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Xometry (NASDAQ: XMTR) Releases Q2 2022 Financial Results Showing 89% Revenue Growth and Gross Profit Growth of 217%

Xometry, Inc. (NASDAQ: XMTR) owns and operates a global online marketplace that connects industrial enterprises with manufacturing suppliers and service providers. Shares of the marketplace operator are rallying 26% through afternoon trading on Wednesday, August 10, 2022. Over the past three months, Xometry has seen average daily volume of 452,040 shares. However, volume of 1.1 million shares or dollar volume of around $56.94 million, has already exchanged hands through afternoon trading.

Shares of Xometry are gaining after the company released second quarter 2022 financial results. The company reported strong year-over-year revenue growth of 89% to $95.6 million, revenue from its marketplace accounted for $75.6 million of total revenue. Total gross profits surged 217% y/y to $37.7 million. Active buyers in its marketplace increased 40% to 33,491 buyers, as of the end of June 2022. Xometry did report a net loss of $16.6 million, which was an increase of $4.3 million y/y.

On a forward-looking basis, management remains upbeat on the rest of 2022. The company still expected full-year 2022 revenue growth to come in between $395 million and $400 million, which represents 81%-83% growth compared to last year. In addition, management says they expect operating leverage to improve during the second half of the year, which gives management an estimated positive adjusted EBITDA for 2023.

Xometry completed several business highlights during the second quarter of 2022. The company hosted its first virtual event: “The Xometry Marketplace: Powering Tomorrow’s Supply Chain” on June 29th. The company launched its Industrial Buying Engine (IBE), which helps customers search and buy from over 500,000 suppliers on Xometry introduced Workcenter (WC), which is a supplier tool that gives a one-stop videw into all of their Xometry and non-Xometry work. The company began taking orders from Chinese customers in April 2022 and continued to expand its supplier base on its network.

“In Q2 2022, Xometry delivered accelerated marketplace growth, robust expansion in marketplace gross margin and significant operating leverage quarter-over-quarter,” said Randy Altschuler, Xometry’s CEO. “We introduced important new products including the Industrial Buying Engine and Workcenter providing integrated solutions for our buyers and suppliers. Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with suppliers. With our supplier network expanding domestically and abroad, we are playing an instrumental role in helping create locally resilient supply chains irrespective of macro events.”

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The post Xometry (NASDAQ: XMTR) Releases Q2 2022 Financial Results Showing 89% Revenue Growth and Gross Profit Growth of 217% appeared first on Spotlight Growth.

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