The following is a summary of the Xometry, Inc (XMTR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Xometry reported Q1 2024 revenue of $123 million, a 16% growth year-over-year, with a significant contribution from the Marketplace business.
Marketplace gross profit increased by 37% year-over-year, and adjusted EBITDA loss improved by 37% year-over-year.
Q1 total non-GAAP operating expenses increased by 9% year-over-year to $55.5 million.
Cash and cash equivalents and marketable securities at the quarter's end stood at $254 million.
Projected revenue for Q2 2024 is between $127 million and $129 million, and break-even is anticipated upon surpassing an annual revenue run rate of approximately $600 million.
Business Progress:
The supplier base was expanded with new partners in India, China, and Turkey, along with active buyer growth.
Xometry deployed Teamspace software and saw rapid adoption.
A multi-year contract was landed with a European customer in the vehicle delivery space.
International Q1 revenue increased by 69% year-over-year, accounting for 18% of total Marketplace revenue.
Xometry commenced investment in upgrading the Thomas advertising platform and expanded the Instant Quoting Engine.
A collaboration was established with Google's Verdicts AI team to hasten the deployment of new auto quoted processes.
Xometry has notable growth initiatives lined up, including a considerable investment ramp-up to enhance leverage and drive more substantial revenue and gross profit growth.
More details: Xometry IR
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