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Xometry

Xometry is an founded in that operates an AI-powered connecting buyers with a global network of suppliers for on-demand of custom parts and prototypes. The platform specializes in services such as CNC machining, , injection molding, fabrication, and die casting, enabling instant quoting and lead time estimates through its proprietary Instant Quoting Engine. Headquartered in , Xometry was co-founded by CEO Randy Altschuler and Laurence Zuriff, with the mission to digitize the $2.4 trillion global manufacturing industry by creating resilient, efficient supply chains. The company leverages and to match buyers with over 10,000 vetted manufacturing partners worldwide, serving industries from and automotive to medical devices and consumer products. In 2021, Xometry acquired Thomasnet, a leading industrial sourcing platform, enhancing its reach to small and medium-sized businesses. Xometry went public on the in June 2021 under the XMTR, marking a significant milestone in its growth trajectory. The company has demonstrated robust expansion, with annual revenue rising from $218 million in 2021 to $546 million in 2024, gross profit increasing to $216 million, and active buyers growing from 28,130 to 68,267 over the same period. In 2025, the company continued its expansion, reporting record quarterly revenue and further growth in active buyers as of Q3. This growth underscores Xometry's role in transforming traditional into a more accessible, data-driven ecosystem, supporting innovations in sectors like electric vehicles, , and vaccine development.

Overview

Founding and Mission

Xometry was founded in 2013 by Randy Altschuler and Laurence Zuriff as NextLine Manufacturing Corp., with the aim of revolutionizing the custom manufacturing industry through technology. Incorporated in , the company initially targeted the inefficiencies plaguing on-demand manufacturing, where buyers often faced opaque pricing, lengthy quote times, and difficulty in sourcing reliable suppliers, while small manufacturers struggled with limited visibility and customer acquisition. Altschuler and Zuriff, drawing from their experience in software and manufacturing services, sought to create an that would streamline these processes by leveraging to automate quoting and matching. The company rebranded to Xometry, Inc. in June 2015 to better reflect its focus on geometry and precision manufacturing. At its core, Xometry's mission is to empower manufacturers with the resources needed to grow their businesses while enabling buyers to access global capacity instantly, thereby fostering resilient supply chains. This vision addresses the fragmented nature of the , where small businesses dominate but lack tools for broader reach. By building an AI-driven from the outset, Xometry aimed to provide , equitable access to services, accelerating for users ranging from startups to large enterprises. Early development presented significant challenges, particularly in creating robust AI algorithms for accurate instant quoting and optimal supplier matching. The founders recognized that traditional quoting relied on manual reviews, leading to delays and inconsistencies, so they invested heavily in models trained on vast datasets of past jobs to predict pricing based on factors like material, volume, and process complexity. Matching buyers with suitable suppliers required overcoming data fragmentation across a network of small, independent shops, which Altschuler described as a market where "the of the has never reached them." Despite these hurdles, this foundational AI work enabled Xometry to differentiate itself by delivering quotes in seconds and ensuring efficient pairings that minimized lead times and costs.

Headquarters and Scale

Xometry is headquartered at 6116 Executive Boulevard, Suite 800, in , . Internationally, Xometry has established a presence in , with its European headquarters in Ottobrunn, , and in , including an office in Shanghai, , to facilitate regional expansion and service delivery. As of 2025, Xometry operates a vast network comprising over 10,000 vetted suppliers spanning more than 50 countries and 49 U.S. states, enabling it to serve buyers across diverse industries such as , automotive, and medical devices. This extensive supplier base allows the company to connect customers with capabilities for everything from prototyping to high-volume through its AI-driven , which optimizes matching, , and logistics. With approximately 1,100 employees globally, Xometry plays a significant role in the fragmented custom segment of the broader $16 trillion global industry, digitizing access to and supporting small- and medium-sized manufacturers in generating substantial revenue.

Business Model

Marketplace Operations

Xometry's marketplace functions as an AI-driven intermediary in the on-demand manufacturing sector, facilitating connections between buyers and a global network of vetted suppliers. At its core, buyers upload CAD files or drawings to the platform, where the proprietary Instant Quoting Engine analyzes the design geometry, material selections, processes, quantities, and finishes to generate real-time pricing and lead times, often within seconds. The AI algorithm then matches these specifications to appropriate suppliers by evaluating factors such as capabilities, geographic proximity, capacity availability, and pricing competitiveness, ensuring optimal pairings for custom parts production. From the buyer's perspective, the platform primarily serves engineers, product designers, and procurement professionals by providing streamlined access to a wide array of manufacturing options, including processes like CNC machining, 3D printing, and injection molding, without the need to negotiate directly with individual shops or manage fragmented supply chains. This enables rapid iteration from prototyping to low-volume production, with additional support for design for manufacturability (DFM) feedback to refine parts for feasibility and cost-efficiency. On the supplier side, Xometry equips small- and medium-sized manufacturers with specialized tools to enhance their global competitiveness, including a job board for bidding on matched opportunities and the Workcenter platform for comprehensive job management, from quoting and orchestration to monitoring via a . is integrated through vetted processes, adherence to standards like ISO 9001:2015, and features such as inspection reporting and first-article approvals, allowing these suppliers to secure high-value work from a diverse buyer base while maintaining operational efficiency. Essential platform features support seamless operations, including end-to-end order tracking for real-time visibility into status updates and delivery timelines, secure payment processing with flexible terms like net-40 invoicing or early payouts, and mechanisms that leverage a redundant network of thousands of manufacturers to mitigate disruptions and ensure reliability.

Revenue Generation

Xometry generates the majority of its revenue through its operations, where it earns percentage-based commissions on transactions between buyers and suppliers. The company applies a markup to supplier quotes, resulting in a that reached 35.7% in the third quarter of , reflecting improvements driven by AI-powered and supplier selection algorithms. This transaction-based model captures value from the facilitation of custom orders, with comprising the bulk of at $166.6 million for Q3 , up 31% year-over-year. A secondary revenue stream comes from supplier services, which include subscription tiers offering premium visibility, advanced , and tools to enhance supplier participation on the platform. Following the 2021 acquisition of Thomasnet, Xometry integrated its capabilities, allowing suppliers to purchase enhanced listings and targeted promotions on Thomasnet.com for greater exposure to buyers. These services generated $14.1 million in Q3 2025, encompassing and sales as well as limited financial products tailored to suppliers. Additional income derives from value-added services integrated into the marketplace, such as expedited shipping options that incur premium fees for faster delivery and financing solutions provided to support supplier operations. Xometry also offers AI-enhanced tools for , enabling buyers to achieve greater efficiency in and workflows. As of 2025, Xometry has shifted toward recurring revenue models, emphasizing contracts that foster repeat —evidenced by 98% repeat orders in Q2 2025—and AI-driven services that provide ongoing through and automated quoting. This strategic focus supports stable income from long-term buyer relationships and subscription-based supplier enhancements.

History

Early Years

Xometry launched its online manufacturing marketplace in 2013, debuting the Instant Quoting Engine as a core feature enabling instant pricing and lead times for custom parts, initially focused on and services. The platform's first transaction was a printed part, marking the beginning of its effort to digitize manufacturing by connecting buyers directly with a network of suppliers. In November 2015, Xometry secured $8.8 million in Series A led by Highland Capital Partners, with participation from existing investors, to accelerate the expansion of its supplier network and enhance platform capabilities. This capital infusion supported the recruitment and vetting of additional manufacturing partners, addressing the need for a robust, quality-assured ecosystem in the early stages of operations. The also facilitated the addition of Highland's general partner Sean Dalton to Xometry's . Key product milestones in the early years included the integration of basic into the Instant Quoting Engine, which improved pricing accuracy by analyzing part geometry, materials, and historical data to generate reliable quotes. This enhancement, present from the platform's and refined through 2017, helped drive initial user adoption, with the buyer base growing significantly amid expanding service offerings, reaching over 10,000 customers by early 2018. Xometry encountered challenges in its formative phase, particularly in building trust among users accustomed to traditional and in scaling rigorous supplier vetting processes to maintain quality standards across a growing network. These hurdles were compounded by the nascent state of marketplaces for custom , requiring ongoing investments in technology and partnerships to demonstrate reliability and transparency.

Growth and Acquisitions

Xometry's growth accelerated through strategic acquisitions beginning in 2018. In July of that year, the company acquired MakeTime, a competing manufacturing based in , which enhanced Xometry's marketplace technology and broadened its supplier network by integrating MakeTime's established connections with U.S. manufacturers. This move solidified Xometry's position as a leading aggregator of manufacturing capacity. Following this, in January 2019, Xometry acquired Machine Tool & Supply, a distributor in , to support the launch of its Xometry Supplies division, which streamlined access to raw materials and logistics for custom ; this business line was discontinued in the second quarter of 2023. A pivotal expansion occurred in December 2019 when Xometry acquired Shift, Europe's largest on-demand manufacturing marketplace based in , , enabling entry into 12 countries and leveraging Shift's AI-driven algorithms for additive and traditional manufacturing processes. This acquisition marked Xometry's initial international push, with Shift rebranded as Xometry to serve clients including and . The most significant deal came in December 2021, when Xometry acquired Thomasnet, a prominent industrial sourcing platform, for $300 million in a cash-and-stock transaction; this enhanced B2B discovery tools and expanded reach to a broader of buyers and suppliers in the manufacturing sector. International growth continued with the establishment of operations in in April 2022, building on the foothold to access capacity across the region. By 2023, Xometry's supplier network had expanded to over 10,000 partners worldwide, spanning , , and , driven by AI-matching capabilities that connected buyers with specialized facilities. Active suppliers alone grew to more than 3,400 by the end of fiscal year 2023, reflecting robust marketplace adoption. Amid supply chain disruptions from COVID-19, Xometry adapted by emphasizing localized U.S. to mitigate risks, promoting reshoring and diversified sourcing to maintain continuity for customers. Post its 2021 , the company invested heavily in enhancements, including advanced engines and design-for-manufacturability tools, to improve matching efficiency and support diversification into new services like injection molding and finishing options. These initiatives contributed to sustained revenue growth, with international sales comprising about 16% of total revenue by mid-2024.

Initial Public Offering

Xometry completed its (IPO) on June 30, 2021, listing on the Global Select Market under the XMTR. The company priced 6.875 million shares of Class A at $44 per share, raising gross proceeds of $302.5 million before underwriting discounts and expenses. The offering closed on July 2, 2021, after underwriters exercised a portion of their over-allotment option, resulting in the sale of 7.906 million shares total and net proceeds of approximately $325.3 million. This traditional IPO, rather than a SPAC merger, marked Xometry's transition to a publicly traded entity and provided capital to repay outstanding debt, invest in technology , and pursue strategic acquisitions. At debut, Xometry achieved an implied of approximately $1.7 billion based on the IPO price and outstanding shares. The stock experienced an initial surge, closing at $87.39 on the first trading day—a 98% increase—pushing the market cap to around $3.5 billion and reflecting strong investor interest in its AI-enabled . However, post-IPO performance showed volatility amid broader market conditions, including economic pressures on and tech sectors, with shares fluctuating significantly in subsequent years. A key post-IPO milestone was the 2021 acquisition of Thomasnet, which integrated successfully to expand Xometry's buyer base and enhance its capabilities by 2022-2025. The IPO also necessitated compliance with U.S. Securities and Exchange Commission () requirements, including ongoing filings such as and 10-Q reports, and a shift to heightened public governance standards, including enhanced board oversight and protocols.

Services and Capabilities

Core Manufacturing Processes

Xometry's platform facilitates a range of core manufacturing processes, connecting buyers with a network of vetted suppliers to produce custom parts on demand. These processes include CNC machining, , injection molding, fabrication, urethane casting, , metal extrusion, , metal stamping, , and laser tube cutting, each optimized for specific applications from prototyping to high-volume production. By leveraging these methods, Xometry enables efficient manufacturing across industries such as , automotive, and medical devices. CNC Machining involves precision milling, turning, and to create complex parts from metals and plastics. Xometry's suppliers achieve standard tolerances of ±0.005 inches for metals and ±0.010 inches for plastics, with capabilities extending to tighter tolerances down to ±0.001 inches for auto-quotable parts, ensuring high accuracy for functional components like and housings. Supported materials include aluminum, , , and various plastics, allowing for parts up to 80 inches in length with surface finishes around 125 . This process is ideal for low- to medium-volume production where dimensional precision is critical. 3D Printing, also known as additive manufacturing, utilizes technologies such as Fused Deposition Modeling (FDM), , , Direct Metal Laser Sintering (DMLS), HP Multi Jet Fusion (MJF), PolyJet, Carbon Digital Light Synthesis (DLS), and Metal Binder Jetting to build parts layer by layer. FDM employs filaments for durable prototypes, while SLA delivers smooth, high-detail parts; SLS and DMLS handle powders and metal alloys for functional end-use components; MJF and PolyJet offer high-resolution and multi-material capabilities; DLS provides and rigid parts; and Metal Binder Jetting supports complex metal geometries. Tolerances typically range from ±0.005 inches for the first inch plus ±0.002 inches per additional inch, with applications focused on and low-volume runs up to 10,000 units. Xometry's network supports materials like , , and , enabling quick iterations for design validation. Injection Molding produces high-volume plastic parts through custom tooling, where molten material is injected into a cavity under pressure. Xometry offers tooling in aluminum or for runs from 10,000 to over 1 million parts, with tolerances of ±0.005 inches on the plus ±0.002 inches per inch of shrinkage. Common materials include for impact resistance, for flexibility, and for transparency and strength, suitable for consumer products like enclosures and medical devices. This process excels in cost-effective while maintaining consistent quality across batches. Sheet Metal Fabrication encompasses , , , stamping, , and laser tube cutting to form parts from thin metal sheets. provides precise cuts with kerf widths under 0.008 inches, followed by CNC with tolerances of ±0.015 inches edge-to-bend and ±1 degree bend angle, and for structural integrity. Stamping is used for high-volume repetitive features. and laser tube cutting enable custom tubular components. Materials such as aluminum, , and are common for applications like enclosures, brackets, and , with part sizes up to 48 by 48 inches. This method supports both prototyping and production, offering versatility for custom assemblies. Urethane Casting serves specialized low-volume needs by creating silicone molds from 3D-printed masters, then pouring to produce flexible or rigid parts. It achieves tolerances of ±0.010 inches or ±0.003 inches per inch, with minimal shrinkage of about 0.15 percent, making it suitable for up to 25 copies per mold without tooling costs. Materials mimic plastics like or rubber-like urethanes, ideal for overmolding prototypes or soft-touch components in and consumer goods. This process bridges the gap between and injection molding for cost-sensitive runs. Die Casting is employed for high-volume metal parts, using hot or cold chamber methods to inject molten alloys like aluminum or into steel dies under high pressure. Xometry's suppliers deliver tolerances of ±0.010 inches on the plus ±0.001 inches per inch of shrinkage, with part-to-part variation under ±0.004 inches, for complex geometries with thin walls down to 0.040 inches. Applications include automotive components and where strength and are essential, supporting scales from thousands to millions of units. Metal Extrusion produces long, uniform metal profiles by forcing heated billets through a die, suitable for structural components in and automotive industries. Xometry supports aluminum and other alloys with tolerances typically ±0.010 inches, enabling cross-sections for medium- to high-volume production. Plastic Extrusion creates continuous plastic profiles like tubes and seals by melting and forcing resin through a die, ideal for flexible or rigid parts in and consumer goods. Tolerances range from ±0.005 to ±0.015 inches depending on material, supporting high-volume runs with materials such as PVC and . Metal Stamping uses dies to form into precise shapes through , blanking, and , for high-volume parts like brackets and panels. Xometry offers progressive and single-stage stamping with tolerances of ±0.005 inches, using s and aluminums for automotive and applications. Tube Bending and Laser Tube Cutting allow for custom fabrication of tubular components, with bending tolerances of ±1 degree and cutting kerf under 0.008 inches. These processes support materials like and for frames and exhaust systems in and machinery. Xometry's AI-powered instant quoting engine evaluates these processes for feasibility, providing rapid pricing and lead times to streamline procurement.

Finishing and Assembly Options

Xometry provides a range of finishing and assembly services that enhance the functionality, appearance, and readiness of manufactured parts, integrating these options seamlessly into its instant quoting platform for custom orders. These secondary processes are available across core manufacturing methods such as CNC machining, sheet metal fabrication, 3D printing, and injection molding, allowing customers to specify finishes and assemblies during the quoting stage for turnkey solutions. Surface finishes offered by Xometry improve part durability, resistance, and aesthetics, with options tailored to material and application needs. , available in Type II for standard protection and Type III (hardcoat) for enhanced wear resistance, is commonly applied to aluminum parts from CNC machining and processes to create a protective layer. provides a durable, colored finish with thicknesses ranging from 0.006 to 0.012 inches, conforming to ASTM D7803 standards and suitable for and aluminum components to prevent and add aesthetic appeal. Bead blasting delivers a uniform matte texture, often using media to achieve like 150–400 µin Ra, particularly for 3D printed parts in , MJF, or DMLS technologies. options include electroless nickel for uniform protection starting at 0.0001-inch thickness, for conductivity at 0.00002–0.00005 inches, silver plating for up to 0.0003 inches, and for at 0.0002 inches, enhancing electrical and environmental performance. Assembly services at Xometry encompass mechanical, electro-mechanical, and cable-and-harness assemblies, enabling the creation of ready-to-use components through permanent methods like , riveting, and joining, or temporary ones such as bolted joints and fits. Hardware insertion, including fasteners and inserts, is integrated into sub-assembly processes for applications in automotive, , and medical devices. Kitting and sub-assembly options allow for the organization of multiple parts into kits or partial assemblies, supporting customer-defined projects with sourced or provided components, and incorporating secondary operations like finishing prior to final . These services leverage Xometry's of over 10,000 partners to handle mixed materials and processes efficiently. Quality assurance for finishing and is maintained through rigorous methods and certifications, ensuring and reliability. visual inspections verify surface quality and integrity, while (CMM) inspections provide dimensional reports measuring 100% of features to tight tolerances like +/-0.001–0.005 inches. First article inspections follow AS9102 standards for parts, and all processes adhere to ISO 9001:2015 for general , AS9100D for , ISO 13485:2016 for medical devices, and IATF 16949:2016 for automotive applications, with additional ITAR registration and CMMC Level 2 . Xometry's in-house quality lab supports ESD-safe environments and comprehensive testing. Customization extends to packaging, labeling, and delivery options, integrated into quotes to meet specific project requirements. Customers can specify custom packaging for protection during shipping, including options for labeled components or kits, while expedited delivery services offer 1-day turnaround for urgent needs alongside standard and economy shipping, all with free domestic and international fulfillment. These features ensure parts arrive assembly-ready and on schedule.

Technology and Innovation

AI Instant Quoting Engine

Xometry's Instant Engine, a core component of its on-demand manufacturing platform, was launched in 2013 alongside the company's founding to enable rapid pricing for custom parts. Initially designed to streamline the traditionally manual quoting process in manufacturing, the engine has evolved significantly through the integration of algorithms that analyze uploaded CAD files in seconds, providing real-time feasibility assessments and pricing. This development draws on millions of historical data points from past orders to refine its predictive capabilities, ensuring compatibility with complex part designs across various manufacturing processes. The engine's functionality centers on a comprehensive evaluation of key cost drivers, including material expenses, estimated machine runtime, setup fees, and the operational capacities of Xometry's vetted supplier network. Upon file upload, it processes 3D geometry to generate instant quotes, incorporating design-for-manufacturability (DFM) feedback to optimize part production. It supports over 50 materials, ranging from metals and plastics to advanced resins, and handles diverse geometries such as those requiring CNC machining, 3D printing, or sheet metal fabrication, thereby accommodating a wide array of buyer needs without manual intervention. In the third quarter of 2025, enhancements to the AI-powered DFM included automated extraction for technical drawings and CAD files. The engine provides lead time estimates based on historical data and production capacities, offering options like expedited delivery in as little as one day for certain processes. Enhancements also include risk assessment features, such as improved validation of Harmonized Tariff Schedule (HTS) codes for international shipments implemented in August 2025, helping mitigate supply chain disruptions amid global volatility. Recent updates, including AI-driven auto-quoting for injection molding in October 2025, have expanded its scope to cover more fabrication types with enhanced geometric detection for precise real-time analysis. This technology has profoundly impacted the by compressing quoting timelines from weeks or days to mere minutes, allowing small and medium-sized manufacturers to compete globally by accessing a broad supplier base without geographic limitations. The engine's efficiency not only accelerates product development cycles for buyers but also enables suppliers to receive matched opportunities instantly, fostering a more dynamic and responsive marketplace.

Supplier Management Tools

Xometry offers suppliers access to the Workcenter platform, a secure that enables of shop operations, including task assignment, job status tracking, and team to optimize . In the third quarter of 2025, Xometry launched a for Workcenter to support on-the-go . Suppliers can engage in job through the integrated Job Board, which matches their capabilities to incoming production opportunities from buyers, allowing them to quote and secure work efficiently. While specific inventory tracking features are not publicly detailed, the platform supports overall workflow organization to enhance operational efficiency. Performance analytics are available to monitor supplier metrics, aiding in continuous improvement of service delivery. The supplier vetting process begins with , where partners undergo assessments to verify expertise and equipment suitability for Xometry's . This includes audits of production processes and requirements for systems, such as ISO 9001 or certifications, ensuring adherence to high standards for precision and compliance. Ongoing evaluations provide ratings based on key performance indicators like delivery timeliness and order accuracy, with continuous monitoring to maintain network quality. Following the 2021 acquisition of Thomasnet, a leader in product sourcing and , Xometry enhanced supplier tools by integrating the Thomasnet directory, which exposes partners to over 1.4 million active buyers for increased visibility and . This integration leverages AI-driven matching via the Buying Engine to forecast demand and connect suppliers with relevant opportunities, streamlining market access without delving into buyer-side quoting algorithms. To support supplier success, Xometry provides comprehensive training resources through its , featuring guides, videos, and onboarding tutorials to help partners navigate the platform and best practices. Payment portals facilitate secure transactions with guaranteed net-40 terms and accelerated options like FastPay for net-3 payouts, ensuring reliable . Dispute resolution is handled through dedicated community discussions and support tickets, allowing suppliers to address issues promptly with assistance from project managers and machinists, contributing to the network's emphasis on reliable delivery.

Leadership and Governance

Executive Team

serves as the and co-founder of Xometry, a position he has held since founding the company in 2013. Under his leadership, Xometry went public on the in 2021 and achieved substantial revenue expansion, growing from $218 million in fiscal year 2021 to $546 million in fiscal year 2024, driven by an emphasis on integration in processes. Altschuler, a graduate and alumnus, brings prior entrepreneurial experience, including co-founding CloudBlue, a services provider, which informs his strategic vision for scaling digital marketplaces in industrial sectors. His focus on -centric growth has positioned Xometry as a leader in , enabling rapid quoting and supplier matching through proprietary algorithms. Vaidy Raghavan is the at Xometry, responsible for overseeing the development of and platform technologies that power the company's . Raghavan joined in 2025, succeeding Matt Leibel, and brings extensive expertise in applications for from previous roles at and . Holding an MS in from the and a BE from , he has contributed to enhancing Xometry's machine-learning capabilities for improved pricing accuracy and operational efficiency. James Miln serves as the , having joined Xometry in 2024 following the company's post-IPO maturation. Miln offers deep expertise in finance, drawn from senior roles at tech firms including SVP of at Yelp, as well as positions at eBay, Yahoo!, and Unilever. A Chartered with a BA in from Cambridge University, he has played a key role in financial planning, , and scaling operations amid volatile market conditions. Sanjeev Singh serves as President, having joined Xometry in January 2025 and reporting to CEO Altschuler. In this role, Sahni oversees the company's , Product, , and teams. He brings experience from prior positions at as of , as well as at and . The executive team, led by Altschuler, has been instrumental in navigating market challenges from 2021 to 2025, including supply chain disruptions and economic fluctuations in the sector, while advancing -driven innovations to sustain growth and competitiveness. Altschuler's strategic emphasis on has facilitated expansions such as the integration of instant quoting engines and supplier tools, contributing to Xometry's evolution into a global -powered .

Board Composition

Xometry, Inc.'s comprises six members as of November 2025, providing strategic oversight to the company's operations as a entity. The board includes co-founder Randy Altschuler, who serves as CEO and director, bringing entrepreneurial experience from co-founding CloudBlue, a provider of electronic equipment services, and OfficeTiger, a global company. Fabio Rosati acts as Chair of the Board, leveraging his experience as former CEO of and Executive Chairman of Snagajob to guide and . Key independent directors include Emily Rollins, who chairs the and possesses extensive finance and audit background as a former Deloitte Audit & Assurance Partner specializing in and life sciences. Another notable member is Roy Azevedo, a director with over 34 years at , including as President of Space and Airborne Systems, offering specialized knowledge in and . The board reflects a diverse blend of expertise in manufacturing, technology, finance, and executive leadership, with members such as Ranjana Clark (former executive and banking leader) and (former Washington Post CEO). It maintains standing committees for (chaired by Rollins, with Azevedo and Weymouth), Compensation (chaired by Clark, with Azevedo and Rosati), and Nominating and (chaired by Weymouth, with Clark and Rosati), ensuring robust governance. An (ESG) Committee, involving Rollins, supports oversight in sustainability and ethical practices. Following Xometry's 2021 , the board has expanded to meet compliance requirements, including the addition of Azevedo in October 2024 to strengthen focus on innovation, supply chain resilience, and ESG integration. These changes enhance the board's capacity for independent oversight while aligning with the company's growth in .

Financial Performance

Revenue and Profitability

Xometry's revenue has demonstrated consistent growth since its early years, reflecting the expansion of its on-demand . In 2019, the company reported annual of $80.2 million, which increased to $141.4 million in 2020, marking a 76% year-over-year rise driven by initial adoption. By 2024, full-year reached $545.5 million, up 18% from $463.4 million in 2023, with comprising the majority at $486 million. In the third quarter of 2025, hit a record $181 million, representing 28% year-over-year growth, primarily from 31% expansion in to $167 million. The company has made significant strides toward profitability, transitioning from consistent losses to positive adjusted EBITDA in select periods. For the full year 2023, adjusted EBITDA was a loss of $27.5 million, an improvement of $17.3 million year-over-year due to operational scaling. This progress accelerated in 2024, with full-year adjusted EBITDA narrowing to a $9.7 million loss, and the fourth quarter achieving a positive $1.0 million, supported by record marketplace gross margins of 34.5%. Gross margins have benefited from marketplace efficiencies, reaching 35.7% in Q3 2025, up 210 basis points year-over-year, as the platform scales with higher-volume transactions and optimized supplier matching. Key growth drivers include robust marketplace expansion and enterprise customer adoption. For 2025, Xometry projects full-year of $676 million to $678 million, implying approximately 24% year-over-year growth from 2024 levels. deals have been a major contributor, with accounts generating last twelve months spend exceeding $500,000 surpassing 100 in fiscal 2024 and driving over 40% year-over-year growth in that segment. This is fueled by AI-enhanced features like instant quoting and design-for-manufacturability tools, alongside international buyer and supplier network growth. Xometry's cost structure reflects ongoing investments in balanced by operational efficiencies. Significant spending on development supports enhancements, such as automated quoting for processes like injection molding, which improve matching accuracy and reduce cycle times. These investments are offset by supplier efficiency gains, including better and global network expansion, contributing to improvements and adjusted EBITDA expansion to $6.1 million in Q3 2025, up $6.8 million year-over-year.

Market Position and Stock

Xometry occupies a prominent in the sector, particularly within the U.S. digital , where it connects buyers with a vast network of over 10,000 suppliers for custom parts production. As one of the largest platforms in this space, it reported record Q3 2025 marketplace revenue of $167 million, up 31% year-over-year, underscoring its growing influence amid a fragmented $6 billion global market. Key competitors include , known for , and Fictiv, which emphasizes vetted manufacturing networks and design-for-manufacturability services. The company's stock trades on the under the XMTR. Xometry went public in June 2021 through an priced at $44 per share, raising approximately $302 million. In 2025, amid in the and sectors, XMTR shares have fluctuated significantly, with a 52-week range from $18.59 to $69.26 as of . As of November 14, 2025, the stock closed at $61.79, contributing to a of approximately $3.10 billion. Analysts have generally viewed Xometry favorably, with & Co. maintaining an rating and raising its price target to $70 following strong Q3 2025 results, highlighting the potential of its AI-driven quoting engine and marketplace expansion. Other firms, such as JMP Securities, raised their price target to $75 from $65 while maintaining an Outperform rating following Q3 2025 results, citing accelerating adoption and innovations as drivers for future growth. Despite its strengths, Xometry remains sensitive to broader industrial cycles, operating in a environment prone to economic fluctuations that impact buyer demand. Additionally, it faces intensifying competition from digitally native platforms like Fictiv and , as well as traditional suppliers that may offer lower costs for established relationships, potentially eroding market share in a low-switching-cost industry.

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