Xometry, Inc. Goodwill & Intangibles Disclosure
(14) Goodwill and Intangible Assets
The following tables summarize the Company’s intangible assets (dollars in thousands):
|
|
December 31, 2025 |
|
|||||||||||||
|
|
Weighted |
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
||||
Customer Relationships |
|
|
15 |
|
|
$ |
36,600 |
|
|
$ |
9,911 |
|
|
$ |
26,689 |
|
Trade Names |
|
|
10 |
|
|
|
800 |
|
|
|
325 |
|
|
|
475 |
|
Developed Technology |
|
|
5 |
|
|
|
740 |
|
|
|
627 |
|
|
|
113 |
|
Vendor Relationships |
|
|
15 |
|
|
|
1,253 |
|
|
|
504 |
|
|
|
749 |
|
Database |
|
|
5 |
|
|
|
2,400 |
|
|
|
1,950 |
|
|
|
450 |
|
Patents |
|
|
17 |
|
|
|
157 |
|
|
|
70 |
|
|
|
87 |
|
Subtotal intangible assets |
|
|
|
|
|
41,950 |
|
|
|
13,387 |
|
|
|
28,563 |
|
|
In-place Lease Intangible Asset |
|
|
4 |
|
|
|
568 |
|
|
|
568 |
|
|
|
— |
|
Above Market Lease Intangible Asset |
|
|
4 |
|
|
|
896 |
|
|
|
896 |
|
|
|
— |
|
Total intangible assets |
|
|
|
|
$ |
43,414 |
|
|
$ |
14,851 |
|
|
$ |
28,563 |
|
|
|
|
December 31, 2024 |
|
|||||||||||||
|
|
Weighted |
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
||||
Customer Relationships |
|
|
15 |
|
|
$ |
36,600 |
|
|
$ |
7,471 |
|
|
$ |
29,129 |
|
Trade Names |
|
|
10 |
|
|
|
800 |
|
|
|
245 |
|
|
|
555 |
|
Developed Technology |
|
|
5 |
|
|
|
739 |
|
|
|
507 |
|
|
|
232 |
|
Vendor Relationships |
|
|
15 |
|
|
|
1,263 |
|
|
|
420 |
|
|
|
843 |
|
Database |
|
|
5 |
|
|
|
2,400 |
|
|
|
1,470 |
|
|
|
930 |
|
Patents |
|
|
17 |
|
|
|
157 |
|
|
|
61 |
|
|
|
96 |
|
Subtotal intangible assets |
|
|
|
|
|
41,959 |
|
|
|
10,174 |
|
|
|
31,785 |
|
|
In-place Lease Intangible Asset |
|
|
4 |
|
|
|
568 |
|
|
|
433 |
|
|
|
135 |
|
Above Market Lease Intangible Asset |
|
|
4 |
|
|
|
896 |
|
|
|
677 |
|
|
|
219 |
|
Total intangible assets |
|
|
|
|
$ |
43,423 |
|
|
$ |
11,284 |
|
|
$ |
32,139 |
|
|
During 2025, 2024 and 2023, no impairments were recorded on the Company’s intangible long-lived assets.
Amortization expense for the year ended December 31, 2025, 2024 and 2023 was as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Sales and marketing |
|
$ |
3,080 |
|
|
|
3,082 |
|
|
|
3,119 |
|
Product development |
|
|
120 |
|
|
|
159 |
|
|
|
211 |
|
General and administrative (1) |
|
|
14 |
|
|
|
14 |
|
|
|
14 |
|
Total |
|
$ |
3,214 |
|
|
$ |
3,255 |
|
|
$ |
3,344 |
|
(1) Amortization of the lease related intangible assets is recorded as operating lease expense in general and administrative.
As of December 31, 2025, estimated amortization expense for intangible assets and lease intangible assets for the next five years is: $3.2 million in 2026, $2.6 million in 2027, $2.6 million in 2028, $2.6 million in 2029, $2.6 million in 2030 and $14.9 million thereafter.
The following tables provide a roll forward of the carrying amount of goodwill (in thousands):
|
|
|
|
|
|
|
||
|
|
2025 |
|
|
2024 |
|
||
Balance as of January 1: |
|
|
|
|
|
|
||
Gross goodwill |
|
$ |
265,760 |
|
|
$ |
265,989 |
|
Accumulated impairments |
|
|
(3,074 |
) |
|
|
(3,074 |
) |
Net goodwill as of January 1 |
|
|
262,686 |
|
|
|
262,915 |
|
Impact of foreign exchange |
|
|
1,115 |
|
|
|
(229 |
) |
Net goodwill as of December 31, 2025 and December 31, 2024: |
|
$ |
263,801 |
|
|
$ |
262,686 |
|
As of December 31, 2025 and 2024, the Company had $263.8 million and $262.7 million, respectively of goodwill. As of December 31, 2025 and 2024, $258.0 million is part of the Company’s U.S. reporting unit, and $5.8 million and $4.7 million, respectively, is part of the Company’s International reporting unit.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 18, 2022 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.