Xometry Inc., which operates a B2B marketplace for manufacturing services, grew several key financial metrics in the first quarter.
For the quarter ended March 31, Xometry posted total revenue of $105.3 million, up 26% from $83.67 million in the same period last year. Revenue for the company’s manufacturing services marketplace grew by 35% to $86.68 million from $64.14 million in the first quarter of 2022, as the number of active buyers grew 46% to 44,716 buyers and the number of suppliers increased 11% to 7,621 sellers.
In addition, the company narrowed its net loss in the first quarter to $18.34 million, compared with $20.12 million in the year-earlier quarter.
“The continuing shift to digital is inevitable, and as the leading two-sided marketplace, Xometry’s asset-light digital marketplace creates efficiencies and value for buyers and suppliers alike,” CEO Randy Altschuler told analysts. “Artificial intelligence is at the heart of Xometry, generating prices for buyers and suppliers across a range of on-demand manufacturing processes.”
Xometry continues to build out its marketplace services and inventory, he said.
“In Q1, we added more than three dozen materials and finishes, including galvanized steel, stainless steel, and custom CNC materials,” Altschuler told analysts. “Additionally, we launched instant quotes for parts with multiple finishes. We also launched a new quick-turn injection molding service for quotes in as fast as two hours and parts in as little as five business days.
“For U.S. buyers, we introduced a new domestic economy shipping option, which offers lower pricing and longer lead times than the standard shipping option, but with higher pricing than our traditional offshore economy option. We are pleased with the adoption of the domestic economy.”
Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week, covering technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, vice president of B2B and Market Research Development, at [email protected] and follow him on Twitter @markbrohan.
Follow us on LinkedIn and be the first to know when new Digital Commerce 360 B2B News content is published.Favorite