Xometry, Inc. (XMTR) Earnings & Analysis

Latest quarter

Xometry reported Q2 FY2026 revenue of $229.3 million, above the consensus of $215.5 million. Adjusted earnings per share, as counted by the consensus, were $0.16, above the $0.12 estimate.

Revenue rose 41.1% from $162.5 million a year earlier. In its filing, Xometry attributed marketplace revenue growth to increased buyer activity, particularly among enterprise customers. Services revenue fell as reductions in Thomas advertising and marketing services were partly offset by financial services growth.

Gross margin fell to 38.0% from 40.1%; the filing attributed the decline primarily to a shift toward marketplace revenue, which has a lower margin than services. Xometry reported diluted earnings per share of −$0.10, compared with −$0.52 a year earlier. Adjusted EBITDA rose to $14.1 million from $3.9 million, which the filing attributed primarily to operating efficiencies. Free cash flow was −$10.5 million, compared with −$7.4 million a year earlier.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

CFO James Miln said active buyers rose 20% year over year to 89,557 in Q2, with a net addition of 3,976. He attributed the additions to Xometry’s product-led growth strategy, AI model optimization and marketing, including personalized pricing. Miln said revenue per active buyer rose 21%, primarily because customers were spending more with Xometry.

Executive Sanjeev Sahni said growth spanned categories and both new and existing buyers. Asked about demand, he described pricing, sourcing and manufacturability as “all interconnected models” focused on marketplace revenue and profitability. He also said the company uses signals from customers’ browsing behavior to plan sales follow-ups and allocate resources.

On margins, Miln said marketplace advertising spend was 3.4% of marketplace revenue in Q2, reflecting optimization efforts. Asked how margins could expand, Sahni said Xometry was using production data and feedback to refine future quotes. Miln said he expects marketplace gross margins to be higher in the second half than in the first, with further expansion into the 35% to 40% target range.

Asked about Siemens, Sahni said the teams were working on integration that would change how custom-parts prices appear inside a design tool. He said Xometry was receiving “continuous approaches by customers” interested in the initial experience and expects the partnership to positively affect FY2027 results. Miln said the second-half guidance includes some additional product-related costs for that work.

On competition and pricing, Sahni said customers can choose based on urgency or price sensitivity, and that Xometry continues to invest in sourcing markets including India and Vietnam. Asked about different customer tiers, he said Xometry does not necessarily disclose them. For the coming quarter, Miln said he expects services revenue to rise modestly year over year.

Guidance

Miln said Xometry raised its FY2026 revenue growth outlook to 33% to 34% from 27% to 28%, driven by approximately 37% marketplace growth. He also said the company raised its full-year adjusted EBITDA outlook and now expects $60 million to $62 million.