Xometry, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $141.7 million, marking a 19% increase from $118.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $397.0 million, an 18% rise from $335.3 million year-over-year. The growth was primarily driven by a 24% increase in marketplace revenue, which totaled $127.0 million for the quarter and $351.4 million for the nine months.
Gross profit for the third quarter was $55.8 million, up from $46.2 million in 2023, reflecting a gross margin improvement to 39.4% from 38.8%. For the nine-month period, gross profit increased to $156.6 million, with a gross margin of 33.1%, compared to 30.6% in the prior year.
Despite the revenue growth, Xometry reported a net loss of $10.2 million for the third quarter, an improvement from a net loss of $12.0 million in the same quarter of 2023. The nine-month net loss also decreased to $40.5 million from $56.9 million in the previous year. The net loss per share for the third quarter was $(0.21), down from $(0.25) in 2023.
Operating expenses as a percentage of revenue decreased to 47.5% in the third quarter from 50.0% in the prior year, indicating improved operational efficiency. The company’s total current assets decreased to $325.7 million as of September 30, 2024, from $356.2 million at the end of 2023, while total liabilities also declined to $70.9 million from $83.2 million.
Strategically, Xometry completed the acquisition of Tridi Teknoloj A.S. in January 2023 for approximately $3.8 million, which has contributed to its revenue growth. However, the company has also seen a decline in active paying suppliers, down 9% to 6,762, attributed to its exit from the tools and materials business.
Xometry's cash and cash equivalents stood at $17.4 million as of September 30, 2024, a decrease from $53.4 million at the end of 2023. The company expects its existing cash and marketable securities, totaling $234.0 million, to support its operations for at least the next twelve months.
Overall, Xometry's performance reflects a positive trend in revenue and gross profit, alongside a strategic focus on operational efficiency and market expansion, despite ongoing net losses.
About Xometry, Inc.
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