0001193125-26-066959 | 10-K | XBRL Viewer

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Leases - Schedule of Remaining Weighted Average Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	5 years	2 years 9 months 21 days
Weighted average discount rate	7.28%	5.77%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt and Commitments and Contingencies - Summary of Total Restructuring Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1,262	$ 738
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed [Flag]	true	true
Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1,262	$ 738
Employee Termination Benefits \| Sales and Marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	31	224
Employee Termination Benefits \| Operations and Support
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	588	230
Employee Termination Benefits \| Product Development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	470	117
Employee Termination Benefits \| General and Administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 173	$ 167

- 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

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 43,414	$ 43,423
Accumulated amortization	14,851	11,284
Net carrying amount	$ 28,563	$ 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	9,911	7,471
Net carrying amount	$ 26,689	$ 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	325	245
Net carrying amount	$ 475	$ 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	627	507
Net carrying amount	$ 113	$ 232
Vendor Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 1,253	$ 1,263
Accumulated amortization	504	420
Net carrying amount	$ 749	$ 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	1,950	1,470
Net carrying amount	$ 450	$ 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	70	61
Net carrying amount	87	96
Subtotal
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	41,950	41,959
Accumulated amortization	13,387	10,174
Net carrying amount	$ 28,563	$ 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	568	433
Net carrying amount	$ 0	$ 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	896	677
Net carrying amount	$ 0	$ 219

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

Inventory consists of raw materials, work-in-process and finished goods. Raw materials (plastics and metals) become manufactured products in the additive and subtractive manufacturing processes. Work-in-progress represents manufacturing costs associated with customer orders that are not yet complete. Finished goods represents product awaiting shipment. Inventory consists of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Raw materials	$	1,315	$	794
Work-in-progress		1,018		1,589
Finished goods		1,584		1,532
Total	$	3,917	$	3,915

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	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (61,748)	$ (50,403)	$ (67,465)
Net (loss) income attributable to noncontrolling interest	(5)	(2)	7
Net loss attributable to common stockholders	$ (61,743)	$ (50,401)	$ (67,472)
Common Class A and Class B
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	50,812,072	49,082,722	47,914,039
Weighted-average number of shares outstanding used to compute net loss per share, diluted	50,812,072	49,082,722	47,914,039
Net loss per share attributable to common stockholders, basic	$ (1.22)	$ (1.03)	$ (1.41)
Net loss per share attributable to common stockholders, diluted	$ (1.22)	$ (1.03)	$ (1.41)

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

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+ Details

Disaggregated Revenue and Cost of Revenue Information

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Cost of Revenue Information

(13) 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 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 years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
Marketplace	2025		2024		2023
Revenue	$	629,642	$	485,946	$	394,754
Cost of revenue		411,337		323,365		273,264
Gross Profit	$	218,305	$	162,581	$	121,490

Services
Revenue	$	56,989	$	59,583	$	68,652
Cost of revenue		6,521		6,540		11,883
Gross Profit	$	50,468	$	53,043	$	56,769

- 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.

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+ Details

Debt and Commitments and Contingencies - Schedule of Interest Expense Related to Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total interest expense	$ 4,907	$ 4,752	$ 4,784
2027 Notes and 2030 Notes
Debt Instrument [Line Items]
Coupon interest	2,791	2,875	2,875
Amortization of debt discount	1,882	1,725	1,725
Amortization of transaction costs	216	134	135
Total interest expense	$ 4,889	$ 4,734	$ 4,735

- 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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Credit Concentrations - Additional Information (Details) - Customer	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%	0	0	0
Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%	0	0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

Leases - Summary of Leases Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 4,618	$ 4,536	$ 5,725
Variable lease costs	1,316	1,501	1,315
Short-term lease costs	200	212	133
Amortization of in-place lease intangible assets	357	365	364
Amortization of in place lease asset - below market	720	720	949
Lease abandonment cost	0	0	8,706
Sublease income	(1,983)	(2,142)	(2,112)
Total operating lease cost	$ 5,228	$ 5,192	$ 15,080

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested RSUs, Beginning Balance	2,530,358	1,769,874	875,902
Number of Shares, Granted	2,137,134	2,133,242	1,563,404
Number of Shares, Vested	(1,207,233)	(755,825)	(340,595)
Number of Shares, Forfeited and cancelled	(547,582)	(616,933)	(328,837)
Number of Shares, Unvested RSUs, Ending Balance	2,912,677	2,530,358	1,769,874
Weighted Average Grant Date fair value (per share), Unvested RSUs Beginning Balance	$ 19.15	$ 22.5	$ 44.37
Weighted Average Grant Date fair value (per share), Granted	30.1	18.39	16.57
Weighted Average Grant Date fair value (per share), Vested	20.96	22.65	42.18
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled	21.51	21.84	32.19
Weighted Average Grant Date fair value (per share), Unvested RSUs Ending Balance	$ 25.99	$ 19.15	$ 22.5
Aggregate Intrinsic Value, Unvested RSUs	$ 173.2	$ 107.9	$ 63.6	$ 28.2
Performance Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested RSUs, Beginning Balance	272,515	0
Number of Shares, Granted	336,094	336,118
Number of Shares, Vested	(91,527)	0
Number of Shares, Forfeited and cancelled	(48,367)	(63,603)
Number of Shares, Unvested RSUs, Ending Balance	468,715	272,515	0
Weighted Average Grant Date fair value (per share), Unvested RSUs Beginning Balance	$ 17.32	$ 0
Weighted Average Grant Date fair value (per share), Granted	23.14	17.35
Weighted Average Grant Date fair value (per share), Vested	17.32	0
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled	20.26	17.48
Weighted Average Grant Date fair value (per share), Unvested RSUs Ending Balance	$ 21.19	$ 17.32	$ 0
Aggregate Intrinsic Value, Unvested RSUs	$ 27.9	$ 11.6

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a)

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of Xometry and its subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements and related disclosures are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). 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, United Kingdom, Turkey, China, Japan and India, is the Euro, British Pound Sterling, Turkish Lira, Yuan, Yen and the Indian Rupee 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. Foreign currency remeasurement and transaction gains and losses are recorded in other expenses, in the Consolidated Statements of Operations and Comprehensive Loss. Gains and losses resulting from translation are included in accumulated other comprehensive income (loss), 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 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 Consolidated Balance Sheets. We include net (loss) income attributable to the noncontrolling interest in Net loss in our Consolidated Statements of Operations and Comprehensive Loss.

(b)

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with 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.

(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 and Comprehensive Loss. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

(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 and 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. As of December 31, 2025, we have no assets or liabilities that we measure on a recurring basis using Level 2 or Level 3 inputs.

(e)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand with various financial institutions. These accounts are stated at cost, which approximates fair value.

(f)

Marketable Securities

The Company measures its marketable securities at fair value and recognizes any changes in fair value in other expenses on the Consolidated Statements of Operations and Comprehensive Loss. Our marketable securities represent our investments in a short term money market fund. These marketable securities have maturities of three months or less. As of December 31, 2025 and 2024, the Company’s marketable securities of $204.1 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, 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. No losses or gains were recorded during the years ended December 31, 2025, 2024 or 2023.

(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 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			2023
Allowance for credit losses
Balance at beginning of year, January 1	$	4,912		$	2,444		$	1,988
Charge to provision accounts		6,586			4,024			2,186
Write-offs or other		(3,535	)		(1,556	)		(1,730	)
Balance at period end, December 31, respectively	$	7,963		$	4,912		$	2,444

(h)

Inventory

Inventory consists primarily of work-in-progress, raw materials and finished goods. Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts, if needed.

(i)

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 $28.5 million and $17.0 million for the years ended December 31, 2025 and 2024, respectively. 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.

(j)

Investment In Unconsolidated Joint Venture

The Company has a 50% interest in Industrial Media, LLC (“IM, LLC”) with the other 50% owned by Rich Media Group, LLC. IM, LLC primarily manages content creation, advertising sales, and marketing initiatives for the Industrial Engineering News brand, certain magazines, videos, website and associated electronic media products for industrial engineers. The Company’s initial ownership interest in the net assets of IM, LLC approximated $5.2 million. We estimated the fair value of the net assets using a market approach which considered market multiples and revenue assumptions based on historical operating results (Level 3 inputs). The Company estimated an inital basis difference of approximately $4.2 million which is accounted for as equity method goodwill which is not subject to amortization.

We account for our investment in IM, LLC using the equity method of accounting as we exercise significant influence, but do not control the entity. Under the equity method of accounting, our net equity investments in IM, LLC is reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income from IM, LLC is included in the accompanying Consolidated Statements of Operations and Comprehensive Loss.

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investment in IM, LLC may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent an impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of

the investment. This evaluation consists of several qualitative and quantitative factors including recent financial results and operating trends of the investee and available information that may affect the value of our investment.

No impairment loss on our investment in IM, LLC was recognized during the years ended December 31, 2025, 2024 and 2023.

(k)

Revenue

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

The Company determines that a contract exists between the Company and the customer when the customer accepts a quote and places an order. The process is governed by the Company’s standard terms and conditions or other agreed upon terms with Xometry’s buyers. Upon receiving an order through Xometry’s platform, the Company identifies the underlying performance obligation(s) necessary for revenue recognition. Using Xometry’s in-house technology, the Company determines the transaction price for the manufactured part(s) or assembly on a stand-alone basis at order initiation. The Company recognizes revenue as control is transferred to the customer, either at a point in time or over time.

Marketplace revenue is primarily recognized from sales to Xometry’s customers upon shipment, at which point control over the part(s) or assembly has transferred. The Company has elected to treat shipping and handling as a fulfillment activity and not as a separate performance obligation.

In certain contracts, when we create or enhance an asset that the customer controls, marketplace revenue is recognized over time. Marketplace revenue is recognized over time using the cost-to-cost input method as this measure most accurately depicts the progress of our work and transfer of control to our customers. Changes in estimates affecting sales, costs and profits are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting, resulting in the cumulative effect of changes reflected in the current period.

The Company has concluded that it’s the principal in the sale of part(s) and assemblies that use the Xometry marketplace 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 margin risk from the price the Company pays the suppliers, (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 services (previously referred to as “supplier services”) which is a suite of services offered to our suppliers. Service revenues include the sale of marketing services including 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, as applicable. Consideration is typically determined based on a fixed unit price for the service or product provided. For purchase orders involving multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative standalone selling price, and recognized as revenue when each individual product or service is transferred to the customer.

The Company has certain contracts with variable consideration in form of returns, refunds and allowances, which may affect the transaction price used as the basis for revenue recognition. As of December 31, 2025 and 2024, the Company had a provision for estimated returns, refunds and allowances of $0.2 million and $0.1 million, respectively.

Sales tax collected from customers and remitted to governmental authorities is excluded from revenue.

Contract Liabilities

Contract liabilities are derived from payments received 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 is a summary of the contract liabilities (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2023	$	7,357
Revenue recognized		(201,163	)
Payments received in advance		201,754
Contract liabilities at December 31, 2024	$	7,948
Revenue recognized		(236,508	)
Payments received in advance		238,879
Contract liabilities at December 31, 2025	$	10,319

Sales Contract Acquisition Costs

The Company’s incremental costs to obtain a contract may include a sales commission which is generally determined on a per order basis. For marketplace contracts, the Company recognizes costs over a period of one year or less. For 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 sales and marketing expenses in the Consolidated Statements of Operations and Comprehensive Loss. For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $3.0 million, $6.3 million and $8.1 million, respectively of amortization related to deferred sales commissions. The Company had deferred sales contract acquisition costs of $0.4 million as of December 31, 2025 and 2024, which is classified in other current assets on the Consolidated Balance Sheets.

(l)

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 services primarily consists of internal and external production costs and website hosting.

(m)

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 and operating lease liabilities (net of current portion) in the Consolidated Balance Sheets. For leases with terms of twelve months or less, the Company does not recognize ROU assets or lease liabilities on the 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 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 for lease payments is recognized on a straight-line basis over the term of the lease.

(n)

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 years ended December 31, 2025, 2024 and 2023, the Company’s advertising costs were $35.8 million, $35.1 million and $31.7 million, respectively.

(o)

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 services.

(p)

Product Development

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

(q)

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.

(r)

Stock-Based Compensation

All stock-based compensation, including stock options, restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), are measured at the grant date fair value of the award. The fair value of the RSUs 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, RSUs and PRSUs are 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.

(s)

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 year to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the year 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.

(t)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

To the extent that it is not considered to be more likely than not that a deferred tax asset will be realized, a valuation allowance is established.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained and are measured at the largest amount that is greater than 50% likely of being realized. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. Changes in recognition or measurement are reflected in the year in which the change in judgment occurs.

(u)

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

(v)

Intangible Assets

Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives, which range from one to 17 years. Xometry reviews definite-lived intangible assets for impairment under the long-lived asset model described in Property and Equipment and Long-Lived Assets above.

(w)

Goodwill

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. 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.

When impairment indicators are identified, the Company compares each reporting unit’s fair value to its carrying amount, including goodwill. An impairment loss is recognized as the difference, if any, between each reporting unit’s carrying amount and its fair value to the extent the difference does not exceed the total amount of goodwill allocated to the reporting unit.

Xometry determines the fair value of each reporting unit using a weighted income-based and market-based approach.

Under the income approach, the Company based its fair value on estimated discounted future cash flows of each reporting unit. Determining the fair value of each reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including projected future cash flows, growth rates, margins, discount rates, working capital requirements and capital expenditures, among others (Level 3).

Under the market-based approach, the value of a reporting unit using the market-based approach is estimated by comparing the reporting unit to other publicly-traded companies and/or to publicly-disclosed business mergers and acquisitions in similar lines of business. The value of a reporting unit is based on pricing multiples of certain financial parameters observed in the comparable companies. We also make estimates and assumptions for market values to determine a reporting unit’s estimated fair value. Changes in these estimates and assumptions could materially affect the determination of fair value and the goodwill impairment test result.

During the year ended December 31, 2025, the Company performed its qualitative assessment and determined that it was more likely than not that the fair value of our reporting units exceeded their carrying values.

During the year ended December 31, 2024, the Company elected to bypass the qualitative assessment and performed a quantitative assessment to evaluate the goodwill of the U.S. reporting unit. The results of our quantitative assessment indicated that the fair value of our U.S. reporting unit exceeded its carrying value.

During the year ended December 31, 2024, the Company performed a qualitative assessment to evaluate the goodwill of the International reporting unit, the results of which indicated that it is more likely than not that the fair value of our International reporting unit exceeded its carrying value.

During the year ended December 31, 2023, the Company performed its qualitative assessment and determined that it was more likely than not that the fair value of our reporting units exceeded their carrying values.

(x)

Recently Adopted Accounting Standards

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 new standard became effective for the Company in December 2025. The Company adopted the amendments in this ASU prospectively. We have reflected the adoption of this ASU in Note 9 - Income Taxes.

(y)

Recently Issued Accounting Standards

In November 2024, 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 retrospectively 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, 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, but does not expect the adoption of this accounting standard to have a material impact on our consolidated financial statements.

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 cash flows upon adoption.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

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


	December 31, 2025
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	9,911	$	26,689
Trade Names		10		800		325		475
Developed Technology		5		740		627		113
Vendor Relationships		15		1,253		504		749
Database		5		2,400		1,950		450
Patents		17		157		70		87
Subtotal intangible assets				41,950		13,387		28,563
In-place Lease Intangible Asset		4		568		568		—
Above Market Lease Intangible Asset		4		896		896		—
Total intangible assets			$	43,414	$	14,851	$	28,563


	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 Amortization Expense

Amortization expense for the year ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Sales and marketing	$	3,080		3,082		3,119
Product development		120		159		211
General and administrative (1)		14		14		14
Total	$	3,214	$	3,255	$	3,344

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

Schedule of Carrying Amount of Goodwill

The following tables provide 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
Impact of foreign exchange		1,115			(229	)
Net goodwill as of December 31, 2025 and December 31, 2024:	$	263,801		$	262,686

- Definition

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

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+ Details

Property and Equipment, net - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total	$ 105,568	$ 75,246
Less accumulated depreciation	(44,937)	(30,421)
Property and Equipment, net	60,631	44,825
Technology Hardware
Property Plant And Equipment [Line Items]
Total	$ 4,049	3,884
Property and equipment, Useful life	3 years
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	$ 6,713	6,572
Capitalized Software Development
Property Plant And Equipment [Line Items]
Total	$ 90,051	60,480
Property and equipment, Useful life	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	$ 1,287	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	$ 3,468	$ 2,549
Property and equipment, Useful life	7 years
Minimum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	2 years
Minimum \| Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	2 years
Maximum
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	10 years
Maximum \| Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, Useful life	10 years

Disaggregated Revenue and Cost of Revenue Information (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
Marketplace	2025		2024		2023
Revenue	$	629,642	$	485,946	$	394,754
Cost of revenue		411,337		323,365		273,264
Gross Profit	$	218,305	$	162,581	$	121,490

Services
Revenue	$	56,989	$	59,583	$	68,652
Cost of revenue		6,521		6,540		11,883
Gross Profit	$	50,468	$	53,043	$	56,769

Income Taxes - Summary of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (51,841)
Foreign	(9,318)
Loss before income taxes	$ (61,159)	$ (50,424)	$ (67,818)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk Management and Strategy We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and our customers’ confidential information (“Information Systems and Data”). Our information security function, which is led by our Chief Technology Officer (“CTO”), helps identify, assess, and manage our cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including using manual and automated tools, analyzing reports of threats and actors, evaluating our risk profile, conducting audits, conducting threat and vulnerability assessments, and performing tabletop incident response exercises. Depending on the environment and system, we implement and maintain various technical, physical, and organizational measures, processes, standards, and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including incident detection and response, a vulnerability management policy, business continuity plans, risk assessments, encryption of certain data, access controls, employee training, penetration testing, cybersecurity insurance, systems monitoring and dedicated cybersecurity staff. Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes. Certain information about our assessment and management of material risks from cybersecurity threats is included in risk management reports, as applicable, to senior leadership and the Audit Committee. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example, professional services firms, cybersecurity consultants and software providers, managed cybersecurity service providers, penetration testing firms, and forensic investigators. We use third-party service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, and third-party manufacturing organizations. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider (such as by reviewing certain vendor’s security assessments or reports) and impose contractual obligations related to cybersecurity on the provider. For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including the risk factor titled “If our information technology systems or those of our third-party partners or service providers or our data are or were compromised, we may experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruption to our business, harm to our reputation and brand, and exposure to liability.” Governance Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The Audit Committee of our board of directors is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of management, including (i) our CTO, Vaidyanathan Raghavan, who previously served as the General Manager of Technology at Wayfair and holds a Master of Science in Electrical Engineering degree from the University of Minnesota; and (ii) our Vice President of Information Technology and Security, Mr. Brendan Hamilton, who has previously worked as a Vice President at an international bank with supervisory responsibility for cybersecurity issues and is a Certified Information Systems Security Professional. Our Chief Human Resource Officer, President, CTO and recruiting personnel are responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Our management, including our President, CTO and Chief Financial Officer, is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Chief Executive Officer, President, CTO, Chief Financial Officer, and General Counsel, who works with our incident response team to help mitigate and remediate cybersecurity incidents of which they are notified. In addition, our incident response processes include reporting to the Audit Committee of the board of directors for certain cybersecurity incidents. The Audit Committee receives periodic reports from the CTO concerning our significant cybersecurity threats and risk and the processes we have implemented to address them. Our board of directors receives such reports periodically from the Audit Committee and from our CTO. The board of directors also receive various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The Audit Committee of our board of directors is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our board of directors is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives periodic reports from the CTO concerning our significant cybersecurity threats and risk and the processes we have implemented to address them. Our board of directors receives such reports periodically from the Audit Committee and from our CTO. The board of directors also receive various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of management, including (i) our CTO, Vaidyanathan Raghavan, who previously served as the General Manager of Technology at Wayfair and holds a Master of Science in Electrical Engineering degree from the University of Minnesota; and (ii) our Vice President of Information Technology and Security, Mr. Brendan Hamilton, who has previously worked as a Vice President at an international bank with supervisory responsibility for cybersecurity issues and is a Certified Information Systems Security Professional. Our Chief Human Resource Officer, President, CTO and recruiting personnel are responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Our management, including our President, CTO and Chief Financial Officer, is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Human Resource Officer, President, CTO and recruiting personnel are responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Our management, including our President, CTO and Chief Financial Officer, is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	certain members of management, including (i) our CTO, Vaidyanathan Raghavan, who previously served as the General Manager of Technology at Wayfair and holds a Master of Science in Electrical Engineering degree from the University of Minnesota; and (ii) our Vice President of Information Technology and Security, Mr. Brendan Hamilton, who has previously worked as a Vice President at an international bank with supervisory responsibility for cybersecurity issues and is a Certified Information Systems Security Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Chief Executive Officer, President, CTO, Chief Financial Officer, and General Counsel, who works with our incident response team to help mitigate and remediate cybersecurity incidents of which they are notified.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025			2024			2023
Net loss	$	(61,748	)	$	(50,403	)	$	(67,465	)
Net (loss) income attributable to noncontrolling interest		(5	)		(2	)		7
Net loss attributable to common stockholders	$	(61,743	)	$	(50,401	)	$	(67,472	)

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		50,812,072			49,082,722			47,914,039
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(1.22	)	$	(1.03	)	$	(1.41	)

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

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


	December 31,
	2025		2024		2023
Stock options outstanding		1,479,226		1,906,483		2,881,208
Unvested RSUs		2,912,677		2,530,358		1,769,874
Unvested PRSUs		468,715		272,515		—
Warrants outstanding		—		—		87,784
Shares reserved for charitable contribution		80,530		161,062		241,594
2027 Notes		1,529,157		5,123,624		5,123,624
2030 Notes		5,312,375		—		—
Total shares		11,782,680		9,994,042		10,104,084

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity month and year of incorporation	2013-05

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest	Class A - Common Stock	Class B - Common Stock
Balance at Dec. 31, 2022	$ 371,799	$ 623,081		$ 28	$ (252,400)	$ 370,709	$ 1,090
Balance, Shares at Dec. 31, 2022								44,822,264	2,676,154
Exercise of common stock options	$ 1,909	1,909				1,909
Exercise of common stock options, Shares	264,445							274,680
Vesting of restricted stock units,shares								328,474
Shares issued in business combination, Shares								3,562
Shares issued in business combination	$ 180	180				180
Donated common stock	1,029	1,029				1,029
Donated common stock, Shares								60,399
Stock based compensation	22,118	22,118				22,118
Comprehensive income
Foreign currency translation	849			827		827	22
Net (loss) income	(67,465)				(67,472)	(67,472)	7
Total comprehensive loss	(66,616)			827	(67,472)	(66,645)	29
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
Conversion of stock, Shares								1,200,843	(1,200,843)
Exercise of common stock options	$ 5,104	5,104				5,104
Exercise of common stock options, Shares	689,928							691,550
Vesting of restricted stock units,shares								753,761
Exercise of warrants, Shares								52,126
Shares issued in business combination, Shares								21,083
Shares issued in business combination	$ 625	625				625
Donated common stock	1,686	1,686				1,686
Donated common stock, Shares								80,532
Stock based compensation	29,322	29,322				29,322
Comprehensive income
Foreign currency translation	(1,157)			(1,183)		(1,183)	26
Net (loss) income	(50,403)				(50,401)	(50,401)	(2)
Total comprehensive loss	(51,560)			(1,183)	(50,401)	(51,584)	24
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
Balance, Shares at Dec. 31, 2024	0
Exercise of common stock options	$ 3,087	3,087				3,087
Exercise of common stock options, Shares	367,088							367,250
Vesting of restricted stock units,shares								1,309,442
Shares issued in business combination, Shares								16,716
Shares issued in business combination	$ 625	625				625
Donated common stock	3,272	3,272				3,272
Donated common stock, Shares								80,532
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	36,362	36,362				36,362
Comprehensive income
Foreign currency translation	5,098			5,100		(5,100)	(2)
Net (loss) income	(61,748)				(61,743)	(61,743)	(5)
Total comprehensive loss	(56,650)			5,100	(61,743)	(56,643)	(7)
Balance at Dec. 31, 2025	$ 276,737	$ 710,925	$ (8,080)	$ 4,772	$ (432,016)	$ 275,601	$ 1,136
Balance, Shares at Dec. 31, 2025								49,842,220	1,475,311
Balance, Shares at Dec. 31, 2025	220,994		220,994

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Components of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025
Domestic	$	(51,841	)
Foreign		(9,318	)
Loss before income taxes	$	(61,159	)

Schedule of Differences Between expected at the U.S. Federal Statutory Income Tax Rate and Income Taxes Reported

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes reported were as follows (in thousands):


	Year Ended December 31, 2025
	Pre-Tax Book Loss			Tax Effect			Rate Effect
Federal tax statutory rate	$	(61,159	)	$	(12,824	)		21.00	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)					(519	)		0.85	%
Foreign Tax Effects
Germany
Valuation Allowance					3,248			(5.32	)%
Statutory tax rate difference between Germany and U.S.					(974	)		1.60	%
Other					611			(1.00	)%
Other foreign jurisdictions					296			(0.48	)%
Effect of Changes in Tax Law					—			—	%
Effect of Cross-Border Tax Laws					—			—	%
Tax Credits					—			—	%
Changes in Valuation Allowances					13,817			(22.63	)%
Nontaxable or Nondeductible:
Stock based compensation					(7,351	)		12.04	%
Non-Deductible Interest					3,450			(5.65	)%
Non-Deductible Officers' Compensation					1,366			(2.24	)%
Other					99			(0.16	)%
Change in Unrecognized Tax Benefits					—			—	%
Other Adjustments					(630	)		1.03	%
Effective Tax Rate	$	(61,159	)	$	589			(0.96	)%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include New York State and City, California, Pennsylvania, Illinois and Massachusetts

Schedule of Statutory Federal Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company's effective tax rate before the adoption of ASU 2023-09 for the years ended December 31, 2024 and 2023 were as follows:


	Year Ended December 31,
	2024			2023
Federal tax statutory rate		21	%		21	%
State tax rate, net of federal benefit		2	%		2	%
Foreign rate difference		3	%		2	%
Permanent difference: stock-based compensation		2	%		(2	)%
Other		(4	)%		(5	)%
Change in state tax rate		(1	)%		5	%
Valuation allowance		(23	)%		(22	)%
		—	%		1	%

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Deferred compensation	$	8,156		$	5,133
Leases		1,804			2,625
Sec. 163(j) interest limitation carryforward		4,851			3,742
Allowance for doubtful accounts		1,284			993
Fixed assets		—			1,592
Charitable contributions		2,575			1,763
Unrealized losses		455			453
Other		5,038			1,192
Net operating loss		95,207			80,354
Total deferred tax assets		119,370			97,847
Less valuation allowance		(105,350	)		(85,184	)
Total deferred tax assets, net	$	14,020		$	12,663
Deferred tax liabilities:
Leases	$	(1,613	)	$	(1,934	)
Fixed assets		(2,680	)		—
Acquisition costs and intangibles		(9,872	)		(9,839	)
Other		—			(1,119	)
Total deferred tax liabilities		(14,165	)		(12,892	)
Net deferred tax liability	$	(145	)	$	(229	)

Schedule of Cash Income Taxes Paid

The amount of cash income taxes paid by the Company were as follows (in thousands):


	Year Ended December 31,
	2025
Federal	$	—
State and local:
Georgia		74
All other States		249
Foreign:
China		529
UK		147
All other foreign		14
Income taxes paid, net of refunds	$	1,013

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(8) 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 and no additional awards were granted. As of December 31, 2025, there were no outstanding awards under the 2014 Equity Incentive Plan.

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 July 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, RSU 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 December 31, 2025, there were 7,300,649 shares available for the Company to grant under the 2021 Equity Incentive Plan.

Stock Options

No stock options were granted during the years ended December 31, 2025 and 2024. The fair value of the stock option grant for the year ended December 31, 2023 was estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions and fair value per share:


	Year Ended December 31,
	2023
Valuation assumptions:
Expected dividend yield		—	%
Expected volatility		81	%
Expected term (years)		6.3
Risk-free interest rate		3.8	%
Fair value of share	$	15.97

A summary of the status of the Company’s stock option activity and the changes during the years then ended are as follows (in millions, except share, per share amounts and contractual term):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value
Balance at December 31, 2022		2,841,419		$	11.33		7.7	$	61.4
Granted		474,237		$	15.97		—		—
Exercised		(264,445	)	$	7.04		—		—
Forfeited		(152,418	)	$	18.20		—		—
Expired		(17,585	)	$	28.50		—		—
Balance at December 31, 2023		2,881,208		$	12.02		7.0	$	69.6
Exercisable at December 31, 2023		1,859,740		$	8.78		6.4	$	50.7
Balance at December 31, 2023		2,881,208		$	12.02		7.0	$	69.6
Exercised		(689,928	)	$	7.38		—		—
Forfeited		(201,941	)	$	22.99		—		—
Expired		(82,856	)	$	35.87		—		—
Balance at December 31, 2024		1,906,483		$	11.51		6.0	$	59.4
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
Exercised		(367,088	)	$	8.42		—	$	11.9
Forfeited		(35,679	)	$	19.17		—		—
Expired		(24,490	)	$	29.25		—		—
Balance at December 31, 2025		1,479,226		$	11.79		4.7	$	70.5
Exercisable at December 31, 2025		1,388,764		$	11.38		4.6	$	66.8

The weighted average grant date fair value of options granted during the year ended December 31, 2023 was $11.55.

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $11.9 million, $10.1 million and $3.9 million, respectively.

At December 31, 2025, there was $0.9 million of total unrecognized compensation cost related to unvested stock options granted under the 2021 and 2016 Equity Incentive Plans. That cost is expected to be recognized over a weighted average period of approximately one year as of December 31, 2025.

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

RSUs

A summary of the status of the Company’s RSU activity and the changes during the years then ended 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, 2022		875,902		$	44.37	$	28.2
Granted		1,563,404		$	16.57		—
Vested		(340,595	)	$	42.18		—
Forfeited and cancelled		(328,837	)	$	32.19		—
Unvested RSUs as of December 31, 2023		1,769,874		$	22.50	$	63.6
Granted		2,133,242		$	18.39		—
Vested		(755,825	)	$	22.65		—
Forfeited and cancelled		(616,933	)	$	21.84		—
Unvested RSUs as of December 31, 2024		2,530,358		$	19.15	$	107.9
Granted		2,137,134		$	30.10		—
Vested		(1,207,233	)	$	20.96		—
Forfeited and cancelled		(547,582	)	$	21.51		—
Unvested RSUs as of December 31, 2025		2,912,677		$	25.99	$	173.2

At December 31, 2025, there was approximately $60.6 million of total unrecognized compensation cost related to unvested RSUs 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 December 31, 2025.

PRSUs

A summary of the status of the Company’s PRSU activity and the changes during the years then ended are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value
Unvested PRSUs as of December 31, 2023		—			—		—
Granted		336,118		$	17.35		—
Vested		—			—		—
Forfeited and cancelled		(63,603	)	$	17.48		—
Unvested PRSUs as of 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 December 31, 2025		468,715		$	21.19	$	27.9

At December 31, 2025, there was approximately $8.5 million of total unrecognized compensation cost related to unvested PRSUs 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 December 31, 2025.

Total stock-based compensation cost for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Sales and marketing	$	10,278	$	8,028	$	4,909
Operations and support		12,316		9,280		7,719
Product development		8,307		6,583		5,345
General and administrative		5,461		5,431		4,145
Total stock compensation expense	$	36,362	$	29,322	$	22,118

During 2024, the Company modified certain RSU awards to accelerate the vesting dates for 517 grantees. As a result of this acceleration, the Company recognized additional stock-based compensation expense of $0.7 million during 2024.

Debt and Commitments and Contingencies - Schedule of Carrying Value and Estimated Fair Value of Convertible Notes (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Carrying Value

$ 327,514

$ 283,628

Level 2

Debt Instrument [Line Items]

Fair Value

483,450

311,621

2027 Notes

Debt Instrument [Line Items]

Carrying Value

^[1]

85,205

283,628

2027 Notes | Level 2

Debt Instrument [Line Items]

Fair Value

^[1]

107,900

311,621

2030 Notes

Debt Instrument [Line Items]

Carrying Value

^[1]

242,309

2030 Notes | Level 2

Debt Instrument [Line Items]

Fair Value

^[1]

$ 375,550

$ 0

[1]	As of December 31, 2025 and 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 year.

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

+ 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

Leases - Aggregate Annual Lease Obligations (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Operating Leases, 2026	$ 2,979
Operating Leases, 2027	3,177
Operating Leases, 2028	2,920
Operating Leases, 2029	2,516
Operating Leases, 2030	1,322
Operating Lease, Thereafter	1,496
Operating Leases, Total undiscounted lease obligations	14,410
Operating Leases, Less imputed interest	(2,502)
Operating Leases, Net lease obligations	$ 11,908

Leases - Summary of Supplemental Cash and Non-cash Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,348	$ 7,512	$ 6,460
Right of use assets obtained in exchange for lease obligations:	7,450	673	852
Reduction to right of use assets resulting from reductions to lease obligations:	$ 0	$ 0	$ (69)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Allowance for credit losses, accounts receivable current	$ 8.0	$ 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
Common stock, par or stated value per share	$ 0.000001
Common stock shares authorized	805,000,000
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	49,842,220	48,289,274
Common stock share outstanding	49,842,220	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

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

(9) Income Taxes

For the year ended December 31, 2025, the Company had an income tax expense of $0.6 million. For the years ended December 31, 2024 and 2023, the Company had an income tax benefit of approximately $0.1 million and $0.4 million, respectively. The Company's tax expense is comprised of a current (provision) and a deferred state tax benefit of $(0.7) million and $0.1 million, respectively for the year ended December 31, 2025, and a current (provision) and a deferred state tax benefit of $(0.1) million and $0.1 million, respectively for the year ended December 31, 2024. This estimated annual effective tax rate of (1.0)% 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.

The Company adopted ASU 2023-09 prospectively on January 1, 2025 to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation disclosure.

The components of loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025
Domestic	$	(51,841	)
Foreign		(9,318	)
Loss before income taxes	$	(61,159	)

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes reported were as follows (in thousands):


	Year Ended December 31, 2025
	Pre-Tax Book Loss			Tax Effect			Rate Effect
Federal tax statutory rate	$	(61,159	)	$	(12,824	)		21.00	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)					(519	)		0.85	%
Foreign Tax Effects
Germany
Valuation Allowance					3,248			(5.32	)%
Statutory tax rate difference between Germany and U.S.					(974	)		1.60	%
Other					611			(1.00	)%
Other foreign jurisdictions					296			(0.48	)%
Effect of Changes in Tax Law					—			—	%
Effect of Cross-Border Tax Laws					—			—	%
Tax Credits					—			—	%
Changes in Valuation Allowances					13,817			(22.63	)%
Nontaxable or Nondeductible:
Stock based compensation					(7,351	)		12.04	%
Non-Deductible Interest					3,450			(5.65	)%
Non-Deductible Officers' Compensation					1,366			(2.24	)%
Other					99			(0.16	)%
Change in Unrecognized Tax Benefits					—			—	%
Other Adjustments					(630	)		1.03	%
Effective Tax Rate	$	(61,159	)	$	589			(0.96	)%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include New York State and City, California, Pennsylvania, Illinois and Massachusetts

The reconciliation of the statutory federal income tax rate to the Company's effective tax rate before the adoption of ASU 2023-09 for the years ended December 31, 2024 and 2023 were as follows:


	Year Ended December 31,
	2024			2023
Federal tax statutory rate		21	%		21	%
State tax rate, net of federal benefit		2	%		2	%
Foreign rate difference		3	%		2	%
Permanent difference: stock-based compensation		2	%		(2	)%
Other		(4	)%		(5	)%
Change in state tax rate		(1	)%		5	%
Valuation allowance		(23	)%		(22	)%
		—	%		1	%

Under GAAP, changes in tax rates and tax law are accounted for in the period of enactment and deferred tax assets and liabilities are measured at the enacted tax rate. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Deferred compensation	$	8,156		$	5,133
Leases		1,804			2,625
Sec. 163(j) interest limitation carryforward		4,851			3,742
Allowance for doubtful accounts		1,284			993
Fixed assets		—			1,592
Charitable contributions		2,575			1,763
Unrealized losses		455			453
Other		5,038			1,192
Net operating loss		95,207			80,354
Total deferred tax assets		119,370			97,847
Less valuation allowance		(105,350	)		(85,184	)
Total deferred tax assets, net	$	14,020		$	12,663
Deferred tax liabilities:
Leases	$	(1,613	)	$	(1,934	)
Fixed assets		(2,680	)		—
Acquisition costs and intangibles		(9,872	)		(9,839	)
Other		—			(1,119	)
Total deferred tax liabilities		(14,165	)		(12,892	)
Net deferred tax liability	$	(145	)	$	(229	)

Tax Valuation Allowance

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers scheduled reversals of deferred tax liabilities, projecting future taxable income, and tax planning strategies that can be implemented by the Company in making the assessment.

As of December 31, 2025, and 2024, the Company had a valuation allowance of $105.4 million and $85.2 million, respectively, against certain deferred tax assets. The valuation allowance relates to the deferred tax assets of the Company’s U.S. entities, including federal and state tax attributes and timing differences, as well as the deferred tax assets of its foreign subsidiaries. The increase in the valuation allowance during 2025 is primarily related to the pre-tax losses generated in the U.S. and non-U.S. operations.

Net Operating Loss and Credit Carryforwards

As of December 31, 2025, the Company has net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes, and similar state amounts, of approximately $291.3 million available to reduce future income subject to income taxes before limitations. As of December 31, 2025, the Company had a net operating loss carryforward for tax purposes related to its foreign subsidiaries of $79.0 million. U.S. federal net operating carryforwards generated prior to 2018 in the approximate amount of $48.7 million will begin to expire, if not utilized, in 2026. Our non-U.S. net operating loss and U.S. federal net operating losses post 2017 have an indefinite life. Under the provisions of U.S. Internal Revenue Code Section 382, certain substantial changes in the Company’s ownership may result in a limitation in the amount of U.S. net operating loss carryforwards that can be utilized annually to offset future taxable income.

Of the total loss carryforward available, approximately $44.4 million of net operating losses were attributable to the acquisition of Thomas Publishing Company and its subsidiaries (collectively, “Thomas”). In 2022, management completed its evaluation of any limitations on the ability of the Company to utilize the Thomas net operating loss carryforward. As a result of this evaluation, management has determined that the annual limitation, as determined under Section 382 of the Internal Revenue Code, would not prevent the Company from utilizing the net operating losses before expiration to the extent the Company is able to generate sufficient future taxable income.

Uncertain Tax Positions

For uncertain tax positions, the Company uses a more-likely-than-not recognition threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the financial statements. Our gross unrecognized tax benefits related to uncertain tax positions were not material to the Company’s financial position or operations for all periods presented.

The Company’s federal and state income tax returns are subject to examination by income taxing authorities, generally for three years after the returns are filed. However, tax attribute carryforwards may still be adjusted upon examination by tax authorities. The Company is not currently under examination by any tax jurisdiction for federal or state income taxation.

The amount of cash income taxes paid by the Company were as follows (in thousands):


	Year Ended December 31,
	2025
Federal	$	—
State and local:
Georgia		74
All other States		249
Foreign:
China		529
UK		147
All other foreign		14
Income taxes paid, net of refunds	$	1,013

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 55
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment, Net

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


		December 31,			December 31,
	Useful Life	2025			2024
Technology hardware	3 years	$	4,049		$	3,884
Manufacturing equipment	2 - 10 years		6,713			6,572
Capitalized software development	3 years		90,051			60,480
Leasehold improvements	Shorter of useful life or lease term		1,287			1,761
Furniture and fixtures	7 years		3,468			2,549
Total			105,568			75,246
Less accumulated depreciation			(44,937	)		(30,421	)
Property and Equipment, net		$	60,631		$	44,825

Summary of Depreciation Expense

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	735	$	731	$	172
Sales and marketing		101		103		43
Operations and support		182		139		174
Product development		13,388		7,919		5,763
General and administrative		773		500		878
Total depreciation and amortization expense	$	15,179	$	9,392	$	7,030

Credit Concentrations

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Credit Concentrations

(3) Credit Concentrations

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains its cash, which at times may exceed federally insured limits, in deposit accounts at major financial institutions. Most of the Company’s customers are located in the United States.

For 2025, 2024, and 2023, no one customer accounted for more than 10% of the Company’s revenues. As of December 31, 2025 and 2024, no single customer accounted for more than 10% of the Company’s accounts receivable.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments

(12) Segments

Xometry is organized in two segments referred to as: (1) the U.S. and (2) International. Xometry’s operating segments are also the Company’s reportable segments. Xometry’s reportable segments are managed separately based on geography. The Company’s U.S. revenues primarily result from the sales 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.

Segment Adjusted EBITDA excludes interest expense, interest and dividend income, other expenses, benefit (provision) 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, lease abandonment, charitable contributions of common stock, income from an unconsolidated joint venture, impairment of assets, restructuring charges, costs to exit the tools and materials business 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 Company’s CODM monitors assets of the consolidated Company, but does not use assets, by operating segment when assessing performance or making operating segment resource decisions.

The following tables reflect certain segment information for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Segment Revenue
U.S.	$	573,755		$	456,727		$	403,289
International		112,876			88,802			60,117
Total	$	686,631		$	545,529		$	463,406
Segment Cost of Revenue
U.S.	$	347,668		$	274,838		$	247,519
International		70,190			55,067			37,628
Total	$	417,858		$	329,905		$	285,147
Segment Adjusted Operating Expense(1)
U.S.	$	195,777		$	182,453		$	171,957
International		55,204			43,578			34,169
Total	$	250,981		$	226,031		$	206,126
Other Segment Items(2)
U.S.	$	736		$	731		$	377
International		—			—			—
Total	$	736		$	731		$	377
Segment Adjusted EBITDA
U.S.	$	31,046		$	167		$	(15,810	)
International		(12,518	)		(9,843	)		(11,680	)
Adjusted EBITDA	$	18,528		$	(9,676	)	$	(27,490	)
(Add) deduct:
Interest expense, interest and dividend income and other expenses		(16,047	)		5,273			5,312
Depreciation and amortization		(18,750	)		(13,012	)		(10,738	)
Amortization of lease intangible		(720	)		(720	)		(950	)
(Provision) benefit for income taxes		(589	)		21			353
Stock-based compensation		(36,362	)		(29,322	)		(22,118	)
Payroll tax expense related to stock-based compensation		(2,465	)		(965	)		—
Lease abandonment		—			—			(8,706	)
Acquisition and other		(1,164	)		(686	)		(824	)
Charitable contribution of common stock		(3,272	)		(1,686	)		(1,029	)
Income from unconsolidated joint venture		404			452			446
Impairment of assets		(49	)		(82	)		(397	)
Restructuring charges		(1,262	)		—			(738	)
Costs to exit the tools and materials business		—			—			(586	)
Net Loss	$	(61,748	)	$	(50,403	)	$	(67,465	)

(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 abandonment, charitable contributions of common stock, and costs to exit the tools and materials business.

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

The Company’s International revenues are primarily generated in Germany. The Company’s revenues from Germany for the years ended December 31, 2025, 2024 and 2023 were approximately $89.9 million, $73.2 million and $52.4, respectively.

The following tables reflect long-lived asset information for the years ended December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Segment Property and equipment, net
U.S.	$	49,543	$	37,370
International		11,088		7,455
Total	$	60,631	$	44,825

Operating lease right-of-use assets
U.S.	$	8,003	$	7,728
International		3,129		734
Total	$	11,132	$	8,462

The majority of the Company’s International property and equipment, net assets are located in Germany.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Income tax (expense) benefit	$ (600)	$ 100	$ 400
Current state tax (provision) benefit	(700)	(100)
Deferred state tax benefit	$ 100	$ 100
Estimated annual effective tax rate	(0.96%)	0.00%	1.00%
Valuation allowance	$ 105,350	$ 85,184
Operating loss carryforwards subject to expiration	$ 48,700
Operating loss carryforwards limitation on use description	Under the provisions of U.S. Internal Revenue Code Section 382, certain substantial changes in the Company’s ownership may result in a limitation in the amount of U.S. net operating loss carryforwards that can be utilized annually to offset future taxable income
Thomas
Income Taxes [Line Items]
Net operating loss carryforwards	$ 44,400
Operating loss carryforwards limitation on use description	2022, management completed its evaluation of any limitations on the ability of the Company to utilize the Thomas net operating loss carryforward. As a result of this evaluation, management has determined that the annual limitation, as determined under Section 382 of the Internal Revenue Code, would not prevent the Company from utilizing the net operating losses before expiration to the extent the Company is able to generate sufficient future taxable income.
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 291,300
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	$ 79,000

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

(6) Leases

The Company leases its offices under non-cancelable lease agreements which expire between 2026 and 2032. Certain of these arrangements have free rent, escalating rent payment provisions, lease renewal options and tenant allowances. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term, and the associated

potential option payments are excluded from the lease payments. Under such arrangements, the Company recognizes an ROU asset and lease liability on the Consolidated Balance Sheets. Variable rent may include items such as common area maintenance and real estate taxes.

From December 2021, through December 2025, the Company subleased a portion of its office in New York City to three other companies (the “Sublessees”). The Sublessees paid the Company a portion of the rent under the existing lease with the landlord (the “Head Lease”), the Company was not relieved from its legal obligation to the landlord under the Head Lease. Accordingly, an operating lease liability and an operating lease ROU asset is reflected on the Company’s Consolidated Balance Sheets related to the Head Lease. The Head Lease terminated on December 31, 2025 and therefore no remaining operating lease liability and operating lease ROU asset exist on the balance sheet related to the Head Lease as of this date.

The Company periodically assesses its lease portfolio. During 2023, the Company abandoned certain leases and/or portions of its leases in New York, NY, Horsham, PA, Culver City, CA, Doraville, GA and Gaithersburg, MD. As a result of abandoning these leases, the Company ceased its use of these locations and accelerated the amortization of the ROU assets to reduce the ROU assets carrying values to zero. The Company recognized a one-time charge of $8.7 million of additional operating lease expense during 2023 in general and administrative expense on our Consolidated Statements of Operations and Comprehensive Loss. The Company will continue to pay the rent owed under the existing lease agreements. No additional lease abandonments were identified in 2024 or 2025.

Operating lease expense for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	79	$	72	$	72
General and administrative		5,149		5,120		15,008
Total operating lease expense	$	5,228	$	5,192	$	15,080

Our lease costs for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Lease costs:
Operating lease costs	$	4,618		$	4,536		$	5,725
Variable lease costs		1,316			1,501			1,315
Short-term lease costs		200			212			133
Amortization of in-place lease intangible assets		357			365			364
Amortization of in place lease asset - below market		720			720			949
Lease abandonment cost		—			—			8,706
Sublease income		(1,983	)		(2,142	)		(2,112	)
Total operating lease cost	$	5,228		$	5,192		$	15,080

The following table includes supplemental cash and non-cash information related to the Company’s leases during 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,348	$	7,512	$	6,460
Right of use assets obtained in exchange for lease obligations		7,450		673		852
Reduction to right of use assets resulting from reductions to lease obligations		—		—		(69	)

The Company’s aggregate annual lease obligations at December 31, 2025 are as follows (in thousands):


	Operating Leases
2026	$	2,979
2027		3,177
2028		2,920
2029		2,516
2030		1,322
Thereafter		1,496
Total undiscounted lease obligations		14,410
Less imputed interest		(2,502	)
Net lease obligations	$	11,908

The following are the remaining weighted average lease terms and discount rates for the Company’s leases as of December 31, 2025 and 2024:


	Year Ended December 31,
	2025			2024
Weighted average remaining lease term (in years)		5.00			2.81
Weighted average discount rate		7.28	%		5.77	%

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Segment Revenue	$ 686,631	$ 545,529	$ 463,406
Segment Cost of Revenue	417,858	329,905	285,147
Segment Adjusted Operating Expense	250,981	226,031	206,126
Other Segment Items	736	731	377
Adjusted EBITDA	18,528	(9,676)	(27,490)
Interest expense, interest and dividend income and other expenses	(16,047)	5,273	5,312
Depreciation and amortization	(18,750)	(13,012)	(10,738)
Amortization of lease intangible	(720)	(720)	(950)
(Provision) benefit for income taxes	(589)	21	353
Stock-based compensation	(36,362)	(29,322)	(22,118)
Payroll tax expense related to stock-based compensation	(2,465)	(965)
Lease abandonment			(8,706)
Acquisition and other	(1,164)	(686)	(824)
Charitable contribution of common stock	(3,272)	(1,686)	(1,029)
Income from unconsolidated joint venture	404	452	446
Impairment of assets	(49)	(82)	(397)
Restructuring charges	(1,262)		(738)
Costs to exit the tools and materials business			(586)
Net loss	(61,748)	(50,403)	(67,465)
Segment Property and Equipment	60,631	44,825
Operating lease right-of-use assets	11,132	8,462
U.S.
Segment Reporting Information [Line Items]
Segment Revenue	573,755	456,727	403,289
Segment Cost of Revenue	347,668	274,838	247,519
Segment Adjusted Operating Expense	195,777	182,453	171,957
Other Segment Items	736	731	377
Adjusted EBITDA	31,046	167	(15,810)
Segment Property and Equipment	49,543	37,370
Operating lease right-of-use assets	8,003	7,728
International
Segment Reporting Information [Line Items]
Segment Revenue	112,876	88,802	60,117
Segment Cost of Revenue	70,190	55,067	37,628
Segment Adjusted Operating Expense	55,204	43,578	34,169
Adjusted EBITDA	(12,518)	(9,843)	$ (11,680)
Segment Property and Equipment	11,088	7,455
Operating lease right-of-use assets	$ 3,129	$ 734

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance	1,906,483	2,881,208	2,841,419
Number of Shares, Granted	0	0	474,237
Number of Shares, Exercised	(367,088)	(689,928)	(264,445)
Number of Shares, Forfeited	(35,679)	(201,941)	(152,418)
Number of Shares, Expired	(24,490)	(82,856)	(17,585)
Number of Shares, Ending Balance	1,479,226	1,906,483	2,881,208	2,841,419
Number of Shares, Exercisable	1,388,764	1,640,638	1,859,740
Weighted Average Exercise Price Per Share, Beginning Balance	$ 11.51	$ 12.02	$ 11.33
Weighted Average Exercise Price Per Share, Granted			15.97
Weighted Average Exercise Price Per Share, Exercised	8.42	7.38	7.04
Weighted Average Exercise Price Per Share, Forfeited	19.17	22.99	18.2
Weighted Average Exercise Price Per Share, Expired	29.25	35.87	28.5
Weighted Average Exercise Price Per Share, Ending Balance	11.79	11.51	12.02	$ 11.33
Weighted Average Exercise Price Per Share, Exercisable	$ 11.38	$ 10.12	$ 8.78
Average Remaining Contractual Term	4 years 8 months 12 days	6 years	7 years	7 years 8 months 12 days
Average Remaining Contractual Term, Exercisable	4 years 7 months 6 days	5 years 8 months 12 days	6 years 4 months 24 days
Aggregate Intrinsic Value	$ 70.5	$ 59.4	$ 69.6	$ 61.4
Aggregate Intrinsic Value exercised	11.9	10.1	3.9
Aggregate Intrinsic Value, Exercisable	$ 66.8	$ 53.4	$ 50.7

Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

(7) Common Stock

The Company’s amended and restated its certificate of incorporation to provide for two classes of common stock: Class A common stock and Class B common stock. The Company's authorized capital stock consists of 805 million shares, all with a par value of $0.000001 per share, of which:

•

750,000,000 are designated Class A common stock;

•

5,000,000 are designated Class B common stock; and

•

50,000,000 are designated preferred stock.

Shares of Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects, including but not limited to dividends and distributions, liquidation rights, change of control transactions, subdivisions and combinations, no preemptive or similar rights, and conversion. Class B common stock may be converted to Class A common stock, at any time or from time to time as provided for in the certificate of incorporation. During 2024, 1,200,843 shares of Class B common stock were converted to Class A common stock. No Class B common stock was converted to Class A common stock during 2023 or 2025.

Holders of our Class A common stock are entitled to one vote per share on any matter that is submitted to a vote of our stockholders. Holders of our Class B common stock are entitled to 20 votes per share on any matter submitted to a vote of our stockholders.

As of December 31, 2025, no dividends have been declared or paid by the Company.

The Company reserved 402,658 shares of its Class A common stock, representing 1% of the Company’s fully diluted capitalization as of the date of approval by our board of directors, for charitable contributions to non-profit organizations. These shares will be issued over a five year period which began in July 2021, in an amount not to exceed 20% of the initial reserve amount per calendar year. During 2025, 2024 and 2023, the Company donated 80,532, 80,532 and 60,399 shares of its Class A common stock, respectively, to a donor advised fund and recognized an expense associated with the charitable contribution of approximately $3.3 million, $1.7 million and $1.0 million which is recorded in general and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss.

- Definition

The entire disclosure for equity.

+ References

+ Details

Property and Equipment, net - Summary of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 15,179	$ 9,392	$ 7,030
Cost of Revenue
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	735	731	172
Sales and Marketing
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	101	103	43
Operations and Support
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	182	139	174
Product Development
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	13,388	7,919	5,763
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 773	$ 500	$ 878

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill And Intangible Assets [Line Items]
Impairment of intangible asset	$ 0	$ 0	$ 0
Goodwill	263,801,000	262,686,000	262,915,000
Amortization expense	3,214,000	3,255,000	$ 3,344,000
Estimated amortization expense for intangible assets and lease intangible assets for 2026	3,200,000
Estimated amortization expense for intangible assets and lease intangible assets for 2027	2,600,000
Estimated amortization expense for intangible assets and lease intangible assets for 2028	2,600,000
Estimated amortization expense for intangible assets and lease intangible assets for 2029	2,600,000
Estimated amortization expense for intangible assets and lease intangible assets for 2030	2,600,000
Estimated amortization expense for intangible assets and lease intangible assets thereafter	14,900,000
U.S.
Goodwill And Intangible Assets [Line Items]
Goodwill	258,000,000	258,000,000
International
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 5,800,000	$ 4,700,000

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

(10) 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 earnings per share 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):


	Year Ended December 31,
	2025			2024			2023
Net loss	$	(61,748	)	$	(50,403	)	$	(67,465	)
Net (loss) income attributable to noncontrolling interest		(5	)		(2	)		7
Net loss attributable to common stockholders	$	(61,743	)	$	(50,401	)	$	(67,472	)

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		50,812,072			49,082,722			47,914,039
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(1.22	)	$	(1.03	)	$	(1.41	)


	December 31,
	2025		2024		2023
Stock options outstanding		1,479,226		1,906,483		2,881,208
Unvested RSUs		2,912,677		2,530,358		1,769,874
Unvested PRSUs		468,715		272,515		—
Warrants outstanding		—		—		87,784
Shares reserved for charitable contribution		80,530		161,062		241,594
2027 Notes		1,529,157		5,123,624		5,123,624
2030 Notes		5,312,375		—		—
Total shares		11,782,680		9,994,042		10,104,084

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

(a)

Principles of Consolidation and Basis of Presentation

Foreign Operations and Comprehensive Loss

Noncontrolling Interest

Use of Estimates

(b)

Use of Estimates

Business Combinations

(c)

Business Combinations

adjustments are reflected in the Consolidated Statements of Operations and Comprehensive Loss. 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

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

Cash and Cash Equivalents

(e)

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand with various financial institutions. These accounts are stated at cost, which approximates fair value.

Marketable Securities

(f)

Marketable Securities

Accounts Receivable

(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			2023
Allowance for credit losses
Balance at beginning of year, January 1	$	4,912		$	2,444		$	1,988
Charge to provision accounts		6,586			4,024			2,186
Write-offs or other		(3,535	)		(1,556	)		(1,730	)
Balance at period end, December 31, respectively	$	7,963		$	4,912		$	2,444

Inventory

(h)

Inventory

Property and Equipment and Long-Lived Assets

(i)

Property and Equipment and Long-Lived Assets

Investment In Unconsolidated Joint Venture

(j)

Investment In Unconsolidated Joint Venture

No impairment loss on our investment in IM, LLC was recognized during the years ended December 31, 2025, 2024 and 2023.

Revenue

(k)

Revenue

Sales tax collected from customers and remitted to governmental authorities is excluded from revenue.

Contract Liabilities

The following table is a summary of the contract liabilities (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2023	$	7,357
Revenue recognized		(201,163	)
Payments received in advance		201,754
Contract liabilities at December 31, 2024	$	7,948
Revenue recognized		(236,508	)
Payments received in advance		238,879
Contract liabilities at December 31, 2025	$	10,319

Sales Contract Acquisition Costs

Cost of Revenue

(l)

Cost of Revenue

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

Leases

(m)

Leases

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

Sales and Marketing

(n)

Sales and Marketing

Operations and Support

(o)

Operations and Support

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 services.

Product Development

(p)

Product Development

General and Administrative

(q)

General and Administrative

Stock Based Compensation

(r)

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.

Net Loss Per Share Attributable to Common Stockholders

(s)

Net Loss Per Share Attributable to Common Stockholders

Income Taxes

(t)

Income Taxes

To the extent that it is not considered to be more likely than not that a deferred tax asset will be realized, a valuation allowance is established.

Commitments and Contingencies

(u)

Commitments and Contingencies

Intangible Assets

(v)

Intangible Assets

Goodwill

(w)

Goodwill

Xometry determines the fair value of each reporting unit using a weighted income-based and market-based approach.

Recently Issued Accounting Standards

(x)

Recently Adopted Accounting Standards

(y)

Recently Issued Accounting Standards

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

Inventory consists of the following as of December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Raw materials	$	1,315	$	794
Work-in-progress		1,018		1,589
Finished goods		1,584		1,532
Total	$	3,917	$	3,915

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Authorized capital stock	805,000,000
Common stock, par value per share	$ 0.000001
Preferred Stock
Class Of Stock [Line Items]
Authorized capital stock	50,000,000
Class A Common Stock
Class Of Stock [Line Items]
Common stock, voting rights	one vote per share
Conversion of stock, Shares		1,200,843
Common stock share outstanding	49,842,220	48,289,274	45,489,379	44,822,264
Authorized capital stock	750,000,000	750,000,000
Common stock, par value per share	$ 0.000001	$ 0.000001
Common stock shares reserved of fully diluted capitalization	402,658
Percentage of fully diluted capitalization for charitable contributions to non-profit organization	1.00%
Maximum percentage of shares issued over next five years of initial reserve amount per year	20.00%
Donated common stock, shares	80,532	80,532	60,399
Donated common stock	$ 3.3	$ 1.7	$ 1.0
Class B Common Stock
Class Of Stock [Line Items]
Common stock, voting rights	20 votes per share
Conversion of stock, Shares		(1,200,843)
Common stock share outstanding	1,475,311	1,475,311	2,676,154	2,676,154
Authorized capital stock	5,000,000	5,000,000
Common stock, par value per share	$ 0.000001	$ 0.000001

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

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Principal

$ 335,805

Unamortized Debt Discount

(7,232)

Unamortized Debt Issuance Costs

(1,059)

Carrying Value

327,514

$ 283,628

2027 Notes

Debt Instrument [Line Items]

Principal

85,805

287,500

Unamortized Debt Discount

(557)

(3,594)

Unamortized Debt Issuance Costs

(43)

(278)

Carrying Value

^[1]

85,205

283,628

2030 Notes

Debt Instrument [Line Items]

Principal

250,000

Unamortized Debt Discount

(6,675)

Unamortized Debt Issuance Costs

(1,016)

Carrying Value

^[1]

$ 242,309

$ 0

[1]	As of December 31, 2025 and 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 year.

- 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

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	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	11,782,680	9,994,042	10,104,084
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	1,479,226	1,906,483	2,881,208
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	2,912,677	2,530,358	1,769,874
Unvested Performance Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	468,715	272,515
Warrants Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares			87,784
Shares Reserved for Charitable Contribution
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	80,530	161,062	241,594
2027 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	1,529,157	5,123,624	5,123,624
2030 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	5,312,375

Segments - Additional Information (Details) $ in Thousands	12 Months Ended
Segments - Additional Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	2
Number of reportable segments \| Segment	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.
Revenue \| $	$ 686,631	$ 545,529	$ 463,406
Germany
Segment Reporting Information [Line Items]
Revenue \| $	$ 89,900	$ 73,200	$ 52,400

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Income Taxes - Schedule of Differences Between expected at the U.S. Federal Statutory Income Tax Rate and Income Taxes Reported (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Reconciliation of income tax rate percentage of states	50.00%

Summary of Significant Accounting Policies - Summary of Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Rollforward of contract liabilities:
Contract Liabilities at Beginning balance	$ 7,948	$ 7,357
Revenue recognized	(236,508)	(201,163)
Payments received in advance	238,879	201,754
Contract Liabilities at Ending balance	$ 10,319	$ 7,948

Debt and Commitments and Contingencies - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 09, 2025 $ / shares shares	Jun. 30, 2025 USD ($) BusinessDay TradingDays $ / shares	Feb. 28, 2022 USD ($) BusinessDay TradingDays $ / shares	Sep. 30, 2025 BusinessDay TradingDays	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment					$ (16,430)	$ (0)
Net proceeds from issuance of notes, net of debt issuance costs					250,000	0	$ 0
Payments for repurchase of convertible notes					215,992	$ 0	0
Aggregate principal amount outstanding					$ 335,805
Common stock, initial strike price \| $ / shares					$ 63.35
Purchase of capped calls					$ 17,475
Treasury stock, shares \| shares					220,994	0
Treasury stock repurchase costs					$ 8,080
Exit costs							586
Percentage of employee's matching contribution					50.00%
Maximum percentage of employee contributions					6.00%
Total matching contribution					$ 2,500	$ 2,200	2,100
Cost of Revenue
Debt Instrument [Line Items]
Exit costs							200
Operations and Support
Debt Instrument [Line Items]
Exit costs							400
Class A Common Stock
Debt Instrument [Line Items]
Treasury stock, shares \| shares	220,994
Average price, per share \| $ / shares	$ 36.2
Employee Termination Costs
Debt Instrument [Line Items]
Employee termination costs					1,300		$ 700
2027 Notes
Debt Instrument [Line Items]
Indenture date			Feb. 04, 2022
Debt instrument, maturity date			Feb. 01, 2027
Loss on debt extinguishment					$ 16,400
Debt instrument, effective interest rate					1.60%
Net proceeds from issuance of notes, net of debt issuance costs			$ 278,200
Debt instrument, interest rate			1.00%
Debt instrument, convertible, stock price trigger \| $ / shares			$ 1,000
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Number of trading days \| TradingDays			20
Number of consecutive trading days \| TradingDays			30
Debt instrument, redemption price, percentage of principal amount redeemed			100.00%
Debt instrument, repurchase amount					$ 201,700
Payments for repurchase of convertible notes					216,700
Payment Of Debt Accrued Interest					700
Payment for debt premium writeoff					14,300
Deferred costs write-off					2,100
Aggregate principal amount outstanding					$ 85,805	$ 287,500
2027 Notes \| Private Offering
Debt Instrument [Line Items]
Aggregate principal amount			$ 287,500
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 business day \| BusinessDay			5
Number of consecutive trading days \| TradingDays			10
2027 Notes \| Maximum \| Class A Common Stock
Debt Instrument [Line Items]
Percentage of sales price and applicable conversion rate			98.00%
2030 Notes
Debt Instrument [Line Items]
Indenture date		Jun. 12, 2025
Debt instrument, maturity date		Jun. 15, 2030
Debt instrument, effective interest rate					1.40%
Net proceeds from issuance of notes, net of debt issuance costs		$ 241,400
Debt instrument, interest rate		0.75%
Debt instrument, frequency of periodic payment					semiannually
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%		130.00%
Number of trading days \| TradingDays		20		20
Number of consecutive trading days \| TradingDays		30		30
Debt instrument, redemption price, percentage of principal amount redeemed		100.00%
Aggregate principal amount outstanding					$ 250,000
2030 Notes \| Private Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 250,000
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 business day \| BusinessDay				5
Number of consecutive trading days \| BusinessDay		10
2030 Notes \| Maximum
Debt Instrument [Line Items]
Additional principal amount		$ 25,000
2030 Notes \| Maximum \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		98.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 14,996	$ 22,232
Marketable securities	204,145	217,603
Accounts receivable, less allowance for credit losses of $8.0 million and $4.9 million as of December 31, 2025 and December 31, 2024	97,370	73,962
Inventory	3,917	3,915
Prepaid expenses	7,262	4,954
Other current assets	6,954	4,874
Total current assets	334,644	327,540
Property and equipment, net	60,631	44,825
Operating lease right-of-use assets	11,132	8,462
Investment in unconsolidated joint venture	4,069	4,065
Intangible assets, net	28,563	32,139
Goodwill	263,801	262,686
Other assets	880	412
Total assets	703,720	680,129
Current liabilities:
Accounts payable and accrued cost of revenue	44,612	35,023
Other accrued expenses	31,669	24,401
Contract liabilities	10,319	7,948
Income taxes payable	269	979
Operating lease liabilities, current portion	2,067	6,436
Total current liabilities	88,936	74,787
Convertible notes	327,514	283,628
Operating lease liabilities, net of current portion	9,841	5,072
Deferred income taxes	145	229
Other liabilities	547	817
Total liabilities	426,983	364,533
Commitments and contingencies (Note 11)
Stockholders' equity
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024
Additional paid-in capital	710,925	685,054
Treasury stock, at cost, 220,994 and zero shares as of December 31, 2025 and December 31, 2024, respectively	(8,080)	0
Accumulated other comprehensive income (loss)	4,772	(328)
Accumulated deficit	(432,016)	(370,273)
Total stockholders' equity	275,601	314,453
Noncontrolling interest	1,136	1,143
Total equity	276,737	315,596
Total liabilities and stockholders' equity	703,720	680,129
Class A Common Stock
Stockholders' equity
Common stock
Class B Common Stock
Stockholders' equity
Common stock

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Weighted Average Assumptions

The fair value of the stock option grant for the year ended December 31, 2023 was estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions and fair value per share:


	Year Ended December 31,
	2023
Valuation assumptions:
Expected dividend yield		—	%
Expected volatility		81	%
Expected term (years)		6.3
Risk-free interest rate		3.8	%
Fair value of share	$	15.97

Summary of Stock Option Activity

A summary of the status of the Company’s stock option activity and the changes during the years then ended are as follows (in millions, except share, per share amounts and contractual term):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value
Balance at December 31, 2022		2,841,419		$	11.33		7.7	$	61.4
Granted		474,237		$	15.97		—		—
Exercised		(264,445	)	$	7.04		—		—
Forfeited		(152,418	)	$	18.20		—		—
Expired		(17,585	)	$	28.50		—		—
Balance at December 31, 2023		2,881,208		$	12.02		7.0	$	69.6
Exercisable at December 31, 2023		1,859,740		$	8.78		6.4	$	50.7
Balance at December 31, 2023		2,881,208		$	12.02		7.0	$	69.6
Exercised		(689,928	)	$	7.38		—		—
Forfeited		(201,941	)	$	22.99		—		—
Expired		(82,856	)	$	35.87		—		—
Balance at December 31, 2024		1,906,483		$	11.51		6.0	$	59.4
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
Exercised		(367,088	)	$	8.42		—	$	11.9
Forfeited		(35,679	)	$	19.17		—		—
Expired		(24,490	)	$	29.25		—		—
Balance at December 31, 2025		1,479,226		$	11.79		4.7	$	70.5
Exercisable at December 31, 2025		1,388,764		$	11.38		4.6	$	66.8

Summary of Restricted Stock Unit Activity

A summary of the status of the Company’s RSU activity and the changes during the years then ended 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, 2022		875,902		$	44.37	$	28.2
Granted		1,563,404		$	16.57		—
Vested		(340,595	)	$	42.18		—
Forfeited and cancelled		(328,837	)	$	32.19		—
Unvested RSUs as of December 31, 2023		1,769,874		$	22.50	$	63.6
Granted		2,133,242		$	18.39		—
Vested		(755,825	)	$	22.65		—
Forfeited and cancelled		(616,933	)	$	21.84		—
Unvested RSUs as of December 31, 2024		2,530,358		$	19.15	$	107.9
Granted		2,137,134		$	30.10		—
Vested		(1,207,233	)	$	20.96		—
Forfeited and cancelled		(547,582	)	$	21.51		—
Unvested RSUs as of December 31, 2025		2,912,677		$	25.99	$	173.2

Schedule of Total Stock-based Compensation Costs

Total stock-based compensation cost for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Sales and marketing	$	10,278	$	8,028	$	4,909
Operations and support		12,316		9,280		7,719
Product development		8,307		6,583		5,345
General and administrative		5,461		5,431		4,145
Total stock compensation expense	$	36,362	$	29,322	$	22,118

Performance Restricted Stock Units

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

Summary of Restricted Stock Unit Activity

A summary of the status of the Company’s PRSU activity and the changes during the years then ended are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value
Unvested PRSUs as of December 31, 2023		—			—		—
Granted		336,118		$	17.35		—
Vested		—			—		—
Forfeited and cancelled		(63,603	)	$	17.48		—
Unvested PRSUs as of 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 December 31, 2025		468,715		$	21.19	$	27.9

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Description of Business

12 Months Ended

Dec. 31, 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 is an AI-native global online manufacturing marketplace with a suite of services that are rapidly digitizing the custom manufacturing industry. Xometry’s marketplace enables the design-to-production workflow by providing the AI-driven execution layer that translates design intent into intelligent sourcing decisions and production outcomes at scale. The marketplace offers transparency and traceability from the first quote to final delivery. We provide services that power the broader manufacturing lifecycle. These services include advertising and marketing services through our Thomasnet industrial sourcing platform, financial services and Workcenter, our cloud-based manufacturing execution system. These services deepen our relationships with suppliers. Together, our marketplace and services platforms provide manufacturers the critical resources they need to grow their business and make it easy for buyers to create locally resilient supply chains.

Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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
Impact of foreign exchange	1,115	(229)
Goodwill, Ending Balance	$ 263,801	$ 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

Debt and Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt and Commitments and Contingencies

(11)

Debt and 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 convertible senior notes due in 2027 (the “2027 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:

•

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 other 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 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 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 Convertible Notes as of the dates indicated (in thousands):


	December 31, 2025
	Principal		Unamortized Debt Discount			Unamortized Debt Issuance Costs			Carrying Value
2027 Notes	$	85,805	$	(557	)	$	(43	)	$	85,205
2030 Notes		250,000		(6,675	)		(1,016	)		242,309
Total	$	335,805	$	(7,232	)	$	(1,059	)	$	327,514

	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):


	Year Ended December 31,
	2025		2024		2023
Coupon interest	$	2,791	$	2,875	$	2,875
Amortization of debt discount		1,882		1,725		1,725
Amortization of transaction costs		216		134		135
Total interest expense	$	4,889	$	4,734	$	4,735

The Company estimates the fair value of the Convertible Notes with inputs that are unobservable. The following table presents the carrying value and estimated fair value of the 2027 Notes as of the date indicated (in thousands):


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	85,205	$	107,900	$	283,628	$	311,621
2030 Notes(1)		242,309		375,550		—		—
Total Convertible Notes	$	327,514	$	483,450	$	283,628	$	311,621

(1) As of December 31, 2025 and 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 year.

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 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 Consolidated Statements of Changes in Stockholders’ Equity.

Contingencies

The Company may, from time to time, 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 the year ended 2023 and 2025, the Company initiated separate restructuring actions to help manage our operating expenses, improve our efficiency and align resources by reducing our workforce. For the years ended December 31, 2023 and December 31, 2025, the Company incurred $0.7 million and $1.3 million, respectively for employee termination costs related to the restructurings. Amounts payable as of December 31, 2025 related to the restructuring were not material.

The Company did not incur any restructuring costs for the year ended December 31, 2024. The following table shows the total restructuring costs incurred during the year ended December 31, 2025 and 2023 (in thousands):


	For the Year Ended December 31,
	2025		2023
Sales and marketing	$	31	$	224
Operations and support		588		230
Product development		470		117
General and administrative		173		167
Total restructuring charges	$	1,262	$	738

Exit from the Tools and Materials Business

The Company previously provided suppliers with access to competitively priced tools and material and supplies in the U.S. As a result of exiting the tools and materials business (our “tools and materials business”, which we previously referred to as our “supplies business”) during 2023, the Company recognized $0.6 million of costs associated with its closure, of which $0.2 million is recognized in cost of revenue and $0.4 million is recognized in operations and support on the Consolidated Statements of Operations and Comprehensive Loss.

Defined Contribution Plans

The Company sponsors a defined contribution plan for qualifying employees, including a 401(k) Plan in the United States to which we make matching contributions of 50% of participating employee contributions up to 6% of eligible income. Our total matching contribution to the 401(k) Plan was $2.5 million, $2.2 million and $2.1 million for the years ending December 31, 2025, 2024 and 2023, respectively.

- Definition

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

+ References

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-Topic 815
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+ Details

Summary of Significant Accounting Policies - Summary of Allowance for Credit Losses Related to Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year, January 1	$ 4,912	$ 2,444	$ 1,988
Charge to provision accounts	6,586	4,024	2,186
Write-offs or other	(3,535)	(1,556)	(1,730)
Balance at period end, December 31	$ 7,963	$ 4,912	$ 2,444

Stock-Based Compensation - Schedule of Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Share-Based Payment Arrangement [Abstract]
Expected dividend yield	0.00%
Expected volatility	81.00%
Expected term (years)	6 years 3 months 18 days
Risk-free interest rate	3.80%
Fair value of share	$ 15.97

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Segment Information

The following tables reflect certain segment information for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Segment Revenue
U.S.	$	573,755		$	456,727		$	403,289
International		112,876			88,802			60,117
Total	$	686,631		$	545,529		$	463,406
Segment Cost of Revenue
U.S.	$	347,668		$	274,838		$	247,519
International		70,190			55,067			37,628
Total	$	417,858		$	329,905		$	285,147
Segment Adjusted Operating Expense(1)
U.S.	$	195,777		$	182,453		$	171,957
International		55,204			43,578			34,169
Total	$	250,981		$	226,031		$	206,126
Other Segment Items(2)
U.S.	$	736		$	731		$	377
International		—			—			—
Total	$	736		$	731		$	377
Segment Adjusted EBITDA
U.S.	$	31,046		$	167		$	(15,810	)
International		(12,518	)		(9,843	)		(11,680	)
Adjusted EBITDA	$	18,528		$	(9,676	)	$	(27,490	)
(Add) deduct:
Interest expense, interest and dividend income and other expenses		(16,047	)		5,273			5,312
Depreciation and amortization		(18,750	)		(13,012	)		(10,738	)
Amortization of lease intangible		(720	)		(720	)		(950	)
(Provision) benefit for income taxes		(589	)		21			353
Stock-based compensation		(36,362	)		(29,322	)		(22,118	)
Payroll tax expense related to stock-based compensation		(2,465	)		(965	)		—
Lease abandonment		—			—			(8,706	)
Acquisition and other		(1,164	)		(686	)		(824	)
Charitable contribution of common stock		(3,272	)		(1,686	)		(1,029	)
Income from unconsolidated joint venture		404			452			446
Impairment of assets		(49	)		(82	)		(397	)
Restructuring charges		(1,262	)		—			(738	)
Costs to exit the tools and materials business		—			—			(586	)
Net Loss	$	(61,748	)	$	(50,403	)	$	(67,465	)

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

The following tables reflect long-lived asset information for the years ended December 31, 2025 and 2024 (in thousands):


	December 31,		December 31,
	2025		2024
Segment Property and equipment, net
U.S.	$	49,543	$	37,370
International		11,088		7,455
Total	$	60,631	$	44,825

Operating lease right-of-use assets
U.S.	$	8,003	$	7,728
International		3,129		734
Total	$	11,132	$	8,462

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

(5) Property and Equipment, net

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


		December 31,			December 31,
	Useful Life	2025			2024
Technology hardware	3 years	$	4,049		$	3,884
Manufacturing equipment	2 - 10 years		6,713			6,572
Capitalized software development	3 years		90,051			60,480
Leasehold improvements	Shorter of useful life or lease term		1,287			1,761
Furniture and fixtures	7 years		3,468			2,549
Total			105,568			75,246
Less accumulated depreciation			(44,937	)		(30,421	)
Property and Equipment, net		$	60,631		$	44,825

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	735	$	731	$	172
Sales and marketing		101		103		43
Operations and support		182		139		174
Product development		13,388		7,919		5,763
General and administrative		773		500		878
Total depreciation and amortization expense	$	15,179	$	9,392	$	7,030

Income Taxes - Schedule of Statutory Federal Income Tax Rate (Details)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Taxes [Line Items]

Federal tax statutory rate

21.00%

State tax rate, net of federal benefit

0.85%

^[1]

2.00%

Foreign rate difference

3.00%

2.00%

Permanent difference: stock-based compensation

12.04%

2.00%

(2.00%)

Other

1.03%

(4.00%)

(5.00%)

Change in state tax rate

0.00%

(1.00%)

5.00%

Valuation allowance

(22.63%)

(23.00%)

(22.00%)

Effective Tax Rate

(0.96%)

0.00%

1.00%

[1]	The states that contribute to the majority (greater than 50%) of the tax effect in this category include New York State and City, California, Pennsylvania, Illinois and Massachusetts

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 5,228	$ 5,192	$ 15,080
Cost of Revenue
Lessee, Lease, Description [Line Items]
Operating lease expense	79	72	72
General and Administrative
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 5,149	$ 5,120	$ 15,008

Disaggregated Revenue and Cost of Revenue Information - Schedule of Disaggregated Revenue and Cost of Revenue Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 686,631	$ 545,529	$ 463,406
Cost of revenue	417,858	329,905	285,147
Gross profit	268,773	215,624	178,259
Marketplace
Disaggregation of Revenue [Line Items]
Revenue	629,642	485,946	394,754
Cost of revenue	411,337	323,365	273,264
Gross profit	218,305	162,581	121,490
Services
Disaggregation of Revenue [Line Items]
Revenue	56,989	59,583	68,652
Cost of revenue	6,521	6,540	11,883
Gross profit	$ 50,468	$ 53,043	$ 56,769

- Definition

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

+ References

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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

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue	$ 686,631	$ 545,529	$ 463,406
Cost of revenue	417,858	329,905	285,147
Gross profit	268,773	215,624	178,259
Operating expenses:
Sales and marketing	122,749	108,437	93,688
Operations and support	72,415	58,975	52,372
Product development	46,792	39,322	34,462
General and administrative	72,284	64,957	70,916
Impairment of assets	49	82	397
Total operating expenses	314,289	271,773	251,835
Loss from operations	(45,516)	(56,149)	(73,576)
Other (expenses) income:
Interest expense	(4,907)	(4,752)	(4,784)
Interest and dividend income	8,568	10,782	11,607
Other expenses	(19,708)	(757)	(1,511)
Income from unconsolidated joint venture	404	452	446
Total other (expenses) income	(15,643)	5,725	5,758
Loss before income taxes	(61,159)	(50,424)	(67,818)
(Provision) benefit for income taxes	(589)	21	353
Net loss	(61,748)	(50,403)	(67,465)
Net (loss) income attributable to noncontrolling interest	(5)	(2)	7
Net loss attributable to common stockholders	(61,743)	(50,401)	(67,472)
Earnings Per Share [Abstract]
Net loss	(61,748)	(50,403)	(67,465)
Comprehensive loss:
Foreign currency translation	5,098	(1,157)	849
Total other comprehensive income (loss)	5,098	(1,157)	849
Comprehensive loss	(56,650)	(51,560)	(66,616)
Comprehensive (loss) income attributable to noncontrolling interest	(7)	24	29
Total comprehensive loss attributable to common stockholders	$ (56,643)	$ (51,584)	$ (66,645)
Common Class A and Class B
Earnings Per Share [Abstract]
Net loss per share, basic	$ (1.22)	$ (1.03)	$ (1.41)
Net loss per share, diluted	$ (1.22)	$ (1.03)	$ (1.41)
Weighted-average number of shares outstanding used to compute net loss per share, basic	50,812,072	49,082,722	47,914,039
Weighted-average number of shares outstanding used to compute net loss per share, diluted	50,812,072	49,082,722	47,914,039

Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Deferred compensation	$ 8,156	$ 5,133
Leases	1,804	2,625
Sec. 163(j) interest limitation carryforward	4,851	3,742
Allowance for doubtful accounts	1,284	993
Fixed assets		1,592
Charitable contributions	2,575	1,763
Unrealized losses	455	453
Other	5,038	1,192
Net operating loss	95,207	80,354
Total deferred tax assets	119,370	97,847
Less valuation allowance	(105,350)	(85,184)
Total deferred tax assets, net	14,020	12,663
Deferred tax liabilities
Leases	(1,613)	(1,934)
Fixed assets	(2,680)	0
Acquisition costs and intangibles	(9,872)	(9,839)
Other	0	(1,119)
Total deferred tax liabilities	(14,165)	(12,892)
Net deferred tax liability	$ (145)	$ (229)

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Lease, Liability	$ 11,908
Operating Lease, Right-of-Use Asset	11,132	$ 8,462
Lease abandonment cost	0	0	$ 8,706
Head Lease
Lessee, Lease, Description [Line Items]
Operating Lease, Liability	0
Operating Lease, Right-of-Use Asset	$ 0
Lease Termination Date	Dec. 31, 2025
General and Administrative
Lessee, Lease, Description [Line Items]
Lease abandonment cost	$ 0	$ 0	$ 8,700
Minimum
Lessee, Lease, Description [Line Items]
Non-cancelable lease agreements expiration year	2026
Maximum
Lessee, Lease, Description [Line Items]
Non-cancelable lease agreements expiration year	2032

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 1,315	$ 794
Work-in-progress	1,018	1,589
Finished goods	1,584	1,532
Total	$ 3,917	$ 3,915

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) Grantees shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted \| $ / shares			$ 11.55
Aggregate Intrinsic Value exercised \| $	$ 11.9	$ 10.1	$ 3.9
Unrecognized compensation cost related to unvested stock options granted \| $	$ 0.9
Cost is expected to be recognized over weighted average period	1 year
Stock options granted to purchase shares of common stock	0	0	474,237
Number of shares outstanding	1,479,226	1,906,483	2,881,208	2,841,419
Stock options granted exercise price \| $ / shares			$ 15.97
Fair value of share \| $ / shares			$ 15.97
Share-Based Payment Arrangement, Plan Modification, Number of Grantees Affected \| Grantees		517
Performance Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized additional stock-based compensation expense \| $		$ 0.7
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
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant	7,300,649
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 \| $	$ 60.6
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 \| $	$ 8.5
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
Number of shares outstanding	0

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments \| Segment	2
Marketable securities	$ 204,145,000	$ 217,603,000
Property and equipment includes capitalized internal-use software development costs	28,500,000	17,000,000
Impairment loss of investment	0	0	$ 0
Revenue, net of estimated returns, refunds and allowances	200,000	100,000
Amortization of deferred sales commissions	3,000,000	6,300,000	8,100,000
Deferred sales contract acquisition costs	400,000	400,000
Advertising costs	$ 35,800,000	35,100,000	31,700,000
Sales Contract Acquisition Costs \| New Customers
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Sales contract acquisition costs, amortization period	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
Other Expenses
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Losses related to marketable securities	$ 0	0	$ 0
Industrial Media, LLC
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Ownership percentage	50.00%
Ownership interest, net assets	$ 5,200,000
Initial basis difference	$ 4,200,000
Rich Media Group, LLC
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Ownership percentage	50.00%
Incom Co., LTD
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Ownership percentage	66.67%
Level 1
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Marketable securities	$ 204,100,000	$ 217,600,000
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
Maximum
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Intangible assets, estimated useful lives	17 years
Property, plant and equipment, useful life	10 years
Minimum
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Intangible assets, estimated useful lives	1 year
Property, plant and equipment, useful life	2 years

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Expense

Operating lease expense for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	79	$	72	$	72
General and administrative		5,149		5,120		15,008
Total operating lease expense	$	5,228	$	5,192	$	15,080

Schedule of Lease Cost

Our lease costs for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Lease costs:
Operating lease costs	$	4,618		$	4,536		$	5,725
Variable lease costs		1,316			1,501			1,315
Short-term lease costs		200			212			133
Amortization of in-place lease intangible assets		357			365			364
Amortization of in place lease asset - below market		720			720			949
Lease abandonment cost		—			—			8,706
Sublease income		(1,983	)		(2,142	)		(2,112	)
Total operating lease cost	$	5,228		$	5,192		$	15,080

Summary of Supplemental Cash and Non-cash Information

The following table includes supplemental cash and non-cash information related to the Company’s leases during 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,348	$	7,512	$	6,460
Right of use assets obtained in exchange for lease obligations		7,450		673		852
Reduction to right of use assets resulting from reductions to lease obligations		—		—		(69	)

Aggregate Annual Lease Obligations

’s aggregate annual lease obligations at December 31, 2025 are as follows (in thousands):


	Operating Leases
2026	$	2,979
2027		3,177
2028		2,920
2029		2,516
2030		1,322
Thereafter		1,496
Total undiscounted lease obligations		14,410
Less imputed interest		(2,502	)
Net lease obligations	$	11,908

Schedule of Remaining Weighted Average Lease Terms and Discount Rates

The following are the remaining weighted average lease terms and discount rates for the Company’s leases as of December 31, 2025 and 2024:


	Year Ended December 31,
	2025			2024
Weighted average remaining lease term (in years)		5.00			2.81
Weighted average discount rate		7.28	%		5.77	%

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 3,214	$ 3,255	$ 3,344
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization expense	3,080	3,082	3,119
Product Development
Finite Lived Intangible Assets [Line Items]
Amortization expense	120	159	211
General and Administrative
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 14	$ 14	$ 14

- 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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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Income Taxes - Schedule of Amount of Cash Income Taxes Paid (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refunds	$ 1,013
Federal
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, federal	0
Georgia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, state and local	74
All other States
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, state and local	249
China
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, foreign	529
UK
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, foreign	147
All other foreign
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, foreign	$ 14

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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			2023
Allowance for credit losses
Balance at beginning of year, January 1	$	4,912		$	2,444		$	1,988
Charge to provision accounts		6,586			4,024			2,186
Write-offs or other		(3,535	)		(1,556	)		(1,730	)
Balance at period end, December 31, respectively	$	7,963		$	4,912		$	2,444

Summary of Contract Liabilities

The following table is a summary of the contract liabilities (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2023	$	7,357
Revenue recognized		(201,163	)
Payments received in advance		201,754
Contract liabilities at December 31, 2024	$	7,948
Revenue recognized		(236,508	)
Payments received in advance		238,879
Contract liabilities at December 31, 2025	$	10,319

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (61,748)	$ (50,403)	$ (67,465)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	18,750	13,012	10,738
Impairment of assets	49	82	397
Reduction in carrying amount of right-of-use asset	4,638	4,458	14,355
Lease termination	(14)	0	0
Stock-based compensation	36,362	29,322	22,118
Revaluation of contingent consideration	0	137	571
Income from unconsolidated joint venture	(90)	(42)	(46)
Donation of common stock	3,272	1,686	1,029
Loss on debt extinguishment	16,430	0
Loss on sale of property and equipment	0	3	92
Inventory write-off	0	0	223
Amortization of deferred costs on convertible notes	2,098	1,859	1,860
Deferred tax benefit	(84)	(46)	(154)
Changes in other assets and liabilities:
Accounts receivable, net	(21,809)	(5,749)	(20,594)
Inventory	135	(1,282)	(1,550)
Prepaid expenses	(2,256)	599	1,669
Other assets	(772)	4,213	(80)
Accounts payable and accrued cost of revenue	9,160	(8,706)	12,593
Other accrued expenses	7,440	2,681	1,603
Contract liabilities	2,151	681	(1,404)
Lease liabilities	(6,892)	(6,911)	(5,520)
Other liabilities	(24)	527	0
Income taxes payable	(710)	(1,505)	(312)
Net cash provided by (used in) operating activities	6,086	(15,384)	(29,877)
Cash flows from investing activities:
Purchases of marketable securities	(8,542)	(18,751)	(11,582)
Proceeds from sale of marketable securities	22,000	16,500	50,000
Purchases of property and equipment	(30,180)	(18,097)	(18,486)
Distributions in excess of earnings	86	90	0
Proceeds from sale of property and equipment	0	79	223
Cash paid for business combination, net of cash acquired	0	0	(3,349)
Net cash (used in) provided by investing activities	(16,636)	(20,179)	16,806
Cash flows from financing activities:
Proceeds from issuance of convertible notes	250,000	0	0
Costs incurred in connection with issuance of convertible notes	(8,650)	0	0
Payments for repurchase of convertible notes	(215,992)	0	0
Purchase of capped calls	(17,475)	0	0
Purchase of treasury stock	(8,080)	0	0
Proceeds from stock options exercised	3,087	5,104	1,909
Payment of contingent consideration	0	(465)	(842)
Net cash provided by financing activities	2,890	4,639	1,067
Effect of foreign currency translation on cash and cash equivalents	424	(268)	(234)
Net decrease in cash and cash equivalents	(7,236)	(31,192)	(12,238)
Cash and cash equivalents at beginning of the year	22,232	53,424	65,662
Cash and cash equivalents at end of the year	14,996	22,232	53,424
Supplemental cash flow information:
Cash paid for interest	3,553	2,875	2,875
Non-cash investing and financing activities:
Non-cash purchase of property and equipment	0	1,059	5,353
Non-cash consideration in connection with business combination	$ 625	$ 625	$ 1,593

Stock-Based Compensation - Schedule of Total Stock-based Compensation Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 36,362	$ 29,322	$ 22,118
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	10,278	8,028	4,909
Operations and Support
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	12,316	9,280	7,719
Product Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	8,307	6,583	5,345
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 5,461	$ 5,431	$ 4,145

Debt and Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 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 Convertible Notes as of the dates indicated (in thousands):


	December 31, 2025
	Principal		Unamortized Debt Discount			Unamortized Debt Issuance Costs			Carrying Value
2027 Notes	$	85,805	$	(557	)	$	(43	)	$	85,205
2030 Notes		250,000		(6,675	)		(1,016	)		242,309
Total	$	335,805	$	(7,232	)	$	(1,059	)	$	327,514

	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):


	Year Ended December 31,
	2025		2024		2023
Coupon interest	$	2,791	$	2,875	$	2,875
Amortization of debt discount		1,882		1,725		1,725
Amortization of transaction costs		216		134		135
Total interest expense	$	4,889	$	4,734	$	4,735

Schedule of Carrying Value and Estimated Fair Value of Convertible Notes


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	85,205	$	107,900	$	283,628	$	311,621
2030 Notes(1)		242,309		375,550		—		—
Total Convertible Notes	$	327,514	$	483,450	$	283,628	$	311,621

(1) As of December 31, 2025 and 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 year.

Schedule of Total Restructuring Costs

The following table shows the total restructuring costs incurred during the year ended December 31, 2025 and 2023 (in thousands):


	For the Year Ended December 31,
	2025		2023
Sales and marketing	$	31	$	224
Operations and support		588		230
Product development		470		117
General and administrative		173		167
Total restructuring charges	$	1,262	$	738

- 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
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Income Taxes - Schedule of Differences Between expected at the U.S. Federal Statutory Income Tax Rate and Income Taxes Reported (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Amount

Federal tax statutory rate pre-tax book loss

$ (61,159)

Effective tax rate pre-tax book loss

(61,159)

Federal tax statutory rate

(12,824)

State and local income taxes, net of federal income tax effect

^[1]

(519)

Effect of Changes in Tax Law

Effect of Cross-Border Tax Laws

Tax Credits

Changes in Valuation Allowances

13,817

Nontaxable or Nondeductible:

Stock based compensation

(7,351)

Non-deductible interest

3,450

Non-deductible officers' compensation

1,366

Other

Change in Unrecognized Tax Benefits

Other Adjustments

(630)

Effective Tax Rate

$ 589

$ (21)

$ (353)

Rate Effect

Federal tax statutory rate

21.00%

State tax rate, net of federal benefit

0.85%

^[1]

2.00%

Valuation Allowance

(22.63%)

(23.00%)

(22.00%)

Foreign Tax Effects

3.00%

2.00%

Other adjustments

1.03%

(4.00%)

(5.00%)

Effect of Changes in Tax Law

0.00%

(1.00%)

5.00%

Effect of Cross-Border Tax Laws

0.00%

Tax Credits

0.00%

Nontaxable or Nondeductible:

Stock based compensation percent

12.04%

2.00%

(2.00%)

Non-deductible interest percent

(5.65%)

Non-deductible officers' compensation percent

(2.24%)

Other percent

(0.16%)

Change in Unrecognized Tax Benefits

0.00%

Effective Tax Rate

(0.96%)

0.00%

1.00%

Germany

Amount

Foreign Tax Effects

$ (974)

Changes in Valuation Allowances

3,248

Nontaxable or Nondeductible:

Other Adjustments

$ 611

Rate Effect

Valuation Allowance

(5.32%)

Foreign Tax Effects

1.60%

Other adjustments

(1.00%)

Other Foreign Jurisdictions

Amount

Foreign Tax Effects

$ 296

Rate Effect

Foreign Tax Effects

(0.48%)

[1]	The states that contribute to the majority (greater than 50%) of the tax effect in this category include New York State and City, California, Pennsylvania, Illinois and Massachusetts

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Feb. 09, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
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	252-1138
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 1.5
Document Annual Report	true
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for the Registrant’s 2026 annual meeting of stockholders, to be filed within 120 days after the close of the Registrant’s fiscal year, are incorporated by reference into Part III of this Annual Report.
Auditor Firm Id	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, VA
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Xometry, Inc. and subsidiaries (the “Company”) as of December 31, 2025, the related consolidated statements of operations and comprehensive loss, changes in stockholders' equity, and cash flows, for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		50,349,113
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,475,311

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(14) Goodwill and Intangible Assets

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


	December 31, 2025
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	9,911	$	26,689
Trade Names		10		800		325		475
Developed Technology		5		740		627		113
Vendor Relationships		15		1,253		504		749
Database		5		2,400		1,950		450
Patents		17		157		70		87
Subtotal intangible assets				41,950		13,387		28,563
In-place Lease Intangible Asset		4		568		568		—
Above Market Lease Intangible Asset		4		896		896		—
Total intangible assets			$	43,414	$	14,851	$	28,563


	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

During 2025, 2024 and 2023, no impairments were recorded on the Company’s intangible long-lived assets.

Amortization expense for the year ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Sales and marketing	$	3,080		3,082		3,119
Product development		120		159		211
General and administrative (1)		14		14		14
Total	$	3,214	$	3,255	$	3,344

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

As of December 31, 2025, estimated amortization expense for intangible assets and lease intangible assets for the next five years is: $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 $14.9 million thereafter.

The following tables provide 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
Impact of foreign exchange		1,115			(229	)
Net goodwill as of December 31, 2025 and December 31, 2024:	$	263,801		$	262,686

As of December 31, 2025 and 2024, the Company had $263.8 million and $262.7 million, respectively of goodwill. As of December 31, 2025 and 2024, $258.0 million is part of the Company’s U.S. reporting unit, and $5.8 million and $4.7 million, respectively, is part of the Company’s International reporting unit.