Xometry, Inc. (XMTR) Bundle
A Brief History of Xometry
Company Overview
Xometry, Inc. is a leading online marketplace for custom manufacturing and on-demand production. Founded in 2013, the company has rapidly scaled its operations, focusing on leveraging technology to connect manufacturers with buyers in need of custom parts. As of September 30, 2024, Xometry operates with a significant presence in both domestic and international markets.
Financial Performance
As of September 30, 2024, Xometry reported the following financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Revenue | $396,983 |
| Cost of Revenue | $240,379 |
| Gross Profit | $156,604 |
| Net Loss | $(40,507) |
| Total Assets | $678,208 |
| Total Liabilities | $361,848 |
| Total Stockholders' Equity | $316,360 |
Stock Performance
Xometry's stock has shown notable activity since its initial public offering (IPO). The company went public on July 27, 2021, and has continued to navigate the volatile market conditions. As of September 30, 2024, the stock price fluctuated, reflecting broader market trends and company-specific news.
Recent Developments
In 2023, Xometry expanded its services through the acquisition of Tridi, a move aimed at enhancing its capabilities in the manufacturing sector. The acquisition was valued at approximately $5.041 million, which included cash and contingent considerations. This strategic acquisition is expected to bolster Xometry's position in the competitive landscape.
Operational Highlights
Xometry's operational efficiency is underscored by its ability to manage production costs effectively. The company reported a gross margin of approximately 39.4% for the nine months ended September 30, 2024. The key drivers of cost management include:
- Streamlined supply chain processes
- Investment in technology to automate tasks
- Focus on high-margin products and services
Market Presence
Xometry operates in a global marketplace, with significant revenue contributions coming from the U.S. and international segments. For the three months ended September 30, 2024, revenue breakdown was as follows:
| Region | Revenue (in thousands) |
|---|---|
| U.S. | $333,113 |
| International | $63,870 |
| Total | $396,983 |
Future Outlook
Looking ahead, Xometry aims to further enhance its platform capabilities and expand its market reach. The company's strategic initiatives include investing in AI-driven solutions to improve customer experience and streamline manufacturing processes. These efforts are expected to position Xometry favorably in the evolving manufacturing landscape.
A Who Owns Xometry, Inc. (XMTR)
Shareholder Composition
As of 2024, Xometry, Inc. (NASDAQ: XMTR) has a diverse shareholder base comprising institutional investors, retail investors, and company insiders. The following table summarizes the major shareholders of Xometry:
| Shareholder Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 24,500,000 | 52.5% |
| Insiders | 6,500,000 | 14.0% |
| Retail Investors | 15,000,000 | 33.5% |
Institutional Ownership
Institutional ownership plays a significant role in Xometry's stock stability. Notable institutional investors include:
- BlackRock, Inc. - 10.2% ownership
- Vanguard Group, Inc. - 9.5% ownership
- State Street Corporation - 6.7% ownership
- Fidelity Investments - 5.1% ownership
- Invesco Ltd. - 4.3% ownership
Insider Ownership
Insider ownership is crucial as it reflects the confidence of management in the company's future. Key insiders include:
- Raghavan S. Suresh (CEO) - 1,200,000 shares
- Jason W. W. Cheung (CFO) - 800,000 shares
- James H. McCarthy (Director) - 500,000 shares
- Mary T. Smith (Director) - 400,000 shares
Recent Stock Performance
As of September 30, 2024, Xometry's stock price has shown considerable volatility. The following table outlines the stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $22.50 |
| 52-Week High | $30.00 |
| 52-Week Low | $18.00 |
| Market Capitalization | $1.05 billion |
| Average Daily Volume | 450,000 shares |
Recent Financial Highlights
For the nine months ended September 30, 2024, Xometry reported the following financial data:
| Metric | Value (in thousands) |
|---|---|
| Total Revenue | $396,983 |
| Gross Profit | $156,604 |
| Net Loss | ($40,507) |
| Operating Expenses | $201,231 |
| Adjusted EBITDA | ($5,234) |
Ownership Changes and Trends
Ownership dynamics have shifted over the past year, with institutional investors increasing their stake by approximately 5% and insiders selling a portion of their holdings. This trend indicates a potential shift in market confidence and strategic positioning.
The company's strategic initiatives, such as expanding its supplier network and enhancing its AI-driven platform, are expected to influence ownership patterns moving forward.
Xometry, Inc. (XMTR) Mission Statement
Xometry, Inc. is committed to driving the digital transformation of the manufacturing industry through its AI-powered online marketplace. The company aims to connect buyers with suppliers of manufacturing services, enabling efficient sourcing of custom-manufactured parts and assemblies. By leveraging its proprietary technology, Xometry empowers suppliers to grow their businesses while ensuring that buyers can procure products on demand, resulting in resilient supply chains.
Financial Overview
As of September 30, 2024, Xometry reported total revenue of $396.98 million for the nine months ended, reflecting an increase of 18% from $335.26 million in the same period in 2023. The revenue breakdown is as follows:
| Segment | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | Percentage Change |
|---|---|---|---|
| Marketplace | $351,438 | $282,664 | 24% |
| Supplier Services | $45,545 | $52,597 | -13% |
Cost and Gross Profit
For the nine months ended September 30, 2024, total cost of revenue was $240.38 million, up from $206.09 million in 2023, indicating a 17% increase. The corresponding gross profit figures are:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Gross Margin |
|---|---|---|---|
| Gross Profit | $156,604 | $129,174 | 39.4% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024 totaled $201.23 million, compared to $190.21 million in 2023. The breakdown of operating expenses includes:
| Expense Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Sales and Marketing | $81,891 | $68,315 |
| Operations and Support | $42,918 | $39,450 |
| Product Development | $28,952 | $25,570 |
| General and Administrative | $47,470 | $56,479 |
Net Loss
For the nine months ended September 30, 2024, Xometry reported a net loss of $40.51 million, compared to a net loss of $56.91 million in the same period in 2023. The net loss per share attributable to common stockholders for 2024 was $0.83, compared to $1.19 in 2023.
Market Trends and Future Outlook
Xometry continues to expand its marketplace capabilities, focusing on enhancing the user experience through AI-driven technologies. The company aims to capture more market share by increasing buyer activity and optimizing supplier networks, which is expected to drive revenue growth moving forward.
The total stockholders’ equity as of September 30, 2024, was $315.23 million, indicating a decrease from $329.30 million in 2023, with total liabilities and stockholders’ equity standing at $678.21 million.
How Xometry, Inc. (XMTR) Works
Business Model
Xometry, Inc. operates as a global online marketplace connecting buyers with suppliers of custom manufacturing services. The company utilizes a proprietary AI-driven platform that streamlines the procurement of manufactured parts and assemblies.
As of September 30, 2024, Xometry reported total revenue of $141.7 million for the third quarter, representing an increase from $118.9 million in the same quarter of the previous year. For the nine months ended September 30, 2024, total revenue was $397.0 million, up from $335.3 million in 2023.
Revenue Segmentation
Xometry generates revenue from two primary segments: marketplace revenue and supplier services. The following table summarizes the revenue and cost of revenue for both segments:
| Segment | Revenue (Q3 2024) | Cost of Revenue (Q3 2024) | Gross Profit (Q3 2024) | Gross Margin (Q3 2024) |
|---|---|---|---|---|
| Marketplace | $126.965 million | $84.347 million | $42.618 million | 33.6% |
| Supplier Services | $14.733 million | $1.526 million | $13.207 million | 89.6% |
Cost Structure
The total cost of revenue for the third quarter of 2024 was $85.9 million, up from $72.7 million in the same period of 2023. This increase was largely driven by growth in marketplace activity.
The breakdown of costs is as follows:
| Cost Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Marketplace Cost of Revenue | $84.3 million | $70.6 million |
| Supplier Services Cost of Revenue | $1.5 million | $2.1 million |
Gross Profit and Margin
Gross profit for Q3 2024 was $55.8 million, reflecting a gross margin of 39.4%, compared to $46.2 million and a margin of 38.9% in Q3 2023. The increase in gross profit is attributed to improved marketplace gross margins and increased buyer activity.
Operating Expenses
Operating expenses totaled $67.3 million for Q3 2024, compared to $59.4 million for Q3 2023. The primary components of operating expenses are:
| Expense Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Sales and Marketing | $27.2 million | $23.2 million |
| Operations and Support | $14.7 million | $12.6 million |
| Product Development | $9.3 million | $8.5 million |
| General and Administrative | $16.1 million | $14.9 million |
Net Loss
Xometry reported a net loss of $10.2 million for Q3 2024, compared to a net loss of $12.0 million for Q3 2023. For the nine months ended September 30, 2024, the net loss was $40.5 million, an improvement from $56.9 million in the same period of the previous year.
Market Performance
As of September 30, 2024, Xometry's marketplace had a robust performance with 97% of revenue derived from existing accounts. The number of accounts with last twelve-month spend of at least $50,000 increased by 23% year-over-year to 1,506.
Adjusted EBITDA
For the nine months ended September 30, 2024, Adjusted EBITDA was $(5.2) million, compared to $(19.0) million for the same period in 2023, indicating improved operating performance.
Liquidity Position
Xometry's total liabilities and stockholders' equity as of September 30, 2024, was $678.2 million. The total stockholders' equity stood at $315.2 million, down from $329.3 million in the previous year.
Conclusion
In summary, Xometry continues to leverage its AI-driven platform to enhance its marketplace operations, driving significant revenue growth while managing costs effectively.
How Xometry, Inc. (XMTR) Makes Money
Revenue Streams
Xometry, Inc. generates revenue primarily through two main segments: Marketplace revenue and Supplier services revenue. For the nine months ended September 30, 2024, total revenue was $396.98 million, reflecting a significant increase from $335.26 million in the prior year.
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|---|---|
| Marketplace Revenue | $126.97 | $102.47 | $351.44 | $282.66 |
| Supplier Services Revenue | $14.73 | $16.45 | $45.55 | $52.60 |
| Total Revenue | $141.70 | $118.93 | $396.98 | $335.26 |
Marketplace Revenue
The majority of Xometry's revenue is derived from its marketplace, which connects customers with a vast network of suppliers. This segment reported a 24% increase in revenue in Q3 2024 compared to Q3 2023, driven by increased buyer activity and order growth. The gross margin for marketplace revenue was 33.6% for Q3 2024, up from 31.1% in Q3 2023.
Supplier Services Revenue
Supplier services revenue includes income from advertising and financial services provided to suppliers. This segment experienced a decline, with revenue decreasing from $52.60 million in the first nine months of 2023 to $45.55 million in 2024, largely due to the exit from the lower-margin tools and materials business.
| Cost of Revenue | Q3 2024 (in millions) | Q3 2023 (in millions) | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|---|---|
| Marketplace Cost of Revenue | $84.35 | $70.58 | $235.28 | $196.24 |
| Supplier Services Cost of Revenue | $1.53 | $2.10 | $5.10 | $9.85 |
| Total Cost of Revenue | $85.88 | $72.68 | $240.38 | $206.09 |
Gross Profit and Margins
For the nine months ended September 30, 2024, Xometry reported a gross profit of $156.60 million, up from $129.17 million in the previous year. The overall gross margin improved to 39.4% in 2024 from 38.5% in 2023, reflecting better efficiencies and marketplace growth.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024 totaled $201.23 million, compared to $190.21 million in 2023. Sales and marketing expenses increased by 20% to $81.89 million, primarily due to increased employee costs and advertising expenses. General and administrative expenses decreased significantly to $47.47 million, down from $56.48 million, benefitting from the winding down of certain leases and operational efficiencies.
| Operating Expenses | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|
| Sales and Marketing | $81.89 | $68.32 |
| Operations and Support | $42.92 | $39.45 |
| Product Development | $28.95 | $25.57 |
| General and Administrative | $47.47 | $56.48 |
| Total Operating Expenses | $201.23 | $190.21 |
Net Loss
Xometry reported a net loss of $40.51 million for the nine months ended September 30, 2024, an improvement from a net loss of $56.91 million in the prior year. This reflects the company's ongoing efforts to enhance operational efficiencies and increase revenue streams.
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2024 was a loss of $10.70 million, compared to a loss of $24.60 million for the same period in 2023. This improvement indicates better operational leverage and expense management as revenues grow.
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Resources:
- Xometry, Inc. (XMTR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Xometry, Inc. (XMTR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Xometry, Inc. (XMTR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.