Xometry Inc. ended its first year as a public company with revenue up more than 54%. Xometry is an online marketplace where more than 40,000 buyers purchase manufacturing services from an international network of more than 5,000 manufacturers and machine shops. Some of its buyers include companies like automaker BMW and pharmaceutical manufacturer Moderna.
For the year ended Dec. 31, Xometry posted total revenue of $218.3 million. That’s up 54.4% from 2020 revenue of $141.4 million. Net loss in 2021 was $61.4 million vs. $31.1 million in 2020.
“With our cloud-based software platform, we aim to be the operating system for hundreds of thousands of sellers,” CEO Randy Altschuler told analysts on the company’s recent year-end earnings call. “Global events over the last two years have crippled supply chains, spurred product shortages, and limited access to raw materials, underscoring the need for rapid digital transformation of the manufacturing industry.”
As the CEO of a rapidly growing B2B marketplace company, Altschuler knows the strategic importance of digital commerce as a game changer for how companies can change with the times and prosper in the age of the digital-first business customer. He will share his insights in a keynote address at Digital Commerce 360’s upcoming EnvisionB2B Conference & Exhibition, premiering this June 8-10 in Chicago.
In December, Xometry — which raised more than $300 million in an initial public offering of stock in July — acquired the B2B marketplace company Thomas, which operates Thomasnet.com with more than 1.3 million registered users. Thomas’ client base includes such organizations as manufacturers General Electric Co., Johnson & Johnson, Lockheed Martin, and Eaton Corp.; distributor W.W. Grainger Inc.; the National Aeronautics and Space Administration; and the U.S. departments of defense, transportation, and homeland security. Thomasnet hosts more than 500,000 commercial and industrial sellers.
Total revenue for the fourth quarter was $67.1 million. That’s an increase of 77% year-over-year from revenue of $38.0 million in Q4 2020. Excluding Thomas, Xometry Q4 revenue grew 66% year-over-year to $63.0 million in 2021 from $38.0 million in 2020. Thomas revenue from the date of acquisition was $4.1 million, the company says.
Net loss in Q4 was $23.9 million vs. $9.8 million in the prior year. The number of active buyers increased 49% from 18,846 in 2020 to 28,130 (excluding Thomas) in 2021.
Accounts with the last 12 months spend of at least $50,000 increased 80%. That’s up to 701 accounts last year from 389 in 2020. The percentage of revenue from existing accounts was 95%, the company says.
“Our two-sided marketplace has performed exceptionally well through the manufacturing volatility of the past two years, including COVID, ongoing supply chain disruptions, and the current tragedy in Ukraine,” he told analysts. “Our ability to match buyers and suppliers in real time and our weekly updates to our artificial intelligence (AI)-driven pricing model provides reliable pricing and predictable margins, even during periods of volatile commodity prices.”
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