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Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 8:30 a.m. ET Vice President of Investor Relations - Shawn Milne Chief Executive Officer - Sanjeev Singh Sahni Chief Financial Officer - James Miln Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good day, and thank you for standing by. Welcome to Xometry's Q2 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Shawn Milne, Vice President of Investor Relations. Please go ahead. Shawn Milne: Good morning, and thank you for joining us on Xometry's Q2 2026 earnings call. Joining me are Sanjeev Singh Sahni, our Chief Executive Officer; and James Miln, our Chief Financial Officer. During today's call, we will review our financial results for the second quarter of 2026 and discuss our guidance for the third quarter and full year 2026. During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, long-term growth and overall future prospects. Such statements may be identified by terms such as believe, expect, intend and may. These statements are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed before the market opened today and in our filings with the U.S. Securities and Exchange Commission, including our Form 10-Q for the quarter ended June 30, 2026. We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations. We'd also like to point out that on today's call, we will report GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operating decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute or superior to measures of financial performance prepared in accordance with U.S. GAAP. To see the reconciliation of these non-GAAP measures, please refer to our earnings press release distributed today and our investor presentation, both of which are available on the Investors section of our website at investors.xometry.com. A replay of today's call will also be posted on our website. With that, I'd like to turn the call over to Sanjeev. Sanjeev Sahni: Thanks, Shawn. Good morning, and thank you for joining our Q2 earnings call. Our accelerating growth and record Q2 results demonstrate the growing strength of our AI-native marketplace. Q2 was a record quarter for Xometry across many fronts, including revenue, gross profit and adjusted EBITDA. Q2 revenue increased 41% year-over-year to a record $229 million. Marketplace revenue growth accelerated to 45% year-over-year, driven by broad-based strength across many verticals, improving conversion rates, increasing adoption by new buyers and growing wallet share of existing buyers. We continued to see strong enterprise growth. Q2 marks our fourth consecutive quarter of accelerating revenue growth. Our AI models are effectively optimizing conversion, buyer growth and market share gains. On top of the revenue growth, Q2 adjusted EBITDA improved $10.2 million year-over-year to $14.1 million. We delivered record results in the first half of 2026, and we are again raising our outlook for the second half of this year. The strength we saw in Q2 has continued in Q3, and we are off to a strong start in the quarter. We expect strong compounding growth and operating leverage to continue through the second half of 2026 and for years to come. I reiterate this point every quarter because it remains fundamental to our long-term growth thesis. We have penetrated less than 1% of our massive $275 billion custom manufacturing TAM. This is a market that remains largely offline today, still run on e-mail quotes and multi-day turnarounds. The majority of it is still sourced within 30- to 50-mile radius of a factory floor. To me, that gap is the opportunity. We are in the opening innings of a digital transformation and our ability to capture this massive untapped opportunity gives us strong confidence in our long-term growth trajectory. Beyond the shift from offline to online, we see a long-term tailwind in physical AI. The rapid growth of robotics, autonomous systems and defense platforms creates a new category of customers needing fast on-demand parts. Our marketplace is well positioned to capture this demand. The 4 consecutive quarters of accelerating growth are direct evidence that the product-led strategy put in place last year is working. We are defining the e-commerce playbook in custom manufacturing and raising the experience bar for buyers and suppliers everywhere. We will structure our calls going forward to provide updates on our key focus areas. First, I will talk about establishing Xometry as the infrastructure for custom manufacturing. Our confidence in driving the next S-curve of our growth stems from our ability to apply our core AI models to a decade plus of proprietary data. The intelligence we derive from our data gives our customers the confidence in manufacturability of their part, the instant pricing options we present and Xometry's ability to source the part optimally. The depth of our data and the intelligence is unrivaled in custom manufacturing. That same intelligence is now extending beyond our marketplace, embedding natively into partnership environments like Siemens Design Center, proof that intelligence itself not just the marketplace around it, is the infrastructure other platforms want to build on. More broadly, we see this as Xometry becoming the connected layer between design intent and actual physical production. Siemens is the first but not the only place we expect to integrate our intelligence. Deep technical integration is a critical pillar of our product-led growth strategy. Establishing seamless AI-native digital threads that remove friction from the custom manufacturing workflows will be an ongoing focus. We are making excellent progress on the Siemens collaboration with both teams moving at the pace we expected, we are building real integration, bringing Xometry's manufacturability and pricing insight directly into Siemens Design Center. In addition to the work within design center, there's also active collaboration between Siemens Supplyframe and Thomas, extending the value both teams can bring to their customers. We will share more as we hit milestones, and we expect the Siemens partnership to positively impact our 2027 operating results. Our second focus area is improving our AI-native marketplace experiences. Our customer and supplier online journeys are rapidly defining the e-commerce playbook in custom manufacturing. As I've shared before, one of our core beliefs is that the B2B buying experience should be every bit as good as what people experience in their personal lives. The days of clunky B2B software, multistep checkout processes and waiting days for an e-mail quote are simply over. What we are seeing is a generational shift in who is making manufacturing purchasing decisions. The engineers, procurement buyers and supply chain lead roles are now full of dynamic digitally native individuals. They expect the same frictionless experience at work that they have in their personal lives. When they find that Xometry can deliver, they become Xometry champions inside their organizations. In Q2, we made significant upgrades to our proprietary AI models that power our marketplace. Specifically, we enhanced model capabilities in costing, sourcing and process recommendations. These comprehensive upgrades deploy a new generation of high-capacity interconnected models that span the entire manufacturing journey. The upgrades enable additional data insights across 5 elements of our data architecture: geometry, manufacturability, certifications, supplier capability and production outcomes. The smarter the platform gets, the faster we can turn complex engineering inputs into manufacturing decisions. As part of our AI model upgrades, we launched a new generation cost prediction model that considers a greater breadth and depth of inputs, including geometry, material, finish and whether the part is a stand-alone part or one of several in a job. This granular input leads to more accurate pricing. The model understands the specific parameters each part requires, delivering an approximately 15% improvement in CNC cost prediction accuracy. In addition, in Q2, we launched a new adaptive sourcing model that uses our proprietary data to price jobs dynamically for our suppliers. The new model incorporates an upgraded partner suitability score for each job measured against partners' specific machine capabilities, quality and on-time shipping history. By matching jobs to the right machines, we ensure our suppliers receive a curated flow of better fitting work, which strengthens our network overall. Lastly, we launched an upgraded context-aware AI process recommender. It reads a part's industry application to anticipate needs like tighter tolerances for aerospace components. By factoring in material and geometry, it closes a real gap for first-time customers. Buyers are now accepting the recommendation more than 85% of the time with the biggest gains coming from exactly those first-time customers. I will now share advances we made in our third focus area, expanding our buyer and supplier networks. Our focus is on becoming the most expansive custom manufacturing e-commerce platform for buyers and suppliers. We delivered strong active buyer growth during the quarter. The active buyers increasing 20% year-over-year to over 89,000. Our marketing teams have strengthened our martech and personalization capabilities, helping drive almost 4,000 net adds. Their efforts, combined with our AI model optimizations are driving conversion rate improvements and continued robust buyer growth. At the same time, these efforts are also steadily decreasing our marketing costs as a percentage of revenue, which is improving marketplace unit economics. There are still millions of potential buyers to convert. We expect continual improvements in marketing technology and AI models will enable us to steadily increase our conversion rates and net adds. Our partnership with Siemens and our other initiatives to become the infrastructure layer in custom manufacturing will further accelerate these trends. In Q2, we further strengthened our U.S. injection molding offering. We added new auto-quotable materials to expand choices for our buyers. We also made free on-demand design for manufacturability consultations schedulable directly on the platform, connecting customers with our injection molding experts from the very first quote. Additionally, we launched self-service one-click reordering for injection molded parts. Customers can generate new quotes that automatically carry forward configurations, specifications and files from the original order, routing them directly back to the original supplier holding the tool. Small thing on the surface, but it is exactly the kind of friction we are trying to strip out everywhere because friction is the only thing standing between a first order and a habit. We are ever more focused on expanding our global supplier network and improving our supplier experience. Our global network of over 5,000 active suppliers across 50 countries remains a significant strategic advantage, giving buyers unmatched speed, capacity and resilience. In Q2, we added capacity in newer international markets, providing our buyers more choice and flexibility, including India and Vietnam. We continue to expand domestically as we recently referenced in our Texas market press release. Additionally, we are investing in new categories, adding suppliers with specific advanced capabilities and certifications. Furthermore, we are supporting our high-performing partners in obtaining additional certifications to meet growing production demands. Alongside expanding supplier breadth, we continue to expand the depth of our relationship with each supplier, driving up average volume per supplier and becoming more integral to their long-term success. Our fourth focus area is deepening enterprise engagement. We continue to deliver robust enterprise growth. Our Q2 revenue from our larger customers increased by more than 40%. We delivered a record net addition of 175 accounts with greater than $50,000 spend. As Xometry becomes more embedded in our customers' workflows, we are seeing continued wallet share gains and more predictable spend. We ended 2025 with 4 accounts spending at least $10 million annually. We expect more accounts to cross that threshold in 2026. This is driven by multiyear production programs across key end markets. For example, this deeper integration is exactly what we saw with a major enterprise robotics leader who faced a critical build deadline. They turned to us with a massive challenge, nearly 200 complex parts, including metal structures and tight tolerance CNC components, all needed within a short delivery window. We brought the strength of our marketplace to bear and leveraged 40 network suppliers to deliver the full build on time and on spec. This success proved that our platform is the go-to solution for high stakes, large-scale hardware programs directly resulting in significant follow-on production work. The final focus area I will share is leveraging services opportunities. Our services offerings under Thomas helped us engage with suppliers who aren't yet in the marketplace ecosystem. Thomas has built the largest digital sourcing network in North America for industrial manufacturing, providing buyers access to over 500,000 suppliers. We are focused on improving our monetization on the Commerce platform and leveraging the VOS network to supplement Xometry's supplier capacity. We made strong progress on our Thomas platform in Q2. We have completed the transition to our new ad platform and redesigned search experience. These are already yielding improvement in monetization. We are building on this momentum by launching new AI-powered tools and processes for our Thomas Marketing Services. With the traction we are seeing across advertising and marketing services, we are ever more confident about inflecting the revenue curve and bringing our services offerings back to revenue growth year-over-year in the second half of 2026. In conclusion, I'm very excited about the road ahead. And before I hand it over, I want to thank our entire team. The stellar results we are reporting today are the outcomes of a lot of hard work across product, technology, sales, marketing and operations. I'm proud of the pace at which our teams continue to execute our product-led growth strategy. I will now turn the call over to James for a more detailed review of Q2 and our business outlook. James Miln: Thanks, Sanjeev, and good morning, everyone. Our record results for the second quarter underscore the continued scaling and increasing efficiency of our marketplace, driving both accelerated growth and expanding profitability. Revenue growth accelerated for the fourth quarter in a row. This accelerating top line was paired with yet another quarter of improved adjusted EBITDA profit margins. These achievements demonstrate that our marketplace is becoming the essential infrastructure for a predominantly offline and fragmented industry. Driven by our record Q2 results and strong start to Q3, we are raising our revenue and adjusted EBITDA guidance for the full year. Q2 revenue grew 41% year-over-year to $229 million, a 500 basis point sequential acceleration from Q1. Q2 marketplace revenue was $215 million and services revenue was $13.9 million. Q2 marketplace revenue increased 45% year-over-year, a 500 basis points acceleration from Q1, driven by broad-based strength and adoption across the marketplace as we continue to capture significant market share. Q2 active buyers increased 20% year-over-year to 89,557 with a net addition of 3,976 active buyers, the highest number of net adds in 10 quarters. Strong Q2 net additions were driven by our product-led growth strategy, optimization of AI models for market share and efficient marketing, including personalized pricing initiatives. Q2 Marketplace revenue per active buyer increased a robust 21% year-over-year, primarily due to increasing wallet share. We view accounts with at least $50,000 spend as the top of the enterprise funnel. In Q2, the number of accounts with last 12-month spend of at least $50,000 on our platform increased 23% year-over-year to 2,039 with a record 175 quarterly net adds. Enterprise investments continue to show strong returns. Our enterprise strategy focuses on our largest accounts, each of which we believe have $10 million plus in potential annual account revenue. Services revenue was up slightly quarter-over-quarter as we stabilize the core advertising business. We expect services revenue will return to year-over-year growth beginning in Q3. We are focused on improving engagement and monetization on the platform, which remains a leader in industrial sourcing, supplier selection and digital marketing solutions. Q2 gross profit was $87.5 million, an increase of 34% year-over-year. Q2 marketplace gross profit dollars increased a robust 42% year-over-year. Q2 gross margin for marketplace was 34.7%, flat quarter-over-quarter. We are focused on driving marketplace gross profit dollar growth through the combination of top line growth and gross margin expansion. Our AI models are effectively optimizing conversion, buyer growth and market share gains. In Q2, this led to accelerating active buyer net adds, accelerating revenue growth and increased leverage on marketplace advertising, with spend down 220 basis points year-over-year. In fact, over the last year, our marketplace revenue growth has accelerated nearly 20 points to approximately 45%, driven by our optimization efforts. We expect marketplace gross margins to be higher in the second half of the year than the first half of the year, and we expect this trend to continue, expanding further into our target range of 35% to 40%. Our commitment to strong discipline and rigor in capital and resource allocation across all teams while continuing to invest in growth initiatives is reflected in our Q2 operating costs. Total non-GAAP operating expenses for Q2 were $73.2 million, a 19% increase year-over-year, which is less than half the growth rate of our revenue. Q2 operating costs as a percentage of revenue improved 590 basis points year-over-year. In Q2, sales and marketing decreased 320 basis points year-over-year to 13.2% of revenue. This reflects improving enterprise sales execution, efficiency of AI models as well as the strength in martech and personalization capabilities that Sanjeev mentioned earlier. Marketplace advertising spend was a record low 3.4% of marketplace revenue, reflecting our optimization efforts, driving improved marketplace unit economics. In Q2, operations and support decreased 90 basis points year-over-year to 8% of revenue. We are focused on driving increasing automation with AI across operations and support. Q2 adjusted EBITDA was $14.1 million compared with $3.9 million in Q2 2025. Q2 adjusted EBITDA improved $10.2 million year-over-year, driven by strong revenue growth, gross profit and operating efficiencies. Alongside accelerating revenue growth, we delivered expanded adjusted EBITDA margin of 6.2%, a 380 basis point increase compared with 2.4% in Q2 2025. Q2 U.S. segment adjusted EBITDA was $17.4 million, a $10.6 million improvement year-over-year. Q2 U.S. segment adjusted EBITDA margin was 9%, a significant increase compared to 5.1% a year ago, driven by strong gross profit dollar growth and operating expense leverage. Our International segment adjusted EBITDA loss was $3.3 million in Q2 2026 or 9.6% of revenue, a 140 basis point improvement from a loss of 11% in Q2 2025. At the end of the second quarter, cash and cash equivalents and marketable securities were $517 million, including $248 million raised in our follow-on offering completed on June 2 and $50 million from the Siemens investment announced on May 7. Our successful follow-on offering will support key organic growth initiatives and our selective tuck-in M&A strategy. We generated $17 million in operating cash flow in the first half of 2026, driven by strong operating leverage and working capital efficiency. In the second quarter, we invested approximately $13 million in cash CapEx, almost entirely software related, reflecting our technology investments in the platform and accelerating product rollouts. We are focused on improving cash flow conversion given our asset-light model and limited capital spending. Our disciplined execution has led to strong revenue and gross profit growth in our AI native marketplace, coupled with significant operating leverage and increased operating cash flow generation. We are focused on strategically balancing future investment with a relentless pursuit of operating leverage given the vast market opportunity and our low penetration rates. As we rapidly approach a $1 billion run rate this year, we have a clear trajectory for improved adjusted EBITDA margins while sustaining our investment in growth. Now moving on to guidance. We are raising our outlook for 2026, which includes higher revenue and profitability for the full year. For the second half of 2026, we are now expecting revenue growth of approximately 30% year-over-year and incremental adjusted EBITDA of 20%. For the third quarter, we expect revenue in the range of $234 million to $236 million or 30% to 31% growth year-over-year. We expect Q3 marketplace growth to be approximately 33% year-over-year, driven by ongoing momentum from our growth initiatives. We expect Q3 services revenue to be up modestly year-over-year. In Q3, we expect adjusted EBITDA of $16 million to $17 million compared to $6.1 million in Q3 2025. For the full year 2026, we are raising our revenue growth outlook to 33% to 34% from 27% to 28%, driven by approximately 37% marketplace growth. This equates to an approximately 8-point acceleration over full year 2025 growth. For the full year 2026, we expect adjusted EBITDA in the range of $60 million to $62 million. Before we open up to questions, I want to recognize our team. The results we've discussed today reflect their execution, and I'm equally excited for what those results make possible going forward. We have real momentum, a large market in front of us and a team that has demonstrated it can deliver. That combination gives us genuine confidence in what's ahead. With that, operator, can you please open up the call for questions? Operator: [Operator Instructions] Your first question comes from the line of Andrew Boone with Citizens. Andrew Boone: I wanted to ask about demand. It sounds like AI has been a key unlock on the platform. Can you just expand upon that? How do we think about AI in terms of unlocking incremental demand? What specifically is it helping with? And then just as a bigger picture, how do we think about AI and model improvements and that rolling through the model on a go-forward basis? And then secondly, on Siemens, I'd love to hear more broadly just how partner conversations are going outside of Siemens, right? It feels like it's a step function change for functionality for CAD platforms, broadly speaking. What has that done as you guys now look more broadly across the industry? How are those conversations going? Sanjeev Sahni: Thanks for the question, Andrew. This is Sanjeev Sahni. Let me take the questions one after the other. First, as you can see, we are clearly super excited about the phenomenal outcomes our teams delivered, marketplace revenue accelerating to 45% growth and 43% in the first half year-over-year. All of that is broad-based. We see growth happening across categories, across new and existing buyers, conversion rate improvements and just a broad-based increase in adoption of the platform as the go-to place for custom manufacturing. To me, this is all rooted in the product-led growth strategy we've been working on and we've been talking about over the last year. So that product-led strategy is truly bringing together the AI models that actually are no longer independently doing pricing, sourcing and manufacturability. They're all interconnected models that are truly focused on driving the real big outcomes, which is the marketplace revenue, the profitability, the gross profit that is and then the EBITDA. And as they do that, we want to make sure that we are continuing to get new buyers excited about joining the platform. You saw active buyers were up 20%, net adds in the last -- highest net adds in the last 10 quarters. All of that to say that the product-led strategy that we put in place is the real core and the AI models are not just independent models now. They are an ecosystem that's powering the growth that we have. To your second question on Siemens, we are making excellent progress on that collaboration. Like I said even in my prepared remarks, the 2 teams are actually working together through a time line on integration, we are really fundamentally changing the way price for custom parts shows up inside a CAD tool, as we said, so that's actually really net new. The most exciting part is that we are getting continuous approaches by customers who want to be part of the initial group experiencing this new way of working, and in some cases, even wanting to provide feedback so they can actually help shape what gets rolled out. And I think this is really, really exciting because we see the same asks, come to us, not just here in the U.S., but also in EMEA where we have a strong platform as you know. So lots more exciting things to come. We'll share more milestones as we go along, but we expect clearly the Siemens partnership to positively impact our FY '27 results. Operator: Your next question comes from the line of Brian Drab with William Blair. Brian Drab: I'm just going to ask one question for now. Sanjeev, can you just elaborate on what changes you're making in the pricing algorithm? And you've been leveraging the millions and millions of parts and the data associated with them to improve that algorithm for years. Is this a step function change in the algorithm? What -- can you just elaborate on what exactly is changing and what this could do for gross margin in the marketplace longer term? Sanjeev Sahni: Thanks, Brian. I think I'll start by saying first that we expect the marketplace gross margin to expand further into the target range of 35% to 40%, driven by all of these changes that we are making. What you're seeing is actually the proprietary data that we've had for a decade plus of parts that we produce. We are actually more extensively mining that data to find behavior patterns, find conversion rate opportunities and optimizing those models such that every part that gets produced helps make the next quote stronger, which means that the feedback mechanisms on the actual production floor are actually making their way back to when the next part is priced on the site. So we already know if we've got a part that actually was more complicated than anticipated, what should that do to the pricing of the next part, what kind of questions we should be asking the customer. So it's really becoming to me an intelligence engine. And I think the exciting part there then is that how are we taking that intelligence engine and embedding in places like Siemens in the future to truly drive the future of manufacturing. Operator: Your next question comes from the line of Ron Josey with Citi. Ronald Josey: Sanjeev, I wanted to ask a little bit more just about the improving conversion rates you mentioned on active buyers while also delivering that leverage in sales and marketing. Just talk to us about the drivers of the conversion rate improvements, especially as we think about the millions of clients to convert, I think you mentioned. And so just with conversion rates improving, sales and marketing showing leverage and millions to go, I just wanted to hear more about the approach here for sales and marketing. And then on the self-service for injection molding, you just talked about how that also has increased conversion rates. I wanted to hear a little bit more about the potential for other products to go self-service as you continue to integrate those capabilities. Sanjeev Sahni: Thanks, Ron. This is Sanjeev. I'll start off and then have James chime in as well. What really is happening is as we think about the application of technology, I spoke a little bit about what we are doing in the marketing technology front or martech. We're actually using the signals we are getting from the customers' shopping behavior to identify what kinds of sales and marketing interventions should follow. So in the same way, we are connecting the models. We are connecting the signals that the customer give us by amount of time that they spend on the platform, which page do they leave, which page do they actually continue to browse on to then use that to differentially plan our sales follow-ons or sales conversations. And I think that is what is making the change in us being able to really leverage the data we've had. But now with the scale and the strength we have, that's truly becoming a difference maker in being able to know when a customer is likely to convert and actually following a much stronger follow-on rhythm versus a customer who's a casual browser looking at the site and then may not convert and then how do we resource that follow-on in a much more efficient way. James? James Miln: Yes. And thank you, Ron, for noticing on the leverage. I think we're really very happy here with what this is indicating in terms of improving unit economics, which bodes very well for continuing to grow into the large TAM ahead of us. So 4,000 net adds in the quarter. That was, I think, a record in the last 10 quarters, doing that while our AI models are optimizing our gross margin for gross profit for conversion for buyer growth. We also saw accounts above $50,000 at a record as well net adds in the quarter of 175,000. So just as Sanjeev said, the work that we're doing on these AI models gives us a lot of confidence that we'll continue to see gross margin expand further over time into our target range of 35% to 40%, while also being able to support this strong growth on top line into our expanding opportunity. Ronald Josey: And on self-service? Sanjeev Sahni: Ron, what was the question on service? Operator: Excuse me, I already promoted the next questioner. I can go back. Sanjeev Sahni: That would be great. James Miln: Yes, Ron, could you just repeat your second -- just clarify the second question you had. Ronald Josey: Yes. Just if you can hear me, hopefully, you can. Just with more insights on injection molding. I think you launched self-service there more recently. And I wanted just to hear about how that has changed sort of the conversion rate to project and maybe you can collapse the time frames or compress the time frames and also how you think about self-service going forward for other projects? Sanjeev Sahni: Thanks for the question, Ron. The injection molding work that we are doing is truly transformational in the sense that we are not only taking a completely offline process that is a 2-part process, as you know, between the mold and the actual production. We are actually making a ton of progress in making sure the connective tissue between the mold and the actual final production actually set in stone from the beginning. And to that, the increasing adoption in injection molding is actually making a ton of great traction for us. The benefits of linking all of that upfront with the expert advice that I mentioned with the reordering made super easy as one click as it can be, I think that's driving the awareness, and we are seeing that in the adoption numbers already. So lots more to come on that space. We actually are very excited about the tech improvements we've made there. Operator: Your next question comes from the line of Troy Jensen with Cantor Fitzgerald. Troy Jensen: Gentlemen, congrats on great results here. Sanjeev Sahni: Thank you. James Miln: Thank you, Troy. Troy Jensen: Sanjeev, I'd love to maybe start with you. Could you just give us just your thoughts on the M&A focus comment that you had? Curious if it's just kind of like software tuck-ins or if you ever think you would need to own some more equipment? Sanjeev Sahni: Thanks, Troy. I can start. I think maybe there's almost 2 elements to it. One is the tuck-in M&A for us are focused specifically on continuing to drive our moat. As you've seen, we've become more and more focused on driving product-led growth strategy, which means ensuring that we are -- we have access to some of the best technology capabilities in this space, and we continue to drive some of the growth that actually comes from that. So to that, we don't necessarily have a next update to give you. But as you can imagine, both thanks to the Siemens conversation and the point on M&A that we made during the equity raise, phones have been continuously ringing. And so there's conversations around that are ongoing that we'd share as soon as we can. But James, do you have anything? James Miln: Yes. And Troy, I think you know us, we're very disciplined in terms of our capital allocation. We feel that we're in a very strong position now in terms of our performance and in terms of our balance sheet, but one that we'll remain disciplined around. Building on Sanjeev's point, the marketplace model is clearly winning here and being very strong and ways that we can continue to blend that and improve our offerings, improve our geographies, augment technology and talent that can help us on our road map. I think that complements also the approach that we're taking in terms of partnerships as well. Troy Jensen: Perfect. All right, James, maybe just a follow-up for you. I guess, I'm assuming a lot of the profitability leverage is going to come from the international side as that kind of shifts from being a drag on profitability to accretive. So can you just talk us through maybe like investments you're doing there? Are you trying to accelerate that more than the U.S. or maybe timing to a breakeven? Or any help would be great. James Miln: Yes. I'll kick off and I think also Sanjeev, too, in terms of like extending our playbook because I think I'd point first to the fantastic progress we've been demonstrating in the U.S. that we've made a lot of progress on enterprise and then a lot of progress on our product road map and playbook. And in fact, in the last quarter, on a segment basis, our U.S. margin was at -- adjusted EBITDA margin was at 9%. So that's up from 5% a year ago. I think showing great progress towards our longer-term target. On international, we're really pleased with how the marketplace offering is a truly global offering that it works well. The unit economics are similar across the markets we're in, that the strength that we get with being able to source globally and continue to grow that as we've done, we talked about places like India and Turkey, Southeast Asia is also as areas that we're expanding into. And I think that the performance that we're seeing is really encouraging for us in terms of getting to $120 million run rate earlier than we had in the U.S. and we'll continue to build on that momentum. And I think the opportunity for us is to now take more of that playbook on the go-to-market and product side to international. Sanjeev Sahni: And I totally echo James' point. I think you've seen us execute to a product-led playbook here in the U.S. You're seeing the impact of phenomenal revenue growth impact on the adjusted EBITDA. We're going to take the same playbook and do the same kind of a growth trajectory build in Europe. And you'll see that come through the numbers in the quarters and years to come. But clearly, we've perfected that playbook that we want to now take on and execute in enterprise, in product differentiation, in marketing technology, more to come. Operator: Your next question comes from the line of Eric Sheridan with Goldman Sachs. Eric Sheridan: I want to come back on the first one to something you said in the beginning of the prepared remarks that I thought was really interesting. You talked about the rapid growth in new market segments like robotics and autonomous systems and defense platforms opening up pockets of market opportunity. Can you talk to us a little bit about how new verticals and innovation in the broader manufacturing landscape is opening up a wider array of potential customer growth for the medium to long term? Would love to go as far as you can in terms of digging deeper on that topic. And then secondarily, maybe for James, following on the equity offering you did recently, how should investors think about capital allocation and broadly balance sheet flexibility, strategic M&A and making sure you're making all the critical growth investments in the business over the medium, long term in terms of the balance you want to strike there? Sanjeev Sahni: Thanks for the question, Eric. Let me answer actually the first question in 2 parts. One, in terms of the momentum that we are trying to -- we are seeing on the platform. As I mentioned, we've seen really broad-based expansion in new customers and categories that we are getting traction on. So whether it's CNC or additive or sheet or tube, all of those areas, including injection molding, we've seen growth. But to your point, we are also seeing people who are in new areas like robotics and autonomous vehicles just naturally find their way to the online marketplace much more easily. In fact, part of the growth in the active buyer base that I mentioned also talks about the new buyer growth and how we are actually continuing to see that traction. And to your point, a lot of that is coming from the digital native or digitally native individuals in the right roles there that are finding that when they come to Xometry and we deliver like the friendly e-commerce platform they are used to in their personal lives, they stay on and be part of the platform longer term. So actually, in the physical AI space, in robotics and autonomous vehicles, all of those spaces, we are seeing significant traction from new buyers. The other side of the spectrum, and I mentioned in the first priority for us, which is truly becoming the infrastructure for custom manufacturing, we're seeing a real interesting trend there where clearly, everybody is looking to get to a zero-touch manufacturing reality. And I think the intelligence that we have that we can actually insert in other platforms, think Siemens, that opportunity is actually surfacing in multiple other spaces along the manufacturing spectrum from design intent all the way to capacity planning and production. And I think we see ourselves play a key role in that provider of design intelligence or the infrastructure that helps manufacturing go from today's multi-touch environments to a zero touch. So more to follow on that, but that's the other exciting part about new areas and new opportunities that we're seeing. James? James Miln: And Eric, on the question, I think that what you've seen from us really over the last couple of years has been a very deliberate strategy to ensure that we've got the capital structure and balance sheet that the opportunity ahead of us merits. And so we went through -- we refinanced our convertible to give us a lot of flexibility as we continue to grow and show the opportunity ahead here. We were fortunate to be able to do a strong equity raise as well as the investments in Siemens. So we've ended the quarter with $517 million in cash. We also have moved from being a cash burning a couple of years ago to now in the first half of this year, basically neutral. So that puts us now in a really strong position in all operating environments to continue on the strategy and mission and opportunity that Xometry has ahead of it. Our first focus is about building shareholder value. So it's about growing into the $275 billion TAM that we have, that we're less than 1%. We think we've got a huge opportunity ahead. So our focus will remain on sustainable profitable growth, continuing to adjust our profitability and maintaining a strong balance sheet gives us a lot of flexibility in different operating environments as well as the opportunities we're just saying for selective disciplined tuck-in M&A that can help us execute on that strategy. Sanjeev Sahni: And if I can just go in and touch on that M&A. The way we think about M&A opportunities is not adjacency. It's actually, to my point that I made in the prepared remarks about becoming the expansive marketplace for custom parts, which means opportunities in categories that we are already strong in, but we see opportunities to grow further, geographies where we are actually already having a presence, but we can see an additional add there. So it's very much focused on the expansive e-commerce platform that we are building and driving traction to that. Operator: Your next call comes from -- question comes from the line of Matt Swanson with RBC Capital Markets. Matthew Swanson: You've spent the last couple of years showing really strong growth despite having headwinds from PMI and kind of like the overall macro environment. As we're starting to see some of those indicators improve, are there any parts of the business that you're noticing like a notable impact in terms of pickup that maybe you didn't know we're seeing headwinds before, whether it be enterprise, discrete manufacturing or certain like international geos? Shawn Milne: Matt, it's Shawn. I'll take that. I mean, certainly, we talked a lot about the last couple of years, really driving strong enterprise growth, which drove a big lift in our revenue growth rates. And then, Sanjeev, of course, has really driven the product-led growth strategy, which has added a whole another layer to the growth. And what we talked about on the call is these added markets now around physical AI, which are going to drive long-term tailwinds. So a lot of what you're seeing has been driven by the execution of the company. That said, we're now seeing manufacturing, the PMI has turned positive for several months, and we can lean into that. And you saw our active buyers this quarter were near a 10-quarter high. And so we're prepared to continue to gain outsized market share capture. James Miln: Yes. And just to build on that, Matt, I think, yes, Xometry, as we talked about before, I think we feel very much that we are built for this pivotal time in manufacturing. And the choice of a resilient and flexible supply chain, the marketplace offerings and the value of our network and the value of an e-commerce, improving e-commerce experience just continues to raise. And just as Sanjeev talked about in his remarks, it's really just transformational in terms of how buyers, suppliers, the marketplace, these cross currents are all areas that Xometry was built to work in and solve for. Matthew Swanson: That's super helpful. And then I guess just one follow-up question to an earlier question on the Siemens partnership. We talked a little last quarter about how the workflow integrations kind of supercharged this enterprise adoption that you've been working on for a long time. Is there anything from these early, early conversations with customers that is starting to kind of help the way you think of your own R&D process and maybe some different features or use cases that are going to help you develop Xometry's kind of overall enterprise capabilities inside and outside of Siemens in the future? Sanjeev Sahni: That's an excellent question. I would say one of the most interesting outcomes of the Siemens collaboration has been across the world, we are seeing the understanding of what we are trying to do just lift up in most of the enterprise conversations we are having, from being able to explain what custom manufacturing marketplace can do for you as an initial push into a new enterprise. Now we are talking directly about here are the 3 opportunities we have, you can work with us on prototyping, you can work with us on production, you can work with us on special projects and tell us where your data is strongest and how you can actually help us gain insight. I think the nature of that conversation that we have with our enterprise customers is already changing. And to your point, a lot of them are asking the next level of question and saying, "Hey, I'm a design center user already. And so when I start working with Xometry in the box, what would that be? Could the flow actually do X, Y and Z"? So actually, a lot of those inputs are super helpful, as you can imagine, because with the close partnership work that the tech teams are doing, we want all of those inputs to be defining what the outcome looks like. But even on the outset, just being able to have those conversations with the enterprise customers with an acknowledgment of the role we will play long term, that's a welcome change for sure. Operator: Your next question comes from the line of Greg Palm with Craig-Hallum. Jackson Schroeder: This is Jackson Schroeder on for Greg Palm. Just kind of a follow-up first to that PMI question. Is there any effect that's kind of having on the buyers and suppliers on the platform, both like buyers kind of expediting shipping more, seeing elevated traction and suppliers being maybe more or less price sensitive, how much extra capacity it seems like they have? And then also, can you kind of separate what you're seeing internationally versus the U.S.? Does international like PMI ticking up possibly be a bigger benefit and help you get to a point where you're kind of growing that at a rate above the domestic market again to expand that as a percentage of sales? Sanjeev Sahni: Thanks for the question. I will say on the first part around various different tiers, as you know, we don't necessarily disclose that. But I will say when you're growing at 45% year-over-year, really all boats are actually driving in the same direction and at the same pace. So we're actually seeing the true value of a marketplace play out here where customers, depending on their price sensitivity, their urgency can actually choose between I want it in 1 day or 2 days, we in fact launched the ability to ship orders the same day in a couple of categories, which is really, really exciting. So the expedite definition, we are redefining ourselves. But also there are customers, of course, who are very, very price sensitive. And with the continued investments in the sourcing markets like India and Vietnam, we are continuing to take that head on and actually capture all of that share as well. So truly to me, that growth numbers that you see is not concentrating one way or the other, but actually helping us capture both ends of the market very, very well. And then you're absolutely spot on, as growth picks up in EMEA and the conversations around focusing on manufacturing again starts to pick up, we see that same trend happen in Europe, and that's why we are ready with our playbook to drive those conversations. Operator: Your last question comes from the line of Ygal Arounian with Wedbush. Ygal Arounian: I just wanted to -- I guess, a question on the gross margins that were slightly lower year-over-year here in 2Q and then you talked about expectations to improve over the second half. I know you have the AI models driving better pricing over time. Is that what's driving the improvement in -- over the course of the rest of the year? Are there other factors? I just want to understand the components of gross margin through this year? And then on the guidance also for the rest of the year and as we look into next year, is there any Siemens component in the guidance for this year? And how are we thinking about the contributions as we get into next year? Any updates on that at all? Sanjeev Sahni: Thanks for the question. Let me start, and then I'll hand it over to James. I think the continued gross margin expansion into our target range of 35% to 40%, that is indeed driven by our confidence in the AI models and the continuous improvement that we are seeing them drive not just on one metric, but across the board. I mean you saw those models have now helped us improve growth rate from 20 points or so from 20-something last year to 25% this year. But the same thing we expect and we are seeing, in fact, Q3 has started really strong and all of the same indicators, we are seeing them trend really, really well. So we feel very, very positive about making that commitment for the rest of the year. James? James Miln: Yes. Thanks, Sanjeev. And yes, very pleased with the start. In fact, marketplace gross margin over the first half is up about 100 basis points. We've got a long track record here of more data, more suppliers, more orders. And now with the improving AI models working across the whole marketplace, I think as Sanjeev said, gives us good confidence in continuing to progress in that 35% to 40% range over time. In terms of -- on the guidance you're asking about Siemens, I think there is some slightly more product-related costs within our second half guidance. It's embedded in there. And so that -- in terms of the work that the teams are doing as we build for operating impact in '27. Operator: This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Xometry. The Motley Fool has a disclosure policy. Xometry (XMTR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Xometry, Inc.? Here are five stocks we like better. Record Q2 performance: Revenue rose 41% year over year to $229 million, while marketplace revenue increased 45% to $215 million. Adjusted EBITDA climbed to $14.1 million from $3.9 million, with active buyers up 20% to nearly 90,000. Growth supported by technology and customer expansion: Xometry improved its AI-driven quoting, sourcing and process-recommendation tools, expanded its supplier network beyond 5,000 providers, and saw strong growth among larger customers. Outlook raised: The company now expects full-year revenue growth of 33% to 34% and adjusted EBITDA of $60 million to $62 million. It forecasts third-quarter revenue of $234 million to $236 million and adjusted EBITDA of $16 million to $17 million. A Hidden Winner in Manufacturing and Energy Set for a Breakout Xometry (NASDAQ:XMTR) reported record second-quarter results as marketplace revenue growth accelerated and adjusted EBITDA increased, prompting the company to raise its full-year revenue and profitability outlook. Revenue for the second quarter of 2026 rose 41% year over year to $229 million. Marketplace revenue increased 45% to $215 million, while services revenue totaled $13.9 million. Chief Executive Officer Sanjeev Singh Sahni said the results reflected broad-based demand across verticals, improved conversion rates, adoption by new buyers and increased spending from existing customers. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “Q2 was a record quarter for Xometry across many fronts, including revenue, gross profit, and adjusted EBITDA,” Sahni said. He added that the company’s marketplace revenue growth had accelerated for four consecutive quarters. Gross profit increased 34% from a year earlier to $87.5 million. Marketplace gross profit dollars rose 42%, while marketplace gross margin was 34.7%, flat sequentially. Chief Financial Officer James Miln said Xometry expects marketplace gross margins to be higher in the second half than in the first half and to continue moving toward its 35% to 40% target range. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? Adjusted EBITDA reached $14.1 million, compared with $3.9 million in the prior-year quarter. The resulting adjusted EBITDA margin was 6.2%, up 380 basis points from 2.4% a year earlier. Non-GAAP operating expenses rose 19% year over year to $73.2 million, less than half of the company’s revenue growth rate. Operating costs as a percentage of revenue improved by 590 basis points. Sales and marketing expense declined 320 basis points as a percentage of revenue to 13.2%, while marketplace advertising spending fell to a record low of 3.4% of marketplace revenue. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Active buyers grew 20% year over year to 89,557, including 3,976 net additions during the quarter, the highest quarterly net-add figure in 10 quarters. Marketplace revenue per active buyer increased 21%, which Miln attributed primarily to expanding wallet share. The number of accounts spending at least $50,000 over the prior 12 months increased 23% to 2,039, with a record 175 quarterly net additions. Sahni said revenue from larger customers increased more than 40% during the quarter. Xometry ended 2025 with four accounts spending at least $10 million annually and expects additional accounts to reach that threshold in 2026, according to management. Sahni said Xometry made upgrades to its AI models for costing, sourcing and process recommendations during the quarter. The company introduced a new cost-prediction model that uses inputs including geometry, material, finish and whether a part is part of a larger job. Xometry said the model improved CNC cost-prediction accuracy by approximately 15%. The company also launched an adaptive sourcing model designed to dynamically price jobs for suppliers. The model incorporates supplier machine capabilities, quality and on-time shipping history. An upgraded process recommender uses a part’s industry application, material and geometry to suggest manufacturing processes and requirements. Sahni said buyers accept those recommendations more than 85% of the time, with the largest gains among first-time customers. Xometry’s supplier network included more than 5,000 active suppliers across 50 countries at quarter-end. The company added capacity in India and Vietnam and continued domestic expansion, while also adding suppliers with advanced capabilities and certifications. In injection molding, Xometry added auto-quotable materials, made design-for-manufacturability consultations schedulable through the platform and launched one-click reordering. The reordering feature carries forward prior configurations, specifications and files and routes orders to the supplier holding the original tool. Management said it continued to make progress on its collaboration with Siemens, which is intended to bring Xometry’s manufacturability and pricing capabilities into Siemens Design Center. Sahni described the integration as a way to connect design intent with physical production and said Xometry expects the Siemens partnership to positively affect 2027 operating results. The company also cited collaboration between Siemens Supplyframe and Thomas, Xometry’s industrial sourcing and marketing-services business. Thomas has a network of more than 500,000 suppliers in North America, according to Sahni. Services revenue increased slightly from the first quarter as Xometry stabilized its core advertising business. Management said it completed a transition to a new advertising platform and redesigned the Thomas search experience. The company expects services revenue to return to year-over-year growth beginning in the third quarter and for the second half of 2026. Xometry ended the second quarter with $517 million in cash, cash equivalents and marketable securities. That total included $248 million raised in a follow-on offering completed June 2 and a $50 million investment from Siemens announced May 7. The company generated $17 million in operating cash flow during the first half and invested approximately $13 million in cash capital expenditures in the second quarter, almost entirely for software-related investments. Miln said Xometry would use its balance sheet to support organic growth initiatives and selective tuck-in acquisitions, while maintaining capital-allocation discipline. Third-quarter revenue outlook: $234 million to $236 million, representing 30% to 31% year-over-year growth. Third-quarter marketplace revenue growth outlook: Approximately 33% year over year. Third-quarter adjusted EBITDA outlook: $16 million to $17 million, compared with $6.1 million in the prior-year quarter. Full-year revenue growth outlook: 33% to 34%, raised from 27% to 28% previously. Full-year marketplace revenue growth outlook: Approximately 37%. Full-year adjusted EBITDA outlook: $60 million to $62 million. Miln said the updated guidance reflects the second-quarter performance and what management described as a strong start to the third quarter. The company expects approximately 30% revenue growth in the second half of 2026 and incremental adjusted EBITDA of 20%. Xometry, Inc (NASDAQ: XMTR) operates a technology-driven marketplace that connects businesses with on-demand manufacturing capacity across a wide array of processes. Through its proprietary Instant Quoting Engine and Xometry Platform, the company streamlines sourcing for CNC machining, 3D printing, sheet metal fabrication, injection molding, urethane casting and other custom manufacturing services. By aggregating a network of thousands of vetted suppliers, Xometry offers rapid lead times, transparent pricing and real-time order tracking to customers in sectors ranging from automotive and aerospace to medical devices and industrial equipment. Since its founding in 2013 and headquarters in Rockville, Maryland, Xometry has expanded its geographic reach to serve customers in North America, Europe and beyond. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Xometry Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Q2 revenue increased 41% year-over-year to a record $229 million, driven by robust marketplace growth. Q2 marketplace revenue growth accelerated to 45% year-over-year, driven by expanding networks of buyers and suppliers and increasing wallet share. Q2 gross profit increased 34% year-over-year to a record $87.2 million, driven by strong marketplace growth. Q2 Adjusted EBITDA improved $10.2 million year-over-year to Adjusted EBITDA of $14.1 million, driven by strong marketplace gross profit growth and significant operating expense leverage. Strong operating results were driven by consistent execution across growth initiatives: establishing Xometry as the infrastructure for custom manufacturing, improving our AI-native marketplace experiences, expanding buyer and supplier networks, deepening enterprise engagement and leveraging services opportunities. NORTH BETHESDA, Md., Aug. 04, 2026 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ: XMTR), the global AI-native marketplace connecting buyers and suppliers of custom manufacturing, today announced its financial results for the second quarter ended June 30, 2026. “Our product-led growth strategy drove record results in the second quarter, accelerating marketplace growth to 45% year-over-year. We further improved our proprietary AI models and marketplace experience, driving strong buyer growth and increasing wallet share in larger accounts,” said Sanjeev Singh Sahni, CEO at Xometry. “We continue to strengthen Xometry’s position as the infrastructure for custom manufacturing. This foundation is enabling us to rapidly penetrate the vast, fragmented offline market and accelerate our market share gains.” “Revenue growth accelerated for the fourth quarter in a row in Q2. This accelerating top line was paired with yet another quarter of improved adjusted EBITDA profit margins, up 380 points year-over-year to 6.2%,” said James Miln, CFO at Xometry. “Our successful equity offering in June further strengthened our balance sheet, ending Q2 with $517 million in cash and cash equivalents.” Second Quarter 2026 Financial Highlights Total revenue for the second quarter of 2026 was $229 million, an increase of 41% year-over-year. Marketplace revenue for the second quarter of 2026 was $215 million, an increase of 45% year-over-year. Marketplace Active Buyers increased 20% from 74,777 as of June 30, 2025 to 89,557 as of June 30, 2026. Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 23% from 1,653 as of June 30, 2025 to 2,039 as of June 30, 2026. Services revenue for the second quarter of 2026 was $13.9 million, up slightly quarter-over-quarter. Net loss attributable to common stockholders for the second quarter of 2026 was $5.3 million. Adjusted EBITDA for the second quarter of 2026 was $14.1 million, reflecting an improvement of $10.2 million year-over-year. Non-GAAP net income for the second quarter of 2026 was $9.9 million, as compared to a Non-GAAP net income of $1.1 million in the second quarter of 2025. Cash, cash equivalents and marketable securities were $517 million as of June 30, 2026, an increase of $293 million from March 31, 2026, driven by $248 million in net proceeds from the offering of our Class A common stock and $50.0 million of proceeds from our private placement with Siemens. Second Quarter 2026 Business Highlights: Xometry launched an upgraded context-aware AI process recommender. Buyers get a manufacturing recommendation when they upload a part, providing them with the optimal process from among 20 supported manufacturing techniques. Xometry introduced a new generation of cost-prediction models that price each part based on the specific parameters required to manufacture it. The models consider greater breadth and depth of inputs, including geometry, material, finish, and whether the part is a standalone part or one of several in a job. Xometry launched new adaptive sourcing models that leverage a proprietary supplier data layer to price each job dynamically, moving quickly on well-understood jobs. The new models also incorporate an upgraded job-partner suitability that scores every job against a supplier partner's machine characteristics, quality history and on-time shipping record. Xometry bolstered its U.S. injection molding capabilities, delivering enhanced accuracy and speed. Its process-recommendation intelligence automatically routes suitable parts, ensuring customers are guided to the right process every time. Additionally, Xometry offers dedicated manufacturing experts to schedule Design for Manufacturability (DFM) consultations on the platform. Xometry also launched self-serve reordering for injection molded parts to make reordering simple and seamless. Xometry completed an equity follow-on offering, raising $248 million of net proceeds. The successful offering will support Xometry’s key organic growth initiatives and selective tuck-in M&A strategy. Xometry launched the Xometry Foundation, an initiative dedicated to supporting STEM and manufacturing training programs that expand opportunity through education, community investment, and workforce development. The Foundation marks the next chapter of Xometry’s philanthropic journey, evolving its pledge to contribute 1% of company equity toward scholarships into a high-impact initiative with national and regional partnerships. (1) These non-GAAP financial measures, and the 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): (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 June 30, 2026 and 2025, and Percentage of Revenue from Existing Accounts is presented for the quarters ended June 30, 2026 and 2025. Financial Guidance and Outlook: For Q3 2026, we expect revenue of $234-$236 million, representing 30-31% growth year-over-year driven by approximately 33% marketplace growth. For Q3 2026, we expect Adjusted EBITDA of $16-$17 million, an improvement from Adjusted EBITDA of $6.1 million in Q3 2025. For Full Year 2026, we are raising our revenue growth outlook from previous guidance of 27-28% to 33-34% driven by approximately 37% marketplace growth. For Full Year 2026, we expect Adjusted EBITDA of $60-$62 million, an improvement from an Adjusted EBITDA of $18.5 million in Full Year 2025. Xometry’s third quarter and full year 2026 financial outlook is based on a number of assumptions that are subject to change and may be outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results. Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest and dividend income, (provision) benefit for income taxes, charitable contributions of common stock and impairment of assets. Xometry expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results. Use of Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP Earnings Per Share, basic and diluted, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance. The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure. Change in Non-GAAP Financial Measure Effective January 1, 2026, we revised our definition of Non-GAAP Net Income (Loss) to exclude depreciation expense which had previously been included as an adjustment. Management believes this revised definition provides a more representative view of our core operating performance. All prior-period amounts have been recast to conform to this new definition. Key Terms for our Key Metrics and Non-GAAP Financial Measures Marketplace revenue: includes the sale of parts and assemblies on our platform. Services revenue: includes the sales of marketing and advertising services and, to a lesser extent, financial service products and SaaS-based solutions. Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months. Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or tools and materials. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product. Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace. Accounts with Last Twelve-Month Spend of at Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of at Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, provision for (benefit from) income taxes, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from unconsolidated joint venture, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance. Non-GAAP net income (loss): The Company defines non-GAAP net income (loss) as net loss adjusted for stock-based compensation, payroll tax expense related to stock-based compensation, amortization of lease intangible, amortization of deferred costs on convertible notes, charitable contributions of common stock, lease termination, restructuring charges, loss on debt extinguishment, amortization of acquired intangible assets & patents, other amortization and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance. Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net income (loss) divided by the weighted average number of basic or dilutive shares of common stock outstanding. Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS, basic and diluted, provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions. About XometryXometry’s (NASDAQ: XMTR) AI-native marketplace, popular Thomasnet® industrial sourcing platform and suite of cloud-based services are rapidly digitizing the manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their businesses and streamlines the procurement process for buyers through real-time pricing and lead time data. Learn more at xometry.com and xometry.eu. Conference Call and Webcast InformationThe Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on August 4, 2026. In addition to its press release announcing its second quarter 2026 financial results, Xometry will release an earnings presentation, which will be available on its investor website at investors.xometry.com. Xometry, Inc. Second Quarter 2026 Earnings Presentation and Conference Call Tuesday, August 4, 2026 8:30 a.m. Eastern / 5:30 a.m. Pacific To access the webcast use the following link: https://register-conf.media-server.com/register You may also visit the Xometry Investor Relations Homepage at investors.xometry.com to listen to a live webcast of the call Cautionary Information Regarding Forward-Looking StatementsThis 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 third quarter of 2026 and the full year 2026; our expectations regarding our growth; and statements regarding our strategies, initiatives, products and platform capabilities. 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 fluctuations in inflation 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 year ended December 31, 2025, 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. (1) Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.(2) Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.(3) Includes adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance. (4) Costs associated with the 2025 reduction in workforce.(5) In the first quarter of 2026, we changed the definition of Non-GAAP Net Income (Loss) to exclude depreciation expense. Prior period amounts were recast to conform to the new definition.

This article first appeared on GuruFocus. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Q2 2026 revenue grew 41% year-over-year to a record $229 million, with marketplace revenue accelerating to 45% growth. Adjusted EBITDA improved significantly to $14.1 million, up from $3.9 million in Q2 2025, with margin expansion to 6.2%. Active buyers increased 20% year-over-year to over 89,000, with the highest net adds in 10 quarters. AI model upgrades improved CNC cost prediction accuracy by 15% and process recommendations are accepted over 85% of the time. Raised full-year 2026 revenue growth outlook to 33%-34% and adjusted EBITDA to $60-$62 million, reflecting strong momentum. Services revenue declined year-over-year in Q2, though expected to return to growth in Q3. International segment still reports an adjusted EBITDA loss of $3.3 million, though improving. Marketplace gross margin was flat quarter-over-quarter at 34.7%, below the target range of 35%-40%. Operating expenses increased 19% year-over-year, though at a slower pace than revenue. Siemens partnership is not expected to positively impact operating results until 2027, with some product-related costs embedded in 2026 guidance. Warning! GuruFocus has detected 6 Warning Signs with APO. Is XMTR fairly valued? Test your thesis with our free DCF calculator. Q: Can you expand on how AI is unlocking incremental demand and driving model improvements? Also, how are partner conversations going outside of Siemens? A: Sanjeev Sani (CEO): The 45% marketplace revenue growth is broad-based, driven by interconnected AI models that optimize pricing, sourcing, and manufacturability as an ecosystem rather than independent functions. This has led to a 20% increase in active buyers and the highest net adds in 10 quarters. Regarding Siemens, we are making excellent progress on the integration, and we are receiving continuous inbound interest from customers who want to be part of the initial rollout. We expect the Siemens partnership to positively impact our 2027 operating results. Q: Can you elaborate on the changes to the pricing algorithm and what this could do for gross margin in the marketplace longer-term? A: Sanjeev Sani (CEO): We are more extensively mining our decade-plus of proprietary data to find behavior patterns and conversion opportunities. The feedback mechanisms from the production floor now inform how the next part is priced, creating an intelligence engine. We expect marketplace gross margins to expand further into our target range of 35% to 40% driven by these changes. Q: What are the drivers of the improving conversion rates and the leverage in sales and marketing? Also, how does self-service for injection molding impact conversion, and what is the potential for other products to go self-service? A: Sanjeev Sani (CEO) & James Milne (CFO): We are using customer shopping behavior signals to plan sales interventions more efficiently, which is driving conversion improvements. James Milne added that we achieved a record 3,976 net active buyer adds and a record 175 net adds for accounts with $50,000+ spend. For injection molding, we are making the process more seamless by linking the mold and production phases, with one-click reordering and expert consultations, which is driving strong traction and adoption. Q: What is the focus for M&A, and could you ever need to acquire equipment? A: Sanjeev Sani (CEO) & James Milne (CFO): M&A is focused on driving our moat and product-led growth strategy, specifically on technology capabilities. We are disciplined in capital allocation and are in a strong position with our balance sheet. We are looking at ways to improve offerings, geography, and augment technology and talent that complement our roadmap and partnerships. Q: Is most of the profitability leverage coming from the international side, and what are the investments there? What is the timing to breakeven? A: James Milne (CFO) & Sanjeev Sani (CEO): The US segment is showing great progress with a 9% adjusted EBITDA margin, up from 5% a year ago. For international, the unit economics are similar across markets, and we are expanding into places like India, Turkey, and Southeast Asia. We are encouraged by the performance and believe we can get to the $120 million run rate earlier than we did in the US by applying the same product-led playbook. Q: How are new verticals like robotics, autonomous systems, and defense platforms opening up customer growth? Also, how should investors think about capital allocation and balance sheet flexibility? A: Sanjeev Sani (CEO) & James Milne (CFO): We are seeing significant traction from new buyers in physical AI, robotics, and autonomous vehicles, as digitally native individuals find the platform's e-commerce experience appealing. We also see ourselves as a key provider of design intelligence for zero-touch manufacturing. James Milne added that with $517 million in cash and a neutral cash flow position, we are in a strong position to invest in the $275 billion TAM and pursue selective, disciplined M&A. Q: With PMI indicators improving, are there any parts of the business seeing a notable pickup? A: Sean Milne (VP of IR) & James Milne (CFO): The growth has been driven by execution, but with PMIs turning positive for several months, we can lean into that. We saw active buyers near a 10-quarter high, and we are prepared to continue gaining outsized market share. The marketplace is built for this pivotal time in manufacturing, offering resilient and flexible supply chain solutions. Q: Is the PMI improvement affecting buyer and supplier behavior, and how are you seeing international growth versus the US? A: Sanjeev Sani (CEO): At 45% year-over-year growth, all boats are driving in the same direction. We are capturing both ends of the market, from expedited same-day shipping to price-sensitive customers using our sourcing markets in India and Vietnam. As growth picks up in EMEA, we are ready with our playbook to drive those conversations and see the same trends happen in Europe. Q: What is driving the expected gross margin improvement in the second half of the year, and is there any Siemens component in the guidance? A: Sanjeev Sani (CEO) & James Milne (CFO): The continued gross margin expansion into the 35% to 40% target range is driven by confidence in our AI models and continuous improvements. Marketplace gross margin is up about 100 basis points in the first half. Regarding Siemens, there is some product-related cost embedded in the second-half guidance as we prepare for the operating impact in 2027. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Xometry (XMTR) came out with quarterly earnings of $0.16 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +33.33%. A quarter ago, it was expected that this marketplace for on-demand manufacturing would post earnings of $0.07 per share when it actually produced earnings of $0.12, delivering a surprise of +71.43%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Xometry, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $229.28 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.38%. This compares to year-ago revenues of $162.55 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Xometry shares have added about 46.3% since the beginning of the year versus the S&P 500's gain of 11%. While Xometry has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Xometry was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $222.99 million in revenues for the coming quarter and $0.74 on $877.85 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - General Industrial is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. DNOW (DNOW), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This energy and industrial distribution company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -70.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. DNOW's revenues are expected to be $1.26 billion, up 101.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Xometry, Inc. (XMTR) : Free Stock Analysis Report DNOW Inc. (DNOW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a fourth consecutive quarter of accelerating revenue growth, driven by a product-led strategy that transitions the marketplace from independent tools to an interconnected AI ecosystem. Leveraged a decade of proprietary data to improve CNC cost prediction accuracy by approximately 15%, enhancing buyer trust and conversion rates. Shifted toward becoming the 'infrastructure layer' for manufacturing by embedding Xometry's intelligence natively into third-party platforms like the Siemens Design Center. Capitalized on the 'physical AI' trend, specifically targeting high-growth sectors like robotics, autonomous systems, and defense that require rapid, on-demand hardware production. Optimized marketplace unit economics by reducing advertising spend as a percentage of revenue to a record low of 3.4% through improved marketing technology and personalization. Deepened enterprise penetration with a record 175 net new accounts spending over $50,000, focusing on multi-year production programs rather than just prototyping. Raised full-year 2026 revenue growth guidance to 33%-34%, assuming continued momentum in marketplace adoption and a return to growth for services in the second half. Expects marketplace gross margins to expand further into the 35% to 40% target range as AI models increasingly optimize for both conversion and profitability. Anticipates the Siemens partnership will begin to materially impact operating results in fiscal year 2027 as deep technical integrations are finalized. Projects continued operating leverage with a target of 20% incremental adjusted EBITDA for the second half of 2026. Focusing on international expansion by applying the proven U.S. product-led playbook to European and emerging markets like India and Vietnam. Ended Q2 with $517 million in cash and equivalents, bolstered by a $248 million follow-on offering and a $50 million strategic investment from Siemens. Transitioned to a new ad platform and redesigned search experience for the Thomas platform to stabilize and eventually grow services revenue. Launched a new adaptive sourcing model that uses partner suitability scores to match jobs with specific supplier machine capabilities and quality history. Introduced self-service one-click reordering for injection molding to remove friction and convert one-time orders into recurring production habits. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that AI models are no longer independent but are an interconnected ecosystem driving pricing, sourcing, and manufacturability simultaneously. The strategy has led to the highest net buyer additions in 10 quarters by identifying shopping behaviors and timing sales interventions more effectively. Management emphasized a disciplined approach to 'tuck-in' M&A, focusing on technology, talent, and geographic expansion rather than acquiring physical equipment. The goal is to remain asset-light while using the strengthened balance sheet to support organic growth and selective acquisitions that enhance the marketplace moat. The partnership has elevated the brand, shifting enterprise discussions from simple marketplace explanations to deep technical integrations of 'design intelligence'. Customers are increasingly asking for 'zero-touch' manufacturing workflows where pricing and manufacturability are embedded directly within their CAD tools.

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Xometry (XMTR), which belongs to the Zacks Manufacturing - General Industrial industry, could be a great candidate to consider. This marketplace for on-demand manufacturing has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 52.38%. For the most recent quarter, Xometry was expected to post earnings of $0.07 per share, but it reported $0.12 per share instead, representing a surprise of 71.43%. For the previous quarter, the consensus estimate was $0.12 per share, while it actually produced $0.16 per share, a surprise of 33.33%. Thanks in part to this history, there has been a favorable change in earnings estimates for Xometry lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Xometry has an Earnings ESP of +66.67% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on August 4, 2026. Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric. Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate. Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Xometry, Inc. (XMTR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research