: XOMETRY, INC. Reports Net Loss of $18.3 Million for Q1 2023
XOMETRY, INC.(XMTR), a leading provider of manufacturing solutions, has released its unaudited condensed consolidated financial statements for the first quarter of 2023. The company reported a net loss of $18.3 million for the quarter, along with generating $105.3 million in revenue. The financial data provides insights into the company's performance and highlights its key financial metrics.
Net Income/Loss
During the first quarter of 2023, XOMETRY, INC. faced a net loss of $18.3 million. This marked a decrease compared to the previous year's net loss of $19.9 million during the same period. The net loss reflects the company's various operational expenses and external factors affecting its profitability.
XOMETRY, INC. demonstrated strong revenue growth in the first quarter of 2023, reporting $105.3 million in revenue. This represents a substantial increase compared to the previous year's first-quarter revenue of $83.7 million. The growth in revenue can be attributed to the company's continued efforts to expand its customer base and enhance its manufacturing solutions.
Condensed Consolidated Balance Sheets
The company's balance sheet as of March 31, 2023, showcased total assets amounting to $724.7 million, slightly down from $736.9 million as of December 31, 2022. Current assets, including cash and cash equivalents, marketable securities, accounts receivable, inventory, and other assets, totaled $372.8 million. The balance sheet also highlighted non-current assets such as property and equipment, operating lease right-of-use assets, and intangible assets, amounting to $326.9 million.
Condensed Consolidated Statements of Operations and Comprehensive Loss
The statement of operations for the first quarter of 2023 demonstrated the company's efforts to manage costs and improve its gross profit. Despite a cost of revenue totaling $66.0 million, XOMETRY, INC. achieved a gross profit of $39.4 million. The company's operating expenses, including sales and marketing, operations and support, product development, general and administrative expenses, and impairment of assets, amounted to $59.2 million.
Condensed Consolidated Statements of Changes in Stockholders' Equity
XOMETRY, INC.'s stockholders' equity underwent changes during the first quarter of 2023. The company issued additional shares of common stock and experienced changes in paid-in capital, accumulated other comprehensive income, and accumulated deficit. The total stockholders' equity as of March 31, 2023, was $361.3 million.
Condensed Consolidated Statements of Cash Flows
The cash flow statement indicated the company's cash flows from operating, investing, and financing activities. XOMETRY, INC. experienced a net decrease in cash and cash equivalents of $25.9 million during the first quarter of 2023, primarily due to operating expenses and investments in marketable securities. The company paid interest expenses of $1.4 million and reported non-cash investing and financing activities.
XOMETRY, INC.'s first-quarter financial results reflect its ongoing efforts to drive revenue growth and manage costs effectively. While reporting a net loss of $18.3 million, the company's robust revenue generation of $105.3 million demonstrates its ability to attract customers and provide valuable manufacturing solutions. As the company continues to navigate market dynamics, its financial performance will remain a key indicator of its strategic initiatives and operational resilience.
