Xometry shoots up 23% on Q2 estimates beat, updated guidance

• Xometry (XMTR) rallies 23% as Q2 revenue increases 89% Y/Y driven by accelerating marketplace growth as well as supplier services including Thomas.
• The Co. reports strong gross margin and gross profit trends driven by AI pricing/supplier selection and additional supplier services.
• Gross profit up 217% Y/Y and Marketplace gross profit increased 25% Q/Q.
• Marketplace Active Buyers increased 40% from 23,942 as of June 30, 2021 to 33,491 as of June 30, 2022.
• Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 76% from 508 as of June 30, 2021 to 894 as of June 30, 2022.
• Q2 Adj. EBITDA loss of $8.3M, a $4.4M Q/Q improvement and expects operating leverage to further improve in the second half of 2022, also expects adj. EBITDA to be positive for 2023.
• The Co. expects strong 2022 revenue growth of 81-83% to $395-$400M vs. consensus of $379.15M, driven by increasing active buyers and suppliers, added supplier services and revenue synergies with Thomas.
• Q3 Outlook: Revenue $102M-$104M vs. consensus of $103.06M; Adjusted EBITDA $(7M)-$(6M).
• For 2022, Adj. EBITDA is expected to improve from prior $(36M)-$(32M) to $(33M)-$(31M).
• Previously: Xometry Non-GAAP EPS of -$0.18 beats by $0.14, revenue of $95.61M beats by $2.53M, updates FY guidance (Aug. 10)