Revenue growth accelerated to 35.9% in 2026Q1, though operating margins remain negative at -2.5% despite consistent gross margins between 38% and 40%.
| Sales/Revenue | 740.8M | 686.63M | 545.53M | 463.41M | 380.92M | 218.34M | 141.41M | 80.23M |
| Revenue Growth % | 29.1% | 25.87% | 17.72% | 21.65% | 74.47% | 54.4% | 76.26% | - |
| Cost of Goods Sold | 449.87M | 417.86M | 329.9M | 285.15M | 234.93M | 161.19M | 108.12M | 65.49M |
| COGS % of Revenue | - | 60.86% | 60.47% | 61.53% | 61.67% | 73.83% | 76.46% | 81.63% |
| Gross Profit | 290.93M | 268.77M | 215.62M | 178.26M | 145.99M | 57.14M | 33.29M | 14.74M |
| Gross Margin % | 39.27% | 39.14% | 39.53% | 38.47% | 38.33% | 26.17% | 23.54% | 18.37% |
| Gross Profit Growth % | - | 24.65% | 20.96% | 22.1% | 155.49% | 71.67% | 125.88% | - |
| Operating Expenses | 326.27M | 314.29M | 271.77M | 251.84M | 223.08M | 115.83M | 62.5M | 45.28M |
| OpEx % of Revenue | - | 45.77% | 49.82% | 54.34% | 58.56% | 53.05% | 44.2% | 56.45% |
| Selling, General & Admin | 204.01M | 195.03M | 173.39M | 164.6M | 142.62M | 74.36M | 34.61M | 22.61M |
| SG&A % of Revenue | - | 28.4% | 31.78% | 35.52% | 37.44% | 34.06% | 24.48% | 28.19% |
| Research & Development | 47.05M | 46.79M | 39.32M | 34.46M | 31.01M | 17.78M | 12.19M | 10.64M |
| R&D % of Revenue | - | 6.81% | 7.21% | 7.44% | 8.14% | 8.14% | 8.62% | 13.26% |
| Other Operating Expenses | 4M | 72.46M | 59.06M | 52.77M | 49.45M | 23.68M | 15.7M | 12.03M |
| Operating Income | -35.33M | -45.52M | -56.15M | -73.58M | -77.09M | -58.69M | -29.22M | -30.55M |
| Operating Margin % | -4.77% | -6.63% | -10.29% | -15.88% | -20.24% | -26.88% | -20.66% | -38.08% |
| Operating Income Growth % | - | 18.94% | 23.69% | 4.56% | -31.36% | -100.87% | 4.36% | - |
| EBITDA | -15.08M | -26.77M | -38.68M | -62.84M | -69.27M | -55.09M | -26.1M | -28.7M |
| EBITDA Margin % | -2.04% | -3.9% | -7.09% | -13.56% | -18.19% | -25.23% | -18.45% | -35.78% |
| EBITDA Growth % | 61.9% | 30.8% | 38.45% | 9.29% | -25.74% | -111.11% | 9.08% | - |
| D&A (Non-Cash Add-back) | 20.25M | 18.75M | 17.47M | 10.74M | 7.82M | 3.6M | 3.12M | 1.85M |
| EBIT | -47.71M | -56.25M | -45.67M | -63.03M | -74.59M | -60.53M | -30M | -30.75M |
| Net Interest Income | 3.54M | -4.91M | 6.03M | 6.82M | -303K | 130K | -1.09M | -241K |
| Interest Income | 8.38M | 0 | 10.78M | 11.61M | 4.12M | 982K | 0 | 0 |
| Interest Expense | 4.83M | 4.91M | 4.75M | 4.78M | 4.42M | 852K | 1.09M | 241K |
| Other Income/Expense | -15.77M | -15.64M | 5.72M | 5.76M | -1.92M | -2.69M | -1.87M | -445K |
| Pretax Income | -51.09M | -61.16M | -50.42M | -67.82M | -79.01M | -61.38M | -31.09M | -30.99M |
| Pretax Margin % | -6.9% | -8.91% | -9.24% | -14.63% | -20.74% | -28.11% | -21.98% | -38.63% |
| Income Tax | 837K | 589K | -21K | -353K | 36K | 0 | 0 | 0 |
| Effective Tax Rate % | -1.64% | -0.96% | 0.04% | 0.52% | -0.05% | 0% | 0% | 0% |
| Net Income | -51.94M | -61.75M | -50.4M | -67.47M | -79.06M | -61.38M | -31.09M | -30.99M |
| Net Margin % | -7.01% | -8.99% | -9.24% | -14.56% | -20.75% | -28.11% | -21.98% | -38.63% |
| Net Income Growth % | -6.3% | -22.52% | 25.3% | 14.66% | -28.8% | -97.46% | -0.29% | - |
| Net Income (Continuing) | -51.93M | -61.75M | -50.4M | -67.47M | -79.04M | -61.38M | -31.09M | -30.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.15M | 1.14M | 1.14M | 1.12M | 1.09M | 1.03M | 0 | 0 |
| EPS (Diluted) | -1.00 | -1.22 | -1.03 | -1.41 | -1.61 | -1.32 | -0.90 | -0.70 |
| EPS Growth % | -3.03% | -18.45% | 26.95% | 12.42% | -22.43% | -46.19% | -28.5% | - |
| EPS (Basic) | - | -1.22 | -1.03 | -1.41 | -1.61 | -1.32 | -0.90 | -0.70 |
| Diluted Shares Outstanding | 51.91M | 50.81M | 49.08M | 47.91M | 47.16M | 46.67M | 44.34M | 44.34M |
| Basic Shares Outstanding | 51.91M | 50.81M | 49.08M | 47.91M | 47.16M | 46.67M | 44.34M | 44.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and cash burn
According to recent quarterly filings, Xometry achieved a 35.9% year-over-year revenue growth rate in 2026Q1, signaling that the platform's marketplace model is successfully capturing market share despite broader industrial sector volatility and the company's ongoing struggle to reach a consistent GAAP profitability inflection point.
The acceleration in top-line growth suggests that the company's computational geometry engine and marketplace liquidity are effectively attracting new engineering teams. However, investors should monitor whether this growth is driven by sustainable repeat usage or if it remains tethered to high customer acquisition costs that could pressure future margins.
As reported in financial statements, Xometry has maintained gross margins in the 38% to 40% range over the last ten quarters, reflecting a consistent take rate on marketplace transactions that appears resilient despite the competitive pressures inherent in the digital manufacturing and on-demand prototyping industry.
The stability of these margins suggests that the company's pricing engine is effectively balancing the spread between buyer costs and supplier payouts. Further expansion of these margins will likely require a shift in revenue mix toward higher-margin software and supplier services rather than pure transactional volume.
Based on Xometry's reported figures, operating margins have remained negative at -6.63% on average, indicating that the company has yet to achieve the necessary economies of scale where operating income scales faster than gross profit, despite the significant top-line expansion observed over the last two years.
The persistent gap between revenue growth and operating profitability suggests that overhead and platform development costs are scaling linearly with volume. This warrants further investigation into whether management can decouple revenue growth from the current high levels of sales and marketing expenditure required to maintain the marketplace.
Analysis of recent income statements reveals that Xometry consistently utilizes stock-based compensation, with quarterly figures reaching as high as $10.7 million, which significantly impacts the quality of reported net income and creates a persistent drag on shareholder value for a company already operating at a loss.
The reliance on equity-based incentives appears to be a structural component of the company's compensation strategy, which may mask the true cash cost of operations. Investors should carefully evaluate the impact of this dilution on future earnings per share as the company attempts to navigate toward a path of GAAP profitability.
With cash and equivalents reported at approximately $15 million, the company's liquidity position appears increasingly strained relative to its $686 million annual revenue scale, suggesting that the current growth trajectory may be unsustainable without a potential capital raise or a rapid shift toward cash flow neutrality.
Short-sellers would likely focus on this narrow liquidity buffer as a primary risk factor, especially given the company's history of negative net margins. The inability to self-fund operations in a high-rate environment could force management to choose between dilutive financing or a contraction in growth-driving investments.
Quick answers to the most common questions about buying XMTR stock.
For fiscal year 2025, Xometry, Inc. (XMTR) reported total revenue of $686.6M. This represents a 755.8% increase compared to $80.2M in 2019.
Xometry, Inc. (XMTR) reported a net loss of $61.8M for the fiscal year ending 2025.
Xometry, Inc. (XMTR) reported an operating income of $-45.5M, resulting in an operating profit margin of -6.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Xometry, Inc. (XMTR) generated $268.8M in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.