Xometry, Inc. (NASDAQ:XMTR), a leading AI-enabled marketplace for
on-demand manufacturing, today reported financial results for the
third quarter ended September 30, 2021, including the following
highlights:
- Revenue grew 35% year-over-year from $42.0 million as of
September 30, 2020 to $56.7 million as of September 30, 2021.
Revenue increased 77% year-over-year in Q3 2021, when excluding
sales of masks by one customer from both periods.
- Gross profit increased 42% year-over-year to $14.5 million as
of September 30, 2021, as compared to $10.2 million as of September
30, 2020. Gross profit margin improved to 25.6% as of
September 30, 2021 from 24.3% as of September 30,
2020.
- Active Buyers increased 61% from 16,266 as of September 30,
2020 to 26,187 as of September 30, 2021.
- Accounts with Last Twelve-Months Spend of at least $50,000
increased 67% from 361 as of September 30, 2020 to 603 as of
September 30, 2021.
- Percentage of Revenue from Existing Accounts was 95%,
consistent with the prior quarter.
- Net loss was $14.7 million for the quarter, an increase of $8.5
million year-over-year, and Adjusted EBITDA was negative $10.0
million for the quarter, reflecting an increase of $5.4 million
year-over-year. Net loss for Q3 2021 includes $2.3 million of
stock-based compensation expense and $1.2 million of expense for
charitable contributions.
- Xometry expects business momentum to continue and is providing
guidance for Q4 2021 of 58%-63% revenue growth year-over-year. Q4
2021 revenue when excluding sales of masks by one customer from
both periods, is expected to be 75%-80% year-over-year.
- Cash and cash equivalents and marketable securities were $324.5
million as of September 30, 2021.
“Xometry’s third quarter 2021 performance was
outstanding as we saw accelerated demand from larger customers
across many verticals on our platform”, said Randy Altschuler,
Xometry’s CEO. “Active Buyer growth was robust at 61%
year-over-year and Accounts with Last Twelve Month Spend of at
least $50,000 increased 67% year-over-year. Excluding the
sales of masks by one customer which accounted for significant
revenue in the prior year, third quarter revenue accelerated
significantly to 77% growth year-over-year. Additionally, we
delivered significant improvement in gross margin on a
year-over-year and quarter-over-quarter basis driven by AI based
pricing and expanding seller network.”
“We remain in the early innings of the secular
digitization of the manufacturing industry, one of the largest
industries in the world. We continue to grow our great team to
build out the leading global on-demand manufacturing marketplace
including the recent acquisitions of Big Blue Saw and
FactoryFour. Big Blue Saw extends our marketplace capabilities
in water jet and laser cutting while FactoryFour will provide a
SaaS based solution to help manufacturers in the Xometry
marketplace improve lead times and make strong, data-driven
decisions through real-time production tracking. We expect
these acquisitions to make an impact on our product offering
beginning in 2022.”
“Marketplace trends remain robust in Q4 and we
expect revenue growth of 75-80% year-over-year excluding sales of
masks by one customer in both periods. Our machine learning
pricing algorithms continue to drive improving gross margins and we
expect that trend to continue with sequential growth in gross
margins from Q3 to Q4.”
Unaudited Financial Summary
(In thousands, except per share amounts)
|
|
For the Three Months Ended September 30, |
|
|
|
|
|
For the Nine Months Ended September 30, |
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
56,727 |
|
|
$ |
41,953 |
|
|
|
35 |
% |
|
$ |
151,238 |
|
|
$ |
103,425 |
|
|
|
46 |
% |
Gross
profit |
|
|
14,494 |
|
|
|
10,175 |
|
|
|
42 |
% |
|
|
36,205 |
|
|
|
23,806 |
|
|
|
52 |
% |
Net
loss |
|
|
(14,711 |
) |
|
|
(6,183 |
) |
|
|
138 |
% |
|
|
(37,476 |
) |
|
|
(20,909 |
) |
|
|
79 |
% |
EPS—basic
and diluted |
|
|
(0.33 |
) |
|
|
(1.99 |
) |
|
|
(83 |
)% |
|
|
(1.87 |
) |
|
|
(3.98 |
) |
|
|
(53 |
)% |
Adjusted
EBITDA (Non-GAAP)(1) |
|
|
(10,024 |
) |
|
|
(4,605 |
) |
|
|
118 |
% |
|
|
(27,905 |
) |
|
|
(16,910 |
) |
|
|
65 |
% |
(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 September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Active Buyers(2) |
|
|
26,187 |
|
|
|
16,266 |
|
|
|
61 |
% |
Percentage
of Revenue from Existing Accounts(2) |
|
|
95 |
% |
|
|
96 |
% |
|
|
(1 |
)% |
Accounts
with Last Twelve-Months Spend of at Least $50,000(2) |
|
|
603 |
|
|
|
361 |
|
|
|
67 |
% |
(2) Amounts shown for Active Buyers and
Accounts with Last Twelve-Months Spend of at Least $50,000 are as
of September 30, 2021 and 2020, and Percentage of Revenue from
Existing Accounts is presented for the quarters ended September 30,
2021 and 2020.
Subsequent to Third Quarter
2021
On November 1, 2021, the Company acquired certain
assets and liabilities from Big Blue Saw LLC, subject to an Asset
Purchase Agreement for total consideration of $2.5 million. The
total consideration includes cash consideration at closing of $1.25
million, $250,000 of Class A common stock at closing and contingent
consideration of $1.0 million.
On November 5, 2021, the Company acquired certain
assets and liabilities from Fusiform, Inc. (dba FactoryFour),
subject to an Asset Purchase Agreement for total consideration of
$6.3 million. The total consideration includes cash consideration
at closing of $1.9 million, $1.9 million of Class A common stock at
closing and contingent consideration of $2.5 million.
Financial Guidance and
Outlook:
|
|
Q4 2021 |
|
|
|
(in millions) |
|
|
|
Low |
|
|
|
High |
|
Revenue |
|
$ |
60.0 |
|
|
|
$ |
62.0 |
|
Adjusted
EBITDA |
|
$ |
(12.0 |
) |
|
|
$ |
(11.0 |
) |
- In 2020, one customer, that produces masks, accounted for
approximately 10% of our revenue in Q4 2020. Excluding revenue from
that one customer, growth is expected to be between 75%-80% for Q4
2021, as compared to Q4 2020.
- The acquisitions of Big Blue Saw and FactoryFour are not
expected to materially impact our Q4 2021 revenue and Adjusted
EBITDA guidance.
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. 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. 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, charitable contributions 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 third quarter and
year to date financial results during a teleconference
on 11/10/2021, at 5:00 PM EST/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 Statements This 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 September 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 Milne
VP Investor Relations 240-335-8132 shawn.milne@xometry.com |
Ted Weismann
fama PR for Xometry 617-396-7740 xometry@famapr.com |
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In thousands,
except share and per share data)
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
57,778 |
|
|
$ |
59,874 |
|
Marketable securities |
|
|
266,739 |
|
|
|
— |
|
Accounts receivable, less allowance for doubtful accounts of $0.7
million as of September 30, 2021 and $0.6 million as of December
31, 2020, respectively |
|
|
25,157 |
|
|
|
14,574 |
|
Inventory |
|
|
1,427 |
|
|
|
2,294 |
|
Prepaid expenses |
|
|
4,988 |
|
|
|
913 |
|
Total current assets |
|
|
356,089 |
|
|
|
77,655 |
|
Property and equipment, net |
|
|
8,615 |
|
|
|
6,113 |
|
Operating lease right-of-use assets |
|
|
3,101 |
|
|
|
1,922 |
|
Other assets |
|
|
204 |
|
|
|
788 |
|
Intangible assets, net |
|
|
1,455 |
|
|
|
1,652 |
|
Goodwill |
|
|
833 |
|
|
|
833 |
|
Total assets |
|
$ |
370,297 |
|
|
$ |
88,963 |
|
Liabilities, convertible preferred stock and stockholders’
equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
5,198 |
|
|
$ |
5,640 |
|
Accrued expenses |
|
|
17,487 |
|
|
|
13,606 |
|
Contract liabilities |
|
|
3,379 |
|
|
|
2,355 |
|
Operating lease liabilities, current portion |
|
|
1,108 |
|
|
|
1,013 |
|
Finance lease liabilities, current portion |
|
|
5 |
|
|
|
14 |
|
Short-term debt |
|
|
— |
|
|
|
15,753 |
|
Total current liabilities |
|
|
27,177 |
|
|
|
38,381 |
|
Operating lease liabilities, net of current portion |
|
|
2,197 |
|
|
|
1,118 |
|
Total liabilities |
|
|
29,374 |
|
|
|
39,499 |
|
Commitments and contingencies (Note 12) |
|
|
|
|
|
|
Convertible preferred stock |
|
|
|
|
|
|
Convertible preferred stock, $0.000001 par value, Seed-1, Seed-2,
Series A-1, Series A-2, Series B, Series C, Series D and Series E.
Authorized; zero shares and 27,970,966 shares, zero shares and
27,758,941 shares issued and outstanding as of September 30, 2021
and December 31, 2020, respectively |
|
|
— |
|
|
|
160,713 |
|
Stockholders’ equity (deficit) |
|
|
|
|
|
|
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares
and zero shares; zero shares issued and outstanding as of September
30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
Common stock, $0.000001 par value. Authorized; zero shares and
42,000,000 shares; zero shares and 7,755,782 shares issued and
outstanding as of September 30, 2021 and December 31, 2020,
respectively |
|
|
— |
|
|
|
— |
|
Class A Common stock, $0.000001 par value. Authorized; 750,000,000
shares and zero shares 41,714,711 shares and zero shares issued and
outstanding as of September 30, 2021 and December 31, 2020,
respectively |
|
|
— |
|
|
|
— |
|
Class B Common stock, $0.000001 par value. Authorized; 5,000,000
shares and zero shares, 2,676,154 shares and zero shares issued and
outstanding as of September 30, 2021 and December 31, 2020,
respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
490,175 |
|
|
|
503 |
|
Accumulated other comprehensive income |
|
|
186 |
|
|
|
210 |
|
Accumulated deficit |
|
|
(149,438 |
) |
|
|
(111,962 |
) |
Total stockholders’ equity (deficit) |
|
|
340,923 |
|
|
|
(111,249 |
) |
Total liabilities, convertible preferred stock and
stockholders’ equity |
|
$ |
370,297 |
|
|
$ |
88,963 |
|
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and
Comprehensive Loss (In thousands, except per share amounts)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
56,727 |
|
|
$ |
41,953 |
|
|
$ |
151,238 |
|
|
$ |
103,425 |
|
Cost of
revenue |
|
|
42,233 |
|
|
|
31,778 |
|
|
|
115,033 |
|
|
|
79,619 |
|
Gross profit |
|
|
14,494 |
|
|
|
10,175 |
|
|
|
36,205 |
|
|
|
23,806 |
|
Sales and
marketing |
|
|
9,828 |
|
|
|
5,986 |
|
|
|
26,250 |
|
|
|
15,842 |
|
Operations
and support |
|
|
5,775 |
|
|
|
3,671 |
|
|
|
15,594 |
|
|
|
10,138 |
|
Product
development |
|
|
4,376 |
|
|
|
3,003 |
|
|
|
12,131 |
|
|
|
8,879 |
|
General and
administrative |
|
|
8,778 |
|
|
|
3,282 |
|
|
|
18,343 |
|
|
|
8,792 |
|
Total
operating expenses |
|
|
28,757 |
|
|
|
15,942 |
|
|
|
72,318 |
|
|
|
43,651 |
|
Loss from operations |
|
|
(14,263 |
) |
|
|
(5,767 |
) |
|
|
(36,113 |
) |
|
|
(19,845 |
) |
Other (expenses) income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(79 |
) |
|
|
(309 |
) |
|
|
(799 |
) |
|
|
(939 |
) |
Interest and
dividend income |
|
|
417 |
|
|
|
2 |
|
|
|
457 |
|
|
|
215 |
|
Other
expenses |
|
|
(786 |
) |
|
|
(109 |
) |
|
|
(1,021 |
) |
|
|
(340 |
) |
Total other
expenses |
|
|
(448 |
) |
|
|
(416 |
) |
|
|
(1,363 |
) |
|
|
(1,064 |
) |
Net loss |
|
|
(14,711 |
) |
|
|
(6,183 |
) |
|
|
(37,476 |
) |
|
|
(20,909 |
) |
Deemed
dividend to preferred stockholders |
|
|
— |
|
|
|
(8,801 |
) |
|
|
— |
|
|
|
(8,801 |
) |
Net loss attributable to common stockholders |
|
$ |
(14,711 |
) |
|
$ |
(14,984 |
) |
|
$ |
(37,476 |
) |
|
$ |
(29,710 |
) |
Net loss per
share, basic and diluted |
|
$ |
(0.33 |
) |
|
$ |
(1.99 |
) |
|
$ |
(1.87 |
) |
|
$ |
(3.98 |
) |
Weighted-average number of shares outstanding used to compute net
loss per share, basic and diluted |
|
|
43,962,863 |
|
|
|
7,546,458 |
|
|
|
20,092,600 |
|
|
|
7,458,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
$ |
(41 |
) |
|
$ |
(65 |
) |
|
$ |
(24 |
) |
|
$ |
(92 |
) |
Total other comprehensive loss |
|
|
(41 |
) |
|
|
(65 |
) |
|
|
(24 |
) |
|
|
(92 |
) |
Net
loss |
|
|
(14,711 |
) |
|
|
(6,183 |
) |
|
|
(37,476 |
) |
|
|
(20,909 |
) |
Total
comprehensive loss |
|
$ |
(14,752 |
) |
|
$ |
(6,248 |
) |
|
$ |
(37,500 |
) |
|
$ |
(21,001 |
) |
Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows (In
thousands)
|
|
Nine Months Ended
September 30, |
|
|
|
2021 |
|
|
2020 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(37,476 |
) |
|
$ |
(20,909 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,304 |
|
|
|
2,256 |
|
Reduction in carrying amount of right-of-use asset |
|
|
912 |
|
|
|
770 |
|
Stock based compensation |
|
|
4,747 |
|
|
|
679 |
|
Non-cash interest expense |
|
|
111 |
|
|
|
238 |
|
Loss on debt extinguishment |
|
|
272 |
|
|
|
- |
|
Donation of common stock |
|
|
1,157 |
|
|
|
- |
|
Unrealized loss on marketable securities |
|
|
239 |
|
|
|
- |
|
Changes in other assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(10,645 |
) |
|
|
(4,381 |
) |
Inventory |
|
|
842 |
|
|
|
(618 |
) |
Prepaid expenses |
|
|
(4,080 |
) |
|
|
88 |
|
Other assets |
|
|
580 |
|
|
|
(544 |
) |
Accounts payable |
|
|
(400 |
) |
|
|
(3,142 |
) |
Accrued expenses |
|
|
3,931 |
|
|
|
8,100 |
|
Contract liabilities |
|
|
1,053 |
|
|
|
1,038 |
|
Lease liabilities |
|
|
(917 |
) |
|
|
(720 |
) |
Net cash used in operating activities |
|
|
(37,370 |
) |
|
|
(17,145 |
) |
Cash
flows from investing activities: |
|
|
|
|
|
|
Purchase of marketable securities |
|
|
(266,978 |
) |
|
|
- |
|
Purchase of short-term investments |
|
|
- |
|
|
|
(17,711 |
) |
Proceeds from short-term investments |
|
|
- |
|
|
|
28,571 |
|
Purchases of property and equipment |
|
|
(4,625 |
) |
|
|
(2,888 |
) |
Net cash (used in) provided by investing
activities |
|
|
(271,603 |
) |
|
|
7,972 |
|
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 |
|
|
(3,995 |
) |
|
|
- |
|
Proceeds from stock options exercised |
|
|
1,787 |
|
|
|
405 |
|
Proceeds from term loan |
|
|
- |
|
|
|
4,000 |
|
Repayment of term loan |
|
|
(16,136 |
) |
|
|
- |
|
Proceeds from other borrowings |
|
|
- |
|
|
|
4,783 |
|
Repayment of other borrowings |
|
|
- |
|
|
|
(4,783 |
) |
Payments on finance lease obligations |
|
|
(9 |
) |
|
|
(9 |
) |
Net cash provided by financing activities |
|
|
306,910 |
|
|
|
35,152 |
|
Effect of foreign currency translation on cash and cash
equivalents |
|
|
(33 |
) |
|
|
(9 |
) |
Net (decrease) increase in cash and cash
equivalents |
|
|
(2,096 |
) |
|
|
25,970 |
|
Cash
and cash equivalents at beginning of period |
|
|
59,874 |
|
|
|
40,122 |
|
Cash
and cash equivalents at end of period |
|
$ |
57,778 |
|
|
$ |
66,092 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
907 |
|
|
$ |
970 |
|
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)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(14,711 |
) |
|
$ |
(6,183 |
) |
|
$ |
(37,476 |
) |
|
$ |
(20,909 |
) |
Add
(deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, interest and dividend income and other expense |
|
|
448 |
|
|
|
416 |
|
|
|
1,363 |
|
|
|
1,064 |
|
Depreciation
and amortization(1) |
|
|
816 |
|
|
|
869 |
|
|
|
2,304 |
|
|
|
2,256 |
|
Charitable
contribution of common stock |
|
|
1,157 |
|
|
|
— |
|
|
|
1,157 |
|
|
|
— |
|
Stock-based
compensation(2) |
|
|
2,266 |
|
|
|
293 |
|
|
|
4,747 |
|
|
|
679 |
|
Adjusted EBITDA |
|
$ |
(10,024 |
) |
|
$ |
(4,605 |
) |
|
$ |
(27,905 |
) |
|
$ |
(16,910 |
) |
(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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Segment Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
51,739 |
|
|
$ |
41,145 |
|
|
$ |
140,266 |
|
|
$ |
101,537 |
|
Europe |
|
|
4,988 |
|
|
|
808 |
|
|
|
10,972 |
|
|
|
1,888 |
|
Total revenue |
|
$ |
56,727 |
|
|
$ |
41,953 |
|
|
$ |
151,238 |
|
|
$ |
103,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
(12,550 |
) |
|
$ |
(4,101 |
) |
|
$ |
(30,152 |
) |
|
$ |
(16,092 |
) |
Europe |
|
|
(2,161 |
) |
|
|
(2,082 |
) |
|
|
(7,324 |
) |
|
|
(4,817 |
) |
Total net
loss |
|
$ |
(14,711 |
) |
|
$ |
(6,183 |
) |
|
$ |
(37,476 |
) |
|
$ |
(20,909 |
) |
Xometry, Inc. and Subsidiaries
Unaudited Supplemental Information (In thousands)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Summary of Stock-based Compensation Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
335 |
|
|
$ |
46 |
|
|
$ |
690 |
|
|
$ |
106 |
|
Operations
and support |
|
|
670 |
|
|
|
75 |
|
|
|
1,364 |
|
|
|
175 |
|
Product
development |
|
|
488 |
|
|
|
109 |
|
|
|
979 |
|
|
|
253 |
|
General and
administrative |
|
|
773 |
|
|
|
63 |
|
|
|
1,714 |
|
|
|
145 |
|
Total
stock-based compensation expense |
|
$ |
2,266 |
|
|
$ |
293 |
|
|
$ |
4,747 |
|
|
$ |
679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Depreciation and Amortization
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
$ |
21 |
|
|
$ |
60 |
|
|
$ |
70 |
|
|
$ |
178 |
|
Sales and
marketing |
|
|
26 |
|
|
|
161 |
|
|
|
88 |
|
|
|
508 |
|
Operations
and support |
|
|
31 |
|
|
|
46 |
|
|
|
118 |
|
|
|
144 |
|
Product
development |
|
|
672 |
|
|
|
514 |
|
|
|
1,913 |
|
|
|
1,220 |
|
General and
administrative |
|
|
66 |
|
|
|
88 |
|
|
|
115 |
|
|
|
206 |
|
Total
depreciation and amortization expense |
|
$ |
816 |
|
|
$ |
869 |
|
|
$ |
2,304 |
|
|
$ |
2,256 |
|
For the three and nine months ended September 30,
2021, general and administrative expense includes $1.2 million of
expense related to charitable contributions.
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