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    XMTR
    Earnings call· Mar 2026(Q1 FY26)

    Xometry Q1 FY26 earnings call XMTR

    May 7, 2026 Source

    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

    5

    • 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

    9
    CategoryTargetConfidence
    Q2 Revenue
    $214M to $216M
    high materiality
    High
    Q2 Marketplace growth
    approximately 35% to 36% year-over-year
    medium materiality
    High
    Q2 Services revenue
    largely flat quarter-over-quarter
    medium materiality
    High
    Q2 Adjusted EBITDA
    $11M to $12M
    high materiality
    High
    Full-year 2026 Revenue growth
    at least 27% to 28%
    high materiality
    High
    Full-year 2026 Marketplace growth
    approximately 30%
    high materiality
    High
    Full-year 2026 Marketplace gross margins
    higher than 2025
    medium materiality
    High
    Full-year 2026 Services revenue
    approximately flat year-over-year with modest growth in the second half
    medium materiality
    High
    Full-year 2026 Incremental adjusted EBITDA margins
    at least 20%
    high materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    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

    Operational metrics

    17
    Revenue
    $205M36% year-over-year
    Q1 FY26

    Record Q1 revenue, showing significant acceleration.

    Marketplace revenue
    $191M40% year-over-year
    Q1 FY26

    Strong growth driven by execution and network expansion.

    Services revenue
    $13.8Mroughly flat quarter-over-quarter
    Q1 FY26

    Stabilization of the core advertising business.

    Gross profit
    $78.5M39% year-over-year
    Q1 FY26

    Increased gross profit alongside revenue growth.

    Marketplace gross margin
    34.7%290 basis points year-over-year
    Q1 FY26

    Expansion driven by top-line growth and margin performance.

    Total non-GAAP operating expenses
    $68.2M21% year-over-year
    Q1 FY26

    Growth rate significantly lower than revenue growth.

    Sales and marketing as % of revenue
    14.2%decreased 110 basis points year-over-year
    Q1 FY26

    Reflects improving enterprise sales execution and disciplined advertising spend.

    Marketplace advertising spend as % of Marketplace revenue
    3.9%down 60 basis points year-over-year
    Q1 FY26

    Record low advertising spend while delivering accelerated growth.

    Operations and support as % of revenue
    8.2%decreased 70 basis points year-over-year
    Q1 FY26

    Driven by focus on increasing automation with AI.

    Adjusted EBITDA
    $10.5Mimproved $10.4M year-over-year
    Q1 FY26

    Record adjusted EBITDA, driven by growth and operating efficiencies.

    Adjusted EBITDA margin
    5.1%compared with 4.4% in Q4 2025
    Q1 FY26

    Expanded margin alongside accelerating revenue growth.

    Cash CapEx
    $10.6M
    Q1 FY26

    Reflecting technology investments and product rollouts.

    Cash and cash equivalents and marketable securities
    $224M
    Q1 FY26

    Balance at the end of the first quarter.

    Active buyers
    85,58120% year-over-year
    Q1 FY26

    Strong net additions driven by product-led growth and efficient marketing.

    Accounts with LTM spend of at least $50,000
    1,86421% year-over-year
    Q1 FY26

    Enterprise investments continue to show strong returns, focusing on largest accounts with $10M+ potential annual revenue.

    Injection molding instant quoting increase
    over 15%
    Q1 FY26

    Enhancements to the injection molding offering, providing greater choice and selection.

    Global supplier network size
    approximately 5,000
    Q1 FY26

    Significant strategic advantage providing speed, capacity, and resilience.

    Industry KPIs

    1
    MetricValueDetails
    Contract vs spot large customer mix1,864accounts

    Deals & partnerships

    1
    SiemensStrategic 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

    5

    Siemens partnership impact on active buyers

    Next quarter / as partnership develops
    CurrentNot yet baked into guidance
    TargetQuantified 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.

    Q&A highlights

    5

    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 read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

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

    04

    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.

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.