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Jun 30, 2023
Xometry Q2 2023 Earnings Report
Xometry's revenue increased driven by marketplace growth and improved operating leverage.
Key Takeaways
Xometry reported a 16% year-over-year increase in total revenue, driven by a 24% increase in marketplace revenue. The company also saw a 16% increase in gross profit and a $3.1 million quarter-over-quarter improvement in Adjusted EBITDA loss.
Q2 revenue increased 16% year-over-year, driven by 24% marketplace growth year-over-year.
Q2 gross profit increased 16% year-over-year, driven by 34% growth in marketplace gross profit.
Q2 Adjusted EBITDA loss was $8.7 million, a $3.1 million quarter-over-quarter improvement.
The company reduced operating expenses with a 4% reduction in workforce.
Forward Guidance
Xometry expects Q3 revenue growth of 15%-17% year-over-year to $119-$121 million and anticipates achieving Adjusted EBITDA profitability in Q4 2023.
Positive Outlook
- Expect Q3 revenue growth of 15%-17% year-over-year.
- Revenue is expected to be in the range of $119-$121 million.
- Growth is driven by strong marketplace growth.
- Continued focus on top 200 accounts.
- Rapidly expanding the marketplace menu.
Challenges Ahead
- Guidance reflects the impact of exiting the supplies business in the U.S.
- Exiting the supplies business will lower revenue by approximately $2.0 million in Q3.
- Financial outlook is based on assumptions that are subject to change.
- Actual results may vary from these assumptions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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