Business
Xometry Reports Second Quarter 2024 Results
Q2 revenue increased 19% year-over-year to a record $133 million driven by marketplace growth of 25% year-over-year.Q2 gross profit increased 21%
About this update from Xometry, Inc.
[{"type":"text","content":"Q2 revenue increased 19% year-over-year to a record $133 million driven by marketplace growth of 25% year-over-year.Q2 gross profit increased 21% year-over-year to a record $52.9 million with a record 39.9% gross margin.Q2 marketplace gross profit increased 33% year-over-year. Q2 marketplace gross margin increased 180 basis points year-over-year to a record 33.5%. Q2 supplier services gross margin increased 910 basis point to 88.9% driven by increased focus on the high gross margin Thomas marketing and advertising services business.Q2 Adjusted EBITDA improved 70% year-over-year to a loss of $2.6 million. Q2 Adjusted EBITDA loss represented 2.0% of revenue. 2024 growth initiatives include: expanding buyer and supplier networks; driving deeper enterprise engagement; further expanding the marketplace menu; growing internationally and enhancing supplier services. NORTH BETHESDA, Md., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), the global AI-powered marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the second quarter ended June 30, 2024. “We delivered record revenue, record gross profit and record gross margins as our AI-powered marketplace continues to gain market share,” said Randy Altschuler, Xometry’s CEO. “In Q2 2024, we grew our marketplace revenue 25%, with accelerated growth in the U.S. and a record 33.5% marketplace gross margin as more customers turn to Xometry for their supply chain solutions. The combination of data-driven AI and supplier network expansion will fuel robust growth and continued margin improvement.” “We delivered another strong quarter with better-than-expected results driven by improving marketplace gross margin and significant operating leverage,” said James Miln, Xometry’s CFO. “This resulted in a 70% improvement in our Adjusted EBITDA loss to $2.6 million, or 2.0% of revenue. We remain focused on our path to Adjusted EBITDA profitability.” Second Quarter 2024 Financial Highlights Total revenue for the second quarter 2024 was $133 million, an increase of 19% year-over-year.Marketplace revenue for the second quarter of 2024 was $117 million, an increase of 25% year-over-year.Supplier services revenue for the second quarter of 2024 was $15.3 million, a decrease of 13% year-over-year driven primarily by the exit of the ...