0000950170-24-121514 | 10-Q | XBRL Viewer

Acquisition

9 Months Ended

Sep. 30, 2024

(7) Acquisition

Tridi

On January 2, 2023, the Company acquired Tridi Teknoloj A.S. (“Tridi”) located in Istanbul, Türkiye pursuant to a Share Purchase Agreement. The acquisition of Tridi extends the Company's marketplace capabilities in Europe and provides the Company with access to the Turkish market. The Company accounted for the acquisition as a business combination. The goodwill of $4.8 million arising from the acquisition of Tridi related to expected synergies including access to the Turkish market and an established supplier network. The goodwill is included in our International reporting segment and is not deductible for tax purposes. The aggregate non-contingent portion of the purchase price was approximately $3.8 million in cash, of which approximately $0.4 million

was withheld and paid during the first quarter of 2024. In addition, the purchase price included a contingent consideration arrangement to the former owner of Tridi up to a maximum amount of $1.25 million (undiscounted) in shares of the Company’s Class A common stock in two installments on the first and second anniversary of the acquisition. The contingent consideration arrangement is tied to the achievement of revenue thresholds. The initial fair value of the contingent consideration of $0.9 million was estimated by applying an income valuation approach. The measurement is based on inputs that are not observable in the market (Level 3 inputs). Key assumptions made include (a) discount rate and (b) probability weighted assumptions about achieving revenue thresholds. As of September 30, 2024 and December 31, 2023, the total contingent consideration had a fair value of $0.6 million and $1.1 million, respectively. During the quarter ended March 31, 2024, the Company recorded an approximate $0.1 million increase to the contingent consideration liability with a corresponding expense recognized in general and administrative expense on our Condensed Consolidated Statements of Operations and Comprehensive Loss. In February 2024, the Company issued 21,083 shares of Class A common stock with a value of $0.6 million to the former owners of Tridi with respect to the first installment.

The following table (in thousands) summarizes the consideration paid for Tridi and the final fair value of the assets acquired and liabilities assumed on the acquisition date:


Consideration:
Cash	$	3,824
Settlement of preexisting relationship		357
Fair value of contingent consideration		860
Fair value of consideration		5,041

Recognized amounts of identifiable assets acquired and liabilities assumed:
Current assets		460
Property and equipment		22
Intangible asset		96
Current liabilities		(373	)
Total identifiable net assets assumed		205
Goodwill		4,836
Total	$	5,041

The estimated fair value of the intangible asset acquired was determined by the Company. The Company engaged a third‑party expert to assist with the valuation analysis. The Company used a cost method to estimate the fair value of the vendor relationship using Level 3 inputs. The useful life of the vendor relationship is 10 years.

Tridi’s results of operations were included in the Company's consolidated financial statements from the date of acquisition, January 2, 2023.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K filed with the SEC on February 29, 2024.

The Condensed Consolidated Balance Sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders' equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period. The Company has two reporting segments which are referred to as: (1) the United States (“U.S.”) and (2) International.

Foreign Operations and Comprehensive Loss

The U.S. dollar (“USD”) is the functional currency for Xometry’s consolidated subsidiary operating in the U.S. The primary functional currency for the Company's consolidated subsidiaries operating in Germany and to a lesser extent, United Kingdom, Turkey, China and Japan, is the Euro, British Pound Sterling, Turkish Lira, Yuan and the Yen, respectively. For the Company’s consolidated subsidiaries whose functional currencies are not the USD, the Company translates their financial statements into USD. The Company translates assets and liabilities at the exchange rate in effect as of the financial statement date. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in accumulated other comprehensive income, as a separate component of equity.

Noncontrolling Interest

We have a 66.67% ownership in Incom Co., LTD. As we have a controlling interest in Incom Co., LTD, we have consolidated Incom Co., LTD into our unaudited condensed consolidated financial statements. The portion of equity in Incom Co., LTD not owned by the Company is accounted for as a noncontrolling interest. We present the portion of any equity that we do not own in a consolidated entity as noncontrolling interest and classify their interest as a component of total equity, separate from total stockholders’ equity on our Condensed Consolidated Balance Sheets. We include net (loss) income attributable to the noncontrolling interests in net loss in our Condensed Consolidated Statements of Operations and Comprehensive Loss.

Use of Estimates

(b)

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Business Combinations

(c)

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to the valuation of intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are reflected in the consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

Fair Value Measurements and Financial Instruments

(d)

Fair Value Measurements and Financial Instruments

The Company measures certain assets and liabilities at fair value on a recurring basis based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.

The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

The carrying amounts of certain of the Company’s financial instruments, which include cash and cash equivalents, accounts receivable, prepaid expenses, other assets, accounts payable, accrued expenses and contract liabilities approximate their fair values due to their short maturities. The Company's marketable securities are recorded at fair value.

Cash and Cash Equivalents

(e)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash held in checking accounts. These investments are stated at cost, which approximates fair value.

Marketable Securities

(f)

Marketable Securities

The Company measures its marketable securities at fair value. The Company's marketable securities represent our investments in a short term money market fund. These marketable securities have maturities of three months or less. As of September 30, 2024 and December 31, 2023, the Company's marketable securities of $216.6 million and $215.4 million, respectively, were recorded at fair value, within Level 1 of the fair value hierarchy. The fair value of the Company’s Level 1 financial instruments is based on quoted prices in active markets, and total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs, discounts or blockage factors.

Accounts Receivable

(g)

Accounts Receivable

Accounts receivable are stated at the amount the Company expects to collect from outstanding balances. The Company's accounts receivable do not bear interest. Amounts collected on accounts receivable are included in net cash used in operating activities in the Condensed Consolidated Statements of Cash Flows. For buyers for which the Company provides credit, the Company performs credit inquiries, including reference checks, and queries credit ratings services and other publicly available information. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on the age of the outstanding amounts, each customer’s expected ability to pay and collection history, current market conditions, and reasonable and supportable forecasts of future economic conditions to determine whether the allowance is appropriate. The Company reviews its valuation allowance monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

Allowance For Credit Losses

The allowance for credit losses related to accounts receivable and changes were as follows (in thousands):



	2024			2023

Allowance for credit losses
Balance at beginning of year, January 1	$	2,444		$	1,988
Charge to provision accounts		2,086			2,186
Write-offs or other		(1,171	)		(1,730	)
Balance at period end, September 30 and December 31, respectively	$	3,359		$	2,444

Property and Equipment and Long-Lived Assets

(h)

Property and Equipment and Long-Lived Assets

Property and equipment are stated at cost. Depreciation is calculated on the straight-line method over the estimated useful life of the assets, which range from two to nine years, or in the case of leasehold improvements, over the shorter of the remaining lease term or the useful life of the asset.

Property and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Property and equipment includes capitalized internal-use software development costs. Eligible internal-use software development costs are capitalized subsequent to the completion of the preliminary project stage. Such costs include internal and external direct development costs totaling $12.7 million for the nine months ended September 30, 2024 and $19.7 million for the year ended December 31, 2023. After all substantial testing and deployment is completed and the software is ready for its intended use, capitalization is discontinued and the internal-use software costs are placed in service and amortized using the straight-line method over the estimated useful life of the software, generally three years.

Goodwill

(i)

Goodwill

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. As of September 30, 2024 and December 31, 2023, the Company's goodwill is attributable to both the U.S. and International reporting units. Goodwill is not amortized. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently, if events or changes in circumstances indicate that the carrying value of a reporting unit, including goodwill, might be impaired.

In testing for goodwill impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors assessed may include the following: (i) significant changes in the manner of our use of the assets or the strategy of our overall business, (ii) certain restructuring initiatives, (iii) significant negative industry or economic trends and (iv) significant decline in our share price for a sustained period. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if we conclude otherwise, we proceed to the quantitative assessment.

Revenue

(j)

Revenue

The Company derives the majority of its U.S. and International marketplace revenue from the sale of parts and assemblies fulfilled using a vast network of suppliers. The Company recognizes revenue from the sales to our customers pursuant to Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”).

The Company determines that a contract exists between the Company and the customer when the customer accepts the quote and places the order, all of which are governed by the Company’s standard terms and conditions or other agreed terms with Xometry’s buyers. Upon completion of an order through Xometry’s platform, the Company identifies the performance obligation(s) within that order to complete the sale of the manufactured part(s) or assembly. Using Xometry’s in-house technology, the Company determines the price for the manufactured part(s) or assembly on a stand-alone basis at order initiation. The Company recognizes revenue from sales to Xometry’s customers upon shipment, at which point control over the part(s) or assembly have transferred.

The Company has concluded that the Company is principal in the sale of part(s) and assemblies that use the Company’s network of third-party manufacturers because the Company controls the manufacturing by obtaining a right to direct a third-party manufacturer to fulfill the performance obligation Xometry has with the Company’s customers on Xometry’s behalf. The Company has considered the following conditions of the sale: (i) the Company has the obligation of providing the specified product to the customer, (ii) the Company has discretion with respect to establishing the price of the product and the price the Company pays the suppliers and the Company has margin risk on all of Xometry’s sales, (iii) the Company has discretion in determining how to fulfill each order, including selecting the supplier and (iv) Xometry bears certain risk for product quality to the extent the customer is not satisfied with the final product.

Xometry also derives revenue from its supplier services which is a suite of services offered to our suppliers. Revenue also includes the sale of marketing services which includes advertising. This revenue is generally recognized as control is transferred to the customer, in an amount reflecting the consideration we expect to be entitled to in exchange for such product or service. From time to time, a purchase order with a customer may involve multiple performance obligations, including a combination of some or all of our products. Judgment may be required in determining whether products are considered distinct performance obligations that should be accounted for separately or as one combined performance obligation. Revenue is recognized over the period or at the point in time in which the performance obligations are satisfied. Consideration is typically determined based on a fixed unit price for the quantity of product transferred. For purchase orders involving multiple performance obligations, the transaction price is allocated to each performance obligation based on relative standalone selling price, and recognized as revenue when each individual product or service is transferred to the customer.

Revenue is shown net of estimated returns, refunds, and allowances. At each of September 30, 2024 and December 31, 2023, the Company has a provision for estimated returns, refunds or allowances of approximately $0.1 million.

Sales tax and, if applicable, duties and/or tariffs collected from customers and remitted to governmental authorities is excluded from revenue.

Contract Liabilities

Contract liabilities are primarily derived from payments received in advance or at the time an order is placed, for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above.

The following table presents contract liabilities as of December 31, 2023 and September 30, 2024 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2023	$	7,357
Revenue recognized		(150,697	)
Payments received in advance		151,643
Contract liabilities at September 30, 2024	$	8,303

During the nine months ended September 30, 2024, the Company recognized approximately $6.5 million of revenue related to its contract liabilities as of December 31, 2023.

Sales Contract Acquisition Costs

The Company’s incremental costs to obtain a contract may include a sales commission which is generally determined on a per order basis. For marketplace contracts, the Company recognizes costs over a period of one year or less. For supplier service contracts in excess of one year, the Company amortizes such costs on a straight-line basis over the average customer life of two years for new customers and over the renewal period for existing customers which is generally one year. Sales commissions are included in the Company's sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three and nine months ended September 30, 2024, the Company recognized approximately $1.3 million and $5.7 million, respectively, of amortization related to deferred sales commissions. For the three and nine months ended September 30, 2023 the Company recognized approximately $2.0 million and $6.0 million, respectively, of amortization related to deferred sales commissions. As of September 30, 2024 and December 31, 2023, the Company had deferred sales contract acquisition costs of $0.6 million and $3.1 million, respectively, which is classified in other current assets on the Condensed Consolidated Balance Sheets.

Cost of Revenue

(k)

Cost of Revenue

Cost of revenue for marketplace primarily consists of the cost of the products that are manufactured or produced by the Company’s suppliers for delivery to buyers on the Company's platform, internal and external production costs, shipping costs, and certain internal depreciation.

Cost of revenue for supplier services primarily consists of internal and external production costs and website hosting.

Leases

(l)

Leases

The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at its inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liabilities, current portion and operating lease liabilities, net of current portion in the Condensed Consolidated Balance Sheets. For leases with terms of twelve months or less, the Company does not recognize ROU assets or lease liabilities on the Condensed Consolidated Balance Sheets. Additionally, the Company elected to use the practical expedient to not separate lease and non-lease components for leases of real estate, meaning that for these leases, the non-lease components are included in the associated ROU asset and lease liability balances on the Company’s Condensed Consolidated Balance Sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s operating leases is generally not determinable, as such the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option.

Lease expense is recognized on a straight-line basis over the term of the lease.

Sales and Marketing

(m)

Sales and Marketing

Sales and marketing expenses are expensed as incurred and include the costs of digital marketing strategies, branding costs and other advertising costs, certain depreciation and amortization expense, contract acquisition costs and compensation expenses, including stock-based compensation, to the Company’s sales and marketing employees. For the three and nine months ended September 30, 2024 the Company's advertising cost were $9.4 million and $26.5 million, respectively. For the three and nine months ended September 30, 2023 the Company's advertising cost were $7.7 million and $23.4 million, respectively.

Operations and Support

(n)

Operations and Support

Operations and support expenses are the costs the Company incurs in support of the customers and suppliers on Xometry’s platforms which are provided by phone, email and chat for purposes of resolving customer and supplier related matters. These costs primarily consist of compensation expenses of the support staff, including stock-based compensation, certain depreciation and amortization expense and software costs used in delivering customer and supplier services.

Product Development

(o)

Product Development

Product development costs which are not eligible for capitalization are expensed as incurred. This account also includes compensation expenses, including stock-based compensation to the Company’s employees performing routine improvements and maintenance on our platforms not related to a specific capitalizable project, software costs and certain depreciation and amortization expense.

General and Administrative

(p)

General and Administrative

General and administrative expenses primarily consist of compensation expenses, including stock-based compensation expenses, for executive, finance, legal and other administrative personnel, professional service fees and certain depreciation and amortization expense.

Stock Based Compensation

(q)

Stock Based Compensation

All stock-based compensation, including stock options, restricted stock units and performance restricted stock units (“PRSUs”), are measured at the grant date fair value of the award. The Company estimates grant date fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options, PRSUs and restricted stock units is recognized as compensation expense on a straight-line basis over the requisite service period, which is typically three to four years. The fair value of the restricted stock units and PRSUs is determined using the fair value of the Company's Class A common stock on the date of grant. Forfeitures are recorded in the period in which they occur.

The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards.

These variables include:

•

expected annual dividend yield;

•

expected volatility over the expected term;

•

expected term;

•

risk free interest rate;

•

per share value of the underlying common stock; and

•

exercise price.

For all stock options granted, the Company calculated the expected term using the simplified method for “plain vanilla” stock option awards. The risk-free interest rate is based on the yield available on U.S. Treasury issuances similar in duration to the expected term of the stock-based award. The Company estimates its expected share price volatility based on the historical volatility of publicly traded peer companies and/or its own volatility and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock.

The fair value for PRSUs is recognized on a ratable basis over the requisite service period of three years when it is probable the performance conditions of the awards will be met. The Company reassesses the probability of vesting at each reporting period and adjusts the total compensation expense of the award based on this probability assessment.

Net Loss Per Share Attributable to Common Stockholders

(r)

Net Loss Per Share Attributable to Common Stockholders

The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Certain unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock shared proportionately in the Company’s net losses.

Recently Issued Accounting Standards

(s)

Recently Issued Accounting Standards

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (“CODM”). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We expect this ASU to only impact our disclosures with no impacts to our results of operations, cash flows and financial condition.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For public entities, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025, and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. We expect this ASU to only impact our disclosures with no impacts to our results of operations, cash flows, and financial condition.

There are currently no other accounting standards that have been issued, but not yet adopted, that are expected to have a significant impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (10,199)	$ (12,010)	$ (40,507)	$ (56,912)
Net income attributable to noncontrolling interest		13	5	9
Net loss attributable to common stockholders	$ (10,199)	$ (12,023)	$ (40,512)	$ (56,921)
Class A and Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average number of shares outstanding used to compute net loss per share, basic	49,282,164	47,989,277	48,901,475	47,852,671
Weighted-average number of shares outstanding used to compute net loss per share, diluted	49,282,164	47,989,277	48,901,475	47,852,671
Net loss per share attributable to common stockholders, basic	$ (0.21)	$ (0.25)	$ (0.83)	$ (1.19)
Net loss per share attributable to common stockholders, diluted	$ (0.21)	$ (0.25)	$ (0.83)	$ (1.19)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (40,507)	$ (56,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,622	7,939
Impairment of assets		397
Reduction in carrying amount of right-of-use asset	3,328	13,257
Stock based compensation	21,115	16,222
Revaluation of contingent consideration	137	305
Income from unconsolidated joint venture	(93)	(137)
Donation of common stock	1,063	696
(Gain) loss on sale of property and equipment	(23)	92
Inventory write-off		223
Amortization of deferred costs on convertible notes	1,394	1,396
Deferred taxes benefit	(30)	(66)
Changes in other assets and liabilities:
Accounts receivable, net	(8,263)	(14,873)
Inventory	(598)	(17)
Prepaid expenses	786	2,335
Other assets	4,354	1,395
Accounts payable	(18,293)	640
Accrued expenses	6,782	1,032
Contract liabilities	916	1,178
Lease liabilities	(5,068)	(3,845)
Other liabilities	529
Income taxes payable	(1,620)	160
Net cash used in operating activities	(24,469)	(28,583)
Cash flows from investing activities:
Purchases of marketable securities	(16,253)	(8,630)
Proceeds from sale of marketable securities	15,000	30,000
Purchases of property and equipment	(13,560)	(12,063)
Proceeds from sale of property and equipment	79	223
Cash paid for business combinations, net of cash acquired		(3,349)
Net cash (used in) provided by investing activities	(14,734)	6,181
Cash flows from financing activities:
Proceeds from stock options exercised	3,215	1,428
Net cash provided by financing activities	3,215	1,428
Effect of foreign currency translation on cash and cash equivalents	(6)	(315)
Net decrease in cash and cash equivalents	(35,994)	(21,289)
Cash and cash equivalents at beginning of the period	53,424	65,662
Cash and cash equivalents at end of the period	17,430	44,373
Supplemental cash flow information:
Cash paid for interest	$ 2,875	2,875
Non-cash investing and financing activities:
Non-cash consideration in connection with business combination		$ 1,593

Debt Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt Commitments and Contingencies

(13) Debt Commitments and Contingencies

2027 Convertible Notes

In February 2022, we entered into a purchase agreement with certain counterparties for the sale of an aggregate of $287.5 million principal amount of convertible senior notes due in 2027 (the “2027 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2027 Notes consisted of a $250 million initial placement and an over-allotment option that provided the initial purchasers of the 2027 Notes with the option to purchase an additional $37.5 million aggregate principal amount of the 2027 Notes, which was fully exercised. The 2027 Notes were issued pursuant to an indenture dated February 4, 2022. The net proceeds from the issuance of the 2027 Notes were $278.2 million, net of debt issuance costs. The debt issuance costs are amortized to interest expense using the effective interest rate method.

The 2027 Notes are unsecured obligations which bear regular interest at 1% per annum and for which the principal balance will not accrete. Interest payments are due on February 1 and August 1 of each year the Notes remain outstanding. The 2027 Notes will mature on February 1, 2027 unless repurchased, redeemed, or converted in accordance with their terms prior to such date.

The 2027 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 17.8213 shares of Class A common stock per $1,000 principal amount of 2027 Notes, which is equivalent to an initial conversion price of approximately $56.11 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2027 Notes.

We may redeem for cash all or any portion of the 2027 Notes, at our option, on or after February 5, 2025 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest or additional interest, if any.

Holders of the 2027 Notes may convert all or a portion of their 2027 Notes at their option prior to November 1, 2026, in multiples of $1,000 principal amounts, only under the following circumstances:

•

if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 2027 Notes on each such trading day;

•

during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of the 2027 Notes for each day of that ten consecutive trading day period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the 2027 Notes;

•

on a notice of redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, in which case we may be required to increase the conversion rate for the 2027 Notes so surrendered for conversion in connection with such redemption notice; or

•

on the occurrence of specified corporate events.

On or after November 1, 2026, the 2027 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

Holders of the 2027 Notes who convert the 2027 Notes in connection with a make-whole fundamental change, as defined in the indenture governing the 2027 Notes, or in connection with a redemption are entitled to an increase in the conversion rate. Additionally, in the event of a fundamental change, holders of the 2027 Notes may require us to repurchase all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of 2027 Notes, plus any accrued and unpaid special interest, if any.

We accounted for the issuance of the 2027 Notes as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives.

The following table presents the outstanding principal amount and carrying value of the 2027 Notes as of the dates indicated (in thousands):


	September 30,			December 31,
	2024			2023
Principal	$	287,500			287,500
Unamortized debt discount		(4,025	)		(5,319	)
Unamortized debt issuance costs		(312	)		(412	)
Net carrying value	$	283,163			281,769

The annual effective interest rate for the 2027 Notes was approximately 1.6%. Interest expense related to the 2027 Notes for the periods presented below was as follows (in thousands):


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2024		2023		2024		2023
Coupon interest	$	718	$	718	$	2,156	$	2,156
Amortization of debt discount		431		432		1,294		1,294
Amortization of transaction costs		33		34		100		102
Total interest expense	$	1,182	$	1,184	$	3,550	$	3,552

The following table presents the carrying value and estimated fair value of the 2027 Notes as of the date indicated (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	283,163	$	238,079	$	281,769	$	268,554

(1) As of September 30, 2024 and December 31, 2023, the fair value of the 2027 Notes was measured using Level 2 inputs based on the frequency of trading on our debt at the end of the year.

Contingencies

The Company from time to time may be subject to various claims and legal proceedings covering a range of matters that arise in the ordinary course of its business activities. In the opinion of the Company, although the outcome of any legal proceedings cannot be predicted with certainty, the ultimate liability of the Company in connection with its legal proceedings is not expected to have a material adverse effect on the Company’s financial position or operations.

Restructuring

In May 2023, the Company reduced its workforce to help manage its operating expenses. During the three months ended June 30, 2023, the Company incurred $0.7 million for employee termination costs related to the May 2023 restructuring.

Exit from the Tools and Materials Business

The Company previously provided suppliers with access to competitively priced tools, materials and supplies in the U.S. As a result of the exit from the tools and materials business during the second quarter of 2023, the Company recognized $0.6 million of costs associated with its closure, of which $0.2 million is recognized in cost of revenue and $0.4 million is recognized in operations and support on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Defined Contribution Plans

The Company sponsors a defined contribution plan for qualifying employees, including a 401(k) Plan in the United States to which it makes matching contributions of 50% of participating employee contributions up to 6% of eligible income. The Company's total matching contribution to the 401(k) Plan was $0.6 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively, and was $1.8 million and $1.6 million for the nine months ended September 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	10,176,138	10,083,956
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	2,104,032	2,931,092
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	2,494,772	1,679,729
Unvested Performance Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	272,515
Warrants Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares		87,784
Shares Reserved for Charitable Contribution
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	181,195	261,727
Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	5,123,624	5,123,624

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Segment Information

The following tables reflect certain segment information for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Revenue
U.S.	$	117,584	$	103,379	$	333,113	$	292,715
International		24,114		15,548		63,870		42,546
Total	$	141,698	$	118,927	$	396,983	$	335,261


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Segment Losses
U.S.	$	(4,183	)	$	(7,893	)	$	(23,115	)	$	(43,742	)
International		(6,016	)		(4,130	)		(17,397	)		(13,179	)
Total	$	(10,199	)	$	(12,023	)	$	(40,512	)	$	(56,921	)

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 262,955	$ 262,915	$ 258,036
Estimated amortization expense remainder of 2024	900
Estimated amortization expense for intangible assets 2025	3,600
Estimated amortization expense for intangible assets 2026	3,200
Estimated amortization expense for intangible assets 2027	2,600
Estimated amortization expense for intangible assets 2028	2,600
Estimated amortization expense for intangible assets 2029	2,600
Estimated amortization expense for intangible assets thereafter	17,500
U.S.
Goodwill And Intangible Assets [Line Items]
Goodwill	258,000	258,000
International
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 4,900	$ 4,900

Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

(10) Stock Based Compensation

In 2014, the Company adopted a stock compensation plan (the "2014 Equity Incentive Plan") pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). This plan was terminated in February 2016. No additional awards may be granted under the 2014 Equity Incentive Plan, however, outstanding awards continue in full effect in accordance with their existing terms.

In 2016, the Company adopted a stock compensation plan (the “2016 Equity Incentive Plan”) pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). No additional awards may be granted under the 2016 Equity Incentive Plan, however, outstanding awards continue in full effect in accordance with their existing terms.

In connection with the Company’s initial public offering on July 2, 2021, the Company's board of directors adopted the 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”). The 2021 Equity Incentive Plan provides for the grant of incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based awards and other awards, or collectively, awards. Awards may be granted to Xometry employees, Xometry’s non-employee directors and consultants/contractors and the employees and consultants/contractors of Xometry affiliates. ISOs may be granted only to Xometry employees and the employees of Xometry affiliates.

As of September 30, 2024, there were 6,761,037 shares available for the Company to grant under the 2021 Equity Incentive Plan.

Stock Options

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2024, are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value
Exercisable at December 31, 2023		1,859,740			8.78		6.4		50.7
Balance at December 31, 2023		2,881,208			12.02		7.0		69.6
Granted		—			—		—		—
Exercised		(527,533	)		6.77		—		—
Forfeited		(201,418	)		23.02		—		—
Expired		(48,225	)		28.11		—		—
Balance at September 30, 2024		2,104,032			11.92		6.1		17.9
Exercisable at September 30, 2024		1,749,212			10.48		5.8		16.9

No options were granted during the nine months ended September 30, 2024. The total intrinsic value of options exercised during the nine months ended September 30, 2024 and 2023, was $6.3 million and $2.5 million, respectively.

At September 30, 2024, there was approximately $5.9 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted average period of approximately two years as of September 30, 2024.

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the status of the Company’s restricted stock unit activity and the changes during the nine months ended September 30, 2024 are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value
Unvested RSUs as of December 31, 2023		1,769,874			22.50		63.6
Granted		1,910,579			18.20		—
Vested		(631,023	)		21.69		—
Forfeited and cancelled		(554,658	)		22.15		—
Unvested RSUs as of September 30, 2024		2,494,772			19.49		45.8

At September 30, 2024, there was approximately $40.3 million of total unrecognized compensation cost related to unvested restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of approximately three years as of September 30, 2024.

Performance Restricted Stock Units

A summary of the status of the Company's performance restricted stock unit activity and the changes during the nine months ended September 30, 2024 are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value
Unvested PRSUs as of December 31, 2023		—			—		—
Granted		336,118			17.35		—
Vested		-			-		—
Forfeited and cancelled		(63,603	)		17.48		—
Unvested PRSUs as of September 30, 2024		272,515			17.32		5.0

At September 30, 2024, there was approximately $3.9 million of total unrecognized compensation cost related to unvested performance restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of approximately two years as of September 30, 2024.

Total stock-based compensation cost for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Sales and marketing	$	1,905	$	1,216	$	5,825	$	3,453
Operations and support		2,235		1,955		6,568		5,690
Product development		1,520		1,424		4,770		3,890
General and administrative		1,294		1,135		3,952		3,189
Total stock compensation expense	$	6,954	$	5,730	$	21,115	$	16,222

Property and Equipment and Long-Lived Assets - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total	$ 70,452	$ 56,836
Less accumulated depreciation	(28,129)	(21,199)
Property and Equipment, net	$ 42,323	35,637
Maximum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	9 years
Minimum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	2 years
Technology Hardware
Property Plant And Equipment [Line Items]
Total	$ 3,631	3,355
Property and equipment, Useful life	3 years
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	$ 5,591	5,482
Manufacturing Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	9 years
Manufacturing Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	2 years
Capitalized Software Development
Property Plant And Equipment [Line Items]
Total	$ 56,771	44,004
Property and equipment, Useful life	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	$ 1,775	1,365
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	$ 2,684	$ 2,630
Property and equipment, Useful life	7 years

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 816	$ 816	$ 2,447	$ 2,493
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization expense	770	767	2,310	2,347
Product Development
Finite Lived Intangible Assets [Line Items]
Amortization expense	42	42	126	126
General and Administrative
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 4	$ 7	$ 11	$ 20

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

(6) Leases

Operating lease expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Cost of revenue	$	18	$	18	$	54	$	54
General and administrative		1,228		1,171		3,809		13,802
Total operating lease expense	$	1,246	$	1,189	$	3,863	$	13,856

During the second quarter of 2023, following an assessment of its lease portfolio, the Company abandoned certain leases and/or portions of its leases in New York, NY, Horsham, PA, Culver City, CA, Doraville, GA and Gaithersburg, MD. As a result of abandoning these leases, the Company ceased its use of these locations and accelerated the amortization of the ROU assets to reduce the ROU assets carrying values to zero. The Company recognized a one-time charge of $8.7 million of additional operating lease expense during the second quarter of 2023 in general and administrative on our Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company will continue to pay the rent owed under the existing lease agreements.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Line Items]
Provision for income tax	$ 30	$ 139	$ 20	$ 208
Estimated annual effective tax rate			(0.10%)
Maximum
Income Taxes [Line Items]
Provision for income tax	$ 100	$ 100	$ 100	$ 100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 2
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-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Disaggregated Revenue and Cost of Revenue Information (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue and Cost of Revenue Information

Revenue and cost of revenue is presented in the following tables for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Marketplace	2024		2023		2024		2023
Revenue	$	126,965	$	102,473	$	351,438	$	282,664
Cost of revenue		84,347		70,578		235,278		196,240
Gross Profit	$	42,618	$	31,895	$	116,160	$	86,424

Supplier Services
Revenue	$	14,733	$	16,454	$	45,545	$	52,597
Cost of revenue		1,526		2,100		5,101		9,847
Gross Profit	$	13,207	$	14,354	$	40,444	$	42,750

Property and Equipment and Long-Lived Assets (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment

Property and equipment consist of the following as of September 30, 2024 and December 31, 2023 (in thousands):


		September 30,			December 31,
	Useful Life	2024			2023

Technology hardware	3 years	$	3,631		$	3,355
Manufacturing equipment	2 - 9 years		5,591			5,482
Capitalized software development	3 years		56,771			44,004
Leasehold improvements	Shorter of useful life or lease term		1,775			1,365
Furniture and fixtures	7 years		2,684			2,630
Total			70,452			56,836
Less accumulated depreciation			(28,129	)		(21,199	)
Property and Equipment, net		$	42,323		$	35,637

Summary of Depreciation and Amortization Expense

Depreciation and amortization expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	183	$	38	$	549	$	120
Sales and marketing		24		29		77		33
Operations and support		32		52		105		142
Product development		1,940		1,252		5,786		3,872
General and administrative		127		200		384		1,008
Total depreciation and amortization expense	$	2,306	$	1,571	$	6,901	$	5,175

Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

(1) Organization and Description of Business

Xometry, Inc. (“Xometry”, the “Company”, “we”, or “our”) was incorporated in the State of Delaware in May 2013. Xometry is a global artificial intelligence (“AI”) powered online marketplace connecting buyers with suppliers of manufacturing services, driving the digital transformation of one of the largest industries in the world. We use our proprietary AI, machine learning and cloud-based services, including our Thomasnet® platform, to help buyers efficiently source custom-manufactured parts and assemblies, and empower suppliers of manufacturing services to grow their businesses. Xometry's corporate headquarters is located in North Bethesda, Maryland.

Our AI-enabled technology platform is powered by proprietary machine learning algorithms and datasets, resulting in a sophisticated two-sided marketplace that is rapidly digitizing the manufacturing industry. As a result, buyers can procure the products they want on demand, and suppliers can source new manufacturing opportunities that match their specific capabilities and capacity, ultimately resulting in locally resilient supply chains so goods can get to market faster. Every interaction on our marketplace provides rich data insights that allow us to continuously improve our AI models and create new products and services, fueling powerful network effects as we scale.

We use proprietary technology to enable product designers, engineers, buyers, and supply chain professionals to instantly access the capacity of a global network of manufacturing facilities. The Company’s platform makes it possible for buyers to quickly receive pricing, expected lead times, manufacturability feedback and place orders on the Company’s platform. The network allows the Company to provide high volumes of unique parts, including custom components and assemblies for its buyers.

Xometry’s suppliers’ capabilities include computer numerical control manufacturing, sheet metal forming, sheet cutting, 3D printing (including fused deposition modeling, direct metal laser sintering, PolyJet, stereolithography, selective laser sintering, binder jetting, carbon digital light synthesis, multi jet fusion and lubricant sublayer photo-curing), die casting, stamping, injection molding, urethane casting, tube cutting, tube bending, as well as finishing services, rapid prototyping and high-volume production. Xometry's extensible technology platform allows the Company to add new technologies and processes to gain more wallet share with our buyers.

We empower suppliers to grow their manufacturing businesses and improve machine uptime by providing access to an extensive, diverse base of buyers. We also offer suppliers supporting products and services to meet their unique needs. Through Thomasnet, a leading industrial sourcing platform in North America, we offer suppliers an array of digital advertising and marketing services and data solutions. In addition, our suite of supplier services includes financial service products to stabilize and enhance cash flow and a cloud-based manufacturing execution system to help suppliers optimize their productivity.

Lease (Additional Information) (Details) $ in Millions	3 Months Ended
Lease (Additional Information) (Details) $ in Millions	Jun. 30, 2023 USD ($)
General and Administrative
Lessee, Lease, Description [Line Items]
Lease abandonment cost	$ 8.7

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Segment Revenue	$ 141,698	$ 118,927	$ 396,983	$ 335,261
Segment Losses	(10,199)	(12,023)	(40,512)	(56,921)
U.S.
Segment Reporting Information [Line Items]
Segment Revenue	117,584	103,379	333,113	292,715
Segment Losses	(4,183)	(7,893)	(23,115)	(43,742)
International
Segment Reporting Information [Line Items]
Segment Revenue	24,114	15,548	63,870	42,546
Segment Losses	$ (6,016)	$ (4,130)	$ (17,397)	$ (13,179)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following tables summarize the Company’s intangible assets (dollars in thousands):


	September 30, 2024
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount

Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,600	$	6,862	$	29,738
Trade Names		10		800		225		575
Developed Technology		5		739		474		265
Vendor Relationships		15		1,265		398		867
Database		5		2,400		1,350		1,050
Patents		17		157		58		99
Subtotal intangible assets				41,961		9,367		32,594
In-place Lease Intangible Asset		4		568		397		171
Above Market Lease Intangible Asset		4		896		622		274
Total intangible assets			$	43,425	$	10,386	$	33,039


	December 31, 2023
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,600	$	5,030	$	31,570
Trade Names		10		800		165		635
Developed Technology		5		739		349		390
Vendor Relationships		15		1,273		336		937
Database		5		2,400		990		1,410
Patents		17		157		51		106
Subtotal intangible assets				41,969		6,921		35,048
In-place Lease Intangible Asset		4		568		287		281
Above Market Lease Intangible Asset		4		896		457		439
Total intangible assets			$	43,433	$	7,665	$	35,768

Schedule of Carrying Amount of Goodwill

The following table provides a roll forward of the carrying amount of goodwill (in thousands):



	2024			2023

Balance as of January 1:
Gross goodwill	$	265,989		$	261,110
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		262,915			258,036
Goodwill acquired during the year(1)		—			4,836
Impact of foreign exchange		40			43
Net goodwill as of September 30, 2024 and December 31, 2023:	$	262,955		$	262,915

(1) See Note 7 - Acquisitions.

Schedule of Amortization Expense

Amortization expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Sales and marketing	$	770		767	$	2,310		2,347
Product development		42		42		126		126
General and administrative (1)		4		7		11		20
Total	$	816	$	816	$	2,447	$	2,493

(1) Amortization of the lease related intangible assets is recorded as operating lease expense in general and administrative.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Property and Equipment and Long-Lived Assets - Summary of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 2,306	$ 1,571	$ 6,901	$ 5,175
Cost of Revenue
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	183	38	549	120
Sales and Marketing
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	24	29	77	33
Operations and Support
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	32	52	105	142
Product Development
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	1,940	1,252	5,786	3,872
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 127	$ 200	$ 384	$ 1,008

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Operating Lease Expense

Operating lease expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Cost of revenue	$	18	$	18	$	54	$	54
General and administrative		1,228		1,171		3,809		13,802
Total operating lease expense	$	1,246	$	1,189	$	3,863	$	13,856

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

Inventory consists of raw materials, work-in-process and finished goods. Raw materials (plastics and metals) become manufactured products in the additive and subtractive manufacturing processes. Work-in-progress represents manufacturing costs associated with customer orders that are not yet complete. Finished goods represents product awaiting shipment. Inventory consists of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023

Raw materials	$	867	$	1,129
Work-in-progress		1,219		696
Finished goods		1,414		1,060
Total	$	3,500	$	2,885

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2024, are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value
Exercisable at December 31, 2023		1,859,740			8.78		6.4		50.7
Balance at December 31, 2023		2,881,208			12.02		7.0		69.6
Granted		—			—		—		—
Exercised		(527,533	)		6.77		—		—
Forfeited		(201,418	)		23.02		—		—
Expired		(48,225	)		28.11		—		—
Balance at September 30, 2024		2,104,032			11.92		6.1		17.9
Exercisable at September 30, 2024		1,749,212			10.48		5.8		16.9

Summary of Restricted Stock Unit Activity


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value
Unvested RSUs as of December 31, 2023		1,769,874			22.50		63.6
Granted		1,910,579			18.20		—
Vested		(631,023	)		21.69		—
Forfeited and cancelled		(554,658	)		22.15		—
Unvested RSUs as of September 30, 2024		2,494,772			19.49		45.8

Schedule of Total Stock-based Compensation Costs

Total stock-based compensation cost for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Sales and marketing	$	1,905	$	1,216	$	5,825	$	3,453
Operations and support		2,235		1,955		6,568		5,690
Product development		1,520		1,424		4,770		3,890
General and administrative		1,294		1,135		3,952		3,189
Total stock compensation expense	$	6,954	$	5,730	$	21,115	$	16,222

Performance Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Unit Activity


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value
Unvested PRSUs as of December 31, 2023		—			—		—
Granted		336,118			17.35		—
Vested		-			-		—
Forfeited and cancelled		(63,603	)		17.48		—
Unvested PRSUs as of September 30, 2024		272,515			17.32		5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investment in Unconsolidated Joint Venture - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Advertising expense	$ 9.4	$ 7.7	$ 26.5	$ 23.4
Industrial Media, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%		50.00%
Advertising expense	$ 0.1	0.1	$ 0.2	0.2
Dividends received	$ 0.1	$ 0.2	$ 0.4	$ 0.3
Rich Media Group, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%		50.00%

Debt Commitments and Contingencies - Schedule of Carrying Value and Estimated Fair Value of Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 283,163	$ 281,769
2027 Notes
Debt Instrument [Line Items]
Carrying Value	283,163	281,769
2027 Notes \| Level 2
Debt Instrument [Line Items]
Fair Value	$ 238,079	$ 268,554

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

(14) Segments

Xometry is organized in two segments referred to as: (1) the U.S. and (2) International. Xometry’s operating segments are also the Company’s reportable segments. Xometry’s reportable segments, whose products and offerings are generally the same, are managed separately based on geography. Xometry’s two segments are defined based on the reporting and review process used by the chief operating decision maker (“CODM”), the Chief Executive Officer. The Company evaluates the performance of the operating segments primarily based on revenue and segment “profits/loss” which is largely the results of the segment before income taxes. The Company has not allocated certain general and administrative expenses to the International segment. The Company’s CODM monitors assets of the consolidated Company, but does not use assets by operating segment when assessing performance or making operating segment resource decisions.

The following tables reflect certain segment information for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Revenue
U.S.	$	117,584	$	103,379	$	333,113	$	292,715
International		24,114		15,548		63,870		42,546
Total	$	141,698	$	118,927	$	396,983	$	335,261


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Segment Losses
U.S.	$	(4,183	)	$	(7,893	)	$	(23,115	)	$	(43,742	)
International		(6,016	)		(4,130	)		(17,397	)		(13,179	)
Total	$	(10,199	)	$	(12,023	)	$	(40,512	)	$	(56,921	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit losses, accounts receivable current	$ 3.4	$ 2.4
Preferred stock, par or stated value per share	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par or stated value per share	$ 0.000001	$ 0.000001
Common stock shares authorized	750,000,000	750,000,000
Common stock share issued	46,768,801	45,489,379
Common stock share outstanding	46,768,801	45,489,379
Class B Common Stock
Common stock, par or stated value per share	$ 0.000001	$ 0.000001
Common stock shares authorized	5,000,000	5,000,000
Common stock share issued	2,676,154	2,676,154
Common stock share outstanding	2,676,154	2,676,154

Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance \| shares	1,769,874
Number of Shares, Granted \| shares	1,910,579
Number of Shares, Vested \| shares	(631,023)
Number of Shares, Forfeited and cancelled \| shares	(554,658)
Number of Shares, Unvested, Ending Balance \| shares	2,494,772
Weighted Average Grant Date fair value (per share), Unvested Beginning Balance \| $ / shares	$ 22.5
Weighted Average Grant Date fair value (per share), Granted \| $ / shares	18.2
Weighted Average Grant Date fair value (per share), Vested \| $ / shares	21.69
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled \| $ / shares	22.15
Weighted Average Grant Date fair value (per share), Unvested Ending Balance \| $ / shares	$ 19.49
Aggregate Intrinsic Value, Unvested Beginning Balance \| $	$ 63,600
Aggregate Intrinsic Value, Unvested Ending Balance \| $	$ 45,800
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance \| shares	0
Number of Shares, Granted \| shares	336,118
Number of Shares, Forfeited and cancelled \| shares	(63,603)
Number of Shares, Unvested, Ending Balance \| shares	272,515
Weighted Average Grant Date fair value (per share), Unvested Beginning Balance \| $ / shares	$ 0
Weighted Average Grant Date fair value (per share), Granted \| $ / shares	17.35
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled \| $ / shares	17.48
Weighted Average Grant Date fair value (per share), Unvested Ending Balance \| $ / shares	$ 17.32
Aggregate Intrinsic Value, Unvested Beginning Balance \| $	$ 0
Aggregate Intrinsic Value, Unvested Ending Balance \| $	$ 5,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 141,698	$ 118,927	$ 396,983	$ 335,261
Cost of revenue	85,873	72,678	240,379	206,087
Gross profit	55,825	46,249	156,604	129,174
Sales and marketing	27,204	23,210	81,891	68,315
Operations and support	14,698	12,622	42,918	39,450
Product development	9,344	8,523	28,952	25,570
General and administrative	16,060	14,940	47,470	56,479
Impairment of assets		151		397
Total operating expenses	67,306	59,446	201,231	190,211
Loss from operations	(11,481)	(13,197)	(44,627)	(61,037)
Other income (expenses)
Interest expense	(1,187)	(1,205)	(3,564)	(3,596)
Interest and dividend income	2,781	2,994	8,275	8,648
Other expenses	(444)	(597)	(1,064)	(1,156)
Income from unconsolidated joint venture	162	134	493	437
Total other income	1,312	1,326	4,140	4,333
Loss before income taxes	(10,169)	(11,871)	(40,487)	(56,704)
Provision for income taxes	(30)	(139)	(20)	(208)
Net loss	(10,199)	(12,010)	(40,507)	(56,912)
Net income attributable to noncontrolling interest		13	5	9
Net loss attributable to common stockholders	(10,199)	(12,023)	(40,512)	(56,921)
Earnings Per Share [Abstract]
Net loss	(10,199)	(12,010)	(40,507)	(56,912)
Comprehensive loss:
Foreign currency translation	795	91	430	450
Total other comprehensive income	795	91	430	450
Comprehensive loss	(9,404)	(11,919)	(40,077)	(56,462)
Comprehensive (loss) income attributable to noncontrolling interest	(23)	21	8	45
Total comprehensive loss attributable to common stockholders	$ (9,381)	$ (11,940)	$ (40,085)	$ (56,507)
Common Class A and Class B [Member]
Earnings Per Share [Abstract]
Net loss per share, basic	$ (0.21)	$ (0.25)	$ (0.83)	$ (1.19)
Net loss per share, diluted	$ (0.21)	$ (0.25)	$ (0.83)	$ (1.19)
Weighted-average number of shares outstanding used to compute net loss per share, basic	49,282,164	47,989,277	48,901,475	47,852,671
Weighted-average number of shares outstanding used to compute net loss per share, diluted	49,282,164	47,989,277	48,901,475	47,852,671

Disaggregated Revenue and Cost of Revenue Information - Schedule of Disaggregated Revenue and Cost of Revenue Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 141,698	$ 118,927	$ 396,983	$ 335,261
Cost of revenue	85,873	72,678	240,379	206,087
Gross profit	55,825	46,249	156,604	129,174
Marketplace
Disaggregation of Revenue [Line Items]
Revenue	126,965	102,473	351,438	282,664
Cost of revenue	84,347	70,578	235,278	196,240
Gross profit	42,618	31,895	116,160	86,424
Supplier Services
Disaggregation of Revenue [Line Items]
Revenue	14,733	16,454	45,545	52,597
Cost of revenue	1,526	2,100	5,101	9,847
Gross profit	$ 13,207	$ 14,354	$ 40,444	$ 42,750

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(10,199	)	$	(12,010	)	$	(40,507	)	$	(56,912	)
Net income attributable to noncontrolling interest		—			13			5			9
Net loss attributable to common stockholders	$	(10,199	)	$	(12,023	)	$	(40,512	)	$	(56,921	)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock		49,282,164			47,989,277			48,901,475			47,852,671
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(0.21	)	$	(0.25	)	$	(0.83	)	$	(1.19	)

Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the occurrence of an event:


	September 30,
	2024		2023
Stock options outstanding		2,104,032		2,931,092
Unvested restricted stock units		2,494,772		1,679,729
Unvested performance restricted stock units		272,515		—
Warrants outstanding		—		87,784
Shares reserved for charitable contribution		181,195		261,727
Convertible notes		5,123,624		5,123,624
Total shares		10,176,138		10,083,956

Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Gross goodwill	$ 265,989	$ 261,110
Accumulated impairments	(3,074)	(3,074)
Goodwill, Beginning Balance	262,915	258,036
Goodwill acquired during the year		4,836
Impact of foreign exchange	40	43
Goodwill, Ending Balance	$ 262,955	$ 262,915

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Basis of Presentation and Summary of Significant accounting Policies - Summary of Allowance for Credit Losses Related to Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year, January 1	$ 2,444	$ 1,988
Charge to provision accounts	2,086	2,186
Write-offs or other	(1,171)	(1,730)
Balance at period end, September 30 and December 31, respectively	$ 3,359	$ 2,444

Stock Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Exercisable \| shares	1,749,212	1,859,740
Number of Shares, Beginning Balance \| shares	2,881,208
Number of Shares, Exercised \| shares	(527,533)
Number of Shares, Forfeited \| shares	(201,418)
Number of Shares, Expired \| shares	(48,225)
Number of Shares, Ending Balance \| shares	2,104,032	2,881,208
Weighted Average Exercise Price Per Share, Exercisable \| $ / shares	$ 10.48	$ 8.78
Weighted Average Exercise Price Per Share, Beginning Balance \| $ / shares	12.02
Weighted Average Exercise Price Per Share, Exercised \| $ / shares	6.77
Weighted Average Exercise Price Per Share, Forfeited \| $ / shares	23.02
Weighted Average Exercise Price Per Share, Expired \| $ / shares	28.11
Weighted Average Exercise Price Per Share, Ending Balance \| $ / shares	$ 11.92	$ 12.02
Average Remaining Contractual Term, Exercisable	5 years 9 months 18 days	6 years 4 months 24 days
Average Remaining Contractual Term	6 years 1 month 6 days	7 years
Aggregate Intrinsic Value, Exercisable \| $	$ 16.9	$ 50.7
Aggregate Intrinsic Value \| $	$ 17.9	$ 69.6

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	XOMETRY, INC.
Entity Central Index Key	0001657573
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-40546
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0415449
Entity Address, Address Line One	6116 Executive Blvd
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	North Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	240
Local Phone Number	335-7914
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.000001 per share
Trading Symbol	XMTR
Security Exchange Name	NASDAQ
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,888,079
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,676,154

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

(12) Net Loss Per Share Attributable to Common Stockholders

The Company computes net loss per share of Class A common stock, Class B common stock and participating securities using the two-class method. Basic and diluted EPS are the same for each class of common stock and participating securities because they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(10,199	)	$	(12,010	)	$	(40,507	)	$	(56,912	)
Net income attributable to noncontrolling interest		—			13			5			9
Net loss attributable to common stockholders	$	(10,199	)	$	(12,023	)	$	(40,512	)	$	(56,921	)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock		49,282,164			47,989,277			48,901,475			47,852,671
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(0.21	)	$	(0.25	)	$	(0.83	)	$	(1.19	)


	September 30,
	2024		2023
Stock options outstanding		2,104,032		2,931,092
Unvested restricted stock units		2,494,772		1,679,729
Unvested performance restricted stock units		272,515		—
Warrants outstanding		—		87,784
Shares reserved for charitable contribution		181,195		261,727
Convertible notes		5,123,624		5,123,624
Total shares		10,176,138		10,083,956

Disaggregated Revenue and Cost of Revenue Information

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Cost of Revenue Information

(8) Disaggregated Revenue and Cost of Revenue Information

The following table presents our revenue and cost of revenue disaggregated by line of business. Revenue from our marketplace primarily reflects the sales of parts and assemblies on our platform. Revenue from supplier services primarily includes the sale of digital advertising and marketing services, and to a lesser extent financial service products, SaaS products and tools and materials (our "tools and materials business", which we previously referred to as our "supplies business”).

Revenue and cost of revenue is presented in the following tables for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Marketplace	2024		2023		2024		2023
Revenue	$	126,965	$	102,473	$	351,438	$	282,664
Cost of revenue		84,347		70,578		235,278		196,240
Gross Profit	$	42,618	$	31,895	$	116,160	$	86,424

Supplier Services
Revenue	$	14,733	$	16,454	$	45,545	$	52,597
Cost of revenue		1,526		2,100		5,101		9,847
Gross Profit	$	13,207	$	14,354	$	40,444	$	42,750

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(15) Goodwill and Intangible Assets

The following tables summarize the Company’s intangible assets (dollars in thousands):


	September 30, 2024
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount

Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,600	$	6,862	$	29,738
Trade Names		10		800		225		575
Developed Technology		5		739		474		265
Vendor Relationships		15		1,265		398		867
Database		5		2,400		1,350		1,050
Patents		17		157		58		99
Subtotal intangible assets				41,961		9,367		32,594
In-place Lease Intangible Asset		4		568		397		171
Above Market Lease Intangible Asset		4		896		622		274
Total intangible assets			$	43,425	$	10,386	$	33,039


	December 31, 2023
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,600	$	5,030	$	31,570
Trade Names		10		800		165		635
Developed Technology		5		739		349		390
Vendor Relationships		15		1,273		336		937
Database		5		2,400		990		1,410
Patents		17		157		51		106
Subtotal intangible assets				41,969		6,921		35,048
In-place Lease Intangible Asset		4		568		287		281
Above Market Lease Intangible Asset		4		896		457		439
Total intangible assets			$	43,433	$	7,665	$	35,768

The following table provides a roll forward of the carrying amount of goodwill (in thousands):



	2024			2023

Balance as of January 1:
Gross goodwill	$	265,989		$	261,110
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		262,915			258,036
Goodwill acquired during the year(1)		—			4,836
Impact of foreign exchange		40			43
Net goodwill as of September 30, 2024 and December 31, 2023:	$	262,955		$	262,915

(1) See Note 7 - Acquisitions.

As of September 30, 2024 and December 31, 2023, Xometry had $263.0 million and $262.9 million, respectively of goodwill. As of September 30, 2024 and December 31, 2023, $258.0 million was part of Xometry’s U.S. operating segment and $4.9 million was part of Xometry’s International operating segment.

As of September 30, 2024, estimated amortization expense for intangible assets for the remainder of 2024 and the next five years is: $0.9 million in 2024, $3.6 million in 2025, $3.2 million in 2026, $2.6 million in 2027, $2.6 million in 2028, $2.6 million in 2029 and $17.5 million thereafter.

Amortization expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Sales and marketing	$	770		767	$	2,310		2,347
Product development		42		42		126		126
General and administrative (1)		4		7		11		20
Total	$	816	$	816	$	2,447	$	2,493

(1) Amortization of the lease related intangible assets is recorded as operating lease expense in general and administrative.

Debt Commitments and Contingencies - Additional Information (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 04, 2022	Feb. 28, 2022 USD ($) BusinessDay TradingDays $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Percentage of employee's matching contribution			50.00%	50.00%		50.00%	50.00%
Maximum percentage of employee contributions			6.00%	6.00%		6.00%	6.00%
Total matching contribution			$ 0.6	$ 0.5		$ 1.8	$ 1.6
Exit costs					$ 0.6
Cost of Revenue
Debt Instrument [Line Items]
Exit costs					0.2
Operations and Support
Debt Instrument [Line Items]
Exit costs					0.4
Employee Termination Benefits
Debt Instrument [Line Items]
Employee termination costs					$ 0.7
2027 Notes
Debt Instrument [Line Items]
Indenture date	Feb. 04, 2022
Net proceeds from issuance of notes, net of debt issuance costs		$ 278.2
Debt instrument, interest rate		1.00%
Debt instrument, maturity date		Feb. 01, 2027
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, redemption price, percentage of principal amount redeemed		100.00%
Number of trading days \| TradingDays		20
Number of consecutive trading days \| TradingDays		30
Debt instrument, effective interest rate			1.60%			1.60%
2027 Notes \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument conversion rate		17.8213
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument conversion price \| $ / shares		$ 56.11
Number of consecutive trading days \| TradingDays		10
Number of business day \| BusinessDay		5
2027 Notes \| Maximum \| Class A Common Stock
Debt Instrument [Line Items]
Percentage of sales price and applicable conversion rate		98.00%
2027 Notes \| Initial Public Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 250.0
2027 Notes \| Private Offering
Debt Instrument [Line Items]
Aggregate principal amount		287.5
2027 Notes \| Over-Allotment Option
Debt Instrument [Line Items]
Aggregate principal amount		$ 37.5

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,199)	$ (12,023)	$ (40,512)	$ (56,921)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted	$ 0
Intrinsic value of options exercised	$ 6.3	$ 2.5
Unrecognized compensation cost related to unvested stock options granted	$ 5.9
Cost is expected to be recognized over weighted average period	2 years
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted to purchase shares of common stock	0
2014 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan termination, month and year	2016-02
Stock options granted to purchase shares of common stock	0
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant	6,761,037
2021 Equity Incentive Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cost is expected to be recognized over weighted average period	3 years
Total unrecognized compensation cost related to unvested restricted stock units	$ 40.3
2021 Equity Incentive Plan \| Performance Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cost is expected to be recognized over weighted average period	2 years
Total unrecognized compensation cost related to unvested restricted stock units	$ 3.9

Debt Commitments and Contingencies - Schedule of Outstanding Principal Amount and Carrying Value of Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying value	$ 283,163	$ 281,769
2027 Notes
Debt Instrument [Line Items]
Principal	287,500	287,500
Unamortized debt discount	(4,025)	(5,319)
Unamortized debt issuance costs	(312)	(412)
Net carrying value	$ 283,163	$ 281,769

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Acquisition - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Jan. 02, 2023	Feb. 29, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Increase in contingent consideration liability				$ 137	$ 305
Shared issued in business combination				$ 625	$ 180
Tridi Teknoloj A S Member
Business Acquisition [Line Items]
Goodwill acquired during period	$ 4,800
Aggregate non-contingent portion of purchase price	3,800
Aggregate non-contingent portion of purchase price withheld for future payment	400
Initial fair value of contingent consideration	900
Business combination contingent consideration liability payment description				In addition, the purchase price included a contingent consideration arrangement to the former owner of Tridi up to a maximum amount of $1.25 million (undiscounted) in shares of the Company’s Class A common stock in two installments on the first and second anniversary of the acquisition.
Fair value of contingent consideration	860			$ 600		$ 1,100
Shared issued in business combination, Shares		21,083
Shared issued in business combination		$ 600
Tridi Teknoloj A S Member \| Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 1,250
Tridi Teknoloj A S Member \| Vendor Relationships
Business Acquisition [Line Items]
Intangible assets, estimated useful lives	10 years
Tridi Teknoloj A S Member \| General and Administrative
Business Acquisition [Line Items]
Increase in contingent consideration liability			$ 100

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments \| Segment			2
Marketable securities	$ 216,605,000		$ 216,605,000		$ 215,352,000
Property and equipment includes capitalized internal-use software development costs			12,700,000		19,700,000
Revenue, net of estimated returns, refunds and allowances	100,000		100,000		100,000
Revenue recognized related to contract liabilities			6,500,000
Amortization of deferred sales commissions	1,300,000	$ 2,000,000	5,700,000	$ 6,000,000
Deferred sales contract acquisition costs	600,000		600,000		3,100,000
Advertising costs	$ 9,400,000	$ 7,700,000	$ 26,500,000	$ 23,400,000
Maximum
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Requisite service period			4 years
Property, plant and equipment, useful life	9 years		9 years
Minimum
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Requisite service period			3 years
Property, plant and equipment, useful life	2 years		2 years
Sales Contract Acquisition Costs \| New Customers
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Sales contract acquisition costs, amortization period	2 years		2 years
Sales Contract Acquisition Costs \| Existing Customers
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Sales contract acquisition costs, amortization period over contract renewal			1 year
Level 1
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Marketable securities	$ 216,600		$ 216,600		$ 215,400
Incom Co., LTD
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Ownership percentage	66.67%		66.67%

Debt Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Principal Amount and Carrying Value of Notes

The following table presents the outstanding principal amount and carrying value of the 2027 Notes as of the dates indicated (in thousands):


	September 30,			December 31,
	2024			2023
Principal	$	287,500			287,500
Unamortized debt discount		(4,025	)		(5,319	)
Unamortized debt issuance costs		(312	)		(412	)
Net carrying value	$	283,163			281,769

Schedule of Interest Expense Related to Notes

Interest expense related to the 2027 Notes for the periods presented below was as follows (in thousands):


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2024		2023		2024		2023
Coupon interest	$	718	$	718	$	2,156	$	2,156
Amortization of debt discount		431		432		1,294		1,294
Amortization of transaction costs		33		34		100		102
Total interest expense	$	1,182	$	1,184	$	3,550	$	3,552

Schedule of Carrying Value and Estimated Fair Value of Notes

The following table presents the carrying value and estimated fair value of the 2027 Notes as of the date indicated (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	283,163	$	238,079	$	281,769	$	268,554

(1) As of September 30, 2024 and December 31, 2023, the fair value of the 2027 Notes was measured using Level 2 inputs based on the frequency of trading on our debt at the end of the year.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 17,430	$ 53,424
Marketable securities	216,605	215,352
Accounts receivable, less allowance for credit losses of $3.4 million and $2.4 million as of September 30, 2024 and December 31, 2023	78,530	70,102
Inventory	3,500	2,885
Prepaid expenses	4,789	5,571
Other current assets	4,855	8,897
Total current assets	325,709	356,231
Property and equipment, net	42,323	35,637
Operating lease right-of-use assets	9,607	12,251
Investment in unconsolidated joint venture	4,207	4,114
Intangible assets, net	33,039	35,768
Goodwill	262,955	262,915
Other assets	368	471
Total assets	678,208	707,387
Current liabilities:
Accounts payable	6,368	24,710
Accrued expenses	48,719	41,845
Contract liabilities	8,303	7,357
Income taxes payable	864	2,484
Operating lease liabilities, current portion	6,638	6,799
Total current liabilities	70,892	83,195
Convertible notes	283,163	281,769
Operating lease liabilities, net of current portion	6,729	10,951
Deferred income taxes	245	275
Other liabilities	819	778
Total liabilities	361,848	376,968
Commitments and contingencies (Note 13)
Stockholders' equity
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
Additional paid-in capital	674,335	648,317
Accumulated other comprehensive income	1,282	855
Accumulated deficit	(360,384)	(319,872)
Total stockholders' equity	315,233	329,300
Noncontrolling interest	1,127	1,119
Total equity	316,360	330,419
Total liabilities and stockholders' equity	678,208	707,387
Class A Common Stock
Stockholders' equity
Common stock
Class B Common Stock
Stockholders' equity
Common stock

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1,246	$ 1,189	$ 3,863	$ 13,856
Cost of Revenue
Lessee, Lease, Description [Line Items]
Operating lease expense	18	18	54	54
General and Administrative
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1,228	$ 1,171	$ 3,809	$ 13,802

Basis of Presentation and Summary of Significant accounting Policies - Summary of Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Rollforward of contract liabilities:
Contract Liabilities, Beginning balance	$ 7,357
Revenue recognized	(150,697)
Payments received in advance	151,643
Contract Liabilities, Ending balance	$ 8,303

Acquisition - Summary of Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Jan. 02, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill		$ 262,955	$ 262,915	$ 258,036
Tridi
Consideration:
Cash	$ 3,824
Settlement of preexisting relationship	357
Fair value of contingent consideration	860	$ 600	$ 1,100
Fair value of consideration	5,041
Recognized amounts of identifiable assets acquired and liabilities assumed:
Current assets	460
Property and equipment	22
Intangible assets	96
Current liabilities	(373)
Total identifiable net assets assumed	205
Goodwill	4,836
Total	$ 5,041

Property and Equipment and Long-Lived Assets

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment and Long-Lived Assets

(5) Property and Equipment and Long-Lived Assets

Property and equipment consist of the following as of September 30, 2024 and December 31, 2023 (in thousands):


		September 30,			December 31,
	Useful Life	2024			2023

Technology hardware	3 years	$	3,631		$	3,355
Manufacturing equipment	2 - 9 years		5,591			5,482
Capitalized software development	3 years		56,771			44,004
Leasehold improvements	Shorter of useful life or lease term		1,775			1,365
Furniture and fixtures	7 years		2,684			2,630
Total			70,452			56,836
Less accumulated depreciation			(28,129	)		(21,199	)
Property and Equipment, net		$	42,323		$	35,637

Depreciation and amortization expense for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	183	$	38	$	549	$	120
Sales and marketing		24		29		77		33
Operations and support		32		52		105		142
Product development		1,940		1,252		5,786		3,872
General and administrative		127		200		384		1,008
Total depreciation and amortization expense	$	2,306	$	1,571	$	6,901	$	5,175

Stock Based Compensation - Schedule of Total Stock-based Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 6,954	$ 5,730	$ 21,115	$ 16,222
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	1,905	1,216	5,825	3,453
Operations and Support
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	2,235	1,955	6,568	5,690
Product Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	1,520	1,424	4,770	3,890
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 1,294	$ 1,135	$ 3,952	$ 3,189

Debt Commitments and Contingencies - Schedule of Interest Expense Related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total interest expense	$ 1,187	$ 1,205	$ 3,564	$ 3,596
2027 Notes
Debt Instrument [Line Items]
Coupon interest	718	718	2,156	2,156
Amortization of debt discount	431	432	1,294	1,294
Amortization of transaction costs	33	34	100	102
Total interest expense	$ 1,182	$ 1,184	$ 3,550	$ 3,552

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

Inventory consists of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30,		December 31,
	2024		2023

Raw materials	$	867	$	1,129
Work-in-progress		1,219		696
Finished goods		1,414		1,060
Total	$	3,500	$	2,885

Credit Concentrations - Additional Information (Details) - Customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%	0	0	0	0
Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%			0		0

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 867	$ 1,129
Work-in-progress	1,219	696
Finished goods	1,414	1,060
Total	$ 3,500	$ 2,885

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

During our last fiscal quarter, our directors and officers (as defined in Rule 16a-1(f) under the Securities and Exchange Act of 1934, as amended) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below.

       
      Type of Trading Arrangement

      Name and Position

      Action

      Adoption/Termination Date

      Rule 10b5-1*

      Non-Rule 10b5-1**

      Total Shares of Class A Common Stock to be Sold

      Total Shares of Class A Common Stock to be Purchased

      Expiration Date

James Miln,                                           CFO

Adopted

9/12/2024

X

-

49,638

-

3/15/2026

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

Name

James Miln

Title

CFO

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

9/12/2024

Expiration Date

3/15/2026

Aggregate Available

49,638

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 43,425	$ 43,433
Accumulated amortization	10,386	7,665
Net carrying amount	$ 33,039	$ 35,768
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 36,600	$ 36,600
Accumulated amortization	6,862	5,030
Net carrying amount	$ 29,738	$ 31,570
Trade Names
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	10 years	10 years
Gross carrying amount	$ 800	$ 800
Accumulated amortization	225	165
Net carrying amount	$ 575	$ 635
Developed Technology
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	5 years	5 years
Gross carrying amount	$ 739	$ 739
Accumulated amortization	474	349
Net carrying amount	$ 265	$ 390
Vendor Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 1,265	$ 1,273
Accumulated amortization	398	336
Net carrying amount	$ 867	$ 937
Database
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	5 years	5 years
Gross carrying amount	$ 2,400	$ 2,400
Accumulated amortization	1,350	990
Net carrying amount	$ 1,050	$ 1,410
Patents
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	17 years	17 years
Gross carrying amount	$ 157	$ 157
Accumulated amortization	58	51
Net carrying amount	99	106
Subtotal
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	41,961	41,969
Accumulated amortization	9,367	6,921
Net carrying amount	$ 32,594	$ 35,048
In-place Lease Intangible Asset
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	4 years	4 years
Gross carrying amount	$ 568	$ 568
Accumulated amortization	397	287
Net carrying amount	$ 171	$ 281
Above Market Lease Intangible Asset
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	4 years	4 years
Gross carrying amount	$ 896	$ 896
Accumulated amortization	622	457
Net carrying amount	$ 274	$ 439

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Allowance for Credit Losses Related to Accounts Receivable

The allowance for credit losses related to accounts receivable and changes were as follows (in thousands):



	2024			2023

Allowance for credit losses
Balance at beginning of year, January 1	$	2,444		$	1,988
Charge to provision accounts		2,086			2,186
Write-offs or other		(1,171	)		(1,730	)
Balance at period end, September 30 and December 31, respectively	$	3,359		$	2,444

Summary of Contract Liabilities

The following table presents contract liabilities as of December 31, 2023 and September 30, 2024 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2023	$	7,357
Revenue recognized		(150,697	)
Payments received in advance		151,643
Contract liabilities at September 30, 2024	$	8,303

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

(11) Income Taxes

A full valuation allowance has been established against our net U.S. federal and state deferred tax assets and foreign deferred tax assets, including net operating loss carryforwards.

The Company had less than $0.1 million of provision for income taxes for each of the three and nine months ended September 30, 2024 and 2023. This estimated annual effective tax rate of (0.1%), differs from the U.S. federal statutory rate primarily due to the effects of certain permanent items, foreign tax rate differences, and increases in the valuation allowance against deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

Tridi

Business Acquisition [Line Items]

Summary of Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed

The following table (in thousands) summarizes the consideration paid for Tridi and the final fair value of the assets acquired and liabilities assumed on the acquisition date:


Consideration:
Cash	$	3,824
Settlement of preexisting relationship		357
Fair value of contingent consideration		860
Fair value of consideration		5,041

Recognized amounts of identifiable assets acquired and liabilities assumed:
Current assets		460
Property and equipment		22
Intangible asset		96
Current liabilities		(373	)
Total identifiable net assets assumed		205
Goodwill		4,836
Total	$	5,041

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest	Class A - Common Stock	Class B - Common Stock
Balance at Dec. 31, 2022	$ 374,833	$ 623,081	$ 28	$ (249,366)	$ 373,743	$ 1,090
Balance, Shares at Dec. 31, 2022							44,822,264	2,676,154
Exercise of common stock options	1,428	1,428			1,428
Exercise of common stock options, Shares							202,423
Vesting of restricted stock units,shares							277,774
Shared issued in business combination	180	180			180
Shared issued in business combination, Shares							3,562
Donated common stock	696	696			696
Donated common stock, Shares							40,266
Stock based compensation	16,222	16,222			16,222
Comprehensive loss:
Foreign currency translation	450		414		414	36
Net (loss) income	(56,912)			(56,921)	(56,921)	9
comprehensive (loss) income	(56,462)				(56,507)	45
Balance at Sep. 30, 2023	336,897	641,607	442	(306,287)	335,762	1,135
Balance, Shares at Sep. 30, 2023							45,346,289	2,676,154
Balance at Jun. 30, 2023	342,476	635,267	359	(294,264)	341,362	1,114
Balance, Shares at Jun. 30, 2023							45,243,447	2,676,154
Exercise of common stock options	284	284			284
Exercise of common stock options, Shares							33,516
Vesting of restricted stock units,shares							49,193
Donated common stock	326	326			326
Donated common stock, Shares							20,133
Stock based compensation	5,730	5,730			5,730
Comprehensive loss:
Foreign currency translation	91		83		83	8
Net (loss) income	(12,010)			(12,023)	(12,023)	13
comprehensive (loss) income	(11,919)				(11,940)	21
Balance at Sep. 30, 2023	336,897	641,607	442	(306,287)	335,762	1,135
Balance, Shares at Sep. 30, 2023							45,346,289	2,676,154
Balance at Dec. 31, 2023	330,419	648,317	855	(319,872)	329,300	1,119
Balance, Shares at Dec. 31, 2023							45,489,379	2,676,154
Exercise of common stock options	$ 3,215	3,215			3,215
Exercise of common stock options, Shares	527,533						502,981
Vesting of restricted stock units,shares							642,833
Exercise of warrants, Shares							52,126
Shared issued in business combination	$ 625	625			625
Shared issued in business combination, Shares							21,083
Donated common stock	1,063	1,063			1,063
Donated common stock, Shares							60,399
Stock based compensation	21,115	21,115			21,115
Comprehensive loss:
Foreign currency translation	430		427		427	3
Net (loss) income	(40,507)			(40,512)	(40,512)	5
comprehensive (loss) income	(40,077)				(40,085)	8
Balance at Sep. 30, 2024	316,360	674,335	1,282	(360,384)	315,233	1,127
Balance, Shares at Sep. 30, 2024							46,768,801	2,676,154
Balance at Jun. 30, 2024	316,984	665,555	464	(350,185)	315,834	1,150
Balance, Shares at Jun. 30, 2024							46,322,810	2,676,154
Exercise of common stock options	1,420	1,420			1,420
Exercise of common stock options, Shares							277,829
Vesting of restricted stock units,shares							148,029
Donated common stock	406	406			406
Donated common stock, Shares							20,133
Stock based compensation	6,954	6,954			6,954
Comprehensive loss:
Foreign currency translation	795		818		818	(23)
Net (loss) income	(10,199)			(10,199)	(10,199)
comprehensive (loss) income	(9,404)				(9,381)	(23)
Balance at Sep. 30, 2024	$ 316,360	$ 674,335	$ 1,282	$ (360,384)	$ 315,233	$ 1,127
Balance, Shares at Sep. 30, 2024							46,768,801	2,676,154

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

(2) Basis of Presentation and Summary of Significant Accounting Policies

(a)

Basis of Presentation

Foreign Operations and Comprehensive Loss

Noncontrolling Interest

(b)

Use of Estimates

(c)

Business Combinations

(d)

Fair Value Measurements and Financial Instruments

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

(e)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash held in checking accounts. These investments are stated at cost, which approximates fair value.

(f)

Marketable Securities

(g)

Accounts Receivable

Allowance For Credit Losses

The allowance for credit losses related to accounts receivable and changes were as follows (in thousands):



	2024			2023

Allowance for credit losses
Balance at beginning of year, January 1	$	2,444		$	1,988
Charge to provision accounts		2,086			2,186
Write-offs or other		(1,171	)		(1,730	)
Balance at period end, September 30 and December 31, respectively	$	3,359		$	2,444

(h)

Property and Equipment and Long-Lived Assets

(i)

Goodwill

(j)

Revenue

Sales tax and, if applicable, duties and/or tariffs collected from customers and remitted to governmental authorities is excluded from revenue.

Contract Liabilities

The following table presents contract liabilities as of December 31, 2023 and September 30, 2024 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2023	$	7,357
Revenue recognized		(150,697	)
Payments received in advance		151,643
Contract liabilities at September 30, 2024	$	8,303

During the nine months ended September 30, 2024, the Company recognized approximately $6.5 million of revenue related to its contract liabilities as of December 31, 2023.

Sales Contract Acquisition Costs

(k)

Cost of Revenue

Cost of revenue for supplier services primarily consists of internal and external production costs and website hosting.

(l)

Leases

Lease expense is recognized on a straight-line basis over the term of the lease.

(m)

Sales and Marketing

(n)

Operations and Support

(o)

Product Development

(p)

General and Administrative

(q)

Stock Based Compensation

The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards.

These variables include:

•

expected annual dividend yield;

•

expected volatility over the expected term;

•

expected term;

•

risk free interest rate;

•

per share value of the underlying common stock; and

•

exercise price.

(r)

Net Loss Per Share Attributable to Common Stockholders

(s)

Recently Issued Accounting Standards

Investment in Unconsolidated Joint Venture

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

(9) Investment in Unconsolidated Joint Venture

The Company has a 50% interest in Industrial Media, LLC ("IM, LLC") with the other 50% owned by Rich Media Group, LLC. IM, LLC primarily manages content creation, advertising sales, and marketing initiatives for the Industrial Engineering News brand, certain magazines, videos, website and associated electronic media products for industrial engineers.

The Company receives dividends from IM, LLC, which are recorded as a reduction to the Company's investment in unconsolidated joint venture on our Condensed Consolidated Balance Sheets. For the three months ended September 30, 2024 and 2023, the Company received dividends of $0.1 million and $0.2 million, respectively, and for the nine months ended September 30, 2024 and 2023, the Company received dividends of $0.4 million and $0.3 million, respectively. The Company recorded expense to IM, LLC of $0.1 million for both the three months ended September 30, 2024 and 2023 and $0.2 million for both the nine months ended September 30, 2024 and 2023.

Credit Concentrations

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

Credit Concentrations

(3) Credit Concentrations

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalents and marketable securities, which at times may exceed federally insured limits, in deposit accounts at major financial institutions.

For the three and nine months ended September 30, 2024 and 2023, no single buyer accounted for more than 10% of the Company's revenue. As of September 30, 2024, and December 31, 2023, no single buyer accounted for more than 10% of the Company’s accounts receivable. A majority of the Company’s buyers are located in the United States.