The following is a summary of the Xometry, Inc. (XMTR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Xometry reported a Q3 2024 revenue of $142 million, up 19% year-over-year.
Marketplace revenue reached $127 million, marking a 24% increase year-over-year and a robust 8% quarter-over-quarter growth.
Gross profit stood at a record $55.8 million, with marketplace gross margin expanding by 250 basis points year-over-year to a record 33.6%.Adjusted EBITDA loss improved by 85% to a record low of approximately $0.6 million.
Business Progress:
Xometry is expanding its supplier network, focusing on adding new suppliers with key certifications to cater to larger customers' production needs.
The company made significant advancements in technological capabilities including launching laser tube cutting and bending, and enhancing tooling-based process offerings to support anticipated growth areas.
Xometry reported significant growth in its international business with notable advances in the French and Asia-Pacific markets, resulting in a 55% year-over-year revenue increase.
Opportunities:
The company continues to expand its network of active buyers and suppliers, further enhancing the diversity of its marketplace offerings. This includes new instant quoting categories that are expected to drive marketplace growth.
Xometry is focused on enhancing its AI capabilities through partnerships like Google Vertex and further investing in the automation of its platform. These investments support the expansion of real-time quoting for numerous manufacturing processes, which will attract new customers and deepen engagement with existing ones.
Risks:
Supplier services revenue declined by 10% year-over-year due to the winddown of non-core services, highlighting potential vulnerabilities in service segments outside of the main marketplace.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
