Manufacturing Marketplace Xometry Reports 54% Revenue Growth

Online B2B marketplace Xometry saw its revenue increase more than 54% last year after making its debut as a public company.

According to published reports Tuesday (March 22), the company posted $218.3 million in total revenue for the year ending Dec. 31, compared to $141.4 million the prior year.

The company provides a space where more than 40,000 buyers purchase services from a global network of manufacturers and machine shops, with buyers including car maker BMW and vaccine maker Moderna.

“With our cloud-based software platform, we aim to be the operating system for hundreds of thousands of sellers,” CEO Randy Altschuler told analysts during an earnings call. “Global events over the last two years have crippled supply chains, spurred product shortages, and limited access to raw materials, underscoring the need for rapid digital transformation of the manufacturing industry.”

Read more: Xometry Rolls Out Products To Speed Up Payment Acceptance

Meanwhile, the company’s active seller population grew 43% from the 1,410 it listed in the fourth quarter ofQ4 2020 to 2,010, while its number of high-spending buyers also expanded.

On the call, CFO Jim Rallo said that 95% of Xometry’s revenue had come from existing accounts in Q4 2021, and that during FY 2021, the number of accounts spending more than $50,000 had grown by 80%. Rallo said this is indicative of the company’s “continued investment in sales and marketing,” and the “visibility and predictability” of its business model.

Altschuler told analysts on the call the company had performed well despite the volatility of the past two years, between the COVID pandemic, snags in supply chains and the Russian invasion of Ukraine.

“Our ability to match buyers and suppliers in real time and our weekly updates to our artificial intelligence (AI)-driven pricing model provides reliable pricing and predictable margins, even during periods of volatile commodity prices,” he said.