Xometry, the US marketplace connecting corporate buyers with manufacturing service providers, reported second-quarter 2022 financial results. The company announced record revenues of $ 95.6 million, an increase of + 89% year-on-year. This was largely due to the overall market growth and expansion of the service portfolio following the acquisition of Thomas, a leader in product sourcing, vendor selection and digital marketing solutions.
Marketplace revenue reached $ 75.6 million, + 55% year-on-year and + 17% quarter to quarter. Revenue growth was driven by strong growth in active buyers and an increase in users in both North America and Europe. Likewise, Xometry saw strong growth year on year across the platform’s many different manufacturing processes – active buyers grew by + 40% in the second quarter. In addition, the company saw growth in a number of industries including automotive, electronics, semiconductor, robotics, and automation.
Total gross profit in the second quarter of 2022 was $ 37.7 million, an increase of + 217% compared to the same period last year, driven by a significant improvement in gross margin in the market and the addition of higher margin vendor services. With its acquisition of Thomas last December, Xometry expanded its vendor service baskets, including marketing and advertising solutions.
In terms of profitability, Xometry recorded a net loss of-$ 16.6 million. The company’s management hopes to achieve profitability based on adjusted EBITDA by 2023. The company estimates its total addressable market (TAM) at over $ 2 trillion in the huge global manufacturing industry of $ 35 trillion. For the full fiscal year, Xometry raised the low end of its revenue forecast and now expects revenues of up to $ 400 million, an increase of + 83% year-on-year. At the same time, he believes that gross profit will quadruple with a significant increase in gross margin.
Source: www.xometry.com