Welcome to our dedicated page for Xometry news (Ticker: $XMTR), a resource for investors and traders seeking the latest updates and insights on Xometry stock.
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Xometry, an AI-powered marketplace for custom manufacturing services, has appointed Subir Dutt as its new Chief Sales Officer, effective May 15, 2024. Dutt, with extensive sales leadership experience at Google, Oracle, and CapGemini, will succeed Kathy Mayerhofer. At Google Cloud, Dutt achieved triple-digit revenue growth as head of mid-Atlantic enterprise sales. CEO Randy Altschuler praised Dutt's expertise in AI and cloud services, which aligns with Xometry’s focus on digital transformation in manufacturing. Mayerhofer will assist Dutt in the transition, ensuring continuity. Under Mayerhofer, Xometry’s revenue grew from $17 million in 2017 to $463 million in 2023.
Xometry (NASDAQ: XMTR) will participate in two key investor events: the J.P. Morgan Global Technology, Media and Communications Conference on May 20 in Boston, and the William Blair Growth Stock Conference on June 5 in Chicago. The webcasts and replays of these sessions will be available on Xometry's Investor Relations website. Xometry is a global AI-powered marketplace connecting enterprise buyers with manufacturing service suppliers. Their technology enhances development cycles, drives efficiencies, and supports resilient supply chains. Xometry’s offerings include a digital marketplace, Thomasnet® industrial sourcing platform, and cloud-based management tools like Xometry Teamspace.
Xometry reported a 16% year-over-year increase in Q1 revenue to $123 million, with a 22% increase in gross profit and a record 32% gross margin. Adjusted EBITDA loss improved by 37%. The company aims for long-term growth through various initiatives. However, supplier services revenue decreased by 17%, leading to a net loss of $16.6 million.
