Xometry, Inc. (XMTR) Business Profile

What it does

Xometry runs an online marketplace for custom-manufactured parts. It connects buyers that need a part or assembly made to suppliers with the equipment and capacity to produce it. Founded in 2013, Xometry is headquartered in North Bethesda, Maryland. Sanjeev Singh Sahni is its chief executive officer.

A buyer can upload a computer-aided design file and receive pricing, lead times and feedback on whether the part can be manufactured. Xometry’s quoting technology examines specifications such as geometry, materials, tolerances and quantities, as well as past transactions and supplier performance. The platform then helps source the job to a manufacturer. Orders range from prototypes for product development to larger production runs.

The marketplace covers processes such as computer numerical control machining, 3D printing, sheet metal forming and injection molding. Buyers include engineers, product designers and procurement professionals at businesses of different sizes. They use it to source custom components across industries including aerospace, medical devices, automotive and defense.

Xometry also sells services to manufacturers. Its Thomasnet platform connects industrial buyers with suppliers and offers advertising and marketing. Workcenter helps manufacturing shops manage jobs, including work obtained outside Xometry, while financial services help suppliers receive payments faster. Teamspace lets buyers collaborate on projects and custom-part orders.

How it makes money

Xometry earns most of its revenue by selling custom parts and assemblies through its marketplace. Buyers purchase manufacturing work on the platform, and suppliers in its network manufacture the parts. The instant quoting engine provides prices and lead times, using information about the requested part alongside transaction and supplier data. Xometry also invests in personalized pricing that considers customer and category price sensitivity, supply availability and supplier economics.

The company reports U.S. and International segments. Its offerings comprise marketplace sales and services. Services include Thomasnet advertising and marketing, financial products and Workcenter software. Thomasnet’s performance-based listings allow advertisers to set budgets and pay when potential buyers interact with their profiles. In 2025, services represented approximately 8% of total revenue, with most services revenue coming from Thomasnet advertising and marketing.

In Q3 2026, total revenue was $252 million; marketplace revenue was $238 million and services revenue was $14.4 million.

Marketplace orders can repeat: buyers can reorder parts, and after a successful transaction Xometry initially offers the same supplier the next repeat order. Enterprise customers can also use Teamspace and procurement-system integrations in their workflows. Xometry seeks to expand spending within existing accounts by offering more manufacturing processes and reaching additional buyers at the same organization.

In Q3 2026, Xometry introduced a redesigned buyer dashboard with one-click reordering and moved most buyer traffic onto a rebuilt e-commerce platform. The company’s capital expenditures are primarily internal-use software costs, alongside items such as equipment and computers.

Customers and how it sells

Xometry’s buyers range from small businesses to Fortune 500 companies. They include engineers, product designers, procurement and supply-chain personnel, entrepreneurs, technicians and business owners. The marketplace serves customers in industries including aerospace, industrial products, medical devices, automotive, consumer goods, defense, energy and robotics.

A buyer is an individual who places an order; an account can be a sole proprietor with one buyer or a company with multiple buyers. In Q3 2026, Xometry had 93,812 active buyers. It had 2,172 accounts with at least $50,000 in marketplace spending over the preceding twelve months. Xometry ended 2025 with four accounts spending at least $10 million annually.

Customers can buy through the marketplace, use plug-ins for computer-aided design programs, or connect through enterprise procurement systems. In Q3 2026, Xometry expanded its TradeCentric partnership to automate purchase orders and invoices through customer procurement connections. The integration is available to U.S. customers.

Xometry has operations across much of the contiguous United States and customers in Europe and Asia. Its international expansion has focused on Europe, China and Turkey, and its platforms support 18 languages. In 2025, International revenue increased 27% to $113 million, representing 18% of total marketplace revenue.

Suppliers and costs

Xometry relies on a network of manufacturers rather than limiting its marketplace to its own production capacity. Active suppliers are manufacturers that have used the platform at least once in the preceding twelve months to make a product. Xometry had 4,996 active suppliers at the end of 2025; in Q3 2026, it reported a global network of over 5,000 active suppliers.

Suppliers provide processes ranging from machining and sheet cutting to molding and 3D printing. Xometry qualifies suppliers, monitors performance and uses quality-assurance processes. Its Workcenter tools bring together job discovery, job management and financial services; suppliers can also receive accelerated payouts.

Xometry invests in technology, cloud infrastructure, sales and marketing, operations and support. It says technology investments may occur before any benefits are recognized and that inefficient marketplace pricing could hurt revenue and margins. In Q3 2026, marketplace gross margin was 36.0%. Third-quarter cash capital expenditure was approximately $15 million, almost entirely software-related.

Competitive position

Xometry competes for both buyers and suppliers in a localized, fragmented market. For buyers, alternatives include local manufacturers, independent machine shops, traditional brokers, service bureaus and digital manufacturing services. Xometry competes on price, user experience and customer service. For suppliers, it competes with brokers and listing services, as well as companies selling software and services that let manufacturers operate independently. No individual competing company is named in the available business description.

Xometry’s quoting engine uses part specifications and marketplace data to provide prices, lead times and manufacturing feedback. Its network connects buyers with manufacturers offering different processes, while Teamspace and procurement integrations place Xometry tools inside customer workflows. It also uses patents, trade secrets and other protections for its technology.

Our reading: The supplier network and transaction data can reinforce each other as more jobs generate information and give manufacturers access to demand, but the company must keep both sides of the marketplace engaged. Our reading: Enterprise integrations may make Xometry more useful within customer workflows, although the evidence does not establish that customers cannot use other suppliers. Our reading: Intellectual property provides some protection, but Xometry acknowledges that others may develop competing technologies and that its protections have limits.

Growth opportunities

Xometry is pursuing growth by adding buyers and suppliers, increasing spending by existing customers, expanding the manufacturing processes available on its marketplace and growing internationally. It estimates the addressable market for its marketplace at approximately $275 billion, based on manufacturing processes offered on the platform.

Enterprise customers are a focus. Xometry aims to place its tools in customer workflows through Teamspace and integrations with enterprise resource-planning and procurement systems. In Q3 2026, accounts with at least $50,000 in trailing-twelve-month marketplace spending increased 26% year-over-year to 2,172. Revenue from accounts spending at least $500,000 grew over 40% year-over-year in the quarter.

Xometry is also developing native integrations with Siemens Design Center to bring its manufacturing and pricing insights into the design platform. It expects a beta launch in Q1, 2027, followed by a gradual customer rollout. In Q3 2026, it added more than 100 custom materials to its instant quoting engine and launched a new supplier Workcenter experience.

International expansion and services are additional priorities. Xometry is investing in its overseas supplier networks and buyer acquisition, while improving Thomasnet’s advertising and search tools. It also plans to use its supplier services, including financial products and Workcenter, to deepen manufacturer relationships.

Structural risks

• Profitability: Xometry has incurred net losses. In 2025, it expected future net losses and said it might never achieve or sustain profitability. It reported its first quarter of GAAP net income in Q3 2026.
• Marketplace participation: The business depends on maintaining and growing its buyer and supplier communities. A shortage of suppliers, manufacturing processes or orders could reduce the platform’s appeal to the other side of the marketplace.
• Pricing and large orders: Changes in buyer spending, the timing of large orders, prices or the pricing model can affect results. Inefficient pricing of manufacturing opportunities could adversely affect revenue and margins.
• Execution and platform reliability: Production, shipping or quoting delays, manufacturing or quality-control problems, outages and payment disruptions can affect the reliability of the service and Xometry’s reputation.
• Security and regulation: Privacy or security breaches can bring remediation costs and undermine user confidence. Xometry also faces changing privacy, trade, tariff, tax and other requirements, including in international markets.

Bottom line

Our reading

Our reading: Xometry is an asset-light marketplace whose business rests on matching custom-manufacturing demand with outside production capacity, while selling suppliers additional services. Its data, network and enterprise integrations support that model, but its exposure includes keeping buyers and suppliers engaged, pricing jobs effectively and delivering reliable parts. Q3 2026 profitability shows a change from its history of losses, not an assurance that profitability will persist.