8-K: Xometry Achieves Record Q4, Strong Full Year 2025 Results

Xometry, Inc. announced record fourth quarter and strong full year 2025 financial results, driven by robust marketplace growth and significant Adjusted EBITDA improvement.

Summary

• Consolidated revenue for Q4 2025 increased 30% year-over-year to a record $192 million, and for the full year 2025, it grew 26% to $686.6 million.
• Marketplace revenue for Q4 2025 accelerated to 33% year-over-year, reaching $178 million, and for the full year 2025, it increased 30% to $629.6 million.
• Gross profit for Q4 2025 increased 27% year-over-year to a record $75.2 million, with full year 2025 gross profit at $268.8 million, up 25%.
• Adjusted EBITDA for Q4 2025 improved by $7.3 million year-over-year to $8.4 million, and for the full year 2025, it improved by $28.2 million year-over-year to $18.5 million.
• Non-GAAP net income for Q4 2025 was $9.1 million, compared to $3.2 million in Q4 2024, and for the full year 2025, it was $20.8 million, compared to a Non-GAAP net loss of $2.1 million in 2024.
• Active Buyers increased 20% to 81,821 as of December 31, 2025.
• Accounts with Last Twelve-Months Spend of at least $50,000 increased 18% to 1,760 as of December 31, 2025.
• Active Suppliers grew 17% year-over-year to 4,996 as of December 31, 2025.
• Services revenue for Q4 2025 decreased 1% year-over-year to $13.9 million, and for the full year 2025, it decreased 4% to $57.0 million.
• Net loss attributable to common stockholders for the full year 2025 was $61.7 million, which includes a $16.4 million non-recurring loss on debt extinguishment.
• The company completed a convertible debt refinancing of $250 million aggregate principal amount of new 0.75% convertible notes due in 2030, using proceeds to repurchase over $200 million of existing notes due 2027.
• Key business highlights include launching performance-based listings and improved search tools on Thomasnet, expanding the platform with new high-performance materials, and achieving Cybersecurity Maturity Model Certification (CMMC Level 2).

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive report, highlighting strong financial performance, significant operational improvements, and strategic advancements in product and market reach, despite a GAAP net loss which was impacted by a non-recurring debt extinguishment charge.

Positives

• Record Q4 2025 consolidated revenue of $192 million, up 30% year-over-year.
• Accelerated Q4 2025 marketplace revenue growth of 33% year-over-year.
• Record Q4 2025 gross profit of $75.2 million, up 27% year-over-year.
• Significant improvement in Q4 2025 Adjusted EBITDA to $8.4 million, an increase of $7.3 million year-over-year.
• Full Year 2025 Adjusted EBITDA improved by $28.2 million year-over-year to $18.5 million, moving from a loss to a profit.
• Full Year 2025 Non-GAAP net income of $20.8 million, a substantial improvement from a Non-GAAP net loss of $2.1 million in 2024.
• Strong growth in Active Buyers, up 20% to 81,821.
• 18% increase in Accounts with Last Twelve-Months Spend of at least $50,000, reaching 1,760.
• Active Suppliers grew 17% year-over-year to 4,996, with a focus on larger suppliers and international expansion.
• Successful convertible debt refinancing, providing financial flexibility and extending debt maturity to 2030.
• Launched performance-based listings and improved smart search tools on Thomasnet, driving over 15% more supplier evaluations.
• Expanded the Xometry platform with new high-performance materials for advanced applications and preferred subprocess features for CNC customers.
• Achieved Cybersecurity Maturity Model Certification (CMMC Level 2), reinforcing trust for aerospace and defense industries.
• Introduced the Workcenter mobile app and auto-quotes for injection molding services, enhancing supplier and buyer experience.
• Expanded AI-powered design for manufacturing capabilities through automated extraction of technical drawing data.
• Xometry EU launched Teamspace and a parts library, driving deeper enterprise engagement and streamlining procurement.

Negatives

• Services revenue decreased 1% year-over-year in Q4 2025 to $13.9 million and 4% for the full year 2025 to $57.0 million.
• Net loss attributable to common stockholders for the full year 2025 increased to $61.7 million from $50.4 million in 2024, including a $16.4 million non-recurring loss on debt extinguishment.
• International segment Adjusted EBITDA remained negative, reporting $(2,429) thousand in Q4 2025 and $(12,518) thousand for the full year 2025.

Risks

• Competition in the manufacturing marketplace industry.
• Challenges associated with managing the company's growth.
• Variability in financial performance.
• Difficulty in forecasting performance due to a limited operating history.
• Risks related to investments in new products or offerings.
• Ability to attract and retain both buyers and sellers to the marketplace.
• Potential legal proceedings and regulatory matters and developments.
• Any future changes to the company's business or its financial or operating model.
• Maintaining and enhancing the company's brand and reputation.
• Impact of fluctuations in general macroeconomic conditions, such as inflation and rising interest rates.

Future Outlook

For Q1 2026, Xometry expects revenue between $187 million and $189 million, representing 24-25% year-over-year growth, driven by 27-28% marketplace growth. Adjusted EBITDA for Q1 2026 is projected to be between $6.5 million and $7.5 million, a significant improvement from $0.1 million in Q1 2025. For the full year 2026, the company anticipates revenue growth of at least 21%, with marketplace growth of at least 23%, and expects to continue delivering incremental Adjusted EBITDA margins of at least 20% as it scales towards $1 billion in revenue.

Management Comments

• Randy Altschuler, CEO: "Q4 was another record quarter, capping a transformative year for Xometry as enterprise customers rapidly adopted our supply chain solutions. In Q4, we delivered 30% revenue growth year-over-year underscoring the strength of our product driven growth, pace of marketplace innovation and expanding global network."
• James Miln, CFO: "In Q4, we delivered robust marketplace gross profit growth, which increased 36% year-over-year. Our Adjusted EBITDA improved by $7.3 million year-over-year to $8.4 million. In 2025, we delivered incremental Adjusted EBITDA margins of 20%, reflecting the strong leverage in our marketplace model. We expect to continue to deliver 20% annual incremental Adjusted EBITDA margins as we scale towards $1 billion in revenue."

Industry Context

StockSavvy.ai notes that Xometry's strong marketplace growth and focus on enterprise solutions, digital platforms (Thomasnet), and AI-native capabilities align with broader industry trends towards digital transformation in manufacturing and supply chain optimization. The expansion into high-performance materials and advanced manufacturing processes positions Xometry to capture market share in critical sectors like aerospace, defense, and medical devices, where demand for specialized, on-demand production is increasing. The CMMC Level 2 certification further solidifies its position in regulated industries.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results for direct benchmarking against industry standards.
• However, the reported 20% incremental Adjusted EBITDA margins for 2025 and the expectation to continue this trend as the company scales towards $1 billion in revenue suggest a strong operational leverage model, which is a positive indicator for a technology-driven marketplace in the manufacturing sector, often outperforming traditional manufacturing models in terms of scalability and margin expansion.

Legal Proceedings

• The company generally lists legal proceedings and regulatory matters as potential risks that could cause actual results to differ materially from projections, but no specific proceedings are detailed in this filing.

Stakeholder Impact

• Shareholders: Positive impact due to strong financial performance, improved profitability metrics (Adjusted EBITDA, Non-GAAP net income), strategic growth initiatives, and debt refinancing providing financial flexibility.
• Customers (Buyers): Positive impact from improved search tools on Thomasnet, expanded material portfolio, enhanced control over manufacturing specifications, and new collaboration features (Teamspace, parts library).
• Suppliers: Positive impact from increased Active Suppliers, expanded sourcing network, performance-based listings on Thomasnet, and the Workcenter mobile app for managing jobs and operations.
• Creditors: Positive impact from successful convertible debt refinancing, extending maturity and improving financial flexibility.

Next Steps

• Host a conference call and webcast on February 24, 2026, at 8:30 a.m. ET to discuss the results.
• Release an earnings presentation on its investor website at investors.xometry.com.
• Continue to deliver at least 20% annual incremental Adjusted EBITDA margins as the company scales towards $1 billion in revenue.
• Focus on driving technology innovation to deliver improving marketplace price, speed, and selection.

Key Dates

Recommendation

The filing demonstrates robust growth in key marketplace metrics, significant improvement in Adjusted EBITDA and non-GAAP net income, and a clear path to continued margin expansion. Strategic initiatives like platform enhancements, international expansion, and CMMC certification strengthen its competitive position. The successful debt refinancing also improves financial stability. These factors suggest strong underlying business momentum and future potential, making it an attractive investment.

Keywords

Xometry, XMTR, manufacturing marketplace, custom manufacturing, AI-native, Thomasnet, industrial sourcing, financial results, Q4 2025, full year 2025, Adjusted EBITDA, revenue growth, supply chain, corporate governance, CMMC, convertible debt, additive manufacturing, CNC machining