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NORTH BETHESDA - On Tuesday, Xometry, Inc. (NASDAQ:XMTR) reported third-quarter results that exceeded analyst expectations, driven by accelerating marketplace revenue growth and improved profitability.
The AI-powered manufacturing marketplace’s shares rose 5% in pre-market trading after the results.
The company reported adjusted earnings of $0.11 per share for the third quarter, beating analyst estimates of $0.10, while revenue surged 28% YoY to a record $180.7 million, significantly above the consensus estimate of $168.3 million. Marketplace revenue, which represents the company’s core business, grew 31% YoY to $167 million, demonstrating strong enterprise adoption of Xometry ’s platform.
"This was another record quarter for Xometry as enterprise customers rapidly adopt our supply chain solutions," said Randy Altschuler, CEO at Xometry. "In Q3, we delivered 31% marketplace revenue growth year-over-year underscoring the strength of our platform and strategic global network."
Xometry’s gross profit increased 29% YoY to $72 million, with marketplace gross margin expanding 210 basis points to 35.7%. The company reported Adjusted EBITDA of $6.1 million, a significant improvement of $6.8 million compared to the same period last year.
The company’s marketplace active buyers increased 21% to 78,282, while accounts with last twelve-month spend of at least $50,000 grew 14% to 1,724, indicating deeper penetration with higher-value customers.
Looking ahead, Xometry raised its guidance for both the fourth quarter and full year. The company now expects Q4 revenue of $182-184 million, above the consensus estimate of $176.1 million, and full-year revenue of $676-678 million, exceeding analyst expectations of $658 million.
CFO James Miln expressed confidence in the company’s financial trajectory, stating, "We expect to deliver 20% annual incremental Adjusted EBITDA margins as we scale to $1 billion in revenue."
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