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Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) will showcase its innovative lidar sensors and software at CES 2022 in Las Vegas, emphasizing their role in enhancing safety, efficiency, and sustainability across various industries including automotive and robotics. The company claims to be the sole provider offering comprehensive autonomous solutions supported by its cutting-edge technology. A press conference will occur on January 5 at 11:45 a.m. PST, while several transformative solutions utilizing Velodyne's technology will also be highlighted throughout the event.
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) announced the appointment of Theodore “Ted” L. Tewksbury, Ph.D., as CEO, effective November 10, 2021. Dr. Tewksbury brings over 30 years of technology leadership, previously serving as CEO at Eta Compute and holding key positions at Entropic Communications and Integrated Device Technology. Michael Dee, Chairman, expressed confidence in Tewksbury's ability to advance Velodyne’s innovation and execution priorities. With over 15,000 sensors sold in the past year, Velodyne aims to expand its global presence and drive shareholder value under his leadership.
Velodyne Lidar (NASDAQ: VLDR, VLDRW) announced Q3 2021 results, reporting revenue of $13.1 million, a decrease from Q2's $13.6 million. The company shipped over 4,400 sensor units, maintaining its position in the lidar market with 35 active multi-year agreements and a project pipeline of 220. The leadership transition to Dr. Theodore L. Tewksbury as CEO on November 10, 2021, aims to enhance technology and manufacturing capacity. Velodyne revised its full-year revenue guidance to $60-$63 million, with $324.5 million in cash on hand as of September 30, 2021.
David Hall, holder of 42.9% of Velodyne Lidar's (NASDAQ: VLDR) shares, criticized the company's board for reclassifying Chairman Michael Dee from a Class II to a Class III director to avoid his re-election in 2022. Hall described this as a tactic to undermine shareholder rights and denounced Dee's leadership, claiming it led to the company's decline in lidar technology leadership. Hall urged shareholders to demand better corporate governance and expressed intent to fight for transparency and integrity within the company.
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) announced the appointment of corporate governance expert Virginia Boulet to its Board of Directors, effective November 4, 2021. Boulet brings over 30 years of experience in corporate law and governance, previously serving as a director at Lumen Technologies. This change follows the retirement of co-founder Dr. Joseph B. Culkin, who expressed gratitude for his time at Velodyne. The board aims to enhance its diversity and expertise to drive long-term shareholder value.
Velodyne Lidar (NASDAQ: VLDR, VLDRW) will exhibit its lidar solutions at Auto Guangzhou 2021 from November 19-21 in Guangzhou, China. The event theme is “New Technology, New Life,” highlighting advancements in automotive technology. At the booth, Velodyne will showcase its Alpha Prime and Velarray lidar sensors, demonstrating features like long-range perception, sensor clarity, and suitability for various applications including autonomous mobility and smart cities. Velodyne aims to enhance safe mobility through innovation while providing cost-effective lidar solutions to the Chinese market.
Velodyne Lidar (NASDAQ: VLDR, VLDRW) has issued a statement regarding the ongoing campaign by David and Marta Thoma Hall to nominate candidates for its Board of Directors. The company accuses the Halls of self-serving motives, misrepresentation, and a history of misconduct, including allegations of stealing confidential information. Velodyne urges stockholders to focus on the Halls' actions rather than their claims. Stockholders are not required to take any action at this time, and the date for the 2022 Annual Meeting is yet to be announced.
David Hall, the largest stockholder of Velodyne Lidar (NASDAQ: VLDR), issues an open letter criticizing current board leadership under Michael Dee and Christopher Thomas. Hall highlights an 80% stock price decline since the 2020 SPAC merger, citing poor strategic decisions, including a 59% increase in general expenses amidst a 35% drop in product revenues. He announces intentions to nominate qualified candidates to replace the current board members during the 2022 Annual Meeting, aiming to revitalize the company's governance and product innovation.
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) will report its third quarter financial results on November 4, 2021, after market close. A conference call is scheduled for 1:30 PM PT (4:30 PM ET) to discuss financial outcomes and business updates. Investors can join the live call at 877-270-2148 or via webcast at investors.velodynelidar.com. An archived version will be available for replay until November 11, 2021.
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