Velo3D Announces 119% Year Over Year Revenue Growth for the Third Quarter of 2022
Velo3D, Inc. (NYSE: VLD) reported its Q3 2022 results with a 119% year-over-year revenue growth, totaling $19.1 million. Despite strong demand, a 20% increase in backlog to $66 million, and $27 million in new bookings, the company faced supply chain shortages leading to shipment delays. Consequently, 2022 revenue guidance was lowered to $75-$80 million from $89 million. The net loss for Q3 was $75.2 million. Velo3D anticipates fourth quarter revenue growth of 25-50% driven by strong bookings.
- Revenue growth of 119% year-over-year, totaling $19.1 million.
- New bookings of $27 million, increasing backlog to $66 million.
- Expansion of customer base, including two European OEMs and a Fortune 100 U.S. automotive manufacturer.
- Supply chain shortages caused shipment delays, impacting Q3 results.
- Net loss of $75.2 million reported for the quarter.
- 2022 revenue guidance reduced from $89 million to $75-$80 million.
Path to Profitability Driven by Strong Demand and Improved Efficiency
Q3 Bookings Growth / Increased Backlog by
Third Quarter Results Impacted by Supply Chain Shortages
-
Continued revenue growth – up
119% year over year -
Strong demand –
$27 million $66 million -
New customer expansion –2 European OEMs,
U.S. automotive sector -
Updated 2022 revenue guidance of
$75 -$80M
“Our third quarter performance reflects solid execution as we again posted strong year over year revenue growth, increased our sizeable backlog and expanded our new and existing customer footprint,” said
“Specifically, demand for our industry-leading Sapphire family of systems remains high as we expanded both our new and existing customer footprint during the quarter. For example, new customer additions included two marquee European aerospace OEMs as well as our first sale to a strategic, Fortune 100,
“Looking forward, we remain very excited about the future as our bookings and backlog growth reflect the increasing adoption of our technology. We are confident that we have a clear path to profitability given our current capital resources. We expect to achieve this by leveraging our strong top line growth, our focus on rapidly accelerating production efficiency, prudent expense and working capital management and a return to normalized pricing. As a result, we believe we are well positioned to profitably capitalize on the rapidly expanding market for mission critical, high value metal parts,” concluded Buller.
($ in Millions, except percentages and per-share data) |
3rd Quarter
|
2nd Quarter
|
3rd Quarter
|
GAAP revenue |
|
|
|
GAAP gross margin |
( |
|
|
GAAP net income (loss)1 |
( |
|
( |
GAAP net income (loss) per diluted share |
( |
|
( |
|
|
|
|
Non-GAAP net loss2 |
( |
( |
( |
Non-GAAP net loss per diluted share2 |
( |
( |
( |
Cash and Investments |
|
|
|
Information about Velo3D’s use of non-GAAP information, including a reconciliation to
-
Reconciliations to
U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”. -
Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities, as well as, in the three months ended
September 30, 2021 , transaction costs related to the JAWS Spitfire merger transaction and charge related to the loss on fair value on the convertible note modification in conjunction with the merger transaction.
Summary of Third Quarter 2022 results
Revenue for the third quarter was
Gross margin for the quarter was negative
Operating expenses for the quarter were in line with the second quarter at
Net loss for the quarter was
The company ended the quarter with a strong balance sheet with
Guidance
Given its strong bookings and significant backlog, the company expects fourth quarter sequential revenue growth in the range of 25
Additional information for fiscal year 2022:
- The company shipped its final launch customer system in the fourth quarter.
-
The company expects fourth quarter revenue in the range of
$24 $29 million
The company will host a conference call for investors this afternoon to discuss its third quarter 2022 performance at
About
VELO,
Amounts herein pertaining to
Forward-Looking Statements:
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. The company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s guidance for the fourth quarter and full year 2022 (including the company’s estimates for revenue and revenue growth), the company’s expectations regarding its ability to achieve profitability, its improved bill of materials costs during the first half of 2023 and its strong foundation for continued growth in 2023, the company’s strategic priorities for 2022 and 2023 (including the company’s market and customer expansion plans), the company’s expectations regarding its liquidity and capital requirements, and the company’s other expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the fiscal year ended
Non-GAAP Financial Information
The company uses non-GAAP financial measures to help it make strategic decisions, establish budgets and operational goals for managing its business, analyze its financial results and evaluate its performance. The company also believes that the presentation of these non-GAAP financial measures in this release provides an additional tool for investors to use in comparing the company’s core business and results of operations over multiple periods. However, the non-GAAP financial measures presented in this release may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in
The information in the table below sets forth the non-GAAP financial measures that the company uses in this release. Because of the limitations associated with these non-GAAP financial measures, “Non-GAAP Net Loss”, “EBITDA”, “Adjusted EBITDA”, and “Adjusted Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, EBITDA, Adjusted EBITDA, and Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the company's business.
The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Adjusted Operating Expenses during the three months ended
| NON-GAAP Net Income (Loss) Reconciliation | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | Three months ended | |||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | ||||||||||||||||||||||||||||||
| Revenue | $ |
19,115 |
|
100.0 |
% |
$ |
8,711 |
|
100.0 |
% |
$ |
50,977 |
|
100.0 |
% |
$ |
17,029 |
|
100.0 |
% |
$ |
19,644 |
|
100.0 |
% |
$ |
7,146 |
|
100.0 |
% |
|||||
| Gross Profit |
|
(121 |
) |
(0.6 |
)% |
|
1,474 |
|
16.9 |
% |
|
1,126 |
|
2.2 |
% |
|
3,268 |
|
19.2 |
% |
|
1,232 |
|
6.3 |
% |
|
2,184 |
|
30.6 |
% |
|||||
| Net Income (Loss) | $ |
(75,195 |
) |
(393.4 |
)% |
$ |
(66,578 |
) |
(764.3 |
)% |
$ |
(12,587 |
) |
(24.7 |
)% |
$ |
(92,663 |
) |
(544.1 |
)% |
$ |
127,950 |
|
651.3 |
% |
$ |
(12,538 |
) |
(175.5 |
)% |
|||||
| Stock-based compensation |
|
5,157 |
|
27.0 |
% |
|
676 |
|
7.8 |
% |
|
15,090 |
|
29.6 |
% |
|
1,751 |
|
10.3 |
% |
|
4,976 |
|
25.3 |
% |
|
760 |
|
10.6 |
% |
|||||
| Loss on the convertible note modification |
|
— |
|
— |
% |
|
50,577 |
|
580.6 |
% |
|
— |
|
— |
% |
|
50,577 |
|
297.0 |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|||||
| (Gain) Loss on fair value of warrants |
|
6,612 |
|
34.6 |
% |
|
1,892 |
|
21.7 |
% |
|
(11,039 |
) |
(21.7 |
)% |
|
3,633 |
|
21.3 |
% |
|
(23,665 |
) |
(120.5 |
)% |
|
227 |
|
3.2 |
% |
|||||
| (Gain) Loss on fair value of contingent earnout liabilities |
|
40,885 |
|
213.9 |
% |
|
(2,014 |
) |
(23.1 |
)% |
|
(58,110 |
) |
(114.0 |
)% |
|
(2,014 |
) |
(11.8 |
)% |
|
(130,227 |
) |
(662.9 |
)% |
|
— |
|
— |
% |
|||||
| Merger related transactional costs |
|
— |
|
— |
% |
|
846 |
|
9.7 |
% |
|
— |
|
— |
% |
|
4,360 |
|
25.6 |
% |
|
— |
|
— |
% |
|
1,583 |
|
22.2 |
% |
|||||
| Non-GAAP Net Loss | $ |
(22,541 |
) |
(117.9 |
)% |
$ |
(14,601 |
) |
(167.6 |
)% |
$ |
(66,646 |
) |
(130.7 |
)% |
$ |
(34,356 |
) |
(201.7 |
)% |
$ |
(20,966 |
) |
(106.7 |
)% |
$ |
(9,968 |
) |
(139.5 |
)% |
|||||
|
|||||||||||||||||||||||||||||||||||
| NON-GAAP Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three months ended | Nine months ended | Three months ended | |||||||||||||||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | ||||||||||||||||||||||||||||||
| Revenue | $ |
19,115 |
|
100.0 |
% |
$ |
8,711 |
|
100.0 |
% |
$ |
50,977 |
|
100.0 |
% |
$ |
17,029 |
|
100.0 |
% |
$ |
19,644 |
|
100.0 |
% |
$ |
7,146 |
|
100.0 |
% |
|||||
| Net Income (Loss) | $ | (75,195 |
) |
(393.4 |
)% |
$ |
(66,578 |
) |
(764.3 |
)% |
$ |
(12,587 |
) |
(24.7 |
)% |
$ |
(92,663 |
) |
(544.1 |
)% |
$ |
127,950 |
|
651.3 |
% |
$ |
(12,538 |
) |
(175.5 |
)% |
|||||
| Interest expense |
|
129 |
|
0.7 |
% |
|
986 |
|
11.3 |
% |
|
362 |
|
0.7 |
% |
|
1,630 |
|
9.6 |
% |
|
92 |
|
0.5 |
% |
|
524 |
|
7.3 |
% |
|||||
| Tax expense |
|
— |
|
— |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|||||
| Depreciation and amortization |
|
1,220 |
|
6.4 |
% |
|
584 |
|
6.7 |
% |
|
3,328 |
|
6.5 |
% |
|
1,276 |
|
7.5 |
% |
|
1,087 |
|
5.5 |
% |
|
329 |
|
4.6 |
% |
|||||
| EBITDA | (73,846 |
) |
(386.3 |
)% |
(65,008 |
) |
(746.3 |
)% |
(8,897 |
) |
(17.5 |
)% |
(89,757 |
) |
(527.1 |
)% |
129,129 |
|
657.3 |
% |
(11,685 |
) |
(163.5 |
)% |
|||||||||||
| Stock-based compensation |
|
5,157 |
|
27.0 |
% |
|
676 |
|
7.8 |
% |
|
15,090 |
|
29.6 |
% |
|
1,751 |
|
10.3 |
% |
|
4,976 |
|
25.3 |
% |
|
760 |
|
10.6 |
% |
|||||
| (Gain) Loss on fair value of warrants |
|
6,612 |
|
34.6 |
% |
|
1,892 |
|
21.7 |
% |
|
(11,039 |
) |
(21.7 |
)% |
|
3,633 |
|
21.3 |
% |
|
(23,665 |
) |
(120.5 |
)% |
|
227 |
|
3.2 |
% |
|||||
| (Gain) Loss on fair value of contingent earnout liabilities | 40,885 |
|
213.9 |
% |
(2,014 |
) |
(23.1 |
)% |
|
(58,110 |
) |
(114.0 |
)% |
(2,014 |
) |
(11.8 |
)% |
(130,227 |
) |
(662.9 |
)% |
— |
|
— |
% |
||||||||||
| Adjusted EBITDA | $ |
(21,192 |
) |
(110.9 |
)% |
$ |
(64,454 |
) |
(739.9 |
)% |
$ |
(62,956 |
) |
(123.5 |
)% |
$ |
(86,387 |
) |
(507.3 |
)% |
$ |
(19,787 |
) |
(100.7 |
)% |
$ |
(10,698 |
) |
(149.7 |
)% |
|||||
| Merger related transactional costs |
|
— |
|
— |
% |
|
846 |
|
9.7 |
% |
|
— |
|
— |
% |
|
4,360 |
|
25.6 |
% |
|
— |
|
— |
% |
|
1,583 |
|
22.2 |
% |
|||||
| Loss on the convertible note modification |
|
— |
|
— |
% |
|
50,577 |
|
580.6 |
% |
|
— |
|
— |
% |
|
50,577 |
|
297.0 |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|||||
| Adjusted EBITDA excluding merger related transactional costs and loss on fair value of the convertible note modification | $ |
(21,192 |
) |
(110.9 |
)% |
$ |
(13,031 |
) |
(149.6 |
)% |
$ |
(62,956 |
) |
(123.5 |
)% |
$ |
(31,450 |
) |
(184.7 |
)% |
$ |
(19,787 |
) |
(100.7 |
)% |
$ |
(9,115 |
) |
(127.6 |
)% |
|||||
| NON-GAAP Adjusted Operating Expenses Reconciliation | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Three months ended | Nine months ended | Three months ended | |||||||||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||
| % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | ||||||||||||||||||||||||
| Revenue | $ |
19,115 |
100.0 |
% |
$ |
8,711 |
100.0 |
% |
$ |
50,977 |
100.0 |
% |
$ |
17,029 |
100.0 |
% |
$ |
19,644 |
100.0 |
% |
$ |
7,146 |
100.0 |
% |
|||||
| Operating expenses | |||||||||||||||||||||||||||||
| Research and development |
|
12,558 |
65.7 |
% |
|
7,987 |
91.7 |
% |
|
38,438 |
75.4 |
% |
|
19,081 |
112.1 |
% |
|
12,965 |
66.0 |
% |
|
6,399 |
89.5 |
% |
|||||
| Selling and marketing |
|
5,632 |
29.5 |
% |
|
3,346 |
38.4 |
% |
|
17,864 |
35.0 |
% |
|
7,706 |
45.3 |
% |
|
6,249 |
31.8 |
% |
|
2,337 |
32.7 |
% |
|||||
| General and administrative |
|
9,642 |
50.4 |
% |
|
5,158 |
59.2 |
% |
|
27,191 |
53.3 |
% |
|
15,162 |
89.0 |
% |
|
8,259 |
42.0 |
% |
|
5,218 |
73.0 |
% |
|||||
| Total operating expenses |
|
27,832 |
145.6 |
% |
|
16,491 |
189.3 |
% |
|
83,493 |
163.8 |
% |
|
41,949 |
246.3 |
% |
|
27,473 |
139.9 |
% |
|
13,954 |
195.3 |
% |
|||||
| Stock-based compensation |
|
5,157 |
27.0 |
% |
|
676 |
7.8 |
% |
|
15,090 |
29.6 |
% |
|
1,751 |
10.3 |
% |
|
4,976 |
25.3 |
% |
|
760 |
10.6 |
% |
|||||
| Merger related transactional costs |
|
— |
— |
% |
|
846 |
9.7 |
% |
|
— |
— |
% |
|
4,360 |
25.6 |
% |
|
— |
— |
% |
|
1,583 |
22.2 |
% |
|||||
| Adjusted operating expenses | $ |
22,675 |
118.6 |
% |
$ |
14,969 |
171.8 |
% |
$ |
68,403 |
134.2 |
% |
$ |
35,838 |
210.5 |
% |
$ |
22,497 |
114.5 |
% |
$ |
11,611 |
162.5 |
% |
|||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||||
2022 |
2022 |
2021 |
2022 |
2021 |
|||||||||||||||
| Revenue | |||||||||||||||||||
| 3D Printer | $ |
16,537 |
|
$ |
17,615 |
|
$ |
7,281 |
|
$ |
44,336 |
|
$ |
13,594 |
|
||||
| Recurring payment |
|
1,183 |
|
|
934 |
|
|
596 |
|
|
3,042 |
|
|
1,231 |
|
||||
| Support services |
|
1,395 |
|
|
1,095 |
|
|
834 |
|
|
3,599 |
|
|
2,204 |
|
||||
| Total Revenue |
|
19,115 |
|
|
19,644 |
|
|
8,711 |
|
|
50,977 |
|
|
17,029 |
|
||||
| Cost of revenue | |||||||||||||||||||
| 3D Printer |
|
16,574 |
|
|
15,633 |
|
|
5,692 |
|
|
42,686 |
|
|
10,174 |
|
||||
| Recurring Payment |
|
656 |
|
|
685 |
|
|
418 |
|
|
2,059 |
|
|
862 |
|
||||
| Support Services |
|
2,006 |
|
|
2,094 |
|
|
1,127 |
|
|
5,106 |
|
|
2,725 |
|
||||
| Total cost of revenue |
|
19,236 |
|
|
18,412 |
|
|
7,237 |
|
|
49,851 |
|
|
13,761 |
|
||||
| Gross profit |
|
(121 |
) |
|
1,232 |
|
|
1,474 |
|
|
1,126 |
|
|
3,268 |
|
||||
| Operating expenses | |||||||||||||||||||
| Research and development |
|
12,558 |
|
|
12,965 |
|
|
7,987 |
|
|
38,438 |
|
|
19,081 |
|
||||
| Selling and marketing |
|
5,632 |
|
|
6,249 |
|
|
3,346 |
|
|
17,864 |
|
|
7,706 |
|
||||
| General and administrative |
|
9,642 |
|
|
8,259 |
|
|
5,158 |
|
|
27,191 |
|
|
15,162 |
|
||||
| Total operating expenses |
|
27,832 |
|
|
27,473 |
|
|
16,491 |
|
|
83,493 |
|
|
41,949 |
|
||||
| Loss from operations |
|
(27,953 |
) |
|
(26,241 |
) |
|
(15,017 |
) |
|
(82,367 |
) |
|
(38,681 |
) |
||||
| Interest expense |
|
(129 |
) |
|
(92 |
) |
|
(986 |
) |
|
(362 |
) |
|
(1,630 |
) |
||||
| Loss on the convertible note modification |
|
— |
|
|
— |
|
|
(50,577 |
) |
|
— |
|
|
(50,577 |
) |
||||
| Gain (loss) on fair value of warrants |
|
(6,612 |
) |
|
23,665 |
|
|
(1,892 |
) |
|
11,039 |
|
|
(3,633 |
) |
||||
| Gain (loss) on fair value of contingent earnout liabilities |
|
(40,885 |
) |
|
130,227 |
|
|
2,014 |
|
|
58,110 |
|
|
2,014 |
|
||||
| Other income (expense), net |
|
384 |
|
|
391 |
|
|
(120 |
) |
|
993 |
|
|
(156 |
) |
||||
| Income (loss) before provision for income taxes |
|
(75,195 |
) |
|
127,950 |
|
|
(66,578 |
) |
|
(12,587 |
) |
|
(92,663 |
) |
||||
| Provision for income taxes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
| Net income (loss) | $ |
(75,195 |
) |
$ |
127,950 |
|
$ |
(66,578 |
) |
$ |
(12,587 |
) |
$ |
(92,663 |
) |
||||
| Net income (loss) per share: | |||||||||||||||||||
| Basic | $ |
(0.41 |
) |
$ |
0.69 |
|
$ |
(3.36 |
) |
$ |
(0.07 |
) |
$ |
(5.34 |
) |
||||
| Diluted | $ |
(0.41 |
) |
$ |
0.63 |
|
$ |
(3.36 |
) |
$ |
(0.07 |
) |
$ |
(5.34 |
) |
||||
| Shares used in computing net income (loss) per share: | |||||||||||||||||||
| Basic |
|
185,560,177 |
|
|
184,282,194 |
|
|
19,793,863 |
|
|
184,454,371 |
|
|
17,348,557 |
|
||||
| Diluted |
|
185,560,177 |
|
|
202,326,053 |
|
|
19,793,863 |
|
|
184,454,371 |
|
|
17,348,557 |
|
||||
| Net Income (loss) | $ |
(75,195 |
) |
$ |
127,950 |
|
$ |
(66,578 |
) |
$ |
(12,587 |
) |
$ |
(92,663 |
) |
||||
| Net unrealized holding loss on available-for-sale investments |
|
(178 |
) |
|
(335 |
) |
|
— |
|
|
(1,121 |
) |
|
— |
|
||||
| Other comprehensive income (loss) | $ |
(75,373 |
) |
$ |
127,615 |
|
$ |
(66,578 |
) |
$ |
(13,708 |
) |
$ |
(92,663 |
) |
||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| (In thousands, except share and per share data) | |||||||
2022 |
2021 |
||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
40,347 |
|
$ |
207,602 |
|
|
| Short-term investments |
|
72,478 |
|
|
15,483 |
|
|
| Accounts receivable, net |
|
20,922 |
|
|
12,778 |
|
|
| Inventories |
|
69,313 |
|
|
22,479 |
|
|
| Contract assets |
|
2,370 |
|
|
274 |
|
|
| Prepaid expenses and other current assets |
|
4,623 |
|
|
9,458 |
|
|
| Total current assets |
|
210,053 |
|
|
268,074 |
|
|
| Property and equipment, net |
|
19,208 |
|
|
10,046 |
|
|
| Equipment on lease, net |
|
8,084 |
|
|
8,366 |
|
|
| Other assets |
|
19,208 |
|
|
16,231 |
|
|
| Total assets | $ |
256,553 |
|
$ |
302,717 |
|
|
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ |
14,134 |
|
$ |
9,882 |
|
|
| Accrued expenses and other current liabilities |
|
19,682 |
|
|
9,414 |
|
|
| Debt - current portion |
|
4,954 |
|
|
5,114 |
|
|
| Contract liabilities |
|
26,041 |
|
|
22,252 |
|
|
| Total current liabilities |
|
64,811 |
|
|
46,662 |
|
|
| Long-term debt - less current portion |
|
1,356 |
|
|
2,956 |
|
|
| Contingent earnout liabilities |
|
53,377 |
|
|
111,487 |
|
|
| Warrant liabilities |
|
10,836 |
|
|
21,705 |
|
|
| Other noncurrent liabilities |
|
13,303 |
|
|
9,492 |
|
|
| Total liabilities | 143,683 |
|
192,302 |
|
|||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, |
|
2 |
|
|
2 |
|
|
| Additional paid-in capital |
|
356,457 |
|
|
340,294 |
|
|
| Accumulated other comprehensive income |
|
(1,135 |
) |
|
(14 |
) |
|
| Accumulated deficit |
|
(242,454 |
) |
|
(229,867 |
) |
|
| Total stockholders’ equity | 112,870 |
|
110,415 |
|
|||
| Total liabilities and stockholders’ equity | $ |
256,553 |
|
$ |
302,717 |
|
|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| (In thousands) | |||||||
| Nine Months Ended | |||||||
| September 30, 2022 |
2022 |
||||||
| Cash flows from operating activities | |||||||
| Net loss | $ |
(12,587 |
) |
$ |
(92,663 |
) |
|
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||
| Depreciation and amortization |
|
3,328 |
|
|
1,276 |
|
|
| Stock-based compensation |
|
15,090 |
|
|
1,751 |
|
|
| Loss on the convertible note modification |
|
— |
|
|
50,577 |
|
|
| (Gain) loss on fair value of warrants |
|
(11,039 |
) |
|
3,633 |
|
|
| Gain on fair value of contingent earnout liabilities |
|
(58,110 |
) |
|
(2,014 |
) |
|
| Changes in assets and liabilities | |||||||
| Accounts receivable |
|
(8,144 |
) |
|
(5,326 |
) |
|
| Inventories |
|
(41,807 |
) |
|
(3,022 |
) |
|
| Contract assets |
|
(2,096 |
) |
|
1,523 |
|
|
| Prepaid expenses and other current assets |
|
7,342 |
|
|
(1,767 |
) |
|
| Other assets |
|
(2,977 |
) |
|
(2,407 |
) |
|
| Accounts payable |
|
1,177 |
|
|
(252 |
) |
|
| Accrued expenses and other liabilities |
|
10,148 |
|
|
3,400 |
|
|
| Contract liabilities |
|
3,789 |
|
|
12,414 |
|
|
| Other noncurrent liabilities |
|
3,732 |
|
|
1,611 |
|
|
| Net cash used in operating activities |
|
(92,154 |
) |
|
(31,266 |
) |
|
| Cash flows from investing activities | |||||||
| Purchase of property and equipment |
|
(12,228 |
) |
|
(1,534 |
) |
|
| Production of equipment for lease to customers |
|
(4,174 |
) |
|
(6,919 |
) |
|
| Purchases of available-for-sale investments |
|
(87,655 |
) |
|
— |
|
|
| Proceeds from maturities of available-for-sale investments |
|
29,550 |
|
|
— |
|
|
| Net cash used in investing activities |
|
(74,507 |
) |
|
(8,453 |
) |
|
| Cash flows from financing activities | |||||||
| Proceeds from loan refinance, net of issuance costs |
|
6,664 |
|
|
— |
|
|
| Repayment of loans in connection with loan refinance |
|
(8,089 |
) |
|
— |
|
|
| Proceeds from Merger |
|
— |
|
|
143,183 |
|
|
| Proceeds from PIPE financing |
|
— |
|
|
155,000 |
|
|
| Proceeds from loan refinance |
|
— |
|
|
19,339 |
|
|
| Repayment of term loan |
|
— |
|
|
(4,997 |
) |
|
| Repayment of property and equipment loan |
|
(355 |
) |
|
(833 |
) |
|
| Proceeds from term loan revolver facility |
|
— |
|
|
3,000 |
|
|
| Proceeds from convertible notes |
|
— |
|
|
5,000 |
|
|
| Proceeds from equipment loans |
|
— |
|
|
5,419 |
|
|
| Repayment of equipment loans |
|
— |
|
|
(1,878 |
) |
|
| Issuance of common stock upon exercise of stock options |
|
1,243 |
|
|
313 |
|
|
| Net cash (used in) provided by financing activities |
|
(537 |
) |
|
323,546 |
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
(57 |
) |
|
— |
|
|
| Net change in cash and cash equivalents |
|
(167,255 |
) |
|
283,827 |
|
|
| Cash and cash equivalents and restricted cash at beginning of period |
|
208,402 |
|
|
15,517 |
|
|
| Cash and cash equivalents and restricted cash at end of period | $ |
41,147 |
|
$ |
299,344 |
|
|
| Supplemental disclosure of cash flow information | |||||||
| Cash paid for interest | $ |
253 |
|
$ |
857 |
|
|
| Supplemental disclosure of non-cash information | |||||||
| Conversion of warrants into redeemable convertible preferred stock, net settlement |
|
— |
|
|
899 |
|
|
| Conversion of convertible notes to Series D redeemable convertible preferred stock |
|
— |
|
|
5,000 |
|
|
| Conversion of redeemable convertible preferred stock into common stock |
|
— |
|
|
180,180 |
|
|
| Conversion of warrants into common stock, net settlement |
|
— |
|
|
3,635 |
|
|
| Reclassification of warrants liability upon the reverse recapitalization |
|
— |
|
|
21,051 |
|
|
| Reclassification of contingent earnout liability upon the reverse recapitalization |
|
— |
|
|
120,763 |
|
|
| Issuance of common stock warrants in connection with financing |
|
— |
|
|
316 |
|
|
| Issuance of common stock warrants in connection with refinancing |
|
170 |
|
|
— |
|
|
| Unpaid liabilities related to property and equipment |
|
— |
|
|
3,231 |
|
|
| Unpaid merger transactional costs |
|
— |
|
|
19,313 |
|
|
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:
|
Nine Months Ended |
||||
|
|
|
|
||
|
2022 |
|
2021 |
||
|
|
||||
Cash and cash equivalents |
$ |
40,347 |
|
$ |
296,826 |
Restricted cash (Other assets) |
|
800 |
|
|
2,518 |
Total cash and cash equivalents, and restricted cash |
$ |
41,147 |
|
$ |
299,344 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005528/en/
Investor Relations:
Bob Okunski, VP Investor Relations
investors@velo3d.com
Media Contact:
dan.sorensen@velo3d.com
Source:
FAQ
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