Xometry Reports Second Quarter 2023 Results

Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
   Six Months Ended June 30, 
   2023   2022 
Cash flows from operating activities:  (unaudited) 
Net loss $(44,902) $(36,544)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization  5,461   3,807 
Impairment of assets  246   119 
Reduction in carrying amount of right-of-use asset  12,179   3,540 
Stock based compensation  10,492   8,935 
Revaluation of contingent consideration  187   434 
Income from unconsolidated joint venture  (203)  (103)
Donation of common stock  370   1,285 
Unrealized loss on marketable securities     1,190 
Non-cash income tax benefit     (559)
Loss on sale of property and equipment  92   71 
Inventory write-off  223      
Amortization of deferred costs on convertible notes     930       781  
Deferred taxes benefit     (44 )     (2 )
Changes in other assets and liabilities:            
Accounts receivable, net     (8,308 )     (11,833 )
Inventory     5       272  
Prepaid expenses     1,417       (1,649 )
Other assets     (2,546 )     (3,861 )
Accounts payable     (50 )     1,873  
Accrued expenses     2,743       (2,041 )
Contract liabilities     1,470       2,862  
Lease liabilities     (2,369 )     (2,773 )
Net cash used in operating activities     (22,607 )     (34,196 )
Cash flows from investing activities:            
Purchases of marketable securities     (5,641 )     (280,559 )
Proceeds from sale of marketable securities     30,000       4  
Purchases of property and equipment     (8,492 )     (5,436 )
Proceeds from sale of property and equipment     223       165  
Cash paid for business combination, net of cash acquired     (3,349 )      
Net cash provided by (used in) investing activities     12,741       (285,826 )
Cash flows from financing activities:            
Proceeds from stock options exercised     1,144       2,470  
Proceeds from issuance of convertible notes           287,500  
Costs incurred in connection with issuance of convertible notes           (9,309 )
Payments on finance lease obligations           (2 )
Net cash provided by financing activities     1,144       280,659  
Effect of foreign currency translation on cash and cash equivalents     (202 )     (66 )
Net decrease in cash and cash equivalents     (8,924 )     (39,429 )
Cash and cash equivalents at beginning of the year     65,662       86,262  
Cash and cash equivalents at end of the period   $ 56,738     $ 46,833  
Supplemental cash flow information:            
Cash paid for interest   $ 1,438     $  
Non-cash investing and financing activities:            
Non-cash consideration in connection with business combination     1,593        



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