XMTR — Xometry, Inc.

Summary of Xometry's Q2 2026 Earnings Call

1. Key Financial Results and Metrics

• Revenue: Q2 revenue reached a record $229 million, up 41% year-over-year, with marketplace revenue growing 45%.
• Adjusted EBITDA: Improved to $14.1 million, a significant increase from $3.9 million in Q2 2025, reflecting an adjusted EBITDA margin of 6.2%.
• Active Buyers: Increased by 20% year-over-year to over 89,000, with the highest net additions in 10 quarters (3,976 new buyers).
• Gross Profit: Q2 gross profit was $87.5 million, up 34% year-over-year, with a marketplace gross margin of 34.7%.
• Cash Position: Ended Q2 with $517 million in cash and cash equivalents, bolstered by a follow-on offering and an investment from Siemens.

2. Strategic Updates and Business Highlights

• AI-Driven Growth: The company emphasized the effectiveness of its AI models in optimizing conversion rates and enhancing the buyer experience, contributing to record revenue growth.
• Partnership with Siemens: Progressing well, with integration efforts expected to positively impact 2027 results. The collaboration aims to embed Xometry's intelligence into Siemens' design tools.
• Expansion of Services: Continued focus on enhancing the self-service experience for injection molding and other products, aiming to reduce friction in the ordering process.
• Enterprise Engagement: Revenue from larger customers increased by over 40%, with a record addition of 175 accounts spending over $50,000 annually.

3. Forward Guidance and Outlook

• Q3 2026 Guidance: Expected revenue between $234 million and $236 million, representing 30% to 31% year-over-year growth. Adjusted EBITDA projected at $16 million to $17 million.
• Full Year 2026 Outlook: Revenue growth forecast raised to 33%-34% from 27%-28%, with adjusted EBITDA expected in the range of $60 million to $62 million.

4. Bad News, Challenges, or Points of Concern

• International Segment Losses: The international segment reported an adjusted EBITDA loss of $3.3 million, although this was an improvement from the previous year.
• Market Sensitivity: While overall growth is strong, there are concerns about price sensitivity among buyers and the need to balance rapid growth with profitability.
• Dependence on AI Models: The company's growth heavily relies on the continued effectiveness of its AI models, which may pose risks if performance declines or if competition increases.

5. Notable Q&A Insights

• AI's Role in Demand: Management highlighted that interconnected AI models are driving marketplace revenue and profitability, indicating a strong correlation between AI enhancements and demand.
• Siemens Partnership Impact: The collaboration is reshaping enterprise conversations, with customers increasingly interested in how Xometry can integrate into their workflows.
• Self-Service Capabilities: The successful launch of self-service features for injection molding is expected to be expanded to other products, enhancing conversion rates and customer satisfaction.
• M&A Strategy: The company is focused on disciplined, tuck-in acquisitions to enhance its technology and market position, with ongoing conversations about potential opportunities.

Overall, Xometry's Q2 2026 results reflect strong growth driven by strategic initiatives, particularly in AI and enterprise engagement, while also highlighting areas for improvement and potential risks in the international segment.