Xometry dips after $225 mln convertible bond offering priced

Xometry

10/06/2025 13:27

** Shares of Xometry XMTR.O, an AI-enabled marketplace for on-demand manufacturing, down 1.2% at $35.76 before the bell after capital raise

** Maryland-based firm early Tues announced pricing offering of $225 mln 0.75% convertible bonds (CBs) due 2030

** Initial conversion price of $47.06 represents 30% premium to stock's last close

** Co expects to use ~$15.7 mln of net proceeds, along with cash on hand, to pay for capped calls, derivative transactions to reduce dilution, and $8 mln to repurchase its stock

** It also intends to use proceeds to repurchase for about $216.7 mln in cash approx $201.7 mln principal outstanding of its 1% CBs due 2027

** Co has roughly ~$1.8 bln market cap, per LSEG data

** XMTR shares on Mon ended down 1.5% at $36.20, off 15% YTD

** Of 10 analysts covering XMTR, recommendation breakdown is 7 "strong buy" or "buy", 2 "hold" and 1 "sell" rating; median PT is $35.50 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))