Xometry (XMTR) Earnings Date & Reports

Key Takeaways

• Xometry posted record third-quarter revenue of $252.44 million, up 40% year over year and above the consensus estimate of roughly $235.5 million.
• Adjusted (non-GAAP) earnings per share came in at $0.28, beating analyst expectations of $0.19, while the company reported its first quarter of GAAP net income at $1.9 million.
• Marketplace revenue grew 43% to $238 million, and marketplace gross margin reached a record 36.0%, up 130 basis points quarter over quarter.
• Active buyers rose 20% year over year to more than 93,000, with a record net addition of 4,255 buyers during the quarter.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) hit a record $21.4 million, with management raising its full-year 2026 outlook.
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Earnings Context and Why It Matters

Xometry's third-quarter report carries outsized weight for investors because it marks a potential inflection point for the company's AI-native manufacturing marketplace. After years of prioritizing growth over profitability, Xometry delivered its first quarter of GAAP (Generally Accepted Accounting Principles) net income, signaling that its business model can scale profitably. The company has now posted two consecutive quarters of at least 40% revenue growth, suggesting durable momentum rather than a one-time surge. With marketplace gross margin expanding to a record level and operating costs rising far slower than revenue, the results offer evidence that Xometry's network effects and AI-driven pricing are translating into meaningful operating leverage. For investors, the quarter tests whether the company can sustain rapid growth while continuing to widen margins.

Reported Results

Xometry reported third-quarter revenue of $252.44 million, a 40% increase from $180.72 million in the prior-year period and above the consensus estimate of approximately $235.5 million. Marketplace revenue, the company's core segment, grew 43% year over year to $238 million, while services revenue rose about 2% to $14.4 million.

On a GAAP basis, the company reported net income of $1.9 million, compared with a net loss of $11.6 million a year earlier. Basic earnings per share from continuing operations were $0.03, versus a loss of $0.23 per share in the same quarter last year. On an adjusted, non-GAAP basis that excludes stock-based compensation and other items, earnings per share came in at $0.28, beating the analyst estimate of $0.19.

Gross profit increased 37% to $98.7 million, while marketplace gross margin reached a record 36.0%. Adjusted EBITDA rose to a record $21.4 million, expanding the adjusted EBITDA margin to 8.5% from 3.4% a year earlier.

Looking ahead, Xometry guided to fourth-quarter revenue of $254 million to $256 million, representing 32% to 33% growth, and raised its full-year 2026 revenue growth outlook to approximately 37%.

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Market Reaction and Investor Sentiment

The market responded favorably to Xometry's results, with shares rallying sharply following the announcement, reflecting investor enthusiasm for the company's first GAAP profit and better-than-expected guidance. Sentiment heading into the report had been cautiously optimistic, given the company's history of consistently beating consensus estimates across recent quarters. The combination of record revenue, expanding marketplace gross margin, and raised full-year outlook reinforced confidence that Xometry's profitability trajectory is accelerating. Investors also appeared to reward the improving unit economics, including a record-low advertising spend of 3.0% of marketplace revenue. The positive reaction suggests the market views the quarter as validation of the company's AI-driven marketplace model rather than a one-off result.

Forward Outlook and Key Factors to Monitor

Following this earnings event, investors will be watching several factors closely. The first is whether Xometry can maintain its roughly 40% marketplace growth rate while continuing to expand gross margin toward the company's long-term target range of 35% to 40%. Management has already signaled confidence by raising its full-year revenue growth outlook to approximately 37%.

Another key area is enterprise adoption. The number of accounts spending at least $50,000 annually grew 26% year over year to 2,172, and revenue from the largest accounts rose more than 40%. Continued wallet-share gains among these larger customers will be essential to sustaining momentum.

Cost discipline also remains a focal point. Non-GAAP operating expenses grew 17%, less than half the revenue growth rate, and the company expects adjusted EBITDA of $68 million to $68.5 million for 2026. Investors will monitor whether this operating leverage persists as the company invests in AI model development and platform improvements.

Finally, the services segment, which grew only about 2%, remains a modest but closely watched component, while the company's international operations will be scrutinized for signs of approaching profitability. Together, these factors will shape how investors assess Xometry's path toward sustained profitability and continued market-share expansion.

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