Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

(10) Goodwill and Intangible Assets

The following tables summarize the Company’s intangible assets (dollars in thousands):


	June 30, 2025
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	8,691	$	27,909
Trade Names		10		800		285		515
Developed Technology		5		739		567		172
Vendor Relationships		15		1,257		462		795
Database		5		2,400		1,710		690
Patents		17		157		65		92
Subtotal intangible assets				41,953		11,780		30,173
In-place Lease Intangible Asset		4		568		501		67
Above Market Lease Intangible Asset		4		896		786		110
Total intangible assets			$	43,417	$	13,067	$	30,350


	December 31, 2024
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer Relationships		15	$	36,600	$	7,471	$	29,129
Trade Names		10		800		245		555
Developed Technology		5		739		507		232
Vendor Relationships		15		1,263		420		843
Database		5		2,400		1,470		930
Patents		17		157		61		96
Subtotal intangible assets				41,959		10,174		31,785
In-place Lease Intangible Asset		4		568		433		135
Above Market Lease Intangible Asset		4		896		677		219
Total intangible assets			$	43,423	$	11,284	$	32,139

The following table provides a roll forward of the carrying amount of goodwill (in thousands):



	2025			2024
Balance as of January 1:
Gross goodwill	$	265,760		$	265,989
Accumulated impairments		(3,074	)		(3,074	)
Net goodwill as of January 1		262,686			262,915
Goodwill acquired during the year		—			—
Impact of foreign exchange		1,085			(229	)
Net goodwill as of June 30, 2025 and December 31, 2024:	$	263,771		$	262,686

As of June 30, 2025 and December 31, 2024, Xometry had $263.8 million and $262.7 million, respectively of goodwill. As of June 30, 2025, $258.0 million was part of Xometry’s U.S. operating segment and $5.8 million was part of Xometry’s International operating segment. As of December 31, 2024, $258.0 million was part of Xometry's U.S. operating segment and $4.7 million was part of Xometry's International operating segment.

As of June 30, 2025, estimated amortization expense for intangible assets for the remainder of 2025 and the next five years is: $1.8 million in 2025, $3.2 million in 2026, $2.6 million in 2027, $2.6 million in 2028, $2.6 million in 2029, $2.6 million in 2030 and $14.9 million thereafter.

Amortization expense for the three and six months ended June 30, 2025 and 2024 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Sales and marketing	$	770		769	$	1,540		1,540
Product development		30		42		60		84
General and administrative (1)		3		4		7		7
Total	$	803	$	815	$	1,607	$	1,631

(1) Amortization of the lease related intangible assets is recorded as operating lease expense in general and administrative.