Xometry Reports Third Quarter 2024 Results


   For the Three Months
Ended September 30,
   For the Nine Months
Ended September 30,
 
   2024    2023    2024    2023  
Non-GAAP Net Income (Loss):                
Net loss $(10,199) $(12,010) $(40,507) $(56,912)
Add (deduct):            
Depreciation and amortization(1)  3,213   2,478   9,622   7,939 
Stock-based compensation (2)  6,954   5,730   21,115   16,222 
Payroll tax expense related to stock-based compensation(3)  96      876    
Amortization of lease intangible  180   180   540   770 
Amortization of deferred costs on convertible notes  464   466    1,394       1,396  
Acquisition and other (5)           117       686       343  
(Gain) loss on sale of property and equipment                 (23 )     92  
Charitable contribution of common stock     406       326       1,063       696  
Lease abandonment and termination (4)                       8,778  
Impairment of assets           151             397  
Restructuring charge (6)                       738  
Costs to exit the tools and materials business                       586  
Non-GAAP Net Income (Loss)   $ 1,114     $ (2,562 )   $ (5,234 )   $ (18,955 )
Weighted-average number of shares outstanding used to compute Non-GAAP Net Income (Loss) per share, basic and diluted, of Class A and Class B common stock     49,282,164       47,989,277       48,901,475       47,852,671  
                         
EPS, basic and diluted, of Class A and Class B common stock   $ (0.21 )   $ (0.25 )   $ (0.83 )   $ (1.19 )
Non-GAAP EPS, basic and diluted, of Class A and Class B common stock   $ 0.02     $ (0.05 )   $ (0.11 )   $ (0.40 )
  1. Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.
  2. Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.
  3. In the second quarter of 2024, we changed the definition of Adjusted EBITDA and Non-GAAP Net Income (Loss) to exclude payroll tax expense related to stock-based compensation. For prior periods, this amount was considered de minimis and, accordingly, we have not adjusted the Adjusted EBITDA or Non-GAAP Net Income (Loss) amounts for such periods.
  4. Amount is recorded in general and administrative and/or other expenses.
  5. Includes adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.
  6. Costs associated with the May 2023 reduction in workforce.



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