Xometry's Wallet Share Expansion in Enterprise Accounts Remains Largest Near-Term Opportunity, RBC Says

MT Newswires Live08-06

Xometry (XMTR) biggest near-term growth opportunity is expanding the wallet share of its existing enterprise customers, RBC Capital Markets said in a Wednesday note.

The company's product-led strategy is producing tangible results, as shown in its strong Q2 results with performance seen broadly across the business, the firm noted. Marketplace revenue, which grew 45% from last year, drove the better-than-expected results and the full-year revenue guidance increase to a range of 33% to 34%, according to the note.

In the enterprise segment, revenue coming from enterprise accounts that spend at least $50,000 annually increased 23% compared with the prior year, with 175 record net new accounts, RBC analysts said. They noted that the company said one of the key growth initiatives is deepening enterprise engagement, aiming to ramp revenue from large customers by more than 40%.

RBC maintained the company's rating at sector perform and raised the price target to $100 per share from $85.

Price: 92.52, Change: +0.86, Percent Change: +0.94

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