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Velo3D (OTC: VLDX) has appointed Darren Beckett as Chief Technology Officer. Beckett brings over 25 years of experience in technology leadership, including two decades at Intel He previously served as VP of Engineering at Woodruff Scientific and CTO at Sigma Additive Solutions, where he contributed to developing their Additive Manufacturing quality control IP portfolio.
In his new role, Beckett will lead Velo3D's Research and Development and Information Technology organizations, overseeing the implementation of advanced manufacturing technologies. The appointment aligns with Velo3D's mission to maintain its leadership position in additive manufacturing technology for mission-critical parts.
Founded in 2014, Velo3D began shipping its Sapphire printers in 2018 and launched its large format Sapphire XC printer in 2021, which has become one of its most popular products.
Velo3D (OTC: VLDX), a metal 3D printing technology company, has completed its strategic review process initiated in December 2023. Key developments include a debt-for-equity exchange resulting in Arrayed Notes Acquisition Corp. owning 95% of Velo3D's common shares, and the appointment of Arun Jeldi as the new CEO and board member.
The company has launched a new go-to-market strategy focusing on multiple revenue streams and a solutions-based approach for customers. For Q3 2024, Velo3D reported revenue of $8.2 million with a gross margin of 49.4%. Operating expenses were $22.8 million, including $6.7 million in bad debt expenses. The company posted a GAAP net loss of $22.8 million, which includes a non-cash gain of $9.2 million on warrant and earnout liabilities changes, offset by $10.9 million in interest expenses.
Velo3D (OTCQX: VLDX) has announced Michelle Sidwell's return as Chief Revenue Officer to lead the company's sales and business development teams. With over 20 years of experience in technology sales, Sidwell will oversee the company's new go-to-market strategy to drive wider adoption of its metal 3D printing technology.
Prior to rejoining Velo3D, Sidwell served as SVP of Global Enterprise Business at Salesloft and spent nearly five years at Yext, where she helped grow revenue from $60 million to $300 million. In her new role, she will lead sales, marketing, and customer service teams across North America, Europe, Asia, and Australia, while overseeing business development initiatives.
Velo3D, founded in 2014, specializes in metal additive manufacturing technology for mission-critical parts. The company began shipping its Sapphire printers in 2018 and launched its popular large format Sapphire XC printer in 2021.
Velo3D (OTCQX: VLDX) announced a significant debt-for-equity exchange transaction where 81.7% ($22.4 million) of its outstanding senior secured notes, plus $369,000 in accrued interest, will be cancelled in exchange for 185,151,333 newly issued shares to Arrayed Notes Acquisition Corp. Following the transaction, Arrayed will hold 95% of Velo3D's common stock and retain approximately $5 million in senior secured notes. Arun Jeldi, CEO of Arrayed Additive, will become Velo3D's CEO. The company's board will be reduced from 10 to 5 members, with Brad Kreger remaining as COO. This transaction significantly reduces Velo3D's debt obligations, allowing the company to focus on delivering its metal 3D printing solutions.
Velo3D, Inc. (OTCQX: VLDX), a leader in scalable metal 3D printing technology for production manufacturing, has announced the anticipated commencement of trading on the OTCQX® Best Market under the symbol 'VLDX'. The company previously traded on the New York Stock Exchange.
The OTCQX Best Market provides efficient and cost-effective access to U.S. capital markets for over 12,000 companies. It offers streamlined market requirements designed to reduce costs and complexity for publicly traded companies while ensuring transparent trading for investors. To qualify, companies must meet high financial standards, follow best practice corporate governance, and comply with applicable securities laws.
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