Xometry appoints new CTO as Leibel departs

Xometry , Inc. (NASDAQ:XMTR), a leader in on-demand manufacturing with a market capitalization of $1.73 billion and strong revenue growth of 21% year-over-year, announced today that Matt Leibel, the company’s Chief Technology Officer, will be leaving his position. The mutual agreement for separation becomes effective today, with Vaidyanathan Raghavan set to take over the role.

Mr. Leibel’s departure, as stated in the company’s SEC filing, is not due to any disagreements or disputes with the company’s operations or practices. He will continue to serve as an employee until February 28, 2025, to ensure a smooth transition of responsibilities to Mr. Raghavan.

The terms of Mr. Leibel’s departure adhere to the conditions outlined in his employment agreement, as detailed in Xometry’s proxy statement filed on April 29, 2024. He will receive certain payments and benefits, contingent upon the execution of an effective general release and waiver of claims and adherence to his restrictive covenant obligations to the company.

This executive change comes at a time when Xometry continues to expand its market presence in the business services sector, maintaining a healthy gross profit margin of 39% and strong liquidity with a current ratio of 4.59.

The company, headquartered in North Bethesda, Maryland, operates under the jurisdiction of Delaware and is known for its innovative approach to manufacturing services.According to InvestingPro, which provides comprehensive analysis of over 1,400 US stocks, Xometry’s stock has shown remarkable momentum with a 179% return over the past six months, and five analysts have recently revised their earnings estimates upward.

The information for this report is based on a press release statement and the latest 8-K filing by Xometry with the SEC. The company is currently trading near its InvestingPro Fair Value, with its next earnings report scheduled for February 27, 2025.

In other recent news, Xometry Inc. reported a record revenue of $142 million in its third-quarter 2024 earnings call, marking a 19% increase year-over-year.

The company’s marketplace gross profit rose by 34%, with a notable gross margin improvement to 33.6%. Active buyers and suppliers on the platform grew significantly, with a 24% increase in buyers and the supplier network surpassing 4,200.

Meanwhile, JMP Securities maintained its Market Outperform rating on Xometry, with a $42.00 price target. The firm’s analyst highlighted Xometry’s achievement in the Asia-Pacific region, securing its first seven-figure order during the third quarter. This milestone is expected to balance any potential shortfall in the growth of active buyers.

These are among the recent developments for Xometry, which also anticipates slight adjusted EBITDA profitability in Q4 and expects revenue growth in 2025 to outpace that of 2024, with international revenue already up by 55% year-over-year. JMP Securities’ stance on the company is rooted in these financial metrics and recent developments within the company.

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