XMTR Q3 2025 Earnings Call Summary

Revenue: Q3 revenue increased 28% year-over-year to $181 million, with marketplace revenue at $167 million (up 31% year-over-year).
Gross Profit: Gross profit rose 29% year-over-year to $72 million, with a gross margin of 39.9%. Marketplace gross margin reached 35.7%, up 210 basis points year-over-year.
Adjusted EBITDA: Adjusted EBITDA was $6.1 million, a significant improvement from a loss of $0.6 million in Q3 2024.
Active Buyers: The number of active buyers increased 21% year-over-year to 78,282.
Cash Position: Cash and cash equivalents were $225 million, with $5.8 million in operating cash flow generated in Q3.

Xometry's marketplace model is driving significant growth, particularly among enterprise customers, with a focus on enhancing technology and AI capabilities.
New product launches include auto-quoting for injection molding services and the Workcenter mobile app, aimed at improving supplier engagement and operational efficiency.
The company is expanding its global supplier network, now totaling over 4,500 active suppliers, to enhance supply chain resilience for customers.
Strong performance noted in verticals such as semiconductors, aerospace, and automotive.

For Q4 2025, Xometry expects revenue between $182 million and $184 million (23% to 24% growth year-over-year) and adjusted EBITDA of $6 million to $7 million.
The full-year revenue outlook is raised to $676 million to $678 million, with marketplace growth expectations increased to 27% to 28%.
Xometry anticipates continued strong growth into 2026, projecting at least 20% revenue growth driven by market share gains and strategic account expansions.

Supplier services revenue is expected to decline approximately 4% year-over-year in Q4 as the company transitions to a new advertising platform.
The international segment reported an adjusted EBITDA loss of $4.2 million, indicating challenges in achieving profitability in that area.
The company remains cautious about the macroeconomic environment, which could impact future performance despite current momentum.

Management emphasized that the 20% growth projection for 2026 is based on internal growth drivers rather than macroeconomic improvements, indicating confidence in capturing market share.
The Workcenter mobile app is expected to enhance supplier engagement and streamline operations, contributing to increased demand.
Questions about revenue guidance highlighted the company's cautious approach to forecasting, balancing growth with profitability while acknowledging the uncertain manufacturing environment.
Management noted that marketplace gross margins at 35.7% could be a new baseline, supported by improved AI and data-driven efficiencies.

XMTR — Xometry, Inc.