Xometry, a leading global AI-enabled digital manufacturing marketplace, has reported its financial results for the first quarter of 2022, which ended on March 31. The Xometry Q1 2022 results showed an impressive 90% year-over-year revenue growth, with total sales amounting to $83.7 million for the quarter
“In Q1 2022, Xometry delivered strong growth across the board, expanded our marketplace to new geographies, and extended the reach of our AI-driven quoting engine through the launch of Xometry Everywhere. We also improved our supplier services including new products from Thomas,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with suppliers. With our supplier network expanding domestically and abroad, we are playing an instrumental role in helping create locally resilient supply chains irrespective of macro events.”
Xometry’s first quarter 2022 financial highlights
Among other Q1 highlights, the marketplace revenue was $64.4 million, with supplier services revenue of $19.3 million and total gross profit of $32.9 million: this marked an increase of 235% year-over-year. Marketplace active buyers increased b y 44% from 21,345, as of March 31, 2021, to 30,683 as of March 31, 2022. Marketplace accounts with ‘last twelve-months spend’ of at least $50,000 increased 92% from 412 as of March 31, 2021, to 790 as of March 31, 2022.
If you need more indicators, the marketplace percentage of revenue from existing accounts was 94%. Net loss attributable to common stockholders was $20.0 million for the quarter, an increase of $9.5 million year-over-year, and adjusted EBITDA was negative $12.7 million for the quarter, reflecting an increase of $3.9 million year-over-year. Net loss for the quarter includes $3.5 million of stock-based compensation and $0.2 million of transaction costs. Cash and cash equivalents and marketable securities were $368.7 million as of March 31, 2022.
Xometry Q1 2022 business highlights
Xometry introduced “Xometry Everywhere” – software that extends the reach of Xometry’s AI-driven instant-quoting pricing engine to popular third-party sites where engineers and other buyers spend significant amounts of time. Xometry Everywhere is also available for integration into the procurement processes of Fortune 1000 companies.
Xometry also obtained certification for Medical Device Manufacturing (ISO 13485), enabling the Xometry marketplace to expand the breadth of medical device manufacturing, and expanded its European operations including an enhanced site for European customers, www.xometry.eu, which makes it easier for buyers to compare and price technologies, materials, and finishes in real-time. As well as a new Spanish site.
Xometry introduced a new self-serve advertising subscription option for suppliers on Thomasnet, launched a local manufacturing network in China (Xometry.Asia), and began taking orders from Chinese customers in April 2022.
The Xometry Q1 also saw an expansion of CAD integrations with the addition of PTC’s Onshape product development platform, which has over 2 million users. The integration provides seamless, instant quoting with the company’s proprietary, AI-driven Xometry Instant Quoting Engine, enabling engineers and designers to instantly price parts in Onshape.
On February 11, 2022, Xometry completed an offering of Convertible Senior Notes, raising net proceeds of $278.2 million.