Xometry Reports Record Second Quarter 2026 Results

Xometry posts strong revenue growth but remains unprofitable on a GAAP basis.

What the company is saying

Xometry frames the quarter as a period of record growth, emphasizing a 41% year-over-year revenue increase to $229 million and a 45% jump in marketplace revenue. The company highlights operational momentum, citing a 20% rise in active buyers and a 23% increase in high-spend accounts. Management asserts that growth is driven by 'robust marketplace growth' and 'expanding networks,' though these drivers are not quantified. The tone is upbeat, focusing on improvements in Adjusted EBITDA and gross profit, and the successful completion of a $248 million equity offering. Forward-looking statements project continued acceleration, with raised guidance for both Q3 and full-year 2026. Leadership, including CEO Sanjeev Singh Sahni and CFO James Miln, present the narrative with confidence but do not address the ongoing net losses in detail.

What the data suggests

The reported numbers confirm a strong upward trajectory: total revenue for Q2 2026 reached $229 million, up 41% year-over-year, with marketplace revenue at $215 million, up 45%. Gross profit increased 34% to $87.2 million, and Adjusted EBITDA improved by $10.2 million to $14.1 million. Marketplace Active Buyers rose from 74,777 to 89,557, and high-spend accounts grew from 1,653 to 2,039. Cash and equivalents jumped to $517 million, largely due to $248 million in equity proceeds and $50 million from a Siemens placement. Despite these gains, the company posted a net loss of $5.3 million for the quarter, and GAAP EPS remained negative at (0.10). Non-GAAP net income was $9.9 million, but the reconciliation to GAAP profitability is not detailed. The data supports headline growth claims but lacks granular evidence for qualitative drivers such as 'expanding networks' or 'wallet share.'

Analysis

The announcement presents a positive tone, highlighting strong year-over-year growth in revenue, gross profit, and Adjusted EBITDA, all supported by clear numerical disclosures. The majority of key claims are realised and substantiated by the reported financials, with only a minority of statements being forward-looking projections for Q3 and full-year 2026. However, the narrative inflates the signal by attributing growth to qualitative drivers such as 'robust marketplace growth' and 'expanding networks,' which are not directly quantified. The company remains unprofitable on a GAAP basis, reporting a net loss of $5.3 million, but does disclose Adjusted EBITDA and gross profit, satisfying the minimum for a weak_positive signal. The capital raised is already completed and not paired with long-dated, uncertain returns, so capital intensity is not a concern here. Overall, the gap between narrative and evidence is moderate, with some promotional language but strong underlying data.

Risk flags

• ●Xometry remains unprofitable on a GAAP basis, reporting a net loss of $5.3 million for Q2 2026. This persistent loss, despite strong revenue growth, raises questions about the path to sustainable profitability.
• ●The company's narrative attributes growth to qualitative factors like 'robust marketplace growth' and 'expanding networks,' but does not provide segmented data or metrics to substantiate these claims. This lack of transparency limits an investor's ability to assess the durability of the growth drivers.
• ●Forward-looking guidance for Q3 and full-year 2026 is based on assumptions that management admits may change and are outside of their control. The company explicitly states there can be no assurance these results will be achieved, highlighting execution and forecasting risk.

Bottom line

Xometry delivered strong headline growth in revenue, gross profit, and operational metrics, and significantly bolstered its cash reserves through equity and private placements. Despite these improvements, the company remains loss-making on a GAAP basis, and the drivers behind its growth are described in qualitative terms without supporting data. The upbeat guidance for Q3 and full-year 2026 signals management confidence, but the lack of GAAP profitability and reliance on adjusted metrics temper the investment case. For the narrative to become more credible, Xometry would need to show a clear path to sustained GAAP profitability and provide quantitative evidence for its claimed growth drivers. The most important takeaway is that while top-line and operational momentum are real, the absence of bottom-line profitability and granular disclosure leaves key questions unresolved for investors.

Announcement summary

(NASDAQ: XMTR) Xometry, Inc. announced its financial results for the second quarter ended June 30, 2026, reporting total revenue of $229 million, an increase of 41% year-over-year. Marketplace revenue for Q2 2026 was $215 million, up 45% year-over-year, while services revenue was $13.9 million. Q2 gross profit increased 34% year-over-year to $87.2 million, and Adjusted EBITDA improved $10.2 million year-over-year to $14.1 million. Marketplace Active Buyers increased 20% from 74,777 as of June 30, 2025 to 89,557 as of June 30, 2026, and Accounts with Last Twelve-Months Spend of at least $50,000 increased 23% from 1,653 to 2,039 over the same period. Xometry completed an equity follow-on offering, raising $248 million of net proceeds, and ended Q2 with $517 million in cash and cash equivalents. The company projects Q3 2026 revenue of $234-$236 million and Adjusted EBITDA of $16-$17 million, and for full year 2026, revenue growth of 33-34% and Adjusted EBITDA of $60-$62 million.

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