Velo3D Announces Second Quarter 2024 Financial Results
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) ha annunciato i risultati finanziari del secondo trimestre 2024, evidenziando un continuo focus sulle priorità di riallineamento e sui programmi di riduzione dei costi. I punti chiave includono:
- Prenotazioni dall'inizio dell'anno 2024 pari a 21 milioni di dollari, con oltre il 40% da clienti esistenti
- Portafoglio ordini di 17 milioni di dollari alla fine del secondo trimestre 2024
- Spese operative trimestrali ridotte del 37% rispetto all'anno precedente
- Implementati ulteriori programmi di controllo dei costi, compresa una riduzione del personale di circa il 30%
- Ricavi del secondo trimestre 2024 di 10,3 milioni di dollari, con un margine lordo negativo del 28%
- Perdite netti GAAP di 0,2 milioni di dollari, perdite nette non-GAAP di 21,7 milioni di dollari
- Disponibilità liquide e equivalenti di 3 milioni di dollari alla fine del trimestre
La società ha ritirato le previsioni finanziarie precedentemente annunciate per l'anno fiscale 2024 a causa dell'incertezza nei tempi degli ordini e di altri fattori.
Velo3D (NYSE: VLD) anunció los resultados financieros del segundo trimestre de 2024, destacando un enfoque continuo en el reordenamiento de prioridades y en los programas de reducción de costos. Los puntos clave incluyen:
- Reservas acumuladas en lo que va de 2024 de 21 millones de dólares, con más del 40% de clientes existentes
- Un backlog de 17 millones de dólares a finales del segundo trimestre de 2024
- Gastos operativos trimestrales reducidos en un 37% año tras año
- Implementación de programas de control de costos adicionales, incluyendo una reducción de personal de aproximadamente el 30%
- Ingresos del segundo trimestre de 2024 de 10,3 millones de dólares, con un margen bruto negativo del 28%
- Pérdida neta GAAP de 0,2 millones de dólares, pérdida neta no-GAAP de 21,7 millones de dólares
- Efectivo y equivalentes de efectivo de 3 millones de dólares al final del trimestre
La compañía retiró su orientación financiera previamente anunciada para el año fiscal 2024 debido a la incertidumbre en los plazos de los pedidos y otros factores.
Velo3D (NYSE: VLD)는 2024년 2분기 재무 결과를 발표하며, 우선순위 재조정 및 비용 절감 프로그램에 대한 지속적인 초점을 강조했습니다. 주요 내용은 다음과 같습니다:
- 2024년 현재까지 예약 금액 2천 1백만 달러로, 기존 고객으로부터 40% 이상
- 2024년 2분기 종료 시점에서의 백로그 1천 7백만 달러
- 분기 운영 비용이 전년 대비 37% 감소
- 약 30% 인원 감축을 포함한 추가 비용 관리 프로그램 시행
- 2024년 2분기 수익 1천 3백만 달러, 총 마진 -28%
- GAAP 기준 순손실 20만 달러, 비-GAAP 기준 순손실 2천 1백70만 달러
- 분기 종료 시 현금 및 현금성 자산 300만 달러
회사는 주문 시기 및 기타 요인에 대한 불확실성으로 인해 2024 회계연도에 대한 이전 재무 가이드를 철회했습니다.
Velo3D (NYSE: VLD) a annoncé les résultats financiers du deuxième trimestre 2024, mettant en avant un accent continu sur la réorientation des priorités et les programmes de réduction des coûts. Les points clés incluent :
- Réservations depuis le début de l'année 2024 de 21 millions de dollars, dont plus de 40 % provenant de clients existants
- Un carnet de commandes de 17 millions de dollars à la fin du deuxième trimestre 2024
- Les dépenses d'exploitation trimestrielles réduites de 37 % par rapport à l'année précédente
- Mise en œuvre de programmes de contrôle des coûts supplémentaires, notamment une réduction des effectifs d'environ 30 %
- Chiffre d'affaires du deuxième trimestre 2024 de 10,3 millions de dollars, avec une marge brute négative de 28 %
- Perte nette GAAP de 0,2 million de dollars, perte nette non-GAAP de 21,7 millions de dollars
- Trésorerie et équivalents de trésorerie de 3 millions de dollars à la fin du trimestre
L'entreprise a retiré ses prévisions financières antérieurement annoncées pour l'exercice 2024 en raison de l'incertitude concernant le calendrier des commandes et d'autres facteurs.
Velo3D (NYSE: VLD) gab die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt und hob den fortlaufenden Fokus auf die Neuausrichtung der Prioritäten und die Kostensenkungsprogramme hervor. Die wichtigsten Punkte sind:
- Buchungen im Jahr 2024 bis heute von 21 Millionen Dollar, davon über 40% von bestehenden Kunden
- Auftragsbestand von 17 Millionen Dollar am Ende des zweiten Quartals 2024
- Operative Ausgaben im Quartal um 37% im Jahresvergleich gesenkt
- Zusätzliche Kostenkontrollprogramme umgesetzt, einschließlich einer Reduzierung des Personalbestands um etwa 30%
- Einnahmen im zweiten Quartal 2024 von 10,3 Millionen Dollar, mit einer negativen Bruttomarge von 28%
- GAAP-netto Verlust von 0,2 Millionen Dollar, Non-GAAP-netto Verlust von 21,7 Millionen Dollar
- Zahlungsmittel und Zahlungsmitteläquivalente von 3 Millionen Dollar zum Quartalsende
Das Unternehmen hat die zuvor angekündigte Finanzprognose für das Geschäftsjahr 2024 aufgrund von Unsicherheiten in Bezug auf die Bestellzeit und andere Faktoren zurückgezogen.
- Year-to-date bookings of $21 million, with over 40% from existing customers
- Backlog of $17 million exiting Q2 2024
- Quarterly operating expenses reduced by 37% year-over-year
- Improved year-over-year operating cash flow in Q2 2024
- Continued expansion in defense sector, accounting for >20% of 1H'24 shipments
- Revenue decreased to $10.3 million in Q2 2024 from $25.1 million in Q2 2023
- Negative gross margin of 28% in Q2 2024
- Non-GAAP net loss increased to $21.7 million from $19.3 million year-over-year
- Cash and cash equivalents reduced to $3 million at quarter-end
- Withdrawal of previously announced financial guidance for fiscal year 2024
- Implemented ~30% headcount reduction due to challenging industry conditions
Insights
Velo3D's Q2 2024 results paint a challenging picture. Revenue dropped significantly to
The company's cost-cutting measures, including a
Velo3D's struggles reflect broader challenges in the additive manufacturing sector. The company's year-to-date bookings of
The focus on defense and space sectors is strategic, accounting for
Continued Focus on Realignment Priorities
Company Institutes Additional Cost Reduction Programs
Strategic Review Process Remains Ongoing
-
Q2 2024 sales update
-
2024 year to date bookings of
$21 million 40% of orders from existing customers -
$17 million -
Continued defense sector expansion – >
20% of 1H’24 shipments
-
2024 year to date bookings of
-
Reduced quarterly operating expenses
-
Down
37% year over year -
Instituted additional cost control programs - ~
30% headcount reduction
-
Down
- Improved year over year operating cash flow in Q2 2024
- Operating and financial conditions remain challenging
“Our second quarter results reflected continued execution on our strategic priorities as we added to our year-to-date bookings, maintained a healthy backlog and reduced our operating expenses,” said Brad Kreger, CEO of Velo3D. “Specifically, we continued to expand our defense and space sector footprint during the quarter and expect to add to our backlog in these important industries in the second half of the year. We also further executed on our re-alignment efforts as we reduced our quarterly operating costs by
“Our second quarter results also reflected the impact of delays in the funding of certain governmental projects with those system orders now expected in the second half of the year. While we still expect to close these transactions, these delays have negatively impacted our revenue forecast for the balance of the year. As a result, we have instituted a number of material cost reduction programs to reduce expenses and manage our liquidity, including a headcount reduction of approximately
“Looking forward, we believe the continued focus on our key priorities will position us well to capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.
($ in Millions, except percentages and per-share data) |
2nd Quarter 2024 |
2nd Quarter 2023 |
GAAP revenue |
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GAAP gross margin |
(28.0)% |
|
GAAP net loss1 |
( |
( |
GAAP net loss per share - basic and diluted |
( |
( |
|
|
|
Non-GAAP net loss2 |
( |
( |
Non-GAAP net loss per basic and diluted share2 |
( |
( |
-
Information about Velo3D’s use of non-GAAP information, including a reconciliation to
U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. 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 inthe United States . - Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, and contingent earnout.
Summary of Second Quarter 2024 Results
Revenue for the second quarter was
Gross margin for the second quarter was negative
GAAP operating expenses for the second quarter were
Net loss for the quarter was
Second quarter cash flow, excluding financing activities, was in line with the company's forecast and improved more than
Guidance
Given the uncertainty of timing of the company’s deferred orders and other factors, the company is withdrawing its previously announced financial guidance for fiscal year 2024.
About Velo3D:
Velo3D is a metal 3D printing technology company. 3D printing—also known as additive manufacturing (AM)—has a unique ability to improve the way high-value metal parts are built. However, legacy metal AM has been greatly limited in its capabilities since its invention almost 30 years ago. This has prevented the technology from being used to create the most valuable and impactful parts, restricting its use to specific niches where the limitations were acceptable.
Velo3D has overcome these limitations so engineers can design and print the parts they want. The company’s solution unlocks a wide breadth of design freedom and enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries. Using Velo3D, these customers can now build mission-critical metal parts that were previously impossible to manufacture. The fully integrated solution includes the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system—all of which are powered by Velo3D’s Intelligent Fusion manufacturing process. The company delivered its first Sapphire system in 2018 and has been a strategic partner to innovators such as SpaceX, Aerojet Rocketdyne, Lockheed Martin, Avio, and General Motors. Velo3D has been named as one of Fast Company’s Most Innovative Companies for 2023. For more information, please visit Velo3D.com, or follow the company on LinkedIn or Twitter.
VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW, FLOW DEVELOPER, and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.
Amounts herein pertaining to June 30, 2024 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the “SEC”). More information on our results of operations for the three months ended June 30, 2024 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC.
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 expectations regarding its performance during the remainder of 2024, the company's strategic realignment and initiatives, the company’s expectations regarding its liquidity and capital requirements, the company’s expectations regarding the timing of deferred orders, the company’s expectations regarding its potential cost savings, and the company’s other expectations, 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 December 31, 2023 (the “FY 2023 10-K”), which was filed by the company with the SEC on April 4, 2024, the “Risk Factors” section of the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which will be filed by the company with the SEC no later than August 19, 2024 (the “Q2 2024 10-Q"), and the other documents filed by the company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the company to execute its business plan, which may be affected by, among other things, competition, the company’s liquidity position//lack of available cash, the ability of the company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) the company’s ability to continue as a going concern; (3) the company’s ability to maintain its listing on the New York Stock Exchange; (4) the company’s ability to service and comply with its indebtedness; (5) the company’s ability to raise additional capital in the near-term; (6) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties described in the FY 2023 10-K and the Q2 2024 10-Q, including those under “Risk Factors” therein, and in the company’s other filings with the SEC. The company cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Information
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 “Non-GAAP 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 Non-GAAP 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 Non-GAAP Operating Expenses during the periods below:
Velo3D, Inc. NON-GAAP Net Loss Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
||||||||||||||||||||
|
|
(In thousands, except for percentages) |
|
|||||||||||||||||||||||||||||
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
||||||||||||||||||||
Revenue |
|
$ |
10,344 |
|
|
|
100.0 |
% |
|
$ |
25,134 |
|
|
|
100.0 |
% |
|
$ |
20,130 |
|
|
|
100.0 |
% |
|
$ |
51,821 |
|
|
|
100.0 |
% |
Gross Profit |
|
|
(2,897 |
) |
|
|
(28.0 |
)% |
|
|
2,536 |
|
|
|
10.1 |
% |
|
|
(5,712 |
) |
|
|
(28.4 |
)% |
|
|
5,068 |
|
|
|
9.8 |
% |
Net Income (Loss) |
|
$ |
(172 |
) |
|
|
(1.7 |
)% |
|
$ |
(23,201 |
) |
|
|
(92.3 |
)% |
|
$ |
(28,486 |
) |
|
|
(141.5 |
)% |
|
$ |
(59,526 |
) |
|
|
(114.9 |
)% |
Stock-based compensation |
|
|
4,247 |
|
|
|
41.1 |
% |
|
|
6,535 |
|
|
|
26.0 |
% |
|
|
9,334 |
|
|
|
46.4 |
% |
|
|
12,771 |
|
|
|
24.6 |
% |
(Gain) Loss on fair value of warrants |
|
|
(25,310 |
) |
|
|
(244.7 |
)% |
|
|
(828 |
) |
|
|
(3.3 |
)% |
|
|
(22,690 |
) |
|
|
(112.7 |
)% |
|
|
1,725 |
|
|
|
3.3 |
% |
(Gain) Loss on fair value of contingent earnout liabilities |
|
|
(1,824 |
) |
|
|
(17.6 |
)% |
|
|
(1,843 |
) |
|
|
(7.3 |
)% |
|
|
(1,387 |
) |
|
|
(6.9 |
)% |
|
|
7,810 |
|
|
|
15.1 |
% |
Non-cash cost of issuance of common stock warrants on BEPO Offering |
|
|
1,313 |
|
|
|
12.7 |
% |
|
|
— |
|
|
|
— |
% |
|
|
1,313 |
|
|
|
6.5 |
% |
|
|
— |
|
|
|
— |
% |
Non-GAAP Net Loss |
|
$ |
(21,746 |
) |
|
|
(210.2 |
)% |
|
$ |
(19,337 |
) |
|
|
(76.9 |
)% |
|
$ |
(41,916 |
) |
|
|
(208.2 |
)% |
|
$ |
(37,220 |
) |
|
|
(71.8 |
)% |
Velo3D, Inc. NON-GAAP Adjusted EBITDA Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
||||||||||||||||||||
|
|
(In thousands, except for percentages) |
|
|||||||||||||||||||||||||||||
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
||||||||||||||||||||
Revenue |
|
$ |
10,344 |
|
|
|
100.0 |
% |
|
$ |
25,134 |
|
|
|
100.0 |
% |
|
$ |
20,130 |
|
|
|
100.0 |
% |
|
$ |
51,821 |
|
|
|
100.0 |
% |
Net Income (Loss) |
|
|
(172 |
) |
|
|
(1.7 |
)% |
|
|
(23,201 |
) |
|
|
(92.3 |
)% |
|
|
(28,486 |
) |
|
|
(141.5 |
)% |
|
|
(59,526 |
) |
|
|
(114.9 |
)% |
Interest expense |
|
|
5,463 |
|
|
|
52.8 |
% |
|
|
344 |
|
|
|
1.4 |
% |
|
|
9,360 |
|
|
|
46.5 |
% |
|
|
564 |
|
|
|
1.1 |
% |
Provision for income taxes |
|
|
(4 |
) |
|
|
(0.0 |
)% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
Depreciation and amortization |
|
|
1,311 |
|
|
|
12.7 |
% |
|
|
1,466 |
|
|
|
5.8 |
% |
|
|
2,707 |
|
|
|
13.4 |
% |
|
|
3,026 |
|
|
|
5.8 |
% |
EBITDA |
|
$ |
6,598 |
|
|
|
63.8 |
% |
|
$ |
(21,391 |
) |
|
|
(85.1 |
)% |
|
$ |
(16,419 |
) |
|
|
(81.6 |
)% |
|
$ |
(55,936 |
) |
|
|
(107.9 |
)% |
Stock-based compensation |
|
|
4,247 |
|
|
|
41.1 |
% |
|
|
6,535 |
|
|
|
26.0 |
% |
|
|
9,334 |
|
|
|
46.4 |
% |
|
|
12,771 |
|
|
|
24.6 |
% |
(Gain) Loss on fair value of warrants |
|
|
(25,310 |
) |
|
|
(244.7 |
)% |
|
|
(828 |
) |
|
|
(3.3 |
)% |
|
|
(22,690 |
) |
|
|
(112.7 |
)% |
|
|
1,725 |
|
|
|
3.3 |
% |
(Gain) Loss on fair value of contingent earnout liabilities |
|
|
(1,824 |
) |
|
|
(17.6 |
)% |
|
|
(1,843 |
) |
|
|
(7.3 |
)% |
|
|
(1,387 |
) |
|
|
(6.9 |
)% |
|
|
7,810 |
|
|
|
15.1 |
% |
Non-cash cost of issuance of common stock warrants on BEPO Offering |
|
|
1,313 |
|
|
|
12.7 |
% |
|
|
— |
|
|
|
— |
% |
|
|
1,313 |
|
|
|
6.5 |
% |
|
|
— |
|
|
|
— |
% |
Adjusted EBITDA |
|
$ |
(14,976 |
) |
|
|
(144.8 |
)% |
|
$ |
(17,527 |
) |
|
|
(69.7 |
)% |
|
$ |
(29,849 |
) |
|
|
(148.3 |
)% |
|
$ |
(33,630 |
) |
|
|
(64.9 |
)% |
Velo3D, Inc. NON-GAAP Adjusted Operating Expenses Reconciliation (Unaudited) |
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|
|
Three months ended |
|
|
Six months ended |
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||||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
||||||||||||||||||||
|
|
(In thousands, except for percentages) |
|
|||||||||||||||||||||||||||||
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
||||||||||||||||||||
Revenue |
|
$ |
10,344 |
|
|
|
100.0 |
% |
|
$ |
25,134 |
|
|
|
100.0 |
% |
|
$ |
20,130 |
|
|
|
100.0 |
% |
|
$ |
51,821 |
|
|
|
100.0 |
% |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
4,545 |
|
|
|
43.9 |
% |
|
|
12,238 |
|
|
|
48.7 |
% |
|
|
9,588 |
|
|
|
47.6 |
% |
|
|
22,655 |
|
|
|
43.7 |
% |
Selling and marketing |
|
|
4,273 |
|
|
|
41.3 |
% |
|
|
6,108 |
|
|
|
24.3 |
% |
|
|
9,082 |
|
|
|
45.1 |
% |
|
|
12,282 |
|
|
|
23.7 |
% |
General and administrative |
|
|
8,823 |
|
|
|
85.3 |
% |
|
|
9,896 |
|
|
|
39.4 |
% |
|
|
17,606 |
|
|
|
87.5 |
% |
|
|
20,087 |
|
|
|
38.8 |
% |
Total operating expenses |
|
|
17,641 |
|
|
|
170.5 |
% |
|
|
28,242 |
|
|
|
112.4 |
% |
|
|
36,276 |
|
|
|
180.2 |
% |
|
|
55,024 |
|
|
|
106.2 |
% |
Stock-based compensation in operating expenses |
|
|
3,839 |
|
|
|
37.1 |
% |
|
|
6,091 |
|
|
|
24.2 |
% |
|
|
8,342 |
|
|
|
41.4 |
% |
|
|
12,060 |
|
|
|
23.3 |
% |
Adjusted operating expenses |
|
$ |
13,802 |
|
|
|
133.4 |
% |
|
$ |
22,151 |
|
|
|
88.1 |
% |
|
$ |
27,934 |
|
|
|
138.8 |
% |
|
$ |
42,964 |
|
|
|
82.9 |
% |
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (In thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
3D Printer |
|
$ |
8,679 |
|
|
$ |
23,190 |
|
|
$ |
16,339 |
|
|
$ |
47,638 |
|
Recurring payment |
|
|
292 |
|
|
|
35 |
|
|
|
762 |
|
|
|
610 |
|
Support services |
|
|
1,373 |
|
|
|
1,909 |
|
|
|
3,029 |
|
|
|
3,573 |
|
Total Revenue |
|
|
10,344 |
|
|
|
25,134 |
|
|
|
20,130 |
|
|
|
51,821 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
||||||||
3D Printer |
|
|
10,744 |
|
|
|
20,052 |
|
|
|
20,138 |
|
|
|
42,220 |
|
Recurring payment |
|
|
232 |
|
|
|
335 |
|
|
|
547 |
|
|
|
782 |
|
Support services |
|
|
2,265 |
|
|
|
2,211 |
|
|
|
5,157 |
|
|
|
3,751 |
|
Total cost of revenue |
|
|
13,241 |
|
|
|
22,598 |
|
|
|
25,842 |
|
|
|
46,753 |
|
Gross profit (loss) |
|
|
(2,897 |
) |
|
|
2,536 |
|
|
|
(5,712 |
) |
|
|
5,068 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
4,545 |
|
|
|
12,238 |
|
|
|
9,588 |
|
|
|
22,655 |
|
Selling and marketing |
|
|
4,273 |
|
|
|
6,108 |
|
|
|
9,082 |
|
|
|
12,282 |
|
General and administrative |
|
|
8,805 |
|
|
|
9,896 |
|
|
|
17,588 |
|
|
|
20,087 |
|
Total operating expenses |
|
|
17,623 |
|
|
|
28,242 |
|
|
|
36,258 |
|
|
|
55,024 |
|
Loss from operations |
|
|
(20,520 |
) |
|
|
(25,706 |
) |
|
|
(41,970 |
) |
|
|
(49,956 |
) |
Interest expense |
|
|
(5,463 |
) |
|
|
(344 |
) |
|
|
(9,360 |
) |
|
|
(564 |
) |
Gain (loss) on fair value of warrants |
|
|
25,310 |
|
|
|
828 |
|
|
|
22,690 |
|
|
|
(1,725 |
) |
Gain (loss) on fair value of contingent earnout liabilities |
|
|
1,824 |
|
|
|
1,843 |
|
|
|
1,387 |
|
|
|
(7,810 |
) |
Other income, net |
|
|
(1,327 |
) |
|
|
178 |
|
|
|
(1,233 |
) |
|
|
529 |
|
Income (loss) before provision for income taxes |
|
|
(176 |
) |
|
|
(23,201 |
) |
|
|
(28,486 |
) |
|
|
(59,526 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
$ |
(172 |
) |
|
$ |
(23,201 |
) |
|
$ |
(28,486 |
) |
|
$ |
(59,526 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.02 |
) |
|
$ |
(4.10 |
) |
|
$ |
(3.55 |
) |
|
$ |
(10.63 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(4.10 |
) |
|
$ |
(3.55 |
) |
|
$ |
(10.63 |
) |
| Shares used in computing net income (loss) per share: | ||||||||||||||||
| Basic | 8,475,386 |
5,659,601 |
8,015,722 |
5,598,386 |
||||||||||||
| Diluted | 8,475,386 |
5,659,601 |
8,015,722 |
5,598,386 |
||||||||||||
|
|
|
|
|||||||||||||
Velo3D, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) |
||||||||
|
|
June 30, |
|
December 31, |
||||
|
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,462 |
|
|
$ |
24,494 |
|
Short-term investments |
|
|
699 |
|
|
|
6,621 |
|
Accounts receivable, net |
|
|
8,338 |
|
|
|
9,583 |
|
Inventories |
|
|
59,521 |
|
|
|
60,816 |
|
Contract assets |
|
|
8,861 |
|
|
|
7,510 |
|
Prepaid expenses and other current assets |
|
|
2,289 |
|
|
|
4,000 |
|
Total current assets |
|
|
82,170 |
|
|
|
113,024 |
|
Property and equipment, net |
|
|
14,186 |
|
|
|
16,326 |
|
Equipment on lease, net |
|
|
3,958 |
|
|
|
6,667 |
|
Other assets |
|
|
16,338 |
|
|
|
17,782 |
|
Total assets |
|
$ |
116,652 |
|
|
$ |
153,799 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
14,008 |
|
|
$ |
15,854 |
|
Accrued expenses and other current liabilities |
|
|
5,864 |
|
|
|
6,491 |
|
Debt – current portion |
|
|
24,592 |
|
|
|
21,191 |
|
Contract liabilities |
|
|
4,090 |
|
|
|
5,135 |
|
Total current liabilities |
|
|
48,554 |
|
|
|
48,671 |
|
Long-term debt – less current portion |
|
|
— |
|
|
|
11,941 |
|
Contingent earnout liabilities |
|
|
69 |
|
|
|
1,456 |
|
Warrant liabilities |
|
|
4,933 |
|
|
|
11,835 |
|
Other noncurrent liabilities |
|
|
10,977 |
|
|
|
11,556 |
|
Total liabilities |
|
|
64,533 |
|
|
|
85,459 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock, |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
437,642 |
|
|
|
425,471 |
|
Accumulated other comprehensive loss |
|
|
(2 |
) |
|
|
(96 |
) |
Accumulated deficit |
|
|
(385,523 |
) |
|
|
(357,037 |
) |
Total stockholders’ equity |
|
|
52,119 |
|
|
|
68,340 |
|
Total liabilities and stockholders’ equity |
|
$ |
116,652 |
|
|
$ |
153,799 |
|
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(28,486 |
) |
|
$ |
(59,526 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
||||
Depreciation and amortization |
|
|
2,707 |
|
|
|
2,983 |
|
Amortization of debt discount and deferred financing costs |
|
|
8,281 |
|
|
|
43 |
|
Stock-based compensation |
|
|
9,334 |
|
|
|
12,771 |
|
(Gain) loss on fair value of warrants |
|
|
(22,690 |
) |
|
|
1,725 |
|
(Gain) loss on fair value of contingent earnout liabilities |
|
|
(1,387 |
) |
|
|
7,810 |
|
Non-cash cost of issuance of common stock warrants on BEPO Offering |
|
|
1,313 |
|
|
|
— |
|
Realized loss on available for sale securities |
|
|
21 |
|
|
|
— |
|
Changes in assets and liabilities |
|
|
|
|
||||
Accounts receivable |
|
|
1,245 |
|
|
|
(5,099 |
) |
Inventories |
|
|
3,891 |
|
|
|
3,538 |
|
Contract assets |
|
|
(1,351 |
) |
|
|
(8,323 |
) |
Prepaid expenses and other current assets |
|
|
1,871 |
|
|
|
3,609 |
|
Other assets |
|
|
1,369 |
|
|
|
292 |
|
Accounts payable |
|
|
(2,391 |
) |
|
|
(1,716 |
) |
Accrued expenses and other liabilities |
|
|
(595 |
) |
|
|
(6,249 |
) |
Contract liabilities |
|
|
(345 |
) |
|
|
(9,422 |
) |
Other noncurrent liabilities |
|
|
(1,279 |
) |
|
|
(1,214 |
) |
Net cash used in operating activities |
|
|
(28,492 |
) |
|
|
(58,778 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Purchase of property and equipment |
|
|
(8 |
) |
|
|
(690 |
) |
Production of equipment for lease to customers |
|
|
— |
|
|
|
(3,694 |
) |
Sales of available for sale securities |
|
|
2,474 |
|
|
|
— |
|
Proceeds from maturity of available-for-sale investments |
|
|
3,500 |
|
|
|
29,984 |
|
Net cash provided by investing activities |
|
|
5,966 |
|
|
|
25,600 |
|
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from ATM offering, net of issuance costs |
|
|
— |
|
|
|
15,591 |
|
Proceeds from revolver facility |
|
|
— |
|
|
|
14,000 |
|
Proceeds from equipment loans |
|
|
— |
|
|
|
1,600 |
|
Repayment of equipment loans |
|
|
— |
|
|
|
(1,467 |
) |
Proceeds from BEPO Offering, net of issuance costs |
|
|
10,675 |
|
|
|
— |
|
Repayment of secured notes |
|
|
(10,500 |
) |
|
|
— |
|
Issuance of common stock upon exercise of stock options |
|
|
315 |
|
|
|
350 |
|
Net cash provided by financing activities |
|
|
490 |
|
|
|
30,074 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
4 |
|
|
|
(11 |
) |
Net change in cash and cash equivalents |
|
|
(22,032 |
) |
|
|
(3,115 |
) |
Cash and cash equivalents and restricted cash at beginning of period |
|
|
25,294 |
|
|
|
32,783 |
|
Cash and cash equivalents and restricted cash at end of period |
|
$ |
3,262 |
|
|
$ |
29,668 |
|
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:
|
|
June 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Cash and cash equivalents |
|
$ |
2,462 |
|
|
$ |
28,868 |
|
Restricted cash (Other assets) |
|
|
800 |
|
|
|
800 |
|
Total cash and cash equivalents and restricted cash |
|
$ |
3,262 |
|
|
$ |
29,668 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814795329/en/
Investor Relations:
Velo3D
Bob Okunski, VP Investor Relations
investors@velo3d.com
Media Contact:
Velo3D
Dan Sorensen, Senior Director of PR
dan.sorensen@velo3d.com
Source: Velo3D, Inc.
FAQ
What was Velo3D's revenue for Q2 2024?
How much did Velo3D reduce its operating expenses in Q2 2024?
What was Velo3D's (VLD) backlog at the end of Q2 2024?
How much were Velo3D's (VLD) year-to-date bookings in 2024?
What cost reduction measures did Velo3D (VLD) implement in Q2 2024?
