• Xometry Reports Fourth Quarter and Full Year 2022 Results

    Источник: Nasdaq GlobeNewswire / 01 мар 2023 07:11:01   America/New_York

    • Q4 revenue increased 46% year-over-year driven by solid marketplace growth of 32% as well as supplier services including the acquisition of Thomas
    • Q4 gross profit up 72% year-over-year driven by 30% growth in marketplace gross profit and the addition of Thomas. Strong gross profit growth partly offset by price optimization efforts
    • Expect Q1 revenue growth of 20%-22% year-over-year to $100-$102 million, driven by healthy marketplace growth in the mid to high 20% range year-over-year
    • Q4 Adjusted EBITDA loss of $14.2 million reflects revenue shortfall and lower gross margins quarter-over-quarter. Expect improved operating leverage going forward as we take steps to lower operating expenses, including a 6% reduction in workforce in January 2023
    • Implementing 5-point strategic plan with increasing focus on our top 200 accounts; rapidly expanding the marketplace menu; furthering international expansion and growth; driving adoption of new products, and aggressively reducing operating expenses

    NORTH BETHESDA, Md., March 01, 2023 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the fourth quarter and full year ended December 31, 2022.

    “In Q4 2022, Xometry delivered strong 32% marketplace growth in a period of increasingly challenging macroeconomic conditions," said Randy Altschuler, Xometry CEO. "As we continue to grow rapidly year-over-year, we are also implementing a 5-point strategic plan to ensure that we continue to deliver strong growth. These steps include realigning our sales efforts to improve our focus on our top 200 accounts who represent significant revenue opportunities and who depend on Xometry to strengthen their crucial supply chains; continued expansion of processes and materials with a deeper integration with Thomas; rapid international expansion and growth; and further enhancements and adoption of new products, including Workcenter. Additionally, we are taking an aggressive approach to reducing operating expenses, which included a 6% headcount reduction in January.”

    Fourth Quarter 2022 Financial Highlights

    • Total revenue for the fourth quarter 2022 was $98.2 million, an increase of 46% year-over-year.
    • Marketplace revenue for the fourth quarter of 2022 was $79.1 million, an increase of 32% year-over-year.
    • Supplier services revenue for the fourth quarter of 2022 was $19.1 million.
    • Total gross profit for the fourth quarter 2022 was $36.0 million, an increase of 72% year-over-year.
    • Marketplace Active Buyers increased 45% from 28,130 as of December 31, 2021 to 40,664 as of December 31, 2022.
    • Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 47% from 701 as of December 31, 2021, to 1,027 as of December 31, 2022.
    • Marketplace Percentage of Revenue from Existing Accounts was 96%.
    • Net loss attributable to common stockholders was $24.4 million for the quarter, an increase of $0.5 million year-over-year, and Adjusted EBITDA was negative $14.2 million for the quarter, reflecting an increase of $2.4 million year-over-year. Net loss for Q4 2022 included $5.1 million of stock-based compensation and a $1.5 million restructuring charge.
    • Cash and cash equivalents were $319.4 million as of December 31, 2022.

    Fourth Quarter 2022 Business Highlights

    • Grew the number of Active Suppliers 22% year-over-year from 2,010 to 2,447.
    • Introduced a new instant quoting page for the Xometry Marketplace, offering easier navigation and greater usability of the quoting engine.
    • Appointed Brendan Sterne, a veteran product executive skilled in scaling technology for growth and revenue, as our Chief Product Officer, and elevated Matt Leibel to Chief Technology Officer.
    • Expanded the offerings of our Xometry Europe marketplace to include compression molding and vacuum casting, which are critical for the automotive, electronics, medical device and other industries.
    • Integrated the Gravity Climate API into the Xometry Marketplace to help our customers instantly calculate carbon emissions in real-time.

    Full Year Financial Highlights

    • Total revenue for the full year 2022 was $381.1 million, an increase of 75% year-over-year.
    • Marketplace revenue for the full year 2022 was $303.1 million.
    • Supplier services revenue for the full year 2022 was $77.9 million.
    • Total gross profit for the full year 2022 was $147.6 million, an increase of 158% year-over-year. Gross profit margin improved to 38.7% for year ended December 31, 2022 from 26.2% for the year ended December 31, 2021.
    • Marketplace gross profit margin improved to 28.6% for the year ended December 31, 2022 from 25.1% for the year ended December 31, 2021.
    • Net loss attributable to common stockholders was $76.0 million for the full year 2022, an increase of $14.6 million year-over-year, and Adjusted EBITDA was negative $41.8 million for the full year 2022, reflecting an increase of $2.0 million year-over-year. Net loss for the full year 2022 includes $19.2 million of stock-based compensation expense, $2.3 million of expense for charitable contributions and a $1.5 million restructuring charge.

    Full Year Business Highlights

    • Introduced “Xometry Everywhere” software which extends the reach of Xometry’s AI-driven instant-quoting pricing engine to popular third-party sites where engineers and other buyers spend significant amounts of time.
    • Obtained certification for Medical Device Manufacturing (ISO 13485) enabling the Xometry marketplace to expand the breadth of medical device manufacturing.
    • Expanded European operations including an enhanced site for European customers, www.xometry.eu, which makes it even easier for buyers to compare and price technologies, materials and finishes in real time. Added new languages including Spanish, Polish, Norwegian and Dutch.
    • Introduced new self-serve advertising subscription options for suppliers on Thomasnet.
    • Launched a local manufacturing network in China (Xometry.Asia) and began taking orders from Chinese customers in April 2022.
    • Expanded CAD integrations with the addition of PTC’s Onshape product development platform which has over 2 million users. The integration provides seamless instant quoting with our proprietary, AI-driven Xometry Instant Quoting Engine®.
    • On February 11, 2022 completed an offering of Convertible Senior Notes, raising net proceeds of $278.2 million.
    • Introduced Workcenter which gives suppliers a one-stop view into all their Xometry and non-Xometry work. A cloud-based manufacturing execution system, Workcenter brings the job board and financial services into one, easy-to-use platform.
    • Launched the Industrial Buying Engine which helps customers source and purchase from the more than 500,000 suppliers on Thomasnet.com. Through the Industrial Buying Engine, buyers can request quotes for products and services from suppliers.
    • Extended Xometry quoting capabilities into new categories based on the data and suppliers from the Thomas network. The new processes include laser tube cutting and tube bending.
    • Launched the universal login experience which improves and centralizes the login experience and user credentials. Universal login allows Xometry and Thomas buyers and suppliers to seamlessly move and transact across platforms.

    Financial Summary
    (In thousands, except per share amounts)

     For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		    
     2022  2021  % Change  2022  2021  % Change 
     (unaudited)     (unaudited)       
    Consolidated                 
    Revenue$98,196  $67,098   46% $381,053  $218,336   75%
    Gross profit 36,030   20,937   72%  147,566   57,141   158%
    Net loss attributable to common stockholders (24,423)  (23,905)  (2)%  (76,025)  (61,379)  (24)%
    EPS, basic and diluted (0.51)  (0.53)  4%  (1.61)  (2.33)  31%
    Adjusted EBITDA(1) (14,249)  (11,854)  (20)%  (41,765)  (39,757)  (5)%
    Non-GAAP net loss(1) (13,729)  (11,414)  (20)%  (40,097)  (40,432)  1%
    Non-GAAP EPS, basic and diluted(1) (0.29)  (0.25)  (16)%  (0.85)  (1.54)  45%
                      
    Marketplace                 
    Revenue$79,062        $303,134       
    Cost of revenue 57,630         216,336       
    Gross Profit$21,432        $86,798       
                      
    Supplier services                 
    Revenue$19,134        $77,919       
    Cost of revenue 4,536         17,151       
    Gross Profit$14,598        $60,768       


    (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(2):

     As of December 31, 
     2022  2021  %
    Change    		 
             
    Active Buyers(3) 40,664   28,130   45%
    Percentage of Revenue from Existing Accounts(3) 96%  95%  1%
    Accounts with Last Twelve-Months Spend of at Least $50,000(3) 1,027   701   47%


    (2)These key operating metrics are for Marketplace. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
    (3)Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of December 31, 2022 and 2021, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2022 and 2021.


    Subsequent to Fourth Quarter 2022

    On January 2, 2023, the Company acquired 100% of the equity of Tridi Teknoloj A.S. ("Tridi") located in Istanbul, Turkey. The acquisition of Tridi extended our marketplace capabilities in Europe by opening a vast array of affordable suppliers. Tridi operates an online marketplace for manufacturing with the ability to serve all of Europe within a 24-hour turn around period. The aggregate non-contingent portion of the purchase price was approximately $3.8 million. In addition, the purchase price includes a contingent consideration arrangement to the former owners of Tridi up to a maximum amount of $1.25 million (undiscounted) in Class A common shares in two installments on the first and second anniversary of the acquisition and is based on the achievement of certain revenue targets.

    In December 2022, we initiated a restructuring action to help manage our operating expenses by reducing our workforce by approximately 6%. The workforce reduction focused on realigning our staffing levels to help us meet the current and future objectives of our business. For the year ended December 31, 2022, we incurred $1.5 million for employee termination costs related to this restructuring. The majority of these costs will be paid by the Company in the first quarter of 2023. We expect the reduction in workforce will reduce operating expenses by approximately $8.0 million on a full year basis.

    Financial Guidance and Outlook:

     Q1 2023  FY 2023 
     (in millions) 
     Low  High  Low  High 
    Revenue$100.0  $102.0  $470.0  $480.0 
    Adjusted EBITDA$(11.0) $(9.0) $(22.0) $(20.0)

    Xometry’s first quarter and full year 2023 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.

    Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Xometry’s stock price. Xometry expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.

    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, non-GAAP net loss and non-GAAP Earnings Per Share, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures 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 these measures 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 these non-GAAP financial measures provide 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. Additionally, non-GAAP financial measures 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

    Marketplace revenue: includes the sale of parts and assemblies.

    Supplier service revenue: includes the sales of advertising on Thomasnet, marketing services, supplies, financial service products and other fintech products.

    Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. 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.

    Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or supplies. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product or buy tools or supplies.

    Percentage of Revenue from Existing Accounts: The Company defines an “account” 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.

    Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, income tax 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 of common stock, income from unconsolidated joint venture, impairment charges, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.

    Non-GAAP net loss: The Company defines non-GAAP net loss as net loss adjusted for depreciation and amortization, stock-based compensation expense, amortization of lease intangible, amortization of deferred costs on convertible notes, unrealized loss on marketable securities, loss on sale of property and equipment, charitable contributions of common stock, impairment charges, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.

    Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, (basic and diluted) as non-GAAP net loss divided by weighted average number of common stock outstanding.

    Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net loss and non-GAAP EPS, basic and diluted 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.

    About Xometry

    Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity and create locally resilient supply chains. Learn more at www.xometry.com or follow @xometry.

    Conference Call and Webcast Information

    The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on March 1, 2023. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at investors.xometry.com.

    Xometry, Inc. Fourth Quarter 2022 Earnings Presentation and Conference Call

    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 first quarter and full year 2023, our expectation regarding our operating leverage and 2023 operating expenses, our potential for growth, and demand for our marketplaces 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, the impact of the health crises such as COVID-19 on our business and operations, our ability to forecast our performance due to our limited operating history, 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, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as the current inflationary environment and rising interest rates. 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 Annual Report on Form 10-K for the period ended December 31, 2022. 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.

    Investor Contact: Media Contact:

    Shawn Milne
    VP Investor Relations
    240-335-8132
    shawn.milne@xometry.com    		Matthew Hutchison
    Corporate Communications for Xometry
    415-583-2119
    matthew.hutchison@xometry.com



    Xometry, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (In thousands, except share and per share data)

     December 31,  December 31, 
     2022  2021 
     (unaudited)    
    Assets     
    Current assets:     
    Cash and cash equivalents$319,432  $86,262 
    Marketable securities —   30,465 
    Accounts receivable, less allowance for credit losses of $2.0 million and $0.8 million as of December 31, 2022 and 2021, respectively. 49,188   32,427 
    Inventory 1,571   2,033 
    Prepaid expenses 7,591   6,664 
    Other current assets 12,273   5,580 
    Total current assets 390,055   163,431 
    Property and equipment, net 19,079   10,287 
    Operating lease right-of-use assets 25,923   27,489 
    Investment in unconsolidated joint venture 4,068   4,198 
    Intangible assets, net 39,351   41,736 
    Goodwill 258,036   254,672 
    Other assets 413   773 
    Total assets$736,925  $502,586 
    Liabilities and stockholders’ equity     
    Current liabilities:     
    Accounts payable$12,437  $12,718 
    Accrued expenses 33,430   30,905 
    Contract liabilities 8,509   7,863 
    Income taxes payable 3,956   — 
    Operating lease liabilities, current portion 5,471   5,549 
    Finance lease liabilities, current portion —   2 
    Total current liabilities 63,803   57,037 
    Convertible notes 279,909   — 
    Operating lease liabilities, net of current portion 16,940   16,920 
    Long term income taxes payable —   1,450 
    Deferred income taxes 429   18 
    Other liabilities 1,011   1,678 
    Total liabilities 362,092   77,103 
    Commitments and contingencies     
    Stockholders’ equity     
    Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero
    shares issued and outstanding as of December 31, 2022 and 2021, respectively    		 —   — 
    Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares;
    44,822,264 shares and 43,998,404 shares issued and outstanding as of
    December 31, 2022 and 2021, respectively    		 —   — 
    Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares;
    2,676,154 shares issued and outstanding as of December 31, 2022 and 2021,
    respectively    		 —   — 
    Additional paid-in capital 623,081   597,641 
    Accumulated other comprehensive income (loss) 28   149 
    Accumulated deficit (249,366)  (173,341)
    Total stockholders’ equity 373,743   424,449 
    Noncontrolling interest 1,090   1,034 
    Total equity 374,833   425,483 
    Total liabilities and stockholders’ equity$736,925  $502,586 



    Xometry, Inc. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Loss
    (In thousands, except share and per share amounts)

     Three Months Ended
    December 31,    		  Year Ended
    December 31,    		 
     2022  2021  2022  2021 
     (unaudited)  (unaudited)    
    Revenue$98,196  $67,098  $381,053  $218,336 
    Cost of revenue 62,166   46,161   233,487   161,195 
    Gross profit 36,030   20,937   147,566   57,141 
    Sales and marketing 24,376   13,173   83,222   39,422 
    Operations and support 12,414   8,089   48,572   23,683 
    Product development 8,315   5,648   31,013   17,780 
    General and administrative 14,849   16,601   57,992   34,942 
    Impairment of assets 380   -   824   - 
    Total operating expenses 60,334   43,511   221,623   115,827 
    Loss from operations (24,304)  (22,574)  (74,057)  (58,686)
    Other (expenses) income           
    Interest expense (1,246)  (53)  (4,418)  (852)
    Interest and dividend income 2,201   525   4,115   982 
    Other expenses (450)  (1,846)  (2,183)  (2,866)
    (Loss) income from unconsolidated joint venture (30)  41   570   41 
    Total other income (expenses) 475   (1,333)  (1,916)  (2,695)
    Loss before income taxes (23,829)  (23,907)  (75,973)  (61,381)
    Provision (benefit) for income taxes (595)  -   (36)  - 
    Net loss (24,424)  (23,907)  (76,009)  (61,381)
    Net (loss) income attributable to noncontrolling interest (1)  (2)  16   (2)
    Net loss attributable to common stockholders$(24,423) $(23,905) $(76,025) $(61,379)
    Net loss per share, basic and diluted$(0.51) $(0.53) $(1.61) $(2.33)
    Weighted-average number of shares outstanding used to compute
       net loss per share, basic and diluted    		 47,457,139   44,995,598   47,158,247   26,318,349 
                
    Comprehensive loss:           
    Foreign currency translation$492  $(38) $(81) $(61)
    Total other comprehensive income (loss) 492   (38)  (81)  (61)
    Net loss (24,424)  (23,907)  (76,009)  (61,381)
    Comprehensive loss (23,932)  (23,945)  (76,090)  (61,442)
    Comprehensive (loss) income attributable to noncontrolling interest (29)  -   56   - 
    Total comprehensive loss attributable to common stockholders$(23,903) $(23,945) $(76,146) $(61,442)



    Xometry, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows
    (In thousands)

     Year Ended December 31, 
     2022  2021  2020 
    Cash flows from operating activities:(unaudited)       
    Net loss$(76,009) $(61,381) $(31,085)
    Adjustments to reconcile net loss to net cash used in operating activities:        
    Depreciation and amortization 7,819   3,596   3,120 
    Impairment of assets 824   —   1,592 
    Reduction in carrying amount of right-of-use asset 7,236   1,056   1,045 
    Stock based compensation 19,172   7,395   1,006 
    Non-cash interest expense —   111   320 
    Loss on debt extinguishment —   272   — 
    Revaluation of contingent consideration 817   —   — 
    Loss (income) from unconsolidated joint venture 130   (41)  — 
    Donation of common stock 2,272   2,226   — 
    Unrealized loss on marketable securities 1,855   2,002   — 
    Loss on sale of property and equipment 47   20   — 
    Inventory write-off 133   —   (15)
    Amortization of deferred costs on convertible notes 1,718   —   — 
    Deferred taxes benefit (653)  (179)  — 
    Restructuring charge 1,549   —   — 
    Changes in other assets and liabilities:        
        Accounts receivable, net (16,923)  (11,117)  (2,130)
        Inventory 351   293   (956)
        Prepaid expenses (1,616)  (4,025)  (210)
        Other assets (7,016)  464   (469)
        Accounts payable (215)  5,215   (2,350)
        Accrued expenses 403   (12,008)  8,569 
        Contract liabilities 515   (1,625)  518 
        Lease liabilities (5,727)  (845)  (1,004)
        Income taxes payable 743   —   — 
    Net cash used in operating activities (62,575)  (68,571)  (22,049)
    Cash flows from investing activities:        
    Purchase of marketable securities (326)  (267,467)  — 
    Proceeds from sale of marketable securities 28,927   235,000   — 
    Purchase of short-term investments —   —   (17,711)
    Proceeds from short-term investments —   —   28,571 
    Purchases of property and equipment (13,650)  (6,262)  (4,190)
    Proceeds from life insurance —   627   — 
    Proceeds from sale of property and equipment 189   —   — 
    Cash paid for business combinations, net of cash acquired —   (174,646)  — 
    Net cash provided by (used in) investing activities 15,140   (212,748)  6,670 
    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 —   (3,678)  — 
    Proceeds from stock options exercised 3,715   2,291   518 
    Proceeds from term loan —   —   4,000 
    Repayment of term loan —   (16,136)  — 
    Proceeds from the exercise of warrants —   40   — 
    Proceeds from issuance of convertible notes 287,500   —   — 
    Costs incurred in connection with issuance of convertible notes (9,309)  —   — 
    Payment of contingent consideration (932)  —   — 
    Proceeds from other borrowings —   —   4,783 
    Repayment of other borrowings —   —   (4,783)
    Payments on finance lease obligations (2)  (12)  (13)
    Net cash provided by financing activities 280,972   307,768   35,261 
    Effect of foreign currency translation on cash and cash equivalents (367)  (61)  (130)
    Net (decrease) increase in cash and cash equivalents 233,170   26,388   19,752 
    Cash and cash equivalents at beginning of the year 86,262   59,874   40,122 
    Cash and cash equivalents at end of the year$319,432  $86,262  $59,874 
    Supplemental cash flow information:        
    Cash paid for interest$1,414  $907  $1,269 
    Non-cash investing and financing activities:        
    Non-cash purchase of property and equipment 279   —   — 
    Non-cash consideration in connection with business combinations (518)  2,339   — 
    Shares issued in business combinations —   102,888   — 



    Xometry, Inc. and Subsidiaries
    Unaudited Reconciliations of Non-GAAP Financial Measures
    (In thousands)

     For the Three Months
    Ended December 31,    		  For the Year
    Ended December 31,    		 
     2022  2021  2022  2021 
    Adjusted EBITDA:           
    Net loss$(24,424) $(23,907) $(76,009) $(61,381)
    Add (deduct):           
    Interest expense, interest and dividend income and other expenses (505)  1,374   2,486   2,736 
    Depreciation and amortization expense(1) 2,103   1,292   7,819   3,596 
    Income tax provision 595   —   36   — 
    Amortization of lease intangible 333   —   1,332   — 
    Stock-based compensation(2) 5,124   2,648   19,172   7,395 
    Charitable contribution of common stock —   1,084   2,272   2,242 
    (Loss) income from unconsolidated joint venture 30   (41)  (570)  (41)
    Acquisition and other(3) 566   5,696   (676)  5,696 
    Impairment of assets 380   —   824   — 
    Restructuring charge 1,549   —   1,549   — 
    Adjusted EBITDA$(14,249) $(11,854) $(41,765) $(39,757)


     For the Three Months
    Ended December 31,    		  For the Year
    Ended December 31,    		 
     2022  2021  2022  2021 
    Non-GAAP Net Loss:           
    Net loss$(24,424) $(23,907) $(76,009) $(61,381)
    Add (deduct):           
    Depreciation and amortization expense(1) 2,103   1,292   7,819   3,596 
    Stock-based compensation(2) 5,124   2,648   19,172   7,395 
    Amortization of lease intangible 333   —   1,332   — 
    Amortization of deferred costs on convertible notes 468   —   1,718   — 
    Unrealized loss on marketable securities 196   1,763   1,855   2,002 
    Acquisition and other(3) 566   5,696   (676)  5,696 
    (Gain) loss on sale of property and equipment (24)  10   47   18 
    Charitable contribution of common stock —   1,084   2,272   2,242 
    Impairment of assets 380   —   824   — 
    Restructuring charge 1,549   —   1,549   — 
    Non-GAAP Net Loss$(13,729) $(11,414) $(40,097) $(40,432)
                
    Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted 47,457,139   44,995,598   47,158,247   26,318,349 
                
    Non-GAAP EPS, basic and diluted$(0.29) $(0.25) $(0.85) $(1.54)


    (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 non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.
    (3)Includes adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.



    Xometry, Inc. and Subsidiaries
    Segment Results
    (In thousands)

     For the Three Months Ended December 31,  For the Year Ended December 31, 
     2022  2021  2022  2021 
    Segment Revenue:(unaudited)  (unaudited)    
    U.S.$88,130  $61,769  $347,842  $202,034 
    International 10,066   5,329   33,211   16,302 
    Total revenue$98,196  $67,098  $381,053  $218,336 
                
    Segment Net Loss:           
    U.S.$(20,509) $(21,080) $(58,758) $(51,230)
    International (3,914)  (2,825)  (17,267)  (10,149)
    Total net loss attributable to common stockholders$(24,423) $(23,905) $(76,025) $(61,379)



    Xometry, Inc. and Subsidiaries
    Supplemental Information
    (In thousands)

     For the Three Months
    Ended December 31,    		  For the Year
    Ended December 31,    		 
     2022  2021  2022  2021 
    Summary of Stock-based Compensation Expense(unaudited)  (unaudited)    
    Sales and marketing$804  $533  $3,875  $1,223 
    Operations and support 2,007   1,295   6,886   2,659 
    Product development 1,181   765   4,300   1,744 
    General and administrative 1,132   55   4,111   1,769 
    Total stock-based compensation expense$5,124  $2,648  $19,172  $7,395 
                
    Summary of Depreciation and Amortization Expense           
    Cost of revenue$(17) $34  $82  $104 
    Sales and marketing 776   211   3,102   300 
    Operations and support 15   36   57   155 
    Product development 1,046   909   3,483   2,821 
    General and administrative 283   102   1,095   216 
    Total depreciation and amortization expense$2,103  $1,292  $7,819  $3,596 
                
    Restructuring charge           
    Sales and marketing$506  $-  $506  $- 
    Operations and support 432   -   432   - 
    Product development 458   -   458   - 
    General and administrative 153   -   153   - 
    Total restructuring charge$1,549  $-  $1,549  $- 

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