Xometry (XMTR) Q4 2024 earnings summary

Executive summary

• Q4 2024 delivered record revenue of $149M, up 16% year-over-year, with marketplace revenue up 20% and gross profit up 20%, marking a pivotal year as the company scaled to profitability on an adjusted basis.

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

• Adjusted EBITDA for Q4 was $1.0M, a $3.9M improvement year-over-year, turning positive for the first time.

• Active Buyers increased 23% year-over-year to 68,267, with Active Suppliers up 28% to 4,375, and international revenue grew 42% year-over-year, reaching a $100M run rate.

• Enterprise accounts with $500,000+ annual spend grew revenue by 40% in 2024, highlighting deepening enterprise adoption.

Financial highlights

• FY24 total revenue was $546M, up 18% year-over-year; Q4 revenue was $149M, with marketplace revenue at $135M, up 20% year-over-year.

• Q4 gross profit was $59M, up 20% year-over-year; full-year gross profit reached $216M, with annual gross margin at 39.5%.

• Q4 Non-GAAP net income was $3.2M vs. a loss of $0.4M in Q4 2023; full-year Non-GAAP net loss was $2.1M, a significant improvement from $19.4M in 2023.

• Adjusted EBITDA margin for Q4 was 0.7% of revenue; incremental Adjusted EBITDA margin for 2024 was 22%.

• Cash, cash equivalents, and marketable securities totaled $240M at year-end, up $5.8M from Q3.

Outlook and guidance

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

• Q1 marketplace growth projected at 24–26% year-over-year; supplier services expected flat quarter-over-quarter.

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

• Full-year 2025 revenue growth expected to exceed 2024, with marketplace growth of at least 20% per quarter; supplier services revenue expected to decline 5–10% year-over-year.

• Company expects to be Adjusted EBITDA positive for full-year 2025.