Xometry, Inc. (XMTR) stock is soaring 5.10% in pre-market trading on Wednesday following the company's impressive second-quarter 2025 earnings report and a wave of analyst upgrades. The on-demand manufacturing marketplace company has exceeded expectations, demonstrating robust growth and improved profitability.

Xometry reported Q2 2025 GAAP revenue of $162.5 million, surpassing the consensus estimate of $156.5 million and marking a 23% year-over-year increase. The company's non-GAAP diluted earnings per share (EPS) came in at $0.09, significantly beating the analyst expectations of $0.04. The strong performance was primarily driven by a 26% year-over-year growth in marketplace revenue, despite a 6% decline in supplier services revenue.

Following the earnings release, several analysts have raised their price targets for Xometry. JP Morgan increased its target price to $55.00 from $38.00, maintaining a Buy rating. Wedbush raised its price target to $48 from $35, keeping an Outperform rating. UBS and RBC Capital also raised their price targets to $40 and $48, respectively. The positive outlook is further supported by Xometry's upbeat guidance for Q3 2025, projecting revenue between $167 million and $169 million, representing 18-19% year-over-year growth. The company also raised its marketplace revenue growth outlook for FY2025 to 23-24%, indicating continued momentum in its core business.