Xometry is a public B2B marketplace company and as such is a bellwether for how B2B marketplaces as a category are performing. And based on Xometry’s performance in the second quarter, the takeaway for the B2B marketplace market is “not bad.” Xometry is an online marketplace that thousands of manufacturers use to buy and sell services.

Xometry revenue in its fiscal second quarter

For the second quarter ended June 30, Xometry grew revenue to $96.5 million. That’s up 89% from $50.8 million in the second quarter of 2021. Net loss was $16.6 million versus $12.3 million in the prior year.

“We had a strong Q2, with revenues of $95.6 million, driven by accelerated marketplace growth and expanding supplier services with the addition of Thomas,” CEO Randy Altschuler told analysts on the company’s recent earnings call.

Xometry operates a technology platform that uses artificial intelligence to match orders for manufacturing services with the producers in its network. At the end of the second quarter, it had 33,491 active buyers on its platform. That’s up 40% from 23,942 active buyers in the second quarter of 2021.

Xometry Q2 marketplace revenue was $75.6 million, growing over 55% year-over-year and 17% quarter-over-quarter, Altschuler said.

“Marketplace revenue consists entirely of the historical Xometry business, excluding Xometry supplies and financial services,” Altschuler said. “Marketplace revenue growth was driven by continued strong growth in active buyers and the rapid adoption of the platform by larger accounts across both North America and Europe.”

Xometry revenue in the first half of 2022

For the six months ended June 30, Xometry posted revenue of $179.8 million. That’s a 90% increase from $94.5 million in the first two quarters of 2021. Net loss for the first two quarters was $36.6 million. That compares with a net loss of $22.8 million in the first two quarters of 2021.

“We saw strength across multiple verticals, including automotive, electronics and semiconductors, robotics and automation as well as ongoing strength in general manufacturing,” Altschuler told analysts. “The number of accounts with last 12-month spend of at least $50,000 increased 76% year-over-year to 894, adding a record 104 accounts in Q2.”

For the third quarter, Xometry expects revenue to range from $102 million to $104 million and from $395 million to $400 million for the full year. “We have limitless opportunities to fuel our growth,” he said. “This year, we’ll see us expand our marketplaces domestically and abroad and deliver additional services to buyers and suppliers.”

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