Does Xometry’s (XMTR) Changing Revenue Mix Signal a Shift in Its Digital Manufacturing Strategy?

• Earlier this month, Xometry reported second quarter 2025 results with revenue of US$162.55 million, up from US$132.6 million a year earlier, while net loss widened to US$26.43 million and the company provided third-quarter and full-year earnings guidance, including raised marketplace growth expectations to 23-24% for 2025.
• While core marketplace revenues are accelerating, the company expects supplier services revenue to decline approximately 5% year-over-year, indicating a changing mix in its business lines.
• We'll examine how Xometry's raised full-year marketplace growth outlook reflects its ongoing confidence in digital manufacturing demand.

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Xometry Investment Narrative Recap

An investor in Xometry needs to believe in the potential for digital manufacturing marketplaces to reshape procurement, driving meaningful long-term growth despite near-term losses and volatility. The company’s latest results and guidance reinforce marketplace momentum, with raised marketplace growth outlook supporting the core catalyst, but ongoing net losses and an expected decline in supplier services revenue underscore persistent risks. Overall, these updates strengthen the short-term growth narrative without materially reducing the fundamental risk around profitability sustainability.

Of recent company announcements, the guidance raising full-year marketplace growth expectations to 23-24% stands out as most relevant. This directly addresses the most important catalyst, accelerating adoption of Xometry’s platform by both buyers and suppliers, which underpins the management’s confidence in ongoing revenue expansion, even as parts of the business mix, like supplier services, soften.

However, in contrast to the upbeat revenue picture, investors should be aware that Xometry's lack of GAAP profitability highlights ongoing...

Read the full narrative on Xometry (it's free!)

Xometry's narrative projects $989.6 million revenue and $55.6 million earnings by 2028. This requires 17.9% yearly revenue growth and a $117.2 million earnings increase from -$61.6 million today.

Uncover how Xometry's forecasts yield a $47.67 fair value, in line with its current price.

Exploring Other Perspectives

Fair value estimates from the Simply Wall St Community range from US$17.90 to US$64.06, with three distinct viewpoints represented. While revenue is up and growth outlook raised, persistently negative earnings remain a concern for many participants seeking sustained value creation.

Explore 3 other fair value estimates on Xometry - why the stock might be worth less than half the current price!

Build Your Own Xometry Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Xometry research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Xometry research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Xometry's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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