Xometry, Inc. (XMTR): ANSOFF MATRIX [Dec-2025 Updated]

You're looking for the clearest path forward for Xometry, Inc. after a year where the marketplace gross margin hit a record 35.7% in Q3 2025, but Supplier Services revenue dipped about 5%. Honestly, navigating growth in this environment requires a sharp, disciplined look at the options, so I've mapped out the next set of levers using the Ansoff Matrix. We're moving past simple strategy talk to concrete actions, from deepening adoption with your current 1,724 enterprise accounts to exploring high-potential diversification like a proprietary supply chain software product. Dive in below to see exactly where Xometry, Inc. can place its next bets for sustainable expansion.

Xometry, Inc. (XMTR) - Ansoff Matrix: Market Penetration

You're looking at how Xometry, Inc. is driving more revenue from its current customer base and marketplace. This is about deepening the relationship where you already have a foothold.

Deepening enterprise adoption is clearly working. The number of accounts spending at least $50,000 annually on a last twelve-month basis reached 1,724 as of September 30, 2025, which was a 14% increase year-over-year. To put that in perspective, in Q1 2025, that same cohort stood at 1,545. Also, the growth rate for customers spending over $500,000 annually was even stronger in Q3 2025.

The financial results from this focus are clear. The marketplace gross margin hit a record 35.7% in Q3 2025, marking an expansion of 210 basis points year-over-year. This margin improvement is directly tied to platform enhancements.

Here's the quick math on some key Q3 2025 performance indicators:

The platform is getting smarter, helping drive that margin. Management attributed the Q3 strength to more accurate pricing tools and better supplier matching. You can see this in the product enhancements, like the launch of Auto-Quote for injection molding in the United States, which now offers instant pricing across more than 35 materials and finishes. We expect this focus on AI to defintely improve supplier matching and quoting speed.

Driving greater usage of internal collaboration tools within existing customer organizations is key to increasing that $50,000+ spend threshold. The focus is on deeper enterprise engagement.

Regarding sourcing strategy, a domestic focus was a noted trend. In Q1 2025, US marketplace revenue growth accelerated to nearly 30% year-over-year. This was the strongest US growth since Q4 2023. The company mentioned investing in geographies to support its global sourcing strategy during that quarter.

To summarize the penetration focus areas:

• Grow accounts past 1,724 spending over $50,000 annually.
• Push marketplace gross margin beyond 35.7%.
• Expand AI quoting capabilities to over 35 material/finish combinations.
• Increase usage of tools like Teamspace in large accounts.
• Incentivize domestic sourcing, which saw US marketplace revenue hit nearly 30% growth in Q1 2025.

Finance: draft 13-week cash view by Friday.

Xometry, Inc. (XMTR) - Ansoff Matrix: Market Development

You're looking at how Xometry, Inc. (XMTR) plans to grow by taking its existing marketplace and services into new geographic areas or new customer types. This is Market Development, and the numbers show where they are placing their bets right now.

The long-term ambition for international growth is clear: Xometry, Inc. leadership reiterated the goal for global revenue to eventually make up 30-40% of their total Marketplace revenue. This is a significant shift from the current footprint, showing a strong commitment to becoming a truly global player.

This international push is building on recent momentum. For instance, in the second quarter of 2025, the company saw 31% year-over-year growth in international revenue. Still, this expansion requires investment; the International segment reported an adjusted EBITDA loss of $4.2 million in the third quarter of 2025, which was an increase from the $2 million loss reported in the third quarter of 2024, driven by investments to scale globally.

The U.S. market development is heavily focused on securing high-value, regulated contracts. Xometry, Inc. achieved Cybersecurity Maturity Model Certification (CMMC) Level 2 with a perfect score following an audit by a Certified Third-Party Assessor Organization (C3PAO). This certification validates Xometry, Inc.'s ability to protect Controlled Unclassified Information (CUI) and positions them as a trusted partner for the U.S. Department of Defense and domestic aerospace and defense agencies. The requirement for CMMC Level 2 assessment may apply to new Department of Defense contract solicitations involving CUI on or after 11/10/26.

The Instant Quoting Engine, a core technology, is also being pushed into new geographies. Following a successful rollout in Europe, Xometry, Inc. introduced its Auto-Quote feature for injection molding services in the United States, offering instant pricing across more than 35 materials and finishes.

For the Thomasnet industrial sourcing platform, market development involves expanding its reach beyond just custom parts sourcing. The platform itself is massive: it hosts over 1.3 million registered users and more than 500,000 commercial and industrial sellers. Every year, more than 20 million sourcing sessions are initiated on Thomasnet.com. The acquisition of Thomas was valued at $300 million.

Here's a look at the recent financial scale supporting these market development efforts, based on the third quarter of 2025 results:

The company is actively growing its high-spending customer base, which is a key indicator of market penetration within the enterprise segment. Accounts with greater than $50,000 in spend increased to 1,724 in the third quarter of 2025, a 14% year-over-year increase.

The focus on enterprise adoption is also evident in the growth of the overall buyer network:

• Active Buyers increased 21% year-over-year to 78,282 in Q3 2025.
• Marketplace revenue per active buyer rose 9% year-over-year in Q3 2025.
• Accounts spending over $500,000 annually grew at a faster clip than the $50,000+ segment.

Xometry, Inc. (XMTR) - Ansoff Matrix: Product Development

Xometry, Inc. launched auto-quoting for injection molding services in the United States in early Q4 2025, following a European rollout earlier in the year.

The new auto-quoting capability for injection molding offers instant pricing across more than 35 materials and finishes.

AI-powered design-for-manufacturing (DFM) capabilities were enhanced to better interpret CAD files and technical drawings, supporting improved quote accuracy and supplier matching.

The Workcenter mobile app was released on October 9, 2025, extending the quote-to-cash platform to smartphones for partner suppliers.

• Review job offers
• Manage production workflows
• Capture photos/signatures
• Receive push notifications

The expansion of Instant Quoting Engine capabilities includes adding a wider range of specialty materials and finishes, exemplified by the new CNC materials added in October 2025.

New SaaS-based solutions for suppliers are being developed to offset the projected full-year 2025 Supplier Services revenue decline of approximately 5%.

The Q3 2025 Supplier Services revenue was $14.1 million, representing a year-over-year decrease of 4.1%.

The success of platform enhancements, including AI-driven quoting, is reflected in the marketplace's financial performance.

The U.S. segment generated an adjusted EBITDA of $10.3 million in Q3 2025, representing a 6.8% adjusted EBITDA margin.

The International segment reported an adjusted EBITDA loss of $4.2 million in Q3 2025.

Xometry, Inc. (XMTR) - Ansoff Matrix: Diversification

You're looking at growth paths outside the core marketplace, which is important because the Supplier services revenue for the third quarter of 2025 was $14.1 million, representing a 4% year-over-year decrease.

For geographic expansion, consider acquiring a regional manufacturing network in a new, high-growth area like Southeast Asia. The current international segment reported an Adjusted EBITDA loss of $4.2 million in the third quarter of 2025, which management attributed to investments in global scale. The longer-term view suggests global revenue could eventually make up 30% to 40% of the total marketplace revenue.

Moving to supplier-focused financial products, the current Supplier services revenue stream is small relative to the $167 million in Marketplace revenue for the third quarter of 2025. The full-year 2025 projection for Supplier services revenue is a decline of approximately 5% year-over-year, showing this area needs a dedicated product line shift beyond current offerings.

Developing a proprietary, high-margin software product for supply chain optimization, sold as a standalone subscription, is a clear product development play within diversification. The core marketplace gross margin reached 35.7% in Q3 2025, an increase of 210 basis points year-over-year, showing high-margin potential exists within the platform's technology stack. The company already launched workflow tools such as Teamspace, ERP punchouts, and the Workcenter platform.

Entering the industrial equipment resale market leverages the Thomasnet network's deep industrial connections. The Thomasnet.com platform hosts more than 500,000 commercial and industrial sellers. The acquisition of Thomas was valued at $300 million in cash and stock, demonstrating a prior commitment to integrating these deep industrial relationships.

Forming strategic joint ventures with major logistics providers to offer end-to-end, managed supply chain solutions ties into the overall enterprise focus. Enterprise customers spending over $500,000 annually grew at a faster clip than the 1,724 accounts spending over $50,000 annually as of September 30, 2025.

Here's a quick look at the current scale:

• Marketplace Active Buyers: 78,282 as of September 30, 2025.
• Q3 2025 Total Revenue growth: 28% year-over-year.
• Full Year 2025 revenue guidance midpoint: approximately $677 million.
• Q3 2025 Operating Cash Flow: $5.8 million.
• Q3 2025 Capital Expenditures: $7.4 million.

Finance: draft a pro-forma P&L impact for a $50 million Southeast Asia acquisition by Friday.