Xometry Reports record Q4 and +18% full year revenue

Xometry, Inc. (NASDAQ: XMTR), a global AI-powered marketplace for manufacturing services, reported record-breaking revenue results for Q4 and for the full FY 2024. The company reported a total revenue of $545 million for the full FY 2024, reflecting an 18% year-over-year increase, driven by strong marketplace growth and an expanding supplier network.

Xometry Q4 2024 highlights

In the fourth quarter of 2024, Xometry achieved a revenue increase of 16% year-over-year, reaching $149 million. Marketplace revenue grew by 20%, contributing $135 million. Gross profit increased by 20% to $59.0 million, while marketplace gross profit rose by 32%, leading to a record-high gross margin of 34.5%.

Adjusted EBITDA improved by $3.9 million compared to the previous year, resulting in a profit of $1.0 million. Active buyers on the marketplace increased by 23%, reaching 68,267, and accounts with at least $50,000 in spending over the past twelve months grew by 12%. Supplier services revenue, however, declined by 13% to $14.0 million due to the company’s strategic exit from non-core supplier services.

Despite reporting a net loss of $9.9 million in Q4, this figure represented a $0.7 million improvement year-over-year. Xometry’s cash, cash equivalents, and marketable securities increased by $5.8 million, totaling $240 million at the end of 2024.

Xometry expanded its supplier base by 28% year-over-year, focusing on U.S. suppliers with key industry certifications. The company introduced international economy pricing, allowing domestic customers to quote additive processes with global suppliers instantly. Additionally, Xometry secured an IATF 16949 certification for the automotive industry, joining its existing AS9100 certification for aerospace and ISO 13485 certification for medical devices.

A significant milestone was the granting of a new patent for the Xometry Instant Quoting Engine, enhancing the company’s machine-learning capabilities for manufacturing predictions. Xometry now holds 12 U.S. patents related to AI-driven pricing and manufacturability analysis.

Xometry FY 2024 highlights

For the full FY 2024, Xometry’s marketplace revenue reached $486 million, marking a 23% increase year-over-year. Supplier services revenue declined by 13% to $59.6 million due to a strategic shift away from non-core services.

The company’s net loss for the year was $50.4 million, improving by $17.1 million from 2023. Adjusted EBITDA showed significant progress, with a reduced loss of $9.7 million—an improvement of $17.8 million year-over-year. Non-GAAP net loss for 2024 was $2.1 million, substantially improving from the $19.4 million loss reported in 2023.

Xometry introduced several key initiatives throughout 2024. In the U.S., the company expanded its marketplace offerings with instant pricing and auto-quote capabilities for tube cutting and bending. A partnership with Google Cloud allowed Xometry to leverage Vertex AI for improved quoting models.

During FY 2024 the company also launched new features for its Teamspace enterprise collaboration software, helping procurement teams manage essential programs more efficiently. Since its introduction, over 5,000 teams have been created on the platform.

A new buyer dashboard for tooling processes was introduced, providing procurement professionals real-time tracking of their manufacturing workflows, including injection molding. Xometry expanded its European marketplace offerings with additional methods, materials, and language options. The platform added vacuum casting, new steel and aluminum grades, and additional finishing choices for 3D printing. The European site also introduced support for Czech and Hungarian languages.

In China, Xometry enhanced customer service capabilities by integrating WeChat support, allowing buyers to quote, order, and track deliveries directly through the platform. Additionally, Thomasnet® introduced new self-service advertising tools, enabling suppliers to create custom marketing campaigns based on 78,000 industry categories and keywords.