Amazon for custom manufacturing.

Upwork for manufacturing services.

Alibaba for made-to-order industrial parts.

• CNC Machining Services: Offers precise manufacturing capabilities through computer numerical control (CNC) machining, milling, and turning.
• Sheet Metal Fabrication Services: Provides custom sheet metal parts using a range of cutting (laser, waterjet, plasma) and forming techniques.
• 3D Printing Services: Delivers additive manufacturing solutions utilizing multiple technologies, including SLA, FDM, MJF, SLS, and various metal 3D printing methods.
• Injection Molding Services: Specializes in producing plastic parts through processes such as plastic, over, insert, and prototype molding.
• Casting, Finishing & Assembly Services: Facilitates custom manufacturing with services like urethane and die casting, vapor smoothing, finishing, and product assembly.

Xometry, Inc. (XMTR) operates primarily as a business-to-business (B2B) marketplace, connecting buyers of custom manufactured parts and assemblies with sellers. Due to the nature of its marketplace business model, Xometry serves a diverse and fragmented customer base across numerous industries rather than having a few publicly disclosed "major customers" by name.

Therefore, Xometry's customers are best described by the broad categories of industries it serves. These include:

• Aerospace and Defense
• Automotive
• Consumer Products
• Product Designers
• Education
• Electronic and Semiconductors
• Energy
• Hardware Startups
• Industrial
• Medical and Dental
• Robotics
• Supply Chain and Purchasing

These categories represent the various types of companies and organizations that utilize Xometry's platform to source manufacturing services.

• OSG Corporation (6136.T)
• Kyocera Corporation (6971.T)
• Mitsubishi Materials Corporation (5711.T)
• Sandvik AB (SAND.ST)

Randy Altschuler, Chief Executive Officer (will transition to Executive Chair on July 1, 2026)

Randy Altschuler is the co-founder of Xometry, which he helped take public in 2021. Prior to co-founding Xometry in 2013, he co-founded and served as Executive Chairman of CloudBlue, a provider of electronic equipment recycling services, which was acquired by Ingram Micro in 2013. Before CloudBlue, he co-founded and was CEO of OfficeTiger, a global business process outsourcing (BPO) company, which was acquired by RR Donnelley in 2006.

Sanjeev Singh Sahni, President (Incoming Chief Executive Officer effective July 1, 2026)

Sanjeev Singh Sahni currently serves as the President of Xometry, overseeing global Operations, Product, Technology, and People teams. Effective July 1, 2026, he will succeed Randy Altschuler as the Chief Executive Officer and will also join the Board of Directors. Sahni brings significant expertise in e-commerce, AI, and supply chain management to his roles.

James Miln, Chief Financial Officer

James Miln was appointed Chief Financial Officer of Xometry effective March 1, 2024. He previously served as Senior Vice President of Finance and Investor Relations at Yelp, where he played a key role in guiding the company through a period of strong, product-driven growth, including the introduction of new AI-powered search experiences. Miln has extensive financial planning, operational, and investor relations expertise, with prior experience at big-name tech and consumer brands like eBay.

Vaidy Raghavan, Chief Technology Officer

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

Subir Dutt, Chief Sales Officer

Subir Dutt serves as the Chief Sales Officer for Xometry. He holds a bachelor's degree in mechanical engineering from Punjab Engineering College in India and a master's degree in industrial engineering and operations research from Virginia Tech.

1. Intense Competition and Marketplace Dynamics: Xometry operates in a highly competitive digital manufacturing marketplace, facing numerous rivals such as Protolabs, Fictiv, and Shapeways. This intense competition, particularly on pricing, poses a significant risk as customers may switch to cheaper alternatives if they perceive better value elsewhere. Xometry's ability to continuously attract and retain both buyers and a diverse, high-quality network of suppliers is crucial for its success, with challenges including maintaining marketplace liquidity and managing pricing pressures.
2. Dependence on Third-Party Manufacturing Partners and Quality Control: As a marketplace, Xometry relies heavily on a network of independent manufacturers to fulfill orders. This reliance means Xometry has limited direct control over the actual manufacturing process, which can lead to variability in product quality. Risks include potential operational issues faced by individual suppliers, challenges in ensuring consistent quality across the network, supplier churn, and the ability to secure and onboard new, qualified partners. Lack of direct oversight over manufacturing can complicate quality assurance and compliance.
3. Sensitivity to Economic Conditions and Manufacturing Industry Downturns: Xometry's business is directly tied to the health and spending patterns of the industrial and manufacturing sectors. Economic slowdowns, reduced industrial production, or decreases in capital expenditures can lead to decreased demand for custom manufactured parts and assemblies. As a player in the industrial distribution sector, Xometry faces inherent risks related to economic cycles and broader macroeconomic uncertainties, which can impact its revenue growth and profitability.

A clear emerging threat to Xometry is the potential for major Computer-Aided Design (CAD) and Product Lifecycle Management (PLM) software vendors (e.g., Autodesk, Dassault Systèmes, Siemens) to integrate direct manufacturing sourcing capabilities directly into their core design and engineering platforms. These companies already command vast user bases of product designers and engineers, Xometry's primary customer demographic. If these vendors develop or acquire sophisticated manufacturing networks and seamlessly embed instant quoting and direct ordering of manufactured parts within their design environments, it could bypass Xometry's standalone marketplace. Designers could move from conceptualization to manufacturing order within a single, integrated software ecosystem, eroding Xometry's position as the intermediary platform.

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

1. Expansion of Active Buyer and Supplier Networks: A fundamental driver for Xometry's marketplace model is the continuous growth in its network of active buyers and suppliers. The company reported a 20% increase in active buyers to over 81,000 as of December 31, 2025, and marketplace revenue growth has been robust, indicating a strong expansion of its user base.
2. Deepening Enterprise Account Engagement: Xometry is focusing on and experiencing significant growth from larger, higher-value customers. Accounts with a trailing twelve-month spend of at least $50,000 increased by 18% to 1,760 as of December 31, 2025, and accounts spending at least $500,000 grew by approximately 30% in fiscal year 2025 to over 140. This deeper penetration into enterprise accounts is a crucial revenue driver.
3. Advancements in AI-Powered Marketplace and Product Innovation: The company consistently highlights its AI-powered marketplace and Instant Quoting Engine as core to its strategy. These technological enhancements are aimed at improving efficiency, expanding market share, and optimizing pricing and product selection, thereby fueling revenue growth.
4. International Market Expansion: Xometry is actively pursuing growth in international markets, with robust increases in regions like Europe and Asia Pacific. International growth reached a $100 million run rate in Q4 2024, demonstrating that global expansion is a significant growth initiative.
5. Broadening Marketplace Offerings and Services: While some non-core supplier services have been de-emphasized, Xometry continues to focus on expanding its overall marketplace menu and enhancing its service offerings. This strategy aims to provide a wider range of manufacturing solutions and value-added services through its platform.

Share Issuance

• Xometry went public on June 30, 2021, through an Initial Public Offering (IPO).

Outbound Investments

• In December 2021, Xometry acquired Thomas Publishing Company for $300 million.
• Xometry also acquired FactoryFour in November 2021 for an undisclosed amount.

Capital Expenditures

• In Q4 2025, Xometry's capital expenditures were $10.3 million, which were almost entirely related to software investments.
• For the full year 2025, capital expenditures primarily consisted of capitalized software costs, aligning with the company's asset-light business model.
• Capital expenditures were expected to be around $7 million per quarter for the remainder of 2025.