--- title: "Xometry reports record Q2 2024 Revenues of $133 Million" url: https://www.voxelmatters.com/xometry-reports-record-q2-2024-revenues-of-133-million/ date: 2024-08-08 modified: 2024-08-09 lang: en author: "Davide Sher" description: "Xometry, Inc. (NASDAQ: XMTR), the global AI-powered marketplace that connects enterprise buyers with suppliers of manufacturing services, has announced record financial results for the second quarter ended June 30, 2024...." categories: - "3D Printing Service Providers" - "Financial Reports" - "Money & Funding" - "Networks" tags: - "insights" image: https://www.voxelmatters.com/wp-content/uploads/2024/08/MJF-PA12-Flame-Red-and-Multicolor-640x427.jpg word_count: 630 --- # Xometry reports record Q2 2024 Revenues of $133 Million Xometry, Inc. (NASDAQ: XMTR), the global AI-powered marketplace that connects enterprise buyers with suppliers of manufacturing services, has announced record financial results for the second quarter ended June 30, 2024. CEO Randy Altschuler highlighted the company's record revenue, gross profit, and gross margins, attributing the success to their AI-powered marketplace gaining market share. In Q2 2024, marketplace revenue grew by 25%, with notable growth in the U.S. and a record 33.5% marketplace gross margin, as more customers turn to Xometry for their supply chain solutions. The integration of data-driven AI and the expansion of the supplier network are expected to sustain robust growth and improve margins further. CFO James Miln reported a 70% improvement in Adjusted EBITDA loss, reducing it to $2.6 million or 2.0% of revenue. The focus remains on achieving Adjusted EBITDA profitability. ## Q2 2024 highlights Total revenue reached a record figure of $133 million, marking a 19% increase year-over-year. Marketplace revenue surged to $117 million, up by 25% year-over-year, reflecting the growing demand for Xometry's innovative solutions. Despite a decrease in supplier services revenue to $15.3 million, due to the strategic exit from lower-margin tools and materials business and non-core supplier services, the overall financial health remains strong. Total gross profit climbed by 21% to $52.9 million, underscoring the company’s robust performance. The number of Marketplace Active Buyers grew by 27%, rising from 48,340 in June 2023 to 61,530 in June 2024, demonstrating the expanding reach and appeal of Xometry’s platform. Additionally, the number of Marketplace Accounts with at least $50,000 spend in the last twelve months increased by 24%, from 1,159 to 1,436, highlighting the platform’s growing importance to high-value clients. ![](https://www.voxelmatters.com/wp-content/uploads/2021/07/xometry-IPO-780x470-1.jpg) While the number of Active Paying Suppliers saw a slight decrease of 7%, from 7,553 to 6,992, this is a minor setback in the context of the overall positive trajectory. The net loss attributable to common stockholders was $13.7 million, a significant reduction of $12.9 million year-over-year, which included $8.1 million in stock-based compensation and other related expenses. This reduction in net loss reflects the company’s ongoing efforts to streamline operations and improve financial performance. Adjusted EBITDA showed remarkable improvement, with a year-over-year increase of $6.0 million, resulting in a negative $2.6 million. ## Other business highlights Xometry has made significant strides in developing new auto-quote categories, including beta-testing tube-bending and tube-cutting processes, which are expected to be fully released in Q3. Leveraging Google Cloud Vertex AI, Xometry is accelerating the development of new instant-quoting capabilities, enhancing its technological edge. The company has also expanded its offerings in the Asia Pacific region, launching new services in Australia, Singapore, and New Zealand, and enhancing customer service capabilities in China through its WeChat mini app. In Europe, Xometry added 11 new materials for CNC and expanded finishing options for 3D printing, now offering localized marketplaces in 15 languages. ## Outlook for Q3 2024 For Q3 2024, Xometry expects continued positive momentum with revenue growth of 14%-16% year-over-year, reaching $136-$138 million. The company also anticipates an Adjusted EBITDA loss of $1.5-$3.5 million, reflecting ongoing investments in growth. For fiscal 2024, Xometry reaffirms its expectation of at least 20% year-over-year growth in marketplace revenue, despite a projected 10% decrease in supplier services revenue. The company anticipates improved operating leverage compared to fiscal 2023, partially offset by investments in international and enterprise growth. Xometry's financial outlook is based on several assumptions that may change. Actual results could differ from these assumptions, and there is no assurance that the company will achieve these results. The reconciliation of Adjusted EBITDA to net loss is not available due to the variability and complexity of charges excluded from this measure. Overall, Xometry’s Q2 2024 results showcased strong growth, strategic advancements, and a positive outlook for future performance, emphasizing the company’s leadership in the AI-powered manufacturing marketplace.