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.
Xometry, Inc. (NASDAQ: XMTR) is a pioneering company in the field of low-volume manufacturing, leveraging its advanced AI-powered marketplace to connect enterprise buyers with a global network of suppliers. Established in October 2013, Xometry has rapidly grown into a formidable player in the manufacturing industry, boasting over $7 million in raised capital and a robust team of experienced professionals.
Xometry serves a diverse clientele ranging from startups to Fortune 100 companies, offering 24/7 access to cutting-edge manufacturing technologies. These include CNC Machining, Injection Molding, Urethane Casting, 3D Printing, and Die Casting. The company is organized into two main segments: the U.S. and International, with the majority of its revenue generated from the U.S. market.
The company's core offerings are designed to shorten development cycles, increase efficiencies, and create resilient supply chains. Xometry’s flagship product, the Instant Quoting Engine®, utilizes millions of data points to provide real-time pricing and lead times, matching buyers with the most suitable suppliers globally.
In recent developments, Xometry has introduced enhanced features to its Teamspace enterprise collaboration software and expanded its marketplace with new finishing options and a Knowledge Hub for engineers and designers. This continuous innovation underscores Xometry's commitment to modernizing manufacturing processes and fostering a high-tech, resilient industry.
With a strong emphasis on AI, automation, and robotics, Xometry is not just keeping pace with the digital transformation in manufacturing but is actively driving it. The company’s management team, led by CEO Randy Altschuler, has a proven track record of successfully scaling startups and maintains a forward-looking approach towards reshoring and localizing supply chains—efforts that are crucial in today's ever-evolving geopolitical and economic landscape.
Through strategic partnerships, continuous investment in technology, and a focus on cultivating skilled talent, Xometry is well-positioned to be a cornerstone in the future of manufacturing.
Xometry announced significant growth in its global custom-manufacturing marketplace, now hosting over 4,200 active suppliers. The platform added more than 780 new suppliers in the first three quarters of 2024, marking a 34% increase and nearly triple the number since 2021. The company's Instant Quoting Engine now operates in 16 languages, facilitating global business transactions. The supplier network spans all 50 US states and three continents, offering various manufacturing processes including CNC machining, injection molding, and laser cutting. Through its Donor Advised Fund, Xometry provides scholarships to over 250 students across multiple states to support future manufacturing talent.
Xometry (NASDAQ:XMTR) announced its participation in the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on November 20, 2024, featuring a fireside chat at 9:20 a.m. ET. The event will be webcasted and available for replay in Xometry's Investor Relations section.
The company's AI-powered marketplace facilitates the digital transformation of manufacturing by connecting enterprise buyers with suppliers. Their technology portfolio includes the Thomasnet® industrial sourcing platform and cloud-based tools for project management. The platform's Instant Quoting Engine® analyzes complex parts in real-time, matching buyers with global suppliers while providing accurate pricing and lead times.
Xometry (NASDAQ:XMTR) reported strong Q3 2024 results with revenue increasing 19% year-over-year to a record $142 million, driven by marketplace growth of 24%. Gross profit rose 21% to $55.8 million, with marketplace gross margin expanding 250 basis points to 33.6%. The company's Adjusted EBITDA loss improved 85% to $0.6 million, representing just 0.4% of revenue. Active buyers increased 24% to 64,851, while accounts spending over $50,000 grew 23% to 1,506. The company expects Q4 2024 revenue between $145-147 million and anticipates becoming slightly Adjusted EBITDA profitable.
Xometry (NASDAQ:XMTR), the global AI-powered marketplace for manufacturing services, has appointed Roy Azevedo to its Board of Directors. Azevedo, former president of two Raytheon Technologies business units, brings extensive experience in engineering, global manufacturing, and supply chain management. His expertise in digitizing operations and embracing emerging technologies like AI and machine learning aligns with Xometry's mission.
CEO Randy Altschuler highlighted Azevedo's understanding of creating resilient supply chains for global companies, which will be valuable as Xometry scales internationally. Azevedo expressed enthusiasm for Xometry's growth potential and its role in digitizing the product lifecycle. With a background in electrical engineering and over three decades at Raytheon, Azevedo's appointment strengthens Xometry's position in the rapid digital transformation of the manufacturing industry.
Xometry, Inc. (NASDAQ: XMTR), an AI-powered marketplace for manufacturing services, has announced it will release its third quarter 2024 financial results before the market opens on Tuesday, November 5, 2024. The company will host a conference call and webcast to discuss the results at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) on the same day.
In addition to the press release, Xometry will also release an earnings presentation, which will be available on their investor website at investors.xometry.com. Interested parties can register for the conference call using the provided link or visit the Xometry Investor Relations Homepage to listen to a live webcast. The earnings webcast presentation will be archived within the Investor Relations section of Xometry's website for future reference.
Xometry Europe has introduced a new suite of tools for enterprise customers to manage complex, high-volume manufacturing projects. The user-friendly dashboard at Xometry.eu/en offers powerful digital tools for engineers, designers, procurement professionals, and project managers to coordinate and collaborate effectively. These tools provide real-time access to procurement data, enabling smart, data-driven decisions.
Key features include instant quotes, project tracking, quote management, communication with Xometry's production and engineering teams, quotes for various manufacturing technologies, and batch order scheduling. The tools also support quoting for assembly and welding projects. This suite aims to streamline quote and order management while giving customers access to Xometry's vast global supplier network.
Xometry (NASDAQ:XMTR), the global AI-powered marketplace for manufacturing services, has announced its participation in several upcoming investor conferences. These include Citi's 2024 Global TMT Conference on September 4 in New York City, the Goldman Sachs Communacopia + Technology Conference on September 11 in San Francisco (featuring a fireside chat at 4:25 p.m. PT), and CL King's 22nd Annual Best Ideas Conference 2024 on September 16 (virtual).
Xometry's two-sided marketplace is important in the digital transformation of manufacturing. The company's technology aims to shorten development cycles, improve corporate efficiencies, and build resilient supply chains. Xometry's product portfolio includes its digital marketplace, the Thomasnet® industrial sourcing platform, and cloud-based tools like Xometry Teamspace for project management.
Xometry, the global AI-powered manufacturing marketplace, is beta-testing laser tube cutting and tube bending capabilities through its AI-powered platform. Leveraging Google Cloud's Vertex AI, Xometry aims to accelerate the deployment of new auto-quote methods and models, offering instant pricing and lead times for both tube cutting and tube bending. This expansion is expected to make Xometry one of the first digital marketplaces to provide such comprehensive instant quoting for these processes.
The new offerings, set to roll out later this quarter, will utilize Xometry's extensive supplier network of industrial tube manufacturing. This development aligns with Xometry's mission to digitize manufacturing globally and provide buyers with the tools needed to produce parts and create resilient supply chains efficiently.
Xometry (NASDAQ:XMTR) has reported its Q2 2024 results, showcasing a record revenue of $133 million, up 19% year-over-year, driven by a 25% increase in marketplace revenue to $117 million. Total gross profit rose 21% to $52.9 million, with a gross margin of 39.9%. Marketplace gross profit increased by 33%, and supplier services gross margin rose 910 basis points to 88.9%.
However, supplier services revenue decreased by 13% to $15.3 million due to exiting lower-margin businesses. Despite this, Xometry's net loss narrowed by $12.9 million year-over-year to $13.7 million, aided by a 70% improvement in adjusted EBITDA loss to $2.6 million.
Key metrics include a 27% increase in Marketplace Active Buyers to 61,530, and a 24% rise in accounts with over $50,000 spent in the last 12 months to 1,436. Active Paying Suppliers decreased by 7% to 6,992.
For Q3 2024, Xometry expects revenue of $136-$138 million and an adjusted EBITDA loss of $1.5-$3.5 million. Full-year 2024 guidance reaffirms at least 20% marketplace revenue growth and expects supplier services revenue to decline by 10%.
A recent survey by Xometry and Zogby Strategies reveals intriguing insights into manufacturing CEOs' views on the 2024 presidential race and industry trends. While 53% of CEOs credit Biden Administration policies for helping their businesses, 55% prefer Trump over Harris (38%) for the presidency. Despite this, Harris leads among Democratic contenders.
The survey also highlights optimism in the manufacturing sector:
- 71% of CEOs expect to surpass 2023 sales
- 75% are investing heavily in AI
- 51% are investing in automation
CEOs report significant ROI from AI investments and are less concerned about a potential recession. However, challenges persist, including difficulty finding qualified employees and concerns about geopolitical hotspots affecting business.
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