Xometry Reports Third Quarter 2023 Results

Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2023   2022   2023   2022 
   (unaudited)   (unaudited) 
Revenue $118,927  $103,571  $335,261  $282,857 
Cost of revenue  72,678   62,670   206,087   171,321 
Gross profit  46,249   40,901   129,174   111,536 
Sales and marketing  23,210   21,416   68,315   58,846 
Operations and support  12,622   11,620   39,450   36,158 
Product development  8,523   7,613   25,570       22,698  
General and administrative     14,940       15,126       56,479       43,143  
Impairment of assets     151       325       397       444  
Total operating expenses     59,446       56,100       190,211       161,289  
Loss from operations     (13,197 )     (15,199 )     (61,037 )     (49,753 )
Other income (expenses)                        
Interest expense     (1,205 )     (1,194 )     (3,596 )     (3,172 )
Interest and dividend income     2,994       1,344       8,648       1,914  
Other expenses     (597 )     (289 )     (1,156 )     (1,733 )
Income from unconsolidated joint venture     134       297       437       600  
Total other income (expenses)     1,326       158       4,333       (2,391 )
Loss before income taxes     (11,871 )     (15,041 )     (56,704 )     (52,144 )
(Provision) benefit for income taxes     (139 )     -       (208 )     559  
Net loss     (12,010 )     (15,041 )     (56,912 )     (51,585 )
Net income (loss) attributable to noncontrolling interest     13       (4 )     9       17  
Net loss attributable to common stockholders   $ (12,023 )   $ (15,037 )   $ (56,921 )   $ (51,602 )
Net loss per share, basic and diluted, of Class A and Class B common
stock
  $ (0.25 )   $ (0.32 )   $ (1.19 )   $ (1.10 )
Weighted-average number of shares outstanding used to compute
net loss per share, basic and diluted, of Class A and Class B
common stock
    47,989,277       47,303,090       47,852,671       47,057,521  
                         
Comprehensive loss:                        
Foreign currency translation   $ 91     $ (559 )   $ 450     $ (573 )
Total other comprehensive income (loss)     91       (559 )     450       (573 )
Net loss     (12,010 )     (15,041 )     (56,912 )     (51,585 )
Comprehensive loss     (11,919 )     (15,600 )     (56,462 )     (52,158 )
Comprehensive income attributable to noncontrolling interest     21       14       45       85  
Total comprehensive loss attributable to common stockholders   $ (11,940 )   $ (15,614 )   $ (56,507 )   $ (52,243 )



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