Business
Xometry Reports First Quarter 2023 Results
Q1 revenue increased 26% year-over-year driven by stronger-than-expected marketplace growth of 35% year-over-year. Marketplace revenue up 10%
About this update from Xometry, Inc.
[{"type":"text","content":"Q1 revenue increased 26% year-over-year driven by stronger-than-expected marketplace growth of 35% year-over-year. Marketplace revenue up 10% quarter-over-quarter Q1 gross profit increased 20% year-over-year driven by 41% growth in marketplace gross profit. Marketplace gross profit up 16% quarter-over-quarterQ1 Adjusted EBITDA loss of $11.8 million, a $2.5 million quarter-over-quarter improvement driven by higher revenue and gross profit, partly offset by approximately $0.8 million in incremental non-recurring accounting and legal costs associated with Sarbanes-Oxley Act implementation. Expect improved operating leverage through 2023Expect Q2 revenue growth of 14%-16% year-over-year to $109-$111 million, driven by healthy marketplace growthEarly positive results from our 5-point strategic plan with increasing focus on our top 200 accounts; rapidly expanding the marketplace menu; furthering international expansion and growth; driving adoption of new products, and aggressively reducing operating expenses NORTH BETHESDA, Md., May 10, 2023 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the first quarter ended March 31, 2023. “In Q1 2023, Xometry delivered stronger-than-expected 35% marketplace growth year-over-year, improved marketplace gross margin by 170 basis points quarter-over-quarter and improved operating leverage driven by our steadfast focus on our 5-point strategic plan,” said Randy Altschuler, Xometry’s CEO. “We continue to rapidly expand our network of buyers and suppliers and enhance our products and services. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth while further tightening operating expenses to achieve Adjusted EBITDA profitability in Q4 2023.” First Quarter 2023 Financial Highlights Total revenue for the first quarter 2023 was $105.3 million, an increase of 26% year-over-year.Marketplace revenue for the first quarter of 2023 was $86.7 million, an increase of 35% year-over-year.Supplier services revenue for the first quarter of 2023 was $18.6 million, a decrease of 3% year-over-year.Total gross profit for the first quarter 2023 was $39.4 million, an increase of 20% year-over-year.Marketplace Active Buyers increased 46% from 30,68...