Artificial Intelligence
Xometry Reports Second Quarter 2023 Results
- Q2 revenue increased 16% year-over-year driven by strong marketplace growth of 24% year-over-year and 8% quarter-over-quarter. Supplier Services revenue impacted by approximately $1.7 million on a year-over-year basis driven by discontinuation of sales of supplies in the U.S. in Q2.
- Q2 gross profit up 16% year-over-year driven by 34% growth in marketplace gross profit. Marketplace gross profit up a robust 19% quarter-over-quarter.
- Q2 Adjusted EBITDA loss of $8.7 million, a $3.1 million quarter-over-quarter improvement driven by higher revenue, gross profit and improved operating leverage.
- In Q2, we took further actions to reduce operating expenses with a 4% reduction in workforce on top of the 6% previously announced in Q1. Additionally, we consolidated office space, lowering office lease expense by $2.7 million on an annual basis.
- Expect Q3 revenue growth of 15%-17% year-over-year to $119-$121 million driven by strong marketplace growth.
- Continued positive results from our 5-point strategic plan with increasing focus on our top 200 accounts; rapidly expanding the marketplace menu; furthering international expansion and growth; driving adoption of new products, and driving operating leverage.
NORTH BETHESDA, Md., Aug. 09, 2023 (GLOBE NEWSWIRE) — Xometry, Inc. (NASDAQ:XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today reported financial results for the second quarter ended June 30, 2023.
“In Q2 2023, Xometry delivered stronger-than-expected 24% marketplace growth year-over-year, delivered 19% growth in marketplace gross profit quarter-over-quarter and significantly improved operating leverage,” said Randy Altschuler, Xometry’s CEO. “Driven by Artificial Intelligence, the underpinnings of marketplace growth are robust with 44% active buyer growth and continued strong order growth. Xometry is empowering our customers to build parts that are critical components in next-generation industries from spacecraft and electric vehicles to medical devices and robotics. Our digital marketplace and suite of cloud-based solutions are enabling the long tail of the internet to finally reach the thousands of small- and medium-sized manufacturers in the United States and around the world. We expect to continue to rapidly gain market share fueling robust marketplace revenue growth in 2023 and continuing on our path to Adjusted EBITDA profitability in Q4 2023.”
Second Quarter 2023 Financial Highlights
- Total revenue for the second quarter 2023 was $111.0 million, an increase of 16% year-over-year.
- Marketplace revenue for the second quarter of 2023 was $93.5 million, an increase of 24% year-over-year.
- Supplier services revenue for the second quarter of 2023 was $17.5 million, a decrease of 13% year-over-year driven by the exit of the supplies business in the U.S. which reduced revenue by $1.7 million year-over-year.
- Total gross profit for the second quarter 2023 was $43.6 million, an increase of 16% year-over-year.
- Marketplace Active Buyers increased 44% from 33,491 as of June 30, 2022 to 48,294 as of June 30, 2023.
- Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 30% from 894 as of June 30, 2022, to 1,159 as of June 30, 2023.
- Marketplace Percentage of Revenue from Existing Accounts was 96%.
- Active Paying Suppliers increased 5% from 7,202 as of June 30, 2022 to 7,553 as of June 30, 2023.
- Net loss attributable to common stockholders was $26.6 million for the quarter, an increase of $10.0 million year-over-year. Net loss for Q2 2023 included $5.8 million of stock-based compensation, $8.8 million of lease abandonment and termination costs and $0.7 million of restructuring costs related to a reduction in force and $0.6 million associated with our exit from the supplies business.
- Adjusted EBITDA was negative $8.7 million for the quarter, reflecting an increase of $0.4 million year-over-year.
- Cash, cash equivalents and marketable securities were $286.1 million as of June 30, 2023.
Second Quarter 2023 Business Highlights
- Expanded AI-powered Xometry Instant Quoting Engine to include instant-quoting of inserts, multi-part assemblies, and expanded sheet-cutting processes. The enhanced features allow buyers to instantly get pricing and lead times on CNC, sheet metal and sheet-cut parts with standard inserts while also analyzing multi-party assemblies, further accelerating Xometry’s assembly production work.
- Introduced expanded sheet-cutting options to include a wider array of metal, composite and rubber materials. Xometry’s sheet-cutting service can cut a variety of materials using the latest laser and waterjet-cutting technologies.
- Expanded Thomas Market Services (TMS) self-serve offering to include bundles with advertising and video services.
- Launched Instant Quoting for Alibaba Group’s 1688.com On-Demand Manufacturing Services through Xometry Asia. The collaboration gives buyers in China the ability to receive instant quotes and lead times from Chinese suppliers, data that is fueled by Xometry’s AI-powered Instant Quoting Engine. Xometry is the only partner specialized in the structural parts on 1688.com that will provide real-time pricing and lead times.
- Expanded the Xometry platform to include team functionality. This new dashboard allows teams of engineers and procurement professionals within an organization to collaborate and manage manufacturing supply chain projects on Xometry’s marketplace. It provides a suite of tools that enables customers to increase productivity and efficiency by providing real time order status and other data across the organization. The product is in limited beta release.
| Financial Summary | ||||||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||||||||
| 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||
| Revenue | $ | 111,008 | $ | 95,615 | 16 | % | $ | 216,334 | $ | 179,286 | 21 | % | ||||||||||
| Gross profit | 43,556 | 37,696 | 16 | % | 82,925 | 70,635 | 17 | % | ||||||||||||||
| Net loss attributable to common stockholders | (26,554 | ) | (16,553 | ) | (60 | )% | (44,898 | ) | (36,565 | ) | (23 | )% | ||||||||||
| EPS, basic and diluted, of Class A and Class B common stock | (0.55 | ) | (0.35 | ) | (57 | )% | (0.94 | ) | (0.78 | ) | (21 | )% | ||||||||||
| Adjusted EBITDA(1) | (8,658 | ) | (8,300 | ) | (4 | )% | (20,425 | ) | (21,026 | ) | 3 | % | ||||||||||
| Non-GAAP net loss(1) | (6,627 | ) | (8,447 | ) | 22 | % | (16,393 | ) | (20,974 | ) | 22 | % | ||||||||||
| Non-GAAP EPS, basic and diluted(1), of Class A and Class B common stock | (0.14 | ) | (0.18 | ) | 22 | % | (0.34 | ) | (0.45 | ) | 24 | % | ||||||||||
| Marketplace | ||||||||||||||||||||||
| Revenue | $ | 93,511 | $ | 75,598 | 24 | % | $ | 180,191 | $ | 140,013 | 29 | % | ||||||||||
| Cost of revenue | 63,914 | 53,492 | (19 | )% | 125,661 | 100,233 | (25 | )% | ||||||||||||||
| Gross Profit | $ | 29,597 | $ | 22,106 | 34 | % | $ | 54,530 | $ | 39,780 | 37 | % | ||||||||||
| Gross Margin | 31.7 | % | 29.2 | % | 2.5 | % | 30.3 | % | 28.4 | % | 1.9 | % | ||||||||||
| Supplier services | ||||||||||||||||||||||
| Revenue | $ | 17,497 | $ | 20,017 | (13 | )% | $ | 36,143 | $ | 39,273 | (8 | )% | ||||||||||
| Cost of revenue | 3,538 | 4,427 | 20 | % | 7,748 | 8,418 | 8 | % | ||||||||||||||
| Gross Profit | $ | 13,959 | $ | 15,590 | (10 | )% | $ | 28,395 | $ | 30,855 | (8 | )% | ||||||||||
| Gross Margin | 79.8 | % | 77.9 | % | 1.9 | % | 78.6 | % | 78.6 | % | — | |||||||||||
(1) These non-GAAP financial measures, and the reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.
| Key Operating Metrics(2): | ||||||||||||
| As of June 30, | ||||||||||||
| 2023 | 2022 | % Change |
||||||||||
| Active Buyers(3) | 48,294 | 33,491 | 44 | % | ||||||||
| Percentage of Revenue from Existing Accounts(3) | 96 | % | 95 | % | ||||||||
| Accounts with Last Twelve-Months Spend of at Least $50,000(3) | 1,159 | 894 | 30 | % | ||||||||
| Active Paying Suppliers(3) | 7,553 | 7,202 | 5 | % | ||||||||
(2) These key operating metrics are for Marketplace and Supplier Services. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
(3) Amounts shown for Active Buyers, Accounts with Last Twelve-Months Spend of at Least $50,000, and Active Paying Suppliers are as of June 30, 2023 and 2022, and Percentage of Revenue from Existing Accounts is presented for the quarters ended June 30, 2023 and 2022.
| Financial Guidance and Outlook: | ||||||||||||||||
| Q3 2023 | FY 2023 | |||||||||||||||
| (in millions) | ||||||||||||||||
| Low | High | Low | High | |||||||||||||
| Revenue(1) | $ | 119.0 | $ | 121.0 | $ | 464.0 | $ | 474.0 | ||||||||
| Adjusted EBITDA | $ | (6.5 | ) | $ | (5.5 | ) | $ | (27.0 | ) | $ | (25.0 | ) | ||||
(1) Xometry’s third quarter and full year 2023 guidance reflects the impact of exiting the supplies business in the U.S. lowering revenue by approximately $2.0 million and $6.0 million, respectively.
Xometry’s third quarter and full year 2023 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.
Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Xometry’s stock price. Xometry expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net loss and non-GAAP Earnings Per Share, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.
Key Terms for our Key Metrics and Non-GAAP Financial Measures
Marketplace revenue: includes the sale of parts and assemblies.
Supplier service revenue: includes the sales of advertising on Thomasnet, marketing services, supplies, financial service products and other fintech products.
Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.
Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or supplies. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product or buy tools or supplies.
Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.
Accounts with Last Twelve-Month Spend of At Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of At Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.
Active Paying Suppliers: The Company defines Active Paying Suppliers as individuals or businesses who have purchased one or more of our supplier services, including digital marketing services, data services, financial services or supplies on our platforms during the last twelve months.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, income tax provision (benefit), and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, stock-based compensation, lease abandonment, charitable contributions of common stock, income from unconsolidated joint venture, impairment of assets, restructuring charges, costs to exit the supplies business and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
Non-GAAP net loss: The Company defines non-GAAP net loss as net loss adjusted for depreciation and amortization, stock-based compensation expense, amortization of lease intangible, amortization of deferred costs on convertible notes, loss on marketable securities, loss on sale of property and equipment, charitable contributions of common stock, lease abandonment and termination costs, impairment of assets, restructuring charges, costs to exit the supplies business and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net loss divided by weighted average number of common stock outstanding.
Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net loss and non-GAAP EPS, basic and diluted provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.
About Xometry
Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity and create locally resilient supply chains. Learn more at www.xometry.com or follow @xometry.
Conference Call and Webcast Information
The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on August 9, 2023. In addition to issuing a press release, the Company will post an earnings presentation to its investor website at investors.xometry.com.
Xometry, Inc. Second Quarter 2023 Earnings Presentation and Conference Call
Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the third quarter and full year 2023, our expectation regarding our operating leverage and path to Adjusted EBITDA profitability in the fourth quarter of 2023, our potential for growth, and demand for our marketplaces in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as the current inflationary environment and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2022, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
| Investor Contact: | Media Contact: |
| Shawn Milne VP Investor Relations 240-335-8132 [email protected] |
Matthew Hutchison Corporate Communications for Xometry 415-583-2119 [email protected] |
| Xometry, Inc. and Subsidiaries | ||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 56,738 | $ | 65,662 | ||||
| Marketable securities | 229,411 | 253,770 | ||||||
| Accounts receivable, less allowance for credit losses of $2.0 million and $2.0 million as of June 30, 2023 and December 31, 2022 | 57,658 | 49,188 | ||||||
| Inventory | 1,339 | 1,571 | ||||||
| Prepaid expenses | 5,831 | 7,591 | ||||||
| Other current assets | 13,825 | 12,273 | ||||||
| Total current assets | 364,802 | 390,055 | ||||||
| Property and equipment, net | 23,990 | 19,079 | ||||||
| Operating lease right-of-use assets | 14,401 | 25,923 | ||||||
| Investment in unconsolidated joint venture | 4,271 | 4,068 | ||||||
| Intangible assets, net | 37,589 | 39,351 | ||||||
| Goodwill | 263,002 | 258,036 | ||||||
| Other assets | 427 | 413 | ||||||
| Total assets | $ | 708,482 | $ | 736,925 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 12,592 | $ | 12,437 | ||||
| Accrued expenses | 37,136 | 33,430 | ||||||
| Contract liabilities | 9,999 | 8,509 | ||||||
| Income taxes payable | 2,796 | 3,956 | ||||||
| Operating lease liabilities, current portion | 6,504 | 5,471 | ||||||
| Total current liabilities | 69,027 | 63,803 | ||||||
| Convertible notes | 280,840 | 279,909 | ||||||
| Operating lease liabilities, net of current portion | 14,372 | 16,940 | ||||||
| Deferred income taxes | 385 | 429 | ||||||
| Other liabilities | 1,382 | 1,011 | ||||||
| Total liabilities | 366,006 | 362,092 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | — | — | ||||||
| Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares; 45,243,447 shares and 44,822,264 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | — | — | ||||||
| Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares; 2,676,154 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | — | — | ||||||
| Additional paid-in capital | 635,267 | 623,081 | ||||||
| Accumulated other comprehensive income | 359 | 28 | ||||||
| Accumulated deficit | (294,264 | ) | (249,366 | ) | ||||
| Total stockholders’ equity | 341,362 | 373,743 | ||||||
| Noncontrolling interest | 1,114 | 1,090 | ||||||
| Total equity | 342,476 | 374,833 | ||||||
| Total liabilities and stockholders’ equity | $ | 708,482 | $ | 736,925 | ||||
| Xometry, Inc. and Subsidiaries | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenue | $ | 111,008 | $ | 95,615 | $ | 216,334 | $ | 179,286 | ||||||||
| Cost of revenue | 67,452 | 57,919 | 133,409 | 108,651 | ||||||||||||
| Gross profit | 43,556 | 37,696 | 82,925 | 70,635 | ||||||||||||
| Sales and marketing | 22,666 | 18,145 | 45,105 | 37,430 | ||||||||||||
| Operations and support | 14,220 | 12,180 | 26,828 | 24,538 | ||||||||||||
| Product development | 8,922 | 7,796 | 17,047 | 15,085 | ||||||||||||
| General and administrative | 25,582 | 15,057 | 41,539 | 28,017 | ||||||||||||
| Impairment of assets | 219 | 119 | 246 | 119 | ||||||||||||
| Total operating expenses | 71,609 | 53,297 | 130,765 | 105,189 | ||||||||||||
| Loss from operations | (28,053 | ) | (15,601 | ) | (47,840 | ) | (34,554 | ) | ||||||||
| Other income (expenses) | ||||||||||||||||
| Interest expense | (1,193 | ) | (1,209 | ) | (2,391 | ) | (1,978 | ) | ||||||||
| Interest and dividend income | 2,959 | 474 | 5,654 | 570 | ||||||||||||
| Other expenses | (576 | ) | (482 | ) | (559 | ) | (1,444 | ) | ||||||||
| Income from unconsolidated joint venture | 237 | 269 | 303 | 303 | ||||||||||||
| Total other income (expenses) | 1,427 | (948 | ) | 3,007 | (2,549 | ) | ||||||||||
| Loss before income taxes | (26,626 | ) | (16,549 | ) | (44,833 | ) | (37,103 | ) | ||||||||
| Benefit (provision) for income taxes | 67 | – | (69 | ) | 559 | |||||||||||
| Net loss | (26,559 | ) | (16,549 | ) | (44,902 | ) | (36,544 | ) | ||||||||
| Net (loss) income attributable to noncontrolling interest | (5 | ) | 4 | (4 | ) | 21 | ||||||||||
| Net loss attributable to common stockholders | $ | (26,554 | ) | $ | (16,553 | ) | $ | (44,898 | ) | $ | (36,565 | ) | ||||
| Net loss per share, basic and diluted, of Class A and Class B common stock | $ | (0.55 | ) | $ | (0.35 | ) | $ | (0.94 | ) | $ | (0.78 | ) | ||||
| Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted, of Class A and Class B common stock | 47,865,990 | 47,074,246 | 47,783,235 | 46,932,702 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Foreign currency translation | $ | 224 | $ | 14 | $ | 359 | $ | (14 | ) | |||||||
| Total other comprehensive income (loss) | 224 | 14 | 359 | (14 | ) | |||||||||||
| Net loss | (26,559 | ) | (16,549 | ) | (44,902 | ) | (36,544 | ) | ||||||||
| Comprehensive loss | (26,335 | ) | (16,535 | ) | (44,543 | ) | (36,558 | ) | ||||||||
| Comprehensive income attributable to noncontrolling interest | 19 | 37 | 24 | 71 | ||||||||||||
| Total comprehensive loss attributable to common stockholders | $ | (26,354 | ) | $ | (16,572 | ) | $ | (44,567 | ) | $ | (36,629 | ) | ||||
| Xometry, Inc. and Subsidiaries | ||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||
| (In thousands) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | (unaudited) | |||||||
| Net loss | $ | (44,902 | ) | $ | (36,544 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 5,461 | 3,807 | ||||||
| Impairment of assets | 246 | 119 | ||||||
| Reduction in carrying amount of right-of-use asset | 12,179 | 3,540 | ||||||
| Stock based compensation | 10,492 | 8,935 | ||||||
| Revaluation of contingent consideration | 187 | 434 | ||||||
| Income from unconsolidated joint venture | (203 | ) | (103 | ) | ||||
| Donation of common stock | 370 | 1,285 | ||||||
| Unrealized loss on marketable securities | — | 1,190 | ||||||
| Non-cash income tax benefit | — | (559 | ) | |||||
| Loss on sale of property and equipment | 92 | 71 | ||||||
| Inventory write-off | 223 | — | ||||||
| Amortization of deferred costs on convertible notes | 930 | 781 | ||||||
| Deferred taxes benefit | (44 | ) | (2 | ) | ||||
| Changes in other assets and liabilities: | ||||||||
| Accounts receivable, net | (8,308 | ) | (11,833 | ) | ||||
| Inventory | 5 | 272 | ||||||
| Prepaid expenses | 1,417 | (1,649 | ) | |||||
| Other assets | (2,546 | ) | (3,861 | ) | ||||
| Accounts payable | (50 | ) | 1,873 | |||||
| Accrued expenses | 2,743 | (2,041 | ) | |||||
| Contract liabilities | 1,470 | 2,862 | ||||||
| Lease liabilities | (2,369 | ) | (2,773 | ) | ||||
| Net cash used in operating activities | (22,607 | ) | (34,196 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of marketable securities | (5,641 | ) | (280,559 | ) | ||||
| Proceeds from sale of marketable securities | 30,000 | 4 | ||||||
| Purchases of property and equipment | (8,492 | ) | (5,436 | ) | ||||
| Proceeds from sale of property and equipment | 223 | 165 | ||||||
| Cash paid for business combination, net of cash acquired | (3,349 | ) | — | |||||
| Net cash provided by (used in) investing activities | 12,741 | (285,826 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from stock options exercised | 1,144 | 2,470 | ||||||
| Proceeds from issuance of convertible notes | — | 287,500 | ||||||
| Costs incurred in connection with issuance of convertible notes | — | (9,309 | ) | |||||
| Payments on finance lease obligations | — | (2 | ) | |||||
| Net cash provided by financing activities | 1,144 | 280,659 | ||||||
| Effect of foreign currency translation on cash and cash equivalents | (202 | ) | (66 | ) | ||||
| Net decrease in cash and cash equivalents | (8,924 | ) | (39,429 | ) | ||||
| Cash and cash equivalents at beginning of the year | 65,662 | 86,262 | ||||||
| Cash and cash equivalents at end of the period | $ | 56,738 | $ | 46,833 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest | $ | 1,438 | $ | — | ||||
| Non-cash investing and financing activities: | ||||||||
| Non-cash consideration in connection with business combination | 1,593 | — | ||||||
| Xometry, Inc. and Subsidiaries | ||||||||||||||||
| Unaudited Reconciliations of Non-GAAP Financial Measures | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (26,559 | ) | $ | (16,549 | ) | $ | (44,902 | ) | $ | (36,544 | ) | ||||
| Add (deduct): | ||||||||||||||||
| Interest expense, interest and dividend income and other expenses | (1,190 | ) | 1,217 | (2,704 | ) | 2,852 | ||||||||||
| Depreciation and amortization(1) | 2,895 | 2,008 | 5,461 | 3,807 | ||||||||||||
| Amortization of lease intangible | 257 | 333 | 590 | 666 | ||||||||||||
| (Benefit) provision for income taxes | (67 | ) | — | 69 | (559 | ) | ||||||||||
| Stock-based compensation(2) | 5,798 | 5,479 | 10,492 | 8,935 | ||||||||||||
| Lease abandonment(3) | 8,706 | — | 8,706 | — | ||||||||||||
| Acquisition and other(4) | 196 | (1,923 | ) | 226 | (1,284 | ) | ||||||||||
| Charitable contribution of common stock | — | 1,285 | 370 | 1,285 | ||||||||||||
| Income from unconsolidated joint venture | (237 | ) | (269 | ) | (303 | ) | (303 | ) | ||||||||
| Impairment of assets | 219 | 119 | 246 | 119 | ||||||||||||
| Restructuring charge(5) | 738 | — | 738 | — | ||||||||||||
| Costs to exit the supplies business | 586 | — | 586 | — | ||||||||||||
| Adjusted EBITDA | $ | (8,658 | ) | $ | (8,300 | ) | $ | (20,425 | ) | $ | (21,026 | ) | ||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Non-GAAP Net Loss: | ||||||||||||||||
| Net loss | $ | (26,559 | ) | $ | (16,549 | ) | $ | (44,902 | ) | $ | (36,544 | ) | ||||
| Add (deduct): | ||||||||||||||||
| Depreciation and amortization(1) | 2,895 | 2,008 | 5,461 | 3,807 | ||||||||||||
| Stock-based compensation(2) | 5,798 | 5,479 | 10,492 | 8,935 | ||||||||||||
| Amortization of lease intangible | 257 | 333 | 590 | 666 | ||||||||||||
| Amortization of deferred costs on convertible notes | 464 | 469 | 930 | 781 | ||||||||||||
| Loss on marketable securities | — | 332 | — | 1,190 | ||||||||||||
| Acquisition and other(4) | 196 | (1,923 | ) | 226 | (1,284 | ) | ||||||||||
| Loss on sale of property and equipment | 1 | — | 92 | 71 | ||||||||||||
| Charitable contribution of common stock | — | 1,285 | 370 | 1,285 | ||||||||||||
| Lease abandonment and termination(3) | 8,778 | — | 8,778 | — | ||||||||||||
| Impairment of assets | 219 | 119 | 246 | 119 | ||||||||||||
| Restructuring charge(5) | 738 | — | 738 | — | ||||||||||||
| Costs to exit the supplies business | 586 | — | 586 | — | ||||||||||||
| Non-GAAP Net Loss | $ | (6,627 | ) | $ | (8,447 | ) | $ | (16,393 | ) | $ | (20,974 | ) | ||||
| Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted, of Class A and Class B common stock | 47,865,990 | 47,074,246 | 47,783,235 | 46,932,702 | ||||||||||||
| EPS, basic and diluted, of Class A and Class B common stock | $ | (0.55 | ) | $ | (0.35 | ) | $ | (0.94 | ) | $ | (0.78 | ) | ||||
| Non-GAAP EPS, basic and diluted, of Class A and Class B common stock | $ | (0.14 | ) | $ | (0.18 | ) | $ | (0.34 | ) | $ | (0.45 | ) | ||||
(1) Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.
(2) Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.
(3) Amount is recorded in general and administrative and/or other expenses.
(4) Includes adjustments related to purchase accounting, the revaluation of contingent consideration and transaction costs.
(5) Costs associated with the May 2023 reduction in workforce.
| Xometry, Inc. and Subsidiaries | ||||||||||||||||
| Unaudited Segment Results | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Segment Revenue: | ||||||||||||||||
| U.S. | $ | 95,433 | $ | 87,675 | $ | 189,336 | $ | 163,724 | ||||||||
| International | 15,575 | 7,940 | 26,998 | 15,562 | ||||||||||||
| Total revenue | $ | 111,008 | $ | 95,615 | $ | 216,334 | $ | 179,286 | ||||||||
| Segment Net Loss: | ||||||||||||||||
| U.S. | $ | (22,912 | ) | $ | (11,222 | ) | $ | (35,849 | ) | $ | (26,245 | ) | ||||
| International | (3,642 | ) | (5,331 | ) | (9,049 | ) | (10,320 | ) | ||||||||
| Total net loss attributable to common stockholders | $ | (26,554 | ) | $ | (16,553 | ) | $ | (44,898 | ) | $ | (36,565 | ) | ||||
| Xometry, Inc. and Subsidiaries | ||||||||||||||||
| Unaudited Supplemental Information | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Summary of Stock-based Compensation Expense | ||||||||||||||||
| Sales and marketing | $ | 1,185 | $ | 1,300 | $ | 2,237 | $ | 1,936 | ||||||||
| Operations and support | 2,038 | 1,741 | 3,735 | 3,164 | ||||||||||||
| Product development | 1,390 | 1,128 | 2,466 | 2,022 | ||||||||||||
| General and administrative | 1,185 | 1,310 | 2,054 | 1,813 | ||||||||||||
| Total stock-based compensation expense | $ | 5,798 | $ | 5,479 | $ | 10,492 | $ | 8,935 | ||||||||
| Summary of Depreciation and Amortization Expense | ||||||||||||||||
| Cost of revenue | $ | 38 | $ | 24 | $ | 82 | $ | 58 | ||||||||
| Sales and marketing | 793 | 776 | 1,584 | 1,550 | ||||||||||||
| Operations and support | 78 | 16 | 90 | 27 | ||||||||||||
| Product development | 1,393 | 805 | 2,704 | 1,599 | ||||||||||||
| General and administrative | 593 | 387 | 1,001 | 573 | ||||||||||||
| Total depreciation and amortization expense | $ | 2,895 | $ | 2,008 | $ | 5,461 | $ | 3,807 | ||||||||
| Restructuring Charge | ||||||||||||||||
| Sales and marketing | $ | 224 | $ | – | $ | 224 | $ | – | ||||||||
| Operations and support | 230 | – | 230 | – | ||||||||||||
| Product development | 117 | – | 117 | – | ||||||||||||
| General and administrative | 167 | – | 167 | – | ||||||||||||
| Total restructuring charge | $ | 738 | $ | – | $ | 738 | $ | – | ||||||||
Artificial Intelligence
Hohem Shines at IFA and IBC Exhibitions with Innovative AI Tracking Stabilizers
SHENZHEN, China, Sept. 30, 2023 /PRNewswire/ — Recently, Hohem, a trailblazer in the gimbal market, showcased its innovation at two renowned international exhibitions – the IFA exhibition in Berlin from September 3 to September 5, and the IBC exhibition in Amsterdam from September 15 to September 18. These exhibitions are significant platforms for industry players to present their latest innovations and connect with enthusiasts.
The IFA exhibition, a global hub for consumer electronics, saw Hohem presenting a range of sought-after smartphone gimbal and camera stabilizers, such as iSteady M6 and iSteady MT2. The magnetic AI tracker is much to the delight of photography enthusiasts. With this sensor, users can enjoy a smooth AI tracking experience without the need for an app or Bluetooth connection. By simply facing the AI sensor and making gestures, iSteady MT2 and iSteady M6 swiftly and accurately tracks the subject, capturing facial and body movements even in challenging scenarios.
At IFA, Hohem shared the stage with industry giants like DJI, Zhiyun, Huawei and Apple, underlining its position amidst renowned brands in the smart imaging arena. The booth design, characterized by a blend of deep black and vibrant orange, was a visual treat, adding a touch of sophistication and modernity.
Following IFA, Hohem participated in the IBC exhibition, a prestigious event in the broadcasting industry. The booth, mirroring the design theme from IFA, presented Hohem’s innovative applications of smart imaging technology in broadcasting. This event also featured industry stalwarts like Canon, Sony and Nikon, further enriching the discourse on broadcasting technology and imaging. Furthermore, the Hohem MIC-01 Wireless Microphone has received recognition and acknowledgment from industry competitors, establishing Hohem as a key player in the gimbal market.
In the coming days, Hohem will continue to uphold its brand mission of “Create a more straightforward way of recording memorable moments with tech” and introduce more user-friendly and efficient smart imaging devices. Hohem aspires to earn the trust and admiration of consumers globally, emerging as a go-to brand in the smart imaging landscape.
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Artificial Intelligence
Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
The “Global Digital Twin Market Size By Type, By Technology, By Industry, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Digital Twin Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 29, 2023 /PRNewswire/ — The Global Digital Twin Market is projected to grow at a CAGR of 38.1% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 7.2 Billion in 2022 and is expected to reach USD 133.7 Billion by the end of the forecast period.
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Browse in-depth TOC on “Digital Twin Market”
202 – Pages
126 – Tables
37 – Figures
Global Digital Twin Market Sees Unprecedented Growth Amidst Pandemic Challenges
The global Digital Twin Market is experiencing remarkable growth, transforming industries and revolutionizing decision-making processes across the board. A Digital Twin, a virtual replication of physical entities or systems, is driving innovation and operational efficiency across healthcare, pharmaceuticals, automotive, transportation, and aerospace sectors.
Digital Twin Market Drivers and Industry Insights:
Amid the challenges posed by the COVID-19 pandemic, the healthcare and pharmaceutical sectors have embraced Digital Twin technology, leveraging its capabilities for drug experimentation, patient monitoring, and medication impact assessments. The energy & power sector is emerging as a significant driver of Digital Twin adoption, with the manufacturing industry optimizing operations through its integration.
Digital Twin Market Outlook and Future Prospects:
The global Digital Twin market’s outlook remains promising, driven by the imperative need for data-driven decision-making and enhanced operational efficiency. Through real-time data analysis and predictive modeling, Digital Twins enable organizations to anticipate and optimize the performance of products and processes throughout their lifecycle. The market’s growth is further propelled by ongoing advancements in technology, fostering a landscape of innovation and strategic collaborations.
North America stands at the forefront of the Digital Twin revolution, serving as a key innovation center and early adopter of Digital Twins and associated technologies. Major industry players, including General Electric (US), have significantly invested in the sector, underlining the region’s market leadership. Their contributions are shaping the industry’s future, driving research, and fostering advancements that will redefine how businesses operate in the digital age.
Digital Twin Market Key Players
The “Global Digital Twin Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Swim AI, Robert Bosch, Oracle, SAP, Ansys, Siemens AG, Microsoft Corporation, PTC, IBM, and General Electric.
The Digital Twin market represents a pivotal shift in how industries approach decision-making and operational efficiency. As we navigate the challenges brought forth by the pandemic, Digital Twins offer a beacon of innovation, enabling organizations to thrive in an increasingly digital world
To get market data, market insights, financial statements and a comprehensive analysis of the Global Digital Twin Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Digital Twin Market into Type, Technology, Industry, And Geography.
Digital Twin Market, by Typeo System Digital Twin
o Process Digital twin
o Product Digital Twin
Digital Twin Market, by Technologyo Big Data Analytics
o 5G
o AR, VR, and MR
o AI and ML
o Blockchain
Digital Twin Market, by Industryo Retail
o Telecommunication
o Agriculture
o Healthcare
o Automotive and Transportation
o Others
Digital Twin Market, by Geographyo North America
U.SCanadaMexicoo Europe
GermanyFranceU.KRest of Europeo Asia Pacific
ChinaJapanIndiaRest of Asia Pacifico ROW
Middle East & AfricaLatin AmericaBrowse Related Reports:
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Artificial Intelligence
Public Key Infrastructure (PKI) Market worth $13.8 billion by 2028 – Exclusive Report by MarketsandMarkets™
PKI will continue to be used by organisations for secure digital communications, identity management, and data protection in an increasingly linked and digitised world because to its flexibility to adapt to new technologies and security issues
CHICAGO, Sept. 29, 2023 /PRNewswire/ — The global Public Key Infrastructure Market is estimated to be worth USD 5.5 billion in 2023 and is projected to reach USD 13.8 billion by 2028, at a CAGR of 20.2% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “Public Key Infrastructure (PKI) Market”
358 – Tables 56 – Figures300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2017-2028
Base year considered
2022
Forecast period
2023-2028
Forecast units
Value (USD) Million/Billion
Segments Covered
By offering, deployment mode, organization size, application, and vertical
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered
Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US)
The PKI market is being propelled by a convergence of factors in today’s digitally connected world. The escalating volume and complexity of cyberattacks have made robust security a paramount concern for organizations, prompting increased demand for PKI’s encryption, authentication, and digital signature capabilities. Secondly, regulatory compliance requirements, such as GDPR and HIPAA, mandate secure data handling and encryption, compelling organizations to adopt PKI solutions. The rise of digital transformation initiatives, remote work, and the Internet of Things further fuel the need for PKI to safeguard digital interactions, protect sensitive data, and establish trust in online transactions. As the digital landscape continues to expand and evolve, PKI remains the linchpin for ensuring cybersecurity, making it a pivotal driver in the cybersecurity market.
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By offering, the services segment to register the highest growth rate during the forecast period
The services segment of the PKI market is poised to register the highest growth rate during the forecast period, underlining the critical role of expert services in enabling organizations to harness the full potential of PKI solutions. Implementing and managing PKI can be complex, involving intricate cryptographic processes and security considerations. As cybersecurity threats evolve, organizations recognize the need for specialized expertise in securing digital identities and data. PKI service providers offer invaluable support, consultation, and implementation services to ensure a seamless and secure PKI deployment. Their role extends to customizing PKI solutions to align with the unique infrastructure of each organization, integrating PKI seamlessly into existing systems, and providing managed PKI services to streamline certificate management. Furthermore, PKI service providers play a vital role in ensuring compliance with stringent regulatory standards and industry best practices. Their training and support services empower organizations to maximize the benefits of PKI while maintaining the highest levels of security.
Based on vertical, the healthcare segment is to grow at the highest CAGR during the forecast period
The healthcare sector is poised to experience the highest compound annual growth rate within the PKI market during the forecast period, signaling a significant shift towards robust security and digital trust solutions. Several key factors contribute to this remarkable growth trajectory. The healthcare sector deals with highly sensitive patient data, making data security and patient privacy paramount concerns. PKI’s encryption and authentication capabilities provide a robust framework for safeguarding electronic health records, ensuring the integrity of medical data, and enabling secure sharing of patient information among healthcare providers. The COVID-19 pandemic has accelerated the adoption of telemedicine and remote healthcare services. The need for secure and trusted digital identities and communications has surged as the healthcare industry increasingly relies on digital platforms for remote consultations, diagnosis, and patient monitoring. PKI plays a pivotal role in enabling secure telehealth services, ensuring that patient data remains confidential and unaltered during remote interactions.
North America to hold the largest market share during the forecast period.
North America holds the largest market share during the forecast period in the PKI market, underscoring the region’s strong emphasis on cybersecurity, digital innovation, and regulatory compliance. North America is home to many enterprises, financial institutions, healthcare organizations, and government agencies, all of which rely heavily on robust cybersecurity solutions like PKI to protect sensitive data and ensure secure online transactions. The region’s recognition of PKI as a fundamental element of cybersecurity strategy drives its substantial market share. The United States, in particular, has a highly developed cybersecurity ecosystem, with numerous cybersecurity companies, research institutions, and government initiatives focused on enhancing digital security. This environment fosters innovation and adoption of advanced PKI solutions to address emerging threats.
Top Key Companies in Public Key Infrastructure (PKI) Market:
The major players in the Public Key Infrastructure Market are Thales (France), Entrust Datacard (US), DigiCert (US), ManageEngine (US), Microsoft (US), HID Global (US), Google (US), AWS (US), AppViewX (US), Venafi (US), Nexus (Sweden), Sectigo (US), Futurex (US), GlobalSign (US), WISeKey (Switzerland), Cygnacom Solutions (US), Keyfactor (US), SECARDEO GmbH (Germany), Blue Ridge Networks (US), Softlock (Egypt), SSL.com (US), LAWtrust (South Africa), SecureMetric (Malaysia), Stormshield (France), and Enigma Information Security Systems (US).
Recent Developments
April 2023 – Thales adds new phishing-resistant hybrid authenticators to its Passwordless Authentication for Microsoft Azure Active Directory Customers offering.April 2023 – Entrust Introduces Zero Trust Ready Solutions for Multi-Cloud Key Compliance, Next-Generation HSM, and Passwordless AuthenticationJanuary 2023 – A comprehensive digital trust system that combines public key infrastructure (PKI), certificate management, and certificate authority (CA) services was introduced by DigiCert. A significant product launch is Trust Lifecycle Manager, which is currently accessible as a component of the DigiCert ONE platform.February 2022 – To increase public trust in the cloud, Thales announced the continuation of its cooperation with Google Cloud. Organizations can confidently use the Google Cloud Platform (GCP) if the connection is stronger. The technique known as ubiquitous data encryption, which combines Thales’ Cypher Trust Cloud Key Manager and Google Cloud’s Confidential Computing, is activated. Customers can create and manage the encryption keys for data sent to Google Confidential Cloud Computing using the Thales Cypher Trust Data Security Gateway.Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=145372975
Public Key Infrastructure (PKI) Market Advantages:
Using cryptographic techniques to shield data from unauthorised access and manipulation, PKI offers a solid framework for protecting digital communications and transactions.Sensitive data is kept private and secure during transmission and storage because to PKI’s data encryption capabilities.Organisations are able to confirm the identity of users and devices before authorising access to sensitive resources thanks to PKI, which enables secure user and device authentication.Digital signatures can be created and verified with PKI, protecting the integrity and legitimacy of electronic documents and transactions.PKI offers non-repudiation, which makes it impossible for participants to claim they were not involved in a transaction because digital signatures serve as evidence of validity.Through techniques like S/MIME (encrypt/Multipurpose Internet Mail Extensions), PKI can encrypt email connections and protect the confidentiality and integrity of email information.Organisations can authorise access to systems and data based on certificate validation using PKI-based access controls, which provides an additional layer of protection.By issuing and managing digital certificates, PKI facilitates identity management by streamlining user access and account management.PKI offers a secure framework for data protection and identity verification, assisting organisations in adhering to legal and compliance standards.Report Objectives:
To define, describe, and forecast the Public Key Infrastructure Market based on segments based on offering, deployment mode, organization size, application, and vertical with regions covered.To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Public Key Infrastructure Market.To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Public Key Infrastructure Market.To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Public Key Infrastructure Market.To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market’s competitive landscape.To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.Browse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Zero-Trust Security Market – Global Forecast to 2028
AML Market – Global Forecast to 2028
Cloud Security Market – Global Forecast to 2028
Managed Security Services Market – Global Forecast to 2027
Emotion Detection and Recognition Market – Global Forecast to 2027
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