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Before the market opened on March 1, 2023, Xometry issued a press release and held an earnings call reporting on financial and operating results for the fourth quarter and fully year ended December 31, 2022. The Company disclosed that Xometry suffered an adjusted EBITDA loss of $14.2 million in the fourth quarter of 2022 reflecting a “revenue shortfall” and “lower gross margins quarter-over-quarter.” The Company blamed “macroeconomic factors” such as inflation that “changed” supplier behavior, that some of Xometry’s “largest customers grew less than expected”, and “an environment of falling cost and slowing demand.” Further the Company announced that, despite becoming a publicly traded company less than two years prior, Xometry would be implementing a “5-point strategic plan” that included renewed focus on top 200 accounts who admittedly “represent significant opportunities and who depend on Xometry to strengthen their crucial supply chains” as well as “aggressively” reducing operating expenses, among other items. The March 1, 2023 press release also released the Company’s full year financial guidance and outlook for fiscal year 2023 that fell far below Street consensus, including projected revenue between $470 million and $480 million, and projected adjusted EBITDA between ($22) million and ($20) million.
Following this news, Xometry’s stock price fell approximately 40% to close at $18.40 per share on March 1, 2023.