Xometry, Inc. (XMTR) Cash Flow Statement

The gap between operating cash flow and net income is largely explained by stock-based compensation of $11.3M and D&A of $6.2M, which are added back in the cash flow statement while reducing reported earnings. Conversion looks strong only because the non-cash base is large, so the positive OCF may not reflect durable cash generation. Investors should monitor whether operating cash flow remains positive once SBC is treated as a real economic cost.

Over the ten quarters shown, free cash flow has oscillated between small positive and meaningful negative readings, with no sustained trend toward self-funding. The swing in 2026Q3 was driven by a $14.9M capex outlay combined with a $14.5M working capital drag, which overwhelmed operating cash flow. The pattern suggests the business has not yet reached a stable cash-generating run rate.

Capex of $14.9M in 2026Q3 is more than double the $7.4M seen in 2025Q3, and it exceeds D&A of $6.2M, indicating net investment rather than pure maintenance spending. Because the company is asset-light relative to traditional manufacturers, the increase may reflect platform or technology investment rather than physical capacity. Whether this step-up is growth-oriented or a recurring baseline cannot be determined from the supplied data.

The sharp reversal suggests the timing of collections and payables is materially affecting reported operating cash flow, rather than the underlying earnings power of the business. A working capital outflow of this magnitude during a period of rising revenue may indicate receivables building faster than cash collection. This warrants further investigation into receivable aging and payment terms before treating recent operating cash flow as representative.