Xometry (XMTR) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 results, with Q4 revenue of $149M, up 16% year-over-year, and marketplace revenue up 20%.

• Marketplace gross margin reached a record 34.5%, up 320 basis points year-over-year, driven by AI and supplier optimization.

• Adjusted EBITDA turned positive at $1.0M in Q4, a $3.9M improvement year-over-year, with cash and equivalents at $240M, up $5.8M from Q3.

• Active Buyers increased 23% year-over-year to 68,267, with the highest net additions in Q4; Active Suppliers rose 28% to 4,375.

• International revenue grew 42% year-over-year in Q4, reaching a $100M run rate, with Europe and Asia Pacific as key drivers.

Financial highlights

• FY24 total revenue was $546M, up 18% year-over-year; Q4 revenue was $149M, with marketplace revenue at $135M.

• Q4 gross profit rose 20% to $59M; marketplace gross profit up 32% year-over-year.

• FY24 gross profit reached $216M, with annual gross margin at 39.5%.

• Q4 Adjusted EBITDA margin was 0.7%, compared to -2.2% in Q4 2023.

• Advertising spend as a percentage of marketplace revenue decreased 140bps year-over-year to 5.6%.

Outlook and guidance

• Q1 2025 revenue expected at $147–$149M, 20–21% year-over-year growth, including a $1M FX headwind.

• Q1 Adjusted EBITDA loss expected at ~$1.5M, a significant improvement from $7.5M loss in Q1 2024.

• FY25 total revenue growth expected to exceed FY24; marketplace revenue growth of at least 20% per quarter; supplier services to decline 5–10% year-over-year.

• Expect to be Adjusted EBITDA positive for full-year 2025, with incremental Adjusted EBITDA margin of ~20%.