Xometry, Inc. (NASDAQ:XMTR), a leading AI-enabled marketplace for
on-demand manufacturing, today reported financial results for the
second quarter ended June 30, 2021, including the following
highlights:
- Revenue grew 45%
year-over-year from $34.8 million as of June 30, 2020 to $50.6
million as of June 30, 2021.
- Active Buyers
increased 66% from 14,460 as of June 30, 2020 to 23,942 as of June
30, 2021.
- Percentage of
Revenue From Existing Accounts was 95%.
- Accounts with Last
Twelve-Months Spend of at least $50,000 increased 54% from 330 as
of June 30, 2020 to 508 as of June 30, 2021.
- Gross Profit
increased 44% year-over-year to $11.9 million as of June 30, 2021,
as compared to $8.3 million as of June 30, 2020.
- Net loss was $12.3
million for the quarter, an increase of $6.1 million
year-over-year, and Adjusted EBITDA was negative $9.1 million for
the quarter, reflecting an increase of $4.3 million year-over-year.
Net loss for Q2 2021 includes $2.0 million of stock-based
compensation expense.
- Cash and cash
equivalents was $37.4 million at quarter end with $15.9 million in
debt outstanding. On July 2, 2021, we completed our initial public
offering, raising net proceeds of $325.3 million after deducting
underwriting discounts and commissions.
“Buyers and sellers around the world are choosing the Xometry
marketplace for on-demand manufacturing,” said Randy Altschuler,
Xometry’s CEO. “Our focus is making it easier for our buyers to
source customized manufacturing and enabling our sellers to more
efficiently find jobs and run their operations in this massive,
highly fragmented market.”
“Second quarter results were strong across all key metrics. We
delivered 45% year-over-year revenue growth, 66% year-over-year
active buyer growth and sequentially improved gross margin over the
first quarter of 2021. While we are proud of these results,
we are even prouder of the team that got us here, of the business
we have built together, and of the great experiences that we
deliver to our customers.”
|
|
|
Unaudited Financial Summary(In thousands,
except per share amounts) |
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
50,589 |
|
|
$ |
34,783 |
|
|
|
45 |
% |
|
$ |
94,510 |
|
|
$ |
61,472 |
|
|
|
54 |
% |
| Gross Profit |
|
|
11,875 |
|
|
|
8,265 |
|
|
|
44 |
% |
|
|
21,710 |
|
|
|
13,631 |
|
|
|
59 |
% |
| Net Loss |
|
|
(12,264 |
) |
|
|
(6,119 |
) |
|
|
100 |
% |
|
|
(22,765 |
) |
|
|
(14,726 |
) |
|
|
55 |
% |
| EPS—basic and diluted |
|
|
(1.46 |
) |
|
|
(0.82 |
) |
|
|
78 |
% |
|
|
(2.79 |
) |
|
|
(1.99 |
) |
|
|
40 |
% |
| Adjusted EBITDA (Non-GAAP1) |
|
|
(9,073 |
) |
|
|
(4,788 |
) |
|
|
89 |
% |
|
|
(17,882 |
) |
|
|
(12,303 |
) |
|
|
45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
As of June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(2) |
|
|
23,942 |
|
|
|
14,460 |
|
|
|
66 |
% |
| Percentage of Revenue from
Existing Accounts(2) |
|
|
95 |
% |
|
|
94 |
% |
|
|
1 |
% |
| Accounts with Last Twelve-Months
Spend of at Least $50,000(2) |
|
|
508 |
|
|
|
330 |
|
|
|
54 |
% |
(2) Amounts shown for Active Buyers and Accounts
with Last Twelve-Months Spend of at Least $50,000 are as of June
30, 2021 and 2020, and Percentage of Revenue from Existing Accounts
is presented for the quarters ended June 30, 2021 and 2020.
Subsequent to Second Quarter 2021
On July 2, 2021, we closed our planned initial public offering
("IPO"), in which we issued and sold 7,906,250 shares of our
Class A common stock. The initial offering price was $44.00 per
share. We received net proceeds of approximately $325.3 million
from the IPO after deducting underwriting discounts and commissions
of $22.6 million.
Upon the closing of the IPO on July 2, 2021, 8,665,797 shares of
our outstanding common stock were reclassified into Class A common
stock, 27,758,941 shares of our outstanding convertible preferred
stock were converted into Class A common stock, and 2,676,154
shares of Class A common stock were exchanged by our co-founders
for an equivalent number of shares of Class B common stock pursuant
to the terms of the exchange agreement.
Also on July 2, 2021, the Company reserved 402,658 shares of its
Class A common stock, representing 1% of the Company's fully
diluted capitalization as of the date of approval of our board of
directors, for charitable contributions to non-profit
organizations. These shares will be issued over the next five
years, in an amount not to exceed 20% of the initial reserve amount
per calendar year.
On July 9, 2021, we repaid our $15.9 million term loan
outstanding and recorded a loss on extinguishment of approximately
$0.3 million.
Financial Guidance and Outlook:
|
|
|
Q3 2021 |
|
|
FY 2021 |
|
|
|
|
(in millions) |
|
|
|
|
Low |
|
|
High |
|
|
Low |
|
|
High |
|
|
Revenue |
|
$ |
53.0 |
|
|
$ |
55.0 |
|
|
$ |
207.5 |
|
|
$ |
211.5 |
|
| Adjusted EBITDA |
|
$ |
(13.0 |
) |
|
$ |
(12.0 |
) |
|
$ |
(43.0 |
) |
|
$ |
(41.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- In 2020, one customer, that produces masks, accounted for
approximately 11% of our revenue with a majority of that revenue
recognized in Q3 2020. Excluding revenue from that one customer,
growth is expected to range between 66%-72% for Q3 2021, as
compared to Q3 2020.
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, a non-GAAP financial measure, as described below.
This non-GAAP financial measure is presented to enhance the user’s
overall understanding of Xometry’s financial performance and should
not be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP. The
non-GAAP financial measure 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 this measure 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 this
non-GAAP financial measure provides 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.
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. An additional limitation of non-GAAP financial measures
is that they 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
The Company defines Adjusted earnings before interest,
taxes, depreciation and amortization (Adjusted EBITDA) as
net income (loss) excluding interest (income) expense, income tax
expense (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 and
impairment charges. Management believes that the exclusion of
certain expenses and gains in calculating Adjusted EBITDA 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.
Active Buyers: The Company defines “buyers” as
individuals who have placed an order to purchase on-demand parts or
assemblies on our platform. 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 “accounts” 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.
About Xometry
Xometry, Inc. (NASDAQ: XMTR) is a leading AI-enabled
marketplace for on demand manufacturing, transforming one of
the largest industries in the world. Xometry uses its proprietary
technology to create a marketplace that enables buyers to
efficiently source on-demand manufactured parts and assemblies, and
empowers sellers of manufacturing services to grow their
businesses. Xometry's buyers range from self-funded startups to
Fortune 100 companies. Learn more at www.xometry.com or follow
@xometry.
Conference Call
The Company will discuss its second quarter and year to date
financial results during a teleconference on (8/12/2021),
at (5:00 PM ET/2:00 PM PT). The conference call can be
accessed in the U.S. at (877-313-2061) or outside
the U.S. at (470-495-9537) with the conference ID#
(8195399). A live audio webcast of the call will also be
available simultaneously at investors.xometry.com. Following
completion of the call, a recorded replay of the teleconference
will be available in the investor relations section of Xometry's
website. The earnings webcast presentation will be archived within
the Investor Relations section of Xometry's website.
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 third quarter and full
year 2021, and demand for our marketplace 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, including the impact of the COVID-19 pandemic on our
business and operations and our ability to forecast our performance
due to our limited operating history and the COVID-19 pandemic,
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, and our brand and
reputation. 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 Quarterly Report on Form 10-Q for the period ended
June 30, 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.
# # #(Tables Follow)
|
Investor Contact: |
Media Contact: |
| |
|
| Shawn MilneVP Investor
Relations240-335-8132shawn.milne@xometry.com |
Ted Weismannfama PR for
Xometry617-396-7740xometry@famapr.com |
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In thousands,
except share and per share data)
|
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
|
|
|
(unaudited) |
|
|
|
|
| Assets |
|
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
37,351 |
|
|
$ |
59,874 |
|
|
Accounts receivable, less allowance for doubtful accounts of $0.6
million as of June 30, 2021 and December 31, 2020 |
|
|
21,432 |
|
|
|
14,574 |
|
|
Inventory |
|
|
1,503 |
|
|
|
2,294 |
|
|
Prepaid expenses |
|
|
6,183 |
|
|
|
913 |
|
|
Other current assets |
|
|
26,462 |
|
|
|
— |
|
|
Total current assets |
|
|
92,931 |
|
|
|
77,655 |
|
|
Property and equipment, net |
|
|
7,638 |
|
|
|
6,113 |
|
|
Operating lease right-of-use assets |
|
|
2,275 |
|
|
|
1,922 |
|
|
Other assets |
|
|
285 |
|
|
|
788 |
|
|
Intangible assets, net |
|
|
1,521 |
|
|
|
1,652 |
|
|
Goodwill |
|
|
833 |
|
|
|
833 |
|
|
Total assets |
|
$ |
105,483 |
|
|
$ |
88,963 |
|
| Liabilities, convertible
preferred stock and stockholders’ equity |
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
13,138 |
|
|
$ |
5,640 |
|
|
Accrued expenses |
|
|
39,200 |
|
|
|
13,606 |
|
|
Contract liabilities |
|
|
4,252 |
|
|
|
2,355 |
|
|
Operating lease liabilities, current portion |
|
|
920 |
|
|
|
1,013 |
|
|
Finance lease liabilities, current portion |
|
|
8 |
|
|
|
14 |
|
|
Short-term debt |
|
|
15,864 |
|
|
|
15,753 |
|
|
Total current liabilities |
|
|
73,382 |
|
|
|
38,381 |
|
|
Operating lease liabilities, net of current portion |
|
|
1,573 |
|
|
|
1,118 |
|
|
Total liabilities |
|
|
74,955 |
|
|
|
39,499 |
|
| Commitments and
contingencies (Note 13) |
|
|
|
|
|
|
| Convertible preferred
stock |
|
|
|
|
|
|
|
Convertible preferred stock- Seed-1, $0.000001 par value. 4,200,000
shares authorized, issued and outstanding as of June 30, 2021
and December 31, 2020 |
|
|
4,200 |
|
|
|
4,200 |
|
|
Convertible preferred stock- Seed-2, $0.000001 par value. 2,188,322
shares authorized, issued and outstanding as of June 30, 2021
and December 31, 2020 |
|
|
2,998 |
|
|
|
2,998 |
|
|
Convertible preferred stock- Series A-1, $0.000001 par value.
4,211,094 shares authorized, issued and outstanding as of June
30, 2021 and December 31, 2020 |
|
|
8,704 |
|
|
|
8,704 |
|
|
Convertible preferred stock- Series A-2, $0.000001 par value.
1,591,230 shares authorized, issued and outstanding as of June
30, 2021 and December 31, 2020 |
|
|
12,839 |
|
|
|
12,839 |
|
|
Convertible preferred stock- Series B, $0.000001 par value.
4,132,055 shares authorized and 4,044,271 issued and
outstanding as of June 30, 2021 and December 31, 2020 |
|
|
20,347 |
|
|
|
20,347 |
|
|
Convertible preferred stock- Series C, $0.000001 par value.
3,754,201 shares authorized, issued and outstanding as of June
30, 2021 and December 31, 2020 |
|
|
26,004 |
|
|
|
26,004 |
|
|
Convertible preferred stock- Series D, $0.000001 par value.
5,494,064 authorized, issued and outstanding as of June 30, 2021
and December 31, 2020 |
|
|
54,864 |
|
|
|
54,864 |
|
|
Convertible preferred stock- Series E, $0.000001 par value.
2,400,000 shares authorized and 2,275,759 shares issued and
outstanding as of June 30, 2021 and December 31, 2020 |
|
|
30,757 |
|
|
|
30,757 |
|
| Stockholders’
deficit |
|
|
|
|
|
|
|
Common stock, $0.000001 par value. Authorized 42,000,000; 8,665,797
and 7,755,782 shares issued and outstanding as of June 30,
2021 and December 31, 2020 |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
4,315 |
|
|
|
503 |
|
|
Accumulated other comprehensive income |
|
|
227 |
|
|
|
210 |
|
|
Accumulated deficit |
|
|
(134,727 |
) |
|
|
(111,962 |
) |
|
Total stockholders’ deficit |
|
|
(130,185 |
) |
|
|
(111,249 |
) |
|
Total liabilities, convertible preferred stock and
stockholders’ equity |
|
$ |
105,483 |
|
|
$ |
88,963 |
|
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and
Comprehensive Loss(In thousands, except per share amounts)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
50,589 |
|
|
$ |
34,783 |
|
|
$ |
94,510 |
|
|
$ |
61,472 |
|
| Cost of revenue |
|
|
38,714 |
|
|
|
26,518 |
|
|
|
72,800 |
|
|
|
47,841 |
|
|
Gross profit |
|
|
11,875 |
|
|
|
8,265 |
|
|
|
21,710 |
|
|
|
13,631 |
|
| Sales and marketing |
|
|
8,858 |
|
|
|
5,126 |
|
|
|
16,422 |
|
|
|
9,856 |
|
| Operations and support |
|
|
5,489 |
|
|
|
3,173 |
|
|
|
9,820 |
|
|
|
6,466 |
|
| Product development |
|
|
4,091 |
|
|
|
2,919 |
|
|
|
7,755 |
|
|
|
5,877 |
|
| General and administrative |
|
|
5,238 |
|
|
|
2,773 |
|
|
|
9,562 |
|
|
|
5,510 |
|
| Total operating expenses |
|
|
23,676 |
|
|
|
13,991 |
|
|
|
43,559 |
|
|
|
27,709 |
|
|
Loss from operations |
|
|
(11,801 |
) |
|
|
(5,726 |
) |
|
|
(21,849 |
) |
|
|
(14,078 |
) |
| Other
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, net |
|
|
(350 |
) |
|
|
(264 |
) |
|
|
(681 |
) |
|
|
(417 |
) |
| Other expenses |
|
|
(113 |
) |
|
|
(129 |
) |
|
|
(235 |
) |
|
|
(231 |
) |
| Total other expenses |
|
|
(463 |
) |
|
|
(393 |
) |
|
|
(916 |
) |
|
|
(648 |
) |
|
Net loss |
|
$ |
(12,264 |
) |
|
$ |
(6,119 |
) |
|
$ |
(22,765 |
) |
|
$ |
(14,726 |
) |
| Net loss per share, basic and
diluted |
|
$ |
(1.46 |
) |
|
$ |
(0.82 |
) |
|
$ |
(2.79 |
) |
|
$ |
(1.99 |
) |
| Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted |
|
|
8,390,088 |
|
|
|
7,473,918 |
|
|
|
8,158,753 |
|
|
|
7,414,295 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
$ |
(13 |
) |
|
$ |
22 |
|
|
$ |
17 |
|
|
$ |
(27 |
) |
|
Total other comprehensive (loss) income |
|
|
(13 |
) |
|
|
22 |
|
|
|
17 |
|
|
|
(27 |
) |
| Net loss |
|
|
(12,264 |
) |
|
|
(6,119 |
) |
|
|
(22,765 |
) |
|
|
(14,726 |
) |
| Total comprehensive loss |
|
$ |
(12,277 |
) |
|
$ |
(6,097 |
) |
|
$ |
(22,748 |
) |
|
$ |
(14,753 |
) |
Xometry, Inc. and
SubsidiariesUnaudited Condensed Consolidated Statements of
Cash Flows(In thousands)
|
|
|
Six Months Ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
| Cash flows from operating
activities: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(22,765 |
) |
|
$ |
(14,726 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,487 |
|
|
|
1,389 |
|
|
Reduction in carrying amount of right-of-use asset |
|
|
543 |
|
|
|
509 |
|
|
Stock based compensation |
|
|
2,480 |
|
|
|
386 |
|
|
Non-cash interest expense |
|
|
111 |
|
|
|
156 |
|
|
Changes in other assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(6,874 |
) |
|
|
(768 |
) |
|
Inventory |
|
|
778 |
|
|
|
(772 |
) |
|
Prepaid expenses |
|
|
(5,270 |
) |
|
|
(3 |
) |
|
Other assets |
|
|
500 |
|
|
|
13 |
|
|
Accounts payable |
|
|
7,522 |
|
|
|
(260 |
) |
|
Accrued expenses |
|
|
(453 |
) |
|
|
2,080 |
|
|
Contract liabilities |
|
|
1,915 |
|
|
|
790 |
|
|
Lease liabilities |
|
|
(534 |
) |
|
|
(444 |
) |
|
Net cash used in operating activities |
|
|
(20,560 |
) |
|
|
(11,650 |
) |
| Cash flows from investing
activities: |
|
|
|
|
|
|
|
Purchase of short-term investments |
|
|
- |
|
|
|
(17,711 |
) |
|
Proceeds from short-term investments |
|
|
- |
|
|
|
28,571 |
|
|
Purchases of property and equipment |
|
|
(2,748 |
) |
|
|
(1,966 |
) |
|
Net cash (used in) provided by investing
activities |
|
|
(2,748 |
) |
|
|
8,894 |
|
| Cash flows from financing
activities: |
|
|
|
|
|
|
|
Proceeds from stock options exercised |
|
|
1,332 |
|
|
|
163 |
|
|
Proceeds from term loan |
|
|
- |
|
|
|
4,000 |
|
|
Proceeds from other borrowings |
|
|
- |
|
|
|
4,783 |
|
|
Payments on finance lease obligations |
|
|
(6 |
) |
|
|
(6 |
) |
|
Payments in connection with initial public offering |
|
|
(524 |
) |
|
|
- |
|
|
Net cash provided by financing activities |
|
|
802 |
|
|
|
8,940 |
|
|
Effect of foreign currency translation on cash and cash
equivalents |
|
|
(17 |
) |
|
|
(2 |
) |
|
Net (decrease) increase in cash and cash
equivalents |
|
|
(22,523 |
) |
|
|
6,182 |
|
| Cash and cash equivalents
at beginning of period |
|
|
59,874 |
|
|
|
40,122 |
|
| Cash and cash equivalents
at end of period |
|
$ |
37,351 |
|
|
$ |
46,304 |
|
| Supplemental cash flow
information: |
|
|
|
|
|
|
| Cash paid for interest |
|
$ |
659 |
|
|
$ |
605 |
|
| Non-cash investing
activity: |
|
|
|
|
|
|
| Non-cash purchase of property and
equipment |
|
$ |
(150 |
) |
|
$ |
- |
|
| Non-cash financing
activity: |
|
|
|
|
|
|
| Non-cash amounts incurred in
connection with initial public offering |
|
$ |
(25,938 |
) |
|
$ |
- |
|
Xometry, Inc. and Subsidiaries
Unaudited Reconciliations of Non-GAAP Financial Measures (In
thousands)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,264 |
) |
|
$ |
(6,119 |
) |
|
$ |
(22,765 |
) |
|
$ |
(14,726 |
) |
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and other expense |
|
|
463 |
|
|
|
393 |
|
|
|
916 |
|
|
|
648 |
|
| Depreciation and
amortization(1) |
|
|
753 |
|
|
|
700 |
|
|
|
1,487 |
|
|
|
1,389 |
|
| Stock-based compensation(2) |
|
|
1,975 |
|
|
|
238 |
|
|
|
2,480 |
|
|
|
386 |
|
| Adjusted
EBITDA |
|
$ |
(9,073 |
) |
|
$ |
(4,788 |
) |
|
$ |
(17,882 |
) |
|
$ |
(12,303 |
) |
(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 expense related to stock-based
awards granted to employees, as included in the Company’s GAAP
results of operations.
Xometry, Inc. and Subsidiaries
Unaudited Segment Results(In thousands)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Segment
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
47,228 |
|
|
$ |
34,135 |
|
|
$ |
88,526 |
|
|
$ |
60,393 |
|
| Europe |
|
|
3,361 |
|
|
|
648 |
|
|
|
5,984 |
|
|
|
1,079 |
|
|
Total revenue |
|
$ |
50,589 |
|
|
$ |
34,783 |
|
|
$ |
94,510 |
|
|
$ |
61,472 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Segment Net
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
(9,440 |
) |
|
$ |
(4,548 |
) |
|
$ |
(17,602 |
) |
|
$ |
(11,991 |
) |
| Europe |
|
|
(2,824 |
) |
|
|
(1,571 |
) |
|
|
(5,163 |
) |
|
|
(2,735 |
) |
| Total net loss |
|
$ |
(12,264 |
) |
|
$ |
(6,119 |
) |
|
$ |
(22,765 |
) |
|
$ |
(14,726 |
) |
Xometry, Inc. and Subsidiaries
Unaudited Pro Forma Condensed Consolidated Balance Sheet(In
thousands)
The following unaudited pro forma condensed consolidated balance
sheet is provided to reflect our cash and capitalization had the
IPO occurred on June 30, 2021. The following adjustments have been
reflected in the pro forma balance sheet below:
- The issuance of 7,906,250 shares of Class A common stock in
connection with the IPO and the receipt of $325.3 million of net
cash proceeds;
- The repayment of our $15.9 million term loan outstanding;
- The reclassification and payment of all deferred IPO related
costs recorded in Other current assets ($26.5 million) and Accrued
expenses ($25.9 million) to Additional paid-in capital (not
included is the payment of our remaining IPO related costs which we
estimate to be between $3.4 million and $4.4 million);
- The conversion of 8,665,797 shares of our common stock to Class
A common stock;
- The conversion of 27,758,941 shares of our convertible
preferred stock to Class A common stock; and
- The exchange of 2,676,154 shares of Class A common stock held
by our co-founders for an equivalent number of shares of Class B
common stock.
Xometry, Inc. and Subsidiaries
Unaudited Pro Forma Condensed Consolidated Balance Sheet -
continued(In thousands)
|
|
|
|
|
|
|
|
|
Unaudited Pro |
|
|
|
|
Unaudited |
|
|
|
|
|
Forma |
|
|
|
|
Condensed |
|
|
|
|
|
Condensed |
|
|
|
|
Consolidated |
|
|
|
|
|
Consolidated |
|
|
|
|
Balance Sheet |
|
|
|
|
|
Balance Sheet |
|
|
|
|
June 30, |
|
|
|
|
|
June 30, |
|
|
|
|
2021 |
|
|
Adjustments |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
37,351 |
|
|
$ |
309,399 |
|
(1)(2) |
$ |
346,750 |
|
| Accounts receivable |
|
|
21,432 |
|
|
|
- |
|
|
|
21,432 |
|
| Other current assets |
|
|
34,148 |
|
|
|
(26,462 |
) |
(3) |
|
7,686 |
|
| Total current
assets |
|
|
92,931 |
|
|
|
282,937 |
|
|
|
375,868 |
|
|
|
|
|
|
|
|
|
|
|
|
| Property and equipment, net
and operating lease right-of-use assets |
|
|
9,913 |
|
|
|
- |
|
|
|
9,913 |
|
| Other assets |
|
|
2,639 |
|
|
|
- |
|
|
|
2,639 |
|
| Total
assets |
|
$ |
105,483 |
|
|
$ |
282,937 |
|
|
$ |
388,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
13,138 |
|
|
$ |
- |
|
|
$ |
13,138 |
|
| Accrued expenses |
|
|
39,200 |
|
|
|
(25,938 |
) |
(3) |
|
13,262 |
|
| Other current liabilities |
|
|
5,180 |
|
|
|
- |
|
|
|
5,180 |
|
| Short-term debt |
|
|
15,864 |
|
|
|
(15,864 |
) |
(2) |
|
- |
|
| Total current
liabilities |
|
|
73,382 |
|
|
|
(41,802 |
) |
|
|
31,580 |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease liabilities,
net of current portion |
|
|
1,573 |
|
|
|
- |
|
|
|
1,573 |
|
| Total
liabilities |
|
|
74,955 |
|
|
|
(41,802 |
) |
|
|
33,153 |
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible preferred stock -
$0.000001 par value, 27,970,966 authorized, 27,758,941 issued and
outstanding |
|
|
160,713 |
|
|
|
(160,713 |
) |
(5) |
|
- |
|
| Common stock - $0.000001 par
value, 42,000,000 authorized, 8,665,797 issued and outstanding |
|
|
- |
|
|
|
- |
|
(4) |
|
- |
|
| Preferred stock - $0.000001
par value, 50,000,000 authorized, none issued and outstanding, pro
forma |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Class A common stock -
$0.000001 par value, 750,000,000 authorized, 41,654,834 issued and
outstanding, pro forma |
|
|
- |
|
|
|
- |
|
(4)(5) |
|
- |
|
| Class B common stock -
$0.000001 par value, 5,000,000 authorized, 2,676,154 issued and
outstanding, pro forma |
|
|
- |
|
|
|
- |
|
(6) |
|
- |
|
| Additional paid-in
capital |
|
|
4,315 |
|
|
|
485,452 |
|
|
|
489,767 |
|
| Accumulated other
comprehensive income |
|
|
227 |
|
|
|
- |
|
|
|
227 |
|
| Accumulated deficit |
|
|
(134,727 |
) |
|
|
- |
|
|
|
(134,727 |
) |
| Total stockholders' (deficit)
equity |
|
|
(130,185 |
) |
|
|
485,452 |
|
|
|
355,267 |
|
| Total liabilities and
stockholders' equity |
|
$ |
105,483 |
|
|
$ |
282,937 |
|
|
$ |
388,420 |
|
Xometry, Inc. and Subsidiaries
Unaudited Supplemental Information(In thousands)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Summary of Stock-based
Compensation Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
302 |
|
|
$ |
37 |
|
|
$ |
355 |
|
|
$ |
60 |
|
| Operations and support |
|
|
590 |
|
|
|
61 |
|
|
|
694 |
|
|
|
99 |
|
| Product development |
|
|
417 |
|
|
|
88 |
|
|
|
491 |
|
|
|
143 |
|
| General and
administrative |
|
|
666 |
|
|
|
52 |
|
|
|
940 |
|
|
|
84 |
|
| Total stock-based compensation
expense |
|
$ |
1,975 |
|
|
$ |
238 |
|
|
$ |
2,480 |
|
|
$ |
386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of
Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenue |
|
$ |
12 |
|
|
$ |
58 |
|
|
$ |
49 |
|
|
$ |
118 |
|
| Sales and marketing |
|
|
30 |
|
|
|
174 |
|
|
|
61 |
|
|
|
347 |
|
| Operations and support |
|
|
56 |
|
|
|
47 |
|
|
|
88 |
|
|
|
98 |
|
| Product development |
|
|
631 |
|
|
|
350 |
|
|
|
1,240 |
|
|
|
706 |
|
| General and
administrative |
|
|
24 |
|
|
|
71 |
|
|
|
49 |
|
|
|
120 |
|
| Total depreciation and
amortization expense |
|
$ |
753 |
|
|
$ |
700 |
|
|
$ |
1,487 |
|
|
$ |
1,389 |
|
Xometry (NASDAQ:XMTR)
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From Mar 2024 to Apr 2024
Xometry (NASDAQ:XMTR)
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From Apr 2023 to Apr 2024
