3D Printing Service ProvidersFinancial ReportsMoney & FundingNetworks

Xometry revenues grow by 16% in Q1 2024 driven by marketplace

The manufacturing network company reported strong results with $123 million in sales in this first fiscal quarter alone

Stay up to date with everything that is happening in the wonderful world of AM via our LinkedIn community.

Xometry, Inc. (NASDAQ: XMTR), an AI-powered marketplace connecting enterprise buyers with suppliers of manufacturing services, reported a notable 16% increase in total revenue year-over-year, reaching $123 million in Q1 2024, driven largely by a 24% growth in its marketplace.

“Powered by AI, our marketplace continues to gain significant market share as buyers and suppliers realize the value, convenience, and resiliency of our platform,” stated Randy Altschuler, Xometry’s CEO. “In Q1 2024, we delivered better than expected revenue driven by strong 24% marketplace revenue growth. Marketplace growth was driven by robust 32% growth in Active Buyers. We expect our current initiatives to continue to drive long-term growth.”

James Miln, Xometry’s CFO, highlighted the company’s financial improvements: “We delivered strong marketplace gross margin expansion to a record 32% and improved our Q1 Adjusted EBITDA loss by 37% year-over-year. We expect to continue to improve our year-over-year progress towards profitability in 2024 through operating leverage, partly offset by international and enterprise growth investments.”

For the first quarter of 2024, Xometry’s total revenue increased by 16% year-over-year to $123 million. Marketplace revenue rose 24% year-over-year to $107 million, while supplier services revenue declined 17% year-over-year to $15.5 million, primarily due to the exit from the lower-margin tools and materials business, which reduced revenue by about $2 million. Gross profit increased 22% year-over-year to $47.9 million.

Despite registering excellent results in terms of revenues in Q1, following another strong performance in FY 2023, the Xometry stock is steady at around $16 and trading well below its initial valuation of over $60.


The number of Marketplace Active Buyers grew 32% from 44,451 to 58,504, and the number of marketplace accounts with last twelve-months spend of at least $50,000 increased 25% from 1,109 to 1,381. Active Paying Suppliers decreased 6% from 7,621 to 7,159, or 2% excluding the exited tools and materials business. Net loss decreased by $1.7 million to $16.6 million, including $6.0 million in stock-based compensation and $3.2 million in depreciation and amortization. Adjusted EBITDA improved by $4.3 million year-over-year to a negative $7.5 million.

Xometry revenues grow by 16% in Q1 2024 driven by marketplace, with $123 million in sales in this first fiscal quarter alone During the first quarter of 2024, Xometry introduced enhanced features for its Teamspace enterprise collaboration software, which facilitates better collaboration and order management for procurement teams. Since its launch, over 2,300 teams have been created. Additionally, the company launched a new marketplace buyer dashboard for tooling processes, offering detailed tool production workflows for engineers and procurement professionals.

The xometry.eu marketplace was also expanded by adding Vacuum Casting to the Instant Quoting engine, introducing 200 classic RAL colors to finishing options, and launching a Czech language site, xometry.eu/cs, marking the 15th local-language addition. Furthermore, the company began beta testing new self-serve tools for suppliers to create custom advertising campaigns on Thomasnet, allowing selection from 78,000 categories and keywords to tailor marketing budgets.

The company continues to expand its buyer and supplier networks, drive deeper enterprise engagement, and grow internationally while enhancing supplier services. The strong performance by Xometry in Q1 2024 sets a promising foundation for continued growth and profitability in the coming year.

Consumer Products AM 2024

This new market study from VoxelMatters provides an in-depth analysis and forecast of polymer and metal AM in the consumer products industry across the three core segments of the additive manufactu...

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close Popup
Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are necessary for the website to function and cannot be switched off in our systems.

Technical Cookies
In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services


Join our 12,000+ Professional community and get weekly AM industry insights straight to your inbox. Our editor-curated newsletter equips executives, engineers, and end-users with crucial updates, helping you stay ahead.