Xometry Q2 FY26 earnings call XMTR

Xometry's AI-native marketplace is demonstrating significant strength, with Q2 revenue accelerating 41% year-over-year to $229 million, marking the fourth consecutive quarter of accelerating growth. Marketplace revenue specifically grew 45% year-over-year, driven by broad-based strength across verticals, improved conversion rates, and increased adoption by new and existing buyers. The company's AI models are effectively optimizing conversion, buyer growth, and market share gains, leading to record results and improved adjusted EBITDA.

Xometry is focused on establishing itself as the infrastructure for custom manufacturing, leveraging its AI models and proprietary data. The partnership with Siemens Design Center is progressing as expected, with real integration bringing Xometry's manufacturability and pricing insights directly into the CAD tool. This collaboration is seen as a critical pillar of the product-led growth strategy, aiming to create seamless AI-native digital threads that remove friction from manufacturing workflows and is expected to positively impact 2027 operating results.

Significant upgrades were made to Xometry's proprietary AI models, enhancing capabilities in costing, sourcing, and process recommendations. These interconnected models span the entire manufacturing journey, leveraging data across geometry, manufacturability, certifications, supplier capability, and production outcomes. A new cost prediction model improved CNC cost prediction accuracy by approximately 15%, while an adaptive sourcing model dynamically prices jobs for suppliers, improving partner suitability matching. An upgraded context-aware AI process recommender is now accepted by buyers over 85% of the time, particularly benefiting first-time customers.

The company reported strong active buyer growth, increasing 20% year-over-year to over 89,000, with 3,976 net adds, the highest in 10 quarters. This growth is attributed to product-led strategies, AI model optimizations, and efficient marketing. Xometry also strengthened its U.S. injection molding offering with new auto-quotable materials, free design for manufacturability consultations, and self-service one-click reordering. The global supplier network expanded to over 5,000 active suppliers across 50 countries, adding capacity in newer international markets like India and Vietnam.

Xometry continues to deliver robust enterprise growth, with Q2 revenue from larger customers increasing by more than 40%. The company achieved a record net addition of 175 accounts with greater than $50,000 spend, bringing the total to 2,039. As Xometry becomes more embedded in customer workflows, it observes continued wallet share gains and predictable spend. The company expects more accounts to cross the $10 million annual spend threshold in 2026, driven by multiyear production programs, exemplified by a major enterprise robotics leader leveraging 40 network suppliers for a complex build.

The Thomas platform, which provides access to over 500,000 suppliers, is focused on improving monetization and leveraging its network to supplement Xometry's supplier capacity. In Q2, Thomas completed the transition to a new ad platform and redesigned search experience, already yielding improvements in monetization. New AI-powered tools and processes are being launched for Thomas Marketing Services, with the expectation of inflecting the revenue curve and returning services offerings to year-over-year growth in the second half of 2026.