Earlier this year, on the day that Xometry (Nasdaq: XMTR) reported its Q1 earnings, the company’s share price rose dramatically — a trading session that still accounts for a huge chunk of the stock’s YTD gains — thanks to what was, at the time, a record for quarterly revenue ($205 million). As Vanesa Listek reported in her coverage, the positive response from the market also seemed related to the company’s announcement of a major deal with Siemens, which invested $50 million in the online marketplace and integrated Xometry’s instant quoting engine and manufacturing intelligence capabilities into Siemens’ design software network.
In the earnings report for Q3 2026, Xometry highlighted how the Siemens partnership has progressed and provided some information on when we should expect the rollout to hit the market:
On the earnings call, Sanjeev Singh Sahni, President of Xometry, said, “We expect the beta launch in Q1 2027 followed by a gradual ramp of customers to the various versions of Design Center throughout the year. In addition to the work within Design Center, there’s also active collaboration between Siemens SupplyFrame and Thomas, extending the value both teams can bring to their customers. We will share more as we hit milestones, and we expect the Siemens partnership to positively impact our 2027 operating results.”
This timeline is especially important in light of the rest of the earnings report: even without the impact of the Siemens partnership, Xometry achieved record revenue for the third straight quarter, bringing in $252 million, which was also the second straight quarter of 40 percent revenue growth YOY. In addition, Xometry set a record for gross margin in its marketplace business (36 percent) and had its first-ever quarter of GAAP profit ($1.9 million).
Most importantly of all, however, is the fact that Xometry continues to add new net buyers at a robust pace while simultaneously growing its number of high-value customers. Xometry continues to maintain 20 percent or greater growth in net new buyers YOY, steadily working its way towards an active customer base of 100,000 users. At the same time, its customers spending $50,000 or more annually grew 26 percent YOY, up from 23 percent YOY in Q2.
While we don’t know precisely how much of Xometry’s business comes from 3D printing, it’s perhaps more appropriate to look, at this point, at what Xometry can offer the 3D printing industry rather than what the 3D printing industry can offer Xometry. Since it’s an online marketplace that matches buyers and sellers, as opposed to a direct services provider, Xometry’s performance is based on its market share of the overall level of custom manufacturing activity in the markets it serves, not necessarily on the state of 3D printing demand, specifically.
Xometry’s Gaithersburg, Maryland site. Image courtesy of Xometry.
On the other hand, what Xometry is doing with Siemens suggests that the company will soon be opening up increased opportunity for businesses that rely on sourcing and selling 3D printed parts. Siemens has made a persistent effort to expand the number of options for sourcing 3D printed parts on its Xcelerator Marketplace, which means that once Xometry is integrated into Xcelerator, every company already using the latter will have access to the same tools, helping Xometry consistently grow the size of its marketplace as well as the revenue per customer within that marketplace.
Moreover, similarly to what I noted with the Protolabs Q3 earnings results, the language from Xometry’s leadership is in perfect alignment with the 3D printing industry’s strategic footing:
Sahni said, “What we are seeing is a generational shift in who is making manufacturing purchasing decisions. The engineers, procurement buyers and supply chain lead roles are now full of dynamic, digitally native individuals. They expect the same frictionless experience at work that they have in their personal lives. When they find that Xometry can deliver, they become Xometry champions inside their organizations. On our Q2 call we discussed enhancing our AI model capabilities in costing, sourcing and process recommendations—a new generation of high-capacity interconnected models that span the entire manufacturing journey.”
Xometry’s focus on the optimal way to deploy AI in manufacturing could be the biggest asset that the company can offer to the 3D printing industry going forward. This is a very confusing phase of the broad AI buildout because everyone who runs a business seems to vaguely grasp that they should be “doing something” proactive about their own enterprise’s AI capabilities, but the proliferation of conflicting messages as to what that something is tends to lead to the paralysis of indecision rather than to an actual strategy.
This is especially true for manufacturers, which have multiple layers of complexity to consider beyond software when it comes to the AI adoption decision. In that context, working with a company like Xometry could offer an attractive middle-ground: you can avoid reshaping your entire business model within the framework of a technology that’s changing too quickly to keep up with, but still reap the benefits of AI-driven quoting and maybe even some newer applications like generative CAD.
The relationship between 3D printing and Xometry, then, is likely just getting started. While the company will probably share updates on the progress of the Siemens partnership on its full-year earnings call at the beginning of next year, I expect that the 3D printing industry will be particularly interested in what Xometry has to share when it starts reporting results for 2027.