Xometry, Inc.

Q2 2026 revenue was $229 million, up 41% year over year. Marketplace revenue was $215 million, up 45% year over year, and services revenue was $13.9 million. Gross profit was $87.5 million, up 34% year over year. Adjusted EBITDA was $14.1 million versus $3.9 million in Q2 2025, with adjusted EBITDA margin of 6.2% versus 2.4% a year ago. Marketplace gross margin was 34.7%, flat sequentially, and the first half marketplace gross margin was up about 100 basis points. For Q3 2026, management expects revenue of $234 million to $236 million, or 30% to 31% growth, marketplace growth of about 33%, services revenue up modestly year over year, and adjusted EBITDA of $16 million to $17 million. For full-year 2026, guidance was raised to 33% to 34% revenue growth, approximately 37% marketplace growth, and adjusted EBITDA of $60 million to $62 million. For the second half of 2026, management expects revenue growth of about 30% year over year and incremental adjusted EBITDA of 20%.

Sanjeev Sahni said the quarter showed the strength of Xometry’s AI-native marketplace, with broad-based growth across categories, new and existing buyers, and enterprise accounts. He framed the company as less than 1% penetrated in a $275 billion custom manufacturing TAM and emphasized that the shift from offline quoting to digital workflows is still early. He also highlighted Siemens integration, saying it should positively affect 2027 results, and described the company’s strategy as building the infrastructure layer between design intent and physical production.

James Miln emphasized that the marketplace is becoming more efficient while scaling, citing Q2 gross profit of $87.5 million, adjusted EBITDA of $14.1 million, and revenue growth that accelerated 500 basis points sequentially versus Q1. He pointed to operating leverage with non-GAAP operating expenses up 19% year over year, or less than half revenue growth, and said sales and marketing fell to 13.2% of revenue while marketplace advertising spend hit a record low 3.4% of marketplace revenue. He also noted cash and marketable securities of $517 million at quarter end, including $248 million from the follow-on offering and $50 million from Siemens, plus $17 million in operating cash flow in the first half and about $13 million of Q2 cash capex, mostly software-related.

Analysts pressed on whether AI is unlocking incremental demand, how much more pricing-model improvement can drive gross margin, and how Siemens changes the broader partner opportunity. Management said the AI models are now interconnected across pricing, sourcing, and manufacturability, using behavioral signals to improve conversion, buyer growth, and follow-on sales actions; they also said marketplace gross margin should expand further into the 35% to 40% target range over time. On Siemens, management said the partnership is progressing well, is creating more strategic customer conversations around design-to-production workflows, and is expected to affect FY 2027 rather than materially change this year’s guide, though some Siemens-related product costs are embedded in second-half guidance.