8-K
false000165757300016575732022-03-172022-03-17

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 17, 2022

 

 

Xometry, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

001-40546

32-0415449

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

7529 Standish Place, Suite 200

 

Derwood, Maryland

 

20855

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (240) 335-7914

 

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Class A common stock, par value $0.000001 per share

 

XMTR

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


Item 2.02 Results of Operations and Financial Condition.

 

On March 17, 2022, Xometry, Inc. issued a press release announcing its fourth quarter and full year ended December 31, 2021 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

 

The information set forth under this Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Press Release of Xometry, Inc. issued on March 17, 2022.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

XOMETRY, INC.

 

 

 

 

Date:

March 17, 2022

By:

/s/ Randolph Altschuler

 

 

 

Randolph Altschuler
Chief Executive Officer

 


EX-99.1

 

Exhibit 99.1

Xometry Reports Fourth Quarter and Full Year 2021 Results

 

Strong finish to 2021: Strong quarter of accelerating revenue growth increasing 77% year-over-year.
Strong gross margin trends driven by AI pricing/supplier selection and additional supplier services: Gross profit up 121% year-over-year.
Strategic acquisition of Thomas: Completed the strategic acquisition of Thomas on December 9th adding 1.4 million registered buyers and ~500,000 sellers to Xometry’s rapidly growing marketplace.
Expect strong growth in 2022: We expect revenue growth of 79-83% from $218.3 million to $390-400 million. Growth will be driven by increasing our active buyers and sellers, revenue synergies and expanded supplier services.

 

ROCKVILLE, MD., March 17, 2022 /Globe Newswire/ -- Xometry, Inc. (NASDAQ:XMTR), a leading global AI enabled digital manufacturing marketplace, today reported financial results for the fourth quarter ended December 31, 2021.

 

“In Q4 2021, Xometry continued to demonstrate strong growth across the board with accelerated demand from our larger customers. Our AI-driven platform gets smarter with each new data point leading to record gross margin,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with sellers to unleash limitless product innovation.”

 

Fourth Quarter Financial Highlights

Total revenue for the fourth quarter 2021 was $67.1 million an increase of 77% year-over-year.
Excluding Thomas, Xometry Q4 2021 revenue grew 66% year-over-year from $38.0 million as of December 31, 2020 to $63.0 million as of December 31, 2021. Thomas revenue from the date of acquisition on December 9, 2021 was $4.1 million.
Total gross profit for the fourth quarter 2021 was $20.9 million an increase of 121% year-over-year.
Excluding Thomas, Xometry gross profit increased 83% year-over-year to $17.3 million as of December 31, 2021, as compared to $9.5 million as of December 31, 2020.
Excluding Thomas, Xometry gross profit margin improved to 27.5% as of December 31, 2021 from 25.0% as of December 31, 2020.
Active Buyers increased 49% from 18,846 as of December 31, 2020 to 28,130 as of December 31, 2021 (excluding Thomas).
Accounts with Last Twelve-Months Spend of at least $50,000 increased 80% from 389 as of December 31, 2020 to 701 as of December 31, 2021 (excluding Thomas).
Percentage of Revenue from Existing Accounts was 95%, consistent with the prior quarter (excluding Thomas).
Net loss was $23.9 million for the quarter, an increase of $13.7 million year-over-year, and Adjusted EBITDA was negative $11.9 million for the quarter, reflecting an increase of $5.3 million year-over-year. Net loss for Q4 2021 includes $5.7 million of transaction costs, $2.6 million of stock-based compensation expense and $1.1 million of expense for charitable contributions.
Cash and cash equivalents and marketable securities were $116.7 million as of December 31, 2021. On February 10, 2022, Xometry completed a Convertible Senior Note offering, raising $278.9 million in net proceeds.

 

1


 

Fourth Quarter Business Highlights

The number of Active Sellers grew significantly, increasing 43% year-over-year from 1,410 to 2,010.
Released version 2.0 of the Xometry app for Autodesk Fusion 360, a leading CAD design platform. Version 2.0 displays design for manufacturing feedback directly into the CAD environment and is available in Europe in multiple languages.
On November 1, acquired Big Blue Saw. Utilizing the data and know-how from Big Blue Saw, we launched a new sheet cutting process with instant pricing for over 50 materials later in the quarter.
On November 5, acquired FactoryFour. The cloud-based software will integrate seamlessly with the Xometry marketplace and Thomasnet.com platform, providing suppliers a one-stop view into all their orders.
On December 9, acquired Thomas, a leader in product sourcing, supplier selection and digital marketing solutions. The acquisition of Thomas is expected to rapidly expand Xometry’s buyer and seller bases, significantly enhancing Xometry’s global digital marketplace for manufacturers. Xometry also expects to leverage Thomas’ marketing and data services to deliver an unmatched suite of end-to-end services for sellers with additional fintech and digital marketing products.

 

Full Year Financial Highlights

Total revenue for the full year 2021 was $218.3 million an increase of 54% year-over-year.
Excluding Thomas, Xometry revenue for the full year 2021 grew 52% year-over-year from $141.4 million as of December 31, 2020 to $214.2 million as of December 31, 2021.
Total gross profit for the full year 2021 was $57.1 million, an increase of 72% year-over-year. Gross profit margin improved to 26.2% for year ended December 31, 2021 from 23.5% for the year ended December 31, 2020.
Excluding Thomas, Xometry’s gross profit margin improved to 25.0% for the year ended December 31, 2021 from 23.5% for the year ended December 31, 2020.
Net loss was $61.4 million for the full year 2021, an increase of $30.3 million year-over-year, and Adjusted EBITDA was negative $39.8 million for the full year 2021, reflecting an increase of $16.3 million year-over-year. Net loss for the full year 2021 includes $7.4 million of stock-based compensation expense, $5.7 million of transaction costs and $2.2 million of expense for charitable contributions.

 

Full Year Business Highlights

Xometry expanded our portfolio of fintech products for sellers including Instant Pay. These products help sellers improve their cash flow and more deeply engage with the marketplace.
Completed punchout integrations with SAP Ariba and Coupa enabling customers to order from Xometry directly from their ERP systems.
Successfully completed our Initial Public Offering (IPO) on June 30, 2021 raising $325 million.
Rapidly expanded in Europe including localized offerings in new countries.
Revamped our supplies offering with a new ecommerce storefront.
Xometry’s Donor Advised Fund (DAF) embraced the Pledge 1% movement, committing to donate the pledged amount of our equity over time to support charitable organizations.
 

 

2


 

Financial Summary

(In thousands, except per share amounts)

 

 

 

For the Three Months Ended December 31,

 

 

 

 

 

For the Year Ended December 31,

 

 

 

 

 

 

2021

 

 

2020

 

 

% Change

 

 

2021

 

 

2020

 

 

% Change

 

 

 

(unaudited)

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

Revenue

 

$

67,098

 

 

$

37,980

 

 

 

77

%

 

$

218,336

 

 

$

141,406

 

 

 

54

%

Gross profit

 

 

20,937

 

 

 

9,479

 

 

 

121

%

 

 

57,141

 

 

 

33,286

 

 

 

72

%

Net loss

 

 

(23,907

)

 

 

(10,178

)

 

 

135

%

 

 

(61,381

)

 

 

(31,085

)

 

 

97

%

EPS—basic and diluted

 

 

(0.53

)

 

 

(1.34

)

 

 

(60

)%

 

 

(2.33

)

 

 

(5.32

)

 

 

(56

)%

Adjusted EBITDA (Non-GAAP)(1)

 

 

(11,854

)

 

 

(6,590

)

 

 

80

%

 

 

(39,757

)

 

 

(23,498

)

 

 

69

%

 

(1)
These non-GAAP financial measures, and reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.

Key Operating Metrics(2):

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

 

%
Change

 

 

 

 

 

 

 

 

 

 

 

Active Buyers(3)

 

 

28,130

 

 

 

18,846

 

 

 

49

%

Percentage of Revenue from Existing Accounts(3)

 

 

95

%

 

 

95

%

 

 

%

Accounts with Last Twelve-Months Spend of at Least $50,000(3)

 

 

701

 

 

 

389

 

 

 

80

%

 

 

 

 

 

 

 

 

 

 

 

(2)
These key operating metrics are for Xometry (excluding any impacts from Thomas).
(3)
Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of December 31, 2021 and 2020, and Percentage of Revenue from Existing Accounts is presented for the quarters ended December 31, 2021 and 2020.

 

Subsequent to Fourth Quarter 2021

On February 4, 2022, the Company completed a private offering of $250 million aggregate principal amount of 1.00% Convertible Senior Notes due 2027 (the “Initial Notes”). The Initial Notes were issued pursuant to an indenture, dated February 4, 2022 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.

 

On February 10, 2022, the Company issued an additional $37.5 million aggregate principal amount of its 1.00% Convertible Senior Notes due 2027 (the “Additional Notes”) to the initial purchasers named in the purchase agreement. The issuance of the Additional Notes was pursuant to the initial purchasers’ exercise in full of their 13-day option to purchase Additional Notes granted in the original offering of $250 million aggregate principal amount of 1.00% Convertible Senior Notes due 2027. The proceeds from the Initial Notes and the Additional Notes (collectively referred to as the “Notes”) are expected to be used for working capital and other general corporate purposes. The Company may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, the Company does not have agreements or commitments with respect to any such acquisition or strategic investment at this time. The Notes are general unsecured obligations of the Company and will mature on February 1, 2027, unless earlier converted, redeemed or repurchased. Interest on the Notes will accrue at a rate of 1.00% per year from February 4, 2022 and will be payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2022. In connection with the Notes offering, the Company received net cash proceeds of approximately $278.9 million, after deducting the initial purchasers discounts and commissions.

 

3


 

Financial Guidance and Outlook:

 

 

Q1 2022

 

 

FY 2022

 

 

 

(in millions)

 

 

 

Low

 

 

High

 

 

Low

 

 

High

 

Revenue

 

$

81.0

 

 

$

82.0

 

 

$

390.0

 

 

$

400.0

 

Adjusted EBITDA

 

$

(13.5

)

 

$

(12.5

)

 

$

(36.0

)

 

$

(32.0

)

 

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. ("Xometry", the "Company", "we" or "our") uses Adjusted EBITDA, a non-GAAP financial measure, as described below. This non-GAAP financial measure is presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measure presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses this measure to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. An additional limitation of non-GAAP financial measures is that they do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

 

4


 

Key Terms for our Key Metrics and Non-GAAP Financial Measures

The Company defines Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net income (loss) excluding interest income (expense), income tax (expense) benefit, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, stock-based compensation, transaction costs, charitable contributions, income from unconsolidated joint venture and impairment charges. Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses, and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amounts of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.

Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our platform. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.

Percentage of Revenue from Existing Accounts: The Company defines “accounts” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.

Accounts with Last Twelve-Month Spend of At Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of At Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.

About Xometry

Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity. Learn more at www.xometry.com or follow @xometry.

Conference Call

The Company will discuss its fourth quarter and full year 2021 financial results during a teleconference on 3/17/2022, at 5:00 PM ET/2:00 PM PT. The conference call can be accessed in the U.S. at 877-313-2061 or outside the U.S. at 470-495-9537 with the conference ID# 7397803. A live audio webcast of the call will also be available simultaneously at investors.xometry.com. Following completion of the call, a recorded replay of the teleconference will be available in the investor relations section of Xometry's website. The earnings webcast presentation will be archived within the Investor Relations section of Xometry's website.

5


 

Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the first quarter and full year 2022, certain expected synergies from recent acquisitions and demand for our marketplace in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, including the impact of the COVID-19 pandemic on our business and operations and our ability to forecast our performance due to our limited operating history and the COVID-19 pandemic, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, and our brand and reputation. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2021. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

# # #

(Tables Follow)

 

 

 

Investor Contact:

Media Contact:

 

Shawn Milne

VP Investor Relations

240-335-8132

shawn.milne@xometry.com

Matthew Hutchison

Corporate Communications for Xometry

415-583-2119

matthew.hutchinson@xometry.com

 

 

 

6


 

Xometry, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

86,262

 

 

$

59,874

 

Marketable securities

 

 

30,465

 

 

 

 

Accounts receivable, less allowance for doubtful accounts of $0.8 million and $0.6 million as of December 31, 2021 and 2020, respectively

 

 

32,427

 

 

 

14,574

 

Inventory

 

 

2,033

 

 

 

2,294

 

Prepaid expenses

 

 

6,664

 

 

 

913

 

Deferred sales commissions

 

 

5,283

 

 

 

 

Other current assets

 

 

297

 

 

 

 

Total current assets

 

 

163,431

 

 

 

77,655

 

Property and equipment, net

 

 

10,287

 

 

 

6,113

 

Operating lease right-of-use assets

 

 

27,489

 

 

 

1,922

 

Investment in unconsolidated joint venture

 

 

4,198

 

 

 

 

Intangible assets, net

 

 

41,736

 

 

 

1,652

 

Goodwill

 

 

254,672

 

 

 

833

 

Other assets

 

 

773

 

 

 

788

 

Total assets

 

$

502,586

 

 

$

88,963

 

Liabilities, convertible preferred stock and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

12,718

 

 

$

5,640

 

Accrued expenses

 

 

30,905

 

 

 

13,606

 

Contract liabilities

 

 

7,863

 

 

 

2,355

 

Operating lease liabilities, current portion

 

 

5,549

 

 

 

1,013

 

Finance lease liabilities, current portion

 

 

2

 

 

 

14

 

Short-term debt

 

 

 

 

 

15,753

 

Total current liabilities

 

 

57,037

 

 

 

38,381

 

Operating lease liabilities, net of current portion

 

 

16,920

 

 

 

1,118

 

Income taxes payable

 

 

1,468

 

 

 

 

Other liabilities

 

 

1,678

 

 

 

 

Total liabilities

 

 

77,103

 

 

 

39,499

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Convertible preferred stock

 

 

 

 

 

 

Convertible preferred stock, $0.000001 par value, Seed-1, Seed-2, Series A-1, Series A-2, Series B, Series C, Series D and Series E. Authorized; zero shares and 27,970,966 shares, zero shares and 27,758,941 shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

 

 

 

 

160,713

 

Stockholders’ equity (deficit)

 

 

 

 

 

 

Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares and zero shares; zero shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

 

 

 

 

 

Common stock, $0.000001 par value. Authorized; zero shares and 42,000,000 shares; zero shares and 7,755,782 shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

 

 

 

 

 

Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares and zero shares
 43,998,404 shares and zero shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

 

 

 

 

 

Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares and zero shares, 2,676,154 shares and zero shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

597,641

 

 

 

503

 

Accumulated other comprehensive income

 

 

149

 

 

 

210

 

Accumulated deficit

 

 

(173,341

)

 

 

(111,962

)

Total stockholders’ equity (deficit)

 

 

424,449

 

 

 

(111,249

)

Noncontrolling interest

 

 

1,034

 

 

 

 

Total equity (deficit)

 

 

425,483

 

 

 

(111,249

)

Total liabilities, convertible preferred stock and stockholders’ equity

 

$

502,586

 

 

$

88,963

 

 

 

7


 

Xometry, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

(unaudited)

 

 

 

 

Revenue

 

$

67,098

 

 

$

37,980

 

 

$

218,336

 

 

$

141,406

 

Cost of revenue

 

 

46,161

 

 

 

28,501

 

 

 

161,195

 

 

 

108,120

 

Gross profit

 

 

20,937

 

 

 

9,479

 

 

 

57,141

 

 

 

33,286

 

Sales and marketing

 

 

13,173

 

 

 

6,725

 

 

 

39,422

 

 

 

22,567

 

Operations and support

 

 

8,089

 

 

 

3,973

 

 

 

23,683

 

 

 

14,111

 

Product development

 

 

5,648

 

 

 

3,307

 

 

 

17,780

 

 

 

12,186

 

General and administrative

 

 

16,601

 

 

 

3,255

 

 

 

34,942

 

 

 

12,046

 

Impairment of goodwill and intangible assets

 

 

 

 

 

1,592

 

 

 

 

 

 

1,592

 

Total operating expenses

 

 

43,511

 

 

 

18,852

 

 

 

115,827

 

 

 

62,502

 

Loss from operations

 

 

(22,574

)

 

 

(9,373

)

 

 

(58,686

)

 

 

(29,216

)

Other (expenses) income

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(53

)

 

 

(365

)

 

 

(852

)

 

 

(1,089

)

Interest and dividend income

 

 

525

 

 

 

 

 

 

982

 

 

 

 

Other expenses

 

 

(1,846

)

 

 

(440

)

 

 

(2,866

)

 

 

(780

)

Income from unconsolidated joint venture

 

 

41

 

 

 

 

 

 

41

 

 

 

 

Total other expenses

 

 

(1,333

)

 

 

(805

)

 

 

(2,695

)

 

 

(1,869

)

Net loss

 

 

(23,907

)

 

 

(10,178

)

 

 

(61,381

)

 

 

(31,085

)

Deemed dividend to preferred stockholders

 

 

 

 

 

 

 

 

 

 

 

(8,801

)

Net loss attributable to noncontrolling interest

 

 

2

 

 

 

 

 

 

2

 

 

 

 

Net loss attributable to common stockholders

 

$

(23,905

)

 

$

(10,178

)

 

$

(61,379

)

 

$

(39,886

)

Net loss per share, basic and diluted

 

$

(0.53

)

 

$

(1.34

)

 

$

(2.33

)

 

$

(5.32

)

Weighted-average number of shares outstanding used to compute
   net loss per share, basic and diluted

 

 

44,995,598

 

 

 

7,572,935

 

 

 

26,318,349

 

 

 

7,492,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

$

(38

)

 

$

 

 

$

(61

)

 

$

210

 

Total other comprehensive (loss) income

 

 

(38

)

 

 

 

 

 

(61

)

 

 

210

 

Net loss

 

 

(23,907

)

 

 

(10,178

)

 

 

(61,381

)

 

 

(31,085

)

Comprehensive loss

 

 

(23,945

)

 

 

(10,178

)

 

 

(61,442

)

 

 

(30,875

)

Comprehensive loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss attributable to common stockholders

 

$

(23,945

)

 

$

(10,178

)

 

$

(61,442

)

 

$

(30,875

)

 

 

8


 

Xometry, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

(unaudited)

 

 

 

 

 

 

 

Net loss

 

$

(61,381

)

 

$

(31,085

)

 

$

(30,994

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,596

 

 

 

3,120

 

 

 

1,847

 

Impairment of goodwill and intangible assets

 

 

 

 

 

1,592

 

 

 

1,719

 

Reduction in carrying amount of right-of-use asset

 

 

1,056

 

 

 

1,045

 

 

 

647

 

Stock based compensation

 

 

7,395

 

 

 

1,006

 

 

 

544

 

Non-cash interest expense

 

 

111

 

 

 

320

 

 

 

259

 

Loss on debt extinguishment

 

 

272

 

 

 

 

 

 

 

Income from unconsolidated joint venture

 

 

(41

)

 

 

 

 

 

 

Donation of common stock

 

 

2,226

 

 

 

 

 

 

 

Unrealized loss on marketable securities

 

 

2,002

 

 

 

 

 

 

 

Inventory write off

 

 

 

 

 

(15

)

 

 

(141

)

Loss (gain) on sale of property and equipment

 

 

20

 

 

 

 

 

 

(128

)

Accretion of discount on short-term investments

 

 

 

 

 

 

 

 

(37

)

Deferred taxes benefit

 

 

(179

)

 

 

 

 

 

 

Changes in other assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(11,117

)

 

 

(2,130

)

 

 

(5,505

)

Inventory

 

 

293

 

 

 

(956

)

 

 

(555

)

Prepaid expenses

 

 

(4,025

)

 

 

(210

)

 

 

(2

)

Deferred commissions

 

 

147

 

 

 

 

 

 

 

Other assets

 

 

317

 

 

 

(469

)

 

 

(137

)

Accounts payable

 

 

5,215

 

 

 

(2,350

)

 

 

2,813

 

Accrued expenses

 

 

(12,008

)

 

 

8,569

 

 

 

2,562

 

Contract liabilities

 

 

(1,625

)

 

 

518

 

 

 

636

 

Lease liabilities

 

 

(845

)

 

 

(1,004

)

 

 

(653

)

Net cash used in operating activities

 

 

(68,571

)

 

 

(22,049

)

 

 

(27,125

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchase of marketable securities

 

 

(267,467

)

 

 

 

 

 

 

Proceeds from sale of marketable securities

 

 

235,000

 

 

 

 

 

 

 

Purchase of short-term investments

 

 

 

 

 

(17,711

)

 

 

(28,850

)

Proceeds from short-term investments

 

 

 

 

 

28,571

 

 

 

30,470

 

Purchases of property and equipment

 

 

(6,262

)

 

 

(4,190

)

 

 

(2,693

)

Proceeds from life insurance

 

 

627

 

 

 

 

 

 

 

Proceeds from sale of property and equipment

 

 

 

 

 

 

 

 

155

 

Cash paid for business combinations, net of cash acquired

 

 

(174,646

)

 

 

 

 

 

(1,432

)

Net cash (used in) provided by investing activities

 

 

(212,748

)

 

 

6,670

 

 

 

(2,350

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from issuance of Series A-2, Series B, Series C, Series D and Series E convertible preferred stock, net of issuance costs

 

 

 

 

 

52,409

 

 

 

54,929

 

Repurchase of Series A-2, Series B, Series C and Series D convertible preferred stock

 

 

 

 

 

(12,852

)

 

 

 

Deemed dividend to preferred stockholders

 

 

 

 

 

(8,801

)

 

 

 

Proceeds from initial public offering, net of underwriters' discount

 

 

325,263

 

 

 

 

 

 

 

Payments in connection with initial public offering

 

 

(3,678

)

 

 

 

 

 

 

Proceeds from stock options exercised

 

 

2,291

 

 

 

518

 

 

 

450

 

Proceeds from the exercise of warrants

 

 

40

 

 

 

 

 

 

 

Proceeds from term loan

 

 

 

 

 

4,000

 

 

 

 

Payment on line of credit, net

 

 

 

 

 

 

 

 

(500

)

Repayment of term loan

 

 

(16,136

)

 

 

 

 

 

 

Proceeds from other borrowings

 

 

 

 

 

4,783

 

 

 

 

Repayment of other borrowings

 

 

 

 

 

(4,783

)

 

 

 

Payments on finance lease obligations

 

 

(12

)

 

 

(13

)

 

 

(164

)

Net cash provided by financing activities

 

 

307,768

 

 

 

35,261

 

 

 

54,715

 

Effect of foreign currency translation on cash and cash equivalents

 

 

(61

)

 

 

(130

)

 

 

 

Net increase in cash and cash equivalents

 

 

26,388

 

 

 

19,752

 

 

 

25,240

 

Cash and cash equivalents at beginning of the year

 

 

59,874

 

 

 

40,122

 

 

 

14,882

 

Cash and cash equivalents at end of the year

 

$

86,262

 

 

$

59,874

 

 

$

40,122

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

907

 

 

$

1,269

 

 

$

1,111

 

Non-cash investing activity:

 

 

 

 

 

 

 

 

 

Non-cash consideration in connection with business combination

 

$

105,227

 

 

$

 

 

$

2,743

 

 

9


 

Xometry, Inc. and Subsidiaries

Unaudited Reconciliations of Non-GAAP Financial Measures

(In thousands)

 

 

Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23,907

)

 

$

(10,178

)

 

$

(61,381

)

 

$

(31,085

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, interest and dividend income and other expenses

 

 

1,374

 

 

 

805

 

 

 

2,736

 

 

 

1,869

 

Depreciation and amortization(1)

 

 

1,292

 

 

 

864

 

 

 

3,596

 

 

 

3,120

 

Charitable contribution of common stock

 

 

1,084

 

 

 

 

 

 

2,242

 

 

 

 

Stock-based compensation(2)

 

 

2,648

 

 

 

327

 

 

 

7,395

 

 

 

1,006

 

Transaction costs

 

 

5,696

 

 

 

 

 

 

5,696

 

 

 

 

Income from unconsolidated joint venture

 

 

(41

)

 

 

 

 

 

(41

)

 

 

 

Impairment of goodwill and intangible assets

 

 

 

 

 

1,592

 

 

 

 

 

 

1,592

 

Adjusted EBITDA

 

$

(11,854

)

 

$

(6,590

)

 

$

(39,757

)

 

$

(23,498

)

 

 

(1)
Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.
(2)
Represents the expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.

 

 

 

 

10


 

Xometry, Inc. and Subsidiaries

Segment Results

(In thousands)

 

 

 

Three Months Ended December 31,

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Segment Revenue:

 

(unaudited)

 

 

(unaudited)

 

 

 

 

U.S.

 

$

61,769

 

 

$

36,734

 

 

$

202,034

 

 

$

138,272

 

International

 

 

5,329

 

 

 

1,246

 

 

 

16,302

 

 

 

3,134

 

Total revenue

 

$

67,098

 

 

$

37,980