Key Takeaways
- Xometry, Protolabs, and Lincoln Electric reported strong quarterly earnings, indicating continued spending by manufacturers.
- Xometry's revenue rose 41% year over year to $229 million, with marketplace revenue increasing 45% to $215 million.
- Protolabs' revenue increased 10.6% to $149.3 million, with CNC machining revenue growing 13.6% year over year.
- Lincoln Electric's additive manufacturing business is closely tied to industrial capital spending and reported record sales and earnings.
Introduction to 3D Printing Financials
The latest earnings reports from Xometry, Protolabs, and Lincoln Electric suggest that manufacturers are still investing in digital manufacturing and 3D printing technologies. While each company's results tell a different story, they collectively indicate a positive trend in the industry.
Xometry's Growth
Xometry reported a record quarter, with revenue rising 41% year over year to $229 million. The company's marketplace revenue, which accounts for most of its business, increased 45% to $215 million. Gross profit reached a record $87.2 million, while adjusted EBITDA improved to $14.1 million. Xometry's active buyers increased 20% to nearly 90,000, and the number of accounts spending more than $50,000 annually rose 23%. The company also invested in artificial intelligence (AI) and introduced new AI-powered manufacturing recommendations, updated pricing models, and improved supplier matching across its marketplace.
Protolabs' Performance
Protolabs also reported a record quarter, with revenue increasing 10.6% to $149.3 million. The company's CNC machining revenue grew 13.6% year over year, while its 3D printing business remained flat. Protolabs improved its profitability and raised its full-year revenue guidance to between 8% and 10% growth.
Comparison of 3D Printing Companies
| Company | Revenue Growth | Gross Profit | Adjusted EBITDA |
|---|---|---|---|
| Xometry | 41% | $87.2 million | $14.1 million |
| Protolabs | 10.6% | Not reported | Not reported |
| Lincoln Electric | Not reported | Not reported | Not reported |
Conclusion and Future Outlook
The strong quarterly earnings reported by Xometry, Protolabs, and Lincoln Electric indicate a positive trend in the digital manufacturing and 3D printing industry. Xometry's growth is particularly notable, with a 41% increase in revenue and a significant expansion of its marketplace. Protolabs' performance was also strong, with a 10.6% increase in revenue and improved profitability. As the industry continues to evolve, it will be interesting to see how these companies adapt and innovate to meet the changing needs of manufacturers.
Bottom Line
The latest earnings reports from Xometry, Protolabs, and Lincoln Electric suggest that the digital manufacturing and 3D printing industry is experiencing a period of growth and investment. With Xometry's revenue rising 41% year over year and Protolabs' revenue increasing 10.6%, it is clear that manufacturers are still spending on digital manufacturing technologies. As the industry continues to evolve, it will be important to monitor the performance of these companies and others to understand the trends and opportunities in the market.