Xometry posts record Q1 2026 revenue of $205 million as Siemens invests $50 million

Xometry reported record first-quarter 2026 revenue of $205 million, up 36% year-over-year, driven by 40% growth in its marketplace segment to $191 million. The company achieved adjusted EBITDA profitability of $10.5 million, a $10.4 million improvement from Q1 2025, while active marketplace buyers grew 20% to 85,581. Alongside earnings, Xometry announced a strategic partnership with Siemens, which invested approximately $50 million in Xometry Class A common stock and will embed Xometry's manufacturability analysis, pricing, and sourcing capabilities directly within the Siemens Xcelerator platform. CEO Randy Altschuler cited accelerating marketplace growth and increasing wallet share from enterprise customers as key drivers, while CFO James Miln guided for full-year revenue growth of 27-28%, targeting $1 billion in annual revenue.

This quarter marks a structural shift for Xometry from growth-at-all-costs to profitable scaling, a trajectory few AM service platforms have achieved. The Siemens partnership embeds Xometry's quoting engine at the point of design within one of the largest industrial software ecosystems, effectively turning Siemens' engineering user base into a demand-generation funnel. This mirrors the software-service pattern where platform integration creates switching costs and recurring transaction volume. Xometry's updated Instant Quoting Engine, trained on a dataset four times larger than previous versions, now incorporates specialized certifications, new materials, and one-day lead times, directly addressing the industrial-tooling and aerospace verticals' need for rapid, qualified production. The company's 1,864 accounts with $50,000+ trailing spend represent deepening enterprise lock-in, a critical metric for sustaining marketplace gross margins that expanded to 34.7%.

Xometry's path to $1 billion in revenue now depends on execution against its raised guidance of 27-28% annual growth, which implies sustained marketplace acceleration. The Siemens integration must convert design-side engagement into actual purchase orders without diluting margins, while the enterprise machining lead-time model needs to prove it can handle the certification and material complexity that aerospace and medical buyers require. For competitors like Protolabs and Fictiv, the question is whether Xometry's AI-driven quoting and Siemens channel access create a durable moat or simply compress margins across the sector as pricing transparency increases.