0001193125-25-264651 | 10-Q | XBRL Viewer

[1]	As of September 30, 2025 and December 31, 2024, the fair value of the Convertible Notes, as applicable, were measured using Level 2 inputs based on the frequency of trading on our debt at the end of the period.

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

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+ 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.

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+ Details

Debt Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt Commitments and Contingencies

(9) Debt Commitments and Contingencies

2030 Convertible Notes

In June 2025, we issued $250.0 million aggregate principal amount of 0.75% convertible senior notes due in 2030 (the “2030 Notes”), including the exercise in full of the initial purchasers’ option to purchase up to an additional $25.0 million principal amount of the 2030 Notes, pursuant to an indenture dated June 12, 2025. The 2030 Notes were sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2030 Notes were $241.4 million, net of debt issuance costs. The debt issuance costs are amortized to interest expense using the effective interest rate method.

The 2030 Notes are general unsecured obligations and bear regular interest at 0.75% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025. The 2030 Notes will mature on June 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms prior to such date.

The 2030 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 21.2495 shares of Class A common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately $47.06 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 2030 Notes. In addition, following certain corporate events that occur prior to the maturity date of the 2030 Notes or if we deliver a notice of redemption in respect of the 2030 Notes, we will, under certain circumstances, increase the conversion rate of the 2030 Notes for a holder who elects to convert its 2030 Notes in connection with such a corporate event or convert its 2030 Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

We may redeem for cash all or any portion of the 2030 Notes, at our option, on or after June 20, 2028 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 (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Holders of the 2030 Notes may convert all or a portion of their 2030 Notes at their option prior to the close of business on the business day immediately preceding March 15, 2030, in multiples of $1,000 principal amounts, only under the following circumstances:

•

during any calendar quarter commencing after the calendar quarter ending on September 30, 2025 (and only during such calendar quarter), 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 2030 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 2030 Notes for each day of such 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 2030 Notes;

•

on a notice of redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, in which case we may be required to increase the conversion rate for the 2030 Notes so surrendered for conversion in connection with such redemption notice; or

•

on the occurrence of specified corporate events.

On or after March 15, 2030, the 2030 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

In the event of a fundamental change (as defined in the indenture governing the 2030 Notes), subject to certain conditions and limited exceptions, holders of the 2030 Notes may require us to repurchase for cash all or a portion of the 2030 Notes at a price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

We accounted for the issuance of the 2030 Notes as a single liability measured at its amortized cost, as no embedded features require bifurcation and recognition as derivatives.

2027 Convertible Notes

In February 2022, we issued $287.5 million aggregate principal amount of 1.00% convertible senior notes due in 2027 (the “2027 Notes” and collectively with the 2030 Notes, the “Convertible Notes”) pursuant to an indenture dated February 4, 2022. The 2027 Notes were sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. 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 and bear regular interest at 1% per annum, payable on February 1 and August 1 of each year. 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. In addition, following certain corporate events that occur prior to the maturity date of the 2027 Notes or if we deliver a notice of redemption in respect of the 2027 Notes, we will, under certain circumstances, increase the conversion rate of the 2027 Notes for a holder who elects to convert its 2027 Notes in connection with such a corporate event or convert its 2027 Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

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 (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest.

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:

•

during any calendar quarter commencing after the calendar quarter ending on June 30, 2022 (and only during such quarter), 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.

In the event of a fundamental change (as defined in the indenture governing the 2027 Notes), subject to certain conditions and limited exceptions, 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 accrued and unpaid interest.

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

Partial Repurchase of 2027 Notes

We used a portion of the net proceeds from the issuance of the 2030 Notes to repurchase approximately $201.7 million in aggregate principal amount of outstanding 2027 Notes. The total cash paid in connection with this repurchase was approximately $216.7 million, which included approximately $0.7 million to pay the accrued interest through the settlement date and an approximate $14.3 million premium. The repurchase resulted in a $16.4 million loss on debt extinguishment, which included the write-off of $2.1 million of deferred costs related to the 2027 Notes. The loss on debt extinguishment was recorded within Other expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Following this partial repurchase, approximately $85.8 million aggregate principal amount of the 2027 Notes remain outstanding on our Condensed Consolidated Balance Sheet. The original terms and conditions continue to apply to the remaining 2027 Notes, and the unamortized debt discount and issuance costs related to these notes will continue to accrete to interest expense.

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


	September 30, 2025
	Principal		Unamortized Debt Discount			Unamortized Debt Issuance Costs			Carrying Value
2027 Notes	$	85,805	$	(685	)	$	(53	)	$	85,067
2030 Notes		250,000		(7,050	)		(1,074	)		241,876
Total	$	335,805	$	(7,735	)	$	(1,127	)	$	326,943

	December 31, 2024
	Principal		Unamortized Debt Discount			Unamortized Debt Issuance Costs			Carrying Value
2027 Notes	$	287,500	$	(3,594	)	$	(278	)	$	283,628

The annual effective interest rate for the 2027 Notes and the 2030 Notes were approximately 1.6% and 1.4%, respectively. Interest expense related to the Convertible Notes for the periods presented below was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Coupon interest	$	684	$	718	$	2,108	$	2,156
Amortization of debt discount		503		431		1,378		1,294
Amortization of transaction costs		87		33		149		100
Total interest expense	$	1,274	$	1,182	$	3,635	$	3,550

The Company estimates the fair value of the Convertible Notes based on quoted market prices in less active markets and is classified as Level 2 in the fair value hierarchy. The following table presents the carrying value and estimated fair value of the Convertible Notes as of the date indicated (in thousands):


	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	85,067	$	102,494	$	283,628	$	311,621
2030 Notes(1)		241,876		352,300		—		—
Total Convertible Notes	$	326,943	$	454,794	$	283,628	$	311,621

(1) As of September 30, 2025 and December 31, 2024, the fair value of the Convertible Notes, as applicable, were measured using Level 2 inputs based on the frequency of trading on our debt at the end of the period.

Capped Call Transactions

In connection with the issuance of the 2030 Notes, we entered into capped call transactions (the “Capped Calls”) with respect to its Class A common shares with certain financial institutions. The Capped Calls are expected to reduce the potential dilution to our Class A common stock upon any conversion of the 2030 Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted 2030 Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $63.35 per share and which is subject to certain adjustments under the terms of the Capped Calls.

We used approximately $17.5 million of the net proceeds from the 2030 Notes to pay the cost of the Capped Calls. These instruments are classified as equity and recorded as a reduction of additional paid-in capital in the Condensed Consolidated Statements of Changes in Stockholders’ Equity. The Capped Calls are not accounted for as derivatives and will not be remeasured; they will remain in stockholder’s equity until expiration or settlement.

Purchase of Treasury Stock

In conjunction with the 2030 Notes issuance, we purchased 220,994 shares of our Class A common stock in privately negotiated transactions at an average price of $36.20 per share on June 9, 2025. The $8.1 million of treasury stock repurchase costs was funded using a portion of the proceeds of the 2030 Notes and was recorded as a reduction to stockholder’s equity in the Condensed Consolidated Statements of Changes in Stockholders’ Equity.

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

During 2025, the Company initiated a restructuring action to help improve efficiency and align resources by reducing our workforce. During the nine months ended September 30, 2025, the Company incurred $1.5 million for employee termination costs related to the restructuring.

The following table shows the total amount incurred and the liability, which was recorded in accrued expenses in the Condensed Consolidated Balance Sheets, for restructuring-related employee termination benefits as of December 31, 2024 and September 30, 2025 (in thousands):


	Employee Termination Benefits
Accrued restructuring costs as of December 31, 2024	$	—
Restructuring costs incurred during the nine months ended September 30, 2025		1,464
Amount paid during the period ended September 30, 2025		(1,148	)
Accrued restructuring costs as of September 30, 2025	$	316

The following table shows the total restructuring costs incurred during the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,					For the Nine Months Ended September 30,
	2025			2024		2025		2024
Sales and marketing	$	(27	)	$	—	$	62	$	—
Operations and support		(108	)		—		718		—
Product development		11			—		510		—
General and administrative		32			—		174		—
Total restructuring charges	$	(92	)	$	—	$	1,464	$	—

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 $0.6 million for the three months ended September 30, 2025 and 2024, respectively, and was $1.9 million and $1.8 million for the nine months ended September 30, 2025 and 2024, 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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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 20,845	$ 22,232
Marketable securities	203,674	217,603
Accounts receivable, less allowance for credit losses of $6.5 million as of September 30, 2025 and $4.9 million as of December 31, 2024	98,887	73,962
Inventory	4,241	3,915
Prepaid expenses	5,904	4,954
Other current assets	7,554	4,874
Total current assets	341,105	327,540
Property and equipment, net	54,545	44,825
Operating lease right-of-use assets	5,333	8,462
Investment in unconsolidated joint venture	4,209	4,065
Intangible assets, net	29,456	32,139
Goodwill	263,770	262,686
Other assets	459	412
Total assets	698,877	680,129
Current liabilities:
Accounts payable and accrued cost of revenue	46,242	35,023
Other accrued expenses	33,306	24,401
Contract liabilities	11,322	7,948
Income taxes payable	730	979
Operating lease liabilities, current portion	2,547	6,436
Total current liabilities	94,147	74,787
Convertible notes	326,943	283,628
Operating lease liabilities, net of current portion	3,965	5,072
Deferred income taxes	185	229
Other liabilities	547	817
Total liabilities	425,787	364,533
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of September 30, 2025 and December 31, 2024
Additional paid-in capital	698,972	685,054
Treasury stock, at cost, 220,994 and zero shares as of September 30, 2025 and December 31, 2024, respectively	(8,080)	0
Accumulated other comprehensive income (loss)	4,454	(328)
Accumulated deficit	(423,382)	(370,273)
Total stockholders' equity	271,964	314,453
Noncontrolling interest	1,126	1,143
Total equity	273,090	315,596
Total liabilities and stockholders' equity	698,877	680,129
Class A Common Stock
Stockholders' equity
Common stock
Class B Common Stock
Stockholders' equity
Common stock

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 263,770	$ 262,686	$ 262,915
Estimated amortization expense remainder of 2025	900
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 2030	2,600
Estimated amortization expense for intangible assets thereafter	15,000
U.S.
Goodwill And Intangible Assets [Line Items]
Goodwill	258,000	258,000
International
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 5,800	$ 4,700

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Allowance for credit losses, accounts receivable current	$ 6.5	$ 4.9
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
Treasury stock, shares	220,994	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	49,557,368	48,289,274
Common stock share outstanding	49,557,368	48,289,274
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	1,475,311	1,475,311
Common stock share outstanding	1,475,311	1,475,311

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments \| Segment			2
Marketable securities	$ 203,674		$ 203,674		$ 217,603
Property and equipment includes capitalized internal-use software development costs			18,900		17,000
Revenue, net of estimated returns, refunds and allowances	200		200		100
Revenue recognized related to contract liabilities			7,300
Amortization of deferred sales commissions	700	$ 1,300	2,100	$ 5,700
Deferred sales contract acquisition costs	400		400		400
Advertising costs	$ 9,200	$ 9,400	$ 25,300	$ 26,500
Maximum
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Property, plant and equipment, useful life	10 years		10 years
Minimum
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
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
Accounting Standards Update 2023-07
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true		true
Accounting Standards Update 2023-09
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true		true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true		true
Level 1
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Marketable securities	$ 203,700		$ 203,700		$ 217,600
Incom Co., LTD
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Ownership percentage	66.67%		66.67%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
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	$ 8.9	$ 6.3
Unrecognized compensation cost related to unvested stock options granted	$ 1.2
Cost is expected to be recognized over weighted average period	1 year
Stock options granted to purchase shares of common stock	0
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	7,368,577
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	$ 63.0
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	$ 9.6

Debt Commitments and Contingencies - Additional Information (Details)		1 Months Ended		3 Months Ended			9 Months Ended
	Jun. 09, 2025 $ / shares shares	Jun. 30, 2025 USD ($) BusinessDay TradingDays $ / shares	Feb. 28, 2022 USD ($) BusinessDay TradingDays $ / shares	Sep. 30, 2025 USD ($) TradingDays shares	Sep. 30, 2024 USD ($)	Jun. 30, 2022 TradingDays	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares
Debt Instrument [Line Items]
Net proceeds from issuance of notes, net of debt issuance costs							$ 250,000,000	$ 0
Payments for repurchase of convertible notes							215,992,000	0
Loss on debt extinguishment							16,430,000	$ 0
Aggregate principal amount outstanding				$ 335,805,000			$ 335,805,000
Common stock, initial strike price \| $ / shares							$ 63.35
Purchase of capped calls							$ 17,475,000
Purchase of treasury stock, shares \| shares				220,994			220,994		0
Treasury stock repurchase costs							$ 8,080,000
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				$ 600,000	$ 600,000		$ 1,900,000	$ 1,800,000
Class A Common Stock
Debt Instrument [Line Items]
Purchase of treasury stock, shares \| shares	220,994
Average price, per share \| $ / shares	$ 36.2
Employee Termination Benefits
Debt Instrument [Line Items]
Employee termination costs							$ 1,500,000
2030 Notes
Debt Instrument [Line Items]
Indenture date		Jun. 12, 2025
Net proceeds from issuance of notes, net of debt issuance costs		$ 241,400,000
Debt instrument, interest rate		0.75%
Debt instrument, frequency of periodic payment		semiannually
Debt instrument, maturity date		Jun. 15, 2030
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%		130.00%
Debt instrument, redemption price, percentage of principal amount redeemed		100.00%
Number of trading days \| TradingDays		20		20
Number of consecutive trading days \| TradingDays		30		30
Debt instrument, effective interest rate				1.40%			1.40%
Aggregate principal amount outstanding				$ 250,000,000			$ 250,000,000
2030 Notes \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument conversion rate		21.2495
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument conversion price \| $ / shares		$ 47.06
Number of consecutive trading days \| BusinessDay		10
Number of business day \| BusinessDay		5
2030 Notes \| Maximum
Debt Instrument [Line Items]
Additional principal amount		$ 25,000,000
2030 Notes \| Maximum \| Class A Common Stock
Debt Instrument [Line Items]
Percentage of sales price and applicable conversion rate		98.00%
2030 Notes \| Private Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 250,000,000
2027 Notes
Debt Instrument [Line Items]
Indenture date			Feb. 04, 2022
Net proceeds from issuance of notes, net of debt issuance costs			$ 278,200,000
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%			130.00%
Debt instrument, redemption price, percentage of principal amount redeemed			100.00%
Number of trading days \| TradingDays			20			20
Number of consecutive trading days \| TradingDays			30			30
Debt instrument, effective interest rate				1.60%			1.60%
Debt instrument, repurchase amount				$ 201,700,000			$ 201,700,000
Payments for repurchase of convertible notes							216,700,000
Payment of debt accrued interest							700,000
Payment for debt premium writeoff							14,300,000
Loss on debt extinguishment							16,400,000
Deferred costs write-off							2,100,000
Aggregate principal amount outstanding				$ 85,805,000			$ 85,805,000		$ 287,500,000
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 \| BusinessDay			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 \| Private Offering
Debt Instrument [Line Items]
Aggregate principal amount			$ 287,500,000

Property and Equipment and Long-Lived Assets

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment and Long-Lived Assets

(3) Property and Equipment and Long-Lived Assets

Property and equipment consist of the following as of September 30, 2025 and December 31, 2024 (in thousands):


		September 30,			December 31,
	Useful Life	2025			2024
Technology hardware	3 years	$	4,379		$	3,884
Manufacturing equipment	2 - 10 years		6,690			6,572
Capitalized software development	3 years		80,450			60,480
Leasehold improvements	Shorter of useful life or lease term		1,731			1,761
Furniture and fixtures	7 years		3,067			2,549
Total			96,317			75,246
Less accumulated depreciation			(41,772	)		(30,421	)
Property and Equipment, net		$	54,545		$	44,825

Depreciation and amortization expense for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	184	$	183	$	550	$	549
Sales and marketing		29		24		75		77
Operations and support		46		32		129		105
Product development		3,693		1,940		9,770		5,786
General and administrative		155		127		539		384
Total depreciation and amortization expense	$	4,107	$	2,306	$	11,063	$	6,901

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 180,715	$ 141,698	$ 494,234	$ 396,983
Cost of revenue	108,686	85,873	300,698	240,379
Gross profit	72,029	55,825	193,536	156,604
Marketplace
Disaggregation of Revenue [Line Items]
Revenue	166,592	126,965	451,168	351,438
Cost of revenue	107,086	84,347	295,891	235,278
Gross profit	59,506	42,618	155,277	116,160
Supplier Services
Disaggregation of Revenue [Line Items]
Revenue	14,123	14,733	43,066	45,545
Cost of revenue	1,600	1,526	4,807	5,101
Gross profit	$ 12,523	$ 13,207	$ 38,259	$ 40,444

- 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

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- 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

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

9 Months Ended

Sep. 30, 2025

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):



	2025			2024
Allowance for credit losses
Balance at beginning of year, January 1	$	4,912		$	2,444
Charge to provision accounts		5,322			4,024
Write-offs or other		(3,685	)		(1,556	)
Balance at period end, September 30 and December 31, respectively	$	6,549		$	4,912

Summary of Contract Liabilities

The following table presents contract liabilities as of December 31, 2024 and September 30, 2025 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2024	$	7,948
Revenue recognized		(169,669	)
Payments received in advance		173,043
Contract liabilities at September 30, 2025	$	11,322

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(10) Goodwill and Intangible Assets

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


	September 30, 2025
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	9,301	$	27,299
Trade Names		10		800		305		495
Developed Technology		5		740		597		143
Vendor Relationships		15		1,254		483		771
Database		5		2,400		1,830		570
Patents		17		157		68		89
Subtotal intangible assets				41,951		12,584		29,367
In-place Lease Intangible Asset		4		568		534		34
Above Market Lease Intangible Asset		4		896		841		55
Total intangible assets			$	43,415	$	13,959	$	29,456


	December 31, 2024
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	7,471	$	29,129
Trade Names		10		800		245		555
Developed Technology		5		739		507		232
Vendor Relationships		15		1,263		420		843
Database		5		2,400		1,470		930
Patents		17		157		61		96
Subtotal intangible assets				41,959		10,174		31,785
In-place Lease Intangible Asset		4		568		433		135
Above Market Lease Intangible Asset		4		896		677		219
Total intangible assets			$	43,423	$	11,284	$	32,139

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



	2025			2024
Balance as of January 1:
Gross goodwill	$	265,760		$	265,989
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		262,686			262,915
Goodwill acquired during the year		—			—
Impact of foreign exchange		1,084			(229	)
Net goodwill as of September 30, 2025 and December 31, 2024:	$	263,770		$	262,686

As of September 30, 2025 and December 31, 2024, Xometry had $263.8 million and $262.7 million, respectively of goodwill. As of September 30, 2025, $258.0 million was part of Xometry’s U.S. operating segment and $5.8 million was part of Xometry’s International operating segment. As of December 31, 2024, $258.0 million was part of Xometry’s U.S. operating segment and $4.7 million was part of Xometry’s International operating segment.

As of September 30, 2025, estimated amortization expense for intangible assets for the remainder of 2025 and the next five years is: $0.9 million in 2025, $3.2 million in 2026, $2.6 million in 2027, $2.6 million in 2028, $2.6 million in 2029, $2.6 million in 2030 and $15.0 million thereafter.

Amortization expense for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales and marketing	$	770	$	770	$	2,310		2,310
Product development		30		42		90		126
General and administrative (1)		4		4		11		11
Total	$	804	$	816	$	2,411	$	2,447

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

Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Gross goodwill		$ 265,760	$ 265,989
Accumulated impairments		(3,074)	$ (3,074)
Goodwill, Beginning Balance	$ 262,686	262,915
Goodwill acquired during the year	0	0
Impact of foreign exchange	1,084	(229)
Goodwill, Ending Balance	$ 263,770	$ 262,686

- 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.

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+ Details

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance \| shares	2,530,358
Number of Shares, Granted \| shares	1,967,124
Number of Shares, Vested \| shares	(994,479)
Number of Shares, Forfeited and cancelled \| shares	(443,839)
Number of Shares, Unvested, Ending Balance \| shares	3,059,164
Weighted Average Grant Date fair value (per share), Unvested Beginning Balance \| $ / shares	$ 19.15
Weighted Average Grant Date fair value (per share), Granted \| $ / shares	28.51
Weighted Average Grant Date fair value (per share), Vested \| $ / shares	20.44
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled \| $ / shares	21.36
Weighted Average Grant Date fair value (per share), Unvested Ending Balance \| $ / shares	$ 24.43
Aggregate Intrinsic Value, Unvested Beginning Balance \| $	$ 107.9
Aggregate Intrinsic Value, Unvested Ending Balance \| $	$ 166.6
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance \| shares	272,515
Number of Shares, Granted \| shares	336,094
Number of Shares, Vested \| shares	(91,527)
Number of Shares, Forfeited and cancelled \| shares	(48,367)
Number of Shares, Unvested, Ending Balance \| shares	468,715
Weighted Average Grant Date fair value (per share), Unvested Beginning Balance \| $ / shares	$ 17.32
Weighted Average Grant Date fair value (per share), Granted \| $ / shares	23.14
Weighted Average Grant Date fair value (per share), Vested \| $ / shares	17.32
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled \| $ / shares	20.26
Weighted Average Grant Date fair value (per share), Unvested Ending Balance \| $ / shares	$ 21.19
Aggregate Intrinsic Value, Unvested Beginning Balance \| $	$ 11.6
Aggregate Intrinsic Value, Unvested Ending Balance \| $	$ 25.5

Debt Commitments and Contingencies - Schedule of Outstanding Principal Amount and Carrying Value of Convertible Notes (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Principal

$ 335,805

Unamortized debt discount

(7,735)

Unamortized debt issuance costs

(1,127)

Carrying value

326,943

$ 283,628

2027 Notes

Debt Instrument [Line Items]

Principal

85,805

287,500

Unamortized debt discount

(685)

(3,594)

Unamortized debt issuance costs

(53)

(278)

Carrying value

^[1]

85,067

283,628

2030 Notes

Debt Instrument [Line Items]

Principal

250,000

Unamortized debt discount

(7,050)

Unamortized debt issuance costs

(1,074)

Carrying value

^[1]

$ 241,876

$ 0

[1]	As of September 30, 2025 and December 31, 2024, the fair value of the Convertible Notes, as applicable, were measured using Level 2 inputs based on the frequency of trading on our debt at the end of the period.

- 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

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Exercisable \| shares	1,418,270	1,640,638
Number of Shares, Beginning Balance \| shares	1,906,483
Number of Shares, Granted \| shares	0
Number of Shares, Exercised \| shares	(310,537)
Number of Shares, Forfeited \| shares	(35,679)
Number of Shares, Expired \| shares	(24,490)
Number of Shares, Ending Balance \| shares	1,535,777	1,906,483
Weighted Average Exercise Price Per Share, Exercisable \| $ / shares	$ 10.97	$ 10.12
Weighted Average Exercise Price Per Share, Beginning Balance \| $ / shares	11.51
Weighted Average Exercise Price Per Share, Granted \| $ / shares	0
Weighted Average Exercise Price Per Share, Exercised \| $ / shares	8.68
Weighted Average Exercise Price Per Share, Forfeited \| $ / shares	19.17
Weighted Average Exercise Price Per Share, Expired \| $ / shares	29.25
Weighted Average Exercise Price Per Share, Ending Balance \| $ / shares	$ 11.62	$ 11.51
Average Remaining Contractual Term, Exercisable	5 years 1 month 6 days	5 years 8 months 12 days
Average Remaining Contractual Term	5 years 2 months 12 days	6 years
Aggregate Intrinsic Value, Exercisable \| $	$ 61.7	$ 53.4
Aggregate Intrinsic Value \| $	$ 65.8	$ 59.4

Property and Equipment and Long-Lived Assets - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total	$ 96,317	$ 75,246
Less accumulated depreciation	(41,772)	(30,421)
Property and Equipment, net	$ 54,545	44,825
Maximum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	10 years
Minimum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	2 years
Technology Hardware
Property Plant And Equipment [Line Items]
Total	$ 4,379	3,884
Property and equipment, Useful life	3 years
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	$ 6,690	6,572
Manufacturing Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	10 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	$ 80,450	60,480
Property and equipment, Useful life	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	$ 1,731	1,761
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	$ 3,067	$ 2,549
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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 804	$ 816	$ 2,411	$ 2,447
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization expense	770	770	2,310	2,310
Product Development
Finite Lived Intangible Assets [Line Items]
Amortization expense	30	42	90	126
General and Administrative
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 4	$ 4	$ 11	$ 11

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (53,110)	$ (40,507)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,741	9,622
Impairment of assets	49	0
Reduction in carrying amount of right-of-use asset	3,350	3,328
Lease termination	(14)	0
Stock based compensation	25,985	21,115
Revaluation of contingent consideration	0	137
Income from unconsolidated joint venture	(144)	(93)
Donation of common stock	2,080	1,063
Loss on debt extinguishment	16,430	0
Gain on sale of property and equipment	0	(23)
Amortization of deferred costs on convertible notes	1,527	1,394
Deferred tax benefit	(44)	(30)
Changes in other assets and liabilities:
Accounts receivable, net	(23,370)	(8,263)
Inventory	(192)	(598)
Prepaid expenses	(904)	786
Other assets	(1,233)	4,354
Accounts payable and accrued cost of revenue	10,728	(18,293)
Other accrued expenses	9,100	6,782
Contract liabilities	3,170	916
Lease liabilities	(5,202)	(5,068)
Other liabilities	(24)	529
Income taxes payable	(249)	(1,620)
Net cash provided by (used in) operating activities	1,674	(24,469)
Cash flows from investing activities:
Purchases of marketable securities	(6,571)	(16,253)
Proceeds from sale of marketable securities	20,500	15,000
Purchases of property and equipment	(19,911)	(13,560)
Proceeds from sale of property and equipment	0	79
Net cash used in investing activities	(5,982)	(14,734)
Cash flows from financing activities:
Proceeds from issuance of convertible notes	250,000	0
Costs incurred in connection with issuance of convertible notes	(8,650)	0
Payments for repurchase of convertible notes	(215,992)	0
Purchase of capped calls	(17,475)	0
Purchase of treasury stock	(8,080)	0
Proceeds from stock options exercised	2,703	3,215
Net cash provided by financing activities	2,506	3,215
Effect of foreign currency translation on cash and cash equivalents	415	(6)
Net decrease in cash and cash equivalents	(1,387)	(35,994)
Cash and cash equivalents at beginning of the period	22,232	53,424
Cash and cash equivalents at end of the period	20,845	17,430
Supplemental cash flow information:
Cash paid for interest	2,600	2,875
Non-cash investing and financing activities:
Non-cash purchase of property and equipment	74	0
Non-cash consideration in connection with business combination	$ 625	$ 0

Organization and Description of Business

9 Months Ended

Sep. 30, 2025

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 and our corporate headquarters is located in North Bethesda, Maryland. Xometry operates a global artificial intelligence (“AI”) powered online manufacturing marketplace, a leading North American industrial sourcing platform Thomasnet® and a suite of cloud-based services including Workcenter and Teamspace that are rapidly digitizing the manufacturing industry. Together, these platforms provide manufacturers the critical resources they need to grow their business and make it easy for buyers to create resilient supply chains. Xometry’s marketplaces use proprietary AI to help buyers efficiently source custom-manufactured parts and assemblies and attain instant pricing and lead times. The AI enables our rapidly growing network of manufacturers to select the optimal jobs to fill their capacity. Our suite of cloud-based services and our Thomasnet industrial sourcing platform helps manufacturers and industrial service providers grow their businesses using our advertising, marketing and financial services.

Xometry’s AI-enabled marketplace, which is available in multiple local platforms and languages, is powered by proprietary machine learning algorithms and datasets. Our two-sided marketplace is rapidly digitizing the manufacturing industry, helping customers strengthen their supply chains. Buyers can procure the products they want utilizing our AI powered instant quoting engine, and suppliers can reach new customers throughout the world. Our rapidly growing active supplier base enables companies to accelerate their product development and go-to-market strategies, as well as reduce the cost and lead times for ongoing production work. More than 4,375 global suppliers are active on the Xometry marketplace across four continents. Each 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, as well as larger production orders of single parts. Xometry’s Teamspace offers enterprise-wide collaboration software that unites engineers, managers and purchasing executives to expedite procurement of custom-manufacturing services. We continue to improve features on Xometry and expand the offering with the launch of Teamspace in Europe in the second quarter of 2025.

Xometry marketplace offers buyers an expanding number of manufacturing categories including computer numerical control manufacturing, sheet metal forming, sheet cutting, 3D printing, die casting, stamping, injection molding, urethane casting, tube cutting, and tube bending from rapid prototyping and to high-volume production. As well, we are expanding the number of certifications, materials and finishing options on the platform. Xometry’s extensible technology platform allows the Company to expand technologies and processes to gain more wallet share with our buyers.

We empower suppliers to grow their manufacturing businesses and improve machine utilization by providing access to an extensive, diverse base of buyers. We also offer suppliers supporting services to meet their unique needs. The Thomasnet product sourcing and supplier discovery digital platform provides access to in-depth profiles of 500,000 North American suppliers. Thomas’ suite of advertising services provides suppliers with tailored marketing campaigns to maximize their visibility and enhance engagement with potential buyers. Thomas’ in-house digital marketing agency, Thomas Marketing Services, offers a range of essential digital marketing services to generate leads and boost the awareness and reach of suppliers. In addition, our supplier services include financial service products to facilitate faster payments and a cloud-based manufacturing execution system (“Workcenter”) to help suppliers optimize their productivity. Workcenter digitally enables qualifying and on-boarding suppliers and allows suppliers to manage all their Xometry and non-Xometry work and provides for expedited payment terms in support of their business.

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, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year, January 1	$ 4,912	$ 2,444
Charge to provision accounts	5,322	4,024
Write-offs or other	(3,685)	(1,556)
Balance at period end, September 30 and December 31, respectively	$ 6,549	$ 4,912

Segments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segments - Additional Information (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Segment	Sep. 30, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments			2
Number of reportable segments			2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]			srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description			The CODM uses actual results compared to budgeted or forecasted segment Adjusted EBITDA to determine if the reporting units are making progress toward profitability and when making decisions about the allocation of resources and the assessment of performance.
Segment Reporting, Recasting, Previously Reported Information [true false]			true
Revenue \| $	$ 180,715	$ 141,698	$ 494,234	$ 396,983

- Definition

+ References

+ Details

Disaggregated Revenue and Cost of Revenue Information (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Marketplace	2025		2024		2025		2024
Revenue	$	166,592	$	126,965	$	451,168	$	351,438
Cost of revenue		107,086		84,347		295,891		235,278
Gross Profit	$	59,506	$	42,618	$	155,277	$	116,160

Supplier Services
Revenue	$	14,123	$	14,733	$	43,066	$	45,545
Cost of revenue		1,600		1,526		4,807		5,101
Gross Profit	$	12,523	$	13,207	$	38,259	$	40,444

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

(8) 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,
	2025			2024			2025			2024
Net loss	$	(11,597	)	$	(10,199	)	$	(53,110	)	$	(40,507	)
Net (loss) income attributable to noncontrolling interest		—			—			(1	)		5
Net loss attributable to common stockholders	$	(11,597	)	$	(10,199	)	$	(53,109	)	$	(40,512	)

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		50,920,588			49,282,164			50,653,997			48,901,475
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(0.23	)	$	(0.21	)	$	(1.05	)	$	(0.83	)

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,
	2025		2024
Stock options outstanding		1,535,777		2,104,032
Unvested restricted stock units		3,059,164		2,494,772
Unvested performance restricted stock units		468,715		272,515
Shares reserved for charitable contribution		100,663		181,195
2027 Notes		1,529,157		5,123,624
2030 Notes		5,312,375		—
Total shares		12,005,851		10,176,138

Debt Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Principal Amount and Carrying Value of Convertible Notes

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


	September 30, 2025
	Principal		Unamortized Debt Discount			Unamortized Debt Issuance Costs			Carrying Value
2027 Notes	$	85,805	$	(685	)	$	(53	)	$	85,067
2030 Notes		250,000		(7,050	)		(1,074	)		241,876
Total	$	335,805	$	(7,735	)	$	(1,127	)	$	326,943

	December 31, 2024
	Principal		Unamortized Debt Discount			Unamortized Debt Issuance Costs			Carrying Value
2027 Notes	$	287,500	$	(3,594	)	$	(278	)	$	283,628

Schedule of Interest Expense Related to Convertible Notes

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Coupon interest	$	684	$	718	$	2,108	$	2,156
Amortization of debt discount		503		431		1,378		1,294
Amortization of transaction costs		87		33		149		100
Total interest expense	$	1,274	$	1,182	$	3,635	$	3,550

Schedule of Carrying Value and Estimated Fair Value of Convertible Notes

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


	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	85,067	$	102,494	$	283,628	$	311,621
2030 Notes(1)		241,876		352,300		—		—
Total Convertible Notes	$	326,943	$	454,794	$	283,628	$	311,621

Schedule of Restructuring Related Employee Termination Benefits


	Employee Termination Benefits
Accrued restructuring costs as of December 31, 2024	$	—
Restructuring costs incurred during the nine months ended September 30, 2025		1,464
Amount paid during the period ended September 30, 2025		(1,148	)
Accrued restructuring costs as of September 30, 2025	$	316

Schedule of Total Restructuring Costs

The following table shows the total restructuring costs incurred during the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,					For the Nine Months Ended September 30,
	2025			2024		2025		2024
Sales and marketing	$	(27	)	$	—	$	62	$	—
Operations and support		(108	)		—		718		—
Product development		11			—		510		—
General and administrative		32			—		174		—
Total restructuring charges	$	(92	)	$	—	$	1,464	$	—

- 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))
-SubTopic 10
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+ 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, 2025	Sep. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	12,005,851	10,176,138
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	1,535,777	2,104,032
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	3,059,164	2,494,772
Unvested Performance Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	468,715	272,515
Shares Reserved for Charitable Contribution
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	100,663	181,195
2027 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	1,529,157	5,123,624
2030 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	5,312,375

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

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


	September 30, 2025
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	9,301	$	27,299
Trade Names		10		800		305		495
Developed Technology		5		740		597		143
Vendor Relationships		15		1,254		483		771
Database		5		2,400		1,830		570
Patents		17		157		68		89
Subtotal intangible assets				41,951		12,584		29,367
In-place Lease Intangible Asset		4		568		534		34
Above Market Lease Intangible Asset		4		896		841		55
Total intangible assets			$	43,415	$	13,959	$	29,456


	December 31, 2024
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	7,471	$	29,129
Trade Names		10		800		245		555
Developed Technology		5		739		507		232
Vendor Relationships		15		1,263		420		843
Database		5		2,400		1,470		930
Patents		17		157		61		96
Subtotal intangible assets				41,959		10,174		31,785
In-place Lease Intangible Asset		4		568		433		135
Above Market Lease Intangible Asset		4		896		677		219
Total intangible assets			$	43,423	$	11,284	$	32,139

Schedule of Carrying Amount of Goodwill

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



	2025			2024
Balance as of January 1:
Gross goodwill	$	265,760		$	265,989
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		262,686			262,915
Goodwill acquired during the year		—			—
Impact of foreign exchange		1,084			(229	)
Net goodwill as of September 30, 2025 and December 31, 2024:	$	263,770		$	262,686

Schedule of Amortization Expense

Amortization expense for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales and marketing	$	770	$	770	$	2,310		2,310
Product development		30		42		90		126
General and administrative (1)		4		4		11		11
Total	$	804	$	816	$	2,411	$	2,447

(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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Debt Commitments and Contingencies - Schedule of Restructuring Related Employee Termination Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred during the nine months ended September 30, 2025	$ (92)	$ 0	$ 1,464	$ 0
Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Accrued restructuring costs as of December 31, 2024			0
Restructuring costs incurred during the nine months ended September 30, 2025	(92)	$ 0	1,464	$ 0
Amount paid during the period ended September 30, 2025			(1,148)
Accrued restructuring costs as of September 30, 2025	$ 316		$ 316

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ 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

Basis of Presentation and Summary of Significant accounting Policies - Summary of Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Rollforward of contract liabilities:
Contract Liabilities, Beginning balance	$ 7,948
Revenue recognized	(169,669)
Payments received in advance	173,043
Contract Liabilities, Ending balance	$ 11,322

Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Segment Information

The following tables reflect certain segment information for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Segment Revenue
U.S.	$	151,093		$	117,584		$	414,646		$	333,113
International		29,622			24,114			79,588			63,870
Total	$	180,715		$	141,698		$	494,234		$	396,983

Segment Cost of Revenue
U.S.	$	90,933		$	70,862		$	251,841		$	200,829
International		17,753			15,011			48,857			39,550
Total	$	108,686		$	85,873		$	300,698		$	240,379

Segment Adjusted Operating Expense(1)
U.S.	$	49,995		$	45,516		$	143,121		$	136,681
International		16,076			11,124			40,819			31,197
Total	$	66,071		$	56,640		$	183,940		$	167,878

Other Segment Items(2)
U.S.	$	(184	)	$	(183	)	$	(550	)	$	(549	)
International		—			—			—			—
Total	$	(184	)	$	(183	)	$	(550	)	$	(549	)

Segment Adjusted EBITDA
U.S.	$	10,349		$	1,389		$	20,234		$	(3,848	)
International		(4,207	)		(2,021	)		(10,088	)		(6,877	)
Total Adjusted EBITDA	$	6,142		$	(632	)	$	10,146		$	(10,725	)
(Add) deduct:
Interest expense, interest and dividend income and other expenses		(775	)		1,150			(16,939	)		3,647
Depreciation and amortization		(5,000	)		(3,213	)		(13,741	)		(9,622	)
Amortization of lease intangible		(180	)		(180	)		(540	)		(540	)
Benefit (provision) for income taxes		17			(30	)		25			(20	)
Stock-based compensation		(10,748	)		(6,954	)		(25,985	)		(21,115	)
Payroll tax expense related to stock-based compensation		(366	)		(96	)		(2,100	)		(876	)
Acquisition and other		—			—			(927	)		(686	)
Charitable contribution of common stock		(950	)		(406	)		(2,080	)		(1,063	)
Income from unconsolidated joint venture		220			162			544			493
Impairment of assets		(49	)		—			(49	)		—
Restructuring charges		92			—			(1,464	)		—
Net Loss	$	(11,597	)	$	(10,199	)	$	(53,110	)	$	(40,507	)

(1) Amount excludes stock-based compensation and the related payroll taxes, depreciation and amortization, restructuring charges, acquisition and other costs, amortization of lease intangible, lease termination and charitable contributions of common stock.

(2) Addback to Segment Cost of Revenue to calculate Segment Adjusted EBITDA.

The following tables reflect long-lived asset information as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Segment Property and equipment, net
U.S.	$	44,347	$	37,370
International		10,198		7,455
Total	$	54,545	$	44,825

Operating lease right-of-use assets
U.S.	$	4,931	$	7,728
International		402		734
Total	$	5,333	$	8,462

Disaggregated Revenue and Cost of Revenue Information

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Cost of Revenue Information

(4) Disaggregated Revenue and Cost of Revenue Information

The following tables present our revenues 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 and SaaS products.

Revenue and cost of revenue is presented in the following tables for the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Marketplace	2025		2024		2025		2024
Revenue	$	166,592	$	126,965	$	451,168	$	351,438
Cost of revenue		107,086		84,347		295,891		235,278
Gross Profit	$	59,506	$	42,618	$	155,277	$	116,160

Supplier Services
Revenue	$	14,123	$	14,733	$	43,066	$	45,545
Cost of revenue		1,600		1,526		4,807		5,101
Gross Profit	$	12,523	$	13,207	$	38,259	$	40,444

- 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
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-Section 50
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+ Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2025

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,
	2025			2024			2025			2024
Net loss	$	(11,597	)	$	(10,199	)	$	(53,110	)	$	(40,507	)
Net (loss) income attributable to noncontrolling interest		—			—			(1	)		5
Net loss attributable to common stockholders	$	(11,597	)	$	(10,199	)	$	(53,109	)	$	(40,512	)

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		50,920,588			49,282,164			50,653,997			48,901,475
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(0.23	)	$	(0.21	)	$	(1.05	)	$	(0.83	)

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


	September 30,
	2025		2024
Stock options outstanding		1,535,777		2,104,032
Unvested restricted stock units		3,059,164		2,494,772
Unvested performance restricted stock units		468,715		272,515
Shares reserved for charitable contribution		100,663		181,195
2027 Notes		1,529,157		5,123,624
2030 Notes		5,312,375		—
Total shares		12,005,851		10,176,138

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (11,597)	$ (10,199)	$ (53,110)	$ (40,507)
Net (loss) income attributable to noncontrolling interest	0	0	(1)	5
Net loss attributable to common stockholders	$ (11,597)	$ (10,199)	$ (53,109)	$ (40,512)
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	50,920,588	49,282,164	50,653,997	48,901,475
Weighted-average number of shares outstanding used to compute net loss per share, diluted	50,920,588	49,282,164	50,653,997	48,901,475
Net loss per share attributable to common stockholders, basic	$ (0.23)	$ (0.21)	$ (1.05)	$ (0.83)
Net loss per share attributable to common stockholders, diluted	$ (0.23)	$ (0.21)	$ (1.05)	$ (0.83)

- Definition

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

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(6) 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, 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, 2025, there were 7,368,577 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, 2025, 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, 2024		1,640,638		$	10.12		5.7	$	53.4
Balance at December 31, 2024		1,906,483		$	11.51		6.0	$	59.4
Granted		—			—
Exercised		(310,537	)	$	8.68
Forfeited		(35,679	)	$	19.17
Expired		(24,490	)	$	29.25
Balance at September 30, 2025		1,535,777		$	11.62		5.2	$	65.8
Exercisable at September 30, 2025		1,418,270		$	10.97		5.1	$	61.7

No options were granted during the nine months ended September 30, 2025. The total intrinsic value of options exercised during the nine months ended September 30, 2025 and 2024, was $8.9 million and $6.3 million, respectively.

At September 30, 2025, there was approximately $1.2 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 one year as of September 30, 2025.

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, 2025 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, 2024		2,530,358		$	19.15	$	107.9
Granted		1,967,124		$	28.51
Vested		(994,479	)	$	20.44
Forfeited and cancelled		(443,839	)	$	21.36
Unvested RSUs as of September 30, 2025		3,059,164		$	24.43	$	166.6

At September 30, 2025, there was approximately $63.0 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, 2025.

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, 2025 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, 2024		272,515		$	17.32	$	11.6
Granted		336,094		$	23.14
Vested		(91,527	)	$	17.32
Forfeited and cancelled		(48,367	)	$	20.26
Unvested PRSUs as of September 30, 2025		468,715		$	21.19	$	25.5

At September 30, 2025, there was approximately $9.6 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, 2025.

Total stock-based compensation cost for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales and marketing	$	3,059	$	1,905	$	7,282	$	5,825
Operations and support		3,609		2,235		8,782		6,568
Product development		2,470		1,520		5,870		4,770
General and administrative		1,610		1,294		4,051		3,952
Total stock compensation expense	$	10,748	$	6,954	$	25,985	$	21,115

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Taxes [Line Items]
Benefit (provision) for income taxes	$ 17	$ (30)	$ 25	$ (20)
Maximum
Income Taxes [Line Items]
Benefit (provision) for income taxes	$ 100	$ (100)	$ 100	$ (100)
Estimated annual effective tax rate			0.10%

- Definition

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

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+ Details

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 43,415	$ 43,423
Accumulated amortization	13,959	11,284
Net carrying amount	$ 29,456	$ 32,139
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	9,301	7,471
Net carrying amount	$ 27,299	$ 29,129
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	305	245
Net carrying amount	$ 495	$ 555
Developed Technology
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	5 years	5 years
Gross carrying amount	$ 740	$ 739
Accumulated amortization	597	507
Net carrying amount	$ 143	$ 232
Vendor Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 1,254	$ 1,263
Accumulated amortization	483	420
Net carrying amount	$ 771	$ 843
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	1,830	1,470
Net carrying amount	$ 570	$ 930
Patents
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	17 years	17 years
Gross carrying amount	$ 157	$ 157
Accumulated amortization	68	61
Net carrying amount	89	96
Subtotal
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	41,951	41,959
Accumulated amortization	12,584	10,174
Net carrying amount	$ 29,367	$ 31,785
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	534	433
Net carrying amount	$ 34	$ 135
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	841	677
Net carrying amount	$ 55	$ 219

Stock-Based Compensation - Schedule of Total Stock-based Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 10,748	$ 6,954	$ 25,985	$ 21,115
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	3,059	1,905	7,282	5,825
Operations and Support
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	3,609	2,235	8,782	6,568
Product Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	2,470	1,520	5,870	4,770
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 1,610	$ 1,294	$ 4,051	$ 3,952

Debt Commitments and Contingencies - Schedule of Interest Expense Related to Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Total interest expense	$ 1,278	$ 1,187	$ 3,648	$ 3,564
2027 Notes and 2030 Notes
Debt Instrument [Line Items]
Coupon interest	684		2,108
Amortization of debt discount	503		1,378
Amortization of transaction costs	87		149
Total interest expense	$ 1,274		$ 3,635
2027 Notes
Debt Instrument [Line Items]
Coupon interest		718		2,156
Amortization of debt discount		431		1,294
Amortization of transaction costs		33		100
Total interest expense		$ 1,182		$ 3,550

- 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

Debt Commitments and Contingencies - Summary of Total Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ (92)	$ 0	$ 1,464	$ 0
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed [Flag]	true	true	true	true
Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ (92)	$ 0	$ 1,464	$ 0
Sales and Marketing \| Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	(27)	0	62	0
Operations and Support \| Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	(108)	0	718	0
Product Development \| Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	11	0	510	0
General and Administrative \| Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 32	$ 0	$ 174	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ 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

Property and Equipment and Long-Lived Assets (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment

Property and equipment consist of the following as of September 30, 2025 and December 31, 2024 (in thousands):


		September 30,			December 31,
	Useful Life	2025			2024
Technology hardware	3 years	$	4,379		$	3,884
Manufacturing equipment	2 - 10 years		6,690			6,572
Capitalized software development	3 years		80,450			60,480
Leasehold improvements	Shorter of useful life or lease term		1,731			1,761
Furniture and fixtures	7 years		3,067			2,549
Total			96,317			75,246
Less accumulated depreciation			(41,772	)		(30,421	)
Property and Equipment, net		$	54,545		$	44,825

Summary of Depreciation and Amortization Expense

Depreciation and amortization expense for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	184	$	183	$	550	$	549
Sales and marketing		29		24		75		77
Operations and support		46		32		129		105
Product development		3,693		1,940		9,770		5,786
General and administrative		155		127		539		384
Total depreciation and amortization expense	$	4,107	$	2,306	$	11,063	$	6,901

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A - Common Stock	Class B - Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
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		502,981
Vesting of restricted stock units,shares		642,833
Shares issued in business combination, Shares		21,083
Shares issued in business combination	625			625				625
Exercise of warrants, Shares		52,126
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
Total comprehensive (loss) income	(40,077)						(40,512)	(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)
Total comprehensive (loss) income	(9,404)						(10,199)	(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
Balance at Dec. 31, 2024	$ 315,596			685,054		(328)	(370,273)	314,453	1,143
Balance, Shares at Dec. 31, 2024		48,289,274	1,475,311
Beginning Balance, Treasury Stock, Shares at Dec. 31, 2024	0
Exercise of common stock options	$ 2,703			2,703				2,703
Exercise of common stock options, Shares	310,537	311,699
Vesting of restricted stock units,shares		1,100,274
Shares issued in business combination, Shares		16,716
Shares issued in business combination	$ 625			625				625
Donated common stock	2,080			2,080				2,080
Donated common stock, Shares		60,399
Purchase of capped calls	(17,475)			(17,475)				(17,475)
Purchase of treasury stock	(8,080)				$ (8,080)			(8,080)
Purchase of treasury stock, Shares		(220,994)			220,994
Stock-based compensation	25,985			25,985				25,985
Comprehensive loss
Foreign currency translation	4,766					4,782		4,782	(16)
Net (loss) income	(53,110)						(53,109)	(53,109)	(1)
Total comprehensive (loss) income	(48,344)						(53,109)	(48,327)	(17)
Balance at Sep. 30, 2025	$ 273,090			698,972	$ (8,080)	4,454	(423,382)	271,964	1,126
Balance, Shares at Sep. 30, 2025		49,557,368	1,475,311
Ending Balance, Treasury Stock, Shares at Sep. 30, 2025	220,994				220,994
Balance at Jun. 30, 2025	$ 271,521			685,986	$ (8,080)	4,281	(411,785)	270,402	1,119
Balance, Shares at Jun. 30, 2025		49,107,080	1,475,311
Beginning Balance, Treasury Stock, Shares at Jun. 30, 2025					220,994
Exercise of common stock options	1,288			1,288				1,288
Exercise of common stock options, Shares		166,305
Vesting of restricted stock units,shares		263,850
Donated common stock	950			950				950
Donated common stock, Shares		20,133
Stock-based compensation	10,748			10,748				10,748
Comprehensive loss
Foreign currency translation	180					173		173	7
Net (loss) income	(11,597)						(11,597)	(11,597)
Total comprehensive (loss) income	(11,417)						(11,597)	(11,424)	7
Balance at Sep. 30, 2025	$ 273,090			$ 698,972	$ (8,080)	$ 4,454	$ (423,382)	$ 271,964	$ 1,126
Balance, Shares at Sep. 30, 2025		49,557,368	1,475,311
Ending Balance, Treasury Stock, Shares at Sep. 30, 2025	220,994				220,994

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 4,107	$ 2,306	$ 11,063	$ 6,901
Cost of Revenue
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	184	183	550	549
Sales and Marketing
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	29	24	75	77
Operations and Support
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	46	32	129	105
Product Development
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	3,693	1,940	9,770	5,786
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 155	$ 127	$ 539	$ 384

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

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, as 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

Sanjeev Singh Sahni
President

Adopted

8/7/2025

X

—

41,421

—

10/1/2026

Emily Rollins
Director

Adopted

8/11/2025

X

—

3,000

—

4/1/2026

Subir Dutt
Chief Sales Officer

Adopted

8/18/2025

X

—

34,851

—

7/1/2027

Randy Altschuler
Chief Executive Officer

Adopted

9/4/2025

X

—

65,037

—

3/10/2027

* 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.

Non-Rule 10b5-1 Arrangement Adopted

false

Sanjeev Singh Sahni [Member]

Trading Arrangements, by Individual

Name

Sanjeev Singh Sahni

Title

President

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

8/7/2025

Expiration Date

10/1/2026

Aggregate Available

41,421

Rule 10b5-1 Trading Arrangement One [Member] | Emily Rollins [Member]

Trading Arrangements, by Individual

Name

Emily Rollins

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

8/11/2025

Expiration Date

4/1/2026

Aggregate Available

3,000

Rule 10b5-1 Trading Arrangement Two [Member] | Subir Dutt [Member]

Trading Arrangements, by Individual

Name

Subir Dutt

Title

Chief Sales Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

8/18/2025

Expiration Date

7/1/2027

Aggregate Available

34,851

Rule 10b5-1 Trading Arrangement Three [Member] | Randy Altschuler [Member]

Trading Arrangements, by Individual

Name

Randy Altschuler

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

9/4/2025

Expiration Date

3/10/2027

Aggregate Available

65,037

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

9 Months Ended

Sep. 30, 2025

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 25, 2025.

The Condensed Consolidated Balance Sheet as of December 31, 2024, 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 2025 or any future period. The Company has two reportable 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 (loss) 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, 2025 and December 31, 2024, the Company’s marketable securities of $203.7 million and $217.6 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):



	2025			2024
Allowance for credit losses
Balance at beginning of year, January 1	$	4,912		$	2,444
Charge to provision accounts		5,322			4,024
Write-offs or other		(3,685	)		(1,556	)
Balance at period end, September 30 and December 31, respectively	$	6,549		$	4,912

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 ten 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 $18.9 million for the nine months ended September 30, 2025 and $17.0 million for the year ended December 31, 2024. 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, 2025 and December 31, 2024, 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 the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.

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 customers. 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 has 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 September 30, 2025 and December 31, 2024, the Company has a provision for estimated returns, refunds or allowances of approximately $0.2 million and $0.1 million, respectively.

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, 2024 and September 30, 2025 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2024	$	7,948
Revenue recognized		(169,669	)
Payments received in advance		173,043
Contract liabilities at September 30, 2025	$	11,322

During the nine months ended September 30, 2025, the Company recognized approximately $7.3 million of revenue related to its contract liabilities as of December 31, 2024.

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, sales commissions are generally expensed as incurred. 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, 2025, the Company recognized approximately $0.7 million and $2.1 million, respectively, of amortization related to deferred sales commissions. 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. As of September 30, 2025 and December 31, 2024, the Company had deferred sales contract acquisition costs of $0.4 million for both periods, 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, 2025, the Company’s advertising costs were $9.2 million and $25.3 million, respectively. For the three and nine months ended September 30, 2024, the Company’s advertising cost were $9.4 million and $26.5 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. These costs primarily consist of 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 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. 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. 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 share proportionately in the Company’s net losses.

Recently Issued Accounting Standards

(s)

Recently Adopted 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 did 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 became effective for the Company in December 2024. The Company applied the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We have reflected the adoption of this ASU in Note 5, Segments.

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 business entity (“PBE”) 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. The Company adopted this new standard in 2025 and applied the amendments prospectively. The adoption of this new standard does not impact our results of operations, cash flows, and financial condition.

(t)

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). Under ASU 2024-03, a PBE would be required to disclose information about purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion for each income statement line item that contains those expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. ASU 2024-03 allows for early adoption and requires either prospective adoption to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospective adoption to any or all prior periods presented in the financial statements. The Company is currently assessing the impact of ASU 2024-03 on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. The Company is currently assessing the impact of ASU 2024-04 on our consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”), which requires that in a business combination involving a variable interest entity (“VIE”) where equity interests are issued as consideration, the determination of the accounting acquirer should follow the general guidance under ASC 805-10-25 rather than default to the conclusion that the acquirer is primary beneficiary of the VIE. The amendments are intended to improve consistency in applying the acquisition method to business combinations. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods. The Company is currently assessing the impact of ASU 2025-03 on our consolidated financial statements and related disclosures, including the potential impact on the accounting for any future business combinations involving VIEs.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. The Company is currently assessing the impact of ASU 2025-05 on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which improves the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The new guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. The Company is currently assessing the impact of ASU 2025-06 on our consolidated financial statements and related disclosures.

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 statement of cash flows upon adoption.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

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):



	2025			2024
Allowance for credit losses
Balance at beginning of year, January 1	$	4,912		$	2,444
Charge to provision accounts		5,322			4,024
Write-offs or other		(3,685	)		(1,556	)
Balance at period end, September 30 and December 31, respectively	$	6,549		$	4,912

(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, 2024 and September 30, 2025 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2024	$	7,948
Revenue recognized		(169,669	)
Payments received in advance		173,043
Contract liabilities at September 30, 2025	$	11,322

During the nine months ended September 30, 2025, the Company recognized approximately $7.3 million of revenue related to its contract liabilities as of December 31, 2024.

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 Adopted Accounting Standards

(t)

Recently Issued Accounting Standards

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Segment Revenue	$ 180,715	$ 141,698	$ 494,234	$ 396,983
Segment Cost of Revenue	108,686	85,873	300,698	240,379
Segment Adjusted Operating Expense	66,071	56,640	183,940	167,878
Other Segment Items	(184)	(183)	(550)	(549)
Total Adjusted EBITDA	6,142	(632)	10,146	(10,725)
Interest expense, interest and dividend income and other expenses	(775)	1,150	(16,939)	3,647
Depreciation and amortization	(5,000)	(3,213)	(13,741)	(9,622)
Amortization of lease intangible	(180)	(180)	(540)	(540)
Benefit (provision) for income taxes	17	(30)	25	(20)
Stock-based compensation	(10,748)	(6,954)	(25,985)	(21,115)
Payroll tax expense related to stock-based compensation	(366)	(96)	(2,100)	(876)
Acquisition and other	0	0	(927)	(686)
Charitable contribution of common stock	(950)	(406)	(2,080)	(1,063)
Income from unconsolidated joint venture	220	162	544	493
Impairment of assets	(49)	0	(49)	0
Restructuring charges	92	0	(1,464)	0
Net loss	(11,597)	(10,199)	(53,110)	(40,507)
Segment Property and Equipment	54,545		54,545		$ 44,825
Operating lease right-of-use assets	5,333		5,333		8,462
U.S.
Segment Reporting Information [Line Items]
Segment Revenue	151,093	117,584	414,646	333,113
Segment Cost of Revenue	90,933	70,862	251,841	200,829
Segment Adjusted Operating Expense	49,995	45,516	143,121	136,681
Other Segment Items	(184)	(183)	(550)	(549)
Total Adjusted EBITDA	10,349	1,389	20,234	(3,848)
Segment Property and Equipment	44,347		44,347		37,370
Operating lease right-of-use assets	4,931		4,931		7,728
International
Segment Reporting Information [Line Items]
Segment Revenue	29,622	24,114	79,588	63,870
Segment Cost of Revenue	17,753	15,011	48,857	39,550
Segment Adjusted Operating Expense	16,076	11,124	40,819	31,197
Other Segment Items	0	0	0	0
Total Adjusted EBITDA	(4,207)	$ (2,021)	(10,088)	$ (6,877)
Segment Property and Equipment	10,198		10,198		7,455
Operating lease right-of-use assets	$ 402		$ 402		$ 734

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 180,715	$ 141,698	$ 494,234	$ 396,983
Cost of revenue	108,686	85,873	300,698	240,379
Gross profit	72,029	55,825	193,536	156,604
Operating expenses
Sales and marketing	32,649	27,204	88,866	81,891
Operations and support	18,403	14,698	53,225	42,918
Product development	12,524	9,344	34,703	28,952
General and administrative	19,463	16,060	53,433	47,470
Impairment of assets	49	0	49	0
Total operating expenses	83,088	67,306	230,276	201,231
Loss from operations	(11,059)	(11,481)	(36,740)	(44,627)
Other (expenses) income
Interest expense	(1,278)	(1,187)	(3,648)	(3,564)
Interest and dividend income	2,139	2,781	6,591	8,275
Other expenses	(1,636)	(444)	(19,882)	(1,064)
Income from unconsolidated joint venture	220	162	544	493
Total other (expenses) income	(555)	1,312	(16,395)	4,140
Loss before income taxes	(11,614)	(10,169)	(53,135)	(40,487)
Benefit (provision) for income taxes	17	(30)	25	(20)
Net loss	(11,597)	(10,199)	(53,110)	(40,507)
Net (loss) income attributable to noncontrolling interest	0	0	(1)	5
Net loss attributable to common stockholders	(11,597)	(10,199)	(53,109)	(40,512)
Earnings Per Share [Abstract]
Net loss	(11,597)	(10,199)	(53,110)	(40,507)
Comprehensive income (loss):
Foreign currency translation	180	795	4,766	430
Total other comprehensive income	180	795	4,766	430
Total comprehensive income (loss)	(11,417)	(9,404)	(48,344)	(40,077)
Comprehensive income (loss) attributable to noncontrolling interest	7	(23)	(17)	8
Total comprehensive loss attributable to common stockholders	$ (11,424)	$ (9,381)	$ (48,327)	$ (40,085)
Common Class A and Class B [Member]
Earnings Per Share [Abstract]
Net loss per share, basic	$ (0.23)	$ (0.21)	$ (1.05)	$ (0.83)
Net loss per share, diluted	$ (0.23)	$ (0.21)	$ (1.05)	$ (0.83)
Weighted-average number of shares outstanding used to compute net loss per share, basic	50,920,588	49,282,164	50,653,997	48,901,475
Weighted-average number of shares outstanding used to compute net loss per share, diluted	50,920,588	49,282,164	50,653,997	48,901,475

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025, 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, 2024		1,640,638		$	10.12		5.7	$	53.4
Balance at December 31, 2024		1,906,483		$	11.51		6.0	$	59.4
Granted		—			—
Exercised		(310,537	)	$	8.68
Forfeited		(35,679	)	$	19.17
Expired		(24,490	)	$	29.25
Balance at September 30, 2025		1,535,777		$	11.62		5.2	$	65.8
Exercisable at September 30, 2025		1,418,270		$	10.97		5.1	$	61.7

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, 2024		2,530,358		$	19.15	$	107.9
Granted		1,967,124		$	28.51
Vested		(994,479	)	$	20.44
Forfeited and cancelled		(443,839	)	$	21.36
Unvested RSUs as of September 30, 2025		3,059,164		$	24.43	$	166.6

Schedule of Total Stock-based Compensation Costs

Total stock-based compensation cost for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales and marketing	$	3,059	$	1,905	$	7,282	$	5,825
Operations and support		3,609		2,235		8,782		6,568
Product development		2,470		1,520		5,870		4,770
General and administrative		1,610		1,294		4,051		3,952
Total stock compensation expense	$	10,748	$	6,954	$	25,985	$	21,115

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, 2024		272,515		$	17.32	$	11.6
Granted		336,094		$	23.14
Vested		(91,527	)	$	17.32
Forfeited and cancelled		(48,367	)	$	20.26
Unvested PRSUs as of September 30, 2025		468,715		$	21.19	$	25.5

- 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

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 28, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
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		49,772,345
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,475,311

Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segments

(5) Segments

Xometry is organized in two segments referred to as: (1) U.S. and (2) International. Xometry’s operating segments are also the Company’s reportable segments. Xometry’s reportable segments are managed separately based on geography. The Company’s U.S. revenues primarily result from the sale of parts and assemblies and the sale of advertising and marketing services. The Company’s International revenues primarily result from the sale of parts and assemblies. Xometry’s two segments are defined based on the reporting and review process used by the CODM, the Chief Executive Officer.

The Company evaluates the performance of the operating segments primarily based on revenue and segment Adjusted EBITDA. The CODM uses actual results compared to budgeted or forecasted segment Adjusted EBITDA to determine if the reporting units are making progress toward profitability and when making decisions about the allocation of resources and the assessment of performance. In 2024, the Company determined that revenue and segment profit before income taxes were its measures of segment performance. In December 2024, the Company changed its segment profit or loss measure to segment Adjusted EBITDA based on a reassessment of the information currently used by the CODM to allocate resources and assess performance of the segments. The Company has recast segment Adjusted EBITDA for the prior periods.

Segment Adjusted EBITDA excludes interest expense, interest and dividend income, other expenses, benefit for income taxes, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from an unconsolidated joint venture, restructuring charges and acquisition and other adjustments not reflective of our ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.

The 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, 2025 and 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Segment Revenue
U.S.	$	151,093		$	117,584		$	414,646		$	333,113
International		29,622			24,114			79,588			63,870
Total	$	180,715		$	141,698		$	494,234		$	396,983

Segment Cost of Revenue
U.S.	$	90,933		$	70,862		$	251,841		$	200,829
International		17,753			15,011			48,857			39,550
Total	$	108,686		$	85,873		$	300,698		$	240,379

Segment Adjusted Operating Expense(1)
U.S.	$	49,995		$	45,516		$	143,121		$	136,681
International		16,076			11,124			40,819			31,197
Total	$	66,071		$	56,640		$	183,940		$	167,878

Other Segment Items(2)
U.S.	$	(184	)	$	(183	)	$	(550	)	$	(549	)
International		—			—			—			—
Total	$	(184	)	$	(183	)	$	(550	)	$	(549	)

Segment Adjusted EBITDA
U.S.	$	10,349		$	1,389		$	20,234		$	(3,848	)
International		(4,207	)		(2,021	)		(10,088	)		(6,877	)
Total Adjusted EBITDA	$	6,142		$	(632	)	$	10,146		$	(10,725	)
(Add) deduct:
Interest expense, interest and dividend income and other expenses		(775	)		1,150			(16,939	)		3,647
Depreciation and amortization		(5,000	)		(3,213	)		(13,741	)		(9,622	)
Amortization of lease intangible		(180	)		(180	)		(540	)		(540	)
Benefit (provision) for income taxes		17			(30	)		25			(20	)
Stock-based compensation		(10,748	)		(6,954	)		(25,985	)		(21,115	)
Payroll tax expense related to stock-based compensation		(366	)		(96	)		(2,100	)		(876	)
Acquisition and other		—			—			(927	)		(686	)
Charitable contribution of common stock		(950	)		(406	)		(2,080	)		(1,063	)
Income from unconsolidated joint venture		220			162			544			493
Impairment of assets		(49	)		—			(49	)		—
Restructuring charges		92			—			(1,464	)		—
Net Loss	$	(11,597	)	$	(10,199	)	$	(53,110	)	$	(40,507	)

(2) Addback to Segment Cost of Revenue to calculate Segment Adjusted EBITDA.

The following tables reflect long-lived asset information as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Segment Property and equipment, net
U.S.	$	44,347	$	37,370
International		10,198		7,455
Total	$	54,545	$	44,825

Operating lease right-of-use assets
U.S.	$	4,931	$	7,728
International		402		734
Total	$	5,333	$	8,462

- 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

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2025 Supplier
Product Information [Line Items]
Entity month and year of incorporation	2013-05
Maximum
Product Information [Line Items]
Number of active global suppliers	4,375
North America [Member]
Product Information [Line Items]
Number of supplier	500,000

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

(7) 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 benefit for income taxes for the three and nine months ended September 30, 2025, and less than $0.1 million of provision for income taxes for the three and nine months ended September 30, 2024. This estimated annual effective tax rate of less than 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.

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