Xometry Q1 Earnings Call Highlights

Key Points

• Xometry delivered record Q1 results, with revenue up 36% to $205 million and marketplace revenue up 40% to $191 million. Active buyers rose 20%, gross profit increased 39%, and adjusted EBITDA jumped to $10.5 million from nearly breakeven a year ago.
• The company raised its 2026 outlook after third straight quarter of accelerating growth, now expecting full-year revenue growth of at least 27% to 28% and second-quarter revenue of $214 million to $216 million. Management also said it expects incremental adjusted EBITDA margins of at least 20% for the year.
• A newly announced Siemens partnership could significantly expand Xometry’s reach by embedding its AI manufacturing tools into Siemens’ Xcelerator platform, alongside a $50 million Siemens investment. Xometry said the deal is not included in guidance and could drive high-margin revenue through Siemens’ large user base.

Xometry NASDAQ: XMTR reported accelerating first-quarter 2026 growth and raised its full-year outlook, citing stronger marketplace activity, expanding buyer adoption and operating leverage across its AI-driven custom manufacturing platform.

Chief Executive Officer Randy Altschuler said the quarter marked “record” results for revenue, gross profit and adjusted EBITDA, reflecting investments in product, technology and go-to-market strategy. Revenue rose 36% year over year to $205 million, while marketplace revenue increased 40% to $191 million. Services revenue was $13.8 million.

“Our accelerating growth and record Q1 results demonstrate the success of our AI-native marketplace in the massive, complex, and highly fragmented custom manufacturing market,” Altschuler said on the call.

Marketplace Growth Accelerates

Chief Financial Officer James Miln said Xometry’s revenue growth accelerated for the third consecutive quarter, with first-quarter growth improving by 600 basis points from the fourth quarter. Marketplace revenue growth accelerated by 700 basis points from the prior quarter.

Active buyers increased 20% year over year to 85,581, with 3,760 net additions during the quarter, which Miln said was the highest level of net additions in nine quarters. Marketplace revenue per active buyer rose 17% year over year, which the company attributed primarily to increasing wallet share.

Xometry also reported growth among larger accounts. The number of accounts with at least $50,000 in spending over the trailing 12 months rose 21% year over year to 1,864, with 104 net additions. Miln described those accounts as the “top of the enterprise funnel” and said the company’s enterprise strategy focuses on large customers that Xometry believes can each generate more than $10 million in potential annual account revenue.

Gross profit increased 39% year over year to $78.5 million. Marketplace gross margin was 34.7%, up 290 basis points from a year earlier, while marketplace gross profit dollars increased 53%.

Profitability and Cash Flow Improve

Xometry reported adjusted EBITDA of $10.5 million, up from $0.1 million in the first quarter of 2025. Adjusted EBITDA margin was 5.1%, compared with 4.4% in the fourth quarter of 2025.

Miln said the company’s non-GAAP operating expenses increased 21% year over year to $68.2 million, below the pace of revenue growth. Sales and marketing declined as a percentage of revenue to 14.2%, down 110 basis points, while marketplace advertising spend was 3.9% of marketplace revenue, down 60 basis points year over year.

Xometry’s U.S. segment adjusted EBITDA was $13.3 million, with a margin of 7.7%, compared with 2.4% a year earlier. Its international segment posted an adjusted EBITDA loss of $2.8 million, or 8% of revenue, improving from a 12% loss margin in the prior-year period.

The company ended the quarter with $224 million in cash, cash equivalents and marketable securities. Operating cash flow was $14.6 million, and free cash flow was $4.8 million. Cash capital expenditures totaled $10.6 million, which Miln said were “almost entirely software-related.”

Siemens Partnership Expands Reach

A major focus of the call was Xometry’s newly announced strategic partnership with Siemens, which includes Siemens embedding Xometry’s AI capabilities into its Xcelerator platform and investing $50 million in Xometry Class A common stock. Miln said the investment occurred after the quarter closed and would appear as a subsequent event.

Altschuler said the partnership will integrate Xometry’s marketplace capabilities directly into Siemens’ design-to-manufacturing software ecosystem, including Siemens Designcenter. Engineers will be able to receive real-time feedback on design feasibility, manufacturing options, pricing and lead times within their existing workflows, and then place and track orders through delivery.

“We think this is a big deal,” Altschuler said in response to an analyst question. He noted that Siemens has “millions of users” and said its user base “dwarfs” Xometry’s active buyer base.

President and incoming CEO Sanjeev Singh Sahni said the integration will allow Siemens users to price parts without leaving the Siemens platform. “Without having to break their flow, they would be able to get pricing on parts from Xometry,” he said.

Altschuler said revenue generated through the Siemens relationship should carry gross margins similar to Xometry’s current marketplace business, while requiring less associated operating expense. He said the partnership is not included in the company’s current guidance.

AI and Product Initiatives Remain Central

Sahni said the first-quarter results validated the company’s product-led strategy and its focus on proprietary AI models. He highlighted a new enterprise machine lead-time model that uses a training data set four times larger than its predecessor and incorporates factors such as specialized certifications, new materials and advanced finishing options.

Xometry also introduced a “Name Your Part” feature that allows customers to match internal naming conventions to parts on Xometry’s platform, which Sahni said is simplifying reordering. The company also enhanced pricing models to allow greater personalization of customer pricing.

In injection molding, Xometry added six new materials and three additional finishes in the U.S., increasing instant quoting of injection molding parts by more than 15%, according to Sahni.

The company said its global supplier network includes approximately 5,000 suppliers across 50 countries on four continents. Sahni said demand for certified manufacturing increased in 2025, with jobs requiring certifications rising 35% on the platform.

Guidance Raised for 2026

For the second quarter, Xometry guided for revenue of $214 million to $216 million, representing 32% to 33% year-over-year growth. The company expects marketplace growth of approximately 35% to 36% and adjusted EBITDA of $11 million to $12 million, compared with $3.9 million in the second quarter of 2025.

For the full year, Xometry raised its revenue growth outlook to at least 27% to 28%, up from its prior view of 21%, driven by approximately 30% marketplace growth. The company expects marketplace gross margins to be higher than in 2025 and services revenue to be approximately flat year over year, with modest growth in the second half.

Miln said Xometry expects incremental adjusted EBITDA margins of at least 20% for 2026. He added that the company is “rapidly” approaching a $1 billion run rate and sees a clear path to improving adjusted EBITDA margins while continuing to invest in growth.

During the question-and-answer session, Altschuler said growth in the first quarter was broad-based across industries and that Xometry continues to gain market share. He said disruptions in global supply chains have reinforced the need for resilient and flexible sourcing.

Sahni, who is expected to take over as CEO in July, said the quarter confirmed the company’s strategic direction. “This quarter confirms our strategic path and the power of our AI-driven flywheel,” he said.

About Xometry NASDAQ: XMTR

Xometry, Inc NASDAQ: XMTR operates a technology-driven marketplace that connects businesses with on-demand manufacturing capacity across a wide array of processes. Through its proprietary Instant Quoting Engine and Xometry Platform, the company streamlines sourcing for CNC machining, 3D printing, sheet metal fabrication, injection molding, urethane casting and other custom manufacturing services. By aggregating a network of thousands of vetted suppliers, Xometry offers rapid lead times, transparent pricing and real-time order tracking to customers in sectors ranging from automotive and aerospace to medical devices and industrial equipment.

Since its founding in 2013 and headquarters in Rockville, Maryland, Xometry has expanded its geographic reach to serve customers in North America, Europe and beyond.

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