Xometry — Q3 2026 Earnings Summary

Financial Performance:

• Total revenue for Q3 2026 reached $252.4 million, a 40% year-over-year increase compared to $180.7 million in Q3 2025.
• Marketplace revenue was $238.0 million, up 43% year-over-year, while Services revenue was $14.4 million, up 2% year-over-year.
• Total gross profit increased 37% year-over-year to $98.7 million, with a total gross margin of 39.1%.
• Marketplace gross profit was $85.7 million with a record gross margin of 36.0%, an increase of 30 basis points year-over-year.
• Services gross profit was $13.0 million with a gross margin of 89.9%.
• Adjusted EBITDA improved $15.3 million year-over-year to $21.4 million, representing an Adjusted EBITDA margin of 8.5% (up 510 basis points year-over-year).
• Net income attributable to common stockholders was $1.9 million, compared to a net loss of $11.6 million in Q3 2025.
• Non-GAAP net income was $18.6 million, compared to $2.1 million in Q3 2025.
• Cash, cash equivalents, and marketable securities totaled $505 million as of September 30, 2026.
• For the nine months ended September 30, 2026, total revenue was $686.9 million (up 39% year-over-year) and Adjusted EBITDA was $46.1 million (up 354% year-over-year).

Guidance and Future Outlook:

• Q4 2026 revenue guidance is set at $254 million to $256 million, implying 32-33% year-over-year growth driven by approximately 35-36% marketplace growth.
• Q4 2026 Adjusted EBITDA guidance is $22.0 million to $22.5 million, an improvement from $8.4 million in Q4 2025.
• Full Year 2026 revenue growth outlook has been raised to at least 37% (previously 33-34%), driven by approximately 41% marketplace growth.
• Full Year 2026 Adjusted EBITDA is expected to be $68 million to $68.5 million, compared to $18.5 million in Full Year 2025.
• Management notes that forward-looking statements are subject to risks and uncertainties, including competition, managing growth, and macroeconomic fluctuations.

Business Segments and Product Lines:

• Marketplace Active Buyers increased 20% year-over-year to 93,812, with record net buyer additions of 4,255 in Q3 2026.
• Accounts with Last Twelve-Months Spend of at least $50,000 increased 26% year-over-year to 2,172.
• 98% of revenue was derived from existing accounts in Q3 2026.
• Xometry unveiled a next-gen Workcenter experience for manufacturing partners, featuring a redesigned homepage, enhanced Job Board with 3D viewer, and AI sourcing models.
• Partnership with TradeCentric expanded to include Purchase Order Automation and Invoice Automation, connecting with over 220 eProcurement solutions (including Coupa, SAP Ariba, and Microsoft Dynamics).
• Xometry Foundation partnered with MxD to make cybersecurity compliance (CMMC Level 2) more affordable for small and mid-sized manufacturers.
• Data showed job growth among Texas supplier partners tracking at nearly twice the rate of the national partner network in 2026.

Market and Competitive Landscape:

• Xometry surpassed a $1 billion revenue run rate.
• The company continues to deepen enterprise engagement and increase wallet share in larger accounts.
• Xometry positions itself as the infrastructure layer for custom manufacturing, aiming to accelerate market share gains and online adoption.

Risks and Challenges:

• Forward-looking statements involve substantial risks and uncertainties, including competition, ability to forecast performance due to limited operating history, and investments in new products.
• Risks include the ability to attract buyers and sellers, legal proceedings, regulatory matters, brand reputation, and macroeconomic conditions such as inflation and rising interest rates.
• Variability in interest, taxes, charitable contributions, and asset impairments could significantly impact future GAAP financial results, making reconciliation to net loss unavailable without unreasonable efforts.

Management Commentary and Tone:

• CEO Sanjeev Singh Sahni stated that key growth initiatives drove record results, noting the company surpassed the $1 billion revenue run rate and continues to strengthen its position as the infrastructure layer for custom manufacturing.
• CFO James Miln highlighted the compounding growth and operational efficiency of the marketplace, citing robust revenue growth for the second consecutive quarter and record marketplace gross margins.
• Management emphasized consistent execution across growth initiatives, including AI-native marketplace experiences and expanding buyer/supplier networks.

Other Key Points:

• Xometry raised its full-year 2026 revenue growth outlook from 33-34% to at least 37%.
• The company reported a significant improvement in Adjusted EBITDA margin, up 510 basis points year-over-year to 8.5%.
• Non-GAAP net income saw a 783% increase year-over-year to $18.6 million in Q3 2026.
• The definition of Non-GAAP Net Income was revised effective January 1, 2026, to exclude depreciation expense, with prior periods recast to conform.
• The company hosted a conference call and webcast on November 3, 2026, to discuss results.
• Segment Adjusted EBITDA for the U.S. was $22.0 million, while the International segment reported a loss of $0.6 million.