Key Highlights

  • Revenue increased 40% to a record USD 252 million in the third quarter of 2026, according to the November 3, 2026 call, while marketplace Revenue grew 43%.
  • Management described it as the first quarter of GAAP profitability, with adjusted EBITDA, Gross Profit and marketplace gross Margin all reaching records.
  • Marketplace gross margin hit a record 36.0%, up 130 basis points from the second quarter, and the revenue run rate moved past USD 1 billion.
  • Active buyers rose 20% to 93,812, and accounts spending at least USD 50,000 over twelve months increased 26% to 2,172, with 98% of revenue from existing accounts.

Record Revenue Growth and a First GAAP Profit

Xometry (NASDAQ:XMTR) runs an online marketplace linking buyers of custom manufactured parts with a supplier network, and it also owns the Thomasnet industrial sourcing platform. On its call on November 3, 2026, management said third quarter revenue rose 40% to a record USD 252 million, the second straight quarter of growth at or above 40%. Marketplace revenue increased 43%, and management reported the company's first quarter of GAAP profitability. The material reviewed does not give the GAAP profit figure, adjusted EBITDA or the new full-year guidance, although management said it raised the 2026 outlook and that momentum carried into the fourth quarter.

Marketplace Margin, Buyer Expansion and the Siemens Tie-Up

The marketplace gross margin of 36.0% is the profitability lever to monitor, since the company earns the spread between what buyers pay and what suppliers receive. Management credited upgraded AI costing and sourcing models and a new E-commerce platform that now handles most buyer traffic. Active buyers climbed to 93,812 from 78,282 a year earlier, and the supplier network tops 5,000 active suppliers. The company expects a Beta launch of its Siemens Designcenter integration in the first quarter of 2027, with a gradual customer ramp through the year, and said the Partnership should support 2027 operating results. Investors will need later filings to see how much the Siemens tie-up adds in practice. On July 1, 2026, it acquired Marketing agency GoBRANDgo for about USD 4.6 million in cash, plus up to 28,454 shares of contingent consideration.

Workforce Cuts, Macro Exposure and an Unverified Market Estimate

The filing notes workforce reductions of about 5% in 2025 and 4% in 2026, with USD 1.4 million of termination costs booked in the quarter. It also cautions that inflation, interest rates, trade policy and geopolitical conflict could slow Manufacturing spending, and that those effects may not show up in results until later periods. Management's claim that it has penetrated less than 1% of a USD 275 billion custom manufacturing market is its own estimate and has not been verified here. The Siemens integration is still pre-launch, and the first GAAP profit covers a single quarter, so sustainability remains untested. Watch the full-year guidance figures and the quarterly 10-Q cash and Liquidity disclosures.

Where Things Stand

Revenue growth of 40% and a record 36.0% marketplace gross margin explain how Xometry (NASDAQ:XMTR) reached its first GAAP profit, with workforce reductions in 2025 and 2026 also in play, though the material does not quantify their cost effect. That is a meaningful milestone, but the supplied material gives neither the profit amount nor new guidance, so its scale cannot be judged here. Growth and unit Economics look positive, with risks in macro-sensitive manufacturing Demand and execution on the Siemens launch planned for the first quarter of 2027.