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Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segments | (5) Segments Xometry is organized in two segments referred to as: (1) U.S. and (2) International. Xometry’s operating segments are also the Company’s reportable segments. Xometry’s reportable segments are managed separately based on geography. The Company’s U.S. revenues primarily result from the sales of parts and assemblies and the sale of advertising and marketing services. The Company's International revenues primarily result from the sale of parts and assemblies. Xometry’s two segments are defined based on the reporting and review process used by the CODM, the Chief Executive Officer. The Company evaluates the performance of the operating segments primarily based on revenue and segment Adjusted EBITDA. The CODM uses actual results compared to budgeted or forecasted segment Adjusted EBITDA to determine if the reporting units are making progress toward profitability and when making decisions about the allocation of resources and the assessment of performance. In 2024, the Company had determined that revenue and segment profit before income taxes was its measures of segment performance. In December 2024, the Company changed its segment profit or loss measure to segment Adjusted EBITDA based on a reassessment of the information currently used by the CODM to allocate resources and assess performance of the segments. The Company has recast segment Adjusted EBITDA for the prior periods. Segment Adjusted EBITDA excludes interest expense, interest and dividend income, other expenses, benefit for income taxes, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from an unconsolidated joint venture, restructuring charges and acquisition and other adjustments not reflective of our ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance. The CODM monitors assets of the consolidated Company, but does not use assets, by operating segment when assessing performance or making operating segment resource decisions. The following tables reflect certain segment information for the three and six months ended June 30, 2025 and 2024 (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Segment Revenue |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 135,733 |  |  | $ | 112,166 |  |  | $ | 263,553 |  |  | $ | 215,529 |
International |  |  | 26,814 |  |  |  | 20,429 |  |  |  | 49,965 |  |  |  | 39,756 |
Total |  | $ | 162,547 |  |  | $ | 132,595 |  |  | $ | 313,518 |  |  | $ | 255,285 |
Segment Cost of Revenue |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 80,968 |  |  | $ | 67,036 |  |  | $ | 160,908 |  |  | $ | 129,966 |
International |  |  | 16,403 |  |  |  | 12,682 |  |  |  | 31,103 |  |  |  | 24,540 |
Total |  | $ | 97,371 |  |  | $ | 79,718 |  |  | $ | 192,011 |  |  | $ | 154,506 |
Segment Adjusted Operating Expense(1) |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 48,074 |  |  | $ | 45,065 |  |  | $ | 93,126 |  |  | $ | 91,164 |
International |  |  | 13,360 |  |  |  | 10,627 |  |  |  | 24,743 |  |  |  | 20,074 |
Total |  | $ | 61,434 |  |  | $ | 55,692 |  |  | $ | 117,869 |  |  | $ | 111,238 |
Other Segment Items(2) |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | (184 | ) |  | $ | (181 | ) |  | $ | (366 | ) |  | $ | (366 | )
International |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | (184 | ) |  | $ | (181 | ) |  | $ | (366 | ) |  | $ | (366 | )
Segment Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 6,875 |  |  | $ | 246 |  |  | $ | 9,885 |  |  | $ | (5,235 | )
International |  |  | (2,949 | ) |  |  | (2,880 | ) |  |  | (5,881 | ) |  |  | (4,858 | )
Total Adjusted EBITDA |  | $ | 3,926 |  |  | $ | (2,634 | ) |  | $ | 4,004 |  |  | $ | (10,093 | )
(Add) deduct: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, interest and dividend income and other expenses |  |  | (16,373 | ) |  |  | 1,341 |  |  |  | (16,164 | ) |  |  | 2,497 |
Depreciation and amortization |  |  | (4,495 | ) |  |  | (3,256 | ) |  |  | (8,741 | ) |  |  | (6,409 | )
Amortization of lease intangible |  |  | (180 | ) |  |  | (180 | ) |  |  | (360 | ) |  |  | (360 | )
Benefit for income taxes |  |  | 8 |  |  |  | 10 |  |  |  | 8 |  |  |  | 10 |
Stock-based compensation |  |  | (7,895 | ) |  |  | (8,125 | ) |  |  | (15,237 | ) |  |  | (14,161 | )
Payroll tax expense related to stock-based compensation |  |  | (261 | ) |  |  | (780 | ) |  |  | (1,734 | ) |  |  | (780 | )
Acquisition and other |  |  | (676 | ) |  |  | — |  |  |  | (927 | ) |  |  | (686 | )
Charitable contribution of common stock |  |  | (614 | ) |  |  | (314 | ) |  |  | (1,130 | ) |  |  | (657 | )
Income from unconsolidated joint venture |  |  | 218 |  |  |  | 234 |  |  |  | 324 |  |  |  | 331 |
Restructuring charges |  |  | (95 | ) |  |  | — |  |  |  | (1,556 | ) |  |  | — |
Net Loss |  | $ | (26,437 | ) |  | $ | (13,704 | ) |  | $ | (41,513 | ) |  | $ | (30,308 | )
(1) Amount excludes stock-based compensation and the related payroll taxes, depreciation and amortization, restructuring charges, acquisition and other costs, amortization of lease intangible, lease termination and charitable contributions of common stock. (2) Addback to segment Cost of Revenue to calculate Segment Adjusted EBITDA The following tables reflect long-lived asset information as of June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Segment Property and equipment, net |  |  |  |  |  |
U.S. |  | $ | 41,667 |  |  | $ | 37,370 |
International |  |  | 9,525 |  |  |  | 7,455 |
Total |  | $ | 51,192 |  |  | $ | 44,825 |
Operating lease right-of-use assets |  |  |  |  |  |
U.S. |  | $ | 5,950 |  |  | $ | 7,728 |
International |  |  | 525 |  |  |  | 734 |
Total |  | $ | 6,475 |  |  | $ | 8,462 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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