Xometry Welcomes Over 780 New Suppliers in 2024, Highlighting Growth Driven by AI-Powered Marketplace
Xometry Welcomes Over 780 New Suppliers in 2024, Highlighting Growth Driven by AI-Powered Marketplace
Xometry announced 780 new suppliers in 2024, enhancing its global manufacturing marketplace and expanding its instant quoting engine.
Quiver AI Summary
Xometry announced a significant expansion of its supplier network, gaining over 780 new suppliers in the first three quarters of 2024, bringing the total to more than 4,200 active suppliers worldwide. This growth, nearly tripling since 2021, is driven by Xometry's AI-based algorithms that help suppliers maximize their business opportunities. The company's Instant Quoting Engine is now available in 16 languages, facilitating easy global access for suppliers. Xometry's cloud-based Workcenter system supports these suppliers in operating efficiently across diverse manufacturing processes. The platform is designed to meet the needs of enterprise customers in various industries while also supporting small and medium manufacturers in the U.S. by providing scholarships for education in engineering and technical fields. Overall, Xometry is positioning itself as a leader in on-demand manufacturing through its innovative technology and extensive supplier network.
Potential Positives
- More than 780 new suppliers joined Xometry in the first three quarters of 2024, representing a 34% increase and a nearly three-fold growth since 2021, highlighting the effectiveness of Xometry's AI-driven algorithms.
- The Xometry Instant Quoting Engine is now available in 16 languages and accepts multiple currencies, enhancing accessibility for suppliers and enabling seamless business operations worldwide.
- Xometry's growing supplier network spans all 50 states and three continents, allowing the company to offer a wide range of manufacturing processes and materials, benefitting its enterprise customers across diverse industries.
- The company is committed to supporting small- and medium-sized manufacturers through scholarships and workforce development, reinforcing its role as a community-oriented business leader in the manufacturing sector.
Potential Negatives
- While the company's increase in suppliers appears positive, it may indicate a high level of churn or instability within the supplier network, raising concerns about supplier retention and long-term relationships.
- The almost three-fold increase in suppliers could imply that Xometry is struggling to maintain a consistent, quality supplier base, potentially affecting the reliability of services offered.
- The announcement focuses heavily on the growth and capabilities of the supplier network but lacks specific details on financial performance or profitability, which could leave stakeholders concerned about the company's financial health.
FAQ
How many new suppliers joined Xometry in 2024?
In the first three quarters of 2024, more than 780 new suppliers joined Xometry.
What is the total number of active suppliers on Xometry?
Xometry now has over 4,200 active suppliers in its global custom-manufacturing marketplace.
How does Xometry support suppliers worldwide?
Xometry offers an Instant Quoting Engine in 16 languages and multiple currencies for suppliers to conduct business globally.
What industries benefit from Xometry's services?
Xometry serves diverse industries, including aerospace, automotive, electronics, energy, and medical devices.
What technology does Xometry use for pricing and lead times?
Xometry employs AI-driven algorithms to generate accurate pricing and lead times for buyers and suppliers.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$XMTR Insider Trading Activity
$XMTR insiders have traded $XMTR stock on the open market 17 times in the past 6 months. Of those trades, 3 have been purchases and 14 have been sales.
Here's a breakdown of recent trading of $XMTR stock by insiders over the last 6 months:
- PETER GOGUEN (Chief Operating Officer) has traded it 8 times. They made 0 purchases and 8 sales, selling 23,352 shares.
- MATTHEW LEIBEL (Chief Technology Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 20,324 shares.
- EMILY ROLLINS has traded it 2 times. They made 0 purchases and 2 sales, selling 3,729 shares.
- SUBIR DUTT (Chief Sales Officer) has traded it 3 times. They made 3 purchases, buying 20,000 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$XMTR Hedge Fund Activity
We have seen 70 institutional investors add shares of $XMTR stock to their portfolio, and 79 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EVENTIDE ASSET MANAGEMENT, LLC removed 1,601,903 shares (-26.6%) from their portfolio in Q3 2024
- FMR LLC added 1,169,778 shares (+40.2%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 650,829 shares (+inf%) to their portfolio in Q3 2024
- OWLS NEST PARTNERS IA, LLC removed 576,002 shares (-32.5%) from their portfolio in Q3 2024
- BROWN CAPITAL MANAGEMENT LLC removed 434,223 shares (-8.9%) from their portfolio in Q3 2024
- NUVEEN ASSET MANAGEMENT, LLC added 403,190 shares (+353.4%) to their portfolio in Q3 2024
- FRED ALGER MANAGEMENT, LLC added 312,971 shares (+20.8%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
More Than 780 New Suppliers Have Joined Xometry In the First Three Quarters Of 2024, A Nearly Three-Fold Increase Since 2021
Growth In Suppliers Reflects Strength Of Xometry's AI-driven Algorithms, Methods And Models To Generate Accurate Pricing And Lead Times For Buyers, Suppliers
The Xometry Instant Quoting Engine Is Now Available In 16 Languages Worldwide; Xometry's Workcenter Cloud-Based Manufacturing Execution System Serves As The Digital On-Ramp For Suppliers To Conduct Business Worldwide
NORTH BETHESDA, Md., Nov. 20, 2024 (GLOBE NEWSWIRE) --
Xometry
today announced that its global custom-manufacturing marketplace has more than 4,200 active suppliers, an increase of more than 780, or 34%, in the first three quarters of 2024, a nearly three-fold increase since 2021. The continued growth of active suppliers reflects the ability of Xometry's sourcing algorithms to provide suppliers with opportunities to profitably grow their business. Additionally, the Xometry Instant Quoting Engine
is accessible in 16 local languages and accepts multiple currencies, making it simple for suppliers to join and conduct business worldwide.
"Manufacturers around the world recognize the benefits of joining the Xometry marketplace," said Xometry Chief Operating Officer Peter Goguen. "Through our marketplace, our rapidly growing base of suppliers can instantly expand their reach to enterprise customers regardless of geography. Our buyers also get immediate access to the growing number of manufacturers throughout North America, Europe and Asia."
Xometry's
supplier network
spans all 50 states and three continents and provides access to a massive menu of manufacturing processes, materials and finishes, including: CNC machining; injection molding; laser cutting; sheet metal; die casting; additive manufacturing; waterjet cutting; tube bending and tube cutting, and more.
As Xometry works with suppliers worldwide, it is also committed to championing America's 500,000 small- and medium manufacturers who are the bedrock of their local communities and the backbone of our domestic and global economies. Through its Donor Advised Fund, Xometry provides scholarships to more than 250 students in
Maryland
,
Kentucky
,
Wisconsin
, South Carolina,
Connecticut
,
New York
and the
District of Columbia
to help train the next-generation of mechanical engineers, technicians and machinists.
Xometry makes it easy for suppliers to join its Marketplace. The company's all-in-one
Workcenter cloud-based manufacturing
execution system serves as the "digital on-ramp" for suppliers to Xometry's global digital ecosystem.
With its large and growing supplier base, Xometry serves large customers in diverse industries, including aerospace and defense, automotive, electronics and semiconductors, energy, medical devices and more. The company has amassed a number of
certificates and registrations
, and
backs every part
it ships.
"Our growing supplier base enables us to deliver more complex services for our enterprise customers, including multi-year production orders and post-manufacturing assembly," Goguen continued. "Xometry is quickly becoming the 'trusted everything' of on-demand manufacturing."
Xometry's two-sided
AI-powered marketplace
plays a vital role in the rapid digital transformation of the manufacturing industry. Xometry's proprietary technology shortens development cycles, drives efficiencies within corporate environments and helps companies create resilient supply chains. Xometry's product portfolio includes its industry leading digital marketplace; popular
Thomasnet
industrial sourcing platform, and cloud-based tools and centralized project management software for large, mission-critical projects.
A
bout Xometry
Xometry's
(NASDAQ:XMTR)
AI-powered marketplace
, popular
Thomasnet
industrial sourcing platform and suite of cloud-based services are rapidly digitizing the manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and makes it easy for buyers to create locally resilient supply chains. The Xometry Instant Quoting Engine
leverages millions of pieces of data to analyze complex parts in real-time, matches buyers with the right suppliers globally, and provides accurate pricing and lead times. Learn more at
or follow @xometry.
Media Contact:
Matthew Hutchison
Matthew.Hutchison@xometry.com
Investor Contact:
Shawn Milne
Shawn.Milne@xometry.com
