Xometry, Inc. (NASDAQ:XMTR), the global online marketplace
connecting enterprise buyers with suppliers of manufacturing
services, today reported financial results for the fourth quarter
and full year ended December 31, 2022.
“In Q4 2022, Xometry delivered strong 32% marketplace growth in
a period of increasingly challenging macroeconomic conditions,"
said Randy Altschuler, Xometry CEO. "As we continue to grow rapidly
year-over-year, we are also implementing a 5-point strategic plan
to ensure that we continue to deliver strong growth. These steps
include realigning our sales efforts to improve our focus on our
top 200 accounts who represent significant revenue opportunities
and who depend on Xometry to strengthen their crucial supply
chains; continued expansion of processes and materials with a
deeper integration with Thomas; rapid international expansion and
growth; and further enhancements and adoption of new products,
including Workcenter. Additionally, we are taking an aggressive
approach to reducing operating expenses, which included a 6%
headcount reduction in January.”
Fourth Quarter 2022 Financial Highlights
- Total revenue for the fourth quarter
2022 was $98.2 million, an increase of 46% year-over-year.
- Marketplace revenue for the fourth
quarter of 2022 was $79.1 million, an increase of 32%
year-over-year.
- Supplier services revenue for the
fourth quarter of 2022 was $19.1 million.
- Total gross profit for the fourth
quarter 2022 was $36.0 million, an increase of 72%
year-over-year.
- Marketplace Active Buyers increased 45%
from 28,130 as of December 31, 2021 to 40,664 as of December 31,
2022.
- Marketplace Accounts with Last
Twelve-Months Spend of at least $50,000 increased 47% from 701 as
of December 31, 2021, to 1,027 as of December 31, 2022.
- Marketplace Percentage of Revenue from
Existing Accounts was 96%.
- Net loss attributable to common
stockholders was $24.4 million for the quarter, an increase of $0.5
million year-over-year, and Adjusted EBITDA was negative $14.2
million for the quarter, reflecting an increase of $2.4 million
year-over-year. Net loss for Q4 2022 included $5.1 million of
stock-based compensation and a $1.5 million restructuring
charge.
- Cash and cash equivalents were $319.4
million as of December 31, 2022.
Fourth Quarter 2022 Business Highlights
- Grew the number of Active Suppliers 22%
year-over-year from 2,010 to 2,447.
- Introduced a new instant quoting page
for the Xometry Marketplace, offering easier navigation and greater
usability of the quoting engine.
- Appointed Brendan Sterne, a veteran
product executive skilled in scaling technology for growth and
revenue, as our Chief Product Officer, and elevated Matt Leibel to
Chief Technology Officer.
- Expanded the offerings of our Xometry
Europe marketplace to include compression molding and vacuum
casting, which are critical for the automotive, electronics,
medical device and other industries.
- Integrated the Gravity Climate API into
the Xometry Marketplace to help our customers instantly calculate
carbon emissions in real-time.
Full Year Financial Highlights
- Total revenue for the full year 2022
was $381.1 million, an increase of 75% year-over-year.
- Marketplace revenue for the full year
2022 was $303.1 million.
- Supplier services revenue for the full
year 2022 was $77.9 million.
- Total gross profit for the full year
2022 was $147.6 million, an increase of 158% year-over-year. Gross
profit margin improved to 38.7% for year ended December 31, 2022
from 26.2% for the year ended December 31, 2021.
- Marketplace gross profit margin
improved to 28.6% for the year ended December 31, 2022 from 25.1%
for the year ended December 31, 2021.
- Net loss attributable to common
stockholders was $76.0 million for the full year 2022, an increase
of $14.6 million year-over-year, and Adjusted EBITDA was negative
$41.8 million for the full year 2022, reflecting an increase of
$2.0 million year-over-year. Net loss for the full year 2022
includes $19.2 million of stock-based compensation expense, $2.3
million of expense for charitable contributions and a $1.5 million
restructuring charge.
Full Year Business Highlights
- Introduced “Xometry Everywhere”
software which extends the reach of Xometry’s AI-driven
instant-quoting pricing engine to popular third-party sites where
engineers and other buyers spend significant amounts of time.
- Obtained certification for Medical
Device Manufacturing (ISO 13485) enabling the Xometry marketplace
to expand the breadth of medical device manufacturing.
- Expanded European operations including
an enhanced site for European customers, www.xometry.eu, which
makes it even easier for buyers to compare and price technologies,
materials and finishes in real time. Added new languages including
Spanish, Polish, Norwegian and Dutch.
- Introduced new self-serve advertising
subscription options for suppliers on Thomasnet.
- Launched a local manufacturing network
in China (Xometry.Asia) and began taking orders from Chinese
customers in April 2022.
- Expanded CAD integrations with the
addition of PTC’s Onshape product development platform which has
over 2 million users. The integration provides seamless instant
quoting with our proprietary, AI-driven Xometry Instant Quoting
Engine®.
- On February 11, 2022 completed an
offering of Convertible Senior Notes, raising net proceeds of
$278.2 million.
- Introduced Workcenter which gives
suppliers a one-stop view into all their Xometry and non-Xometry
work. A cloud-based manufacturing execution system, Workcenter
brings the job board and financial services into one, easy-to-use
platform.
- Launched the Industrial Buying Engine
which helps customers source and purchase from the more than
500,000 suppliers on Thomasnet.com. Through the Industrial Buying
Engine, buyers can request quotes for products and services from
suppliers.
- Extended Xometry quoting capabilities
into new categories based on the data and suppliers from the Thomas
network. The new processes include laser tube cutting and tube
bending.
- 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.
Financial Summary(In
thousands, except per share amounts)
|
|
For the Three MonthsEnded
December 31, |
|
|
|
|
|
For the YearEnded
December 31, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
98,196 |
|
|
$ |
67,098 |
|
|
|
46 |
% |
|
$ |
381,053 |
|
|
$ |
218,336 |
|
|
|
75 |
% |
| Gross profit |
|
36,030 |
|
|
|
20,937 |
|
|
|
72 |
% |
|
|
147,566 |
|
|
|
57,141 |
|
|
|
158 |
% |
| Net loss attributable to
common stockholders |
|
(24,423 |
) |
|
|
(23,905 |
) |
|
|
(2 |
)% |
|
|
(76,025 |
) |
|
|
(61,379 |
) |
|
|
(24 |
)% |
| EPS, basic and diluted |
|
(0.51 |
) |
|
|
(0.53 |
) |
|
|
4 |
% |
|
|
(1.61 |
) |
|
|
(2.33 |
) |
|
|
31 |
% |
| Adjusted EBITDA(1) |
|
(14,249 |
) |
|
|
(11,854 |
) |
|
|
(20 |
)% |
|
|
(41,765 |
) |
|
|
(39,757 |
) |
|
|
(5 |
)% |
| Non-GAAP net loss(1) |
|
(13,729 |
) |
|
|
(11,414 |
) |
|
|
(20 |
)% |
|
|
(40,097 |
) |
|
|
(40,432 |
) |
|
|
1 |
% |
| Non-GAAP EPS, basic and
diluted(1) |
|
(0.29 |
) |
|
|
(0.25 |
) |
|
|
(16 |
)% |
|
|
(0.85 |
) |
|
|
(1.54 |
) |
|
|
45 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketplace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
79,062 |
|
|
|
|
|
|
|
|
$ |
303,134 |
|
|
|
|
|
|
|
| Cost of revenue |
|
57,630 |
|
|
|
|
|
|
|
|
|
216,336 |
|
|
|
|
|
|
|
| Gross Profit |
$ |
21,432 |
|
|
|
|
|
|
|
|
$ |
86,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplier
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
19,134 |
|
|
|
|
|
|
|
|
$ |
77,919 |
|
|
|
|
|
|
|
| Cost of revenue |
|
4,536 |
|
|
|
|
|
|
|
|
|
17,151 |
|
|
|
|
|
|
|
| Gross Profit |
$ |
14,598 |
|
|
|
|
|
|
|
|
$ |
60,768 |
|
|
|
|
|
|
|
|
(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 December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(3) |
|
40,664 |
|
|
|
28,130 |
|
|
|
45 |
% |
| Percentage of Revenue from
Existing Accounts(3) |
|
96 |
% |
|
|
95 |
% |
|
|
1 |
% |
| Accounts with Last
Twelve-Months Spend of at Least $50,000(3) |
|
1,027 |
|
|
|
701 |
|
|
|
47 |
% |
|
(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 December 31, 2022 and 2021, and Percentage of Revenue from
Existing Accounts is presented for the quarters ended December 31,
2022 and 2021. |
Subsequent to Fourth Quarter 2022
On January 2, 2023, the Company acquired 100% of the equity of
Tridi Teknoloj A.S. ("Tridi") located in Istanbul, Turkey. The
acquisition of Tridi extended our marketplace capabilities in
Europe by opening a vast array of affordable suppliers. Tridi
operates an online marketplace for manufacturing with the ability
to serve all of Europe within a 24-hour turn around period. The
aggregate non-contingent portion of the purchase price was
approximately $3.8 million. In addition, the purchase price
includes a contingent consideration arrangement to the former
owners of Tridi up to a maximum amount of $1.25 million
(undiscounted) in Class A common shares in two installments on the
first and second anniversary of the acquisition and is based on the
achievement of certain revenue targets.
In December 2022, we initiated a restructuring action to help
manage our operating expenses by reducing our workforce by
approximately 6%. The workforce reduction focused on realigning our
staffing levels to help us meet the current and future objectives
of our business. For the year ended December 31, 2022, we incurred
$1.5 million for employee termination costs related to this
restructuring. The majority of these costs will be paid by the
Company in the first quarter of 2023. We expect the reduction in
workforce will reduce operating expenses by approximately $8.0
million on a full year basis.
Financial Guidance and Outlook:
| |
Q1 2023 |
|
|
FY 2023 |
|
| |
(in millions) |
|
| |
Low |
|
|
High |
|
|
Low |
|
|
High |
|
|
Revenue |
$ |
100.0 |
|
|
$ |
102.0 |
|
|
$ |
470.0 |
|
|
$ |
480.0 |
|
| Adjusted EBITDA |
$ |
(11.0 |
) |
|
$ |
(9.0 |
) |
|
$ |
(22.0 |
) |
|
$ |
(20.0 |
) |
Xometry’s first 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 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.
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, 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, unrealized
loss on marketable securities, loss on sale of property and
equipment, charitable contributions of common stock, impairment
charges, 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 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 March 1, 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. Fourth Quarter 2022 Earnings Presentation and
Conference Call
- 8:30 a.m. Eastern / 5:30 a.m. Pacific on Wednesday, March 1,
2023
- To register please use the following link: Xometry, Inc. Q4
2022 Earnings Call
- 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 first 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 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 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
Consolidated Balance Sheets (In thousands, except share and per
share data)
| |
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
|
|
|
|
| Assets |
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
319,432 |
|
|
$ |
86,262 |
|
|
Marketable securities |
|
— |
|
|
|
30,465 |
|
|
Accounts receivable, less allowance for credit losses of $2.0
million and $0.8 million as of December 31, 2022 and 2021,
respectively. |
|
49,188 |
|
|
|
32,427 |
|
|
Inventory |
|
1,571 |
|
|
|
2,033 |
|
|
Prepaid expenses |
|
7,591 |
|
|
|
6,664 |
|
|
Other current assets |
|
12,273 |
|
|
|
5,580 |
|
|
Total current assets |
|
390,055 |
|
|
|
163,431 |
|
|
Property and equipment, net |
|
19,079 |
|
|
|
10,287 |
|
|
Operating lease right-of-use assets |
|
25,923 |
|
|
|
27,489 |
|
|
Investment in unconsolidated joint venture |
|
4,068 |
|
|
|
4,198 |
|
|
Intangible assets, net |
|
39,351 |
|
|
|
41,736 |
|
|
Goodwill |
|
258,036 |
|
|
|
254,672 |
|
|
Other assets |
|
413 |
|
|
|
773 |
|
|
Total assets |
$ |
736,925 |
|
|
$ |
502,586 |
|
| Liabilities and
stockholders’ equity |
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
12,437 |
|
|
$ |
12,718 |
|
|
Accrued expenses |
|
33,430 |
|
|
|
30,905 |
|
|
Contract liabilities |
|
8,509 |
|
|
|
7,863 |
|
|
Income taxes payable |
|
3,956 |
|
|
|
— |
|
|
Operating lease liabilities, current portion |
|
5,471 |
|
|
|
5,549 |
|
|
Finance lease liabilities, current portion |
|
— |
|
|
|
2 |
|
|
Total current liabilities |
|
63,803 |
|
|
|
57,037 |
|
|
Convertible notes |
|
279,909 |
|
|
|
— |
|
|
Operating lease liabilities, net of current portion |
|
16,940 |
|
|
|
16,920 |
|
|
Long term income taxes payable |
|
— |
|
|
|
1,450 |
|
|
Deferred income taxes |
|
429 |
|
|
|
18 |
|
|
Other liabilities |
|
1,011 |
|
|
|
1,678 |
|
|
Total liabilities |
|
362,092 |
|
|
|
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 December 31, 2022
and 2021, respectively |
|
— |
|
|
|
— |
|
|
Class A Common stock, $0.000001 par value. Authorized; 750,000,000
shares; 44,822,264 shares and 43,998,404 shares issued and
outstanding as of December 31, 2022 and 2021, respectively |
|
— |
|
|
|
— |
|
|
Class B Common stock, $0.000001 par value. Authorized; 5,000,000
shares; 2,676,154 shares issued and outstanding as of December 31,
2022 and 2021, respectively |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
623,081 |
|
|
|
597,641 |
|
|
Accumulated other comprehensive income (loss) |
|
28 |
|
|
|
149 |
|
|
Accumulated deficit |
|
(249,366 |
) |
|
|
(173,341 |
) |
| Total stockholders’
equity |
|
373,743 |
|
|
|
424,449 |
|
|
Noncontrolling interest |
|
1,090 |
|
|
|
1,034 |
|
|
Total equity |
|
374,833 |
|
|
|
425,483 |
|
| Total liabilities and
stockholders’ equity |
$ |
736,925 |
|
|
$ |
502,586 |
|
Xometry, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Loss(In
thousands, except share and per share amounts)
|
|
Three Months
EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
Revenue |
$ |
98,196 |
|
|
$ |
67,098 |
|
|
$ |
381,053 |
|
|
$ |
218,336 |
|
| Cost of revenue |
|
62,166 |
|
|
|
46,161 |
|
|
|
233,487 |
|
|
|
161,195 |
|
|
Gross profit |
|
36,030 |
|
|
|
20,937 |
|
|
|
147,566 |
|
|
|
57,141 |
|
| Sales and marketing |
|
24,376 |
|
|
|
13,173 |
|
|
|
83,222 |
|
|
|
39,422 |
|
| Operations and support |
|
12,414 |
|
|
|
8,089 |
|
|
|
48,572 |
|
|
|
23,683 |
|
| Product development |
|
8,315 |
|
|
|
5,648 |
|
|
|
31,013 |
|
|
|
17,780 |
|
| General and
administrative |
|
14,849 |
|
|
|
16,601 |
|
|
|
57,992 |
|
|
|
34,942 |
|
| Impairment of assets |
|
380 |
|
|
|
- |
|
|
|
824 |
|
|
|
- |
|
| Total operating expenses |
|
60,334 |
|
|
|
43,511 |
|
|
|
221,623 |
|
|
|
115,827 |
|
|
Loss from operations |
|
(24,304 |
) |
|
|
(22,574 |
) |
|
|
(74,057 |
) |
|
|
(58,686 |
) |
| Other (expenses)
income |
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
(1,246 |
) |
|
|
(53 |
) |
|
|
(4,418 |
) |
|
|
(852 |
) |
| Interest and dividend
income |
|
2,201 |
|
|
|
525 |
|
|
|
4,115 |
|
|
|
982 |
|
| Other expenses |
|
(450 |
) |
|
|
(1,846 |
) |
|
|
(2,183 |
) |
|
|
(2,866 |
) |
| (Loss) income from
unconsolidated joint venture |
|
(30 |
) |
|
|
41 |
|
|
|
570 |
|
|
|
41 |
|
| Total other income
(expenses) |
|
475 |
|
|
|
(1,333 |
) |
|
|
(1,916 |
) |
|
|
(2,695 |
) |
|
Loss before income taxes |
|
(23,829 |
) |
|
|
(23,907 |
) |
|
|
(75,973 |
) |
|
|
(61,381 |
) |
| Provision (benefit) for income
taxes |
|
(595 |
) |
|
|
- |
|
|
|
(36 |
) |
|
|
- |
|
|
Net loss |
|
(24,424 |
) |
|
|
(23,907 |
) |
|
|
(76,009 |
) |
|
|
(61,381 |
) |
| Net (loss) income attributable
to noncontrolling interest |
|
(1 |
) |
|
|
(2 |
) |
|
|
16 |
|
|
|
(2 |
) |
|
Net loss attributable to common stockholders |
$ |
(24,423 |
) |
|
$ |
(23,905 |
) |
|
$ |
(76,025 |
) |
|
$ |
(61,379 |
) |
| Net loss per share, basic and
diluted |
$ |
(0.51 |
) |
|
$ |
(0.53 |
) |
|
$ |
(1.61 |
) |
|
$ |
(2.33 |
) |
| Weighted-average number of
shares outstanding used to compute net loss per share,
basic and diluted |
|
47,457,139 |
|
|
|
44,995,598 |
|
|
|
47,158,247 |
|
|
|
26,318,349 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
$ |
492 |
|
|
$ |
(38 |
) |
|
$ |
(81 |
) |
|
$ |
(61 |
) |
|
Total other comprehensive income (loss) |
|
492 |
|
|
|
(38 |
) |
|
|
(81 |
) |
|
|
(61 |
) |
| Net loss |
|
(24,424 |
) |
|
|
(23,907 |
) |
|
|
(76,009 |
) |
|
|
(61,381 |
) |
| Comprehensive
loss |
|
(23,932 |
) |
|
|
(23,945 |
) |
|
|
(76,090 |
) |
|
|
(61,442 |
) |
| Comprehensive (loss) income
attributable to noncontrolling interest |
|
(29 |
) |
|
|
- |
|
|
|
56 |
|
|
|
- |
|
| Total comprehensive
loss attributable to common stockholders |
$ |
(23,903 |
) |
|
$ |
(23,945 |
) |
|
$ |
(76,146 |
) |
|
$ |
(61,442 |
) |
Xometry, Inc. and Subsidiaries
Consolidated Statements of Cash Flows(In thousands)
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
| Cash flows from
operating activities: |
(unaudited) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(76,009 |
) |
|
$ |
(61,381 |
) |
|
$ |
(31,085 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
7,819 |
|
|
|
3,596 |
|
|
|
3,120 |
|
|
Impairment of assets |
|
824 |
|
|
|
— |
|
|
|
1,592 |
|
|
Reduction in carrying amount of right-of-use asset |
|
7,236 |
|
|
|
1,056 |
|
|
|
1,045 |
|
|
Stock based compensation |
|
19,172 |
|
|
|
7,395 |
|
|
|
1,006 |
|
|
Non-cash interest expense |
|
— |
|
|
|
111 |
|
|
|
320 |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
272 |
|
|
|
— |
|
|
Revaluation of contingent consideration |
|
817 |
|
|
|
— |
|
|
|
— |
|
|
Loss (income) from unconsolidated joint venture |
|
130 |
|
|
|
(41 |
) |
|
|
— |
|
|
Donation of common stock |
|
2,272 |
|
|
|
2,226 |
|
|
|
— |
|
|
Unrealized loss on marketable securities |
|
1,855 |
|
|
|
2,002 |
|
|
|
— |
|
|
Loss on sale of property and equipment |
|
47 |
|
|
|
20 |
|
|
|
— |
|
|
Inventory write-off |
|
133 |
|
|
|
— |
|
|
|
(15 |
) |
|
Amortization of deferred costs on convertible notes |
|
1,718 |
|
|
|
— |
|
|
|
— |
|
|
Deferred taxes benefit |
|
(653 |
) |
|
|
(179 |
) |
|
|
— |
|
|
Restructuring charge |
|
1,549 |
|
|
|
— |
|
|
|
— |
|
|
Changes in other assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
(16,923 |
) |
|
|
(11,117 |
) |
|
|
(2,130 |
) |
|
Inventory |
|
351 |
|
|
|
293 |
|
|
|
(956 |
) |
|
Prepaid expenses |
|
(1,616 |
) |
|
|
(4,025 |
) |
|
|
(210 |
) |
|
Other assets |
|
(7,016 |
) |
|
|
464 |
|
|
|
(469 |
) |
|
Accounts payable |
|
(215 |
) |
|
|
5,215 |
|
|
|
(2,350 |
) |
|
Accrued expenses |
|
403 |
|
|
|
(12,008 |
) |
|
|
8,569 |
|
|
Contract liabilities |
|
515 |
|
|
|
(1,625 |
) |
|
|
518 |
|
|
Lease liabilities |
|
(5,727 |
) |
|
|
(845 |
) |
|
|
(1,004 |
) |
|
Income taxes payable |
|
743 |
|
|
|
— |
|
|
|
— |
|
|
Net cash used in operating activities |
|
(62,575 |
) |
|
|
(68,571 |
) |
|
|
(22,049 |
) |
| Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of marketable securities |
|
(326 |
) |
|
|
(267,467 |
) |
|
|
— |
|
|
Proceeds from sale of marketable securities |
|
28,927 |
|
|
|
235,000 |
|
|
|
— |
|
|
Purchase of short-term investments |
|
— |
|
|
|
— |
|
|
|
(17,711 |
) |
|
Proceeds from short-term investments |
|
— |
|
|
|
— |
|
|
|
28,571 |
|
|
Purchases of property and equipment |
|
(13,650 |
) |
|
|
(6,262 |
) |
|
|
(4,190 |
) |
|
Proceeds from life insurance |
|
— |
|
|
|
627 |
|
|
|
— |
|
|
Proceeds from sale of property and equipment |
|
189 |
|
|
|
— |
|
|
|
— |
|
|
Cash paid for business combinations, net of cash acquired |
|
— |
|
|
|
(174,646 |
) |
|
|
— |
|
|
Net cash provided by (used in) investing
activities |
|
15,140 |
|
|
|
(212,748 |
) |
|
|
6,670 |
|
| Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of Series A-2, Series B, Series C, Series D
and Series E convertible preferred stock, net of issuance
costs |
|
— |
|
|
|
— |
|
|
|
52,409 |
|
|
Repurchase of Series A-2, Series B, Series C and Series D
convertible preferred stock |
|
— |
|
|
|
— |
|
|
|
(12,852 |
) |
|
Deemed dividend to preferred stockholders |
|
— |
|
|
|
— |
|
|
|
(8,801 |
) |
|
Proceeds from initial public offering, net of underwriters'
discount |
|
— |
|
|
|
325,263 |
|
|
|
— |
|
|
Payments in connection with initial public offering |
|
— |
|
|
|
(3,678 |
) |
|
|
— |
|
|
Proceeds from stock options exercised |
|
3,715 |
|
|
|
2,291 |
|
|
|
518 |
|
|
Proceeds from term loan |
|
— |
|
|
|
— |
|
|
|
4,000 |
|
|
Repayment of term loan |
|
— |
|
|
|
(16,136 |
) |
|
|
— |
|
|
Proceeds from the exercise of warrants |
|
— |
|
|
|
40 |
|
|
|
— |
|
|
Proceeds from issuance of convertible notes |
|
287,500 |
|
|
|
— |
|
|
|
— |
|
|
Costs incurred in connection with issuance of convertible
notes |
|
(9,309 |
) |
|
|
— |
|
|
|
— |
|
|
Payment of contingent consideration |
|
(932 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from other borrowings |
|
— |
|
|
|
— |
|
|
|
4,783 |
|
|
Repayment of other borrowings |
|
— |
|
|
|
— |
|
|
|
(4,783 |
) |
|
Payments on finance lease obligations |
|
(2 |
) |
|
|
(12 |
) |
|
|
(13 |
) |
|
Net cash provided by financing activities |
|
280,972 |
|
|
|
307,768 |
|
|
|
35,261 |
|
|
Effect of foreign currency translation on cash and cash
equivalents |
|
(367 |
) |
|
|
(61 |
) |
|
|
(130 |
) |
|
Net (decrease) increase in cash and cash
equivalents |
|
233,170 |
|
|
|
26,388 |
|
|
|
19,752 |
|
| Cash and cash
equivalents at beginning of the year |
|
86,262 |
|
|
|
59,874 |
|
|
|
40,122 |
|
| Cash and cash
equivalents at end of the year |
$ |
319,432 |
|
|
$ |
86,262 |
|
|
$ |
59,874 |
|
| Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
| Cash paid for interest |
$ |
1,414 |
|
|
$ |
907 |
|
|
$ |
1,269 |
|
| Non-cash investing and
financing activities: |
|
|
|
|
|
|
|
|
| Non-cash purchase of property
and equipment |
|
279 |
|
|
|
— |
|
|
|
— |
|
| Non-cash consideration in
connection with business combinations |
|
(518 |
) |
|
|
2,339 |
|
|
|
— |
|
| Shares issued in business
combinations |
|
— |
|
|
|
102,888 |
|
|
|
— |
|
Xometry, Inc. and Subsidiaries
Unaudited Reconciliations of Non-GAAP Financial Measures (In
thousands)
|
|
For the Three MonthsEnded
December 31, |
|
|
For the YearEnded
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(24,424 |
) |
|
$ |
(23,907 |
) |
|
$ |
(76,009 |
) |
|
$ |
(61,381 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, interest and
dividend income and other expenses |
|
(505 |
) |
|
|
1,374 |
|
|
|
2,486 |
|
|
|
2,736 |
|
| Depreciation and amortization
expense(1) |
|
2,103 |
|
|
|
1,292 |
|
|
|
7,819 |
|
|
|
3,596 |
|
| Income tax provision |
|
595 |
|
|
|
— |
|
|
|
36 |
|
|
|
— |
|
| Amortization of lease
intangible |
|
333 |
|
|
|
— |
|
|
|
1,332 |
|
|
|
— |
|
| Stock-based
compensation(2) |
|
5,124 |
|
|
|
2,648 |
|
|
|
19,172 |
|
|
|
7,395 |
|
| Charitable contribution of
common stock |
|
— |
|
|
|
1,084 |
|
|
|
2,272 |
|
|
|
2,242 |
|
| (Loss) income from
unconsolidated joint venture |
|
30 |
|
|
|
(41 |
) |
|
|
(570 |
) |
|
|
(41 |
) |
| Acquisition and other(3) |
|
566 |
|
|
|
5,696 |
|
|
|
(676 |
) |
|
|
5,696 |
|
| Impairment of assets |
|
380 |
|
|
|
— |
|
|
|
824 |
|
|
|
— |
|
| Restructuring charge |
|
1,549 |
|
|
|
— |
|
|
|
1,549 |
|
|
|
— |
|
| Adjusted
EBITDA |
$ |
(14,249 |
) |
|
$ |
(11,854 |
) |
|
$ |
(41,765 |
) |
|
$ |
(39,757 |
) |
| |
For the Three MonthsEnded
December 31, |
|
|
For the YearEnded
December 31, |
|
| |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Non-GAAP Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(24,424 |
) |
|
$ |
(23,907 |
) |
|
$ |
(76,009 |
) |
|
$ |
(61,381 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization
expense(1) |
|
2,103 |
|
|
|
1,292 |
|
|
|
7,819 |
|
|
|
3,596 |
|
| Stock-based
compensation(2) |
|
5,124 |
|
|
|
2,648 |
|
|
|
19,172 |
|
|
|
7,395 |
|
| Amortization of lease
intangible |
|
333 |
|
|
|
— |
|
|
|
1,332 |
|
|
|
— |
|
| Amortization of deferred costs
on convertible notes |
|
468 |
|
|
|
— |
|
|
|
1,718 |
|
|
|
— |
|
| Unrealized loss on marketable
securities |
|
196 |
|
|
|
1,763 |
|
|
|
1,855 |
|
|
|
2,002 |
|
| Acquisition and other(3) |
|
566 |
|
|
|
5,696 |
|
|
|
(676 |
) |
|
|
5,696 |
|
| (Gain) loss on sale of
property and equipment |
|
(24 |
) |
|
|
10 |
|
|
|
47 |
|
|
|
18 |
|
| Charitable contribution of
common stock |
|
— |
|
|
|
1,084 |
|
|
|
2,272 |
|
|
|
2,242 |
|
| Impairment of assets |
|
380 |
|
|
|
— |
|
|
|
824 |
|
|
|
— |
|
| Restructuring charge |
|
1,549 |
|
|
|
— |
|
|
|
1,549 |
|
|
|
— |
|
| Non-GAAP Net
Loss |
$ |
(13,729 |
) |
|
$ |
(11,414 |
) |
|
$ |
(40,097 |
) |
|
$ |
(40,432 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average number of
shares outstanding used to compute Non-GAAP Net Loss per share,
basic and diluted |
|
47,457,139 |
|
|
|
44,995,598 |
|
|
|
47,158,247 |
|
|
|
26,318,349 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP EPS, basic and
diluted |
$ |
(0.29 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.85 |
) |
|
$ |
(1.54 |
) |
|
(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
Segment Results(In thousands)
| |
For the Three Months Ended December 31, |
|
|
For the Year Ended December 31, |
|
| |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Segment
Revenue: |
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
U.S. |
$ |
88,130 |
|
|
$ |
61,769 |
|
|
$ |
347,842 |
|
|
$ |
202,034 |
|
| International |
|
10,066 |
|
|
|
5,329 |
|
|
|
33,211 |
|
|
|
16,302 |
|
|
Total revenue |
$ |
98,196 |
|
|
$ |
67,098 |
|
|
$ |
381,053 |
|
|
$ |
218,336 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Segment Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
$ |
(20,509 |
) |
|
$ |
(21,080 |
) |
|
$ |
(58,758 |
) |
|
$ |
(51,230 |
) |
| International |
|
(3,914 |
) |
|
|
(2,825 |
) |
|
|
(17,267 |
) |
|
|
(10,149 |
) |
|
Total net loss attributable to common stockholders |
$ |
(24,423 |
) |
|
$ |
(23,905 |
) |
|
$ |
(76,025 |
) |
|
$ |
(61,379 |
) |
Xometry, Inc. and Subsidiaries
Supplemental Information(In thousands)
| |
For the Three MonthsEnded
December 31, |
|
|
For the YearEnded
December 31, |
|
| |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Summary of Stock-based
Compensation Expense |
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
Sales and marketing |
$ |
804 |
|
|
$ |
533 |
|
|
$ |
3,875 |
|
|
$ |
1,223 |
|
| Operations and support |
|
2,007 |
|
|
|
1,295 |
|
|
|
6,886 |
|
|
|
2,659 |
|
| Product development |
|
1,181 |
|
|
|
765 |
|
|
|
4,300 |
|
|
|
1,744 |
|
| General and
administrative |
|
1,132 |
|
|
|
55 |
|
|
|
4,111 |
|
|
|
1,769 |
|
| Total stock-based compensation
expense |
$ |
5,124 |
|
|
$ |
2,648 |
|
|
$ |
19,172 |
|
|
$ |
7,395 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Summary of
Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenue |
$ |
(17 |
) |
|
$ |
34 |
|
|
$ |
82 |
|
|
$ |
104 |
|
| Sales and marketing |
|
776 |
|
|
|
211 |
|
|
|
3,102 |
|
|
|
300 |
|
| Operations and support |
|
15 |
|
|
|
36 |
|
|
|
57 |
|
|
|
155 |
|
| Product development |
|
1,046 |
|
|
|
909 |
|
|
|
3,483 |
|
|
|
2,821 |
|
| General and
administrative |
|
283 |
|
|
|
102 |
|
|
|
1,095 |
|
|
|
216 |
|
| Total depreciation and
amortization expense |
$ |
2,103 |
|
|
$ |
1,292 |
|
|
$ |
7,819 |
|
|
$ |
3,596 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Restructuring
charge |
|
|
|
|
|
|
|
|
|
|
|
| Sales and marketing |
$ |
506 |
|
|
$ |
- |
|
|
$ |
506 |
|
|
$ |
- |
|
| Operations and support |
|
432 |
|
|
|
- |
|
|
|
432 |
|
|
|
- |
|
| Product development |
|
458 |
|
|
|
- |
|
|
|
458 |
|
|
|
- |
|
| General and
administrative |
|
153 |
|
|
|
- |
|
|
|
153 |
|
|
|
- |
|
| Total restructuring
charge |
$ |
1,549 |
|
|
$ |
- |
|
|
$ |
1,549 |
|
|
$ |
- |
|
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xometry (NASDAQ:XMTR)
Historical Stock Chart
From Apr 2023 to Apr 2024
