Xometry, Inc. (NASDAQ:XMTR), the global online marketplace
connecting enterprise buyers with suppliers of manufacturing
services, today reported financial results for the third quarter
ended September 30, 2022.
"In Q3 2022, Xometry delivered strong marketplace growth, robust
expansion in marketplace gross margin and significant operating
leverage quarter-over-quarter,” said Randy Altschuler, Xometry’s
CEO. “In Q4, we are seeing record orders while suppliers are taking
jobs at significantly lower prices, dampening near-term revenue
growth. We expect to continue to rapidly gain market share and
customer share of wallet fueling robust marketplace revenue growth
into 2023.”
Third Quarter 2022 Financial Highlights
- Total revenue for the third quarter
2022 was $103.6 million, an increase of 83% year-over-year.
- Marketplace revenue for the third
quarter of 2022 was $84.1 million.
- Supplier services revenue for the third
quarter of 2022 was $19.5 million.
- Total gross profit for the third
quarter 2022 was $40.9 million, an increase of 182%
year-over-year.
- Marketplace Active Buyers increased 40%
from 26,187 as of September 30, 2021 to 36,789 as of September 30,
2022.
- Marketplace Accounts with Last
Twelve-Months Spend of at least $50,000 increased 62% from 603 as
of September 30, 2021 to 974 as of September 30, 2022.
- Marketplace Percentage of Revenue from
Existing Accounts was 96%.
- Net loss attributable to common
stockholders was $15.0 million for the quarter, an increase of $0.3
million year-over-year, and Adjusted EBITDA was negative $6.5
million for the quarter, reflecting a decrease of $3.5 million
year-over-year. Net loss for Q3 2022 included $5.1 million of
stock-based compensation.
- Cash and cash equivalents and
marketable securities were $341.2 million as of September 30,
2022.
Third Quarter 2022 Business Highlights
- Launched Credit Key flexible payment solution further expanding
the basket of financial services to help buyers grow their
business. With Credit Key, enterprise customers, small businesses
and entrepreneurs can tap into lines of credit of up to $50,000
instantly at the point of sale on Xometry.
- Added new languages and processes to our International
marketplace. In Q3, we added Polish, Norwegian and Dutch languages
to our European site. Additionally, Europe introduced new
production technologies including vacuum casting and compression
molding.
- Launched the universal login experience which improves and
centralizes the login experience and user credentials. Universal
login allows Xometry and Thomas buyers and suppliers to seamlessly
move and transact across platforms.
- Funded several manufacturing scholarship programs. Xometry is
providing scholarships for 250 students at community colleges in
six key manufacturing states: Maryland, Kentucky, Wisconsin, South
Carolina, Connecticut and New York. Last year, Xometry, in
partnership with Howard University, pledged eight full tuition
scholarships over four school years to students enrolled in the
Department of Mechanical Engineering at the Howard University
College of Engineering and Architecture. We are funding the
scholarships through our Donor Advised Fund, to which we dedicated
1% of our equity at IPO to support small- and medium manufacturers
across the country.
- Held a manufacturing day event on October 7, in conjunction
with the release of proprietary research conducted in partnership
with Forbes and Zogby. Research revealed how manufacturing CEOs are
demonstrating supply chain resilience by investing in talent and
technology, while also reshoring and nearshoring their
manufacturing capabilities.
Financial Summary(In
thousands, except per share amounts)
|
|
For the Three MonthsEnded
September 30, |
|
|
|
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
103,571 |
|
|
$ |
56,727 |
|
|
|
83 |
% |
|
$ |
282,857 |
|
|
$ |
151,238 |
|
|
|
87 |
% |
Gross
profit |
|
|
40,901 |
|
|
|
14,494 |
|
|
|
182 |
% |
|
|
111,536 |
|
|
|
36,205 |
|
|
|
208 |
% |
Net loss
attributable to common stockholders |
|
|
(15,037 |
) |
|
|
(14,711 |
) |
|
|
(2 |
)% |
|
|
(51,602 |
) |
|
|
(37,476 |
) |
|
|
(38 |
)% |
EPS,
basic and diluted |
|
|
(0.32 |
) |
|
|
(0.33 |
) |
|
|
3 |
% |
|
|
(1.10 |
) |
|
|
(1.87 |
) |
|
|
41 |
% |
Adjusted
EBITDA(1) |
|
|
(6,490 |
) |
|
|
(10,024 |
) |
|
|
35 |
% |
|
|
(27,516 |
) |
|
|
(27,905 |
) |
|
|
1 |
% |
Non-GAAP
net loss(1) |
|
|
(5,394 |
) |
|
|
(10,223 |
) |
|
|
47 |
% |
|
|
(26,368 |
) |
|
|
(29,021 |
) |
|
|
9 |
% |
Non-GAAP
EPS, basic and diluted(1) |
|
|
(0.11 |
) |
|
|
(0.23 |
) |
|
|
52 |
% |
|
|
(0.56 |
) |
|
|
(1.44 |
) |
|
|
61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketplace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
84,060 |
|
|
|
|
|
|
|
|
$ |
224,073 |
|
|
|
|
|
|
|
Cost of revenue |
|
|
58,479 |
|
|
|
|
|
|
|
|
|
158,712 |
|
|
|
|
|
|
|
Gross Profit |
|
$ |
25,581 |
|
|
|
|
|
|
|
|
$ |
65,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplier
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
19,511 |
|
|
|
|
|
|
|
|
$ |
58,784 |
|
|
|
|
|
|
|
Cost of revenue |
|
|
4,191 |
|
|
|
|
|
|
|
|
|
12,609 |
|
|
|
|
|
|
|
Gross Profit |
|
$ |
15,320 |
|
|
|
|
|
|
|
|
$ |
46,175 |
|
|
|
|
|
|
|
(1) These non-GAAP financial measures, and
reasons why we believe these non-GAAP financial measures are
useful, are described below and reconciled to their most directly
comparable GAAP measures in the accompanying tables.
Key Operating
Metrics(2):
|
|
As of September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(3) |
|
|
36,789 |
|
|
|
26,187 |
|
|
|
40 |
% |
Percentage of Revenue from Existing Accounts(3) |
|
|
96 |
% |
|
|
95 |
% |
|
|
1 |
% |
Accounts
with Last Twelve-Months Spend of at Least $50,000(3) |
|
|
974 |
|
|
|
603 |
|
|
|
62 |
% |
|
|
|
|
|
|
|
|
|
|
(2) These key operating metrics are for
Marketplace. See “Key Terms for our Key Metrics and Non-GAAP
Financial Measures” below for definitions of these metrics.
(3) Amounts shown for Active Buyers and Accounts
with Last Twelve-Months Spend of at Least $50,000 are as of
September 30, 2022 and 2021, and Percentage of Revenue from
Existing Accounts is presented for the quarters ended September 30,
2022 and 2021.
Financial Guidance and Outlook:
|
|
Q4 2022 |
|
|
|
(in millions) |
|
|
|
Low |
|
|
High |
|
Revenue |
|
$ |
104.0 |
|
|
$ |
106.0 |
|
Adjusted
EBITDA |
|
$ |
(9.0 |
) |
|
$ |
(8.0 |
) |
Xometry’s fourth quarter 2022 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 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.
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.
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
benefit, and certain other non-cash or non-recurring items
impacting net loss from time to time, principally comprised of
depreciation and amortization, stock-based compensation, charitable
contributions of common stock, income from unconsolidated joint
venture, impairment 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, unrealized
loss on marketable securities, loss on sale of property and
equipment, charitable contributions of common stock, impairment
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 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
amounts 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 November 10, 2022. In
addition to issuing a press release, the Company will post an
earnings presentation to its investor website at
investors.xometry.com.
Xometry, Inc. Third Quarter 2022 Earnings Presentation and
Conference Call
- 8:30 a.m. Eastern / 5:30 a.m. Pacific on Thursday, November 10,
2022
- To register please use the following link:
https://register.vevent.com/register/BI4b82a3357dbc4416913d7289fc71c0df
- You may also visit the Xometry Investor Relations Homepage at
investors.xometry.com to listen to a live webcast of the call
Cautionary Information Regarding Forward-Looking
StatementsThis 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 fourth quarter 2022, our
expectation regarding 2023 Adjusted EBITDA, 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 COVID-19 pandemic
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 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, 2021. 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 required by law.
|
|
Investor
Contact: |
Media
Contact: |
Shawn MilneVP Investor
Relations240-335-8132shawn.milne@xometry.com |
Matthew Hutchison Corporate
Communications for
Xometry415-583-2119matthew.hutchison@xometry.com |
|
|
Xometry, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (In thousands, except share
and per share data)
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
|
|
(audited) |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,497 |
|
|
$ |
86,262 |
|
Marketable securities |
|
|
310,694 |
|
|
|
30,465 |
|
Accounts receivable, less allowance for credit losses of $1.6
million as of September 30, 2022 and $0.8 million as of December
31, 2021 |
|
|
50,889 |
|
|
|
32,427 |
|
Inventory |
|
|
5,632 |
|
|
|
2,033 |
|
Prepaid expenses |
|
|
7,675 |
|
|
|
6,664 |
|
Other current assets |
|
|
4,357 |
|
|
|
5,580 |
|
Total current assets |
|
|
409,744 |
|
|
|
163,431 |
|
Property and equipment, net |
|
|
16,303 |
|
|
|
10,287 |
|
Operating lease right-of-use assets |
|
|
23,299 |
|
|
|
27,489 |
|
Investment in unconsolidated joint venture |
|
|
4,298 |
|
|
|
4,198 |
|
Intangible assets, net |
|
|
40,287 |
|
|
|
41,736 |
|
Goodwill |
|
|
259,971 |
|
|
|
254,672 |
|
Other assets |
|
|
382 |
|
|
|
773 |
|
Total assets |
|
$ |
754,284 |
|
|
$ |
502,586 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
12,075 |
|
|
$ |
12,718 |
|
Accrued expenses |
|
|
36,476 |
|
|
|
30,905 |
|
Contract liabilities |
|
|
10,600 |
|
|
|
7,863 |
|
Operating lease liabilities, current portion |
|
|
5,898 |
|
|
|
5,549 |
|
Finance lease liabilities, current portion |
|
|
— |
|
|
|
2 |
|
Total current liabilities |
|
|
65,049 |
|
|
|
57,037 |
|
Operating lease liabilities, net of current portion |
|
|
13,513 |
|
|
|
16,920 |
|
Convertible notes |
|
|
279,441 |
|
|
|
— |
|
Income taxes payable |
|
|
1,532 |
|
|
|
1,468 |
|
Other liabilities |
|
|
1,787 |
|
|
|
1,678 |
|
Total liabilities |
|
|
361,322 |
|
|
|
77,103 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock, $0.000001 par value. Authorized; 50,000,000
shares; zero shares issued and outstanding as of September 30, 2022
and December 31, 2021, respectively |
|
|
— |
|
|
|
— |
|
Class A Common stock, $0.000001 par value. Authorized; 750,000,000
shares; 44,721,409 shares and 43,998,404 shares issued and
outstanding as of September 30, 2022 and December 31, 2021,
respectively |
|
|
— |
|
|
|
— |
|
Class B Common stock, $0.000001 par value. Authorized; 5,000,000
shares; 2,676,154 shares issued and outstanding as of September 30,
2022 and December 31, 2021, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
617,278 |
|
|
|
597,641 |
|
Accumulated other comprehensive income (loss) |
|
|
(492 |
) |
|
|
149 |
|
Accumulated deficit |
|
|
(224,943 |
) |
|
|
(173,341 |
) |
Total stockholders’ equity |
|
|
391,843 |
|
|
|
424,449 |
|
Noncontrolling interest |
|
|
1,119 |
|
|
|
1,034 |
|
Total equity |
|
|
392,962 |
|
|
|
425,483 |
|
Total liabilities and stockholders’ equity |
|
$ |
754,284 |
|
|
$ |
502,586 |
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and
Comprehensive Loss(In thousands, except share and per share
amounts)
|
|
Three Months
EndedSeptember 30, |
|
|
Nine Months
EndedSeptember 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
103,571 |
|
|
$ |
56,727 |
|
|
$ |
282,857 |
|
|
$ |
151,238 |
|
Cost of
revenue |
|
|
62,670 |
|
|
|
42,233 |
|
|
|
171,321 |
|
|
|
115,033 |
|
Gross profit |
|
|
40,901 |
|
|
|
14,494 |
|
|
|
111,536 |
|
|
|
36,205 |
|
Sales
and marketing |
|
|
21,416 |
|
|
|
9,828 |
|
|
|
58,846 |
|
|
|
26,250 |
|
Operations and support |
|
|
11,620 |
|
|
|
5,775 |
|
|
|
36,158 |
|
|
|
15,594 |
|
Product
development |
|
|
7,613 |
|
|
|
4,376 |
|
|
|
22,698 |
|
|
|
12,131 |
|
General
and administrative |
|
|
15,126 |
|
|
|
8,778 |
|
|
|
43,143 |
|
|
|
18,343 |
|
Impairment of long-lived assets |
|
|
325 |
|
|
|
- |
|
|
|
444 |
|
|
|
- |
|
Total
operating expenses |
|
|
56,100 |
|
|
|
28,757 |
|
|
|
161,289 |
|
|
|
72,318 |
|
Loss from operations |
|
|
(15,199 |
) |
|
|
(14,263 |
) |
|
|
(49,753 |
) |
|
|
(36,113 |
) |
Other (expenses) income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(1,194 |
) |
|
|
(79 |
) |
|
|
(3,172 |
) |
|
|
(799 |
) |
Interest
and dividend income |
|
|
1,344 |
|
|
|
417 |
|
|
|
1,914 |
|
|
|
457 |
|
Other
expenses |
|
|
(289 |
) |
|
|
(786 |
) |
|
|
(1,733 |
) |
|
|
(1,021 |
) |
Income
from unconsolidated joint venture |
|
|
297 |
|
|
|
- |
|
|
|
600 |
|
|
|
- |
|
Total
other income (expenses) |
|
|
158 |
|
|
|
(448 |
) |
|
|
(2,391 |
) |
|
|
(1,363 |
) |
Loss before income taxes |
|
|
(15,041 |
) |
|
|
(14,711 |
) |
|
|
(52,144 |
) |
|
|
(37,476 |
) |
Benefit
for income taxes |
|
|
- |
|
|
|
- |
|
|
|
559 |
|
|
|
- |
|
Net loss |
|
|
(15,041 |
) |
|
|
(14,711 |
) |
|
|
(51,585 |
) |
|
|
(37,476 |
) |
Net
(loss) income attributable to noncontrolling interest |
|
|
(4 |
) |
|
|
- |
|
|
|
17 |
|
|
|
- |
|
Net loss attributable to common stockholders |
|
$ |
(15,037 |
) |
|
$ |
(14,711 |
) |
|
$ |
(51,602 |
) |
|
$ |
(37,476 |
) |
Net loss
per share, basic and diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.10 |
) |
|
$ |
(1.87 |
) |
Weighted-average number of shares outstanding used to compute net
loss per share, basic and diluted |
|
|
47,303,090 |
|
|
|
43,962,863 |
|
|
|
47,057,521 |
|
|
|
20,092,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
$ |
(559 |
) |
|
$ |
(41 |
) |
|
$ |
(573 |
) |
|
$ |
(24 |
) |
Total other comprehensive loss |
|
|
(559 |
) |
|
|
(41 |
) |
|
|
(573 |
) |
|
|
(24 |
) |
Net loss |
|
|
(15,041 |
) |
|
|
(14,711 |
) |
|
|
(51,585 |
) |
|
|
(37,476 |
) |
Comprehensive loss |
|
|
(15,600 |
) |
|
|
(14,752 |
) |
|
|
(52,158 |
) |
|
|
(37,500 |
) |
Comprehensive income attributable to noncontrolling interest |
|
|
14 |
|
|
|
- |
|
|
|
85 |
|
|
|
- |
|
Total comprehensive loss attributable to common
stockholders |
|
$ |
(15,614 |
) |
|
$ |
(14,752 |
) |
|
$ |
(52,243 |
) |
|
$ |
(37,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows(In
thousands)
|
|
Nine Months EndedSeptember 30, |
|
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
Net loss |
|
$ |
(51,585 |
) |
|
$ |
(37,476 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,716 |
|
|
|
2,304 |
|
Impairment of assets |
|
|
444 |
|
|
|
- |
|
Reduction in carrying amount of right-of-use asset |
|
|
5,351 |
|
|
|
912 |
|
Stock based compensation |
|
|
14,048 |
|
|
|
4,747 |
|
Non-cash interest expense |
|
|
- |
|
|
|
111 |
|
Loss on debt extinguishment |
|
|
- |
|
|
|
272 |
|
Revaluation of contingent consideration |
|
|
434 |
|
|
|
- |
|
Income from unconsolidated joint venture |
|
|
(100 |
) |
|
|
- |
|
Donation of common stock |
|
|
2,272 |
|
|
|
1,157 |
|
Unrealized loss on marketable securities |
|
|
1,659 |
|
|
|
239 |
|
Non-cash income tax benefit |
|
|
(559 |
) |
|
|
- |
|
Loss on sale of property and equipment |
|
|
71 |
|
|
|
- |
|
Amortization of deferred costs on convertible notes |
|
|
1,250 |
|
|
|
- |
|
Deferred taxes benefit |
|
|
(2 |
) |
|
|
- |
|
Changes in other assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(19,032 |
) |
|
|
(10,645 |
) |
Inventory |
|
|
(3,680 |
) |
|
|
842 |
|
Prepaid expenses |
|
|
(1,784 |
) |
|
|
(4,080 |
) |
Other assets |
|
|
(3,922 |
) |
|
|
580 |
|
Accounts payable |
|
|
(240 |
) |
|
|
(400 |
) |
Accrued expenses |
|
|
5,591 |
|
|
|
3,931 |
|
Contract liabilities |
|
|
2,777 |
|
|
|
1,053 |
|
Lease liabilities |
|
|
(4,219 |
) |
|
|
(917 |
) |
Net cash used in operating activities |
|
|
(45,510 |
) |
|
|
(37,370 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
Purchase of marketable securities |
|
|
(281,897 |
) |
|
|
(266,978 |
) |
Proceeds from sale of marketable securities |
|
|
4 |
|
|
|
- |
|
Purchases of property and equipment |
|
|
(9,608 |
) |
|
|
(4,625 |
) |
Proceeds from sale of property and equipment |
|
|
165 |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(291,336 |
) |
|
|
(271,603 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from initial public offering, net of underwriters'
discount |
|
|
- |
|
|
|
325,263 |
|
Payments in connection with initial public offering |
|
|
- |
|
|
|
(3,995 |
) |
Proceeds from stock options exercised |
|
|
3,317 |
|
|
|
1,787 |
|
Repayment of term loan |
|
|
- |
|
|
|
(16,136 |
) |
Proceeds from issuance of convertible notes |
|
|
287,500 |
|
|
|
- |
|
Costs incurred in connection with issuance of convertible
notes |
|
|
(9,309 |
) |
|
|
- |
|
Payments on finance lease obligations |
|
|
(2 |
) |
|
|
(9 |
) |
Net cash provided by financing activities |
|
|
281,506 |
|
|
|
306,910 |
|
Effect of foreign currency translation on cash and cash
equivalents |
|
|
(425 |
) |
|
|
(33 |
) |
Net decrease in cash and cash equivalents |
|
|
(55,765 |
) |
|
|
(2,096 |
) |
Cash and cash equivalents at beginning of the
period |
|
|
86,262 |
|
|
|
59,874 |
|
Cash and cash equivalents at end of the
period |
|
$ |
30,497 |
|
|
$ |
57,778 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
Cash
paid for interest |
|
$ |
1,414 |
|
|
$ |
907 |
|
Non-cash investing activity: |
|
|
|
|
|
|
Non-cash
purchase of property and equipment |
|
|
- |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xometry, Inc. and Subsidiaries
Unaudited Reconciliations of Non-GAAP Financial Measures (In
thousands)
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(15,041 |
) |
|
$ |
(14,711 |
) |
|
$ |
(51,585 |
) |
|
$ |
(37,476 |
) |
Add
(deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, interest and dividend income and other expenses |
|
|
139 |
|
|
|
448 |
|
|
|
2,991 |
|
|
|
1,363 |
|
Depreciation and amortization expense(1) |
|
|
1,909 |
|
|
|
816 |
|
|
|
5,716 |
|
|
|
2,304 |
|
Income
tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(559 |
) |
|
|
— |
|
Amortization of lease intangible |
|
|
333 |
|
|
|
— |
|
|
|
999 |
|
|
|
— |
|
Stock-based compensation(2) |
|
|
5,113 |
|
|
|
2,266 |
|
|
|
14,048 |
|
|
|
4,747 |
|
Charitable contribution of common stock |
|
|
987 |
|
|
|
1,157 |
|
|
|
2,272 |
|
|
|
1,157 |
|
Income
from unconsolidated joint venture |
|
|
(297 |
) |
|
|
— |
|
|
|
(600 |
) |
|
|
— |
|
Acquisition and other(3) |
|
|
42 |
|
|
|
— |
|
|
|
(1,242 |
) |
|
|
— |
|
Impairment of assets |
|
|
325 |
|
|
|
— |
|
|
|
444 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(6,490 |
) |
|
$ |
(10,024 |
) |
|
$ |
(27,516 |
) |
|
$ |
(27,905 |
) |
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Non-GAAP Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(15,041 |
) |
|
$ |
(14,711 |
) |
|
$ |
(51,585 |
) |
|
$ |
(37,476 |
) |
Add
(deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense(1) |
|
|
1,909 |
|
|
|
816 |
|
|
|
5,716 |
|
|
|
2,304 |
|
Stock-based compensation(2) |
|
|
5,113 |
|
|
|
2,266 |
|
|
|
14,048 |
|
|
|
4,747 |
|
Amortization of lease intangible |
|
|
333 |
|
|
|
— |
|
|
|
999 |
|
|
|
— |
|
Amortization of deferred costs on convertible notes |
|
|
469 |
|
|
|
— |
|
|
|
1,250 |
|
|
|
— |
|
Unrealized loss on marketable securities |
|
|
469 |
|
|
|
239 |
|
|
|
1,659 |
|
|
|
239 |
|
Acquisition and other(3) |
|
|
42 |
|
|
|
— |
|
|
|
(1,242 |
) |
|
|
— |
|
Loss on
sale of property and equipment |
|
|
— |
|
|
|
10 |
|
|
|
71 |
|
|
|
8 |
|
Charitable contribution of common stock |
|
|
987 |
|
|
|
1,157 |
|
|
|
2,272 |
|
|
|
1,157 |
|
Impairment of assets |
|
|
325 |
|
|
|
— |
|
|
|
444 |
|
|
|
— |
|
Non-GAAP Net Loss |
|
$ |
(5,394 |
) |
|
$ |
(10,223 |
) |
|
$ |
(26,368 |
) |
|
$ |
(29,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares outstanding used to compute
Non-GAAP Net Loss per share, basic and diluted |
|
|
47,303,090 |
|
|
|
43,962,863 |
|
|
|
47,057,521 |
|
|
|
20,092,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
EPS, basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.56 |
) |
|
$ |
(1.44 |
) |
(1) Represents depreciation expense of the
Company’s long-lived tangible assets and amortization expense of
its finite-lived intangible assets, as included in the Company’s
GAAP results of operations.(2) Represents the
non-cash expense related to stock-based awards granted to
employees, as included in the Company’s GAAP results of
operations.(3) Includes adjustments related to
purchase accounting, the revaluation of contingent consideration
and transaction costs.
Xometry, Inc. and Subsidiaries
Unaudited Segment Results(In thousands)
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Segment Revenue: |
|
(unaudited) |
|
|
(unaudited) |
|
U.S. |
|
$ |
94,829 |
|
|
$ |
51,739 |
|
|
$ |
258,553 |
|
|
$ |
140,266 |
|
International |
|
|
8,742 |
|
|
|
4,988 |
|
|
|
24,304 |
|
|
|
10,972 |
|
Total revenue |
|
$ |
103,571 |
|
|
$ |
56,727 |
|
|
$ |
282,857 |
|
|
$ |
151,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
(10,732 |
) |
|
$ |
(12,550 |
) |
|
$ |
(36,977 |
) |
|
$ |
(30,152 |
) |
International |
|
|
(4,305 |
) |
|
|
(2,161 |
) |
|
|
(14,625 |
) |
|
|
(7,324 |
) |
Total net loss attributable to common stockholders |
|
$ |
(15,037 |
) |
|
$ |
(14,711 |
) |
|
$ |
(51,602 |
) |
|
$ |
(37,476 |
) |
Xometry, Inc. and Subsidiaries
Unaudited Supplemental Information(In thousands)
|
|
For the Three MonthsEnded
September 30, |
|
|
For the Nine MonthsEnded
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Summary of Stock-based
Compensation Expense |
|
(unaudited) |
|
|
(unaudited) |
|
Sales and marketing |
|
$ |
1,135 |
|
|
$ |
335 |
|
|
$ |
3,071 |
|
|
$ |
690 |
|
Operations and support |
|
|
1,715 |
|
|
|
670 |
|
|
|
4,879 |
|
|
|
1,364 |
|
Product development |
|
|
1,097 |
|
|
|
488 |
|
|
|
3,119 |
|
|
|
979 |
|
General and
administrative |
|
|
1,166 |
|
|
|
773 |
|
|
|
2,979 |
|
|
|
1,714 |
|
Total stock-based compensation
expense |
|
$ |
5,113 |
|
|
$ |
2,266 |
|
|
$ |
14,048 |
|
|
$ |
4,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
41 |
|
|
$ |
21 |
|
|
$ |
99 |
|
|
$ |
70 |
|
Sales and marketing |
|
|
776 |
|
|
|
26 |
|
|
|
2,326 |
|
|
|
88 |
|
Operations and support |
|
|
15 |
|
|
|
31 |
|
|
|
43 |
|
|
|
118 |
|
Product development |
|
|
839 |
|
|
|
672 |
|
|
|
2,437 |
|
|
|
1,913 |
|
General and
administrative |
|
|
238 |
|
|
|
66 |
|
|
|
811 |
|
|
|
115 |
|
Total depreciation and
amortization expense |
|
$ |
1,909 |
|
|
$ |
816 |
|
|
$ |
5,716 |
|
|
$ |
2,304 |
|
Xometry (NASDAQ:XMTR)
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