Xometry Reports Impressive Q4 and Full Year Results
Xometry, Inc. (NASDAQ:XMTR), a leader in the AI-powered manufacturing marketplace, announced an impressive financial performance for the fourth quarter and full year. The company's fourth quarter revenue surged 16% year-over-year, reaching a record $149 million, fueled by a robust 20% growth in marketplace activity.
Financial Highlights of Q4 2024
In the fourth quarter of 2024, Xometry achieved notable milestones:
- Gross profit soared to $59 million, up 20% compared to the previous year.
- Marketplace gross profit reached $44 million, marking a 32% increase, with a gross margin of 34.5%.
- Adjusted EBITDA showed a significant turnaround, improving by $3.9 million year-over-year to a profit of $1 million.
- Total marketplace revenue hit $135 million, representing a 20% growth from Q4 2023.
Marketplace Expansion
The increase in marketplace revenue was driven by a 23% rise in active buyers, with numbers jumping from 55,325 to 68,267. Additionally, the number of accounts spending over $50,000 in the last twelve months increased by 12%, showcasing a solid customer base.
Challenges versus Growth
Despite the success, Xometry did face a decline in supplier services revenue, which fell 13% to $14 million due to a strategic shift away from non-core services. However, the net loss attributable to common stockholders slightly decreased to $9.9 million, indicating improved operational management amidst challenges.
Full Year 2024 Overview
The full year results reflect a strengthening trajectory for Xometry. The company reported total marketplace revenue of $486 million for 2024, demonstrating a 23% year-over-year increase. Supplier services revenue also stood at $59.6 million, despite facing a 13% drop.
Annual Growth and Key Metrics
Xometry's efforts to enhance its marketplace became evident as the number of active suppliers surged by 28% from 3,429 to 4,375. Furthermore, international pricing expansions allowed customers to quote additive processes with global suppliers, solidifying Xometry's position in key manufacturing regions.
Technology and Certification Advancement
The company received a new patent for its Xometry Instant Quoting Engine, further entrenching its innovation leadership in the manufacturing sector. They continue to hold critical certifications, including IATF 16949, AS9100, and ISO13485, which enhance their market credibility and allow them to serve enterprise accounts effectively.
Looking Ahead: Financial Guidance and Strategy
As Xometry heads into 2025, the company is positioning itself for continued growth. Expectations for Q1 2025 revenue are set between $147-$149 million, reflective of 20-21% growth year-over-year. The company also aims to achieve adjusted EBITDA positivity throughout the fiscal year.
Strategic Goals for the Future
Xometry plans to focus on expanding its buyer and supplier networks while enhancing engagement strategies to drive marketplace diversification. The company is also committed to establishing a more resilient supply chain that can better service various industrial sectors worldwide.
Frequently Asked Questions
What were Xometry's total revenues for 2024?
Xometry reported total marketplace revenue of $486 million for the full year of 2024.
How much did active buyers increase in Q4 2024?
Active buyers increased by 23%, rising from 55,325 to 68,267 by the end of Q4 2024.
What is the focus for Xometry in 2025?
Xometry is focused on expanding its global reach, improving marketplace offerings, and achieving positive Adjusted EBITDA by the end of the year.
Which certifications does Xometry hold?
Xometry holds certifications such as IATF 16949 for automotive, AS9100 for aerospace, and ISO13485 for medical devices.
What was the net loss for Xometry in Q4 2024?
The net loss for Q4 2024 was $9.9 million, an improvement compared to the previous year's loss.
