Xometry, Inc. (XMTR) · Nov 5, 2026 · Other events
$85M note redemption — 100% cash redemption on November 20, 2026; conversion deadline November 19
Xometry’s debt redemption removes its near-term 2027 maturity, but holders can still convert into roughly 1.5 million shares before the deadline.
Xometry is scaling an AI-native manufacturing marketplace, with recent growth centered on larger buyer relationships, expanding marketplace activity, and improving operating leverage. Its latest quarter showed 40% revenue growth, $21.4 million of Adjusted EBITDA, and $505 million of cash, cash equivalents, and marketable securities, so this is a balance-sheet action inside a growing business rather than a response to an evident liquidity squeeze.
The filing removes a near-term maturity, but does not change the operating story. Xometry is calling all approximately $85 million of its 1.00% convertible notes due 2027, with repayment at par on November 20 unless holders convert first. The company had already reduced this issue from its original size to roughly $85.8 million outstanding, making this the final cleanup of that near-term tranche.
| Figure | Filing | Comparison |
|---|---|---|
| Notes principal (Redemption Notice) | $85.0M | $84.999M at Sep. 30, 2026 (10-Q) |
| Redemption price (Redemption Notice) | 100% of principal | — |
| Coupon (Redemption Notice) | 1.00% | — |
| Conversion rate (Redemption Notice) | 17.8231 shares per $1,000 | 17.8213 initial rate |
| Conversion deadline (Redemption Notice) | Nov. 19, 2026 | Redemption Nov. 20, 2026 |
The economic choice is straightforward: cash outflow or limited dilution. Holders can convert through November 19, and the company will settle those conversions with shares. 〔0〕 〔1〕 At the stated conversion rate, full conversion would imply roughly 1.5 million shares; full cash repayment would use about 17% of the $505 million liquidity reported at quarter-end. That is material enough to notice, but not large enough to rewrite the business case.
The notice is partly new, not a major surprise. The notes mature on February 1, 2027, and the September 30 10-Q had already disclosed that holders could convert after November 1 and that Xometry could repurchase notes using cash on hand. The filing therefore makes the timing and settlement method definite, but the broader expectation that this small remaining tranche would be resolved before maturity was already visible.
Bottom line: This is modestly positive balance-sheet housekeeping: Xometry eliminates its last near-term 2027 note obligation, with the trade-off being either an $85 million cash payment or limited share dilution. It matters for capital structure, not for the core marketplace growth story.
November 19 conversion deadline; November 20 redemption settlement
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