0000950170-23-062075 | 10-Q | XBRL Viewer

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Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

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

(a)

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K filed with the SEC on March 16, 2023.

The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders' equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2023 or any future period. The Company has two reporting segments which are referred to as: (1) the United States (“U.S.”) and (2) International.

Foreign Operations and Comprehensive Loss

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

Noncontrolling Interest

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

(b)

Use of Estimates

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

(c)

Business Combinations

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

(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.

(e)

Marketable Securities

The Company measures its marketable securities at fair value and recognizes any changes in fair value in other expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company's marketable securities represent our investments in a short term money market fund. These marketable securities have maturities of three months or less. As of September 30, 2023 and December 31, 2022, the Company's marketable securities of $232.4 million and $253.8 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 were recorded during the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, the Company recorded losses of $0.5 million and $1.7 million, respectively, related to these securities, which is recorded in other expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

(f)

Accounts Receivable

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

Allowance For Credit Losses

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



	2023			2022

Allowance for credit losses
Balance at beginning of year, January 1	$	1,988		$	809
Charge to provision accounts		1,527			1,324
Write-offs or other		(1,369	)		(145	)
Balance at period end, September 30 and December 31, respectively	$	2,146		$	1,988

(g)

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 three to seven 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 $10.6 million for the nine months ended September 30, 2023 and $11.5 million for the year ended December 31, 2022. 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.

(h)

Goodwill

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. As of September 30, 2023, the Company's goodwill is attributable to both the U.S. and International reporting units. As of December

31, 2022, the Company's goodwill is attributable to the U.S. reporting unit. 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.

(i)

Revenue

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

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

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

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

Revenue is shown net of estimated returns, refunds, and allowances. At September 30, 2023 and December 31, 2022, the Company has a provision for estimated returns, refunds or allowances of $0.1 million and $0.3 million, respectively.

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

Contract Liabilities

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

The following table presents contract liabilities as of December 31, 2022 and September 30, 2023 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2022	$	8,509
Revenue recognized		(151,504	)
Payments received in advance		152,633
Acquired contract liabilities		21
Contract liabilities at September 30, 2023	$	9,659

During the nine months ended September 30, 2023, the Company recognized approximately $8.0 million of revenue related to its contract liabilities at December 31, 2022.

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 contracts in excess of one year, the Company amortizes such costs on a straight-line basis over the average customer life of two years for new customers and over the renewal period for existing customers which is generally one year. Sales commissions are included in the Company's sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three and nine months ended September 30, 2023, the Company recognized approximately $2.0 million and $6.0 million, respectively of amortization related to deferred sales commissions. For the three and nine months ended September 30, 2022, the Company recognized approximately $1.6 million and $3.1 million, respectively of amortization related to deferred sales commissions. During the nine months ended September 30, 2022, the amount included a $1.9 million measurement period benefit related to the Company's acquisition of Thomas. As of September 30, 2023 and December 31, 2022, the Company had deferred sales contract acquisition costs of $3.6 million and $3.3 million, respectively which is classified in other current assets on the Condensed Consolidated Balance Sheets.

(j)

Cost of Revenue

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

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

(k)

Leases

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

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

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

(l)

Sales and Marketing

Sales and marketing expenses are expensed as incurred and include the costs of digital marketing strategies, branding costs and other advertising costs, certain depreciation and amortization expense, contract acquisition costs and compensation expenses, including stock-based compensation, to the Company’s sales and marketing employees. For the three and nine months ended September 30, 2023, the Company's advertising cost were $7.7 million and $23.4 million, respectively. For the three and nine months ended September 30, 2022, the Company's advertising costs were $8.3 million and $23.3 million, respectively.

(m)

Operations and Support

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

(n)

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 these functions and certain depreciation and amortization expense.

(o)

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.

(p)

Stock Based Compensation

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

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

These variables include:

•

expected annual dividend yield;

•

expected volatility over the expected term;

•

expected term;

•

risk free interest rate;

•

per share value of the underlying common stock; and

•

exercise price.

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

(q)

Net Loss Per Share

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

(r)

Recently Issued Accounting Standards

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.

Debt Commitments and Contingencies - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 04, 2022	Feb. 28, 2022 USD ($) BusinessDay TradingDays $ / shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Net proceeds from issuance of notes, net of debt issuance costs							$ 287,500
Percentage of employee's matching contribution						50.00%
Maximum percentage of employee contributions						6.00%
Total matching contribution			$ 500		$ 400	$ 1,600	$ 1,100
Exit costs				$ 600
Cost of Revenue
Debt Instrument [Line Items]
Exit costs				200
Operations and Support
Debt Instrument [Line Items]
Exit costs				$ 400
Employee Termination Benefits \| May 2023 Restructuring
Debt Instrument [Line Items]
Employee termination costs			$ 0			$ 700
2027 Notes
Debt Instrument [Line Items]
Indenture date	Feb. 04, 2022
Net proceeds from issuance of notes, net of debt issuance costs		$ 278,200
Debt instrument, interest rate		1.00%
Debt instrument, maturity date		Feb. 01, 2027
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, redemption price, percentage of principal amount redeemed		100.00%
Number of trading days \| TradingDays		20
Number of consecutive trading days \| TradingDays		30
Debt instrument, effective interest rate			1.60%			1.60%
2027 Notes \| Class A Common Stock
Debt Instrument [Line Items]
Debt instrument conversion rate		17.8213
Debt instrument, convertible, stock price trigger \| $ / shares		$ 1,000
Debt instrument conversion price \| $ / shares		$ 56.11
Number of consecutive trading days \| TradingDays		10
Number of business day \| BusinessDay		5
2027 Notes \| Maximum \| Class A Common Stock
Debt Instrument [Line Items]
Percentage of sales price and applicable conversion rate		98.00%
2027 Notes \| Initial Public Offering
Debt Instrument [Line Items]
Aggregate principal amount		$ 250,000
2027 Notes \| Private Offering
Debt Instrument [Line Items]
Aggregate principal amount		287,500
2027 Notes \| Over-Allotment Option
Debt Instrument [Line Items]
Aggregate principal amount		$ 37,500

Acquisition - Summary of Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 02, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill		$ 262,898	$ 258,036	$ 254,672
Tridi
Consideration:
Cash	$ 3,824
Settlement of preexisting relationship	357
Business Combination, Fair Value of Contingent Consideration, Total	860
Fair value of consideration	5,041
Recognized amounts of identifiable assets acquired and liabilities assumed:
Current assets	460
Property and equipment	22
Intangible assets	96
Current liabilities	(373)
Total identifiable net assets assumed	205
Goodwill	4,836
Total	$ 5,041

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments \| Segment			2
Marketable securities	$ 232,400,000		$ 232,400,000		$ 253,770,000
Property and equipment includes capitalized internal-use software development costs			10,600,000		11,500,000
Revenue, net of estimated returns, refunds and allowances	100,000		100,000		300,000
Revenue recognized related to contract liabilities			8,000,000
Amortization of deferred sales commissions	2,000,000	$ 1,600,000	6,000,000	$ 3,100,000
Deferred sales contract acquisition costs	3,600,000		3,600,000		3,300,000
Advertising costs	$ 7,700,000	8,300,000	$ 23,400,000	23,300,000
Requisite service period			4 years
Thomas
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Benefit related to adjustments in fair value of assets				1,900,000
Sales Contract Acquisition Costs \| New Customers
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Sales contract acquisition costs, amortization period	2 years		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	$ 500,000	$ 0	$ 1,700,000
Level 1
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Marketable securities	$ 232,400,000		$ 232,400,000		$ 253,800,000
Incom Co., LTD
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Ownership percentage	66.67%		66.67%

Inventory

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

Inventory consists of raw materials, work-in-process, tools inventory 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. The tools inventory primarily consists of small consumable machine tools, cutting devices, etc. Finished goods represents product awaiting shipment. Inventory consists of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30,		December 31,
	2023		2022

Raw materials	$	171	$	119
Work-in-progress		685		675
Tools inventory		-		477
Finished goods		453		300
Total	$	1,309	$	1,571

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (12,010)	$ (15,041)	$ (56,912)	$ (51,585)
Net (loss) income attributable to noncontrolling interest	13	(4)	9	17
Net loss attributable to common stockholders	$ (12,023)	$ (15,037)	$ (56,921)	$ (51,602)
Class A and Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares outstanding used to compute net loss per share, basic	47,989,277	47,303,090	47,852,671	47,057,521
Weighted-average number of shares outstanding used to compute net loss per share, diluted	47,989,277	47,303,090	47,852,671	47,057,521
Net loss per share attributable to common stockholders, basic	$ (0.25)	$ (0.32)	$ (1.19)	$ (1.1)
Net loss per share attributable to common stockholders, diluted	$ (0.25)	$ (0.32)	$ (1.19)	$ (1.1)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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+ Details

Organization and Description of Business

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

(1) Organization and Description of Business

Xometry, Inc. (“Xometry”, the “Company”, “we”, or “our”) was incorporated in the State of Delaware in May 2013. Xometry is a global online marketplace connecting buyers with suppliers of manufacturing services, transforming one of the largest industries in the world. We use our proprietary technology to create a marketplace that enables buyers to efficiently source manufactured parts and assemblies, and empower suppliers of manufacturing services to grow their businesses. Xometry's corporate headquarters is located in North Bethesda, Maryland.

Our AI-enabled technology platform is powered by proprietary machine learning algorithms and dataset, resulting in a sophisticated two-sided marketplace that is rapidly digitizing the manufacturing industry. As a result, buyers can procure the products they want on demand, and suppliers can source new manufacturing opportunities that match their specific capabilities and capacity. Interactions on our marketplace provide rich data insights that allow us to continuously improve our AI models and create new products and services, fueling powerful network effects as we scale.

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

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

We empower suppliers to grow their manufacturing businesses and improve machine uptime by providing access to an extensive, diverse base of buyers. We also offer suppliers supporting products and services to meet their unique needs. We offer suppliers digital advertising and marketing services and data solutions. In addition, our suite of supplier services includes financial service products to stabilize and enhance cash flow and a cloud-based manufacturing execution system (“Workcenter”) to help suppliers optimize their productivity.

In 2021, we acquired Thomas Publishing Company (“Thomas”) and Fusiform, Inc. (d/b/a FactoryFour) (“FactoryFour”), expanding our basket of supplier services to include advertising and marketing services and Workcenter to help suppliers optimize their productivity.

Basis of Presentation and Summary of Significant accounting Policies - Summary of Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Contract Liabilities, Beginning balance	$ 8,509
Revenue recognized	(151,504)
Payments received in advance	152,633
Acquired contract liabilities	21
Contract Liabilities, Ending balance	$ 9,659

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (56,912)	$ (51,585)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,939	5,716
Impairment of assets	397	444
Reduction in carrying amount of right-of-use asset	13,257	5,351
Stock based compensation	16,222	14,048
Revaluation of contingent consideration	305	434
Income from unconsolidated joint venture	(137)	(100)
Donation of common stock	696	2,272
Losses on marketable securities		1,659
Non-cash income tax benefit		(559)
Loss on sale of property and equipment	92	71
Inventory write-off	223
Amortization of deferred costs on convertible notes	1,396	1,250
Deferred taxes benefit	(66)	(2)
Changes in other assets and liabilities:
Accounts receivable, net	(14,873)	(19,032)
Inventory	(17)	(3,680)
Prepaid expenses	2,335	(1,784)
Other assets	1,395	(3,922)
Accounts payable	640	(240)
Accrued expenses	1,032	5,591
Contract liabilities	1,178	2,777
Lease liabilities	(3,845)	(4,219)
Income taxes payable	160
Net cash used in operating activities	(28,583)	(45,510)
Cash flows from investing activities:
Purchases of marketable securities	(8,630)	(281,897)
Proceeds from sale of marketable securities	30,000	4
Purchases of property and equipment	(12,063)	(9,608)
Proceeds from sale of property and equipment	223	165
Cash paid for business combinations, net of cash acquired	(3,349)
Net cash provided by (used in) investing activities	6,181	(291,336)
Cash flows from financing activities:
Proceeds from stock options exercised	1,428	3,317
Proceeds from issuance of convertible notes		287,500
Costs incurred in connection with issuance of convertible notes		(9,309)
Payments on finance lease obligations		(2)
Net cash provided by financing activities	1,428	281,506
Effect of foreign currency translation on cash and cash equivalents	(315)	(425)
Net decrease in cash and cash equivalents	(21,289)	(55,765)
Cash and cash equivalents at beginning of the year	65,662	86,262
Cash and cash equivalents at end of the period	44,373	30,497
Supplemental cash flow information:
Cash paid for interest	2,875	$ 1,414
Non-cash investing and financing activities:
Non-cash consideration in connection with business combination	$ 1,593

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Segment Revenue	$ 118,927	$ 103,571	$ 335,261	$ 282,857
Segment Losses	(12,023)	(15,037)	(56,921)	(51,602)
U.S.
Segment Reporting Information [Line Items]
Segment Revenue	103,379	94,829	292,715	258,553
Segment Losses	(7,893)	(10,732)	(43,742)	(36,977)
International
Segment Reporting Information [Line Items]
Segment Revenue	15,548	8,742	42,546	24,304
Segment Losses	$ (4,130)	$ (4,305)	$ (13,179)	$ (14,625)

- Definition

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

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- Definition

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

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Taxes [Line Items]
Current income tax expense (benefit)	$ 100,000	$ 0	$ 200,000	$ (600,000)
Estimated annual effective tax rate	(0.45%)		(0.45%)
Operating loss carryforwards subject to expiration					$ 71,900,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards					224,600,000
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards					$ 33,800,000

Credit Concentrations

9 Months Ended

Sep. 30, 2023

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. A majority of the Company’s buyers are located in the United States.

For the three and nine months ended September 30, 2023 and 2022, no single buyer accounted for more than 10% of the Company's revenue. As of September 30, 2023, and December 31, 2022, no single buyer accounted for more than 10% of the Company’s accounts receivable.

Property and Equipment and Long-Lived Assets

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment and Long-Lived Assets

(5) Property and Equipment and Long-Lived Assets

Property and equipment consist of the following as of September 30, 2023 and December 31, 2022 (in thousands):


		September 30,			December 31,
	Useful Life	2023			2022

Technology hardware	3 years	$	3,209		$	2,927
Manufacturing equipment	5 years		3,434			2,892
Capitalized software development	3 years		34,878			24,343
Leasehold improvements	Shorter of useful life or lease term		1,402			1,345
Furniture and fixtures	7 years		2,251			1,705
Total			45,174			33,212
Less accumulated depreciation			(19,485	)		(14,133	)
Property and Equipment, net		$	25,689		$	19,079

Depreciation expense for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	38	$	41	$	120	$	99
Sales and marketing		29		-		33		-
Operations and support		52		15		142		43
Product development		1,252		753		3,872		2,180
General and administrative		200		147		1,008		512
Total depreciation expense	$	1,571	$	956	$	5,175	$	2,834

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 262,898	$ 258,036	$ 254,672
Estimated amortization expense remainder of 2023	900
Estimated amortization expense 2024	3,600
Estimated amortization expense 2025	3,600
Estimated amortization expense 2026	3,200
Estimated amortization expense 2027	2,600
Estimated amortization expense 2028	2,600
Estimated amortization expense thereafter	20,200
U.S.
Goodwill And Intangible Assets [Line Items]
Goodwill	258,000	$ 258,000
International
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 4,900

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Allowance for credit losses, accounts receivable current	$ 2.1	$ 2.0
Preferred stock, par or stated value per share	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par or stated value per share	$ 0.000001	$ 0.000001
Common stock shares authorized	750,000,000	750,000,000
Common stock share issued	45,346,289	44,822,264
Common stock share outstanding	45,346,289	44,822,264
Class B Common Stock
Common stock, par or stated value per share	$ 0.000001	$ 0.000001
Common stock shares authorized	5,000,000	5,000,000
Common stock share issued	2,676,154	2,676,154
Common stock share outstanding	2,676,154	2,676,154

Disaggregated Revenue and Cost of Revenue Information (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue and Cost of Revenue Information

Revenue and cost of revenue is presented in the following tables for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Marketplace	2023		2022		2023		2022
Revenue	$	102,473	$	84,060	$	282,664	$	224,073
Cost of revenue		70,578		58,479		196,240		158,712
Gross Profit	$	31,895	$	25,581	$	86,424	$	65,361

Supplier Services
Revenue	$	16,454	$	19,511	$	52,597	$	58,784
Cost of revenue		2,100		4,191		9,847		12,609
Gross Profit	$	14,354	$	15,320	$	42,750	$	46,175

Debt Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Principal Amount and Carrying Value of Notes

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


	September 30,			December 31,
	2023			2022
Principal	$	287,500			287,500
Unamortized debt discount		(5,750	)		(7,044	)
Unamortized debt issuance costs		(445	)		(547	)
Net carrying value	$	281,305			279,909

Schedule of Interest Expense Related to Notes

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


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2023		2022		2023		2022
Coupon interest	$	718	$	719	$	2,156	$	1,887
Amortization of debt discount		432		432		1,294		1,151
Amortization of transaction costs		34		37		102		99
Total interest expense	$	1,184	$	1,188	$	3,552	$	3,137

Schedule of Carrying Value and Estimated Fair Value of Notes

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


	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	281,305	$	266,487	$	279,909	$	257,671

(1) At December 31, 2022, the fair value is estimated using a discounted cash flow analysis, using interest rate that we believe are offered for similar borrowings (a Level 3 measurement). As of September 30, 2023, the fair value of the 2027 Notes was measured using Level 2 inputs based on the frequency of trading on our debt at the end of the quarter.

Schedule of Restructuring Related Employee Termination Benefits

The following table shows the total amount incurred and the liability, which was recorded in accrued expenses in the Condensed Consolidated Balance Sheets, for restructuring-related employee termination benefits as of December 31, 2022 and September 30, 2023 (in thousands):


	Employee Termination Benefits

Accrued restructuring costs as of December 31, 2022	$	1,549
Restructuring costs incurred during the nine months ended September 30, 2023		738
Amount paid during the period ended September 30, 2023		(2,228	)
Accrued restructuring costs as of September 30, 2023	$	59

Schedule of Total Restructuring Costs

The following table shows the total restructuring costs incurred during the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022

Sales and marketing	$	-	$	-	$	224	$	-
Operations and support		-		-		230		-
Product development		-		-		117		-
General and administrative		-		-		167		-
Total restructure charge	$	-	$	-	$	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.

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+ Details

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite Lived Intangible Assets [Line Items]
Amortization Expense	$ 816	$ 953	$ 2,493	$ 2,882
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization Expense	767	776	2,347	2,326
Product Development
Finite Lived Intangible Assets [Line Items]
Amortization Expense	42	86	126	257
General and Administrative
Finite Lived Intangible Assets [Line Items]
Amortization Expense	$ 7	$ 91	$ 20	$ 299

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,023)	$ (15,037)	$ (56,921)	$ (51,602)

- Definition

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

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Disaggregated Revenue and Cost of Revenue Information

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue and Cost of Revenue Information

(8) Disaggregated Revenue and Cost of Revenue Information

The following table present our revenue and cost of revenue disaggregated by line of business. Revenue from our marketplace primarily reflects the sales of parts and assemblies on our platform. Revenue from supplier services primarily includes the sale of advertising and to a lesser extent supplies, financial service products and SaaS products.

Revenue and cost of revenue is presented in the following tables for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Marketplace	2023		2022		2023		2022
Revenue	$	102,473	$	84,060	$	282,664	$	224,073
Cost of revenue		70,578		58,479		196,240		158,712
Gross Profit	$	31,895	$	25,581	$	86,424	$	65,361

Supplier Services
Revenue	$	16,454	$	19,511	$	52,597	$	58,784
Cost of revenue		2,100		4,191		9,847		12,609
Gross Profit	$	14,354	$	15,320	$	42,750	$	46,175

- 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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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions

The weighted average assumptions for the nine months ended September 30, 2023 and 2022 are provided in the following table.


	Nine Months Ended September 30,
	2023			2022
Valuation assumptions:
Expected dividend yield	—%			—%
Expected volatility		80	%		66	%
Expected term (years)		6.3			6.0
Risk-free interest rate		3.8	%		1.9	%
Fair value of share	$	15.82		$	34.86

Summary of Stock Option Activity

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2023, are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value

Exercisable at December 31, 2022		1,391,047			6.09		7.2	$	36.4
Balance at December 31, 2022		2,841,419			11.33		7.7		61.4
Granted		428,278			15.82		—		—
Exercised		(189,404	)		7.19		—		—
Forfeited		(141,900	)		18.65		—		—
Expired		(7,301	)		24.46		—		—
Balance at September 30, 2023		2,931,092			11.87		7.3		21.8
Exercisable at September 30, 2023		1,796,986			8.50		6.6		17.7

Summary of Restricted Stock Unit Activity

A summary of the status of the Company’s restricted stock unit activity and the changes during the nine months ended September 30, 2023 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		1,357,297			16.27		—
Vested		(278,149	)		42.24		—
Forfeited and cancelled		(275,321	)		33.92		—
Unvested RSUs as of September 30, 2023		1,679,729			23.73		28.5

Schedule of Total Stock-based Compensation Costs

Total stock-based compensation cost for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Sales and marketing	$	1,216	$	1,135	$	3,453	$	3,071
Operations and support		1,955		1,715		5,690		4,879
Product development		1,424		1,097		3,890		3,119
General and administrative		1,135		1,166		3,189		2,979
Total stock compensation expense	$	5,730	$	5,113	$	16,222	$	14,048

Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Segment Information

The following tables reflect certain segment information for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Segment Revenue
U.S.	$	103,379	$	94,829	$	292,715	$	258,553
International		15,548		8,742		42,546		24,304
Total	$	118,927	$	103,571	$	335,261	$	282,857


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Segment Losses
U.S.	$	(7,893	)	$	(10,732	)	$	(43,742	)	$	(36,977	)
International		(4,130	)		(4,305	)		(13,179	)		(14,625	)
Total	$	(12,023	)	$	(15,037	)	$	(56,921	)	$	(51,602	)

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	XOMETRY, INC.
Entity Central Index Key	0001657573
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-40546
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0415449
Entity Address, Address Line One	6116 Executive Blvd
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	North Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	240
Local Phone Number	335-7914
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,394,804
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.000001 per share
Trading Symbol	XMTR
Security Exchange Name	NASDAQ

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(15) Goodwill and Intangible Assets

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


	September 30, 2023
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount

Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,600	$	4,422	$	32,178
Trade Names		10		800		145		655
Developed Technology		5		740		307		433
Vendor Relationships		15		1,277		314		963
Database		5		2,400		870		1,530
Patents		17		157		49		108
Subtotal intangible assets				41,974		6,107		35,867
In-place Lease Intangible Asset		4		568		251		317
Above Market Lease Intangible Asset		4		896		402		494
Total intangible assets			$	43,438	$	6,760	$	36,678


	December 31, 2022
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,652	$	2,638	$	34,014
Trade Names		10		841		97		744
Developed Technology		5		739		182		557
Vendor Relationships		15		1,267		299		968
Database		5		2,400		510		1,890
Patents		17		157		42		115
Subtotal intangible assets				42,056		3,768		38,288
In-place Lease Intangible Asset		4		548		143		405
Above Market Lease Intangible Asset		4		896		238		658
Total intangible assets			$	43,500	$	4,149	$	39,351

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



	2023			2022

Balance as of January 1:
Gross goodwill	$	261,110		$	257,746
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		258,036			254,672
Goodwill acquired during the year(1)		4,836			3,364
Impact of foreign exchange		26			—
Net goodwill as of September 30, 2023, and December 31, 2022	$	262,898		$	258,036

(1) See Note 7 - Acquisitions.

As of September 30, 2023 and December 31, 2022, Xometry had $262.9 million and $258.0 million, respectively of goodwill. As of September 30, 2023, $258.0 million is part of Xometry’s U.S. operating segment and $4.9 million is part of Xometry’s International operating segment. As of December 31, 2022, $258.0 million is part of Xometry's U.S. operating segment.

As of September 30, 2023, estimated amortization expense for intangible assets for the remainder of 2023 and the next five years is: $0.9 million in 2023, $3.6 million in 2024, $3.6 million in 2025, $3.2 million in 2026, $2.6 million in 2027, $2.6 million in 2028 and $20.2 million thereafter.

Amortization expense for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Sales and marketing	$	767		776	$	2,347		2,326
Product development		42		86		126		257
General and administrative (1)		7		91		20		299
Total	$	816	$	953	$	2,493	$	2,882

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

Basis of Presentation and Summary of Significant accounting Policies - Summary of Allowance for Credit Losses Related to Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year, January 1	$ 1,988	$ 809
Charge to provision accounts	1,527	1,324
Write-offs or other	(1,369)	(145)
Balance at period end, September 30 and December 31, respectively	$ 2,146	$ 1,988

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 43,438	$ 43,500
Accumulated amortization	6,760	4,149
Net carrying amount	$ 36,678	$ 39,351
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 36,600	$ 36,652
Accumulated amortization	4,422	2,638
Net carrying amount	$ 32,178	$ 34,014
Trade Names
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	10 years	10 years
Gross carrying amount	$ 800	$ 841
Accumulated amortization	145	97
Net carrying amount	$ 655	$ 744
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	307	182
Net carrying amount	$ 433	$ 557
Vendor Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 1,277	$ 1,267
Accumulated amortization	314	299
Net carrying amount	$ 963	$ 968
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	870	510
Net carrying amount	$ 1,530	$ 1,890
Patents
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	17 years	17 years
Gross carrying amount	$ 157	$ 157
Accumulated amortization	49	42
Net carrying amount	108	115
Subtotal
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	41,974	42,056
Accumulated amortization	6,107	3,768
Net carrying amount	$ 35,867	$ 38,288
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	$ 548
Accumulated amortization	251	143
Net carrying amount	$ 317	$ 405
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	402	238
Net carrying amount	$ 494	$ 658

Investment in Unconsolidated Joint Venture

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

(9) Investment in Unconsolidated Joint Venture

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

The Company receives dividends from IM, LLC, which are recorded as a reduction to the Company's investment in unconsolidated joint venture on our Condensed Consolidated Balance Sheets. For the three months ended September 30, 2023 and 2022 the Company received dividends of $0.2 million and $0.3 million, respectively, and for the nine months ended September 30, 2023 and 2022 the Company received dividends of $0.3 million and $0.5 million, respectively. The Company recorded expense to IM, LLC of $0.1 million and $0.1 million, respectively for the three months ended September 30, 2023 and 2022 and $0.2 million and $0.1 million, respectively, for the nine months ended September 30, 2023 and 2022.

Debt Commitments and Contingencies - Schedule of Carrying Value and Estimated Fair Value of Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value	$ 281,305	$ 279,909
2027 Notes
Debt Instrument [Line Items]
Carrying Value	281,305	279,909
2027 Notes \| Level 2
Debt Instrument [Line Items]
Fair Value	$ 266,487
2027 Notes \| Level 3
Debt Instrument [Line Items]
Fair Value		$ 257,671

- 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
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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(11) Income Taxes

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

The Company had $0.1 million of income tax expense for the three months ended September 30, 2023, as compared to zero income tax expense/benefit in the U.S. for the three months ended September 30, 2022. During the nine months ended September 30, 2023, the Company had $0.2 million of income tax expense in the U.S. The Company had an approximate $0.6 million income tax benefit during the same time period in 2022. This estimated annual effective tax rate of (0.45%), 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.

Net Operating Loss and Credit Carryforwards

As of December 31, 2022, the Company has net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes, and similar state amounts, of approximately $224.6 million available to reduce future income subject to income taxes before limitations. As of December 31, 2022, the Company had a net operating loss carryforward for tax purposes related to its foreign subsidiaries of $33.8 million. U.S. federal net operating carryforwards generated prior to 2018 in the approximate amount of $71.9 million will begin to expire, if not utilized, in 2023. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net loss	$	(12,010	)	$	(15,041	)	$	(56,912	)	$	(51,585	)
Net (loss) income attributable to noncontrolling interest		13			(4	)		9			17
Net loss attributable to common stockholders	$	(12,023	)	$	(15,037	)	$	(56,921	)	$	(51,602	)

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		47,989,277			47,303,090			47,852,671			47,057,521
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(0.25	)	$	(0.32	)	$	(1.19	)	$	(1.10	)

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

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


	September 30,
	2023		2022
Stock options outstanding		2,931,092		2,865,598
Unvested restricted stock units		1,679,729		841,153
Warrants outstanding		87,784		87,784
Shares reserved for charitable contribution		261,727		301,993
Convertible notes		5,123,624		5,123,624
Total shares		10,083,956		9,220,152

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

9 Months Ended

Sep. 30, 2023

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):



	2023			2022

Allowance for credit losses
Balance at beginning of year, January 1	$	1,988		$	809
Charge to provision accounts		1,527			1,324
Write-offs or other		(1,369	)		(145	)
Balance at period end, September 30 and December 31, respectively	$	2,146		$	1,988

Summary of Contract Liabilities

The following table presents contract liabilities as of December 31, 2022 and September 30, 2023 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2022	$	8,509
Revenue recognized		(151,504	)
Payments received in advance		152,633
Acquired contract liabilities		21
Contract liabilities at September 30, 2023	$	9,659

Inventory (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

Inventory consists of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30,		December 31,
	2023		2022

Raw materials	$	171	$	119
Work-in-progress		685		675
Tools inventory		-		477
Finished goods		453		300
Total	$	1,309	$	1,571

Acquisition

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Acquisition

(7) Acquisition

Tridi

On January 2, 2023, the Company acquired Tridi Teknoloj A.S. (“Tridi”) located in Istanbul, Türkiye pursuant to a Share Purchase Agreement. The acquisition of Tridi extends the Company's marketplace capabilities in Europe and provides the Company with access to the Turkish market. The Company accounted for the acquisition as a business combination. The goodwill of $4.8 million arising from the acquisition of Tridi related to expected synergies including access to the Turkish market and an established supplier network. The goodwill is included in our International reporting segment and is not deductible for tax purposes. The aggregate non-contingent portion of the purchase price was approximately $3.8 million in cash, of which approximately $0.4 million was withheld and will be paid in a future period. In addition, the purchase price included a contingent consideration arrangement to the former owner of Tridi up to a maximum amount of $1.25 million (undiscounted) in shares of the Company’s Class A common stock in two installments on the first and second anniversary of the acquisition. The contingent consideration arrangement is tied to the achievement of revenue thresholds. The initial fair value of the contingent consideration of $0.9 million was estimated by applying an income valuation approach. The measurement is based on inputs that are not observable in the market (Level 3 inputs). Key assumptions made include (a) discount rate and (b) probability weighted assumptions about achieving revenue thresholds.

During the second quarter of 2023, the Company recognized measurement period adjustments related to the initial fair value of the intangible asset. The Company reduced the fair value of the intangible asset from $0.6 million to $0.1 million, which resulted in $0.5 million of additional goodwill. The Company completed its valuation of the acquired assets and liabilities during the third quarter of 2023.

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


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

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

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

Tridi’s results of operations were included in the Company's consolidated financial statements from the date of acquisition, January 2, 2023. The acquisition of Tridi was not considered material to the Company for the periods presented, and therefore, proforma information has not been presented.

Insider Trading Arrangements

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

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

Type of Trading Arrangement

Name and Position

Action

Adoption/Termination Date

Rule 10b5-1*

Non-Rule 10b5-1**

Total Shares of Class A Common Stock to be Sold

Total Shares of Class A Common Stock to be Purchased

Expiration Date

James Rallo                                                              Chief Financial Officer

Adopted

8/15/2023

X

-

135,669

-

11/20/2025

Emily Rollins                                                            Director

Adopted

9/1/2023

X

-

6,000

-

5/31/2024

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

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

James Rallo [Member]

Trading Arrangements, by Individual

Name

James Rallo

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

8/15/2023

Termination Date

11/20/2025

Aggregate Available

135,669

Emily Rollins [Member]

Trading Arrangements, by Individual

Name

Emily Rollins

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

9/1/2023

Termination Date

5/31/2024

Aggregate Available

6,000

Stock Based Compensation - Schedule of Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	80.00%	66.00%
Expected term (years)	6 years 3 months 18 days	6 years
Risk-free interest rate	3.80%	1.90%
Fair value of share	$ 15.82	$ 34.86

Property and Equipment and Long-Lived Assets - Summary of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property Plant And Equipment [Line Items]
Depreciation expense	$ 1,571	$ 956	$ 5,175	$ 2,834
Cost of Revenue
Property Plant And Equipment [Line Items]
Depreciation expense	38	41	120	99
Sales and Marketing
Property Plant And Equipment [Line Items]
Depreciation expense	29		33
Operations and Support
Property Plant And Equipment [Line Items]
Depreciation expense	52	15	142	43
Product Development
Property Plant And Equipment [Line Items]
Depreciation expense	1,252	753	3,872	2,180
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation expense	$ 200	$ 147	$ 1,008	$ 512

Credit Concentrations - Additional Information (Details) - Customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%	0	0	0	0
Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%			0		0

Disaggregated Revenue and Cost of Revenue Information - Schedule of Disaggregated Revenue and Cost of Revenue Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 118,927	$ 103,571	$ 335,261	$ 282,857
Cost of revenue	72,678	62,670	206,087	171,321
Gross profit	46,249	40,901	129,174	111,536
Marketplace
Disaggregation of Revenue [Line Items]
Revenue	102,473	84,060	282,664	224,073
Cost of revenue	70,578	58,479	196,240	158,712
Gross profit	31,895	25,581	86,424	65,361
Supplier Services
Disaggregation of Revenue [Line Items]
Revenue	16,454	19,511	52,597	58,784
Cost of revenue	2,100	4,191	9,847	12,609
Gross profit	$ 14,354	$ 15,320	$ 42,750	$ 46,175

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

- Definition

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

Investment in Unconsolidated Joint Venture - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Advertising expense	$ 7.7	$ 8.3	$ 23.4	$ 23.3
Industrial Media, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%		50.00%
Advertising expense	$ 0.1	0.1	$ 0.2	0.1
Dividends received	$ 0.2	$ 0.3	$ 0.3	$ 0.5
Rich Media Group, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%		50.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 44,373	$ 65,662
Marketable securities	232,400	253,770
Accounts receivable, less allowance for credit losses of $2.1 million and $2.0 million as of September 30, 2023 and December 31, 2022	63,974	49,188
Inventory	1,309	1,571
Prepaid expenses	4,898	7,591
Other current assets	10,309	12,273
Total current assets	357,263	390,055
Property and equipment, net	25,689	19,079
Operating lease right-of-use assets	13,337	25,923
Investment in unconsolidated joint venture	4,205	4,068
Intangible assets, net	36,678	39,351
Goodwill	262,898	258,036
Other assets	459	413
Total assets	700,529	736,925
Current liabilities:
Accounts payable	13,326	12,437
Accrued expenses	35,113	33,430
Contract liabilities	9,659	8,509
Income taxes payable	2,956	3,956
Operating lease liabilities, current portion	6,736	5,471
Total current liabilities	67,790	63,803
Convertible notes	281,305	279,909
Operating lease liabilities, net of current portion	12,675	16,940
Deferred income taxes	363	429
Other liabilities	1,499	1,011
Total liabilities	363,632	362,092
Commitments and contingencies (Note 13)
Stockholders' equity
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
Additional paid-in capital	641,607	623,081
Accumulated other comprehensive income	442	28
Accumulated deficit	(306,287)	(249,366)
Total stockholders' equity	335,762	373,743
Noncontrolling interest	1,135	1,090
Total equity	336,897	374,833
Total liabilities and stockholders' equity	700,529	736,925
Class A Common Stock
Stockholders' equity
Common stock
Class B Common Stock
Stockholders' equity
Common stock

Property and Equipment and Long-Lived Assets - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total	$ 45,174	$ 33,212
Less accumulated depreciation	(19,485)	(14,133)
Property and Equipment, net	25,689	19,079
Technology Hardware
Property Plant And Equipment [Line Items]
Total	$ 3,209	2,927
Property and equipment, Useful life	3 years
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	$ 3,434	2,892
Property and equipment, Useful life	5 years
Capitalized Software Development
Property Plant And Equipment [Line Items]
Total	$ 34,878	24,343
Property and equipment, Useful life	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	$ 1,402	1,345
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	$ 2,251	$ 1,705
Property and equipment, Useful life	7 years

Debt Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt Commitments and Contingencies

(13) Debt Commitments and Contingencies

2027 Convertible Notes

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

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

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

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

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

•

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

•

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

•

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

•

on the occurrence of specified corporate events.

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

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

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

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


	September 30,			December 31,
	2023			2022
Principal	$	287,500			287,500
Unamortized debt discount		(5,750	)		(7,044	)
Unamortized debt issuance costs		(445	)		(547	)
Net carrying value	$	281,305			279,909

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


	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2023		2022		2023		2022
Coupon interest	$	718	$	719	$	2,156	$	1,887
Amortization of debt discount		432		432		1,294		1,151
Amortization of transaction costs		34		37		102		99
Total interest expense	$	1,184	$	1,188	$	3,552	$	3,137

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


	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2027 Notes(1)	$	281,305	$	266,487	$	279,909	$	257,671

Contingencies

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

Restructuring

In December 2022 and May 2023, the Company reduced its workforce to help manage its operating expenses. During the three months ended September 30, 2023, the Company incurred no employee termination costs. During the nine months ended September 30, 2023, the Company incurred $0.7 million for employee termination costs related to the May 2023 restructuring.


	Employee Termination Benefits

Accrued restructuring costs as of December 31, 2022	$	1,549
Restructuring costs incurred during the nine months ended September 30, 2023		738
Amount paid during the period ended September 30, 2023		(2,228	)
Accrued restructuring costs as of September 30, 2023	$	59

The following table shows the total restructuring costs incurred during the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022

Sales and marketing	$	-	$	-	$	224	$	-
Operations and support		-		-		230		-
Product development		-		-		117		-
General and administrative		-		-		167		-
Total restructure charge	$	-	$	-	$	738	$	-

Exit from the Supplies Business

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

Defined Contribution Plans

The Company sponsors a defined contribution plan for qualifying employees, including a 401(k) Plan in the United States to which it makes matching contributions of 50% of participating employee contributions up to 6% of eligible income. The Company's total matching contribution to the 401(k) Plan was $0.5 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively, and was $1.6 million and $1.1 million for the nine months ended September 30, 2023 and 2022, 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt Commitments and Contingencies - Summary of Total Restructuring Costs (Details) - Employee Termination Benefits $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Total restructure charge	$ 738
Sales and Marketing
Restructuring Cost and Reserve [Line Items]
Total restructure charge	224
Operations and Support
Restructuring Cost and Reserve [Line Items]
Total restructure charge	230
Product Development
Restructuring Cost and Reserve [Line Items]
Total restructure charge	117
General and Administrative
Restructuring Cost and Reserve [Line Items]
Total restructure charge	$ 167

- 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

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest	Class A - Common Stock	Class B - Common Stock
Balance at Dec. 31, 2021	$ 425,483	$ 597,641	$ 149	$ (173,341)	$ 424,449	$ 1,034
Balance, Shares at Dec. 31, 2021							43,998,404	2,676,154
Exercise of common stock options	3,317	3,317			3,317
Exercise of common stock options, Shares							662,606
Donated common stock	2,272	2,272			2,272
Donated common stock, Shares							60,399
Stock based compensation	14,048	14,048			14,048
Comprehensive income:
Foreign currency translation	(573)		(641)		(641)	68
Net (loss) income	(51,585)			(51,602)	(51,602)	17
Comprehensive loss	(52,158)				(52,243)	85
Balance at Sep. 30, 2022	392,962	617,278	(492)	(224,943)	391,843	1,119
Balance, Shares at Sep. 30, 2022							44,721,409	2,676,154
Balance at Jun. 30, 2022	401,615	610,331	85	(209,906)	400,510	1,105
Balance, Shares at Jun. 30, 2022							44,545,080	2,676,154
Exercise of common stock options	847	847			847
Exercise of common stock options, Shares							156,196
Donated common stock	987	987			987
Donated common stock, Shares							20,133
Stock based compensation	5,113	5,113			5,113
Comprehensive income:
Foreign currency translation	(559)		(577)		(577)	18
Net (loss) income	(15,041)			(15,037)	(15,037)	(4)
Comprehensive loss	(15,600)				(15,614)	14
Balance at Sep. 30, 2022	392,962	617,278	(492)	(224,943)	391,843	1,119
Balance, Shares at Sep. 30, 2022							44,721,409	2,676,154
Balance at Dec. 31, 2022	374,833	623,081	28	(249,366)	373,743	1,090
Balance, Shares at Dec. 31, 2022							44,822,264	2,676,154
Exercise of common stock options	$ 1,428	1,428			1,428
Exercise of common stock options, Shares	189,404						202,423
Vesting of restricted stock units,shares							277,774
Shared issued in business combination	$ 180	180			180
Shared issued in business combination, Shares							3,562
Donated common stock	696	696			696
Donated common stock, Shares							40,266
Stock based compensation	16,222	16,222			16,222
Comprehensive income:
Foreign currency translation	450		414		414	36
Net (loss) income	(56,912)			(56,921)	(56,921)	9
Comprehensive loss	(56,462)				(56,507)	45
Balance at Sep. 30, 2023	336,897	641,607	442	(306,287)	335,762	1,135
Balance, Shares at Sep. 30, 2023							45,346,289	2,676,154
Balance at Jun. 30, 2023	342,476	635,267	359	(294,264)	341,362	1,114
Balance, Shares at Jun. 30, 2023							45,243,447	2,676,154
Exercise of common stock options	284	284			284
Exercise of common stock options, Shares							33,516
Vesting of restricted stock units,shares							49,193
Donated common stock	326	326			326
Donated common stock, Shares							20,133
Stock based compensation	5,730	5,730			5,730
Comprehensive income:
Foreign currency translation	91		83		83	8
Net (loss) income	(12,010)			(12,023)	(12,023)	13
Comprehensive loss	(11,919)				(11,940)	21
Balance at Sep. 30, 2023	$ 336,897	$ 641,607	$ 442	$ (306,287)	$ 335,762	$ 1,135
Balance, Shares at Sep. 30, 2023							45,346,289	2,676,154

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

(12) Net Loss Per Share Attributable to Common Stockholders

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net loss	$	(12,010	)	$	(15,041	)	$	(56,912	)	$	(51,585	)
Net (loss) income attributable to noncontrolling interest		13			(4	)		9			17
Net loss attributable to common stockholders	$	(12,023	)	$	(15,037	)	$	(56,921	)	$	(51,602	)

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		47,989,277			47,303,090			47,852,671			47,057,521
Net loss per share attributable to common stockholders, basic and diluted, of Class A and Class B common stock	$	(0.25	)	$	(0.32	)	$	(1.19	)	$	(1.10	)


	September 30,
	2023		2022
Stock options outstanding		2,931,092		2,865,598
Unvested restricted stock units		1,679,729		841,153
Warrants outstanding		87,784		87,784
Shares reserved for charitable contribution		261,727		301,993
Convertible notes		5,123,624		5,123,624
Total shares		10,083,956		9,220,152

Debt Commitments and Contingencies - Schedule of Restructuring Related Employee Termination Benefits (Details) - Employee Termination Benefits $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Accrued restructuring costs as of December 31, 2022	$ 1,549
Restructuring costs incurred during the nine months ended September 30, 2023	738
Amount paid during the period ended September 30, 2023	(2,228)
Accrued restructuring costs as of September 30, 2023	$ 59

- Definition

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

+ References + Details

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted	$ 11.37	$ 21.08
Intrinsic value of options exercised	$ 2.5	$ 22.0
Stock options granted to purchase shares of common stock	428,278
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock options granted	$ 16.0
Cost is expected to be recognized over weighted average period	2 years
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	5,953,225
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	$ 34.3

Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segments

(14) Segments

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

The following tables reflect certain segment information for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Segment Revenue
U.S.	$	103,379	$	94,829	$	292,715	$	258,553
International		15,548		8,742		42,546		24,304
Total	$	118,927	$	103,571	$	335,261	$	282,857


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Segment Losses
U.S.	$	(7,893	)	$	(10,732	)	$	(43,742	)	$	(36,977	)
International		(4,130	)		(4,305	)		(13,179	)		(14,625	)
Total	$	(12,023	)	$	(15,037	)	$	(56,921	)	$	(51,602	)

- 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 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Acquisition (Tables)

9 Months Ended

Sep. 30, 2023

Tridi

Business Acquisition [Line Items]

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

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


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

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

Debt Commitments and Contingencies - Schedule of Outstanding Principal Amount and Carrying Value of Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net carrying value	$ 281,305	$ 279,909
2027 Notes
Debt Instrument [Line Items]
Principal	287,500	287,500
Unamortized debt discount	(5,750)	(7,044)
Unamortized debt issuance costs	(445)	(547)
Net carrying value	$ 281,305	$ 279,909

- 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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	10,083,956	9,220,152
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	2,931,092	2,865,598
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	1,679,729	841,153
Warrants Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	87,784	87,784
Shares Reserved for Charitable Contribution
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	261,727	301,993
Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	5,123,624	5,123,624

Stock Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

(10) Stock Based Compensation

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

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

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

As of September 30, 2023, there were 5,953,225 shares available for the Company to grant under the 2021 Equity Incentive Plan.

Stock Options

The weighted average assumptions for the nine months ended September 30, 2023 and 2022 are provided in the following table.


	Nine Months Ended September 30,
	2023			2022
Valuation assumptions:
Expected dividend yield	—%			—%
Expected volatility		80	%		66	%
Expected term (years)		6.3			6.0
Risk-free interest rate		3.8	%		1.9	%
Fair value of share	$	15.82		$	34.86

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2023, are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value

Exercisable at December 31, 2022		1,391,047			6.09		7.2	$	36.4
Balance at December 31, 2022		2,841,419			11.33		7.7		61.4
Granted		428,278			15.82		—		—
Exercised		(189,404	)		7.19		—		—
Forfeited		(141,900	)		18.65		—		—
Expired		(7,301	)		24.46		—		—
Balance at September 30, 2023		2,931,092			11.87		7.3		21.8
Exercisable at September 30, 2023		1,796,986			8.50		6.6		17.7

The weighted average grant date fair value of options granted during the nine months ended September 30, 2023 and 2022, was $11.37 and $21.08, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022, was $2.5 million and $22.0 million, respectively.

At September 30, 2023, there was approximately $16.0 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted average period of approximately two years as of September 30, 2023.

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

Restricted Stock Units


	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		1,357,297			16.27		—
Vested		(278,149	)		42.24		—
Forfeited and cancelled		(275,321	)		33.92		—
Unvested RSUs as of September 30, 2023		1,679,729			23.73		28.5

At September 30, 2023, there was approximately $34.3 million of total unrecognized compensation cost related to unvested restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of approximately three years as of September 30, 2023.

Total stock-based compensation cost for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Sales and marketing	$	1,216	$	1,135	$	3,453	$	3,071
Operations and support		1,955		1,715		5,690		4,879
Product development		1,424		1,097		3,890		3,119
General and administrative		1,135		1,166		3,189		2,979
Total stock compensation expense	$	5,730	$	5,113	$	16,222	$	14,048

Property and Equipment and Long-Lived Assets (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment

Property and equipment consist of the following as of September 30, 2023 and December 31, 2022 (in thousands):


		September 30,			December 31,
	Useful Life	2023			2022

Technology hardware	3 years	$	3,209		$	2,927
Manufacturing equipment	5 years		3,434			2,892
Capitalized software development	3 years		34,878			24,343
Leasehold improvements	Shorter of useful life or lease term		1,402			1,345
Furniture and fixtures	7 years		2,251			1,705
Total			45,174			33,212
Less accumulated depreciation			(19,485	)		(14,133	)
Property and Equipment, net		$	25,689		$	19,079

Summary of Depreciation Expense

Depreciation expense for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	38	$	41	$	120	$	99
Sales and marketing		29		-		33		-
Operations and support		52		15		142		43
Product development		1,252		753		3,872		2,180
General and administrative		200		147		1,008		512
Total depreciation expense	$	1,571	$	956	$	5,175	$	2,834

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) Lease	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use lease assets			$ 13,337	$ 25,923
General and Administrative
Lessee, Lease, Description [Line Items]
One time additional charge of operating leases expense	$ 8,700
Two New Office Leases in Lyon, France and Istanbul, Turkey
Lessee, Lease, Description [Line Items]
Operating lease right-of-use lease assets		$ 300
Operating lease, liability		$ 300
Number of new leases \| Lease		2
Exercise An Extension Option In An Existing Lease
Lessee, Lease, Description [Line Items]
Operating lease right-of-use lease assets	500
Operating lease, liability	$ 500

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Operating Lease Expense

Operating lease expense for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Cost of revenue	$	18	$	23	$	54	$	60
General and administrative		1,171		1,518		13,802		4,446
Total operating lease expense	$	1,189	$	1,541	$	13,856	$	4,506

Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested RSUs as of December 31, 2022 \| shares	875,902
Number of Shares, Granted \| shares	1,357,297
Number of Shares, Vested \| shares	(278,149)
Number of Shares, Forfeited and cancelled \| shares	(275,321)
Number of Shares, Unvested RSUs as of September 30, 2023 \| shares	1,679,729
Weighted Average Grant Date fair value (per share), Unvested RSUs as of December 31, 2022 \| $ / shares	$ 44.37
Weighted Average Grant Date fair value (per share), Granted \| $ / shares	16.27
Weighted Average Grant Date fair value (per share), Vested \| $ / shares	42.24
Weighted Average Grant Date fair value (per share) - Forfeited and cancelled \| $ / shares	33.92
Weighted Average Grant Date fair value (per share), Unvested RSUs as of September 30, 2023 \| $ / shares	$ 23.73
Unvested RSUs as of December 31, 2022 \| $	$ 28.2
Unvested RSUs as of September 30, 2023 \| $	$ 28.5

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity month and year of incorporation	2013-05

Debt Commitments and Contingencies - Schedule of Interest Expense Related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Total interest expense	$ 1,205	$ 1,194	$ 3,596	$ 3,172
2027 Notes
Debt Instrument [Line Items]
Coupon interest	718	719	2,156	1,887
Amortization of debt discount	432	432	1,294	1,151
Amortization of transaction costs	34	37	102	99
Total interest expense	$ 1,184	$ 1,188	$ 3,552	$ 3,137

- Definition

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

+ References

+ Details

Stock Based Compensation - Schedule of Total Stock-based Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 5,730	$ 5,113	$ 16,222	$ 14,048
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	1,216	1,135	3,453	3,071
Operations and Support
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	1,955	1,715	5,690	4,879
Product Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	1,424	1,097	3,890	3,119
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 1,135	$ 1,166	$ 3,189	$ 2,979

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1,189	$ 1,541	$ 13,856	$ 4,506
Cost of Revenue
Lessee, Lease, Description [Line Items]
Operating lease expense	18	23	54	60
General and Administrative
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 1,171	$ 1,518	$ 13,802	$ 4,446

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

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

Foreign Operations and Comprehensive Loss

Noncontrolling Interest

Use of Estimates

(b)

Use of Estimates

Business Combinations

(c)

Business Combinations

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.

Marketable Securities

(e)

Marketable Securities

Accounts Receivable

(f)

Accounts Receivable

Allowance For Credit Losses

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



	2023			2022

Allowance for credit losses
Balance at beginning of year, January 1	$	1,988		$	809
Charge to provision accounts		1,527			1,324
Write-offs or other		(1,369	)		(145	)
Balance at period end, September 30 and December 31, respectively	$	2,146		$	1,988

Property and Equipment and Long-Lived Assets

(g)

Property and Equipment and Long-Lived Assets

Goodwill

(h)

Goodwill

Revenue

(i)

Revenue

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

Contract Liabilities

The following table presents contract liabilities as of December 31, 2022 and September 30, 2023 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2022	$	8,509
Revenue recognized		(151,504	)
Payments received in advance		152,633
Acquired contract liabilities		21
Contract liabilities at September 30, 2023	$	9,659

During the nine months ended September 30, 2023, the Company recognized approximately $8.0 million of revenue related to its contract liabilities at December 31, 2022.

Sales Contract Acquisition Costs

Cost of Revenue

(j)

Cost of Revenue

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

Leases

(k)

Leases

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

Sales and Marketing

(l)

Sales and Marketing

Operations and Support

(m)

Operations and Support

Product Development

(n)

Product Development

General and Administrative

(o)

General and Administrative

Stock Based Compensation

(p)

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

(q)

Net Loss Per Share

Recently Issued Accounting Standards

(r)

Recently Issued Accounting Standards

Acquisition - Additional Information (Details) - Tridi Teknoloj A S Member - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 02, 2023	Jun. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Goodwill acquired during period	$ 4,800	$ 500
Aggregate non-contingent portion of purchase price	3,800
Aggregate non-contingent portion of purchase price withheld for future payment	400
Initial fair value of contingent consideration	900
Business combination contingent consideration liability payment description			In addition, the purchase price included a contingent consideration arrangement to the former owner of Tridi up to a maximum amount of $1.25 million (undiscounted) in shares of the Company’s Class A common stock in two installments on the first and second anniversary of the acquisition.
Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 1,250
Fair value of intangible asset		600
Minimum
Business Acquisition [Line Items]
Fair value of intangible asset		$ 100
Vendor Relationships
Business Acquisition [Line Items]
Acquired intangible assets, useful life	10 years

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 118,927	$ 103,571	$ 335,261	$ 282,857
Cost of revenue	72,678	62,670	206,087	171,321
Gross profit	46,249	40,901	129,174	111,536
Sales and marketing	23,210	21,416	68,315	58,846
Operations and support	12,622	11,620	39,450	36,158
Product development	8,523	7,613	25,570	22,698
General and administrative	14,940	15,126	56,479	43,143
Impairment of assets	151	325	397	444
Total operating expenses	59,446	56,100	190,211	161,289
Loss from operations	(13,197)	(15,199)	(61,037)	(49,753)
Other income (expenses)
Interest expense	(1,205)	(1,194)	(3,596)	(3,172)
Interest and dividend income	2,994	1,344	8,648	1,914
Other expenses	(597)	(289)	(1,156)	(1,733)
Income from unconsolidated joint venture	134	297	437	600
Total other income (expenses)	1,326	158	4,333	(2,391)
Loss before income taxes	(11,871)	(15,041)	(56,704)	(52,144)
(Provision) benefit for income taxes	(139)		(208)	559
Net loss	(12,010)	(15,041)	(56,912)	(51,585)
Net (loss) income attributable to noncontrolling interest	13	(4)	9	17
Net loss attributable to common stockholders	(12,023)	(15,037)	(56,921)	(51,602)
Comprehensive income:
Foreign currency translation	91	(559)	450	(573)
Total other comprehensive income (loss)	91	(559)	450	(573)
Net loss	(12,010)	(15,041)	(56,912)	(51,585)
Comprehensive loss	(11,919)	(15,600)	(56,462)	(52,158)
Comprehensive income attributable to noncontrolling interest	21	14	45	85
Total comprehensive loss attributable to common stockholders	$ (11,940)	$ (15,614)	$ (56,507)	$ (52,243)
Common Class A and Class B [Member]
Earnings Per Share [Abstract]
Net loss per share, basic	$ (0.25)	$ (0.32)	$ (1.19)	$ (1.1)
Net loss per share, diluted	$ (0.25)	$ (0.32)	$ (1.19)	$ (1.1)
Weighted-average number of shares outstanding used to compute net loss per share, basic	47,989,277	47,303,090	47,852,671	47,057,521
Weighted-average number of shares outstanding used to compute net loss per share, diluted	47,989,277	47,303,090	47,852,671	47,057,521

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 171	$ 119
Work-in-progress	685	675
Tools inventory		477
Finished goods	453	300
Total	$ 1,309	$ 1,571

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

(6) Leases

Operating lease expense for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Cost of revenue	$	18	$	23	$	54	$	60
General and administrative		1,171		1,518		13,802		4,446
Total operating lease expense	$	1,189	$	1,541	$	13,856	$	4,506

During the first quarter of 2023, the Company entered into two new office leases in Lyon, France and Istanbul, Turkey. In connection with these leases, the Company recorded non-cash ROU assets and lease liabilities of $0.3 million. During the second quarter of 2023, the Company determined that it was reasonably certain to exercise an extension option in an existing lease and recorded a non-cash ROU asset and lease liability of $0.5 million.

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

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

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


	September 30, 2023
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount

Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,600	$	4,422	$	32,178
Trade Names		10		800		145		655
Developed Technology		5		740		307		433
Vendor Relationships		15		1,277		314		963
Database		5		2,400		870		1,530
Patents		17		157		49		108
Subtotal intangible assets				41,974		6,107		35,867
In-place Lease Intangible Asset		4		568		251		317
Above Market Lease Intangible Asset		4		896		402		494
Total intangible assets			$	43,438	$	6,760	$	36,678


	December 31, 2022
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible Assets
Amortizing intangible assets:
Customer Relationships		15	$	36,652	$	2,638	$	34,014
Trade Names		10		841		97		744
Developed Technology		5		739		182		557
Vendor Relationships		15		1,267		299		968
Database		5		2,400		510		1,890
Patents		17		157		42		115
Subtotal intangible assets				42,056		3,768		38,288
In-place Lease Intangible Asset		4		548		143		405
Above Market Lease Intangible Asset		4		896		238		658
Total intangible assets			$	43,500	$	4,149	$	39,351

Schedule of Carrying Amount of Goodwill

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



	2023			2022

Balance as of January 1:
Gross goodwill	$	261,110		$	257,746
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		258,036			254,672
Goodwill acquired during the year(1)		4,836			3,364
Impact of foreign exchange		26			—
Net goodwill as of September 30, 2023, and December 31, 2022	$	262,898		$	258,036

(1) See Note 7 - Acquisitions.

Schedule of Amortization Expense

Amortization expense for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Sales and marketing	$	767		776	$	2,347		2,326
Product development		42		86		126		257
General and administrative (1)		7		91		20		299
Total	$	816	$	953	$	2,493	$	2,882

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross goodwill	$ 261,110	$ 257,746
Accumulated impairments	(3,074)	(3,074)
Goodwill, Beginning Balance	258,036	254,672
Goodwill acquired during the year	4,836	3,364
Impact of foreign exchange	26
Goodwill, Ending Balance	$ 262,898	$ 258,036

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stock Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Exercisable \| shares	1,796,986	1,391,047
Number of Shares, Beginning Balance \| shares	2,841,419
Number of Shares, Granted \| shares	428,278
Number of Shares, Exercised \| shares	(189,404)
Number of Shares, Forfeited \| shares	(141,900)
Number of Shares, Expired \| shares	(7,301)
Number of Shares, Ending Balance \| shares	2,931,092	2,841,419
Weighted Average Exercise Price Per Share, Exercisable \| $ / shares	$ 8.5	$ 6.09
Weighted Average Exercise Price Per Share, Beginning Balance \| $ / shares	11.33
Weighted Average Exercise Price Per Share, Granted \| $ / shares	15.82
Weighted Average Exercise Price Per Share, Exercised \| $ / shares	7.19
Weighted Average Exercise Price Per Share, Forfeited \| $ / shares	18.65
Weighted Average Exercise Price Per Share, Expired \| $ / shares	24.46
Weighted Average Exercise Price Per Share, Ending Balance \| $ / shares	$ 11.87	$ 11.33
Average Remaining Contractual Term, Exercisable	6 years 7 months 6 days	7 years 2 months 12 days
Average Remaining Contractual Term	7 years 3 months 18 days	7 years 8 months 12 days
Aggregate Intrinsic Value, Exercisable \| $	$ 17.7	$ 36.4
Aggregate Intrinsic Value \| $	$ 21.8	$ 61.4