Marketplace Revenue Growth of 33% Signals Strong Platform Momentum
Xometry’s fourth quarter results reveal a company firing on all cylinders. Marketplace revenue jumped 33% year-over-year to $178.48 million, propelling overall Q4 revenue to a record $192.40 million—a 30% rise. This surge was powered by robust gains in both enterprise customers and an expanding network of buyers and suppliers, validating Xometry’s AI-native approach to custom manufacturing.
Gross profit for the quarter climbed 27% to $75.24 million, while marketplace gross margin improved to 35.3%, up 0.8 points. Adjusted EBITDA saw a dramatic boost, reaching $8.38 million—a $7.33 million turnaround from the prior year’s $1.05 million. Non-GAAP net income landed at $9.10 million, nearly tripling year-over-year. The results cap a transformative year for Xometry, showcasing significant operational leverage as the company continues to scale.
| Q4 2025 | Q4 2024 | % Change | FY 2025 | FY 2024 | % Change | |
|---|---|---|---|---|---|---|
| Revenue ($M) | 192.40 | 148.55 | +30% | 686.63 | 545.53 | +26% |
| Marketplace Revenue ($M) | 178.48 | 134.51 | +33% | 629.64 | 485.95 | +30% |
| Adjusted EBITDA ($M) | 8.38 | 1.05 | +699% | 18.53 | -9.68 | N/A |
| Non-GAAP Net Income ($M) | 9.10 | 3.17 | +188% | 20.82 | -2.07 | N/A |
| Active Buyers | 81,821 | 68,267 | +20% | |||
| Active Suppliers | 4,996 | 4,281 | +17% | |||
Leverage and Profitability: Adjusted EBITDA Margins Exceed Targets
One key highlight is the 20% incremental Adjusted EBITDA margin delivered in 2025, showcasing the scalability and efficiency of Xometry’s marketplace model. The company’s Q4 Adjusted EBITDA improvement of $7.33 million year-over-year underscores operating leverage stemming from gross margin gains and careful expense management.
Xometry ended 2025 with $219 million in cash, cash equivalents, and marketable securities, giving it room to pursue further platform development and supplier network expansion. In addition, the company executed a $250 million convertible note refinancing, securing capital at a 0.75% rate through 2030, while also purchasing a capped call hedge with a premium cap—the kind of move that highlights management’s confidence in long-term upside.
Platform Expansion and Buyer/Supplier Engagement Drive Growth
Growth was powered by a 20% rise in Active Buyers to 81,821 and an 18% jump in accounts spending at least $50,000 annually. Xometry also grew Active Suppliers 17% to nearly 5,000, focusing on qualified partners to better serve enterprise accounts globally. Initiatives such as the Thomasnet smart search and performance-based listings, the introduction of new high-performance materials, and more refined quoting tools all contributed to a stickier, more valuable platform for both sides of the marketplace.
The company’s evolving technology stack—including AI-powered quoting, new collaboration tools for large teams, and expanded material options—directly supports momentum in high-value verticals like aerospace, medical devices, and automotive.
Guidance: Double-Digit Growth and Margin Expansion Continue
Management projects Q1 2026 revenue between $187-$189 million (+24% to +25% YoY), with marketplace revenue growth again outpacing overall growth rates. Adjusted EBITDA guidance for the next quarter is $6.5-$7.5 million—an impressive leap from just $0.1 million in Q1 2025. For the full year 2026, Xometry expects at least 21% revenue growth, underpinned by at least 23% growth in marketplace revenue and incremental EBITDA margins of 20% or more.
| Q1 2026 Guidance | Low | High | Q1 2025 Actual |
|---|---|---|---|
| Revenue ($M) | 187 | 189 | Approx. 151 |
| Adjusted EBITDA ($M) | 6.5 | 7.5 | 0.1 |
Key Takeaway: Marketplace Model Powers Consistent Outperformance
Xometry’s 2025 results make a strong case for the durability and efficiency of the AI-native manufacturing marketplace model. With accelerating revenue, margin expansion, and operational leverage, Xometry is positioning itself as a category leader amid intensifying enterprise demand for digital procurement solutions. Investors and industry watchers should note the company’s rapidly growing buyer and supplier networks, which underpin management’s bullish guidance for 2026 and beyond. As digital transformation picks up steam in manufacturing, Xometry’s trajectory remains firmly pointed upward.
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