Xometry Inc. posted record Q1 revenue as more businesses turned to its artificial intelligence (AI)-driven marketplace to source custom parts and production services.
The North Bethesda, Maryland-based company connects buyers with a supplier network for CNC machining, 3D printing, injection molding and other manufacturing services. Its AI-powered quoting engine helps customers get pricing, lead times and manufacturability feedback as they move orders through fulfillment.
For its fiscal Q1 ended March 31, Xometry reported $205.1 million in revenue, up 36% year over year. Revenue from the Xometry core marketplace grew faster, rising 40% to $191.3 million, which the company attributed to expanding buyer and supplier networks and higher spending from existing customers.
That growth comes as Xometry is trying to put its marketplace technology in front of more industrial buyers. Alongside the earnings report, the company announced a new partnership with Siemens. The deal will embed Xometry’s manufacturability, pricing, sourcing and lifecycle tools natively into Siemens Xcelerator, the company’s industrial software platform.
Siemens partnership gives Xometry access to more industrial software users
“Through this embedded experience, engineers will receive real-time feedback on design feasibility, manufacturing options, pricing and lead times directly within their existing design workflow,” Xometry CEO Randy Altschuler explained on the company’s earnings call. “They can also seamlessly place and track orders through to delivery.”
The result is “a continuous digital thread from design decision to delivered part,” he said.
For Xometry, the deal puts its marketplace tools inside software that engineers already use to design and manage products. Instead of waiting for buyers to come to its marketplace, Xometry could reach them earlier, he said, while they are still deciding how a part should be made and what it might cost.
Altschuler noted that Siemens’ design and product lifecycle management tools are used by millions of engineers worldwide, far more than Xometry’s roughly 85,500 active marketplace buyers. He said that gives Xometry a chance to reach more engineers across industries and geographies.
The deal also includes a sourcing component. Xometry plans to connect Thomas, its North American industrial sourcing network, with Siemens Supplyframe, so Siemens customers can source electronic and mechanical components needed for a full bill of materials.
Siemens is also investing about $50 million in Xometry through newly issued Class A common stock. The company described the investment as a bet on “AI-powered execution intelligence” becoming a bigger part of industrial software.
Xometry upgrades AI models for pricing and lead times
The earnings report also comes ahead of a leadership change. Xometry said in February that Altschuler will transition to executive chair on July 1. Sanjeev Singh Sahni, Xometry’s president, will succeed him as CEO and join the board.
On the earnings call, Sahni pointed to several AI updates that Xometry made during the quarter.
One update focused on lead times. Xometry launched a new enterprise machining lead-time model for its Instant Quoting Engine, which the company said improves prediction accuracy for custom-manufactured parts.
“Our updated model leverages a training data set four times larger than its predecessor and now integrates critical factors like specialized certifications, new materials and advanced finishing options,” Sahni said.
Pricing was another focus. Xometry said it updated the dynamic pricing logic in its quoting engine, using a conversion-rate model that analyzes part geometry, quote configurations and customer-specific historical data to tailor pricing for each quote and part.
Other upgrades focused on the customer experience. Xometry added a “name your part” feature to help customers match Xometry parts with their internal naming conventions, which could simplify reordering, Sahni said. In injection molding, the company added six materials and three finishes in the U.S., he said.
Sahni also pointed to Xometry’s supplier network, which now spans about 5,000 suppliers globally. The company is adding more suppliers with specialized certifications as demand from more complex industries grows. In 2025, jobs requiring certifications increased 35% on Xometry’s platform, he noted.
Xometry adds buyers, increases spending from existing customers as Q1 revenue grows
In Q1, Xometry marketplace revenue increased 40% year over year, a 700-basis-point acceleration from Q4, chief financial officer James Miln said.
Gross profit increased 39% to a record $78.5 million. Xometry also reported adjusted EBITDA of $10.5 million, a $10.4 million improvement from a year earlier. Its net loss attributable to common stockholders was $5.3 million.
Active buyers rose 20% to 85,581, with Xometry adding 3,760 net active buyers during the quarter — its highest number of net additions in nine quarters, he noted.
Existing customers also spent more. Xometry marketplace revenue per active buyer increased 17% year over year in Q1, which Miln attributed primarily to higher wallet share. Accounts with at least $50,000 in spending over the previous 12 months rose 21% year over year, increasing from 1,545 to 1,864.
Miln said the company spent $10.6 million in cash capital expenditures in Q1, almost entirely on software-related investments.
The company also raised its full-year outlook. For 2026, Xometry now expects revenue growth of at least 27% to 28%, up from its previous outlook of 21%. It expects marketplace revenue to grow about 30% for the year.
Percentages may not align due to rounding. Check back for more earnings reports. Here’s last quarter’s update on Xometry sales and revenue.
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