10-Q · May 7, 2026
Xometry reported impressive Q1 2026 results, including a revenue of $205.1 million, significantly surpassing estimates and marking a 36% increase year-over-year. EPS improved to $0.12 from a loss of $0.30 in the prior…
Earnings analysis · 10-Q
XMTR earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Xometry delivered Q2 revenue of $229.3 million, up 41% year over year and 11.7% sequentially, driven by 45% marketplace growth and continued expansion in active buyers and larger accounts. Profitability improved…
Read full summary
Xometry delivered Q2 revenue of $229.3 million, up 41% year over year and 11.7% sequentially, driven by 45% marketplace growth and continued expansion in active buyers and larger accounts. Profitability improved substantially, with operating margin improving to negative 2.4% from negative 6.3% and Adjusted EBITDA reaching $14.1 million, although GAAP diluted EPS remained a $0.10 loss. The principal trade-offs are a 210-basis-point gross-margin decline from marketplace mix, shrinking services revenue, and potential conversion exposure on $328.7 million of convertible notes carrying value.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.1
What stood out
-
Marketplace drove 41% revenue growth
Q2 revenue rose $66.7 million, or 41%, year over year to $229.3 million, led by marketplace revenue growth of $67.1 million, or 45%, to $215.4 million. Revenue also increased 11.7% sequentially from $205 million in Q1 2026.
-
Operating loss narrowed sharply
Operating leverage improved materially: operating loss narrowed to $5.5 million, or 2.4% of revenue, from $10.3 million, or 6.3%, a year earlier. Adjusted EBITDA increased to $14.1 million (6.2% margin) from $3.9 million (2.4% margin).
-
Loss reduced; adjusted profit expanded
GAAP net loss narrowed to $5.3 million from $26.4 million a year ago. The prior-year result included a $16.4 million loss on debt extinguishment, while Q2 2026 non-GAAP net income increased to $9.9 million from $1.1 million.
-
Buyer engagement and repeat revenue strengthened
Marketplace engagement expanded: active buyers reached 89,557, up 20% from 74,777, while accounts with at least $50,000 of trailing-12-month spend increased 23% to 2,039. Existing accounts generated 98% of Q2 revenue.
-
Operating cash flow turned positive
Six-month operating cash flow turned positive at $17.5 million, versus cash used of $4.1 million a year earlier. After $24.0 million of capitalized software and property/equipment spending, implied six-month free cash flow was negative about $6.5 million.
-
Liquidity strengthened through equity raises
Liquidity increased following equity financing: cash, cash equivalents and marketable securities totaled $516.7 million at June 30, 2026, supported by $247.6 million of net proceeds from the June equity issuance and $50.0 million from Siemens' share purchase.
What to watch
-
Revenue mix compressed gross margin
Gross margin fell 210 basis points year over year to 38.0% from 40.1%, as faster marketplace growth shifted mix toward the lower-margin marketplace business. Marketplace gross margin also declined to 34.7% from 35.4%.
-
High-margin services revenue declined
Services revenue declined 3% to $13.9 million from $14.3 million, driven by lower Thomas advertising and marketing services. This business retains an 89.1% gross margin, well above the marketplace's 34.7%.
-
Convertible notes are currently convertible
Both convertible-note sale-price triggers were met: holders may convert the $243.2 million carrying value of 2030 Notes and the $85.5 million carrying value of 2027 Notes during the quarter ending September 30, 2026, creating potential cash-use or dilution risk.
-
Receivables growth consumed working capital
Working-capital absorption remains significant: six-month accounts receivable increased $33.3 million due to higher sales, contributing to a $7.2 million net use from changes in operating assets and liabilities.
-
No material risk-factor updates; FX exposure remains
Risk-factor disclosures were unchanged: the filing states there were no material changes from the 2025 Form 10-K. Nonetheless, International revenue was approximately 16% of six-month revenue, and a 10% unfavorable euro move would reduce six-month revenue by 1.2%.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management states that $516.7 million of cash, cash equivalents and marketable securities is expected to support working-capital and capital-expenditure requirements for at least the next 12 months.
Earlier filings 4
10-K · February 24, 2026
Xometry’s 2025 10-K emphasizes an AI-native marketplace strategy, continued network scale (81,821 Active Buyers; 4,996 Active Suppliers) and product expansion (auto-quote for injection molding added in late 2025).…
10-Q · November 4, 2025
Xometry reported Q3 revenue of $180,715,000, up $39,017,000 (27.5%) versus Q3 2024, with gross profit rising to $72,029,000. Operating loss narrowed slightly to $(11,059,000) (about -6.1% of revenue) but the company…
10-Q · August 5, 2025
Xometry reported Q2 revenue of $162.5M, up $29.95M (22.6%) versus Q2 2024, with gross profit rising to $65.2M and gross margin holding near 40.1%. Loss from operations narrowed to $(10.3)M from $(15.3)M a year ago, but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.