Xometry Q1 2026 Earnings Snapshot

Xometry (XMTR) just posted Q1 2026 results with revenue of US$205.1 million, a basic EPS loss of US$0.05 and net income excluding extra items of a US$5.3 million loss, setting the stage for another quarter in which growth and profitability remain in focus. Over the past year, revenue has moved from US$151.0 million in Q1 2025 to US$205.1 million in Q1 2026, while basic EPS losses shifted from US$0.30 to US$0.05, giving investors a clearer read on how quickly the top line is scaling relative to ongoing losses. For anyone following the stock, the key question now is how much of this revenue profile can translate into sturdier margins as the business matures.

See our full analysis for Xometry.

With the latest numbers on the table, the next step is to compare these results with the most common stories around Xometry, highlighting where the data supports the bullish narrative and where it starts to challenge it.

US$740.8 million in TTM revenue, but US$51.9 million loss

• Over the last twelve months to Q1 2026, Xometry generated US$740.8 million in revenue and recorded a net loss of US$51.9 million, with trailing basic EPS at a loss of US$1.01.
• Analysts' bullish narrative leans on this revenue base as a springboard for future earnings, yet the current loss position means their view hinges on a big shift:
  • Bulls point to trends like expanding buyer and supplier networks and AI powered marketplace tools as reasons revenue could keep building on the US$740.8 million trailing level, even as the company remains loss making today.
  • At the same time, the trailing loss of US$51.9 million and a five year history of only modest loss reduction challenge the idea that earnings will quickly reflect the scale implied by those bullish expectations.

Bulls argue these Q1 numbers are an early step toward the high margin, software like business they expect Xometry to become. They focus heavily on how fast the marketplace can turn that US$740.8 million revenue base into profits over time. 🐂 Xometry Bull Case

Q1 loss narrows to US$5.3 million, but profitability still out of reach

• In Q1 2026 Xometry reported a net loss excluding extra items of US$5.3 million on US$205.1 million in revenue, compared with a trailing twelve month loss of US$51.9 million on US$740.8 million in revenue.
• The consensus narrative highlights AI and automation as levers for margin improvement, and the recent quarterly numbers give a mixed read against that story:
  • Supporters point to Q1's US$5.3 million loss as relatively small next to the US$51.9 million loss over the last twelve months, which they see as consistent with a gradual move toward better operating leverage.
  • On the other hand, basic EPS remains in loss territory at US$0.05 in Q1 and US$1.01 over the last year, so the path to the 4.5% margin and US$52.0 million earnings that consensus expects by around 2029 still requires a major shift from the current run rate.

Rich 5.5x P/S and US$25.18 DCF fair value create a valuation gap

• At a current share price of US$78.50, Xometry trades on a P/S of 5.5x versus 1.5x for peers and 1.2x for the US Trade Distributors industry, while the provided DCF fair value of US$25.18 sits well below the market price.
• Bears focus on this valuation gap and argue that even strong growth forecasts may not be enough to justify it:
  • Critics highlight that the stock price is more than triple the DCF fair value of US$25.18 despite the company remaining unprofitable on a trailing basis with a US$51.9 million loss.
  • They also flag that analysts' consensus price target of US$62.63 is below the current US$78.50 share price, which they see as another sign that expectations embedded in the market valuation could be ahead of the earnings and margin profile reported so far.

Skeptics warn that paying a 5.5x P/S multiple and well above the US$25.18 DCF fair value leaves little room for error if revenue growth or margin progress comes in slower than the market now expects. 🐻 Xometry Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Xometry on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of strong expectations and real risks feels finely balanced, move quickly to review the numbers yourself and weigh both sides using our breakdown of 1 key reward and 2 important warning signs

See What Else Is Out There

Xometry carries a US$51.9 million trailing loss, ongoing negative EPS and a P/S of 5.5x that sits well above peers and its DCF fair value.

If paying up for a stock with losses and a rich multiple feels uncomfortable, shift your attention to 51 high quality undervalued stocks to compare businesses where price and fundamentals look more closely aligned.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.