Xometry Reports Third Quarter 2023 Results

Xometry, Inc. Third Quarter 2023 Earnings Presentation and Conference Call

Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the fourth quarter 2023, our expectation regarding our operating leverage and path to Adjusted EBITDA profitability in the fourth quarter of 2023, our potential for growth, and demand for our marketplaces in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as the current inflationary environment and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2022, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

  
Investor Contact: Media Contact:
Shawn Milne
VP Investor Relations
240-335-8132
shawn.milne@xometry.com
Matthew Hutchison
Corporate Communications for Xometry
415-583-2119
matthew.hutchison@xometry.com
  


Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
 
   September 30,   December 31, 
   2023   2022 
    
Assets      
Current assets:      
Cash and cash equivalents $44,373  $65,662 
Marketable securities  232,400   253,770 
Accounts receivable, less allowance for credit losses of $2.1 million and $2.0
million as of September 30, 2023 and December 31, 2022
  63,974   49,188 
Inventory  1,309   1,571 
Prepaid expenses     4,898       7,591  
Other current assets     10,309       12,273  
Total current assets     357,263       390,055  
Property and equipment, net     25,689       19,079  
Operating lease right-of-use assets     13,337       25,923  
Investment in unconsolidated joint venture     4,205       4,068  
Intangible assets, net     36,678       39,351  
Goodwill     262,898       258,036  
Other assets     459       413  
Total assets   $ 700,529     $ 736,925  
Liabilities and stockholders’ equity            
Current liabilities:            
Accounts payable   $ 13,326     $ 12,437  
Accrued expenses     35,113       33,430  
Contract liabilities     9,659       8,509  
Income taxes payable     2,956       3,956  
Operating lease liabilities, current portion     6,736       5,471  
Total current liabilities     67,790       63,803  
Convertible notes     281,305       279,909  
Operating lease liabilities, net of current portion     12,675       16,940  
Deferred income taxes     363       429  
Other liabilities     1,499       1,011  
Total liabilities     363,632       362,092  
Commitments and contingencies            
Stockholders’ equity            
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero
shares issued and outstanding as of September 30, 2023 and December 31,
2022, respectively
           
Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares;
45,346,289 shares and 44,822,264 shares issued and outstanding as of
September 30, 2023 and December 31, 2022, respectively
           
Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares;
2,676,154 shares issued and outstanding as of September 30, 2023
and December 31, 2022, respectively
           
Additional paid-in capital     641,607       623,081  
Accumulated other comprehensive income     442       28  
Accumulated deficit     (306,287 )     (249,366 )
Total stockholders’ equity     335,762       373,743  
Noncontrolling interest     1,135       1,090  
Total equity     336,897       374,833  
Total liabilities and stockholders’ equity   $ 700,529     $ 736,925  
             



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