How will the Siemens partnership be structured in terms of margins and revenue recognition, and will it be accretive to overall EBITDA margin?

The gross margins and revenue recognition from the Siemens partnership are expected to be similar to current levels. However, with less associated operating expenses (OpEx), the incremental margins from this revenue should be more profitable, making it accretive to overall EBITDA. “The gross margins that those should be very similar, Brian, to what we see today. We'll also be recognizing revenue similar to what we're seeing today. And as we said, we'll have less OpEx associated with it. So we think from an incremental margins from this revenue should be more profitable.”

Has Xometry seen strength across specific end markets, and is the business benefiting from global supply chain disruptions?

Growth was broad-based across all industries and customer segments. While the macro environment is improving, Xometry's growth is primarily driven by market share gains. The ongoing supply chain disruptions highlight the need for resilient and digital supply chains, which Xometry provides, leading to increased adoption and market share. “I think when you think about all the disruptions that have happened now for years since COVID, I think it just underscores to buyers the need for resilient supply chains, the need for digital supply chain flexibility, and that's what Xometry is.”

What drove the strong active buyer net adds, and how should we think about future growth? Also, what has AI unlocked in the Instant Quote engine?

The record active buyer net adds are expected to continue with technology platform development, personalization, and expanded reach, including through partnerships like Siemens. Spend per buyer also increased 17% YoY. AI in the Instant Quote engine, specifically the new lead time model, leverages a 4x larger training data set and integrates new factors for superior prediction accuracy, enabling better pricing and advanced finishing options for complex customer needs. “I think you can expect to see more exciting numbers from the add perspective as we continue to further develop our technology platform to be more personalization as we extend the reach through our product and through our marketing, we're getting broader adoption.”

XMTR

Xometry (XMTR) Q1 FY26 earnings call: guidance and Q&A

Earnings call· Mar 2026 (Q1 FY26)· Industrials· May 7, 2026

Source: earnings call transcript

Executive summary

Xometry Q1 FY26 — Record Growth and Strategic Siemens Partnership

Xometry delivered a record Q1 FY26, showcasing accelerating revenue growth and expanding profitability, driven by its AI-native marketplace and product-led strategy. The company announced a significant strategic partnership with Siemens, integrating Xometry's AI capabilities into Siemens Xcelerator and receiving a $50 million investment. Management expressed confidence in continued robust growth and operating leverage, with an emphasis on expanding market share in the fragmented custom manufacturing sector.

Highlights

Q1 revenue grew 36% year-over-year to $205 million, a 600 basis point acceleration from Q4.
Q1 Marketplace revenue increased 40% year-over-year to $191 million, a 700 basis point acceleration from Q4.
Q1 adjusted EBITDA increased to $10.5 million, an improvement of $10.4 million year-over-year.
Active buyers grew 20% year-over-year to 85,581, with 3,760 net additions, the highest in 9 quarters.
Marketplace gross profit dollars increased a robust 53% year-over-year.

Guidance & targets

Category	Target	Timeline	Confidence
Q2 Revenue	$214M to $216M high materiality	Q2 · FY26	High
Q2 Marketplace growth	approximately 35% to 36% year-over-year medium materiality	Q2 · FY26	High
Q2 Services revenue	largely flat quarter-over-quarter medium materiality	Q2 · FY26	High
Q2 Adjusted EBITDA	$11M to $12M high materiality	Q2 · FY26	High
Full-year 2026 Revenue growth	at least 27% to 28% high materiality	FY26	High
Full-year 2026 Marketplace growth	approximately 30% high materiality	FY26	High
Full-year 2026 Marketplace gross margins	higher than 2025 medium materiality	FY26	High
Full-year 2026 Services revenue	approximately flat year-over-year with modest growth in the second half medium materiality	FY26	High
Full-year 2026 Incremental adjusted EBITDA margins	at least 20% high materiality	FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
U.S. segment Adjusted EBITDA improved by $10.3 million year-over-year, with margin expanding from 2.4% a year ago, driven by expanding gross profit and strong operating expense leverage. Adjusted EBITDA margin: 7.7%	—	—	—	$13.3M
International segment Adjusted EBITDA loss improved by 400 basis points from 12% in Q1 2025. The company expects continued improvement in operating leverage in 2026. Adjusted EBITDA loss as % of revenue: 8%	—	—	—	-$2.8M

XMTR operating KPIs by quarter

XMTR operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Active buyers	81.821K Q4 active buyers increased 20% year-over-year to 81,821 with a net addition of 3,539 active buyers, driven by efficient corporate marketing initiatives. Source: earnings call transcript	85.581K Q1 active buyers increased 20% year-over-year to 85,581 with a net addition of 3,760 active buyers, the highest number of net adds in 9 quarters. Source: earnings call transcript	89.557K Q2 active buyers increased 20% year-over-year to 89,557 with a net addition of 3,976 active buyers, the highest number of net adds in 10 quarters. Source: earnings call transcript	+4.6%
Active buyers net additions	3,539 Q4 active buyers increased 20% year-over-year to 81,821 with a net addition of 3,539 active buyers, driven by efficient corporate marketing initiatives. Source: earnings call transcript	3,760 Q1 active buyers increased 20% year-over-year to 85,581 with a net addition of 3,760 active buyers, the highest number of net adds in 9 quarters. Source: earnings call transcript	3,976 Q2 active buyers increased 20% year-over-year to 89,557 with a net addition of 3,976 active buyers, the highest number of net adds in 10 quarters. Source: earnings call transcript	+5.7%
Accounts with LTM spend of at least $50,000	1,760 In Q4, the number of accounts with last 12 months spend of at least $50,000 on our platform increased 18% year-over-year to 1,760. Source: earnings call transcript	1,864 In Q1, the number of accounts with last 12-month spend of at least $50,000 on our platform increased 21% year-over-year to 1,864 with a strong net adds of 104. Source: earnings call transcript	2,039 In Q2, the number of accounts with last 12-month spend of at least $50,000 on our platform increased 23% year-over-year to 2,039 with a record 175 quarterly net adds. Source: earnings call transcript	+9.4%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Deals & partnerships

Siemens Strategic partnership and investment $50M investment in Xometry Class A common stock

Siemens is embedding Xometry's AI capabilities natively into Siemens Xcelerator, including the Siemens Design Center. This integration will provide real-time feedback on design feasibility, manufacturing options, pricing, and lead times directly within engineers' design workflows. The partnership also includes integrating Thomas (Xometry's industrial sourcing network) with Siemens Supplyframe for sourcing intelligence.

What to watch in Q2 FY26

Siemens partnership impact on active buyers

Next quarter / as partnership develops

Current Not yet baked into guidance

Target Quantified impact on active buyer count and revenue

Why it matters

The Siemens partnership is expected to significantly boost Xometry's active buyer count and global reach, potentially accelerating growth beyond current guidance.

Our guide doesn't include anything about Siemens at all. So let's just -- that is not baked into our numbers. And as that partnership develops, we'll certainly update and if that impacts or when it impacts our numbers, we'll certainly share that.

Find out whether XMTR delivers this. Inve re-checks your case every morning.

Q&A highlights

How meaningful is the Siemens partnership for Xometry, what new exposure does it provide, and how will it impact KPIs like active buyers?

The Siemens partnership is a significant deal, extending Xometry's reach globally across all sectors through Siemens' millions of users. It could significantly boost active buyer count and improve profitability due to lower sales and marketing spend for these natively acquired customers. The integration allows engineers to price and track parts directly within Siemens' software.

“So their user base dwarfs ours, and we are embedding directly into their PLM and CAD software. So right where we want to capture the engineers and the procurement people, that is Siemens business. This will extend our reach into -- globally, it will extend our reach into all different sectors across different industries. So it could be a very big deal for us.”

asked by Cory Carpenter · answered by Randolph Altschuler

2 min read 5 chapters

Detailed narrative

Strategic Siemens Partnership

Xometry announced a strategic partnership with Siemens, integrating Xometry's AI capabilities natively into Siemens Xcelerator and receiving a $50 million investment. This collaboration aims to embed Xometry's manufacturability, pricing, and sourcing intelligence directly into Siemens' design software, providing real-time feedback to engineers and streamlining the design-to-production workflow.

The partnership is expected to significantly expand Xometry's global reach and installed base, leveraging Siemens' millions of users across various industrial sectors.

AI-Native Marketplace and Product Innovation

Xometry's Q1 performance validates its AI-native marketplace model, which has been integrated with data science, machine learning, and core AI models since inception. The company's proprietary pricing and sourcing models are continuously refined by transactional data, creating a closed-loop learning system.

Recent product initiatives include a new enterprise machine lead time model with 4x larger training data, and enhancements to the e-commerce marketplace experience like the 'Name Your Part' feature and personalized dynamic pricing.

Accelerated Growth and Market Share Gains

The company reported its third consecutive quarter of accelerating revenue growth, driven by strong execution and expansion of its buyer and supplier networks. Xometry attributes its market share gains to the increasing need for resilient and digital supply chains in the custom manufacturing market, which has been underscored by recent global disruptions.

The broad-based growth across industries and customer segments indicates strong adoption of Xometry's digital platform.

Expanding Profitability and Operating Leverage

Xometry achieved record adjusted EBITDA of $10.5 million, marking its fourth consecutive quarter of increasing EBITDA margins. This was driven by strong revenue and gross profit growth, coupled with disciplined operating expense management. Sales and marketing expenses decreased as a percentage of revenue, reflecting improved enterprise sales execution and efficient marketing.

The company is focused on balancing strategic investments with a relentless pursuit of operating leverage to improve adjusted EBITDA margins.

Supplier Network and Operational Efficiency

The global supplier network of approximately 5,000 suppliers provides unmatched speed, capacity, and resilience. Xometry continues to add suppliers with specialized certifications, noting a 35% increase in demand for certified manufacturing jobs in 2025. Efforts to improve supplier experience include new technology and tools in Workcenter, such as on-platform communications, which centralize job-related interactions and reduce friction.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.