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Xometry reports FY 2023 revenues of $463, up by 22%

The manufacturing marketplace company also annouced new CFO James Miln

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Xometry, Inc. (NASDAQ: XMTR), a global AI-powered marketplace linking enterprise buyers with manufacturing service suppliers, reported that it has generated total revenue of $463 million, a 22% increase year-over-year, in FY 2023. Marketplace revenue reached $395 million, up by 30% year-over-year, while supplier services revenue declined by 12% year-over-year to $68.7 million. Total gross profit for the full year surged by 22% year-over-year to $178 million. In addition, James Miln is the new CFO at Xometry.

The net loss attributable to common stockholders for the full year was $67 million, a $12 million decrease compared to the previous year. Adjusted EBITDA for the full year was negative $27.5 million, demonstrating an improvement of $17.3 million. As positive as the overall performance was, the stock market did not react well to Xometry’s results, probably expecting lower losses and even stronger growth, with stock value dropping almost 50%. Xometry also announced new CFO, James Miln, on the same day.

Xometry reports FY 2023 revenues of $463, up by 22% as the manufacturing marketplace company also annouced new CFO James Miln
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James Miln is a veteran of big-name tech and consumer brands and brings considerable financial planning, operational and investor relations expertise to Xometry. He joins from Yelp (NYSE: YELP), where, as Senior Vice President of Finance and Investor Relations, he helped steer the company through a period of strong, product-driven growth, including the introduction of new AI-powered search experiences. Miln succeeds retiring CFO Jim Rallo, who will remain as an advisor with Xometry through April. Rallo will work closely with Miln and the rest of the leadership team to ensure a smooth transition.

“James’ significant experience across marketplaces, search and advertising will help us capitalize on our leadership position in digitizing manufacturing,” said Randy Altschuler, Chief Executive Officer of Xometry. “He brings extensive operational excellence to Xometry and will help us drive to our long-term operating margin targets.”

“With its leading marketplace, Thomasnet industrial sourcing platform and suite of cloud-based services, Xometry stands out for its comprehensive approach to driving the rapid digital transformation of manufacturing,” Miln said. “I look forward to working closely with Randy and the rest of the Xometry team to further build on the company’s momentum and help Xometry realize additional operating leverage and efficiency as it continues its rapid growth.”

Highlights from the full year include increased Active Suppliers by 36% year-over-year, expansion into Europe with xometry.uk, introduction of instant quoting for parts with multiple finishes, launch of a new quick-turn injection molding service, acquisition of Tridi Teknoloj A.S., enhancements to the AI-powered Xometry Instant Quoting Engine, collaboration with Google Cloud, expanded self-serve options for Thomas Marketing Services, addition of AS9100 Certification for aerospace and defense buyers, and international expansions including Portuguese language capability and new automated inspection reports in Europe, and Fused Deposition Modeling auto-quoting capabilities in Xometry Asia.

Randy Altschuler, Xometry’s CEO, declared, “In Q4 2023, we marked unprecedented financial achievements, witnessing the highest revenue and gross profit in Xometry’s history. Our robust revenue growth of 31% stemmed from a 42% surge in marketplace expansion. Notably, we made significant strides in curtailing our Q4 Adjusted EBITDA loss by 32% compared to the previous quarter. The resilience, convenience, and value of our AI-driven marketplace continue to attract buyers and suppliers, propelling our market share. Despite a sluggish start to the year, we remain steadfast in our pursuit of sustainable, long-term growth.”

Key financial highlights for the fourth quarter include a total revenue of $128 million, reflecting a 31% year-over-year increase. Marketplace revenue reached $112 million, up by 42% year-over-year. However, supplier services revenue declined by 15% year-over-year to $16.1 million due to the cessation of the tools and materials business, resulting in a $2 million revenue dip. Total gross profit surged by 39% year-over-year to $49.1 million. The number of Marketplace Active Buyers rose by 36% from 40,664 as of December 31, 2022, to 55,458 as of December 31, 2023.

Xometry’s growth strategy for 2024 encompasses the expansion of buyer and supplier networks, deepening engagement with enterprises, broadening the marketplace menu, global expansion, and enhancing supplier services. Additionally, the appointment of James Miln as Chief Financial Officer underscores the company’s commitment to bolstering its leadership team and driving long-term growth and profitability.

 

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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based VoxelMatters. Today the company publishes the leading news and insights websites VoxelMatters.com and Replicatore.it, as well as VoxelMatters Directory, the largest global directory of companies in the additive manufacturing industry.

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