Xometry (XMTR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $205.1 million, up 36% year-over-year, driven by robust marketplace growth and expanding buyer and supplier networks, with active buyers up 20% and high-spend accounts up 21%.

• Gross profit rose 39% to $78.5 million, with gross margin improving to 38.3% from 37.3% in Q1 2025; marketplace gross profit up 53% year-over-year.

• Adjusted EBITDA reached $10.5 million (5.1% margin), up from $0.1 million (0.1% margin) a year ago, reflecting strong operating leverage.

• Net loss attributable to common stockholders narrowed to $5.3 million, while non-GAAP net income was $6.9 million, reversing a loss from the prior year.

• Announced a strategic partnership with Siemens, including a $50 million equity investment and deep integration of AI capabilities into Siemens' software ecosystem.

Financial highlights

• Marketplace revenue grew 40% year-over-year to $191.3 million; services revenue declined 5% to $13.8 million.

• Marketplace gross margin expanded to 34.7% (from 31.8% year-over-year); services gross margin was 87.1%.

• Operating expenses rose 17% to $83.7 million, but decreased as a percentage of revenue; non-GAAP operating expenses grew 21% year-over-year, below revenue growth.

• Adjusted EBITDA margin expanded to 5.1% from 0.1% a year ago; incremental adjusted EBITDA margin was approximately 20%.

• Cash, cash equivalents, and marketable securities totaled $224 million as of March 31, 2026, up $4.8 million from year-end.

Outlook and guidance

• Q2 2026 revenue expected at $214–$216 million (32–33% year-over-year growth), with Adjusted EBITDA of $11–$12 million.

• Full-year 2026 revenue growth outlook raised to 27–28% (from at least 21%), driven by ~30% marketplace growth.

• Full-year incremental Adjusted EBITDA margins expected at least 20%.

• Guidance based on assumptions that may change; actual results could differ materially.

• Management expects continued revenue growth driven by increased buyer engagement and supplier network expansion.