For a growing B2B marketplace for manufacturing services, aiming at opportunities all seems part of a day’s work.
For Xometry Inc., a large portion of the company‘s daily work load is figuring out how to create the biggest integrated global B2B marketplace for manufacturing services.
“With our market-leading position and a total addressable market of $2 trillion, we expect to continue to grow rapidly for many years to come,” CEO Randy Altschuler told analysts during the company’s latest earnings call. “We believe that continuing shift to digital is inevitable.”
For 2022, total revenue grew 75% to $381.1 million, including $303.1 million in marketplace volume and $77.9 million in supplier services. Net loss attributable to common stockholders was $76.0 million.
“We fell short of expectations for the first time since becoming a public company,” Altschuler said. “For only the second time in five years, Xometry’s revenue decreased quarter over quarter. We also saw a notable sequential quarter-over-quarter decline in marketplace gross margins for the first time since Q1 of 2021.”
Taking steps to produce growth
To help the company grow its top and bottom lines, Xometry launched several new initiatives. They include:
- Introduced a new instant quoting page for its marketplace featuring easier navigation and greater usability of the quoting engine.
- Appointed Brendan Sterne as chief product officer, and named Matt Leibel as chief technology officer.
- Expanded the offerings of the Xometry Europe marketplace to include compression molding and vacuum casting, which are critical for the automotive, electronics, medical device and other industries, Xometry says.
- Integrated a gravity climate API into the Xometry marketplace to help customers instantly calculate carbon emissions in real time.
“For 2023 overall, we expect to remain in strong growth mode and deliver healthy marketplace revenue growth of approximately 30%,” Altschuler told analysts.
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