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 international expansion.

• Gross profit rose 21% year-over-year to $52.9 million, with a record 39.9% gross margin and marketplace gross margin at 33.5%, up 180 basis points.

• 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 $12.9 million year-over-year, with non-GAAP net loss at $0.6 million.

• Active buyers grew 27% year-over-year to 61,530, and accounts with LTM spend ≥$50,000 rose 24% to 1,436.

Financial highlights

• Marketplace revenue was $117 million, up 25% year-over-year; supplier services revenue was $15.3 million, down 13%.

• Marketplace gross margin increased to 33.5%; supplier services gross margin reached 88.9%.

• Cash and equivalents stood at $241 million at quarter end, with marketable securities at $218.8 million.

• Net loss per share was $(0.28), improving from $(0.55) in Q2 2023; non-GAAP EPS was $(0.01).

• 96% of Q2 2024 revenue came from existing accounts.

Outlook and guidance

• Q3 2024 revenue expected at $136–$138 million, up 14–16% year-over-year.

• Q3 adjusted EBITDA loss projected at $1.5–$3.5 million, improving from Q3 2023.

• Fiscal 2024 marketplace revenue growth reaffirmed at ≥20% year-over-year; supplier services revenue expected down ~10%.

• Marketplace gross margin targeted to reach 35% by year-end, with long-term gross margin outlook of 40–45%.

• Existing cash and marketable securities expected to support working capital and capital expenditures for at least the next twelve months.