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Stock Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock Based Compensation | (6) 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, 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 June 30, 2025, there were 7,871,150 shares available for the Company to grant under the 2021 Equity Incentive Plan. Stock Options A summary of the status of the Company’s stock option activity and the changes during the six months ended June 30, 2025, 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, 2024 |  |  | 1,640,638 |  |  |  | 10.12 |  |  |  | 5.7 |  |  | $ | 53.4 |
Balance at December 31, 2024 |  |  | 1,906,483 |  |  |  | 11.51 |  |  |  | 6.0 |  |  | $ | 59.4 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (144,232 | ) |  |  | 9.75 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (35,679 | ) |  |  | 19.17 |  |  |  | — |  |  |  | — |
Expired |  |  | (24,490 | ) |  |  | 29.25 |  |  |  | — |  |  |  | — |
Balance at June 30, 2025 |  |  | 1,702,082 |  |  |  | 11.24 |  |  |  | 5.2 |  |  | $ | 38.6 |
Exercisable at June 30,2025 |  |  | 1,557,526 |  |  |  | 10.40 |  |  |  | 5.0 |  |  | $ | 36.6 |
No options were granted during the six months ended June 30, 2025. The total intrinsic value of options exercised during the six months ended June 30, 2025 and 2024, was $3.0 million and $3.1 million, respectively. At June 30, 2025, there was approximately $1.6 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted average period of approximatel y one year as of June 30, 2025. The Company currently uses authorized and unissued shares to satisfy share award exercises. Restricted Stock Units A summary of the status of the Company’s restricted stock unit activity and the changes during the six months ended June 30, 2025 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, 2024 |  |  | 2,530,358 |  |  |  | 19.15 |  |  | $ | 107.9 |
Granted |  |  | 1,352,865 |  |  |  | 25.72 |  |  |  | — |
Vested |  |  | (730,629 | ) |  |  | 20.24 |  |  |  | — |
Forfeited and cancelled |  |  | (326,589 | ) |  |  | 21.43 |  |  |  | — |
Unvested RSUs as of June 30, 2025 |  |  | 2,826,005 |  |  |  | 21.75 |  |  | $ | 95.5 |
At June 30, 2025, there was approximately $53.2 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 June 30, 2025. Performance Restricted Stock Units A summary of the status of the Company's performance restricted stock unit activity and the changes during the six months ended June 30, 2025 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 PRSUs as of December 31, 2024 |  |  | 272,515 |  |  |  | 17.32 |  |  | $ | 11.6 |
Granted |  |  | 328,616 |  |  |  | 22.87 |  |  |  | — |
Vested |  |  | (91,527 | ) |  |  | 17.32 |  |  |  | — |
Forfeited and cancelled |  |  | (48,367 | ) |  |  | 20.26 |  |  |  | — |
Unvested PRSUs as of June 30, 2025 |  |  | 461,237 |  |  |  | 20.97 |  |  | $ | 15.6 |
At June 30, 2025, there was approximately $9.6 million of total unrecognized compensation cost related to unvested performance restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of approximately two years as of June 30, 2025. Total stock-based compensation cost for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Sales and marketing |  | $ | 2,194 |  |  | $ | 2,400 |  |  | $ | 4,223 |  |  | $ | 3,920 |
Operations and support |  |  | 2,684 |  |  |  | 2,241 |  |  |  | 5,173 |  |  |  | 4,333 |
Product development |  |  | 1,731 |  |  |  | 1,834 |  |  |  | 3,400 |  |  |  | 3,250 |
General and administrative |  |  | 1,286 |  |  |  | 1,650 |  |  |  | 2,441 |  |  |  | 2,658 |
Total stock compensation expense |  | $ | 7,895 |  |  | $ | 8,125 |  |  | $ | 15,237 |  |  | $ | 14,161 |

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