📈 Revenue Growth in Q1 2024
Xometry, Inc. reported a 16% increase in total revenue for Q1 2024, reaching $123M. This growth was largely driven by a 24% increase in marketplace revenue. The company’s AI-powered marketplace has been gaining significant market share, which contributed to this success. Randy Altschuler, Xometry's CEO, stated, "In Q1 2024, we delivered better than expected revenue driven by strong 24% marketplace revenue growth. Marketplace growth was driven by robust 32% growth in Active Buyers."
💹 Financial Improvements and Margins
James Miln, Xometry’s CFO, highlighted financial improvements: "We delivered strong marketplace gross margin expansion to a record 32% and improved our Q1 Adjusted EBITDA loss by 37% year-over-year." The company expects continued progress towards profitability in 2024, despite investments in international and enterprise growth. Total revenue rose to $123M, with marketplace revenue at $107M. However, supplier services revenue fell by 17% to $15.5M due to exiting the lower-margin tools and materials business.
📊 Growth in Active Buyers and Suppliers
The number of Marketplace Active Buyers grew 32%, from 44,451 to 58,504. Accounts with last twelve-months spend of at least $50,000 increased 25%, from 1,109 to 1,381. Despite this, Active Paying Suppliers decreased by 6%, from 7,621 to 7,159, mainly due to the exit from the tools and materials business. The company’s net loss decreased by $1.7M to $16.6M, including $6.0M in stock-based compensation and $3.2M in depreciation and amortization.
🛠️ New Features and Market Expansion
In Q1 2024, Xometry introduced enhanced features for its Teamspace software, which helps procurement teams collaborate better. Over 2,300 teams have been created since its launch. The company also launched a new buyer dashboard for tooling processes. Xometry expanded its xometry.eu marketplace, adding Vacuum Casting and 200 classic RAL colors. They also launched a Czech language site. Additionally, beta testing began for new self-serve tools for suppliers on Thomasnet. These developments are expected to drive long-term growth.
Will Xometry's growth continue throughout 2024?
