Velo3D Announces Fourth Quarter and Fiscal Year 2021 Financial Results
Velo3D (NYSE: VLD) reported impressive financial results for Q4 and FY2021, exceeding revenue forecasts with Q4 revenue of $10.4 million, marking a 20% increase from Q3. FY2021 revenue rose 45% to $27 million, primarily driven by Sapphire system sales. The company shipped 8 systems in Q4, including its first Sapphire XC system, achieving a total of 23 systems shipped for 2021, a 77% increase year-over-year. Velo3D reiterates its FY2022 revenue guidance of $89 million, supported by a strong backlog of orders and continued demand for its technology.
- Q4 revenue of $10.4 million, a 20% increase from Q3.
- FY2021 revenue rose 45% to $27 million.
- 77% year-over-year growth in shipments, totaling 23 systems in 2021.
- First Sapphire XC system shipped, expected to drive future growth.
- Strong backlog of 23 systems for 2022, including 18 Sapphire XC systems.
- Reiterated FY2022 revenue guidance at $89 million.
- Gross margin for Q4 was low at 16%, impacted by pricing concessions.
- Operating expenses rose 26% sequentially to $20.8 million.
Exceeded Fourth Quarter and Full Year Revenue Forecast
Reiterates Previous FY2022 Revenue Guidance of
-
Exceeded revenue forecast –
20% sequential increase /45% growth vs FY 2020 - Shipped first Sapphire XC system to aerospace customer in Q421
-
Achieved 2021 shipments goal of 23 systems -
77% year over year growth - Continued bookings strength – 34 systems booked in 2021 versus goal of 24
- Significant backlog for 2022 – 23 Sapphire systems (18 Sapphire XC)
“Our performance reflects strong execution as we exceeded our fourth quarter and fiscal year 2021 revenue forecast, surpassed our bookings target and achieved a key strategic milestone as we shipped our first Sapphire XC system which will be a significant driver of our growth in 2022,” said
“In addition to shipping a record number of systems in the fourth quarter, our strong bookings reflected increasing demand across a number of verticals as we execute on our land and expand strategy. For the year, shipments increased more than
“Looking forward, we are excited about our long-term opportunities given our industry leading technology, continued execution on our growth plans and strong customer demand. Specifically for 2022, our strategic priorities will focus on expanding our new and existing customer footprint in both the
($ Millions, except percentages and
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4th Quarter
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3rd Quarter
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4th Quarter
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FY2021 |
FY2020 |
GAAP revenue |
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GAAP gross margin |
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GAAP Net Loss1 |
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( |
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GAAP Net Loss per diluted share |
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( |
( |
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( |
( |
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Non-GAAP Net Loss2 |
( |
( |
( |
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( |
( |
Non-GAAP Net Loss per diluted share2 |
( |
( |
( |
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( |
( |
Cash and investments |
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Information about Velo3d’s use of non-GAAP information, including a reconciliation to
-
Third quarter and full year 2021 results include
$51 million -
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, fair value adjustment for the Company’s warrants and earnout liabilities and charge related to the loss on fair value on the convertible note modification.
Summary of Fourth Quarter and FY 2021 results
Revenue for the fourth quarter was
The Company shipped a record 8 systems in the fourth quarter including its first Sapphire XC system. For 2021, the Company shipped a total of 23 systems compared to 13 systems in 2020, an increase of
Gross margin for the quarter was
Operating expenses for the quarter rose
Net loss for the quarter was
The Company ended the quarter with a strong balance sheet with
Guidance
For fiscal year 2022, the Company is providing the following guidance.
-
Reiterating previous revenue guidance of
$89 million - Total bookings – 47-49
- Total shipments – 47-49
- Sapphire XC shipments – 23-25
- New customer additions – 23-25
For fiscal year 2022, given its significant backlog and increasing demand for its Sapphire XC solution, the Company remains confident in its ability to achieve its 2022 revenue forecast of
The Company will host a conference call for investors this afternoon to discuss its fourth quarter 2021 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 full year 2022 (including the Company’s estimates for revenue, total Sapphire bookings, total Sapphire shipments, Sapphire XC shipments and new customer additions), the Company’s revenue forecast for 2022 and its ability to achieve such forecast, the Company’s expectations regarding its pricing, expenses and gross margin during 2022, the Company’s strategic priorities for 2022 (including the Company’s customer expansion plans), the timing and benefits of the Company’s manufacturing facility expansion, the expected benefits of the Company’s investments, the Company’s expectations regarding its 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 Quarterly Report on Form 10-Q for the fiscal quarter 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, “EBITDA,” “Adjusted EBITDA”, “Non-GAAP Net Loss”, 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 EBITDA, Adjusted EBITDA, Non-GAAP Net Loss 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 business.
The following table reconciles Net loss to EBITDA, Adjusted EBITDA and Non-GAAP Net Loss and Total Operating Expenses to Adjusted Operating Expenses during the years ended
NON-GAAP Net Loss Reconciliation (Unaudited) |
|||||||||||||||||||||||||||||||||||
Three months ended |
Year Ended |
||||||||||||||||||||||||||||||||||
|
|
|
2021 |
2020 |
|||||||||||||||||||||||||||||||
(In thousands, except for percentages) |
|||||||||||||||||||||||||||||||||||
| Revenue | $ |
10,410 |
|
100.0 |
% |
$ |
8,711 |
|
100.0 |
% |
$ |
6,742 |
|
100.0 |
% |
$ |
27,439 |
|
100.0 |
% |
$ |
18,975 |
|
100.0 |
% |
||||||||||
| Gross Profit | $ |
1,690 |
|
16.2 |
% |
$ |
1,474 |
|
16.9 |
% |
$ |
2,374 |
|
35.2 |
% |
$ |
4,958 |
|
18.1 |
% |
$ |
6,367 |
|
33.6 |
% |
||||||||||
| Net Loss | $ |
(14,428 |
) |
(138.6 |
)% |
$ |
(66,578 |
) |
(764.3 |
)% |
$ |
(4,216 |
) |
(62.5 |
)% |
$ |
(107,091 |
) |
(390.3 |
)% |
$ |
(21,807 |
) |
(114.9 |
)% |
||||||||||
| Stock-based compensation |
|
2,617 |
|
25.1 |
% |
|
676 |
|
7.8 |
% |
|
212 |
|
3.1 |
% |
|
4,368 |
|
15.9 |
% |
|
1,455 |
|
7.7 |
% |
||||||||||
| Loss on convertible note modification |
|
- |
|
0.0 |
% |
|
50,577 |
|
580.6 |
% |
|
- |
|
0.0 |
% |
|
50,577 |
|
184.3 |
% |
|
- |
|
0.0 |
% |
||||||||||
| Loss/(gain) on fair value of warrant liabilities |
|
1,569 |
|
15.1 |
% |
|
1,892 |
|
21.7 |
% |
|
(1 |
) |
0.0 |
% |
|
5,202 |
|
19.0 |
% |
|
(4 |
) |
0.0 |
% |
||||||||||
| Gain on fair value of contingent earnout liabilities |
|
(7,261 |
) |
(69.8 |
)% |
|
(2,014 |
) |
(23.1 |
)% |
|
- |
|
0.0 |
% |
|
(9,275 |
) |
(33.8 |
)% |
|
- |
|
0.0 |
% |
||||||||||
| Merger related transactional costs |
|
- |
|
0.0 |
% |
|
846 |
|
9.7 |
% |
|
- |
|
0.0 |
% |
|
4,360 |
|
15.9 |
% |
|
- |
|
0.0 |
% |
||||||||||
| Non-GAAP Net Loss | $ |
(17,503 |
) |
(168.1 |
)% |
$ |
(14,601 |
) |
(167.6 | )% |
$ |
(4,005 |
) |
(59.40 |
)% |
$ |
(51,859 |
) |
(189.0 |
)% |
$ |
(20,356 |
) |
(107.3 |
)% |
||||||||||
| Non-GAAP Net Loss per share, basic and diluted | $ |
(0.10 |
) |
$ |
(0.74 |
) |
$ |
(0.25 |
) |
$ |
(1.21 |
) |
$ |
(1.30 |
) |
||||||||||||||||||||
| Weighted-average shares used in computing Non-GAAP Net Loss per share, basic and diluted |
|
183,177,088 |
|
|
19,832,992 |
|
|
16,003,558 |
|
|
42,684,938 |
|
|
15,629,179 |
|
||||||||||||||||||||
NON-GAAP Adjusted EBITDA Reconciliation (Unaudited) |
|||||||||||||||||||||||||||||||||||
| | Three months ended |
Year Ended |
|||||||||||||||||||||||||||||||||
|
|
|
2021 |
2020 |
|||||||||||||||||||||||||||||||
(In thousands, except for percentages) |
|||||||||||||||||||||||||||||||||||
| Revenue | $ |
10,410 |
|
100.0 |
% |
$ |
8,711 |
|
100.0 |
% |
$ |
6,742 |
|
100.0 |
% |
$ |
27,439 |
|
100.0 |
% |
$ |
18,975 |
|
100.0 |
% |
||||||||||
| Net Loss |
|
(14,428 |
) |
(138.6 |
)% |
|
(66,578 |
) |
(764.3 |
)% |
|
(4,216 |
) |
(62.5 |
)% |
|
(107,091 |
) |
(390.3 |
)% |
|
(21,807 |
) |
(114.9 |
)% |
||||||||||
| Interest expense | $ |
1,110 |
|
10.7 |
% |
$ |
986 |
|
11.3 |
% |
$ |
440 |
|
6.5 |
% |
$ |
2,740 |
|
10.0 |
% |
$ |
639 |
|
3.4 |
% |
||||||||||
| Tax expense |
|
- |
|
0.0 |
% |
|
- |
|
0.0 |
% |
|
- |
|
0.0 |
% |
|
- |
|
0.0 |
% |
|
- |
|
0.0 |
% |
||||||||||
| Depreciation and amortization |
|
1,731 |
|
16.6 |
% |
|
584 |
|
6.7 |
% |
|
389 |
|
5.8 |
% |
|
2,170 |
|
7.9 |
% |
|
1,240 |
|
6.5 |
% |
||||||||||
| EBITDA |
|
(11,587 |
) |
(111.3 |
)% |
|
(65,008 |
) |
(746.3 |
)% |
|
(3,387 |
) |
(50.2 |
)% |
|
(102,181 |
) |
(372.4 |
)% |
|
(19,928 |
) |
(105.0 |
)% |
||||||||||
| Stock-based compensation |
|
2,617 |
|
25.1 |
% |
|
676 |
|
7.8 |
% |
|
212 |
|
3.1 |
% |
|
4,368 |
|
15.9 |
% |
|
1,455 |
|
7.7 |
% |
||||||||||
| Loss/(gain) on fair value of warrant liabilities |
|
1,569 |
|
15.1 |
% |
|
1,892 |
|
21.7 |
% |
|
(1 |
) |
0.0 |
% |
|
5,202 |
|
19.0 |
% |
|
(4 |
) |
0.0 |
% |
||||||||||
| Gain on fair value of contingent earnout liabilities |
|
(7,261 |
) |
(69.8 |
)% |
|
(2,014 |
) |
(23.1 |
)% |
|
- |
|
0.0 |
% |
|
(9,275 |
) |
(33.8 |
)% |
|
- |
|
0.0 |
% |
||||||||||
| Adjusted EBITDA |
|
(14,662 |
) |
(53.4 |
)% |
|
(64,454 |
) |
(739.9 |
)% |
|
(3,176 |
) |
(47.1 |
)% |
|
(101,886 |
) |
(371.3 |
)% |
|
(18,477 |
) |
(67.3 |
)% |
||||||||||
| Merger related transactional costs |
|
- |
|
0.0 |
% |
|
846 |
|
9.7 |
% |
|
- |
|
0.00 |
% |
|
4,360 |
|
15.9 |
% |
|
- |
|
0.0 |
% |
||||||||||
| Loss on fair value on the convertible note modification |
|
- |
|
0.0 |
% |
|
50,577 |
|
580.6 |
% |
|
- |
|
0.0 |
% |
|
50,577 |
|
184.3 |
% |
|
- |
|
0.0 |
% |
||||||||||
| Adjusted EBITDA excluding merger related transactional costs and loss on fair value on the convertible note modification | $ |
(14,662 |
) |
(140.8 |
)% |
$ |
(13,031 |
) |
(149.6 |
)% |
$ |
(3,176 |
) |
(47.1 |
)% |
$ |
(46,949 |
) |
(171.1 |
)% |
$ |
(18,477 |
) |
(97.4 |
)% |
||||||||||
NON-GAAP Adjusted Operating Expenses Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||
| | Three months ended |
Year Ended |
||||||||||||||||||||||||||||
|
|
|
2021 |
2020 |
||||||||||||||||||||||||||
(In thousands, except for percentages) |
||||||||||||||||||||||||||||||
| Revenue | $ |
10,410 |
100.0 |
% |
$ |
8,711 |
100.0 |
% |
$ |
6,742 |
100.0 |
% |
$ |
27,439 |
100.0 |
% |
$ |
18,975 |
100.0 |
% |
||||||||||
| Cost of revenue |
|
8,720 |
83.8 |
% |
|
7,237 |
83.1 |
% |
|
4,368 |
64.8 |
% |
|
22,481 |
81.9 |
% |
|
12,608 |
45.9 |
% |
||||||||||
| Gross profit | $ |
1,690 |
16.2 |
% |
$ |
1,474 |
16.9 |
% |
$ |
2,374 |
35.2 |
% |
$ |
4,958 |
18.1 |
% |
$ |
6,367 |
23.2 |
% |
||||||||||
| Operating expenses | ||||||||||||||||||||||||||||||
| Research and development |
|
7,921 |
76.1 |
% |
|
7,987 |
91.7 |
% |
|
3,271 |
48.5 |
% |
|
27,002 |
98.4 |
% |
|
14,188 |
74.8 |
% |
||||||||||
| Selling and marketing |
|
4,657 |
44.7 |
% |
|
3,346 |
38.4 |
% |
|
2,603 |
38.6 |
% |
|
12,363 |
45.1 |
% |
|
7,004 |
36.9 |
% |
||||||||||
| General and administrative |
|
8,190 |
78.7 |
% |
|
5,158 |
59.2 |
% |
|
313 |
4.6 |
% |
|
23,352 |
85.1 |
% |
|
6,382 |
33.6 |
% |
||||||||||
| Total operating expenses |
|
20,768 |
199.5 |
% |
|
16,491 |
189.3 |
% |
|
6,187 |
91.8 |
% |
|
62,717 |
228.6 |
% |
|
27,574 |
145.3 |
% |
||||||||||
| Stock-based compensation |
|
2,617 |
25.1 |
% |
|
676 |
7.8 |
% |
|
212 |
3.1 |
% |
|
4,368 |
15.9 |
% |
|
1,455 |
7.7 |
% |
||||||||||
| Merger related transactional costs |
|
- |
0.0 |
% |
|
846 |
9.7 |
% |
|
- |
0.0 |
% |
|
4,360 |
15.9 |
% |
|
- |
0.0 |
% |
||||||||||
| Adjusted operating expenses | $ |
18,151 |
174.4 |
% |
$ |
14,969 |
171.8 |
% |
$ |
5,975 |
88.6 |
% |
$ |
53,989 |
196.8 |
% |
$ |
26,119 |
137.6 |
% |
||||||||||
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) |
||||||||||||||||||||
Three months ended |
Year ended |
|||||||||||||||||||
|
|
|
2021 |
2020 |
||||||||||||||||
| Revenue | ||||||||||||||||||||
| 3D Printer | $ |
9,421 |
|
$ |
7,281 |
|
$ |
5,927 |
|
$ |
23,015 |
|
$ |
16,965 |
|
|||||
| Recurring payment |
|
358 |
|
|
596 |
|
|
204 |
|
|
1,589 |
|
|
350 |
|
|||||
| Support services |
|
631 |
|
|
834 |
|
|
611 |
|
|
2,835 |
|
|
1,660 |
|
|||||
| Total Revenue |
|
10,410 |
|
|
8,711 |
|
|
6,742 |
|
|
27,439 |
|
|
18,975 |
|
|||||
| Cost of revenue | ||||||||||||||||||||
| 3D Printer |
|
7,386 |
|
|
5,692 |
|
|
3,753 |
|
|
17,560 |
|
|
10,605 |
|
|||||
| Recurring payment |
|
250 |
|
|
418 |
|
|
143 |
|
|
1,112 |
|
|
245 |
|
|||||
| Support services |
|
1,084 |
|
|
1,127 |
|
|
472 |
|
|
3,809 |
|
|
1,758 |
|
|||||
| Total cost of revenue |
|
8,720 |
|
|
7,237 |
|
|
4,368 |
|
|
22,481 |
|
|
12,608 |
|
|||||
| Gross profit |
|
1,690 |
|
|
1,474 |
|
|
2,374 |
|
|
4,958 |
|
|
6,367 |
|
|||||
| Operating expenses | ||||||||||||||||||||
| Research and development |
|
7,921 |
|
|
7,987 |
|
|
3,271 |
|
|
27,002 |
|
|
14,188 |
|
|||||
| Selling and marketing |
|
4,657 |
|
|
3,346 |
|
|
2,603 |
|
|
12,363 |
|
|
7,004 |
|
|||||
| General and administrative |
|
8,190 |
|
|
5,158 |
|
|
313 |
|
|
23,352 |
|
|
6,382 |
|
|||||
| Total operating expenses |
|
20,768 |
|
|
16,491 |
|
|
6,187 |
|
|
62,717 |
|
|
27,574 |
|
|||||
| Loss from operations |
|
(19,078 |
) |
|
(15,017 |
) |
|
(3,813 |
) |
|
(57,759 |
) |
|
(21,207 |
) |
|||||
| Interest expense |
|
(1,110 |
) |
|
(986 |
) |
|
(440 |
) |
|
(2,740 |
) |
|
(639 |
) |
|||||
| Loss on convertible note modification |
|
- |
|
|
(50,577 |
) |
|
- |
|
|
(50,577 |
) |
|
- |
|
|||||
| Loss/(gain) on fair value of warrants |
|
(1,569 |
) |
|
(1,892 |
) |
|
(1 |
) |
|
(5,202 |
) |
|
4 |
|
|||||
| Gain on fair value of contingent earnout liabilities |
|
7,261 |
|
|
2,014 |
|
|
- |
|
|
9,275 |
|
|
- |
|
|||||
| Other income (expense), net |
|
68 |
|
|
(120 |
) |
|
38 |
|
|
(88 |
) |
|
35 |
|
|||||
| Loss before provision for income taxes |
|
(14,428 |
) |
|
(66,578 |
) |
|
(4,216 |
) |
|
(107,091 |
) |
|
(21,807 |
) |
|||||
| Provision for income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Net loss | $ |
(14,428 |
) |
$ |
(66,578 |
) |
$ |
(4,216 |
) |
$ |
(107,091 |
) |
$ |
(21,807 |
) |
|||||
| Extinguishment of redeemable convertible preferred stock |
|
- |
|
|
- |
|
|
13 |
|
|
- |
|
|
13,051 |
|
|||||
| Net loss attributable to common stockholders | $ |
(14,428 |
) |
$ |
(66,578 |
) |
$ |
8,835 |
|
$ |
(107,091 |
) |
$ |
(8,756 |
) |
|||||
| Net loss per share attributable to common stockholders, basic and diluted | $ |
(0.08 |
) |
$ |
(3.36 |
) |
$ |
0.55 |
|
$ |
(2.51 |
) |
$ |
(0.56 |
) |
|||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
183,177,088 |
|
|
19,793,863 |
|
|
16,003,558 |
|
|
42,684,938 |
|
|
15,629,179 |
|
|||||
Consolidated Balance Sheets (Unaudited) |
||||||||
|
||||||||
2021 |
2020 |
|||||||
(in thousands, except share and per share data) |
||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
207,602 |
|
$ |
15,517 |
|
||
| Short-term investments |
|
15,483 |
|
|
- |
|
||
| Accounts receivable, net |
|
12,778 |
|
|
1,232 |
|
||
| Inventories |
|
22,479 |
|
|
7,309 |
|
||
| Contract assets |
|
274 |
|
|
3,033 |
|
||
| Prepaid expenses and other current assets |
|
9,458 |
|
|
807 |
|
||
| Total current assets |
|
268,074 |
|
|
27,898 |
|
||
| Property and equipment, net |
|
10,046 |
|
|
1,006 |
|
||
| Equipment on lease, net |
|
8,366 |
|
|
2,855 |
|
||
| Other assets |
|
16,231 |
|
|
932 |
|
||
| Total assets | $ |
302,717 |
|
$ |
32,691 |
|
||
| Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
9,882 |
|
$ |
1,226 |
|
||
| Accrued expenses and other current liabilities |
|
9,414 |
|
|
2,512 |
|
||
| Debt – current portion |
|
5,114 |
|
|
3,687 |
|
||
| Contract liabilities |
|
22,252 |
|
|
4,702 |
|
||
| Total current liabilities |
|
46,662 |
|
|
12,127 |
|
||
| Long-term debt – less current portion |
|
2,956 |
|
|
4,316 |
|
||
| Contingent earnout liabilities |
|
111,487 |
|
|
- |
|
||
| Warrant liabilities |
|
21,705 |
|
|
181 |
|
||
| Other noncurrent liabilities |
|
9,492 |
|
|
184 |
|
||
| Total liabilities |
|
192,302 |
|
|
16,808 |
|
||
| Stockholders’ equity (deficit): | ||||||||
| Redeemable convertible preferred stock, |
|
- |
|
|
123,704 |
|
||
| Common stock, |
|
2 |
|
|
1 |
|
||
| Additional paid-in capital |
|
340,294 |
|
|
14,954 |
|
||
| Accumulated other comprehensive loss |
|
(14 |
) |
|
- |
|
||
| Accumulated deficit |
|
(229,867 |
) |
|
(122,776 |
) |
||
| Total stockholders’ equity (deficit) |
|
110,415 |
|
|
(107,821 |
) |
||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ |
302,717 |
|
$ |
32,691 |
|
||
Consolidated Statements of Cash Flows (Unaudited) |
||||||||||||||||||||
Three months ended |
Year ended |
|||||||||||||||||||
|
|
|
2021 |
2020 |
||||||||||||||||
| Cash flows from operating activities | ||||||||||||||||||||
| Net loss | $ |
(14,428 |
) |
$ |
(66,578 |
) |
$ |
(4,216 |
) |
$ |
(107,091 |
) |
$ |
(21,807 |
) |
|||||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||||||||||
| Depreciation and amortization |
|
894 |
|
|
584 |
|
|
389 |
|
|
2,170 |
|
|
1,240 |
|
|||||
| Amortization of deferred loan costs |
|
837 |
|
|
- |
|
|
- |
|
|
837 |
|
|
- |
|
|||||
| Stock-based compensation |
|
2,617 |
|
|
676 |
|
|
212 |
|
|
4,368 |
|
|
1,455 |
|
|||||
| Loss on convertible note modification |
|
- |
|
|
50,577 |
|
|
- |
|
|
50,577 |
|
|
- |
|
|||||
| Loss/(gain) on fair value of warrants |
|
1,569 |
|
|
3,633 |
|
|
1 |
|
|
5,202 |
|
|
(4 |
) |
|||||
| Gain on fair value of contingent earnout liabilities |
|
(7,262 |
) |
|
(2,014 |
) |
|
- |
|
|
(9,276 |
) |
|
- |
|
|||||
| Changes in assets and liabilities | ||||||||||||||||||||
| Accounts receivable |
|
(6,220 |
) |
|
(2,678 |
) |
|
1,532 |
|
|
(11,546 |
) |
|
742 |
|
|||||
| Inventories |
|
(4,988 |
) |
|
(1,743 |
) |
|
(1,360 |
) |
|
(8,010 |
) |
|
(2,743 |
) |
|||||
| Contract assets |
|
1,236 |
|
|
(1,350 |
) |
|
(2,360 |
) |
|
2,759 |
|
|
(2,493 |
) |
|||||
| Prepaid expenses and other current assets |
|
(5,861 |
) |
|
(19 |
) |
|
652 |
|
|
(7,628 |
) |
|
1,077 |
|
|||||
| Other assets |
|
(12,092 |
) |
|
(251 |
) |
|
400 |
|
|
(14,499 |
) |
|
466 |
|
|||||
| Accounts payable |
|
2,128 |
|
|
(5,548 |
) |
|
134 |
|
|
1,876 |
|
|
(490 |
) |
|||||
| Accrued expenses and other liabilities |
|
3,478 |
|
|
(369 |
) |
|
215 |
|
|
6,878 |
|
|
(1,024 |
) |
|||||
| Contract liabilities |
|
5,136 |
|
|
5,224 |
|
|
(1,720 |
) |
|
17,550 |
|
|
(2,389 |
) |
|||||
| Other noncurrent liabilities |
|
7,818 |
|
|
1,612 |
|
|
(430 |
) |
|
9,429 |
|
|
(476 |
) |
|||||
| Net cash used in operating activities |
|
(25,138 |
) |
|
(18,244 |
) |
|
(6,551 |
) |
|
(56,404 |
) |
|
(26,446 |
) |
|||||
| Cash flows from investing activities | ||||||||||||||||||||
| Purchase of property and equipment |
|
(8,085 |
) |
|
(933 |
) |
|
(176 |
) |
|
(9,619 |
) |
|
(401 |
) |
|||||
| Production of equipment for lease to customers |
|
(1,561 |
) |
|
(1,875 |
) |
|
(74 |
) |
|
(8,480 |
) |
|
(3,028 |
) |
|||||
| Purchases of available-for-sale securities |
|
(15,491 |
) |
|
- |
|
|
(15,491 |
) |
|
- |
|
||||||||
| Net cash used in investing activities |
|
(25,137 |
) |
|
(2,808 |
) |
|
(250 |
) |
|
(33,590 |
) |
|
(3,429 |
) |
|||||
| Cash flows from financing activities | ||||||||||||||||||||
| Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs |
|
- |
|
|
- |
|
|
(125 |
) |
|
- |
|
|
28,153 |
|
|||||
| Proceeds from Merger, net of transaction costs |
|
(19,913 |
) |
|
143,183 |
|
|
- |
|
|
123,270 |
|
|
- |
|
|||||
| Proceeds from PIPE financing |
|
- |
|
|
155,000 |
|
|
- |
|
|
155,000 |
|
|
- |
|
|||||
| Proceeds from loan refinance |
|
- |
|
|
5,000 |
|
|
2,324 |
|
|
19,339 |
|
|
2,324 |
|
|||||
| Repayment of term loan |
|
(20,286 |
) |
|
(109 |
) |
|
(420 |
) |
|
(25,283 |
) |
|
(420 |
) |
|||||
| Repayment of property and equipment loan |
|
- |
|
|
(833 |
) |
|
- |
|
|
(833 |
) |
|
- |
|
|||||
| Proceeds from term loan revolver facility |
|
- |
|
|
3,000 |
|
|
- |
|
|
3,000 |
|
|
- |
|
|||||
| Proceeds from equipment loans |
|
- |
|
|
2,219 |
|
|
(1,550 |
) |
|
5,419 |
|
|
- |
|
|||||
| Repayment of equipment loans |
|
(533 |
) |
|
(242 |
) |
|
370 |
|
|
(2,411 |
) |
|
- |
|
|||||
| Proceeds from convertible notes |
|
- |
|
|
- |
|
|
52 |
|
|
5,000 |
|
|
5,467 |
|
|||||
| Issuance of common stock upon exercise of stock options |
|
72 |
|
|
30 |
|
|
- |
|
|
385 |
|
|
53 |
|
|||||
| Net cash provided by/(used in) financing activities |
|
(40,660 |
) |
|
307,248 |
|
|
651 |
|
|
282,886 |
|
|
35,577 |
|
|||||
| Effect of exchange rate on cash and cash equivalents |
|
(7 |
) |
|
- |
|
|
- |
|
|
(7 |
) |
|
- |
|
|||||
| Net change in cash and cash equivalents |
|
(90,942 |
) |
|
286,196 |
|
|
(6,150 |
) |
|
192,885 |
|
|
5,702 |
|
|||||
| Cash and cash equivalents and restricted cash at beginning of period |
|
299,344 |
|
|
13,148 |
|
|
21,667 |
|
|
15,517 |
|
|
9,815 |
|
|||||
| Cash and cash equivalents and restricted cash at end of period | $ |
208,402 |
|
$ |
299,344 |
|
$ |
15,517 |
|
$ |
208,402 |
|
$ |
15,517 |
|
|||||
| Supplemental disclosure of cash flow information | ||||||||||||||||||||
| Cash paid for interest |
|
560 |
|
|
577 |
|
|
274 |
|
|
1,417 |
|
|
461 |
|
|||||
| Supplemental disclosure of non-cash information | ||||||||||||||||||||
| Extinguishment of redeemable convertible preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
13,274 |
|
|||||
| Conversion of convertible notes to Series D redeemable convertible preferred stock |
|
- |
|
|
5,000 |
|
|
- |
|
|
5,000 |
|
|
6,967 |
|
|||||
| Unpaid liabilities related to property and equipment |
|
1,271 |
|
|
3,231 |
|
|
216 |
|
|
1,271 |
|
|
216 |
|
|||||
| Conversion of warrants into redeemable convertible preferred stock, net settlement |
|
- |
|
|
899 |
|
|
- |
|
|
899 |
|
|
- |
|
|||||
| Conversion of redeemable convertible preferred stock into common stock |
|
- |
|
|
180,180 |
|
|
- |
|
|
180,180 |
|
|
- |
|
|||||
| Conversion of warrants into common stock, net settlement |
|
- |
|
|
3,635 |
|
|
- |
|
|
3,635 |
|
|
- |
|
|||||
| Reclassification of warrants liability upon the reverse recapitalization |
|
- |
|
|
21,051 |
|
|
- |
|
|
21,051 |
|
|
- |
|
|||||
| Reclassification of contingent earnout liability upon the reverse recapitalization |
|
- |
|
|
120,763 |
|
|
- |
|
|
120,763 |
|
|
- |
|
|||||
| Issuance of common stock warrants in connection with financing |
|
- |
|
|
182 |
|
|
27 |
|
|
316 |
|
|
27 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220302005458/en/
Investor Relations:
Bob Okunski, VP Investor Relations
investors@velo3d.com
Media Contact:
dan.sorensen@velo3d.com
Source:
FAQ
What were Velo3D's Q4 2021 revenue results?
How did Velo3D perform in FY2021?
What is Velo3D's revenue guidance for FY2022?
How many systems did Velo3D ship in 2021?
What is Velo3D's backlog for 2022?
