Xometry Reports Fourth Quarter and Full Year 2021 Results

(1)   These non-GAAP financial measures, and reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.

Key Operating Metrics (2) :

   As of December 31, 
   2021   2020   %
Change
 
          
Active Buyers(3)  28,130   18,846   49%
Percentage of Revenue from Existing Accounts(3)  95%  95%  %
Accounts with Last Twelve-Months Spend of at Least $50,000(3)  701   389   80%
          

(2)   These key operating metrics are for Xometry (excluding any impacts from Thomas).
(3)   Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of December 31, 2021 and 2020, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2021 and 2020.

Subsequent to Fourth Quarter 2021

On February 4, 2022, the Company completed a private offering of $250 million aggregate principal amount of 1.00% Convertible Senior Notes due 2027 (the “Initial Notes”). The Initial Notes were issued pursuant to an indenture, dated February 4, 2022 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.

On February 10, 2022, the Company issued an additional $37.5 million aggregate principal amount of its 1.00% Convertible Senior Notes due 2027 (the “Additional Notes”) to the initial purchasers named in the purchase agreement. The issuance of the Additional Notes was pursuant to the initial purchasers’ exercise in full of their 13-day option to purchase Additional Notes granted in the original offering of $250 million aggregate principal amount of 1.00% Convertible Senior Notes due 2027. The proceeds from the Initial Notes and the Additional Notes (collectively referred to as the “Notes”) are expected to be used for working capital and other general corporate purposes. The Company may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, the Company does not have agreements or commitments with respect to any such acquisition or strategic investment at this time. The Notes are general unsecured obligations of the Company and will mature on February 1, 2027, unless earlier converted, redeemed or repurchased. Interest on the Notes will accrue at a rate of 1.00% per year from February 4, 2022 and will be payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2022. In connection with the Notes offering, the Company received net cash proceeds of approximately $278.9 million, after deducting the initial purchasers discounts and commissions.

Financial Guidance and Outlook:

   Q1 2022   FY 2022 
   (in millions) 
   Low     High     Low     High  
Revenue   $ 81.0     $ 82.0     $ 390.0     $ 400.0  
Adjusted EBITDA   $ (13.5 )   $ (12.5 )   $ (36.0 )   $ (32.0 )

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