Xometry’s record first quarter showed faster marketplace growth, improving profitability, and raised full-year revenue expectations.
Key Investor Takeaways
- Xometry (NASDAQ:XMTR) reported record first-quarter revenue of $205 million, up 36% year-over-year.
- Marketplace revenue growth accelerated 40%, supported by higher active buyers and larger customer accounts.
- Adjusted EBITDA improved to $10.5 million from $78,000 a year earlier.
- The company raised its full-year 2026 revenue growth outlook to 27% to 28%.
- AI-driven quoting, pricing, and lead-time tools remain central to Xometry’s operating model.
Why XMTR Stock Is in Focus
Xometry (NASDAQ:XMTR) reported first-quarter revenue of $205 million, a 36% increase from the prior year, marking a record quarter for the AI-native custom manufacturing marketplace.
Marketplace revenue reached $191 million, up 40% year-over-year, while marketplace gross profit rose 53% to $66.4 million. Marketplace gross margin expanded to 34.7% from 31.8%.
“In the first quarter, we delivered 36% revenue growth year-over-year, underscoring the strength of our marketplace innovation and expanding global network,” said Randy Altschuler, CEO at Xometry. “This quarter marks a significant acceleration of marketplace growth, driven by increasing wallet share and rapid adoption of our supply chain solutions.”
Active marketplace buyers increased 20% to 85,581, while accounts with last-12-month spend of at least $50,000 rose 21% to 1,864.
Xometry still posted a net loss attributable to common stockholders of $5.3 million, but adjusted EBITDA improved by $10.4 million year-over-year to $10.5 million.
“We delivered robust marketplace gross profit growth in Q1, which increased 53% year-over-year,” said James Miln, CFO at Xometry. “Our Adjusted EBITDA improved by $10.4 million year-over-year to $10.5 million, reflecting the strong leverage in our marketplace model. We expect to continue to deliver 20% annual incremental Adjusted EBITDA margins as we rapidly scale to $1 billion in revenue.”
Why This Matters for Investors
The quarter may strengthen the case that Xometry’s marketplace model is scaling with better operating leverage.
Revenue growth, marketplace gross profit expansion, and positive adjusted EBITDA suggest the company is converting higher transaction volume into improved profitability metrics. That could matter for investors watching whether XMTR can move closer to sustainable earnings while continuing to grow.
The customer metrics also point to broader adoption. More active buyers and more high-spend accounts may indicate that customers are using the platform more deeply, not just testing it.
Xometry’s AI tools are another key part of the narrative. The company introduced a new enterprise machining lead-time model, improved dynamic pricing logic, expanded injection molding options, and simplified customer reordering.
These updates could support marketplace efficiency, buyer retention, and supplier matching, although the company still reports a GAAP net loss.
What to Watch Next
Investors will likely focus on whether Xometry can sustain marketplace growth above 30% while improving adjusted EBITDA.
For the second quarter, the company expects revenue of $214 million to $216 million, representing 32% to 33% year-over-year growth, driven by 35% to 36% marketplace growth.
Xometry also raised its full-year revenue growth outlook to 27% to 28%, driven by approximately 30% marketplace growth.
Key areas to monitor include adoption of AI-powered quoting tools, growth in large-spend accounts, marketplace gross margin trends, and whether adjusted EBITDA leverage continues as the company scales.