Xometry, Inc. - XMTR STOCK NEWS

Xometry and the Women in Manufacturing Association (WiM) released their third annual 'Career Advancement for Manufacturing' report, highlighting that 82% of women would recommend a manufacturing career, an increase from 75% in 2022. Despite this optimism, women hold only 25% of leadership roles in manufacturing, indicating a stagnation in representation. The report also emphasizes that women graduating from STEM programs are significantly more likely to enter manufacturing careers, with 38% of women versus 18% of men. Agriculture, electronics, and environmental sectors lead in female leadership representation. Most desired employee benefits include health insurance (79%), flexible work schedules (72%), and 401(k) matching (66%). The report underlines the need for immediate action to enhance female participation and representation in the manufacturing industry.

Xometry, Inc. (NASDAQ: XMTR) will release its first quarter 2023 financial results on May 10, 2023, before market opening. The company will hold a conference call at 8:30 a.m. ET to discuss these results. Xometry's digital marketplace connects enterprise buyers with manufacturing service suppliers, facilitating growth for manufacturers and ensuring access to global manufacturing capabilities for large enterprises. Investors can register for the call and access the earnings presentation via its investor website, which will also archive the webcast. This earnings report is anticipated to provide insights into Xometry's operational performance and future outlook.

The latest quarterly survey reveals a significant shift in American manufacturing, with 82% of CEOs embracing reshoring strategies, marking a rise from 55% in January. This optimism is driven by the belief that there is sufficient manufacturing capacity in the U.S., with 71% affirming this notion. Additionally, 51% of companies are investing in artificial intelligence (AI), with 68% reporting significant returns on investment. While most executives remain committed to their strategic plans for 2023, 89% anticipate a potential recession, and 54% believe interest rates should be lowered. The survey underscores the importance of technology in future operations, as 97% of CEOs see AI as essential for modernization.

Xometry, a global online marketplace connecting buyers with manufacturing services, has enhanced its Instant Quoting Engine to automatically quote parts with multiple finishes. This update responds to the growing demand for complex parts and expands materials and finishes options, including galvanized steel and stainless steel. Notably, the new quick-turn injection molding service allows for quotes in as little as two hours. The improved order page offers users a comprehensive view of their purchase history and current orders, further optimizing the customer experience. This initiative aims to streamline the quoting process, reducing the time required for buyers to receive pricing and lead-time information.

Xometry’s AI-Powered Instant Quoting Engine will be embedded in 1688.com, Alibaba Group’s largest wholesale marketplace in China. This exclusive partnership enables Chinese companies to obtain instant quotes and lead times from suppliers, enhancing supply chain resiliency and digitizing the sourcing process. The integration, announced during the Shenzhen International Industrial Manufacturing Technology and Equipment Exhibition, is expected to improve efficiency in bringing products to market. Xometry’s technology aims to foster innovation and assist manufacturers in attaining more work. The product is set to launch in late April 2023.

Xometry, Inc. (NASDAQ:XMTR), a leader in online manufacturing services, announced that CEO Randy Altschuler will represent the company at the Loop Capital Markets 2023 Conference in New York City on March 14, 2023. This opportunity highlights Xometry's commitment to connecting enterprise buyers with suppliers, facilitating a robust digital marketplace for manufacturing services. By enabling large companies to utilize global manufacturing capacity, Xometry assists them in building resilient supply chains. More details can be found at www.xometry.com.

Xometry (NASDAQ: XMTR) has acquired Tridi, Turkey's leading on-demand manufacturing platform, enhancing its European presence. This acquisition allows Xometry to launch a localized marketplace at xometry.com.tr, enabling customers to receive quotes and make purchases in local currency. Tridi serves various sectors including aerospace, automotive, and consumer electronics, providing services like CNC machining and 3D printing. With this move, Xometry aims to create resilient supply chains for European customers, reflecting its commitment to becoming a key player in the industrial marketplace.

Xometry reported a 46% revenue increase year-over-year for Q4 2022, totaling $98.2 million, driven by a 32% marketplace growth and supplier services. Gross profit rose 72% to $36.0 million. Despite these gains, the company's Q4 Adjusted EBITDA loss was $14.2 million, reflecting lower gross margins. Expected Q1 2023 revenue growth is projected at 20%-22%, amounting to $100-$102 million. Xometry is implementing a 5-point strategic plan aimed at expense reduction, including a 6% workforce reduction. Active buyers increased 45% to 40,664 with strong revenue concentration from existing accounts, which represented 96% of total revenue.