Xometry (XMTR) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached a record $133 million, up 19% year-over-year, driven by 25% marketplace growth and expanding supplier network.

• Gross profit rose 21% year-over-year to $52.9 million, with gross margin at 39.9%.

• Adjusted EBITDA loss improved 70% year-over-year to $2.6 million, or 2.0% of revenue.

• Net loss attributable to common stockholders was $13.7 million, down from $26.6 million in Q2 2023.

• Active buyers increased 27% year-over-year to 61,530, with strong enterprise account growth and international expansion.

Financial highlights

• Q2 2024 revenue: $133 million (+19% year-over-year); marketplace revenue: $117 million (+25% year-over-year); supplier services revenue: $15.3 million (–13% year-over-year).

• Q2 gross profit: $52.9 million (+21% year-over-year); gross margin: 39.9%.

• Marketplace gross margin: 33.5% (up 180 bps year-over-year); supplier services gross margin: 88.9%.

• Adjusted EBITDA loss: $2.6 million (2.0% of revenue), a 70% improvement year-over-year.

• Cash and equivalents: $241 million at quarter end; marketable securities: $218.8 million.

Outlook and guidance

• Fiscal 2024 revenue outlook reaffirmed; marketplace growth expected at least 20% for the year.

• Q3 2024 revenue guidance: $136–$138 million (+14–16% year-over-year); marketplace growth: 18–20% year-over-year.

• Q3 supplier services expected to decline 5–10% year-over-year.

• Q3 adjusted EBITDA loss expected between $1.5–$3.5 million, improving from $4.2 million loss in Q3 2023.

• Targeting marketplace gross margin of 35% by year-end and long-term gross margin of 40–45%.