Xometry Reports First Quarter 2023 Results


Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
  Three Months Ended March 31, 
  2023   2022 
Cash flows from operating activities: (unaudited) 
Net loss$(18,343) $(19,995)
Adjustments to reconcile net loss to net cash used in operating activities:     
Depreciation and amortization 2,566   1,799 
Impairment of assets 27    
Reduction in carrying amount of right-of-use asset 1,935   1,765 
Stock based compensation 4,694   3,456 
Revaluation of contingent consideration    434 
Income from unconsolidated joint venture (66)  (34)
Donation of common stock 370    
Unrealized loss on marketable securities    858 
Non-cash income tax benefit    (559)
Loss on sale of property and equipment 91   71 
Amortization of deferred costs on convertible notes 466   312 
Deferred taxes benefit (23)   (2 )
Changes in other assets and liabilities:          
Accounts receivable, net   (2,804 )     (6,145 )
Inventory   133       (180 )
Prepaid expenses   185       567  
Other assets   (3,687 )     (1,787 )
Accounts payable   (503 )     (2,752 )
Accrued expenses   (2,119 )     (2,843 )
Contract liabilities   1,436       2,145  
Lease liabilities   (970 )     (1,369 )
Income taxes payable   157        
Net cash used in operating activities   (16,455 )     (24,259 )
Cash flows from investing activities:          
Purchase of marketable securities   (2,688 )     (280,091 )
Proceeds from sale of marketable securities         4  
Purchases of property and equipment   (4,186 )     (2,543 )
Proceeds from sale of property and equipment   223       165  
Cash paid for business combination, net of cash acquired   (3,349 )      
Net cash used in investing activities   (10,000 )     (282,465 )
Cash flows from financing activities:          
Proceeds from stock options exercised   483       1,263  
Proceeds from issuance of convertible notes         287,500  
Costs incurred in connection with issuance of convertible notes         (9,301 )
Payments on finance lease obligations         (2 )
Net cash provided by financing activities   483       279,460  
Effect of foreign currency translation on cash and cash equivalents   15       (29 )
Net decrease in cash and cash equivalents   (25,957 )      (27,293 )
Cash and cash equivalents at beginning of the year   65,662       86,262  
Cash and cash equivalents at end of the period $ 39,705     $ 58,969  
Supplemental cash flow information:          
Cash paid for interest $ 1,438     $  
Non-cash investing and financing activities:          
Non-cash purchase of property and equipment   78        
Non-cash consideration in connection with business combination   1,593        
               



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