XMTR

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed in Part II, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Our historical results are not necessarily indicative of the results that may be expected in the future and our current quarterly results are not necessarily indicative of the results expected for the full year or any other period. Overview Xometry, Inc. (“Xometry”, the “Company”, “our”, or “we”) is an AI-native global online manufacturing marketplace with a suite of services that are rapidly digitizing the custom manufacturing industry. Xometry’s marketplace enables the design-to-production workflow by providing the AI-driven execution layer that translates design intent into intelligent sourcing decisions and production outcomes at scale. The marketplace offers transparency and traceability from the first quote to final delivery. We provide services that power the broader manufacturing lifecycle. These services include advertising and marketing services through our Thomasnet industrial sourcing platform, financial services and Workcenter, our cloud-based manufacturing execution system. These services deepen our relationships with suppliers. Together, our marketplace and services platforms provide manufacturers the critical resources they need to grow their business and make it easy for buyers to create locally resilient supply chains. Xometry operates an AI-native online marketplace that connects buyers with suppliers of manufacturing services, driving the digital transformation of one of the largest industries in the world. The platform is designed to digitize and modernize the sourcing, pricing, and execution of manufacturing work across a broad range of processes, materials and industries, enabling more efficient matching of manufacturing demand with available production capacity. We facilitate innovation by providing real-time access to global manufacturing demand and capacity. We believe these capabilities position Xometry as a preferred digital collaboration, sourcing and transaction platform for custom manufacturing, and lead to Xometry becoming an integral part of our buyer’s supply chains. We use proprietary technology to enable product designers, engineers, buyers, and supply chain professionals to instantly access the capacity of a global network of manufacturing facilities. The Company’s marketplace makes it possible for buyers to quickly receive pricing, expected lead times, and manufacturability feedback and place orders on the marketplace. The network allows us to provide high volumes of unique parts, including custom components and assemblies for our buyers, as well as larger production orders of single parts. Teamspace is a cloud-based solution within the Xometry platform that enables customers to collaborate with other users on projects and custom part orders. Workcenter, our partner operating system, gives suppliers a one-stop view into all of their Xometry and non-Xometry work. A cloud-based manufacturing execution system, Workcenter brings the job board and financial services into one, easy-to-use platform which helps our suppliers digitize their operations so they can work smarter and faster. With Workcenter, shop owners can build and manage workflows for all their projects, including those from non-Xometry customers. These technology solutions help drive our land and expand efforts by embedding Xometry further into enterprise workflows. Our business benefits from a network effect, because adding buyers to our platform generates greater demand on our marketplace which in turn attracts more suppliers to the platform, allowing us to rapidly scale and increase the number of manufacturing processes offered on our platform. In order to continue to meet the needs of buyers and remain highly competitive, we expect to continue to add suppliers to our platform that have new and innovative manufacturing processes. Thus, our platform is unbounded by the in-house manufacturing capacity and processes of our current suppliers. We define “buyers” as individuals who have placed an order to purchase custom-manufactured, on-demand parts or assemblies on our marketplace. Our buyers include engineers, product designers, procurement and supply chain personnel, entrepreneurs, technicians and business owners from small businesses to Fortune 500 companies. We define “accounts” 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. We define “suppliers” as individuals or businesses who have been approved by us to either manufacture a product on our marketplace for a buyer or have utilized our services, including our financial services or the purchase of tools and materials. The majority of our revenue is derived from the sale of part(s) and assemblies to our customers on our marketplace, which we refer to as marketplace revenue. The suppliers on our platform offer a diversified and expanding mix of manufacturing processes. These manufacturing processes include computer numerical control (“CNC”) manufacturing, sheet metal forming, sheet cutting, 3D printing (including fused deposition modeling, direct metal laser sintering, PolyJet, stereolithography, selective laser sintering, binder jetting, carbon digital light synthesis, multi jet fusion and lubricant sublayer photo-curing), die casting, stamping, injection molding, urethane casting, tube cutting, tube bending, as well as finishing services, rapid prototyping and high-volume production. Xometry’s extensible technology platform allows the Company to add new technologies and processes to gain more wallet share with our buyers. We enable buyers to source these processes to meet complex and specific design and order needs across several industries, including Aerospace, Industrial, Medical Devices, Automotive, Consumer Goods, Defense, Government, Energy, Education and Robotics. 24 Table of Contents We empower suppliers to grow their manufacturing businesses and improve machine utilization by providing access to an extensive, diverse base of buyers. We also offer suppliers supporting services to meet their unique needs. The Thomasnet digital platform connects industrial buyers with over 500,000 North American suppliers. Operating at the intersection of digital marketing, industrial sourcing, and supply chain management, Thomasnet supports manufacturers, distributors, and service providers with tools and resources to enhance visibility, drive qualified leads, and streamline procurement processes. Thomasnet offers a suite of digital marketing services including SEO, content creation, data-driven advertising, analytics and insights. These solutions help industrial companies increase online visibility and drive business growth. In addition, our services include financial service products to facilitate faster payments. Macroeconomic Conditions Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events, fluctuations in inflation and interest rates, volatile market conditions, impacts from changes in trade policy, the Russia-Ukraine war, conflict in the Middle East and other geopolitical tensions, have led to economic uncertainty globally. Historically, during periods of economic uncertainty and downturns, businesses may slow spending on information technology and manufacturing, which may impact our business and our customers’ businesses. The effect of macroeconomic conditions may not be fully reflected in our results of operations until future periods. If, however, economic uncertainty increases or the global economy worsens, our business, financial condition and results of operations may be harmed. For further discussion of the potential impacts of macroeconomic events on our business, financial condition, and operating results, see the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Restructuring During 2025, we initiated restructuring actions to help improve efficiency and align resources by reducing our workforce by approximately 5%. The workforce reduction focused on realigning our staffing levels to help us meet the current and future objectives of our business. For the three and six months ended June 30, 2025, we incurred $0.1 million and $1.6 million, respectively, for employee termination costs related to our restructuring. Refer to Note 10, Commitments and Contingencies—Restructuring for our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Recent Developments Acquisition of GoBRANDgo, LLC On July 1, 2026, we acquired the assets of GoBRANDgo, LLC (“GoBRANDgo”) pursuant to an Asset Purchase Agreement. The acquisition of GoBRANDgo is expected to enhance our marketing services offering through GoBRANDgo's AI and automation capabilities. The aggregate non-contingent portion of the purchase price was approximately $4.6 million and was paid in cash on the closing date. In addition, the Asset Purchase Agreement includes a contingent consideration arrangement to the former owners of GoBRANDgo of up to a maximum of $2.5 million (undiscounted) in the Company’s Class A common stock based upon the achievement of certain revenue and adjusted earnings before interest, taxes, depreciation and amortization targets. 25 Table of Contents Key Marketplace Operational and Business Metrics In addition to the measures presented in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, we use the following key operational and business metrics to help us evaluate our marketplace business, measure our performance, identify trends affecting our business, formulate business plans and develop forecasts, and make strategic decisions: Active Buyers We define Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months. An increase or decrease in the number of Active Buyers is a key indicator of our ability to attract, retain and engage buyers on our platform. Active Buyers has consistently grown over time. The number of Active Buyers on our platform reached 89,557 as of June 30, 2026, up 20% from 74,777 as of June 30, 2025. The key drivers of Active Buyer growth are continued account and buyer engagement and the success of our strategy to attract new buyers. 26 Table of Contents Percentage of Revenue from Existing Accounts We define an existing account as an account where at least one buyer has made a purchase on our marketplace. We believe the efficiency and transparency of our business model leads to increasing account stickiness and spend over time. Buyers can utilize our marketplace for both one-off and recurring manufacturing opportunities. For example, a buyer may choose to utilize our marketplace’s CNC manufacturing processes to manufacture a discrete component for a prototype, and then may choose to later use our marketplace to mass produce that same component. A buyer may also recommend our marketplace to other engineers within their organizations who are designing other products and who may use an entirely different set of manufacturing processes, deepening our reach and stickiness with an account. For the quarter ended June 30, 2026, 98% of our revenue was generated from existing accounts. We believe the repeat purchase activity from existing accounts reflects the underlying strength of our business and provides us with substantial revenue visibility and predictability. 27 Table of Contents Accounts with Last Twelve-Month Spend of at Least $50,000 Accounts with Last Twelve-Month, or LTM, Spend of at Least $50,000 means an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period. We view the acquisition of an account as a foundation for the addition of long-term buyers to our marketplace. Once an account joins our platform, we aim to expand the relationship and increase engagement and spending activities from that account over time. The number of accounts with LTM Spend of at Least $50,000 on our platform reached 2,039 as of June 30, 2026, up 23% from 1,653 as of June 30, 2025. 28 Table of Contents Non-GAAP Financial Measures Adjusted EBITDA and Non-GAAP Net Income (Loss) are non-GAAP financial measures that we use, in addition to our GAAP financial measures, to evaluate our business. We have included Adjusted EBITDA and Non-GAAP Net Income (Loss) in this filing because they are key measures used by our management to evaluate our operating performance. Accordingly, we believe that Adjusted EBITDA and Non-GAAP Net Income (Loss) provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Our calculation of Adjusted EBITDA and Non-GAAP Net Income (Loss) may differ from similarly titled non-GAAP measures, if any, reported by our peer companies and therefore may not serve as an accurate basis of comparison among companies. Adjusted EBITDA and Non-GAAP Net Income (Loss) should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adjusted EBITDA We define Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, 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, provision for (benefit from) income taxes, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from unconsolidated joint venture, restructuring charges, and acquisition and other adjustments not reflective of our ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance. Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period. For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net Loss $ (5,314 ) $ (26,437 ) $ (10,572 ) $ (41,513 ) Add (deduct): Interest expense, interest and dividend income and other expenses (330 ) 16,373 (392 ) 16,164 Depreciation and amortization 5,836 4,495 10,767 8,741 Amortization of lease intangible — 180 — 360 Provision (benefit) from income taxes 354 (8 ) 602 (8 ) Stock-based compensation 11,346 7,895 19,673 15,237 Payroll tax expense related to stock-based compensation 459 261 2,064 1,734 Acquisition and other 281 676 281 927 Charitable contribution of common stock 1,811 614 2,637 1,130 Income from unconsolidated joint venture (255 ) (218 ) (401 ) (324 ) Restructuring charges (45 ) 95 (30 ) 1,556 Adjusted EBITDA $ 14,143 $ 3,926 $ 24,629 $ 4,004 For the three months ended June 30, 2026, Adjusted EBITDA was $14.1 million, as compared to Adjusted EBITDA of $3.9 million for the same quarter in 2025. For the three months ended June 30, 2026, Adjusted EBITDA Margin was 6.2% of revenue, as compared to 2.4% of revenue for the same quarter in 2025. For the six months ended June 30, 2026, Adjusted EBITDA was $24.6 million, as compared to Adjusted EBITDA of $4.0 million for the same period in 2025. For the six months ended June 30, 2026, Adjusted EBITDA margin was 5.7% of revenue, as compared to 1.3% of revenue for the same period in 2025. The increase in Adjusted EBITDA for each of these periods was driven primarily by increased operating efficiencies as we continue to grow our revenue and margins faster than our expenses. Non-GAAP Net Income (Loss) We define Non-GAAP Net Income (Loss), as net loss adjusted for stock-based compensation, payroll tax expense related to stock-based compensation, amortization of lease intangible, amortization of deferred costs on convertible notes, charitable contributions of common stock, lease termination, restructuring charges, loss on debt extinguishment, amortization of acquired intangible assets & patents, other amortization and acquisition and other adjustments not reflective of our ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance. 29 Table of Contents Effective January 1, 2026, we revised our definition of Non-GAAP Net Income (Loss) to exclude depreciation expense which had previously been included as an adjustment. Management believes this revised definition provides a more representative view of our core operating performance. All prior-period amounts have been recast to conform to this new definition. For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Non-GAAP Net Income (Loss): Net loss $ (5,314 ) $ (26,437 ) $ (10,572 ) $ (41,513 ) Add (deduct): Stock-based compensation 11,346 7,895 19,673 15,237 Payroll tax expense related to stock-based compensation 459 261 2,064 1,734 Amortization of lease intangible — 180 — 360 Amortization of deferred costs on convertible notes 571 472 1,142 937 Acquisition and other 281 676 281 927 Charitable contribution of common stock 1,811 614 2,637 1,130 Lease termination — — — (30 ) Restructuring charges (45 ) 95 (30 ) 1,556 Loss on debt extinguishment — 16,430 — 16,430 Amortization of acquired intangible assets & patents 804 803 1,607 1,607 Other amortization — 87 — 179 Non-GAAP Net Income (Loss) $ 9,913 $ 1,076 $ 16,802 $ (1,446 ) For the three months ended June 30, 2026, Non-GAAP net income was $9.9 million, as compared to Non-GAAP net income of $1.1 million for the same quarter in 2025. For the three months ended June 30, 2026, Non-GAAP net income was 4.3% of revenue, as compared to 0.7% of revenue for the same quarter in 2025. For the six months ended June 30, 2026, Non-GAAP net income was $16.8 million, as compared to Non-GAAP net loss of $(1.4) million for the same period in 2025. For the six months ended June 30, 2026, Non-GAAP net income (loss) was 3.9% of revenue, as compared to (0.5)% of revenue for the same period in 2025. Components of Results of Operations Revenue Our marketplace revenue is primarily comprised of sales of parts and assemblies to customers through our platform. Buyers purchase specialized CNC manufacturing, sheet metal manufacturing, 3D printing, injection molding, urethane casting, stamping, extrusions, tube cutting, tube bending and finishing services. Customer purchases range from rapid prototyping of single parts to high-volume production on our marketplace. These products are primarily manufactured by our network of suppliers. Services revenue includes the sale of marketing and advertising services and financial service products. Cost of Revenue Marketplace cost of revenue primarily consists of the cost to us of the products that are manufactured or produced by us or our suppliers for delivery to buyers on our platform, internal and external production costs, shipping costs and certain internal depreciation. We expect the cost of revenue to increase in absolute dollars to the extent our revenue increases and transaction volume increases. As we grow and add suppliers to our platform, we are able to improve our pricing efficiency and we expect cost of revenue to decline as a percentage of revenue over time. Services cost of revenue primarily consists of internal and external production costs and website hosting. Gross Profit Gross profit, or revenue less cost of revenue, is primarily affected by the growth of our revenue and the mix of our business between marketplace and services. Marketplace gross margin is our economic value driven by the spread between the price to the buyer and the cost to the supplier. The price to the buyer is primarily driven by AI through our instant quoting engine which utilizes machine learning and our proprietary data to make price predictions. The cost to the supplier is driven by an AI powered matching algorithm which finds the optimal supplier match in our network. 30 Table of Contents Operating Expenses Our operating expenses consist of sales and marketing, operations and support, product development, general and administrative functions and impairment of assets. Sales and Marketing Sales and marketing expenses are expensed as incurred and include the costs of our digital marketing strategies, branding costs and other advertising costs, restructuring charges, certain depreciation and amortization expense, contract acquisition costs and compensation expenses, including stock-based compensation for our sales and marketing employees. We intend to continue to invest in our sales and marketing capabilities in the future to continue to increase our brand awareness, add new accounts and further penetrate existing accounts. We expect sales and marketing expense to increase in absolute dollars in the future as we grow our business but decrease over time as a percentage of revenue. Sales and marketing expenses may fluctuate from period to period based on the timing of our investments, which may vary in scope and scale over future periods. Operations and Support Operations and support expenses are the costs we incur in support of the buyers and suppliers on our platform which are provided by phone, email and chat for purposes of resolving buyer and suppliers related matters. These costs primarily consist of compensation expenses of the support staff, including stock-based compensation, restructuring charges, certain depreciation and amortization expense and software costs used in delivering buyer and suppliers services. We expect operations and support expenses to increase in absolute dollars in the future as we grow our business but decrease over time as a percentage of revenue. Operations and support expenses may fluctuate from period to period based on the timing of our investments, which may vary in scope and scale over future periods. Product Development Product development costs that are not eligible for capitalization are expensed as incurred. These costs primarily consist of compensation expenses, including stock-based compensation expenses to our employees performing these functions, restructuring charges and certain depreciation and amortization expense. We expect product development expense to increase in absolute dollars in the future as we grow our business but decrease over time as a percentage of revenue. Product development expenses may fluctuate from period to period based on the timing of our investments, which may vary in scope and scale over future periods. General and Administrative General and administrative expenses primarily consist of compensation expenses, including stock-based compensation expenses, for executive, finance, legal and other administrative personnel, provision for bad debt, professional service fees, facilities cost, restructuring charges and certain depreciation and amortization expense. We expect general and administrative expenses to increase in absolute dollars in the future as we grow our business but decrease over time as a percentage of revenue. General and administrative expenses may fluctuate from period to period due to the timing of our investments, which may vary in scope and scale over future periods. Other (Expenses) Income Interest Expense Interest expense consists of interest incurred on our outstanding borrowings under our outstanding convertible notes or other borrowings. Interest and Dividend Income Interest and dividend income consists of interest and dividends on our cash, cash equivalents and marketable securities. Other Expenses Other expenses consist primarily of realized foreign exchange gains and/or losses, non-income based taxes and other expenses. Income from Unconsolidated Joint Venture Income from unconsolidated joint venture consists of our share of the joint venture’s income. 31 Table of Contents Provision for Income Taxes Provision for income taxes primarily consists of income based taxes primarily from international operations. Results of Operations Comparison of the Three Months Ended June 30, 2026 and 2025 The following table sets forth our unaudited statements of operations data for the periods indicated (in thousands): For the Three Months Ended June 30, 2026 2025 Revenue $ 229,280 $ 162,547 Cost of revenue 142,127 97,371 Gross profit 87,153 65,176 Operating expenses: Sales and marketing 33,586 29,781 Operations and support 21,409 17,732 Product development 12,980 11,008 General and administrative 24,723 16,945 Total operating expenses 92,698 75,466 Loss from operations (5,545 ) (10,290 ) Other (expenses) income: Interest expense (1,258 ) (1,182 ) Interest and dividend income 2,597 2,174 Other expenses (1,009 ) (17,365 ) Income from unconsolidated joint venture 255 218 Total other income 585 (16,155 ) Loss before income taxes (4,960 ) (26,445 ) (Provision) benefit from income taxes (354 ) 8 Net loss (5,314 ) (26,437 ) Net income attributable to noncontrolling interest (1 ) (3 ) Net loss attributable to common stockholders $ (5,313 ) $ (26,434 ) 32 Table of Contents The following table sets forth our unaudited statements of operations data expressed as a percentage of total revenue for the periods indicated: For the Three Months Ended June 30, 2026 2025 Revenue 100.0 % 100.0 % Cost of revenue 62.0 % 59.9 % Gross profit 38.0 % 40.1 % Operating expenses: Sales and marketing 14.6 % 18.3 % Operations and support 9.3 % 10.9 % Product development 5.7 % 6.8 % General and administrative 10.8 % 10.4 % Total operating expenses 40.4 % 46.4 % Loss from operations (2.4 )% (6.3 )% Other (expenses) income: Interest expense (0.5 )% (0.7 )% Interest and dividend income 1.1 % 1.3 % Other expenses (0.4 )% (10.7 )% Income from unconsolidated joint venture 0.1 % 0.1 % Total other income 0.3 % (10.0 )% Loss before income taxes (2.1 )% (16.3 )% (Provision) benefit from income taxes (0.2 )% — % Net loss (2.3 )% (16.3 )% Net income attributable to noncontrolling interest — % — % Net loss attributable to common stockholders (2.3 )% (16.3 )% The following tables present our disaggregated revenue and cost of revenue. Revenue from our marketplace primarily reflects the sales of parts and assemblies on our platform. Revenue from services includes the sale of advertising and financial service products. Revenue and cost of revenue is presented in the following tables for the three months ended June 30, 2026 and 2025 (in thousands): For the Three Months Ended June 30, 2026 2025 Marketplace Revenue $ 215,369 $ 148,223 Cost of revenue 140,609 95,759 Gross Profit $ 74,760 $ 52,464 Gross Margin 34.7 % 35.4 % Services Revenue $ 13,911 $ 14,324 Cost of revenue 1,518 1,612 Gross Profit $ 12,393 $ 12,712 Gross Margin 89.1 % 88.7 % Revenue Total revenue increased $66.7 million, or 41%, from $162.5 million for the three months ended June 30, 2025 to $229.3 million for the three months ended June 30, 2026. This growth was a result of an increase in marketplace revenue. Marketplace revenue increased $67.1 million, or 45%, from $148.2 million for the three months ended June 30, 2025 to $215.4 million for the three months ended June 30, 2026. The increase in marketplace revenue was primarily due to increased buyer activity on the platform, particularly with respect to enterprise customers, for the three months ended June 30, 2026 as compared to the prior year period. 33 Table of Contents Services revenue decreased $0.4 million, or 3% from $14.3 million for the three months ended June 30, 2025 to $13.9 million for the three months ended June 30, 2026. The decrease in revenue was due to reductions in Thomas advertising and marketing services, partly offset by growth in financial services. Total revenue for the three months ended June 30, 2026 and 2025 was $194.7 million and $135.7 million, respectively, for the U.S. reportable segment and $34.5 million and $26.8 million, respectively, for the International reportable segment. Cost of Revenue Total cost of revenue increased $44.8 million, or 46%, from $97.4 million for the three months ended June 30, 2025 to $142.1 million for the three months ended June 30, 2026. This increase was primarily the result of an increase in marketplace cost of revenue. Total cost of revenue from marketplace and services for the three months ended June 30, 2026 was $140.6 million and $1.5 million, respectively, as compared to $95.8 million and $1.6 million, respectively, for the three months ended June 30, 2025. Marketplace cost of revenue was driven by order growth and increased activity on our marketplace. Total cost of revenue for the three months ended June 30, 2026 and 2025 was $121.2 million and $81.0 million, respectively for the U.S. reportable segment, and $20.9 million and $16.4 million, respectively, for the International reportable segment. Gross Profit and Margin Gross profit increased $22.0 million, or 34%, from $65.2 million for the three months ended June 30, 2025 to $87.2 million for the three months ended June 30, 2026. The increase in gross profit was primarily due to increases in revenue from marketplace as compared to the prior year period. Total gross margin was 38.0% for the three months ended June 30, 2026 as compared to 40.1% for the three months ended June 30, 2025. The decrease was primarily driven by faster growth and associated mix shift to marketplace revenue which has lower gross margin than services. Gross margin for marketplace was 34.7% for the three months ended June 30, 2026, as compared to 35.4% for the three months ended June 30, 2025. Gross margin for services was 89.1% for the three months ended June 30, 2026, as compared to 88.7% for the three months ended June 30, 2025. Operating Expenses Sales and Marketing Sales and marketing expense increased $3.8 million, or 13%, from $29.8 million for the three months ended June 30, 2025 to $33.6 million for the three months ended June 30, 2026, primarily due to increases in commission expenses, employee compensation and benefit costs due to increased headcount and consulting expenses. As a percent of total revenue, sales and marketing expenses decreased to 14.6% for the three months ended June 30, 2026 from 18.3% for the three months ended June 30, 2025. Advertising expense decreased $0.6 million, from $9.2 million for the three months ended June 30, 2025 to $8.6 million for the three months ended June 30, 2026, primarily due to decreased marketplace advertising. Operations and Support Operations and support expense increased $3.7 million, or 21%, from $17.7 million for the three months ended June 30, 2025 to $21.4 million for the three months ended June 30, 2026, primarily due to increases in consulting expenses and employee compensation and benefit costs due to increased headcount. As a percent of total revenue, operations and support expenses decreased to 9.3% for the three months ended June 30, 2026 from 10.9% for the three months ended June 30, 2025. Product Development Product development expense increased $2.0 million, or 18%, from $11.0 million for the three months ended June 30, 2025 to $13.0 million for the three months ended June 30, 2026, primarily as a result of an increase in software costs and depreciation and amortization, offset by increases in the amount of compensation and benefits cost and stock-based compensation capitalized to software development. As a percent of total revenue, product development expenses decreased to 5.7% for the three months ended June 30, 2026, as compared to 6.8% for the three months ended June 30, 2025. 34 Table of Contents General and Administrative General and administrative expense increased $7.8 million, or 46%, from $16.9 million for the three months ended June 30, 2025 to $24.7 million for the three months ended June 30, 2026, primarily driven by increases in stock-based compensation, the costs of charitable contributions of Class A common stock and reserves for bad debt. As a percent of total revenue, general and administrative expenses increased to 10.8% for the three months ended June 30, 2026 from 10.4% for the three months ended June 30, 2025. Other (Expenses) Income Interest Expense Interest expense remained flat at approximately $1.2 million for the three months ended June 30, 2026 and 2025. Interest and Dividend Income Interest and dividend income increased $0.4 million, or 19%, from $2.2 million for the three months ended June 30, 2025 to $2.6 million for the three months ended June 30, 2026. The increase was primarily due to higher investment in the money market account. Other Expenses Other expenses decreased by $16.4 million, from $17.4 million for the three months ended June 30, 2025 to $1.0 million for the three months ended June 30, 2026. The decrease was due to a $16.4 million loss on debt extinguishment recognized in connection with the partial repurchase of the 2027 Notes in the second quarter of 2025. Income from Unconsolidated Joint Venture Income from unconsolidated joint venture remained flat at approximately $0.2 million for the three months ended June 30, 2026 and 2025. Additional Segment Considerations Segment Adjusted EBITDA from our U.S. reportable segment for the three months ended June 30, 2026 and 2025 was $17.5 million and $6.9 million, respectively. Segment Adjusted EBITDA from our International reportable segment for the three months ended June 30, 2026 and 2025 was $(3.3) million and $(2.9) million, respectively. 35 Table of Contents Comparison of the Six Months Ended June 30, 2026 and 2025 The following table sets forth our unaudited statements of operations data for the periods indicated (in thousands): Six Months Ended June 30, 2026 2025 Revenue $ 434,419 $ 313,518 Cost of revenue 268,777 192,011 Gross profit 165,642 121,507 Operating expenses: Sales and marketing 65,553 56,216 Operations and support 41,068 34,822 Product development 24,408 22,179 General and administrative 45,376 33,971 Total operating expenses 176,405 147,188 Loss from operations (10,763 ) (25,681 ) Other (expenses) income: Interest expense (2,517 ) (2,370 ) Interest and dividend income 4,382 4,451 Other expenses (1,473 ) (18,245 ) Income from unconsolidated joint venture 401 324 Total other (expenses) income 793 (15,840 ) Loss before income taxes (9,970 ) (41,521 ) (Provision) benefit from income taxes (602 ) 8 Net loss (10,572 ) (41,513 ) Net loss attributable to noncontrolling interest 8 (1 ) Net loss attributable to common stockholders $ (10,580 ) $ (41,512 ) 36 Table of Contents The following table sets forth our unaudited statements of operations data expressed as a percentage of total revenue for the periods indicated: Six Months Ended June 30, 2026 2025 Revenue 100.0 % 100.0 % Cost of revenue 61.9 % 61.2 % Gross profit 38.1 % 38.8 % Operating expenses: Sales and marketing 15.1 % 17.9 % Operations and support 9.5 % 11.1 % Product development 5.6 % 7.1 % General and administrative 10.4 % 10.8 % Total operating expenses 40.6 % 46.9 % Loss from operations (2.5 )% (8.1 )% Other (expenses) income: Interest expense (0.6 )% (0.8 )% Interest and dividend income 1.0 % 1.4 % Other expenses (0.3 )% (5.8 )% Income from unconsolidated joint venture 0.1 % 0.1 % Total other (expenses) income 0.2 % (5.1 )% Loss before income taxes (2.3 )% (13.2 )% (Provision) benefit from income taxes (0.1 )% — % Net loss (2.4 )% (13.2 )% Net loss attributable to noncontrolling interest — % — % Net loss attributable to common stockholders (2.4 )% (13.2 )% The following tables present our disaggregated revenue and cost of revenue. Revenue from our marketplace primarily reflects the sales of parts and assemblies on our platform. Revenue from services includes the sale of advertising and financial service products. Revenue and cost of revenue is presented in the following tables for the six months ended June 30, 2026 and 2025 (in thousands): Six Months Ended June 30, 2026 2025 Marketplace Revenue $ 406,688 $ 284,576 Cost of revenue 265,481 188,805 Gross Profit $ 141,207 $ 95,771 Gross Margin 34.7 % 33.7 % Services Revenue $ 27,731 $ 28,942 Cost of revenue 3,296 3,206 Gross Profit $ 24,435 $ 25,736 Gross Margin 88.1 % 88.9 % Revenue Total revenue increased $120.9 million, or 39%, from $313.5 million for the six months ended June 30, 2025 to $434.4 million for the six months ended June 30, 2026. This growth was a result of an increase in marketplace revenue. Marketplace revenue increased $122.1 million, or 43%, from $284.6 million for the six months ended June 30, 2025 to $406.7 million for the six months ended June 30, 2026. The increase in marketplace revenue was primarily due to increased buyer activity on the platform, particularly with respect to enterprise customers, for the six months ended June 30, 2026 as compared to the prior year period. 37 Table of Contents Services revenue decreased $1.2 million, or 4% from $28.9 million for the six months ended June 30, 2025 to $27.7 million for the six months ended June 30, 2026. The decrease in revenue was due to reductions in Thomas advertising and marketing services, partly offset by growth in financial services. Total revenue for the six months ended June 30, 2026 and 2025 was $367.0 million and $263.6 million, respectively, for the U.S. reportable segment and $67.5 million and $50.0 million, respectively, for the International reportable segment. Cost of Revenue Total cost of revenue increased $76.8 million, or 40%, from $192.0 million for the six months ended June 30, 2025 to $268.8 million for the six months ended June 30, 2026. This increase was primarily the result of an increase in marketplace cost of revenue. Total cost of revenue from marketplace and services for the six months ended June 30, 2026 was $265.5 million and $3.3 million, respectively, as compared to $188.8 million and $3.2 million, respectively, for the six months ended June 30, 2025. Marketplace cost of revenue was driven by order growth and increased activity on our marketplace. Total cost of revenue for the six months ended June 30, 2026 and 2025 was $227.3 million and $160.9 million, respectively for the U.S. reportable segment, and $41.5 million and $31.1 million, respectively, for the International reportable segment. Gross Profit and Margin Gross profit increased $44.1 million, or 36%, from $121.5 million for the six months ended June 30, 2025 to $165.6 million for the six months ended June 30, 2026. The increase in gross profit was primarily due to increases in revenue from marketplace and improved marketplace gross margins as compared to the prior year period. Total gross margin was 38.1% for the six months ended June 30, 2026 as compared to 38.8% for the six months ended June 30, 2025. The decrease was primarily driven by primarily driven by faster growth and associated mix shift to marketplace revenue which has lower gross margin than services. Gross margin for marketplace was 34.7% for the six months ended June 30, 2026, as compared to 33.7% for the six months ended June 30, 2025. The improvement was due largely to our AI-driven platform and expanding network of active suppliers which optimizes pricing to buyers and suppliers. Gross margin for our services was 88.1% for the six months ended June 30, 2026, as compared to 88.9% for the six months ended June 30, 2025. Operating Expenses Sales and Marketing Sales and marketing expense increased $9.3 million, or 17%, from $56.2 million for the six months ended June 30, 2025 to $65.6 million for the six months ended June 30, 2026, primarily due to increases in commission expense, employee compensation and benefit costs due to increased headcount, consulting expenses and marketing and advertising spend. As a percent of total revenue, sales and marketing expenses decreased to 15.1% for the six months ended June 30, 2026 from 17.9% for the six months ended June 30, 2025. Advertising expense increased $1.4 million, from $16.0 million for the six months ended June 30, 2025 to $17.4 million for the six months ended June 30, 2026 primarily due to increased services advertising. Operations and Support Operations and support expense increased $6.2 million, or 18%, from $34.8 million for the six months ended June 30, 2025 to $41.1 million for the six months ended June 30, 2026, primarily due to increases in consulting expenses and employee compensation and benefit costs due to increased headcount. These increases were offset by a reduction in restructuring costs. As a percent of total revenue, operations and support expenses decreased to 9.5% for the six months ended June 30, 2026 from 11.1% for the six months ended June 30, 2025. Product Development Product development expense increased $2.2 million, or 10%, from $22.2 million for the six months ended June 30, 2025 to $24.4 million for the six months ended June 30, 2026, primarily as a result of an increase in software costs, depreciation and amortization expense, and increased consulting costs, offset by increases in the amount of compensation and benefits cost and stock-based 38 Table of Contents compensation capitalized to software development. As a percent of total revenue, product development expenses decreased to 5.6% for the six months ended June 30, 2026 as compared to 7.1% for the six months ended June 30, 2025. General and Administrative General and administrative expense increased $11.4 million, or 34%, from $34.0 million for the six months ended June 30, 2025 to $45.4 million for the six months ended June 30, 2026, primarily driven by increases in stock-based compensation, the costs of charitable contributions of Class A common stock, reserves for bad debt and higher employee compensation and benefit costs due to increased headcount. As a percent of total revenue, general and administrative expenses decreased to 10.4% for the six months ended June 30, 2026 from 10.8% for the six months ended June 30, 2025. Other (Expenses) Income Interest Expense Interest expense increased $0.1 million, or 6% from $2.4 million for the six months ended June 30, 2025 to $2.5 million for the six months ended June 30, 2026. Interest and Dividend Income Interest and dividend income decreased $0.1 million, or 2%, from $4.5 million for the six months ended June 30, 2025 to $4.4 million for the six months ended June 30, 2026. The decrease was primarily due to lower investment in the money market account as the Company funds ongoing operations. Other Expenses Other expenses decreased by $16.8 million, from $18.2 million for the six months ended June 30, 2025 to $1.5 million for the six months ended June 30, 2026. The decrease was primarily due to a $16.4 million loss on debt extinguishment recognized in connection with the partial repurchase of the 2027 Notes in the second quarter of 2025. Income from Unconsolidated Joint Venture Income from unconsolidated joint venture increased $0.1 million from $0.3 million for the six months ended June 30, 2025 to $0.4 million for the six months ended June 30, 2026. Additional Segment Considerations Segment Adjusted EBITDA from our U.S. reportable segment for the six months ended June 30, 2026 and 2025 was $30.8 million and $9.9 million, respectively. Segment Adjusted EBITDA from our International reportable segment for the six months ended June 30, 2026 and 2025 was $(6.1) million and $(5.9) million, respectively. 39 Table of Contents Liquidity and Capital Resources General We have financed our operations primarily through sales of our equity securities and borrowings under our convertible notes. As of June 30, 2026, our cash and cash equivalents and marketable securities totaled $516.7 million. We believe our existing cash and cash equivalents and marketable securities will be sufficient to support our working capital and capital expenditure requirements for at least the next twelve months. We believe we will meet our longer-term expected future cash requirements primarily from a combination of cash flow from operating activities and available cash and cash equivalents and marketable securities. We may also engage in equity or debt financings to secure additional funds. Our future capital requirements will depend on many factors, including our revenue growth rate, receivable and payable cycles, the timing and extent of investments in product development, sales and marketing, operations and support and general and administrative expenses. Our capital expenditures consist primarily of internal-use software costs, manufacturing equipment, computers and peripheral equipment, furniture and fixtures and leasehold improvements and patents. Siemens Common Stock Issuance On May 6, 2026, we entered into an agreement with Siemens Industry Software Inc. (“Siemens ISW”) to integrate Xometry marketplace capabilities directly into the Siemens ISW industrial software ecosystem. Under the terms of the agreement, Xometry will develop the necessary software (“Software Deliverable”) with support from Siemens ISW, and then provide the Software Deliverable to Siemens ISW at no cost through an original equipment manufacturer agreement (the “OEM Agreement”). Certain exclusivity terms apply for a period of up to seven years from the agreement effective date. Based on the planned collaboration timeline, exclusivity terms will apply for five years subsequent to the completion of the Software Deliverable. The OEM Agreement will have a base term of five years and renew for successive 1-year terms unless cancelled by either party. Each party is responsible for its own costs during the software development and commercialization phases. In connection with the Stock Purchase Agreement, Siemens Beteiligungen Inland GmbH purchased 1,049,759 shares of our Class A common stock for approximately $50 million. 2026 Common Stock Issuance On June 1, 2026, we entered into an underwriting agreement with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), to issue and sell 2,647,059 shares of our Class A common stock at a public offering price of $85.00 per share, less underwriting discounts and commissions, pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC (the “2026 Common Stock Issuance”). The initial closing of the 2026 Common Stock Issuance occurred on June 3, 2026. In addition, we granted the Underwriters an option to purchase, for a period of up to 30 days, up to an additional 397,058 shares of our Class A common stock, which the Underwriters exercised in full on June 22, 2026. After deducting total issuance costs, we received net proceeds of approximately $247.6 million. We intend to use the net proceeds from the 2026 Common Stock Issuance working capital and general corporate purposes, including, but not limited to, general and administrative matters, repayment of debt, capital expenditures and acquisitions of other businesses or assets. Convertible Notes due 2030 In June 2025, we issued $250.0 million aggregate principal amount of 2030 Notes pursuant to an indenture dated June 12, 2025, including the exercise in full of the initial purchasers’ option to purchase up to an additional $25.0 million principal amount of the 2030 Notes. The 2030 Notes were sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2030 Notes were $241.4 million, net of debt issuance costs. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2030 Notes are general unsecured obligations and bear regular interest at 0.75% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025. The 2030 Notes will mature on June 15, 2030 unless earlier repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2030 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 21.2495 shares of Class A common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately $47.06 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2030 Notes. In addition, following certain corporate events that occur prior to the maturity date of the 2030 Notes or if we deliver a notice of redemption in 40 Table of Contents respect of the 2030 Notes, we will, under certain circumstances, increase the conversion rate of the 2030 Notes for a holder who elects to convert its 2030 Notes in connection with such a corporate event or convert its 2030 Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be. We may redeem for cash all or any portion of the 2030 Notes, at our option, on or after June 20, 2028 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Holders of the 2030 Notes may convert all or a portion of their 2030 Notes at their option prior to the close of business on the business day immediately preceding March 15, 2030, in multiples of $1,000 principal amounts, only under the following circumstances: •if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 2030 Notes on each such trading day (the “2030 Sale Price Trigger”); •during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 Notes for each day of such ten consecutive trading day period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the 2030 Notes; •on a notice of redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, in which case we may be required to increase the conversion rate for the 2030 Notes so surrendered for conversion in connection with such redemption notice; or •on the occurrence of specified corporate events. On or after March 15, 2030, the 2030 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. In the event of a fundamental change (as defined in the indenture governing the 2030 Notes), subject to certain conditions and limited exceptions, holders of the 2030 Notes may require us to repurchase for cash all or a portion of the 2030 Notes at a price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. We accounted for the issuance of the 2030 Notes as a single liability measured at its amortized cost, as no embedded features require bifurcation and recognition as derivatives. During the three months ended June 30, 2026, the 2030 Sale Price Trigger was met and as a result, holders may convert their 2030 Notes at any time during the three months ending September 30, 2026. As of June 30, 2026, the 2030 Notes have a carrying value of approximately $243.2 million with an effective annual interest rate of 1.4%. We may, from time to time, repurchase our convertible senior notes using cash on hand, either on the open market or in privately negotiated transactions. Convertible Notes due 2027 In February 2022, we issued $287.5 million aggregate principal amount of 2027 Notes pursuant to an indenture dated February 4, 2022. The 2027 Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2027 Notes were $278.2 million, net of debt issuance costs. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2027 Notes are unsecured obligations and bear regular interest at 1% per annum, payable on February 1 and August 1 of each year. The 2027 Notes will mature on February 1, 2027 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2027 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 17.8213 shares of Class A common stock per $1,000 principal amount of 2027 Notes, which is equivalent to an initial conversion price of approximately $56.11 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2027 Notes. In addition, 41 Table of Contents following certain corporate events that occur prior to the maturity date of the 2027 Notes or if we deliver a notice of redemption in respect of the 2027 Notes, we will, under certain circumstances, increase the conversion rate of the 2027 Notes for a holder who elects to convert its 2027 Notes in connection with such a corporate event or convert its 2027 Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be. We may redeem for cash all or any portion of the 2027 Notes, at our option, if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest or additional interest, if any. Holders of the 2027 Notes may convert all or a portion of their 2027 Notes at their option prior to November 1, 2026, in multiples of $1,000 principal amounts, only under the following circumstances: •if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 2027 Notes on each such trading day (the “2027 Sale Price Trigger”); •during the five-business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of the 2027 Notes for each day of that ten consecutive trading day period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the 2027 Notes; •on a notice of redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, in which case we may be required to increase the conversion rate for the 2027 Notes so surrendered for conversion in connection with such redemption notice; or •on the occurrence of specified corporate events. On or after November 1, 2026, the 2027 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. In the event of a fundamental change (as defined in the indenture governing the 2027 Notes), subject to certain conditions and limited exceptions, holders of the 2027 Notes may require us to repurchase all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of 2027 Notes, plus accrued and unpaid interest. We accounted for the issuance of the 2027 Notes as a single liability measured at its amortized cost, as no embedded features require bifurcation and recognition as derivatives. During the three months ended June 30, 2026, the 2027 Sale Price Trigger was met and as a result, holders may convert their 2027 Notes at any time during the three months ending September 30, 2026. As of June 30, 2026, the 2027 Notes have a carrying value of approximately $85.5 million with an effective annual interest rate of 1.6%. We may, from time to time, repurchase our convertible senior notes using cash on hand, either on the open market or in privately negotiated transactions. Partial Repurchase of 2027 Notes We used a portion of the net proceeds from the issuance of the 2030 Notes to repurchase approximately $201.7 million in aggregate principal amount of outstanding 2027 Notes. The total cash paid in connection with this repurchase was approximately $216.7 million, which included approximately $0.7 million to pay the accrued interest through the settlement date and an approximate $14.3 million premium. The repurchase resulted in a $16.4 million loss on debt extinguishment, which included the write-off of $2.1 million of deferred costs related to the 2027 Notes. The loss on debt extinguishment was recorded within Other expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Following this partial repurchase, approximately $85.8 million aggregate principal amount of the 2027 Notes remain outstanding on our Condensed Consolidated Balance Sheet. The original terms and conditions continue to apply to the remaining 2027 Notes, and the unamortized debt discount and issuance costs related to these notes will continue to be deferred and accreted. 42 Table of Contents Capped Call Transactions In connection with the issuance of 2030 Notes, we entered into capped call transactions (the “Capped Calls”) with respect to its Class A common shares with certain financial institutions. The Capped Calls are expected to reduce the potential dilution to our Class A common stock upon any conversion of the 2030 Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted 2030 Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $63.35 per share and which is subject to certain adjustments under the terms of the Capped Calls. We used approximately $17.5 million of the net proceeds from the 2030 Notes to pay the cost of the Capped Calls. These instruments are classified as equity and recorded as a reduction of additional paid-in capital in the Condensed Consolidated Statements of Changes in Stockholders’ Equity. The Capped Call are not accounted for as derivatives and will not be remeasured; they will remain in stockholders’ equity until expiration or settlement. Purchase of Treasury Stock In conjunction with the 2030 Notes issuance, we purchased 220,994 shares of our Class A common stock in privately negotiated transactions at an average price of $36.20 per share on June 9, 2025. The $8.1 million of treasury stock repurchase costs was funded using a portion of the proceeds of the 2030 Notes and was recorded as a reduction to stockholders’ equity in the Condensed Consolidated Statements of Changes in Stockholders’ Equity. Cash Flows The following table presents a summary of our cash flows from operating, investing, and financing activities for the six months ended June 30, 2026 and 2025. Six Months Ended June 30, 2026 2025 (in thousands) Net cash provided by (used in) operating activities $ 17,542 $ (4,118 ) Net cash used in investing activities $ (314,731 ) $ (3,834 ) Net cash provided by financing activities $ 303,981 $ 2,046 Operating Activities For the six months ended June 30, 2026, net cash provided by operating activities was $17.5 million, primarily due to a net loss of $10.6 million adjusted for non-cash charges of $35.3 million and a net $(7.2) million adjustment from changes in operating assets and liabilities. The non-cash charges primarily relate to stock-based compensation of $19.7 million and depreciation and amortization of $10.8 million. The net decrease in operating assets and liabilities is primarily driven by the changes in accounts receivable of $33.3 million due to increased sales and an increase in other assets of $6.4 million, offset by changes in accounts payable and accrued cost of revenue of $25.7 million due to the timing of payments and sales growth, and changes in other accrued expenses of $5.5 million. For the six months ended June 30, 2025, net cash used in operating activities was $4.1 million, primarily due to a net loss of $(41.5) million adjusted for non-cash charges of $44.5 million and a net decrease in our operating assets and liabilities of $(7.1) million. The non-cash adjustments primarily relate to a loss on debt extinguishment of $16.4 million, stock-based compensation of $15.2 million, depreciation and amortization of $8.7 million and a $2.2 million of reduction to our right of use lease assets. The net decrease in operating assets and liabilities is primarily driven by the changes in accounts receivable of $13.5 million due to increased sales and a reduction in lease liabilities of $3.2 million, offset by changes in accounts payable and accrued cost of revenue of $6.4 million due to timing of payments and growth, changes in contract liabilities of $2.1 million and changes in other accrued expenses of $2.0 million. Investing Activities For the six months ended June 30, 2026, net cash used in investing activities was $314.7 million, primarily due to the purchase of marketable securities of $326.8 million and the capitalization of internal-use software development costs and purchases of property and equipment of $24.0 million offset by the sale of marketable securities of $36.0 million. For the six months ended June 30, 2025, net cash used in investing activities was $3.8 million, primarily due to capitalization of internal-use software development costs and the purchase of property and equipment of $12.5 million and the purchase of marketable securities of $4.4 million offset by the sale of marketable securities of $13.0 million. 43 Table of Contents Financing Activities For the six months ended June 30, 2026, net cash provided by financing activities was $304.0 million, primarily due to net proceeds from the 2026 Common Stock Issuance of $248.1 million, proceeds from the issuance of common stock under the Siemens agreement of $50.0 million and proceeds from the exercise of stock options of $5.9 million. For the six months ended June 30, 2025, net cash provided by financing activities was $2.0 million, primarily resulting from $242.2 million in net proceeds from the issuance of the 2030 Notes (net of issuance costs) and approximately $1.4 million from the exercise of stock options largely offset by outflows of $216.0 million to repurchase a portion of the 2027 Notes, approximately $17.5 million to purchase capped calls and approximately $8.1 million to purchase treasury stock. Critical Accounting Estimates Our condensed consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Actual results may differ from these estimates. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected. For additional information about our critical accounting policies and estimates, see the disclosure included in our Annual Report on Form 10-K for the year ended December 31, 2025 as well as Note 2, Basis of Presentation and Summary of Significant Accounting Policies in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q. There have been no material changes to our critical accounting policies and accounting estimates as compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Recent Accounting Pronouncements For a description of our recently adopted accounting pronouncements and recently issued accounting standards not yet adopted, see Note 2, Basis of Presentation and Summary of Significant Accounting Policies in the notes to the condensed consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.