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, 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 nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Segment Revenue
U.S.	$	213,392		$	151,093		$	580,357		$	414,646
International		39,047			29,622			106,500			79,588
Total	$	252,439		$	180,715		$	686,857		$	494,234
Segment Cost of Revenue
U.S.	$	130,596		$	90,933		$	357,882		$	251,841
International		23,163			17,753			64,654			48,857
Total	$	153,759		$	108,686		$	422,536		$	300,698
Segment Adjusted Operating Expense(1)
U.S.	$	60,955		$	49,995		$	170,244		$	143,121
International		16,481			16,076			48,565			40,819
Total	$	77,436		$	66,071		$	218,809		$	183,940
Other Segment Items(2)
U.S.	$	179		$	184		$	538		$	550
International		—			—			—			—
Total	$	179		$	184		$	538		$	550
Segment Adjusted EBITDA
U.S.	$	22,020		$	10,349		$	52,769		$	20,234
International		(597	)		(4,207	)		(6,719	)		(10,088	)
Adjusted EBITDA	$	21,423		$	6,142		$	46,050		$	10,146
(Add) deduct:
Interest expense, interest and dividend income and other expenses		2,395			(775	)		2,788			(16,939	)
Depreciation and amortization		(6,185	)		(5,000	)		(16,952	)		(13,741	)
Amortization of lease intangible		—			(180	)		—			(540	)
(Provision) benefit for income taxes		(704	)		17			(1,306	)		25
Stock-based compensation		(11,288	)		(10,748	)		(30,961	)		(25,985	)
Payroll tax expense related to stock-based compensation		(728	)		(366	)		(2,792	)		(2,100	)
Acquisition and other		(28	)		—			(309	)		(927	)
Charitable contribution of common stock		(1,767	)		(950	)		(4,404	)		(2,080	)
Income from unconsolidated joint venture		187			220			588			544
Impairment of assets		—			(49	)		—			(49	)
Restructuring charges		(1,370	)		92			(1,340	)		(1,464	)
Net income (loss)	$	1,935		$	(11,597	)	$	(8,638	)	$	(53,110	)

(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 September 30, 2026 and December 31, 2025 (in thousands):


	September 30,		December 31,
	2026		2025
Segment Software development and property and equipment, net
U.S.	$	78,817	$	49,543
International		12,971		11,088
Total	$	91,788	$	60,631

Segment Operating lease right-of-use assets
U.S.	$	9,108	$	8,003
International		4,034		3,129
Total	$	13,142	$	11,132