Velo3D, Inc. - VLD STOCK NEWS

Velo3D, Inc. (NYSE: VLD), a leader in metal 3D printing technology, has announced the return of Dr. Zach Murphree as Vice President, General Manager. Dr. Murphree, who previously spent nearly eight years at Velo3D, will oversee the company's go-to-market and product management functions. His return is expected to boost Velo3D's business as they complete realignment initiatives and continue adoption growth in the defense and aerospace industries.

During his previous tenure, Dr. Murphree played a important role in developing Velo3D's additive manufacturing technology, including the original Sapphire printer and the large-format Sapphire XC printer. His expertise was instrumental in understanding and meeting the needs of early customers in the New Space industry. With over 20 years of experience in research, product development, and business development, Dr. Murphree's return is seen as a significant asset to Velo3D's future growth and innovation.

Velo3D, Inc. (NYSE: VLD) announced that the National Institute for Aviation Research (NIAR) has purchased a Sapphire 1MZ printer to develop performance-based qualification methods for metal 3D-printed airframe parts. The printer will be configured for Inconel 718, a durable nickel-based alloy used in aerospace. NIAR, a research organization at Wichita State University, has a $350 million annual budget and 1,200 staff members.

NIAR recently received $10 million from the FAA and $10 million from NASA for research on advanced materials, including additive manufacturing. The Sapphire 1MZ, with a 315 Ø x 1000 mm build envelope, will be used to validate best practices for qualifying additively manufactured airframe parts. Velo3D's Assure Quality Assurance software will play a key role in NIAR's research efforts by gathering data on each print layer for complete confidence in part quality.

Velo3D (NYSE: VLD) announced Q2 2024 financial results, highlighting continued focus on realignment priorities and cost reduction programs. Key points include:

- 2024 year-to-date bookings of $21 million, with over 40% from existing customers
- $17 million backlog exiting Q2 2024
- Quarterly operating expenses reduced by 37% year-over-year
- Additional cost control programs implemented, including ~30% headcount reduction
- Q2 2024 revenue of $10.3 million, with negative 28% gross margin
- GAAP net loss of $0.2 million, non-GAAP net loss of $21.7 million
- Cash and cash equivalents of $3 million at quarter-end

The company withdrew its previously announced financial guidance for fiscal year 2024 due to uncertainty in order timing and other factors.

Velo3D (NYSE: VLD), a leading additive manufacturing technology company, announced it received a notice of non-compliance from the NYSE on July 8, 2024. The company did not meet the NYSE's listing standards, with a 30-day average market capitalization below $50 million and stockholders' equity also under $50 million. As of July 5, 2024, Velo3D's market capitalization was approximately $36.6 million, and as of March 31, 2024, the stockholders' deficit was approximately ($45.5) million. Velo3D plans to submit a compliance plan to the NYSE within 45 days. If accepted, the stock will remain listed during an 18-month cure period. The notice does not impact the current listing or SEC reporting obligations. The company also met the NYSE's minimum stock price requirement as of June 28, 2024.

Mears Machine has acquired its third Velo3D Sapphire XC metal 3D printer. This large-format printer will use Aheadd CP1 aluminum alloy, enhancing Mears Machine's capacity for critical defense-related projects. Aheadd CP1's reduced post-printing heat treatment and improved electrical and thermal properties make it ideal for mission-critical parts. Velo3D's scalable manufacturing solution allows Mears to easily increase production volume, helping customers navigate supply chain challenges. The Sapphire XC printer's large format and unique print capabilities, including eight 1-kilowatt lasers, position Mears as a leader in advanced additive manufacturing.

Velo3D (NYSE: VLD) has officially appointed Brad Kreger as its permanent Chief Executive Officer after serving as Interim CEO since December 2023. Kreger previously held the role of EVP of Operations. The Board of Directors attributed this decision to Kreger's successful implementation of strategic initiatives that have driven business momentum and realigned the company over the past 6 months.

Key achievements under Kreger's leadership include resolving all high-priority tickets in Q1 2024, booking $27 million in new orders since mid-December (with 50% from existing customers), reducing system installation time by over 40%, and cutting operating expenses by 30% year-over-year.

The Board expressed confidence in Kreger's ability to position Velo3D for future success, citing improved customer satisfaction and increased orders, particularly in the defense sector, where Velo3D is a unique U.S.-based supplier. Kreger emphasized ongoing efforts to enhance system reliability and streamline costs to boost margins and cash flow.

Velo3D (NYSE: VLD) has announced a 1-for-35 reverse stock split of its common stock, set to begin trading on June 13, 2024, under the existing symbol “VLD”. This decision, approved by the board and stockholders, aims to meet NYSE's minimum share price requirements. Post-split, each shareholder's 35 shares will be consolidated into one share, reducing the total outstanding common shares from approximately 297 million to around 8.5 million. No fractional shares will be issued; any resulting fraction will be rounded up to one share. The par value and authorized shares remain unchanged. Proportional adjustments will apply to stock options, warrants, and equity awards. The transfer agent for the split is Continental Stock Transfer & Trust Company. For more details, refer to the definitive proxy statement filed with the SEC on April 29, 2024.

Velo3D reported its Q1 2024 financial results, showcasing a strong start with $17 million in new bookings and a backlog of $22 million. The company sees over 30% sequential revenue growth for Q2 and has reduced operating expenses by 30% year-over-year. Revenue for Q1 was $9.8 million, with a GAAP net loss of $28.3 million. Despite the loss, Velo3D expects to achieve cash flow breakeven in the second half of 2024. Key highlights include a 35% improvement in operating cash flow year-over-year and the addition of three new defense sector customers. The company remains focused on improving gross margins and cost structures.

Velo3D, a leading additive manufacturing technology company, will announce its first quarter 2024 financial results on May 15, 2024. The company will host an earnings conference call and webcast to discuss the results on the same day.