Hutchison Corporate Communications for Xometry415-583-2119matthew.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  
             

(1)   Our 2022 results have been revised to reflect immaterial corrections related to certain captions within the Consolidated Balance Sheet, Consolidated Statement of Operations and Comprehensive Loss and Consolidated Statement of Cash Flows. See tables below for additional details with respect to the line items impacted.

Xometry, Inc. and Subsidiaries(1) Consolidated Statements of Operations and Comprehensive Loss(In thousands, except share and per share amounts)(Unaudited)
    Three Months EndedDecember 31,     Year EndedDecember 31,  
    2023     2022     2023     2022  
                   
Revenue   $ 128,145     $ 98,061     $ 463,406     $ 380,921  
Cost of revenue     79,060       62,859       285,147       234,930  
Gross profit     49,085       35,202       178,259       145,991  
Sales and marketing     25,373       24,664       93,688       84,371  
Operations and support     12,922       12,434       52,372       48,628  
Product development     8,892       8,315       34,462       31,013  
General and administrative     14,437       15,103       70,916       58,246  
Impairment of assets     -       380       397       824  
Total operating expenses     61,624       60,896       251,835       223,082  
Loss from operations     (12,539 )     (25,694 )     (73,576 )     (77,091 )
Other income (expenses)                        
Interest expense     (1,188 )     (1,246 )     (4,784 )     (4,418 )
Interest and dividend income     2,959       2,201       11,607       4,115  
Other expenses     (355 )     (450 )     (1,511 )     (2,183 )
Income (loss) from unconsolidated joint venture     9       (30 )     446       570  
Total other income (expenses)     1,425       475       5,758       (1,916 )
Loss before income taxes     (11,114 )     (25,219 )     (67,818 )     (79,007 )
Benefit (provision) for income taxes     561       (595 )     353       (36 )
Net loss     (10,553 )     (25,814 )     (67,465 )     (79,043 )
Net (loss) income attributable to noncontrolling interest     (2 )     (1 )     7       16  
Net loss attributable to common stockholders   $ (10,551 )   $ (25,813 )   $ (67,472 )   $ (79,059 )
Net loss per share, basic and diluted, of Class A and Class B common stock   $ (0.22 )   $ (0.54 )   $ (1.41 )   $ (1.68 )
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted, of Class A and Class B common stock     48,096,142       47,457,139       47,914,039       47,158,247  
                         
Comprehensive loss:                        
Foreign currency translation   $ 91     $ 492     $ 849     $ (81 )
Total other comprehensive income (loss)     91       492       849       (81 )
Net loss     (10,553 )     (25,814 )     (67,465 )     (79,043 )
Comprehensive loss     (10,462 )     (25,322 )     (66,616 )     (79,124 )
Comprehensive (loss) income attributable to noncontrolling interest     (16 )     (29 )     29       56  
Total comprehensive loss attributable to common stockholders   $ (10,446 )   $ (25,293 )   $ (66,645 )   $ (79,180 )

(1)   Our 2022 results have been revised to reflect immaterial corrections related to certain captions within the Consolidated Balance Sheet, Consolidated Statement of Operations and Comprehensive Loss and Consolidated Statement of Cash Flows. See tables below for additional details with respect to the line items impacted.

Xometry, Inc. and Subsidiaries(1) Consolidated Statements of Cash Flows(In thousands)(Unaudited)  
    Year Ended December 31,  
    2023     2022     2021  
Cash flows from operating activities:                  
Net loss   $ (67,465 )   $ (79,043 )   $ (61,381 )
Adjustments to reconcile net loss to net cash used in operating activities:                  
Depreciation and amortization     10,738       7,819       3,596  
Impairment of assets     397       824        
Reduction in carrying amount of right-of-use asset     14,355       7,236       1,056  
Stock based compensation     22,118       19,172       7,395  
Non-cash interest expense                 111  
Loss on debt extinguishment                 272  
Revaluation of contingent consideration     571       817        
(Income) loss from unconsolidated joint venture     (46 )     130       (41 )
Donation of common stock     1,029       2,272       2,226  
Losses on marketable securities           1,855       2,002  
Loss on sale of property and equipment     92       47       20  
Inventory write-off     223       133        
Amortization of deferred costs on convertible notes     1,860       1,718        
Deferred taxes benefit     (154 )     (653 )     (179 )
Restructuring charge           1,549        
Changes in other assets and liabilities:                  
Accounts receivable, net     (20,594 )     (17,012 )     (11,117 )
Inventory     (1,550 )     351       293  
Prepaid expenses     1,669       (1,616 )     (4,025 )
Other assets     (80 )     (4,116 )     464  
Accounts payable     6,743       (215 )     5,215  
Accrued expenses     7,453       406       (12,008 )
Contract liabilities     (1,404 )     735       (1,625 )
Lease liabilities     (5,520 )     (5,727 )     (845 )
Income taxes payable     (312 )     743        
Net cash used in operating activities     (29,877 )     (62,575 )     (68,571 )
Cash flows from investing activities:                  
Purchases of marketable securities     (11,582 )     (284,096 )     (267,467 )
Proceeds from sale of marketable securities     50,000       58,927       235,000  
Purchases of property and equipment     (18,486 )     (13,650 )     (6,262 )
Proceeds from life insurance                 627  
Proceeds from sale of property and equipment     223       189        
Cash paid for business combination, net of cash acquired     (3,349 )           (174,646 )
Net cash provided by (used in) investing activities     16,806       (238,630 )     (212,748 )
Cash flows from financing activities:                  
Proceeds from initial public offering, net of underwriters' discount                 325,263  
Payments in connection with initial public offering                 (3,678 )
Proceeds from stock options exercised     1,909       3,715       2,291  
Repayment of term loan                 (16,136 )
Proceeds from the exercise of warrants                 40  
Proceeds from issuance of convertible notes           287,500        
Costs incurred in connection with issuance of convertible notes           (9,309 )      
Payment of contingent consideration     (842 )     (932 )      
Payments on finance lease obligations           (2 )     (12 )
Net cash provided by financing activities     1,067       280,972       307,768  
Effect of foreign currency translation on cash and cash equivalents     (234 )     (367 )     (61 )
Net (decrease) increase in cash and cash equivalents     (12,238 )      (20,600 )     26,388  
Cash and cash equivalents at beginning of the year     65,662       86,262       59,874  
Cash and cash equivalents at end of the year   $ 53,424     $ 65,662     $ 86,262  
Supplemental cash flow information:                  
Cash paid for interest   $ 2,875     $ 1,414     $ 907  
Non-cash investing and financing activities:                  
Non-cash purchase of property and equipment     5,353       279        
Non-cash consideration in connection with business combination     1,593       (518 )     2,339  
Shares issued in business combinations                 102,888  

(1)   Our 2022 results have been revised to reflect immaterial corrections related to certain captions within the Consolidated Balance Sheet, Consolidated Statement of Operations and Comprehensive Loss and Consolidated Statement of Cash Flows. See tables below for additional details with respect to the line items impacted.

Xometry, Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures (In thousands, except share and per share amounts)(Unaudited)
    For the Three MonthsEnded December 31,     For the YearEnded December 31,  
    2023     2022     2023     2022  
Adjusted EBITDA:                        
Net loss(1)   $ (10,553 )   $ (25,814 )   $ (67,465 )   $ (79,043 )
Add (deduct):                        
Interest expense, interest and dividend income and other expenses     (1,416 )     (505 )     (5,312 )     2,486  
Depreciation and amortization(2)     2,799       2,103       10,738       7,819  
Amortization of lease intangible     180       333       950       1,332  
Provision (benefit) for income taxes     (561 )     595       (353 )     36  
Stock-based compensation(3)     5,896       5,124       22,118       19,172  
Lease abandonment(4)                 8,706        
Acquisition and other(5)     481       566       824       (676 )
Charitable contribution of common stock     333             1,029       2,272  
Income (loss) from unconsolidated joint venture     (9 )     30       (446 )     (570 )
Impairment of assets           380       397       824  
Restructuring charge(6)           1,549       738       1,549  
Costs to exit the supplies business                 586        
Adjusted EBITDA   $ (2,850 )   $ (15,639 )   $ (27,490 )   $ (44,799 )
    For the Three MonthsEnded December 31,     For the YearEnded December 31,  
    2023     2022     2023     2022  
Non-GAAP Net Loss:                        
Net loss(1)   $ (10,553 )   $ (25,814 )   $ (67,465 )   $ (79,043 )
Add (deduct):                        
Depreciation and amortization(2)     2,799       2,103       10,738       7,819  
Stock-based compensation(3)     5,896       5,124       22,118       19,172  
Amortization of lease intangible     180       333       950       1,332  
Amortization of deferred costs on convertible notes     464       468       1,860       1,718  
Loss on marketable securities           196             1,855  
Acquisition and other(5)     481       566       824       (676 )
Loss on sale of property and equipment           (24 )     92       47  
Charitable contribution of common stock     333             1,029       2,272  
Lease abandonment and termination(4)                 8,778        
Impairment of assets           380       397       824  
Restructuring charge(6)           1,549       738       1,549  
Costs to exit the supplies business                 586        
Non-GAAP Net Loss   $ (400 )   $ (15,119 )   $ (19,355 )   $ (43,131 )
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     48,096,142       47,457,139       47,914,039       47,158,247  
                         
EPS, basic and diluted, of Class A and Class B common stock   $ (0.22 )   $ (0.54 )   $ (1.41 )   $ (1.68 )
Non-GAAP EPS, basic and diluted, of Class A and Class B common stock   $ (0.01 )   $ (0.32 )   $ (0.40 )   $ (0.91 )

(1)   Our 2022 results have been revised to reflect immaterial corrections related to certain captions within the Consolidated Balance Sheet, Consolidated Statement of Operations and Comprehensive Loss and Consolidated Statement of Cash Flows. See tables below for additional details with respect to the line items impacted.(2)   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.(3)   Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.(4)   Amount is recorded in general and administrative and/or other expenses. (5)   Includes adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs. (6)   Costs associated with the a reduction in workforce.

Xometry, Inc. and Subsidiaries(1) Segment Results(In thousands)(Unaudited)
 
    For the Three Months Ended December 31,     For the Year Ended December 31,  
    2023     2022     2023     2022  
Segment Revenue:                  
U.S.   $ 110,574     $ 87,995     $ 403,289     $ 347,710  
International     17,571       10,066       60,117       33,211  
Total revenue   $ 128,145     $ 98,061     $ 463,406     $ 380,921  
                         
Segment Net Loss:                        
U.S.   $ (5,947 )   $ (21,899 )   $ (49,689 )   $ (61,792 )
International     (4,604 )     (3,914 )     (17,783 )     (17,267 )
Total net loss attributable to common stockholders   $ (10,551 )   $ (25,813 )   $ (67,472 )   $ (79,059 )

(1)   Our 2022 results have been revised to reflect immaterial corrections related to certain captions within the Consolidated Balance Sheet, Consolidated Statement of Operations and Comprehensive Loss and Consolidated Statement of Cash Flows. See tables below for additional details with respect to the line items impacted.

Xometry, Inc. and Subsidiaries Supplemental Information(In thousands)(Unaudited)
 
    For the Three MonthsEnded December 31,     For the YearEnded December 31,  
    2023     2022     2023     2022  
Summary of Stock-based Compensation Expense                  
Sales and marketing   $ 1,456     $ 804     $ 4,909     $ 3,875  
Operations and support     2,029       2,007       7,719       6,886  
Product development     1,455       1,181       5,345       4,300  
General and administrative     956       1,132       4,145       4,111  
Total stock-based compensation expense   $ 5,896     $ 5,124     $ 22,118     $ 19,172  
                         
Summary of Depreciation and Amortization Expense                        
Cost of revenue   $ 52     $ (17 )   $ 172     $ 82  
Sales and marketing     782       776       3,162       3,102  
Operations and support     32       15       174       57  
Product development     1,976       1,046       5,974       3,483  
General and administrative     (43 )     283       1,256       1,095  
Total depreciation and amortization expense   $ 2,799     $ 2,103     $ 10,738     $ 7,819  
                         
Restructuring Charge                        
Sales and marketing   $ -     $ 506     $ 224     $ 506  
Operations and support     -       432       230       432  
Product development     -       458       117       458  
General and administrative     -       153       167       153  
Total restructuring charge   $ -     $ 1,549     $ 738     $ 1,549  

  

Xometry, Inc. and Subsidiaries Immaterial Corrections To Previously Issued Consolidated Financial Statements (In thousands, except per share amounts)(Unaudited)
 
    December 31, 2022  
Consolidated Balance Sheet   As Reported     Corrections     As Adjusted  
Assets                  
Accounts receivable   $ 49,188     $ 89     $ 49,277  
Other current assets     12,273       (2,900 )     9,373  
Total current assets     390,055       (2,811 )     387,244  
Total assets     736,925       (2,811 )     734,114  
Liabilities and stockholders’ equity                 -  
Accrued expenses     33,430       3       33,433  
Contract liabilities     8,509       220       8,729  
Total current liabilities     63,803       223       64,026  
Total liabilities     362,092       223       362,315  
Accumulated deficit     (249,366 )     (3,034 )     (252,400 )
Total liabilities and stockholders’ equity     736,925       (2,811 )     734,114  
    Three Months Ended December 31, 2022     Year Ended December 31, 2022  
Consolidated Statement of Operations and Comprehensive Loss   As Reported     Corrections     As Adjusted     As Reported     Corrections     As Adjusted  
                         
Revenue   $ 98,196     $ (135 )   $ 98,061     $ 381,053     $ (132 )   $ 380,921  
Cost of revenue     62,166       693       62,859       233,487       1,443       234,930  
Gross profit     36,030       (828 )     35,202       147,566       (1,575 )     145,991  
Operating expenses:                                    
Sales and marketing     24,376       288       24,664       83,222       1,149       84,371  
Operations and support     12,414       20       12,434       48,572       56       48,628  
General and administrative     14,849       254       15,103       57,992       254       58,246  
Total operating expenses     60,334       562       60,896       221,623       1,459       223,082  
Loss from operations     (24,304 )     (1,390 )     (25,694 )     (74,057 )     (3,034 )     (77,091 )
Loss before income taxes     (23,829 )     (1,390 )     (25,219 )     (75,973 )     (3,034 )     (79,007 )
Net loss     (24,424 )     (1,390 )     (25,814 )     (76,009 )     (3,034 )     (79,043 )
Net loss attributable to common stockholders     (24,423 )     (1,390 )     (25,813 )     (76,025 )     (3,034 )     (79,059 )
Net loss per share, basic and diluted, of Class A and Class B common stock     (0.51 )     (0.03 )     (0.54 )     (1.61 )     (0.07 )     (1.68 )
    Year Ended December 31, 2022  
Consolidated Statement of Cash Flow   As Reported     Corrections     As Adjusted  
Net loss   $ (76,009 )   $ (3,034 )   $ (79,043 )
Changes in operating assets and liabilities                  
Accounts receivable, net     (16,923 )     (89 )     (17,012 )
Other assets, current and long term     (7,016 )     2,900       (4,116 )
Accrued expenses     403       3       406  
Contract liabilities     515       220       735  

Xometry, Inc. and Subsidiaries Immaterial Corrections To Previously Issued Consolidated Financial Statements (In thousands, except per share amounts)(Unaudited)
 
    Three Months Ended December 31, 2022     Year Ended December 31, 2022  
    As Reported     Corrections     As Adjusted     As Reported     Corrections     As Adjusted  
Disaggregated Revenue and Cost of Revenue                        
Marketplace                                    
Revenue   $ 79,062     $ 86     $ 79,148     $ 303,134     $ 89     $ 303,223  
Cost of revenue     57,630       693       58,323       216,336       1,443       217,779  
Gross profit   $ 21,432     $ (607 )   $ 20,825     $ 86,798     $ (1,354 )   $ 85,444  
                                     
Supplier Services                                    
Revenue   $ 19,134     $ (221 )   $ 18,913     $ 77,919     $ (221 )   $ 77,698  
Cost of revenue     4,536       -       4,536       17,151       -       17,151  
Gross profit   $ 14,598     $ (221 )   $ 14,377     $ 60,768     $ (221 )   $ 60,547  
    Three Months Ended December 31, 2022     Year Ended December 31, 2022  
    As Reported     Corrections     As Adjusted     As Reported     Corrections     As Adjusted  
Segments Results                        
Revenues                                    
U.S.   $ 88,130     $ (135 )   $ 87,995     $ 347,842     $ (132 )   $ 347,710  
                                     
Losses                                    
U.S.   $ (20,509 )   $ (1,390 )   $ (21,899 )   $ (58,758 )   $ (3,034 )   $ (61,792 )
    Three Months Ended December 31, 2022     Year Ended December 31, 2022  
Non-GAAP Financial Measurements   As Reported     Corrections     As Adjusted     As Reported     Corrections     As Adjusted  
             
Adjusted EBITDA   $ (14,249 )   $ (1,390 )   $ (15,639 )   $ (41,765 )   $ (3,034 )   $ (44,799 )
Non-GAAP net loss     (13,729 )     (1,390 )     (15,119 )     (40,097 )     (3,034 )     (43,131 )
Non-GAAP net loss EPS, basic and diluted, of Class A and Class B common stock     (0.29 )     (0.03 )     (0.32 )     (0.85 )     (0.06 )     (0.91 )
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