Xometry, Inc. Segments Disclosure
(12) Segments
Xometry is organized in two segments referred to as: (1) the 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 sales 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 .
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, benefit (provision) for income taxes, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, stock-based compensation, payroll tax expense related to stock-based compensation, lease abandonment, charitable contributions of common stock, income from an unconsolidated joint venture, impairment of assets, restructuring charges, costs to exit the tools and materials business 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 Company’s 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 years ended December 31, 2025, 2024 and 2023 (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Segment Revenue |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
573,755 |
|
|
$ |
456,727 |
|
|
$ |
403,289 |
|
International |
|
|
112,876 |
|
|
|
88,802 |
|
|
|
60,117 |
|
Total |
|
$ |
686,631 |
|
|
$ |
545,529 |
|
|
$ |
463,406 |
|
Segment Cost of Revenue |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
347,668 |
|
|
$ |
274,838 |
|
|
$ |
247,519 |
|
International |
|
|
70,190 |
|
|
|
55,067 |
|
|
|
37,628 |
|
Total |
|
$ |
417,858 |
|
|
$ |
329,905 |
|
|
$ |
285,147 |
|
Segment Adjusted Operating Expense(1) |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
195,777 |
|
|
$ |
182,453 |
|
|
$ |
171,957 |
|
International |
|
|
55,204 |
|
|
|
43,578 |
|
|
|
34,169 |
|
Total |
|
$ |
250,981 |
|
|
$ |
226,031 |
|
|
$ |
206,126 |
|
Other Segment Items(2) |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
736 |
|
|
$ |
731 |
|
|
$ |
377 |
|
International |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
736 |
|
|
$ |
731 |
|
|
$ |
377 |
|
Segment Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|||
U.S. |
|
$ |
31,046 |
|
|
$ |
167 |
|
|
$ |
(15,810 |
) |
International |
|
|
(12,518 |
) |
|
|
(9,843 |
) |
|
|
(11,680 |
) |
Adjusted EBITDA |
|
$ |
18,528 |
|
|
$ |
(9,676 |
) |
|
$ |
(27,490 |
) |
(Add) deduct: |
|
|
|
|
|
|
|
|
|
|||
Interest expense, interest and dividend income and other expenses |
|
|
(16,047 |
) |
|
|
5,273 |
|
|
|
5,312 |
|
Depreciation and amortization |
|
|
(18,750 |
) |
|
|
(13,012 |
) |
|
|
(10,738 |
) |
Amortization of lease intangible |
|
|
(720 |
) |
|
|
(720 |
) |
|
|
(950 |
) |
(Provision) benefit for income taxes |
|
|
(589 |
) |
|
|
21 |
|
|
|
353 |
|
Stock-based compensation |
|
|
(36,362 |
) |
|
|
(29,322 |
) |
|
|
(22,118 |
) |
Payroll tax expense related to stock-based compensation |
|
|
(2,465 |
) |
|
|
(965 |
) |
|
|
— |
|
Lease abandonment |
|
|
— |
|
|
|
— |
|
|
|
(8,706 |
) |
Acquisition and other |
|
|
(1,164 |
) |
|
|
(686 |
) |
|
|
(824 |
) |
Charitable contribution of common stock |
|
|
(3,272 |
) |
|
|
(1,686 |
) |
|
|
(1,029 |
) |
Income from unconsolidated joint venture |
|
|
404 |
|
|
|
452 |
|
|
|
446 |
|
Impairment of assets |
|
|
(49 |
) |
|
|
(82 |
) |
|
|
(397 |
) |
Restructuring charges |
|
|
(1,262 |
) |
|
|
— |
|
|
|
(738 |
) |
Costs to exit the tools and materials business |
|
|
— |
|
|
|
— |
|
|
|
(586 |
) |
Net Loss |
|
$ |
(61,748 |
) |
|
$ |
(50,403 |
) |
|
$ |
(67,465 |
) |
(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 abandonment, charitable contributions of common stock, and costs to exit the tools and materials business.
(2) Addback to Segment Cost of Revenue to calculate Segment Adjusted EBITDA.
The Company’s International revenues are primarily generated in Germany. The Company’s revenues from Germany for the years ended December 31, 2025, 2024 and 2023 were approximately $89.9 million, $73.2 million and $52.4, respectively.
The following tables reflect long-lived asset information for the years ended December 31, 2025 and 2024 (in thousands):
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2025 |
|
|
2024 |
|
||
Segment Property and equipment, net |
|
|
|
|
|
|
||
U.S. |
|
$ |
49,543 |
|
|
$ |
37,370 |
|
International |
|
|
11,088 |
|
|
|
7,455 |
|
Total |
|
$ |
60,631 |
|
|
$ |
44,825 |
|
|
|
|
|
|
|
|
||
Operating lease right-of-use assets |
|
|
|
|
|
|
||
U.S. |
|
$ |
8,003 |
|
|
$ |
7,728 |
|
International |
|
|
3,129 |
|
|
|
734 |
|
Total |
|
$ |
11,132 |
|
|
$ |
8,462 |
|
The majority of the Company’s International property and equipment, net assets are located in Germany.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.