Nasdaq:XMTR
Xometry, Inc.
Xometry connects businesses with on-demand manufacturing capacity globally through its digital network of machines and factories.
Key Metrics
Investment Thesis
Bull Case
Xometry demonstrates robust top-line scalability with revenue growing 44% in the most recent period while maintaining low fixed asset requirements through its network model. The expansion into high-margin verticals like medical and aerospace provides long-term visibility, and the company's ability to monetize R&D investments of $46.8M positions it for future product innovation.
Bear Case
The stock faces severe headwinds from a widening operating loss trend over the last two years and an inability to convert recent revenue growth into net profitability. Heavy reliance on marketing spend to acquire customers combined with a massive retained earnings deficit of -$432.0M suggests significant capital pressure and potential dilution risks for shareholders.
About Xometry, Inc.
Xometry Inc. is a leading provider of digital manufacturing services operating on a global network of connected machines and factories. The company serves diverse markets including aerospace, automotive, medical devices, and consumer electronics by offering on-demand production capabilities through its proprietary cloud platform. Key products include 3D printing, CNC machining, injection molding, and sheet metal fabrication delivered via a flexible marketplace model.
Analysis
Management Discussion
Despite a recent decline in net income to -$61.7M in 2025 compared to a loss of -$50.4M in 2024, revenue growth accelerated significantly from $545.5M to $686.6M year-over-year. Operating expenses surged by over $100M to $314.3M driven largely by elevated marketing spend of $122.7M and general administrative costs of $72.3M, which impacted the bottom line despite a healthy gross profit of $268.8M.
Industry Overview
The global digital manufacturing industry is experiencing rapid adoption as manufacturers seek flexible, on-demand production solutions to reduce inventory costs and speed up time-to-market. This shift allows companies to bridge the gap between prototyping and mass production while offering consumers personalized products without traditional supply chain bottlenecks.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $381.1M | $463.4M | $545.5M | $686.6M |
| Cost of Revenue | $233.5M | $285.1M | $329.9M | $417.9M |
| Gross Profit | $147.6M | $178.3M | $215.6M | $268.8M |
| Operating Expenses | $221.6M | $251.8M | $271.8M | $314.3M |
| Operating Income | $-74.1M | $-73.6M | $-56.1M | $-45.5M |
| R&D | $31.0M | $34.5M | $39.3M | $46.8M |
| G&A | $58.0M | $70.9M | $65.0M | $72.3M |
| Marketing | $83.2M | $93.7M | $108.4M | $122.7M |
| Stock-Based Comp | $19.2M | $22.1M | $29.3M | $36.4M |
| D&A | $7.8M | $10.7M | $13.0M | $18.8M |
| Depreciation | $4.0M | $7.0M | $9.4M | $15.2M |
| Amortization | $3.4M | $3.3M | $3.3M | $3.2M |
| Other OpEx | $49.4M | $52.8M | $59.1M | $72.5M |
| Non-Operating Income | $-1.9M | $5.8M | $5.7M | $-15.6M |
| Interest Expense | $4.4M | $4.8M | — | — |
| Pre-Tax Income | $-76.0M | $-67.8M | $-50.4M | $-61.2M |
| Income Tax | $36.0K | $-353.0K | $-21.0K | $589.0K |
| Continuing Ops | $-76.0M | $-67.5M | $-50.4M | $-61.7M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-76.0M | $-67.5M | $-50.4M | $-61.7M |
| Minority Interest | $16.0K | $7.0K | $-2.0K | $-5.0K |
| Net to Common | $-76.0M | $-67.5M | $-50.4M | $-61.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $390.1M | $356.2M | $327.5M | $334.6M |
| Cash & Equivalents | $65.7M | $53.4M | $22.2M | $15.0M |
| Marketable Securities | $253.8M | $215.4M | $217.6M | $204.1M |
| Accounts Receivable | $49.2M | $70.1M | $74.0M | $97.4M |
| Inventory | $1.6M | $2.9M | $3.9M | $3.9M |
| Other Current Assets | $19.9M | $14.5M | $9.8M | $14.2M |
| Long-Term Assets | $346.9M | $351.2M | $352.6M | $369.1M |
| PP&E (Net) | $19.1M | $35.6M | $44.8M | $60.6M |
| Intangibles | $39.4M | $35.8M | $32.1M | $28.6M |
| Goodwill | $258.0M | $262.9M | $262.7M | $263.8M |
| Operating Leases | $25.9M | $12.3M | $8.5M | $11.1M |
| Other LT Assets | $4.5M | $4.6M | $4.5M | $4.9M |
| Total Assets | $736.9M | $707.4M | $680.1M | $703.7M |
| Current Liabilities | $63.8M | $83.2M | $74.8M | $88.9M |
| Accounts Payable | $12.4M | $24.7M | — | — |
| Current Leases | $5.5M | $6.8M | $6.4M | $2.1M |
| Deferred Revenue | $8.5M | $7.4M | $7.9M | $10.3M |
| Taxes Payable | $4.0M | $2.5M | $979.0K | $269.0K |
| Other Current Liab | $0 | $0 | $59.4M | $76.3M |
| Long-Term Liabilities | $298.3M | $293.8M | $289.7M | $338.0M |
| LT Operating Leases | $16.9M | $11.0M | $5.1M | $9.8M |
| Other LT Liab | $281.3M | $282.8M | $284.7M | $328.2M |
| Total Liabilities | $362.1M | $377.0M | $364.5M | $427.0M |
| Shareholders' Equity | $374.8M | $330.4M | $315.6M | $276.7M |
| Retained Earnings | $-249.4M | $-319.9M | $-370.3M | $-432.0M |
| AOCI | $28.0K | $855.0K | $-328.0K | $4.8M |
| Treasury Stock | — | — | — | $8.1M |
| Total L&E | $736.9M | $707.4M | $680.1M | $703.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-76.0M | $-67.5M | $-50.4M | $-61.7M |
| Non-Cash Adjustments | $-13.2M | $10.1M | $37.3M | $41.2M |
| Working Capital Changes | $26.6M | $27.5M | $-2.3M | $26.7M |
| Cash from Operations | $-62.6M | $-29.9M | $-15.4M | $6.1M |
| Capital Expenditures | $13.7M | $18.5M | $18.1M | $30.2M |
| Cash from Investing | $-238.6M | $16.8M | $-20.2M | $-16.6M |
| Share Buybacks | — | — | — | $8.1M |
| Cash from Financing | $281.0M | $1.1M | $4.6M | $2.9M |
| FX Effect | $-367.0K | $-234.0K | $-268.0K | $424.0K |
| Net Change in Cash | $-20.6M | $-12.2M | $-31.2M | $-7.2M |
| Beginning Cash | $86.3M | $65.7M | $53.4M | $22.2M |
| Ending Cash | $65.7M | $53.4M | $22.2M | $15.0M |
Frequently Asked Questions
How does Xometry, Inc. make money?
Revenue is primarily derived from three main segments: Metal Fabrication which includes CNC machining and sheet metal work; 3D Printing services covering various additive manufacturing technologies; and Polymer Solutions encompassing injection molding and thermoforming processes.
What are the main risks for XMTR?
Significant volatility in raw material prices such as aluminum and steel margins, high customer concentration in specialized industries like medical devices, intense competition from traditional contract manufacturers entering the digital space, and potential regulatory hurdles in serving global markets including China and Europe.
What is XMTR's competitive advantage?
The company possesses a vast network of vetted external manufacturers that scales production capacity rapidly without heavy internal capex, a proprietary digital platform that streamlines order placement and tracking, and deep industry expertise across complex sectors like aerospace and defense.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.