Xometry, a digital marketplace connecting buyers with suppliers of custom manufacturing services, reported financial results for the fourth quarter and full year ended December 31, 2025.
FY 2025 revenue came in at $686.6 million, up 25.9% from $545.5 million in FY 2024. Of that, Q4 contributed $192.4 million, a 29.6% increase Y/Y and a 6.5% step up sequentially. Management attributed the growth to market share gains, specifically ruling out pull-forward demand or tariff-related effects.
Gross profit for the year reached $268.8 million, a 24.7% gain from $215.6 million in FY2024. In Q4, gross profit was $75.2 million, up 27.5% Y/Y and 4.4% sequentially. The gain in gross profit was supported by continued expansion of marketplace gross margin, which management tied to ongoing improvements in its pricing and matching algorithms as the platform accumulates more transaction data across its buyer and supplier networks.
On the bottom line, adjusted EBITDA swung to $18.5 million for FY 2025 from -$9.7 million in FY 2024. The fourth quarter produced $8.4 million in adjusted EBITDA, against just $1.0 million Y/Y and $6.1 million in the third quarter. FY 2025 Net loss widened to -$61.7 million from -$50.4 million in FY 2024, though the Q4 figure of -$8.6 million narrowed from -$9.9 million Y/Y and -$11.6 million on a Q/Q basis.
Randy Altschuler, CEO at Xometry, attributed the quarter’s performance to enterprise adoption of its supply chain tools. “Q4 was another record quarter, capping a transformative year for Xometry as enterprise customers rapidly adopted our supply chain solutions,” Altschuler said. “In Q4, we delivered 30% revenue growth year-over-year underscoring the strength of our product driven growth, pace of marketplace innovation and expanding global network.” Net loss attributable to common stockholders totaled $8.6 million during the quarter, while non-GAAP net income reached $9.1 million, compared with $3.2 million in the same period a year earlier.
Marketplace Drives Growth, Supplier Services Steadies
Xometry reports results across two segments: Marketplace, which covers parts and assemblies facilitated through its platform, and Supplier Services, which includes marketing and advertising products alongside financial services and SaaS tools for suppliers.
The Marketplace segment did most of the work. It generated $629.6 million in full-year revenue, up 29.6% from $485.9 million, with the fourth quarter alone contributing $178.5 million, up 32.7% year over year and 7.1% from the third quarter.
Growth was broad-based across aerospace and defense, electronics and semiconductors, energy, and automotive. Gross margin in the segment reached 35.3% in the fourth quarter, up from 34.5% a year earlier, and 34.7% for the full year versus 33.5% in fiscal 2024. Management pointed to continued refinement of pricing and matching algorithms as the driver, noting that marketplace gross margin stood at roughly 25% four years ago.
The buyer base expanded as well. Total active buyers rose 20% year over year to 81,821, with 3,539 added in the fourth quarter, driven by corporate marketing initiatives. Revenue per active buyer grew 11% year over year, reflecting deeper enterprise penetration. Accounts spending at least $50,000 annually grew 18% to 1,760.
More than 140 accounts crossed the $500,000 annual spending threshold, with that cohort’s revenue growing more than 40% year over year. Four accounts each spent at least $10 million over the course of the year, driven by multiyear production programs.
Altschuler said on the call that large account growth was underpinned by ERP integrations and procurement system embeds that make the platform a default part of customer workflows, with the spend skewing heavily toward recurring production work rather than one-off development projects.
The Supplier Services segment, home to the Thomas industrial sourcing platform, remained a drag. Full-year revenue fell 4.4% to $57.0 million from $59.6 million, and the fourth quarter’s $13.9 million was essentially flat Y/Y and slightly below the $14.1 million posted in the third quarter. Management said the core advertising business had stabilized. Gross margin slipped to 87.7% in Q4 from 89.7% a year earlier, and to 88.6% for the full year from 89.0% in fiscal 2024.
| Revenue ($) | Q4 2025 (rounded) | Q4 2024 (rounded) | Variance ($) thousands | % |
| Marketplace | 178.5M | 134.5M | +44M | +32.7% |
| Supplier Services | 13.9M | 14.0M | -0.1M | -0.7% |
| Total | 192.4M | 148.5M | +43.9M | +29.6% |
| Revenue ($) | FY 2025 (rounded) | FY 2024 (rounded) | Variance ($) thousands | % |
| Marketplace | 629.6M | 485.9M | +143.7M | +29.6 |
| Supplier Services | 57.0M | 59.6M | -2.6M | -4.4% |
| Total | 686.6M | 545.5M | +141.1M | +25.9% |
Growth Expected to Continue
For the first quarter of fiscal 2026, the company is guiding to revenue of $187 million to $189 million, which would represent growth of roughly 24% to 25% Y/Y from Q1 2025 $151.0 million. Marketplace revenue is expected to grow 27% to 28%, while supplier services revenue is expected to hold roughly flat sequentially as the company works through the transition of the newly launched Thomas ad serving platform and search upgrades.
Adjusted EBITDA is guided to $6.5 million to $7.5 million, up sharply from $0.1 million in the first quarter of 2025. Stock-based compensation and related payroll taxes are expected to run approximately $11 million, or about 6% of revenue.
For the full year, Xometry guided to revenue growth of at least 21%, anchored by the first-quarter outlook and at least 20% growth in each subsequent quarter. Marketplace gross margin is expected to come in above the 2025 level. Supplier services revenue is expected to be roughly flat, with modest improvement anticipated in the back half of the year. Incremental adjusted EBITDA margins are again targeted at a minimum of 20%.
The earnings call also carried a notable corporate announcement. Altschuler said he will transition to executive chairman on July 1, 2026, with President Sanjeev Singh Sahni taking over as chief executive.
Altschuler described the move as the result of a deliberate succession process and said he would remain closely involved in strategic partnerships and growth initiatives in his new role.
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Featured photo shows A message from NASDAQ welcoming Xometry to its stock exchange in 2021. Photo via Xometry.
