v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
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 sale 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.

Segment Adjusted EBITDA excludes interest expense, interest and dividend income, other expenses, provision 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, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment Revenue

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

194,749

 

 

$

135,733

 

 

$

366,966

 

 

$

263,553

 

International

 

 

34,531

 

 

 

26,814

 

 

 

67,453

 

 

 

49,965

 

Total

 

$

229,280

 

 

$

162,547

 

 

$

434,419

 

 

$

313,518

 

Segment Cost of Revenue

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

121,224

 

 

$

80,968

 

 

$

227,286

 

 

$

160,908

 

International

 

 

20,903

 

 

 

16,403

 

 

 

41,491

 

 

 

31,103

 

Total

 

$

142,127

 

 

$

97,371

 

 

$

268,777

 

 

$

192,011

 

Segment Adjusted Operating Expense(1)

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

56,243

 

 

$

48,074

 

 

$

109,288

 

 

$

93,126

 

International

 

 

16,949

 

 

 

13,360

 

 

 

32,083

 

 

 

24,743

 

Total

 

$

73,192

 

 

$

61,434

 

 

$

141,371

 

 

$

117,869

 

Other Segment Items(2)

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

182

 

 

$

184

 

 

$

358

 

 

$

366

 

International

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

182

 

 

$

184

 

 

$

358

 

 

$

366

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

17,464

 

 

$

6,875

 

 

$

30,750

 

 

$

9,885

 

International

 

 

(3,321

)

 

 

(2,949

)

 

 

(6,121

)

 

 

(5,881

)

Adjusted EBITDA

 

$

14,143

 

 

$

3,926

 

 

$

24,629

 

 

$

4,004

 

(Add) deduct:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, interest and dividend income and other expenses

 

 

330

 

 

 

(16,373

)

 

 

392

 

 

 

(16,164

)

Depreciation and amortization

 

 

(5,836

)

 

 

(4,495

)

 

 

(10,767

)

 

 

(8,741

)

Amortization of lease intangible

 

 

—

 

 

 

(180

)

 

 

—

 

 

 

(360

)

(Provision) benefit for income taxes

 

 

(354

)

 

 

8

 

 

 

(602

)

 

 

8

 

Stock-based compensation

 

 

(11,346

)

 

 

(7,895

)

 

 

(19,673

)

 

 

(15,237

)

Payroll tax expense related to stock-based compensation

 

 

(459

)

 

 

(261

)

 

 

(2,064

)

 

 

(1,734

)

Acquisition and other

 

 

(281

)

 

 

(676

)

 

 

(281

)

 

 

(927

)

Charitable contribution of common stock

 

 

(1,811

)

 

 

(614

)

 

 

(2,637

)

 

 

(1,130

)

Income from unconsolidated joint venture

 

 

255

 

 

 

218

 

 

 

401

 

 

 

324

 

Restructuring charges

 

 

45

 

 

 

(95

)

 

 

30

 

 

 

(1,556

)

Net Loss

 

$

(5,314

)

 

$

(26,437

)

 

$

(10,572

)

 

$

(41,513

)

(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, 2026 and December 31, 2025 (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Segment Software development and property and equipment, net

 

 

 

 

 

 

U.S.

 

$

67,209

 

 

$

49,543

 

International

 

 

12,545

 

 

 

11,088

 

Total

 

$

79,754

 

 

$

60,631

 

 

 

 

 

 

 

 

Segment Operating lease right-of-use assets

 

 

 

 

 

 

U.S.

 

$

5,898

 

 

$

8,003

 

International

 

 

4,191

 

 

 

3,129

 

Total

 

$

10,089

 

 

$

11,132