Q3 2024 Xometry Inc Earnings Call Transcript
Key Points
- Xometry Inc (XMTR) reported record revenue, gross profit, and marketplace gross margin in Q3 2024, showcasing strong financial performance.
- The company's AI-powered marketplace continues to gain significant market share globally, enhancing its competitive position.
- Xometry Inc (XMTR) expanded its supplier network to over 4,200 active suppliers, growing nearly threefold since 2021, which strengthens its supply chain solutions.
- International revenue grew 55% year-over-year, driven by strong growth in Europe, indicating successful global expansion.
- The company is on track to achieve adjusted EBITDA profitability in Q4 2024, ahead of its previous target, demonstrating improved financial discipline.
- Supplier services revenue declined 10% year-over-year in Q3 2024, primarily due to the wind down of non-core services and challenges in Thomas advertising.
- The number of active paying suppliers in the supplier services segment decreased by 9% year-over-year, indicating potential challenges in this area.
- Q3 marketplace revenue per active buyer was flat year-over-year, suggesting limited growth in spend per buyer.
- The company faces a challenging operating environment with soft industrial readings, which could impact future growth.
- Despite strong international growth, the international segment is still early in its development and not yet profitable, requiring continued investment.
Good day. And thank you for standing by. Welcome to the Xometry Q3 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Shawn Milne VP of Investor Relations.
Good morning. And thank you for joining us on Xometry's Q3 2024 earnings call. Joining me are Randy Altschuler, our Chief Executive Officer and James Miln, our Chief Financial Officer. During today's call, we will review our financial results for the third quarter and discuss our guidance for the fourth quarter and full year 2024.
During today's call, we will make forward-looking statements including statements related to the expected performance of our business, future financial results, strategy, long term growth and overall future prospects. Such statements may be identified by terms such as believe, expect, intend and may. These statements are subject to risks and uncertainties which could cause
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