Xometry, Inc.

What they do

Xometry operates an AI-driven online marketplace that connects buyers with suppliers of custom-manufactured parts and assemblies. The platform provides instant pricing, lead times, and manufacturability feedback across processes like CNC, sheet metal, and 3D printing. It also offers services including Thomasnet advertising and marketing, financial services, and Workcenter, a cloud-based manufacturing execution system for suppliers.

Revenue drivers

• Marketplace revenue — Revenue from the sale of parts and assemblies through the marketplace; Q2 2026 marketplace revenue was $215 million, 45% year-over-year growth, representing about 94% of total revenue.
• Services revenue — Includes advertising and marketing services via Thomasnet, financial services, and Workcenter; Q2 2026 services revenue was $13.9 million, up slightly quarter-over-quarter.

Recent performance

For Q2 2026 (ending June 30, 2026), total revenue was a record $229.3 million, up 41% year-over-year. Marketplace revenue grew 45% to $215 million. Gross profit was $87.2 million, up 34% year-over-year. Net loss attributable to common stockholders was $5.3 million, with adjusted EBITDA of $14.1 million (6.2% margin). Cash, cash equivalents and marketable securities totaled $517 million as of June 30, 2026.

Strategy

Management is focused on establishing Xometry as the infrastructure for custom manufacturing, improving AI-native marketplace experiences, expanding buyer and supplier networks, and deepening enterprise engagement. They are investing in AI models for process recommendation and cost prediction, adaptive sourcing, and expanding services like injection molding. The goal is to accelerate market share gains in the fragmented offline custom manufacturing market.

Risks

• Macroeconomic pressures — Inflation, interest rates, tariffs, and geopolitical uncertainties could affect buyer demand and supplier economics.
• Competition — Xometry faces intense competition from existing competitors and new entrants in the custom manufacturing marketplace.
• Network effect dependency — The business relies on the network effect; if it fails to attract or retain buyers and suppliers, growth and profitability could suffer.
• Key personnel reliance — The company depends heavily on key personnel; losing them could disrupt operations and strategy.

Outlook

Management expects continued revenue growth acceleration, as seen in Q2 being the fourth consecutive quarter of acceleration. They aim to improve adjusted EBITDA margins further due to operating leverage and strong marketplace growth. The recent equity offering and Siemens private placement provided $298 million in proceeds to strengthen the balance sheet. Future investments in AI and supplier network expansion are expected to drive further market share gains.