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On March 1, 2023, Xometry announced an adjusted EBITDA loss of $14.2 million for the fourth quarter of 2022 due to a “revenue shortfall” and “lower gross margins quarter-over-quarter.” The Company blamed “macroeconomic factors” including inflation that “changed” supplier behavior and “slowing demand.” Further, the Company announced that it would be implementing a “5-point strategic plan” that included “aggressively” reducing operating expenses. Xometry also announced its full year financial guidance for fiscal year 2023 which was significantly worse than analysts had been expecting, including an adjusted EBITDA loss of between $20 million and $22 million instead of the $7.3 million loss projected by analysts.
Following this news, Xometry’s stock price fell by $12.01 per share, or approximately 40%, to close at $18.40 per share.