Xometry, Inc. (XMTR): History, Ownership, Mission, How It Works & Makes Money

As a seasoned financial analyst, I have to ask: can an AI-powered marketplace truly digitize and capture the fragmented, multi-trillion-dollar custom manufacturing market? Xometry, Inc. (XMTR) is making a compelling case, raising its full-year 2025 revenue guidance to a midpoint of $677 million, a clear signal of enterprise adoption and platform strength. This company, which started in 2013, uses its proprietary technology to connect over 78,282 active buyers with a global network of suppliers, effectively turning the complex process of sourcing custom parts into a simple e-commerce transaction. If you are looking to understand how a Manufacturing-as-a-Service (MaaS) model generates value and why its Adjusted EBITDA is projected to hit $16.5 million this year, you need to look closely at its history, mission, and the mechanics of its AI-driven platform.

Xometry, Inc. (XMTR) History

Given Company's Founding Timeline

You want to understand the roots of Xometry, Inc., and that's smart. The company's origin story explains their relentless focus on the instant quote and the supplier network, which are the core of their business today. It started not in Silicon Valley, but in the manufacturing heartland's orbit, focused on fixing a slow, broken process.

Year established

Xometry was founded in 2013.

Original location

The company began in Gaithersburg, Maryland, a location that kept them close to the East Coast's manufacturing and government contracting base. Today, their headquarters is in nearby North Bethesda, Maryland.

Founding team members

The company was co-founded by two key figures:

• Randy Altschuler: Co-Founder and Chief Executive Officer (CEO).
• Laurence Zuriff: Co-Founder, who has served in roles including Chief Strategy Officer (CSO).

Initial capital/funding

While the initial seed capital is not public, Xometry's first major institutional funding round was an $8.8 million round in November 2015, led by Highland Capital Partners. This capital injection was crucial for scaling their proprietary software and expanding their network. Before their public offering, the company had raised a total of approximately $150 million to $200 million in venture capital.

Given Company's Evolution Milestones

The company's growth wasn't a straight line; it was a series of strategic acquisitions and platform expansions that built the digital manufacturing ecosystem you see now. Here's a look at the critical steps that turned a startup into a public-traded marketplace.

Given Company's Transformative Moments

The shift from a regional job shop aggregator to a global, AI-powered marketplace required a few defintely gutsy moves. These decisions fundamentally changed the company's trajectory and valuation.

The most significant transformative moment was the decision to relentlessly lean into the AI-powered Instant Quoting Engine. This was the core product-market fit. It took a process that used to take engineers days or even weeks-getting a custom part quoted-and made it instant. This speed is what attracts enterprise customers like BMW and NASA.

The second major shift was the Acquisition of Thomas in 2021. This wasn't just an acquisition; it was a strategic pivot that instantly integrated the company into the traditional manufacturing supply chain. It provided access to over 500,000 suppliers and powerful digital marketing services, which is why the Supplier Services segment is now an important part of the business model.

Finally, the company's move toward consistent profitability in 2025 is a game-changer for investors. After years of investment in scale, achieving a positive Adjusted EBITDA of $0.1 million in Q1 2025 and a Q3 2025 Adjusted EBITDA of $6.1 million shows the operating leverage of the platform is finally kicking in. This financial performance is why the company raised its full-year 2025 Adjusted EBITDA guidance to $16-$17 million.

• AI-First Model: Building the instant quoting engine using machine learning to match buyers and suppliers, which is the foundation of their competitive edge.
• Global Expansion: Launching Xometry Europe via the Shift acquisition in 2019, proving the model could scale internationally.
• Supply Chain Control: Acquiring Thomas in 2021 to control a massive supplier database and offer value-added services beyond just parts.
• Enterprise Focus: Driving deeper engagement with large enterprise accounts, which now account for a significant portion of the marketplace revenue and help scale to over 78,282 active buyers as of September 30, 2025.

Xometry, Inc. (XMTR) Ownership Structure

The ownership structure of Xometry, Inc. is dominated by institutional investors, which is a common characteristic of high-growth, publicly traded technology companies. This means that major financial institutions like Vanguard Group Inc. and BlackRock, Inc. hold the vast majority of the shares, giving them significant influence over the company's strategic direction and governance.

Given Company's Current Status

Xometry, Inc. is a publicly traded company, listed on the Nasdaq Global Select Market under the ticker symbol XMTR. It completed its Initial Public Offering (IPO) in 2021 and, as of November 2025, maintains a market capitalization (market cap) of approximately $2.89 billion. This public status mandates high transparency in its financial reporting and governance, with oversight from the U.S. Securities and Exchange Commission (SEC).

The company's governance is structured around a two-sided marketplace model, which requires a strong focus on technology and global scaling. You can dig deeper into the core principles guiding this structure by reviewing the Mission Statement, Vision, & Core Values of Xometry, Inc. (XMTR).

Given Company's Ownership Breakdown

As a seasoned analyst, I focus on who holds the voting power. The key takeaway here is the overwhelming concentration of stock in institutional hands, a trend that often signals a belief in the company's long-term growth story, but also means retail investors have very little say. Institutional ownership is exceptionally high, sitting at over 97% of the stock.

Here's the quick math: when institutional ownership is this high (over 97%), it means nearly all the stock is controlled by large, professional money managers. This leaves a very small public float-the shares available for everyday investors-which can lead to higher stock price volatility. The insiders' stake of 12.09% is significant, aligning the leadership's wealth directly with the company's performance.

Given Company's Leadership

The leadership team is a mix of long-tenured co-founders and fresh, high-level executive talent brought in to accelerate global and AI-driven growth, particularly in 2025. Co-founder Randy Altschuler remains the driving force, but the strategic addition of a new President in early 2025 signals a push for operational scale.

• Randolph Altschuler: Co-Founder and Chief Executive Officer (CEO). He has led the company since its founding in 2013.
• Sanjeev Singh Sahni: President. Appointed in January 2025, he oversees global Operations, Product, Technology, and People, bringing extensive e-commerce and AI expertise from his previous role at Wayfair.
• James Miln: Chief Financial Officer (CFO) & Principal Accounting Officer. He manages the financial strategy and reporting.
• Vaidyanathan Raghavan: Chief Technology Officer (CTO). He is responsible for the AI-powered platform and technology development.
• Sophia MacDonald: Chief People Officer. She leads all aspects of people operations, including talent and culture.
• Stephany Verstraete: Chief Marketing Officer (CMO).
• Subir Dutt: Chief Sales Officer (CSO).

The average tenure for the management team is relatively short at around 1.7 years, reflecting the recent executive additions to scale the business. This is a critical point to watch: new leadership often means new strategies, so expect continued operational shifts as they integrate their vision.

Xometry, Inc. (XMTR) Mission and Values

Xometry, Inc. stands for democratizing manufacturing, moving beyond simple profit by connecting innovators with global production capacity through an AI-powered marketplace. This core purpose drives their culture, focusing on accessibility, efficiency, and a commitment to empowering both the designer and the supplier.

Xometry's Core Purpose

The company's mission and underlying values are a clear roadmap for how they plan to digitize the manufacturing industry, a sector estimated to be worth $2.4 trillion. Their operational philosophy is the engine behind their financial performance, which includes raising their full year 2025 revenue guidance to a range of $676-678 million.

Official mission statement

The mission is simple but powerful: to champion innovators worldwide by providing access to global manufacturing capacity and expertise. Honestly, this means they are working to eliminate the traditional roadblocks-like opaque pricing and long lead times-that kill great ideas before they can even start.

CEO Randy Altschuler has consistently framed this as a mission to make the world's manufacturing capacity accessible for all. This focus is why the company has been able to report progress toward generating $1 billion in revenue for small- and medium-sized U.S. manufacturers through its marketplace.

Vision statement

While Xometry does not publicize a single, formal vision statement, their actions and strategic initiatives point to a clear long-term goal. The inferred vision centers on leading the digital transformation of manufacturing itself.

• Lead the digital transformation of manufacturing, making production more efficient and accessible.
• Empower creators and manufacturers by providing instant access to capacity and a broader customer base.
• Build a future where the manufacturing supply chain is transparent and resilient.

This vision is backed by their financial trajectory, including the expectation to be Adjusted EBITDA positive for the full year 2025, with guidance set between $16-17 million. That's a defintely strong signal of a scalable, sustainable model.

Xometry slogan/tagline

Xometry's public-facing identity often uses direct, action-oriented phrases that summarize their value proposition. The most prominent taglines focus on their role as a catalyst for product development and a reliable partner in a complex industry.

• Xometry: Where Big Ideas Are Built.
• Powering the future of digital manufacturing.

Their success is a direct result of this focus; the company achieved 150% revenue growth from 2021 to 2024, showing the market's appetite for their AI-driven approach to manufacturing. For a deeper dive into how this mission translates to financial stability, you should check out Breaking Down Xometry, Inc. (XMTR) Financial Health: Key Insights for Investors.

Xometry, Inc. (XMTR) How It Works

Xometry, Inc. operates as a two-sided, global, AI-powered marketplace that digitizes the historically fragmented custom manufacturing industry, connecting buyers who need custom parts with a vast network of manufacturing suppliers. The core value proposition is speed and efficiency, allowing buyers to get instant pricing and lead times for complex projects while giving suppliers a pipeline of optimized, ready-to-produce jobs.

This model is proving effective; for the full year 2025, the company raised its revenue guidance to a range of $676 million to $678 million, showing significant traction in a massive market.

Xometry, Inc.'s Product/Service Portfolio

The company generates revenue primarily through two segments: the Marketplace, which handles the actual part production, and Supplier Services, which provides tools and advertising to the manufacturing partners. As of Q3 2025, Marketplace revenue was $167 million, a 31% year-over-year increase, underscoring its dominance.

Xometry, Inc.'s Operational Framework

The operational process is built around proprietary artificial intelligence (AI) that acts as the central nervous system for the platform. This is how the company manages to scale without owning a single factory.

• Instant Quoting Engine®: Buyers upload a 3D CAD model and specifications, and the AI instantly analyzes the complex part geometry, material, and process requirements to generate an accurate price and lead time. This is a defintely a game-changer for speed.
• Smart Job Matching: The AI then matches the job to the optimal supplier within the network of over 4,500 partners globally, factoring in their capacity, capabilities, and location to ensure quality and on-time delivery.
• Enterprise Integration: The company is driving deeper into large enterprise accounts, with the number of accounts spending at least $50,000 in the last twelve months growing to 1,724 as of September 30, 2025. Tools like Teamspace support collaboration and streamlined procurement for these big customers.
• Revenue Model: The company takes a margin on the transactions processed through the Marketplace, which is the primary revenue driver, plus fees from its Supplier Services. The full-year 2025 Adjusted EBITDA is expected to be between $16 million and $17 million, showing a clear path to operating leverage.

For more on the financial trajectory, you can read Breaking Down Xometry, Inc. (XMTR) Financial Health: Key Insights for Investors.

Xometry, Inc.'s Strategic Advantages

The company's success comes down to a few core, defensible advantages that keep competitors playing catch-up in the digital manufacturing space.

• Proprietary AI and Data Moat: The Instant Quoting Engine is constantly learning from millions of transactions, improving its accuracy for both pricing and supplier matching. This is a massive data advantage that gets stronger with every order.
• Powerful Network Effect: As more buyers (now over 78,000 active buyers as of Q3 2025) join, the platform becomes more valuable to suppliers, and as more suppliers join, the platform becomes more valuable to buyers through better pricing and lead times.
• Manufacturing Process Diversity: Offering a wide range of processes-from traditional CNC Machining to advanced 3D Printing-caters to nearly any custom manufacturing need, making it a one-stop shop for engineers and procurement teams.
• Global and Local Resiliency: The platform offers sourcing options domestically and across 50 countries, providing supply chain resiliency and flexibility, which is a key focus for enterprise customers navigating global trade complexities.

Xometry, Inc. (XMTR) How It Makes Money

Xometry, Inc. primarily makes money by acting as a digital intermediary, connecting buyers who need custom manufactured parts with a vast, global network of vetted suppliers using its proprietary, AI-powered marketplace. The company earns a commission, or transaction fee, on the manufacturing cost of every order facilitated through its platform, plus revenue from value-added services offered to its supplier base.

Xometry's Revenue Breakdown

For the third quarter of 2025, Xometry reported total revenue of approximately $181 million, with the vast majority coming from the core transaction marketplace. The full-year 2025 revenue guidance was raised to a range of $676 million to $678 million, which puts the midpoint at $677 million.

Here's the quick math: Marketplace revenue was $167 million in Q3 2025, a 31% year-over-year increase, while Supplier Services revenue was $14.1 million, a 4% decrease year-over-year. The marketplace is defintely the core growth engine.

Business Economics

Xometry's business model is a classic two-sided marketplace, but with a critical technological layer-the Instant Quoting Engine (IQE)-that drives its economic fundamentals. This AI-driven platform instantly prices complex custom parts like CNC machining, 3D printing, and injection molding, which is a huge friction reducer for buyers.

The company captures value in two primary ways:

• Marketplace Take Rate: Xometry earns a commission on the manufacturing cost of each order, effectively the spread between the price paid by the buyer and the amount paid to the supplier. This take rate is what drives the marketplace gross margin.
• Supplier Services: This stream includes value-added financial and software services for the manufacturing partners. The most notable is FastPay, which allows suppliers to get paid immediately after a job is completed, improving their cash flow for a small fee.

The key to scaling is the network effect: more buyers attract more suppliers (increasing capacity and lowering prices), and more suppliers attract more buyers (increasing speed and capability). The platform's AI continually optimizes pricing and matching, which is why the Marketplace Gross Margin expanded by 210 basis points year-over-year to 35.7% in Q3 2025. This margin expansion shows the underlying efficiency of the AI model at work.

Xometry's Financial Performance

As of November 2025, the company has demonstrated a clear inflection point toward profitability, moving from losses to positive Adjusted EBITDA for the full year. This is a crucial shift for a high-growth marketplace business.

• Adjusted EBITDA: The full-year 2025 guidance was raised to a range of $16 million to $17 million, a significant turnaround from prior losses. In Q3 2025 alone, Adjusted EBITDA was $6.1 million, an improvement of $6.8 million year-over-year.
• Gross Profit: Q3 2025 Gross Profit reached a record $72.0 million, a 29% increase year-over-year, driven by the expanding marketplace gross margin.
• Active Buyers: The platform's reach is growing, with Active Buyers increasing 21% year-over-year to 78,282 as of September 30, 2025.
• Enterprise Growth: The number of high-value accounts-those spending at least $50,000 over the last twelve months-grew 14% year-over-year to 1,724 as of Q3 2025. This enterprise adoption is key to sustainable, large-scale revenue.

What this estimate hides is the GAAP Net Loss, which was still $11.6 million in Q3 2025, meaning while the core operations (Adjusted EBITDA) are profitable, the company is still investing heavily in growth, stock-based compensation, and depreciation. For more on the company's long-term vision, you can review its core principles: Mission Statement, Vision, & Core Values of Xometry, Inc. (XMTR).

Xometry, Inc. (XMTR) Market Position & Future Outlook

Xometry, Inc. is firmly positioned as a leading digital marketplace in the fragmented, multi-billion-dollar on-demand manufacturing (ODM) industry, driven by its proprietary AI-powered platform and expanding global supplier network.

The company's future outlook is one of accelerating growth and a critical pivot toward sustained Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profitability, with management raising its full-year 2025 revenue guidance to a range of $676 million to $678 million. This strong top-line momentum, underpinned by enterprise customer adoption, signals its increasing dominance in digitizing the industrial supply chain.

Competitive Landscape

The global On-Demand Manufacturing Service (ODMS) market is intensely competitive, but Xometry's marketplace model gives it a distinct structural advantage over traditional, factory-owned competitors. The total global ODMS market was valued at approximately $5.97 billion in 2024, and is projected to grow significantly.

Here's the quick math on market share: Based on Xometry's 2025 revenue guidance, its share of the rapidly expanding market is approaching the double-digit mark, which is a big deal in this space. Protolabs, a major competitor, focuses on speed via its in-house factories, while Xometry focuses on scale and price through its network.

Opportunities & Challenges

You're watching a company that is successfully executing a land-and-expand strategy, but still wrestling with the final push to consistent GAAP (Generally Accepted Accounting Principles) profitability. The opportunities are clear, but so are the risks that come with rapid investment and market volatility.

Industry Position

Xometry's industry standing is that of a disruptive market leader in the digital manufacturing space, not a traditional factory. Its core strength is its asset-light, two-sided marketplace model, which allows for near-limitless scalability without the capital expenditure burden of owning all the machines.

The company is making significant progress toward generating $1 billion in revenue for small- and medium-sized U.S. manufacturers through its marketplace, demonstrating its role as a critical supply chain partner. Plus, the marketplace gross margin hit a record 35.7% in Q3 2025, which shows the platform's improving operational efficiency.

• AI-Powered Edge: The platform's AI continually refines the instant quoting and supplier-matching process, which is a key barrier to entry for competitors.
• Enterprise Traction: Active Buyers grew to 78,282 in Q3 2025, and accounts spending over $50,000 annually increased by 14%, proving the model works for large customers.
• Profitability Turnaround: The shift to positive Adjusted EBITDA, with a Q3 2025 profit of $6.1 million, signals that the heavy investment phase is starting to yield operating leverage.

If you want a deeper dive into the balance sheet and cash flow dynamics behind this rapid growth, you should check out Breaking Down Xometry, Inc. (XMTR) Financial Health: Key Insights for Investors.