Key Operating Metrics:
| As of September 30, | ||||||||||||
| 2021 | 2020 |
%
Change |
||||||||||
| Active Buyers(2) | 26,187 | 16,266 | 61 | % | ||||||||
| Percentage of Revenue from Existing Accounts(2) | 95 | % | 96 | % | (1 | )% | ||||||
| Accounts with Last Twelve-Months Spend of at Least $50,000(2) | 603 | 361 | 67 | % | ||||||||
(2) Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of September 30, 2021 and 2020, and Percentage of Revenue from Existing Accounts is presented for the quarters ended September 30, 2021 and 2020.
Subsequent to Third Quarter 2021
On November 1, 2021, the Company acquired certain assets and liabilities from Big Blue Saw LLC, subject to an Asset Purchase Agreement for total consideration of $2.5 million. The total consideration includes cash consideration at closing of $1.25 million, $250,000 of Class A common stock at closing and contingent consideration of $1.0 million.
On November 5, 2021, the Company acquired certain assets and liabilities from Fusiform, Inc. (dba FactoryFour), subject to an Asset Purchase Agreement for total consideration of $6.3 million. The total consideration includes cash consideration at closing of $1.9 million, $1.9 million of Class A common stock at closing and contingent consideration of $2.5 million.
Financial Guidance and Outlook:
| Q4 2021 | |||||||||
| (in millions) | |||||||||
| Low | High | ||||||||
| Revenue | $ | 60.0 | $ | 62.0 | |||||
| Adjusted EBITDA | $ | (12.0 | ) | $ | (11.0 | ) | |||
- In 2020, one customer, that produces masks, accounted for approximately 10% of our revenue in Q4 2020. Excluding revenue from that one customer, growth is expected to be between 75%-80% for Q4 2021, as compared to Q4 2020.
- The acquisitions of Big Blue Saw and FactoryFour are not expected to materially impact our Q4 2021 revenue and Adjusted EBITDA guidance.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. ("Xometry", the "Company", "we" or "our") uses Adjusted EBITDA, a non-GAAP financial measure, as described below. This non-GAAP financial measure is presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measure presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses this measure to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.
