Xometry Reports Fourth Quarter and Full Year 2022 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, 
  2022   2021   %
Change
 
         
Active Buyers(3) 40,664   28,130   45%
Percentage of Revenue from Existing Accounts(3) 96%  95%  1%
Accounts with Last Twelve-Months Spend of at Least $50,000(3) 1,027   701   47%


(2)These key operating metrics are for Marketplace. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
(3)Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of December 31, 2022 and 2021, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2022 and 2021.


Subsequent to Fourth Quarter 2022

On January 2, 2023, the Company acquired 100% of the equity of Tridi Teknoloj A.S. ("Tridi") located in Istanbul, Turkey. The acquisition of Tridi extended our marketplace capabilities in Europe by opening a vast array of affordable suppliers. Tridi operates an online marketplace for manufacturing with the ability to serve all of Europe within a 24-hour turn around period. The aggregate non-contingent portion of the purchase price was approximately $3.8 million. In addition, the purchase price includes a contingent consideration arrangement to the former owners of Tridi up to a maximum amount of $1.25 million (undiscounted) in Class A common shares in two installments on the first and second anniversary of the acquisition and is based on the achievement of certain revenue targets.

In December 2022, we initiated a restructuring action to help manage our operating expenses by reducing our workforce by approximately 6%. The workforce reduction focused on realigning our staffing levels to help us meet the current and future objectives of our business. For the year ended December 31, 2022, we incurred $1.5 million for employee termination costs related to this restructuring. The majority of these costs will be paid by the Company in the first quarter of 2023. We expect the reduction in workforce will reduce operating expenses by approximately $8.0 million on a full year basis.

Financial Guidance and Outlook:

  Q1 2023   FY 2023 
  (in millions)  
  Low     High     Low     High  
Revenue $ 100.0     $ 102.0     $ 470.0     $ 480.0  
Adjusted EBITDA $ (11.0 )   $ (9.0 )   $ (22.0 )   $ (20.0 )

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