Business
Xometry Reports First Quarter 2022 Results
Strong start to 2022: Strong quarter with revenue increasing 90% year-over-year driven by rapid organic growth in marketplace and supplier services including
About this update from Xometry, Inc.
[{"type":"text","content":"Strong start to 2022: Strong quarter with revenue increasing 90% year-over-year driven by rapid organic growth in marketplace and supplier services including Thomas.Strong gross margin trends driven by AI pricing/supplier selection and additional supplier services: Gross profit up 235% year-over-year.Robust marketplace and supplier service expansion: Expanded marketplace to Spain and launched a local manufacturing network in China. Extended the reach of the marketplace with Xometry Everywhere. Added self-serve subscriptions for advertising services.Expect strong growth in 2022 and improving operating leverage: We expect revenue growth of 80-83% to $392-$400 million. Growth will be driven by increasing active buyers and suppliers, added supplier services and revenue synergies with Thomas. We expect operating leverage to improve in Q2 2022 and through the second half of 2022. ROCKVILLE, Md., May 11, 2022 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), a leading global AI-enabled digital manufacturing marketplace, today reported financial results for the first quarter ended March 31, 2022. \"In Q1 2022, Xometry delivered strong growth across the board, expanded our marketplace to new geographies and extended the reach of our AI driven quoting engine through the launch of Xometry Everywhere. We also improved our supplier services including new products from Thomas,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with suppliers. With our supplier network expanding domestically and abroad, we are playing an instrumental role in helping create locally resilient supply chains irrespective of macro events.” First Quarter 2022 Financial Highlights Total revenue for the first quarter 2022 was $83.7 million an increase of 90% year-over-year.Marketplace revenue for the first quarter of 2022 was $64.4 million.Supplier services revenue for the first quarter of 2022 was $19.3 million.Total gross profit for the first quarter 2022 was $32.9 million an increase of 235% year-over-year.Marketplace Active Buyers increased 44% from 21,345 as of March 31, 2021 to 30,683 as of March 31, 2022.Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 92% from 412 as of March 31, ...