Analogy 1: Uber for custom manufacturing

Analogy 2: Upwork for industrial parts and services

Analogy 3: An Airbnb for factory capacity

• On-Demand Manufacturing Marketplace: A digital platform connecting businesses seeking custom parts with a vast network of manufacturers offering services like 3D printing, CNC machining, injection molding, and sheet metal fabrication.
• Software for Manufacturers (Workcenter): Cloud-based software solutions designed to help manufacturing suppliers manage their operations, quoting, customer relationships, and production efficiently.
• Financial Services for Suppliers (Xometry Pay): Provides payment processing, financing options, and extended payment terms to help manufacturing suppliers manage cash flow and grow their businesses.

Xometry (XMTR) - Major Customers

Xometry (XMTR) primarily operates on a business-to-business (B2B) model, providing on-demand manufacturing services and a global marketplace connecting companies that need custom parts with manufacturers who can produce them.

Due to its marketplace nature and the vast, diverse array of businesses it serves, Xometry does not publicly disclose a list of specific "major customer companies" with names and symbols in the traditional sense. Its customer base is highly fragmented, ranging from individual engineers and small startups to large enterprises and Fortune 100 companies across a multitude of industries. Their revenue is derived from thousands of transactions with a broad range of customers rather than being concentrated with a few large accounts.

However, Xometry serves companies across numerous sectors that require custom manufactured parts for prototyping, production, and more. The types of companies and industries that utilize Xometry's platform extensively include, but are not limited to:

• Aerospace & Defense Companies: Requiring high-precision components for aircraft, spacecraft, drones, and defense systems.
• Automotive & Transportation Companies: Needing custom parts for vehicle prototypes, aftermarket modifications, specialized components, or production runs.
• Medical Device Manufacturers: Developing and producing custom equipment, instruments, implants, and diagnostics for the healthcare industry.
• Robotics & Automation Firms: Building advanced robotic systems, automated machinery, and industrial equipment components.
• Consumer Product Developers: Creating prototypes and production parts for new electronics, gadgets, household items, and other goods.
• Industrial Equipment Manufacturers: Producing machinery and components for various manufacturing, energy, and construction applications.
• Research & Development Institutions: Across all sectors that require custom parts for rapid prototyping and experimental design validation.

Xometry's value proposition is its ability to serve a wide and decentralized customer base efficiently, providing access to a global network of manufacturing capacity.

Randy Altschuler, Chief Executive Officer and Co-Founder

Randy Altschuler is the CEO and co-founder of Xometry, which he co-founded in 2013 and took public in 2021. He is a serial entrepreneur, having co-founded and served as Executive Chairman of CloudBlue, a provider of recycling services for electronic equipment that was acquired by Ingram Micro in 2013. Before CloudBlue, he co-founded and was co-CEO of OfficeTiger, a global BPO company that was acquired by RR Donnelley in 2006. Altschuler began his career in investment banking at Donaldson, Lufkin & Jenrette and real estate private equity at Blackstone.

James Miln, Chief Financial Officer

James Miln was appointed Chief Financial Officer of Xometry effective March 1, 2024. He joined Xometry from Yelp, where he served as Senior Vice President of Finance and Investor Relations. His career includes key financial positions at other notable tech and consumer companies such as eBay, Yahoo!, and Unilever.

Sanjeev Singh Sahni, President

Sanjeev Singh Sahni serves as President of Xometry, overseeing global Operations, Product, Technology, and People teams. He brings significant expertise in e-commerce, AI, and supply chain management.

Vaidy Raghavan, Chief Technology Officer

Vaidy Raghavan is the Chief Technology Officer at Xometry. He is an accomplished global technology executive and engineer with extensive experience developing products for leading consumer and B2B brands like Wayfair and Microsoft. He is an expert in AI, supply chain management, strategic pricing, customer experience, SaaS, data, and analytics.

Dmitry “Dima” Kafidov, Managing Director of Xometry Europe

Dmitry “Dima” Kafidov oversees Xometry's European business. He was a co-founder of Shift, a European on-demand manufacturing marketplace, which Xometry acquired in 2019. Prior to founding Shift, Kafidov held leadership roles at Flowserve and Hoerbiger.

Key Business Risks for Xometry (XMTR)

1. Ongoing Profitability Challenges: Xometry, despite being a growth company and achieving positive Adjusted EBITDA and improving Operating Cash Flow, continues to report GAAP net losses. For example, the company reported a GAAP net loss of $11.6 million for Q3 2025 and cumulative year-to-date losses reaching $42.6 million in Q3 2023. This ongoing inability to achieve consistent GAAP profitability remains a primary financial risk for shareholders.
2. Exposure to Economic Downturns and Macroeconomic Headwinds: Xometry's business is vulnerable to economic fluctuations and a slowdown in the manufacturing sector. Manufacturing capital expenditures are susceptible to economic cycles, with projections indicating potential declines in manufacturing investment and industrial equipment spending. A recessionary environment or significant slowdown in the manufacturing sector could adversely impact the company's financial performance.
3. Intense Competition and Limited Market Share: Xometry operates in a competitive and rapidly evolving digital manufacturing market with numerous platforms vying for market share. As of Q4 2023, Xometry held a relatively small market share of approximately 3.2% in the digital manufacturing services sector, facing competition from industry leaders with significantly larger market shares. This intense competitive landscape poses a risk to Xometry's growth and market penetration.

• Established and growing direct competitors: Companies like Protolabs (PRLB) and Fictiv are actively competing in the on-demand manufacturing space. Protolabs, with its significant in-house manufacturing capabilities combined with an expanding third-party network (via its Hubs acquisition), presents a hybrid model that competes directly with Xometry's offering. Fictiv operates a similar marketplace model to Xometry and is also expanding its reach and capabilities, vying for the same customer base and manufacturing partners.
• Digitalization and AI adoption by traditional contract manufacturers: Many established contract manufacturing firms are increasingly investing in their own digital transformation initiatives. This includes developing proprietary online portals, implementing AI-driven quoting systems, and optimizing their internal operations for speed and efficiency. This industry-wide trend allows traditional manufacturers to offer a more streamlined and competitive direct-to-customer experience, potentially diminishing the unique value proposition and technological edge of a marketplace intermediary like Xometry over time.

The global addressable market for Xometry's main products and services is estimated to be $500 billion.

Xometry's primary offerings include an AI-powered marketplace that connects buyers with a global network of suppliers for various manufacturing processes. These processes encompass services such as CNC Machining, Injection Molding, 3D Printing, Sheet Metal, Die Casting, and Urethane Casting.

Xometry (XMTR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expanding Buyer and Supplier Networks: Xometry consistently emphasizes the growth in its active buyer and supplier base as a fundamental driver of marketplace expansion. The company reported a 24% increase in Marketplace Active Buyers year-over-year in Q3 2024, reaching 64,851. In Q3 2025, active buyers grew to 78,282. This continuous expansion of both sides of its marketplace is crucial for increasing transaction volume and overall revenue.
2. Deeper Enterprise Engagement and Growth with Larger Accounts: A significant focus for Xometry is on attracting and growing its relationships with larger enterprise accounts. The company has highlighted strong execution in securing growth with bigger clients, noting a 23% increase in marketplace accounts with at least $50,000 in spend in the last twelve months by Q3 2024. This strategy aims to capture a larger share of wallet from high-value customers.
3. International Expansion: Xometry is actively pursuing accelerated international growth to capture significant market share globally. This geographic expansion is cited as a direct contributor to marketplace revenue growth and is a key strategic growth initiative for the company.
4. Enhancing Service Offerings and Product Innovation through AI: The company continuously expands its marketplace capabilities and service menu, leveraging its AI-powered platform. Examples include introducing new manufacturing capabilities like tube bending and cutting, and generally enhancing its technology to improve the buyer and supplier experience. This focus on product innovation and AI-driven efficiencies not only supports margin expansion but also attracts more users and broader demand for its services.

Share Repurchases

• Xometry announced plans in June 2025 to repurchase approximately $8.0 million of its Class A common stock using proceeds from a convertible notes offering.
• Concurrently with a June 2025 offering, Xometry expected to use up to $25 million of net proceeds to repurchase Class A common stock from note purchasers.
• In June 2025, Xometry repurchased approximately $201.7 million aggregate principal amount of its outstanding 1.00% Convertible Senior Notes due 2027 for about $216.7 million in cash.

Share Issuance

• Xometry completed its Initial Public Offering (IPO) on June 30, 2021, raising $252 million by pricing its stock at $44.00 per share.
• The IPO involved the issuance of 7,906,250 shares of Class A common stock, including the full exercise of underwriters' option to purchase additional shares.
• In February 2022, Xometry priced a private placement of $250 million in 1.00% Convertible Senior Notes due 2027.
• In June 2025, Xometry priced a private placement of $225 million aggregate principal amount of 0.75% Convertible Senior Notes due 2030.

Inbound Investments

• Prior to its IPO in 2021, Xometry secured approximately $150 million in venture capital funding.
• In 2020, Xometry raised an additional $75 million in a funding round.

Outbound Investments

• In December 2019, Xometry acquired Shift, a Munich-based on-demand manufacturing marketplace, which was subsequently known as Xometry Europe.
• Xometry acquired Thomas (Thomasnet.com) in December 2021 for $300 million, paid with approximately $198.5 million in cash and $101.5 million in Xometry's Class A common stock.
• In March 2023, Xometry expanded its European presence by acquiring Tridi, Turkey's leading on-demand manufacturing marketplace.

Capital Expenditures

• Xometry's capital expenditures were $7.4 million in Q3 2025, primarily focused on software-related investments for its platform and product rollouts.
• Expected capital expenditures for Q4 2025 are projected to be approximately $8 million to $9 million.
• For the last 12 months, capital expenditures were -$24.45 million.