Business
Xometry Reports Second Quarter 2023 Results
Q2 revenue increased 16% year-over-year driven by strong marketplace growth of 24% year-over-year and 8% quarter-over-quarter. Supplier Services revenue
About this update from Xometry, Inc.
[{"type":"text","content":"Q2 revenue increased 16% year-over-year driven by strong marketplace growth of 24% year-over-year and 8% quarter-over-quarter. Supplier Services revenue impacted by approximately $1.7 million on a year-over-year basis driven by discontinuation of sales of supplies in the U.S. in Q2.Q2 gross profit up 16% year-over-year driven by 34% growth in marketplace gross profit. Marketplace gross profit up a robust 19% quarter-over-quarter.Q2 Adjusted EBITDA loss of $8.7 million, a $3.1 million quarter-over-quarter improvement driven by higher revenue, gross profit and improved operating leverage.In Q2, we took further actions to reduce operating expenses with a 4% reduction in workforce on top of the 6% previously announced in Q1. Additionally, we consolidated office space, lowering office lease expense by $2.7 million on an annual basis.Expect Q3 revenue growth of 15%-17% year-over-year to $119-$121 million driven by strong marketplace growth.Continued 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 driving operating leverage. NORTH BETHESDA, Md., Aug. 09, 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 second quarter ended June 30, 2023. “In Q2 2023, Xometry delivered stronger-than-expected 24% marketplace growth year-over-year, delivered 19% growth in marketplace gross profit quarter-over-quarter and significantly improved operating leverage,” said Randy Altschuler, Xometry’s CEO. “Driven by Artificial Intelligence, the underpinnings of marketplace growth are robust with 44% active buyer growth and continued strong order growth. Xometry is empowering our customers to build parts that are critical components in next-generation industries from spacecraft and electric vehicles to medical devices and robotics. Our digital marketplace and suite of cloud-based solutions are enabling the long tail of the internet to finally reach the thousands of small- and medium-sized manufacturers in the United States and around the world. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth in 2023 an...