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NORTH BETHESDA, Md. - Xometry (NASDAQ:XMTR), an AI-powered marketplace for manufacturing services, announced on Thursday the appointment of Roy Azevedo to its Board of Directors. Azevedo, known for his tenure as president at Raytheon Technologies (NYSE:RTX)' Space and Airborne Systems and Intelligence and Space units, brings extensive experience in engineering, global manufacturing, and supply chain management to the role.
Azevedo's career spans over 30 years at Raytheon (NYSE:RTN), where he played a key role in the digitization of operations, incorporating automation, and leveraging AI and machine learning to enhance efficiency. His expertise is expected to be valuable as Xometry aims to expand its international reach and cater to a diverse customer base.
Randy Altschuler, CEO of Xometry, emphasized Azevedo's qualifications, noting his deep understanding of global manufacturing and supply chain creation. Azevedo himself expressed enthusiasm for Xometry's growth trajectory and the potential of its AI and machine-learning tools to transform product lifecycles across industries.
Xometry's marketplace is designed to facilitate the digital transformation of the manufacturing sector, offering tools that shorten development cycles and foster efficient corporate environments. The company's suite of services includes the Thomasnet® industrial sourcing platform and cloud-based project management software, which collectively aim to strengthen supply chains for manufacturers.
The appointment of Azevedo to Xometry's Board of Directors is based on a press release statement and reflects the company's strategic efforts to harness industry expertise as it scales its operations globally.
In other recent news, Xometry, the AI-powered marketplace for on-demand manufacturing, has reported record financial performance for the second quarter of 2024. The company's revenue increased by 19% year-over-year (YoY) to $133 million, with marketplace revenue contributing significantly at $117 million, marking a 25% YoY surge. This growth is reflected in the expansion of Xometry's active buyer base, which experienced a 27% YoY increase.
In line with these developments, Xometry has outlined strategic initiatives aimed at deepening its penetration in the manufacturing sector. The company is on track to achieve adjusted EBITDA profitability at a $600 million revenue run rate and has set its sights on reaching $1 billion in revenue. Xometry's growth strategy includes expanding buyer and supplier networks, adding new processes and materials, and enhancing supplier services.
Despite these positive developments, the company reported a 13% YoY decrease in supplier services revenue. However, Xometry remains optimistic about its growth trajectory and is focused on international expansion and improving auto-quoting capabilities with Google (NASDAQ:GOOGL) Vertex (NASDAQ:VRTX) AI. The company's performance in Q2 2024 reflects a strong execution of its growth initiatives and a disciplined approach to capital allocation.
InvestingPro Insights
Xometry's recent appointment of Roy Azevedo to its Board of Directors comes at a time when the company is experiencing significant market dynamics. According to InvestingPro data, Xometry has seen a strong return over the last three months, with a 35.5% price total return. This positive momentum is further highlighted by a 19.47% return in just the last week, suggesting growing investor confidence in the company's direction.
Despite these recent gains, Xometry faces some financial challenges. InvestingPro Tips indicate that the company is not profitable over the last twelve months, with a negative operating income of $66.58 million for the same period. However, the company's revenue growth of 20.19% in the last twelve months as of Q2 2024 demonstrates its ability to expand its market presence.
Xometry's focus on AI-powered manufacturing services aligns with its current market position. An InvestingPro Tip notes that the stock generally trades with high price volatility, which could be attributed to the innovative nature of its business model and the evolving manufacturing technology landscape.
For investors interested in a deeper analysis, InvestingPro offers additional tips and insights that could provide a more comprehensive view of Xometry's financial health and market potential.
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