1Q25 Protolabs vs Xometry Pricing Analysis – Strong Early Demand, Caution Into Quarter-End

We believe Protolabs PRLB 0.00%↑ and Xometry XMTR 0.00%↑ are the two behemoths in the digital manufacturing space, and offer the two best on-demand manufacturing marketplaces.

Since March 1st, 2024, we have been uploading 3 different CNC part files weekly to both Protolabs Network and Xometry to track pricing trends across the two marketplaces. By tracking prices on the same parts over time we believe we can gauge demand trends as prices should theoretically rise on these marketplaces as demand increases (assuming supply remains constant). In addition, we believe analyzing how each marketplace prices the same part can provide additional competitive insights. We focus on CNC prices as these services account for ~40% and ~50% of total sales for Protolabs and Xometry, respectively.

Historically our analysis as been a robust read-through into Xometry and Protolabs quarterly results. Below we highlight pricing trends through 1Q25, and provide implications to Xometry and Protolabs 1Q25 earnings results.