Xometry, Inc. (NASDAQ: XMTR) has reported its financial results for the second quarter ended June 30, 2024. The company's revenue for the second quarter of 2024 reached a record $133 million, representing a 19% increase compared to the same period last year. The growth was primarily driven by a 25% year-over-year increase in marketplace revenue to $117 million.
The gross profit for the second quarter of 2024 also saw a significant increase, reaching a record $52.9 million, up 21% year-over-year. This resulted in a record gross margin of 39.9%. The marketplace gross profit increased by 33% year-over-year, while the marketplace gross margin rose by 180 basis points to a record 33.5%. The supplier services gross margin also experienced a substantial increase of 910 basis points to 88.9%.
Xometry's adjusted EBITDA showed marked improvement, with a 70% year-over-year improvement to a loss of $2.6 million, representing 2.0% of revenue.
In terms of key operating metrics, the company reported an increase in active buyers and accounts with last twelve-month spend of at least $50,000. Marketplace active buyers increased by 27% year-over-year, reaching 61,530 as of June 30, 2024, while accounts with last twelve-month spend of at least $50,000 increased by 24% to 1,436.
The net loss attributable to common stockholders decreased by $12.9 million year-over-year, reaching $13.7 million for the quarter. The adjusted EBITDA also reflected a year-over-year improvement of $6.0 million to a negative $2.6 million for the quarter.
Looking ahead, Xometry provided its financial guidance and outlook for the third quarter of 2024. The company expects revenue growth of 14%-16% year-over-year to $136-$138 million, with an adjusted EBITDA loss of $1.5-$3.5 million.
Additionally, Xometry highlighted its 2024 growth initiatives, which include expanding buyer and supplier networks, driving deeper enterprise engagement, further expanding the marketplace menu, growing internationally, and enhancing supplier services.
The company's CEO, Randy Altschuler, emphasized the robust growth and continued margin improvement driven by the combination of data-driven AI and supplier network expansion.
Xometry's CFO, James Miln, also expressed satisfaction with the better-than-expected results driven by improving marketplace gross margin and significant operating leverage.
As a result of these announcements, the company's shares have moved -4.7% on the market, and are now trading at a price of $11.39. For more information, read the company's full 8-K submission here.
