UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 10, 2023, Xometry, Inc. issued a press release announcing its financial results for the quarterly period ended March 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information set forth under this Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
Description |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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XOMETRY, INC. |
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Date: |
May 10, 2023 |
By: |
/s/ Randolph Altschuler |
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Randolph Altschuler |
Exhibit 99.1
Xometry Reports First Quarter 2023 Results
NORTH BETHESDA, MD., May 10, 2023 /Globe Newswire/-- Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the first quarter ended March 31, 2023.
“In Q1 2023, Xometry delivered stronger-than-expected 35% marketplace growth year-over-year, improved marketplace gross margin by 170 basis points quarter-over-quarter and improved operating leverage driven by our steadfast focus on our 5-point strategic plan,” said Randy Altschuler, Xometry’s CEO. “We continue to rapidly expand our network of buyers and suppliers and enhance our products and services. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth while further tightening operating expenses to achieve Adjusted EBITDA profitability in Q4 2023.”
First Quarter 2023 Financial Highlights
1
First Quarter 2023 Business Highlights
Financial Summary
(In thousands, except per share amounts)
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For the Three Months |
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2023 |
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2022 |
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% Change |
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(unaudited) |
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Consolidated |
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Revenue |
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$ |
105,326 |
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$ |
83,671 |
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26 |
% |
Gross profit |
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39,369 |
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32,939 |
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20 |
% |
Net loss attributable to common stockholders |
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(18,344 |
) |
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(20,012 |
) |
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8 |
% |
EPS, basic and diluted |
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(0.38 |
) |
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(0.43 |
) |
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12 |
% |
Adjusted EBITDA(1) |
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(11,767 |
) |
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(12,726 |
) |
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8 |
% |
Non-GAAP net loss(1) |
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(9,766 |
) |
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(12,598 |
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22 |
% |
Non-GAAP EPS, basic and diluted(1) |
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(0.20 |
) |
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(0.27 |
) |
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26 |
% |
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Marketplace |
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Revenue |
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$ |
86,680 |
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$ |
64,415 |
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35 |
% |
Cost of revenue |
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61,747 |
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46,741 |
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(32 |
)% |
Gross Profit |
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$ |
24,933 |
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$ |
17,674 |
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41 |
% |
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Supplier services |
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Revenue |
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$ |
18,646 |
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$ |
19,256 |
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(3 |
)% |
Cost of revenue |
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4,210 |
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3,991 |
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(5 |
)% |
Gross Profit |
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$ |
14,436 |
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$ |
15,265 |
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(5 |
)% |
Key Operating Metrics(2):
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As of March 31, |
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2023 |
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2022 |
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% |
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Active Buyers(3) |
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44,716 |
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30,683 |
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46 |
% |
Percentage of Revenue from Existing Accounts(3) |
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96 |
% |
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94 |
% |
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Accounts with Last Twelve-Months Spend of at Least $50,000(3) |
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1,109 |
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790 |
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40 |
% |
Active Paying Suppliers(3) |
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7,621 |
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6,872 |
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11 |
% |
2
Financial Guidance and Outlook:
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Q2 2023 |
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FY 2023 |
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(in millions) |
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Low |
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High |
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Low |
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High |
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Revenue |
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$ |
109.0 |
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$ |
111.0 |
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$ |
470.0 |
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$ |
480.0 |
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Adjusted EBITDA |
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$ |
(9.5 |
) |
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$ |
(8.5 |
) |
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$ |
(26.0 |
) |
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$ |
(24.0 |
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Xometry’s second quarter and full year 2023 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.
Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Xometry’s stock price. Xometry expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net loss and non-GAAP Earnings Per Share, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and
3
others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.
Key Terms for our Key Metrics and Non-GAAP Financial Measures
Marketplace revenue: includes the sale of parts and assemblies.
Supplier service revenue: includes the sales of advertising on Thomasnet, marketing services, supplies, financial service products and other fintech products.
Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.
Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or supplies. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product or buy tools or supplies.
Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.
Accounts with Last Twelve-Month Spend of At Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of At Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.
Active Paying Suppliers: The Company defines Active Paying Suppliers as individuals or businesses who have purchased one or more of our supplier services, including digital marketing services, data services, financial services or supplies on our platforms during the last twelve months.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, income tax provision (benefit), and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, stock-based compensation, charitable contributions of common stock, income from unconsolidated joint venture, impairment of assets, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
Non-GAAP net loss: The Company defines non-GAAP net loss as net loss adjusted for depreciation and amortization, stock-based compensation expense, amortization of lease intangible, amortization of deferred costs on convertible notes, loss on marketable securities, loss on sale of property and equipment, charitable contributions of common stock, impairment of assets, restructuring charges and acquisition and other
4
adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net loss divided by weighted average number of common stock outstanding.
Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net loss and non-GAAP EPS, basic and diluted provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.
About Xometry
Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity and create locally resilient supply chains. Learn more at www.xometry.com or follow @xometry.
Conference Call and Webcast Information
The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on May 10, 2023. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at investors.xometry.com.
Xometry, Inc. First Quarter 2023 Earnings Presentation and Conference Call
Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the second quarter and full year 2023, our expectation regarding our operating leverage and 2023 operating expenses, our potential for growth, and demand for our marketplaces in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, the impact of the health crises such as COVID-19 on our business and operations, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or
5
operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as the current inflationary environment and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2022. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as
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Investor Contact: |
Media Contact: |
Shawn Milne VP Investor Relations 240-335-8132 shawn.milne@xometry.com |
Matthew Hutchison Corporate Communications for Xometry 415-583-2119 matthew.hutchison@xometry.com |
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6
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
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March 31, |
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December 31, |
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2023 |
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2022 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
39,705 |
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$ |
65,662 |
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Marketable securities |
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256,458 |
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|
253,770 |
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Accounts receivable, less allowance for credit losses of $1.9 million and $2.0 million as of March 31, 2023 and December 31, 2022 |
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52,217 |
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|
49,188 |
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Inventory |
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1,444 |
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|
1,571 |
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Prepaid expenses |
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7,055 |
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|
7,591 |
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Other current assets |
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15,897 |
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|
12,273 |
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Total current assets |
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372,776 |
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|
390,055 |
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Property and equipment, net |
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21,597 |
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|
19,079 |
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Operating lease right-of-use assets |
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24,303 |
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25,923 |
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Investment in unconsolidated joint venture |
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4,134 |
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|
4,068 |
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Intangible assets, net |
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39,041 |
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|
39,351 |
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Goodwill |
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262,441 |
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|
258,036 |
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Other assets |
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|
385 |
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|
|
413 |
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Total assets |
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$ |
724,677 |
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$ |
736,925 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
12,320 |
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$ |
12,437 |
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Accrued expenses |
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32,121 |
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|
33,430 |
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Contract liabilities |
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9,974 |
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|
8,509 |
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Income taxes payable |
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4,113 |
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|
3,956 |
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Operating lease liabilities, current portion |
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6,256 |
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|
5,471 |
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Total current liabilities |
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64,784 |
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|
63,803 |
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Convertible notes |
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280,375 |
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|
279,909 |
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Operating lease liabilities, net of current portion |
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|
15,500 |
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|
16,940 |
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Deferred income taxes |
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|
406 |
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|
429 |
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Other liabilities |
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|
1,260 |
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|
1,011 |
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Total liabilities |
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362,325 |
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|
362,092 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
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— |
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— |
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Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares; 45,098,314 shares and 44,822,264 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
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— |
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— |
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Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares; 2,676,154 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
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— |
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— |
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Additional paid-in capital |
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628,808 |
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|
623,081 |
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Accumulated other comprehensive income |
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|
159 |
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|
28 |
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Accumulated deficit |
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(267,710 |
) |
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|
(249,366 |
) |
Total stockholders’ equity |
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|
361,257 |
|
|
|
373,743 |
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Noncontrolling interest |
|
|
1,095 |
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|
|
1,090 |
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Total equity |
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|
362,352 |
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|
|
374,833 |
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Total liabilities and stockholders’ equity |
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$ |
724,677 |
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$ |
736,925 |
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7
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
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Three Months Ended |
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2023 |
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2022 |
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|
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(unaudited) |
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|||||
Revenue |
|
$ |
105,326 |
|
|
$ |
83,671 |
|
|
Cost of revenue |
|
|
65,957 |
|
|
|
50,732 |
|
|
Gross profit |
|
|
39,369 |
|
|
|
32,939 |
|
|
Sales and marketing |
|
|
22,439 |
|
|
|
19,285 |
|
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Operations and support |
|
|
12,608 |
|
|
|
12,358 |
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Product development |
|
|
8,125 |
|
|
|
7,290 |
|
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General and administrative |
|
|
15,957 |
|
|
|
12,959 |
|
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Impairment of assets |
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|
27 |
|
|
|
- |
|
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Total operating expenses |
|
|
59,156 |
|
|
|
51,892 |
|
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Loss from operations |
|
|
(19,787 |
) |
|
|
(18,953 |
) |
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Other (expenses) income |
|
|
|
|
|
|
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Interest expense |
|
|
(1,198 |
) |
|
|
(769 |
) |
|
Interest and dividend income |
|
|
2,695 |
|
|
|
96 |
|
|
Other income (expenses) |
|
|
17 |
|
|
|
(962 |
) |
|
Income from unconsolidated joint venture |
|
|
66 |
|
|
|
34 |
|
|
Total other income (expenses) |
|
|
1,580 |
|
|
|
(1,601 |
) |
|
Loss before income taxes |
|
|
(18,207 |
) |
|
|
(20,554 |
) |
|
Provision (benefit) for income taxes |
|
|
(136 |
) |
|
|
559 |
|
|
Net loss |
|
|
(18,343 |
) |
|
|
(19,995 |
) |
|
Net income attributable to noncontrolling interest |
|
|
1 |
|
|
|
17 |
|
|
Net loss attributable to common stockholders |
|
$ |
(18,344 |
) |
|
$ |
(20,012 |
) |
|
Net loss per share, basic and diluted |
|
$ |
(0.38 |
) |
|
$ |
(0.43 |
) |
|
Weighted-average number of shares outstanding used to compute |
|
|
47,699,561 |
|
|
|
46,789,585 |
|
|
|
|
|
|
|
|
|
|
||
Comprehensive loss: |
|
|
|
|
|
|
|
||
Foreign currency translation |
|
$ |
135 |
|
|
$ |
(28 |
) |
|
Total other comprehensive income (loss) |
|
|
135 |
|
|
|
(28 |
) |
|
Net loss |
|
|
(18,343 |
) |
|
|
(19,995 |
) |
|
Comprehensive loss |
|
|
(18,208 |
) |
|
|
(20,023 |
) |
|
Comprehensive income attributable to noncontrolling interest |
|
|
5 |
|
|
|
34 |
|
|
Total comprehensive loss attributable to common stockholders |
|
$ |
(18,213 |
) |
|
$ |
(20,057 |
) |
|
8
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|
(unaudited) |
|
|||||
Net loss |
|
$ |
(18,343 |
) |
|
$ |
(19,995 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
2,566 |
|
|
|
1,799 |
|
Impairment of assets |
|
|
27 |
|
|
|
— |
|
Reduction in carrying amount of right-of-use asset |
|
|
1,935 |
|
|
|
1,765 |
|
Stock based compensation |
|
|
4,694 |
|
|
|
3,456 |
|
Revaluation of contingent consideration |
|
|
— |
|
|
|
434 |
|
Income from unconsolidated joint venture |
|
|
(66 |
) |
|
|
(34 |
) |
Donation of common stock |
|
|
370 |
|
|
|
— |
|
Unrealized loss on marketable securities |
|
|
— |
|
|
|
858 |
|
Non-cash income tax benefit |
|
|
— |
|
|
|
(559 |
) |
Loss on sale of property and equipment |
|
|
91 |
|
|
|
71 |
|
Amortization of deferred costs on convertible notes |
|
|
466 |
|
|
|
312 |
|
Deferred taxes benefit |
|
|
(23 |
) |
|
|
(2 |
) |
Changes in other assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(2,804 |
) |
|
|
(6,145 |
) |
Inventory |
|
|
133 |
|
|
|
(180 |
) |
Prepaid expenses |
|
|
185 |
|
|
|
567 |
|
Other assets |
|
|
(3,687 |
) |
|
|
(1,787 |
) |
Accounts payable |
|
|
(503 |
) |
|
|
(2,752 |
) |
Accrued expenses |
|
|
(2,119 |
) |
|
|
(2,843 |
) |
Contract liabilities |
|
|
1,436 |
|
|
|
2,145 |
|
Lease liabilities |
|
|
(970 |
) |
|
|
(1,369 |
) |
Income taxes payable |
|
|
157 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(16,455 |
) |
|
|
(24,259 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of marketable securities |
|
|
(2,688 |
) |
|
|
(280,091 |
) |
Proceeds from sale of marketable securities |
|
|
— |
|
|
|
4 |
|
Purchases of property and equipment |
|
|
(4,186 |
) |
|
|
(2,543 |
) |
Proceeds from sale of property and equipment |
|
|
223 |
|
|
|
165 |
|
Cash paid for business combination, net of cash acquired |
|
|
(3,349 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(10,000 |
) |
|
|
(282,465 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from stock options exercised |
|
|
483 |
|
|
|
1,263 |
|
Proceeds from issuance of convertible notes |
|
|
— |
|
|
|
287,500 |
|
Costs incurred in connection with issuance of convertible notes |
|
|
— |
|
|
|
(9,301 |
) |
Payments on finance lease obligations |
|
|
— |
|
|
|
(2 |
) |
Net cash provided by financing activities |
|
|
483 |
|
|
|
279,460 |
|
Effect of foreign currency translation on cash and cash equivalents |
|
|
15 |
|
|
|
(29 |
) |
Net decrease in cash and cash equivalents |
|
|
(25,957 |
) |
|
|
(27,293 |
) |
Cash and cash equivalents at beginning of the year |
|
|
65,662 |
|
|
|
86,262 |
|
Cash and cash equivalents at end of the period |
|
$ |
39,705 |
|
|
$ |
58,969 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
1,438 |
|
|
$ |
— |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
||
Non-cash purchase of property and equipment |
|
|
78 |
|
|
|
— |
|
Non-cash consideration in connection with business combination |
|
|
1,593 |
|
|
|
— |
|
9
Xometry, Inc. and Subsidiaries
Unaudited Reconciliations of Non-GAAP Financial Measures
(In thousands)
|
|
For the Three Months |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Adjusted EBITDA: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(18,343 |
) |
|
$ |
(19,995 |
) |
Add (deduct): |
|
|
|
|
|
|
||
Interest expense, interest and dividend income and other expenses |
|
|
(1,514 |
) |
|
|
1,635 |
|
Depreciation and amortization(1) |
|
|
2,566 |
|
|
|
1,799 |
|
Income tax provision (benefit) |
|
|
136 |
|
|
|
(559 |
) |
Amortization of lease intangible |
|
|
333 |
|
|
|
333 |
|
Stock-based compensation(2) |
|
|
4,694 |
|
|
|
3,456 |
|
Charitable contribution of common stock |
|
|
370 |
|
|
|
— |
|
Income from unconsolidated joint venture |
|
|
(66 |
) |
|
|
(34 |
) |
Acquisition and other(3) |
|
|
30 |
|
|
|
639 |
|
Impairment of assets |
|
|
27 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(11,767 |
) |
|
$ |
(12,726 |
) |
|
|
For the Three Months |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Non-GAAP Net Loss: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(18,343 |
) |
|
$ |
(19,995 |
) |
Add (deduct): |
|
|
|
|
|
|
||
Depreciation and amortization(1) |
|
|
2,566 |
|
|
|
1,799 |
|
Stock-based compensation(2) |
|
|
4,694 |
|
|
|
3,456 |
|
Amortization of lease intangible |
|
|
333 |
|
|
|
333 |
|
Amortization of deferred costs on convertible notes |
|
|
466 |
|
|
|
312 |
|
Loss on marketable securities |
|
|
— |
|
|
|
858 |
|
Acquisition and other(3) |
|
|
30 |
|
|
|
639 |
|
Loss on sale of property and equipment |
|
|
91 |
|
|
|
— |
|
Charitable contribution of common stock |
|
|
370 |
|
|
|
— |
|
Impairment of assets |
|
|
27 |
|
|
|
— |
|
Non-GAAP Net Loss |
|
$ |
(9,766 |
) |
|
$ |
(12,598 |
) |
|
|
|
|
|
|
|
||
Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted |
|
|
47,699,561 |
|
|
|
46,789,585 |
|
|
|
|
|
|
|
|
||
Non-GAAP EPS, basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.27 |
) |
10
Xometry, Inc. and Subsidiaries
Unaudited Segment Results
(In thousands)
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Segment Revenue: |
|
(unaudited) |
|
|||||
U.S. |
|
$ |
93,903 |
|
|
$ |
77,209 |
|
International |
|
|
11,423 |
|
|
|
6,462 |
|
Total revenue |
|
$ |
105,326 |
|
|
$ |
83,671 |
|
|
|
|
|
|
|
|
||
Segment Net Loss: |
|
|
|
|
|
|
||
U.S. |
|
$ |
(12,937 |
) |
|
$ |
(16,296 |
) |
International |
|
|
(5,407 |
) |
|
|
(3,716 |
) |
Total net loss attributable to common stockholders |
|
$ |
(18,344 |
) |
|
$ |
(20,012 |
) |
11
Xometry, Inc. and Subsidiaries
Unaudited Supplemental Information
(In thousands)
|
|
For the Three Months |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Summary of Stock-based Compensation Expense |
|
(unaudited) |
|
|||||
Sales and marketing |
|
$ |
1,052 |
|
|
$ |
636 |
|
Operations and support |
|
|
1,697 |
|
|
|
1,423 |
|
Product development |
|
|
1,076 |
|
|
|
894 |
|
General and administrative |
|
|
869 |
|
|
|
503 |
|
Total stock-based compensation expense |
|
$ |
4,694 |
|
|
$ |
3,456 |
|
|
|
|
|
|
|
|
||
Summary of Depreciation and Amortization Expense |
|
|
|
|
|
|
||
Cost of revenue |
|
$ |
44 |
|
|
$ |
34 |
|
Sales and marketing |
|
|
791 |
|
|
|
774 |
|
Operations and support |
|
|
12 |
|
|
|
11 |
|
Product development |
|
|
1,311 |
|
|
|
793 |
|
General and administrative |
|
|
408 |
|
|
|
187 |
|
Total depreciation and amortization expense |
|
$ |
2,566 |
|
|
$ |
1,799 |
|
12
Document And Entity Information |
May 10, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | May 10, 2023 |
| Entity Registrant Name | Xometry, Inc. |
| Entity Central Index Key | 0001657573 |
| Entity Emerging Growth Company | false |
| Securities Act File Number | 001-40546 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 32-0415449 |
| Entity Address, Address Line One | 6116 Executive Blvd, Suite 800 |
| Entity Address, City or Town | North Bethesda |
| Entity Address, State or Province | MD |
| Entity Address, Postal Zip Code | 20852 |
| City Area Code | (240) |
| Local Phone Number | 252-1138 |
| Entity Information, Former Legal or Registered Name | Not applicable |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Class A common stock, par value $0.000001 per share |
| Trading Symbol | XMTR |
| Security Exchange Name | NASDAQ |
-8?2
M0$3;8T.P6BP^0"X99K>]9!:G