Xometry, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $545.5 million, an 18% increase from $463.4 million in 2023. The growth was primarily driven by a 23% rise in marketplace revenue, which amounted to $485.9 million, attributed to increased buyer activity on the platform. However, revenue from supplier services decreased by 13% to $59.6 million, largely due to the company's exit from the tools and materials business and a decline in non-core services from Thomas, which Xometry acquired in 2021.
Despite the revenue growth, Xometry reported a net loss of $50.4 million for 2024, an improvement from the $67.5 million loss in the previous year. The company’s Adjusted EBITDA loss also narrowed to $9.7 million, compared to a loss of $27.5 million in 2023, indicating improved operational efficiencies as the company scales. The gross profit increased to $215.6 million, with a gross margin of 39.5%, up from 38.5% in 2023, reflecting better pricing efficiency and an expanding supplier network.
Operationally, Xometry's active buyer base grew by 23% to 68,267, while the number of active suppliers increased by 28% to 4,375. The company continues to focus on expanding its international presence, having launched operations in several new markets, including Turkey and the UK, and now supports 18 languages on its platform. However, the number of active paying suppliers decreased by 9% to 6,582, primarily due to the exit from the tools and materials business.
Strategically, Xometry has made significant investments in technology and product development, including enhancements to its AI-driven pricing and order management systems. The company also undertook restructuring actions in late 2022 and 2023, resulting in a workforce reduction of approximately 10% to better align its resources with business objectives. Looking ahead, Xometry aims to continue its growth trajectory by attracting new buyers and suppliers, expanding its service offerings, and enhancing its technological capabilities, while navigating potential macroeconomic challenges that could impact consumer spending and overall market conditions.
About Xometry, Inc.
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