Velo3D Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Velo3D (VLDX) reported Q4 2024 financial results with revenue of $12.6 million and a backlog of $16 million. The company completed a strategic transformation as Arrayed Notes Acquisition Corp acquired a majority stake through a debt-for-equity exchange.
Key highlights include a 25% year-over-year reduction in operating expenses and the launch of Rapid Production Solutions (RPS) for parts production, expected to contribute up to 40% of 2026 revenue. Q4 gross margin was -3.5%, with a net loss of $21.7 million and negative Adjusted EBITDA of $14.6 million.
Looking ahead, Velo3D forecasts 2025 guidance with revenue between $50-60 million, representing >30% growth, and expects to achieve EBITDA positivity in H1 2026. The company projects >30% gross margin by Q4 2025, with non-GAAP operating expenses of $40-50 million and capex of $15-20 million.
Velo3D (VLDX) ha riportato i risultati finanziari del quarto trimestre del 2024, con un fatturato di 12,6 milioni di dollari e un portafoglio ordini di 16 milioni di dollari. L'azienda ha completato una trasformazione strategica poiché Arrayed Notes Acquisition Corp ha acquisito una partecipazione di maggioranza attraverso uno scambio di debito per capitale.
I punti salienti includono una riduzione del 25% delle spese operative rispetto all'anno precedente e il lancio di Rapid Production Solutions (RPS) per la produzione di parti, che si prevede contribuirà fino al 40% del fatturato del 2026. Il margine lordo del quarto trimestre è stato del -3,5%, con una perdita netta di 21,7 milioni di dollari e un EBITDA rettificato negativo di 14,6 milioni di dollari.
Guardando avanti, Velo3D prevede una guidance per il 2025 con un fatturato compreso tra 50-60 milioni di dollari, rappresentando una crescita superiore al 30%, e si aspetta di raggiungere un EBITDA positivo nel primo semestre del 2026. L'azienda prevede un margine lordo superiore al 30% entro il quarto trimestre del 2025, con spese operative non GAAP di 40-50 milioni di dollari e investimenti in capitale di 15-20 milioni di dollari.
Velo3D (VLDX) reportó los resultados financieros del cuarto trimestre de 2024, con ingresos de 12,6 millones de dólares y una cartera de pedidos de 16 millones de dólares. La compañía completó una transformación estratégica, ya que Arrayed Notes Acquisition Corp adquirió una participación mayoritaria a través de un intercambio de deuda por capital.
Los aspectos destacados incluyen una reducción del 25% en los gastos operativos en comparación con el año anterior y el lanzamiento de Rapid Production Solutions (RPS) para la producción de piezas, que se espera contribuya hasta el 40% de los ingresos de 2026. El margen bruto del cuarto trimestre fue del -3,5%, con una pérdida neta de 21,7 millones de dólares y un EBITDA ajustado negativo de 14,6 millones de dólares.
De cara al futuro, Velo3D prevé una guía para 2025 con ingresos entre 50-60 millones de dólares, lo que representa un crecimiento superior al 30%, y espera lograr un EBITDA positivo en el primer semestre de 2026. La compañía proyecta un margen bruto superior al 30% para el cuarto trimestre de 2025, con gastos operativos no GAAP de 40-50 millones de dólares y gastos de capital de 15-20 millones de dólares.
Velo3D (VLDX)는 2024년 4분기 재무 결과를 보고했으며, 매출은 1,260만 달러, 수주 잔고는 1,600만 달러입니다. 회사는 Arrayed Notes Acquisition Corp가 부채를 주식으로 교환하여 다수 지분을 인수함으로써 전략적 변화를 완료했습니다.
주요 하이라이트로는 운영 비용이 전년 대비 25% 감소했으며, 부품 생산을 위한 Rapid Production Solutions (RPS)의 출시가 포함되어 있으며, 이는 2026년 매출의 최대 40%에 기여할 것으로 예상됩니다. 4분기 총 이익률은 -3.5%였고, 순손실은 2,170만 달러, 조정 EBITDA는 -1,460만 달러였습니다.
앞으로 Velo3D는 2025년 가이던스를 예상하며, 매출은 5,000만~6,000만 달러로 30% 이상의 성장을 나타낼 것으로 보이며, 2026년 상반기에는 EBITDA가 긍정적으로 전환될 것으로 기대하고 있습니다. 회사는 2025년 4분기까지 30% 이상의 총 이익률을 예상하며, 비 GAAP 운영 비용은 4,000만~5,000만 달러, 자본 지출은 1,500만~2,000만 달러로 예상합니다.
Velo3D (VLDX) a annoncé les résultats financiers du quatrième trimestre 2024, avec un chiffre d'affaires de 12,6 millions de dollars et un carnet de commandes de 16 millions de dollars. L'entreprise a achevé une transformation stratégique, car Arrayed Notes Acquisition Corp a acquis une participation majoritaire par le biais d'un échange de dettes contre des capitaux propres.
Les points forts incluent une réduction de 25 % des frais d'exploitation par rapport à l'année précédente et le lancement de Rapid Production Solutions (RPS) pour la production de pièces, qui devrait contribuer jusqu'à 40 % du chiffre d'affaires de 2026. La marge brute du quatrième trimestre était de -3,5 %, avec une perte nette de 21,7 millions de dollars et un EBITDA ajusté négatif de 14,6 millions de dollars.
En regardant vers l'avenir, Velo3D prévoit une prévision pour 2025 avec un chiffre d'affaires compris entre 50 et 60 millions de dollars, représentant une croissance de plus de 30 %, et s'attend à atteindre un EBITDA positif au premier semestre 2026. L'entreprise prévoit une marge brute de plus de 30 % d'ici le quatrième trimestre 2025, avec des frais d'exploitation non GAAP de 40 à 50 millions de dollars et des dépenses d'investissement de 15 à 20 millions de dollars.
Velo3D (VLDX) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Umsatz von 12,6 Millionen Dollar und einem Auftragsbestand von 16 Millionen Dollar. Das Unternehmen hat eine strategische Transformation abgeschlossen, da Arrayed Notes Acquisition Corp eine Mehrheitsbeteiligung durch einen Schulden-gegen-Eigenkapital-Austausch erworben hat.
Zu den wichtigsten Punkten gehören eine Reduzierung der Betriebskosten um 25 % im Jahresvergleich und die Einführung von Rapid Production Solutions (RPS) zur Teileproduktion, die voraussichtlich bis zu 40 % des Umsatzes im Jahr 2026 beitragen wird. Die Bruttomarge im vierten Quartal betrug -3,5 %, mit einem Nettoverlust von 21,7 Millionen Dollar und einem negativen bereinigten EBITDA von 14,6 Millionen Dollar.
Für die Zukunft prognostiziert Velo3D eine Prognose für 2025 mit einem Umsatz zwischen 50 und 60 Millionen Dollar, was einem Wachstum von über 30 % entspricht, und erwartet, im ersten Halbjahr 2026 einen positiven EBITDA zu erreichen. Das Unternehmen rechnet bis zum vierten Quartal 2025 mit einer Bruttomarge von über 30 %, mit nicht-GAAP Betriebskosten von 40 bis 50 Millionen Dollar und Investitionen von 15 bis 20 Millionen Dollar.
- 25% reduction in operating expenses year-over-year
- Strengthened balance sheet through debt-to-equity conversion
- Secured majority investment from Arrayed Notes Acquisition Corp
- Projected >30% revenue growth for 2025
- New RPS business expected to contribute 40% of revenue by 2026
- Q4 2024 negative gross margin of -3.5%
- Q4 2024 net loss of $21.7 million
- Q4 2024 negative EBITDA of $14.6 million
- Decline in support services and recurring payment revenue
- EBITDA positivity delayed until H1 2026
New Go to Market Strategy Accelerates Path to Profitability
Arrayed Notes Acquisition Corp Acquires Majority Stake – Strategic Review Concluded
Completed Debt and Warrant Exchange Significantly Strengthens Balance Sheet
- Launched new Rapid Production Solutions (RPS) for parts production – strong initial demand – expected to account for up to
40% of 2026 revenue - Q4 2024 revenue of
$13 million $16 million - 2024 operating expenses down
25% year over year - Forecasting 2025 annual revenue growth of >
30% - Expect to be EBITDA positive in the first half of 2026
"The fourth quarter of 2024 was a transformational quarter as we completed the debt for equity exchange where Arrayed Notes Acquisition Corp., a wholly owned subsidiary of Arrayed Additive Inc, became our majority shareholder in addition to successfully implementing a number of strategic initiatives that we believe position the company for future growth," said Arun Jeldi, CEO of Velo3D. "These initiatives focused on a number of critical areas including expanding our revenue streams to maximize growth, increasing gross margin, improving our manufacturing efficiency and reducing operating expenses, all while laying the foundation for our new business model – one we believe will accelerate our path to long-term profitability. As a result of our progress, we believe we are now in a much stronger financial and operational position to execute our strategic priorities and reclaim our leadership in additive manufacturing. We are already seeing material benefits from our new programs and expect sequential quarterly improvement in our operational performance in 2025. With our disciplined strategic execution, improved financial health and strengthened market position, we have renewed confidence in achieving our future goals".
"Our new go-to-market strategy is gaining significant traction with both new and existing customers, especially in the
"Specifically, our recently launched Rapid Production Solutions (RPS) business is designed to meet the growing demand for scalable, high-quality production parts, providing customers with a clear, reliable path from concept to production. This solution streamlines the production process by shortening design cycles, accelerating production qualification, and ensuring consistent, high-quality parts. Additionally, RPS utilizes a
($ in Millions, except percentages and per-share data) | 4th Quarter 2024 | 4th Quarter 2023 | FY2024 | FY2023 | |
GAAP revenue | |||||
GAAP gross margin | (3.5) % | (>100)% | (5.1) % | (33.9) % | |
GAAP net loss1 | ( | ( | ( | ( | |
GAAP net loss per share - basic and diluted | ( | ( | ( | ( | |
Non-GAAP net loss2 | ( | ( | ( | ( | |
Non-GAAP net loss per basic and diluted share2 | ( | ( | ( | ( |
1. | Information about Velo3D's use of non-GAAP information, including a reconciliation to |
2. | Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company's warrants, contingent earnout and debt derivative and loss on extinguishment of debt. |
Summary of Fourth Quarter 2024 Results
Revenue for the fourth quarter was
Gross margin for the fourth quarter was negative
GAAP operating expenses for the fourth quarter were
Net loss for the quarter was
Guidance
Management expects the following for fiscal year 2025:
- Revenue in the range of
$50 million $60 million - Sequential improvement in gross margin
- >
30% gross margin in fourth quarter of 2025
- >
- Non-GAAP operating expenses in the range of
$40 million $50 million - Capex in the range of
$15 million $20 million - EBITDA positive in the first half of 2026
The company will host a conference call for investors this afternoon to discuss its fourth quarter and fiscal year 2024 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on March 31, 2025. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D's website at ir.velo3d.com.
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, Honeywell, Honda, Chromalloy, and Lam Research. Velo3D has been named as one of Fast Company's Most Innovative Companies for 2024. 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 and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.
Amounts herein pertaining to the company's fourth fiscal quarter and fiscal year ended December 31, 2024 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Annual Report on Form 10-K with the Securities and Exchange Commission (the "SEC"). Additional information on our results of operations for the three months ended and fiscal year ended December 31, 2024 will be provided upon the filing our Annual Report 10-K 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 guidance for fiscal years 2025 and 2026 (including the company's estimates for revenue and gross margin), the company's expectations regarding its ability to achieve profitability in the first half of 2026, the company's expectations about future demand, the company's strategic realignment and initiatives, the company's expectations regarding its liquidity and capital requirements, the company's expectations regarding its potential cost savings, the company's expectations about its market strategy and financial and operational position, 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, 2024 (the "FY 2024 10-K") 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 service and comply with its indebtedness; (4) the company's ability to raise additional capital in the near-term; (5) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in the applicable laws and regulations, and (7) other risks and uncertainties described in the FY 2024 10-K, 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 | Year ended | |||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands, except for percentages) | ||||||||||||||||
% of Rev | % of Rev | % of Rev | % of Rev | |||||||||||||
Revenue | $ 12,626 | 100.0 % | $ 2,455 | 100.0 % | $ 41,003 | 100.0 % | $ 77,443 | 100.0 % | ||||||||
Gross Profit | (444) | (3.5) % | (31,498) | (1283.0) % | (2,085) | (5.1) % | (26,267) | (33.9) % | ||||||||
Net Loss | (171.8) % | (2287.1) % | (178.8) % | (174.5) % | ||||||||||||
Stock-based compensation | 2,322 | 18.4 % | 5,445 | 221.8 % | 15,363 | 37.5 % | 24,931 | 32.2 % | ||||||||
Gain on exchange of debt for common stock | (2,619) | (20.7) % | - | — % | (2,619) | (6.4) % | - | — % | ||||||||
Gain on fair value of warrants | (184) | (1.5) % | (2,476) | (100.9) % | (32,094) | (78.3) % | (2,338) | (3.0) % | ||||||||
Gain on fair value of contingent earnout liabilities | - | — % | (12,958) | (527.8) % | (1,445) | (3.5) % | (15,958) | (20.6) % | ||||||||
Gain on fair value of debt derivatives | - | — % | (11,649) | (474.5) % | - | — % | (8,485) | (11.0) % | ||||||||
Loss on extinguishment of debt | - | — % | 19,197 | 782.0 % | 7,525 | 18.4 % | 19,450 | 25.1 % | ||||||||
Non-GAAP Net Loss | (175.6) % | (2386.6) % | (211.1) % | (151.8) % | ||||||||||||
Velo3D, Inc. | ||||||||||||||||
NON-GAAP Adjusted EBITDA Reconciliation | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended | Year ended | |||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands, except for percentages) | ||||||||||||||||
% of Rev | % of Rev | % of Rev | % of Rev | |||||||||||||
Revenue | $ 12,626 | 100.0 % | $ 2,455 | 100.0 % | $ 41,003 | 100.0 % | $ 77,443 | 100.0 % | ||||||||
Net Loss | (21,686) | (171.8) % | (56,149) | (2287.1) % | (73,297) | (178.8) % | (135,139) | (174.5) % | ||||||||
Interest expense | 3,048 | 24.1 % | 6,140 | 250.1 % | 15,968 | 38.9 % | 9,722 | 12.6 % | ||||||||
Provision for income taxes | - | — % | - | — % | - | — % | - | — % | ||||||||
Depreciation and amortization | 968 | 7.7 % | 2,883 | 117.4 % | 4,912 | 12.0 % | 9,310 | 12.0 % | ||||||||
EBITDA | $ (17,670) | (139.9) % | $ (47,126) | (1919.6) % | $ (52,417) | (127.8) % | $ (116,107) | (149.9) % | ||||||||
Stock-based compensation | 2,322 | 18.4 % | 5,445 | 221.8 % | 15,363 | 37.5 % | 24,931 | 32.2 % | ||||||||
Gain on exchange of debt for common stock | (2,619) | (20.7) % | - | — % | (2,619) | (6.4) % | - | — % | ||||||||
Gain on fair value of warrants | (184) | (1.5) % | (2,476) | (100.9) % | (32,094) | (78.3) % | (2,338) | (3.0) % | ||||||||
Gain on fair value of contingent earnout liabilities | - | — % | (12,958) | (527.8) % | (1,445) | (3.5) % | (15,958) | (20.6) % | ||||||||
Gain on fair value of debt derivatives | - | — % | (11,649) | (474.5) % | - | — % | (8,485) | (11.0) % | ||||||||
Loss on extinguishment of debt | - | — % | 19,197 | 782.0 % | 7,525 | 18.4 % | 19,450 | 25.1 % | ||||||||
Restructuring expense | 3,540 | 28.0 % | - | — % | 4,090 | 10.0 % | - | — % | ||||||||
Adjusted EBITDA | (115.7) % | (2019.0) % | (150.2) % | $ (98,507) | (127.2) % | |||||||||||
Velo3D, Inc. | ||||||||||||||||
NON-GAAP Adjusted Operating Expenses Reconciliation | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended | Year ended | |||||||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands, except for percentages) | ||||||||||||||||
% of Rev | % of Rev | % of Rev | % of Rev | |||||||||||||
Revenue | $ 12,626 | 100.0 % | $ 2,455 | 100.0 % | $ 41,003 | 100.0 % | $ 77,443 | 100.0 % | ||||||||
Operating expenses | ||||||||||||||||
Research and development | 3,082 | 24.4 % | 9,886 | 402.7 % | 17,108 | 41.7 % | 42,031 | 54.3 % | ||||||||
Selling and marketing | 1,627 | 12.9 % | 5,175 | 210.8 % | 13,808 | 33.7 % | 23,229 | 30.0 % | ||||||||
General and administrative | 16,348 | 129.5 % | 10,877 | 443.1 % | 49,346 | 120.3 % | 41,727 | 53.9 % | ||||||||
Total operating expenses | $ 21,057 | 166.8 % | $ 25,938 | 1056.5 % | $ 80,262 | 195.7 % | $ 106,987 | 138.1 % | ||||||||
Stock-based compensation in operating expenses | 2,322 | 18.4 % | 5,445 | 221.8 % | 15,363 | 37.5 % | 24,931 | 32.2 % | ||||||||
Adjusted operating expenses | 18,735 | 148.4 % | 20,493 | 834.7 % | 64,899 | 158.3 % | 82,056 | 106.0 % | ||||||||
Velo3D, Inc. | ||||
CONSOLIDATED BALANCE SHEETS | ||||
As of December 31, 2024 and 2023 | ||||
(In thousands, except share and per share data) | ||||
2024 | 2023 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 1,212 | $ 24,494 | ||
Short-term investments | — | 6,621 | ||
Accounts receivable, net | 3,723 | 9,583 | ||
Inventories | 49,953 | 60,816 | ||
Contract assets | 500 | 7,510 | ||
Prepaid expenses and other current assets | 2,336 | 4,000 | ||
Total current assets | 57,724 | 113,024 | ||
Property and equipment, net | 14,270 | 16,326 | ||
Equipment on lease, net | 3,673 | 6,667 | ||
Other assets | 13,513 | 17,782 | ||
Total assets | $ 89,180 | |||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 18,538 | $ 15,854 | ||
Accrued expenses and other current liabilities | 3,511 | 6,491 | ||
Debt – current portion | 5,666 | 21,191 | ||
Contract liabilities | 10,285 | 5,135 | ||
Total current liabilities | 38,000 | 48,671 | ||
Long-term debt – less current portion | — | 11,941 | ||
Contingent earnout liabilities | 11 | 1,456 | ||
Warrant liabilities | 2,167 | 11,835 | ||
Other noncurrent liabilities | 9,338 | 11,556 | ||
Total liabilities | 49,516 | 85,459 | ||
Commitments and contingencies (Note 13) | ||||
Stockholders' equity: | ||||
Common stock, and December 31, 2023, 194,909,430 and 7,502,478 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 4 | 2 | ||
Additional paid-in capital | 469,994 | 425,471 | ||
Accumulated other comprehensive loss | — | (96) | ||
Accumulated deficit | (430,334) | (357,037) | ||
Total stockholders' equity | 39,664 | 68,340 | ||
Total liabilities and stockholders' equity | $ 89,180 | |||
Velo3D, Inc. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||
(in thousands, except share and per share data) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenue | ||||||||
3D Printer | $ 7,980 | $ 513 | $ 25,368 | $ 68,938 | ||||
Recurring payment | 100 | 535 | 1,054 | 1,676 | ||||
Support services | 4,546 | 1,407 | 9,581 | 6,829 | ||||
Other | — | — | 5,000 | — | ||||
Total Revenue | 12,626 | 2,455 | 41,003 | 77,443 | ||||
Cost of revenue | ||||||||
3D Printer | 11,797 | 31,455 | 34,159 | 94,448 | ||||
Recurring payment | 124 | 398 | 866 | 1,291 | ||||
Support services | 1,149 | 2,100 | 8,063 | 7,971 | ||||
Total cost of revenue | 13,070 | 33,953 | 43,088 | 103,710 | ||||
Gross loss | (444) | (31,498) | (2,085) | (26,267) | ||||
Operating expenses | ||||||||
Research and development | 3,082 | 9,886 | 17,108 | 42,031 | ||||
Selling and marketing | 1,627 | 5,175 | 13,808 | 23,229 | ||||
General and administrative | 16,348 | 10,877 | 49,346 | 41,727 | ||||
Total operating expenses | 21,057 | 25,938 | 80,262 | 106,987 | ||||
Loss from operations | (21,501) | (57,436) | (82,347) | (133,254) | ||||
Interest expense | (3,048) | (6,140) | (15,968) | (9,722) | ||||
Gain on fair value of warrants | 183 | 2,476 | 32,094 | 2,338 | ||||
Gain on fair value of contingent earnout liabilities | — | 12,958 | 1,445 | 15,958 | ||||
Gain on fair value of debt derivatives | — | 11,649 | — | 8,485 | ||||
Gain (loss) on debt extinguishment | 2,621 | (19,197) | (4,904) | (19,450) | ||||
Other income (expense), net | 39 | (459) | (3,637) | 506 | ||||
Loss before provision for income taxes | (21,706) | (56,149) | (73,317) | (135,139) | ||||
Provision for income taxes | 20 | — | 20 | — | ||||
Net loss | $ (21,686) | $ (56,149) | $ (73,297) | |||||
Net loss per share: | ||||||||
Basic | $ (0.84) | $ (9.45) | $ (5.77) | $ (23.97) | ||||
Diluted | $ (0.84) | $ (9.45) | $ (5.77) | $ (23.97) | ||||
Shares used in computing net loss per share: | ||||||||
Basic | 25,803,924 | 5,939,117 | 12,708,975 | 5,638,821 | ||||
Diluted | 25,803,924 | 5,939,117 | 12,708,975 | 5,638,821 | ||||
Velo3D, Inc. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
For the Years Ended December 31, 2024 and 2023 | ||||
(In thousands) | ||||
2024 | 2023 | |||
Cash flows from operating activities | ||||
Net loss | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization | 4,912 | 9,310 | ||
Amortization of debt discount and deferred financing costs | 13,637 | — | ||
Stock-based compensation | 15,363 | 24,931 | ||
Gain on exchange of debt for common stock | (2,619) | — | ||
Gain on fair value of warrants | (32,094) | (2,338) | ||
Gain on fair value of contingent earnout liabilities | (1,445) | (15,958) | ||
Non-cash cost of issuance of common stock warrants on BEPO Offering | 1,311 | — | ||
Gain on fair value of debt derivatives | — | (8,485) | ||
Loss of debt extinguishment | 7,525 | 19,450 | ||
Non-cash warrant issuance in connection with August warrant inducement | 2,439 | 1,357 | ||
Loss on sale/disposal of fixed assets | 11 | — | ||
Realized loss on available for sale securities | 23 | 14 | ||
Changes in assets and liabilities | ||||
Accounts receivable | 5,860 | (398) | ||
Inventories | 13,300 | 13,728 | ||
Contract assets | 7,010 | (7,224) | ||
Prepaid expenses and other current assets | 1,824 | 2,795 | ||
Other assets | 3,952 | 10,153 | ||
Accounts payable | (743) | 2,211 | ||
Accrued expenses and other liabilities | (2,578) | (9,038) | ||
Contract liabilities | 5,150 | (10,059) | ||
Other noncurrent liabilities | (2,218) | (946) | ||
Net cash used in operating activities | (32,677) | (105,636) | ||
Cash flows from investing activities | ||||
Purchase of property and equipment | (9) | (1,046) | ||
Reimbursement of previously incurred leasehold expenditures | 1,084 | — | ||
Sales of property and equipment | 20 | — | ||
Production of equipment for lease to customers | — | (2,164) | ||
Production of available-for-sale investments | — | (3,655) | ||
Sales of available for sale securities | 3,172 | 10,664 | ||
Proceeds from maturity of available-for-sale investments | 3,500 | 35,092 | ||
Net cash provided by investing activities | 7,767 | 38,891 | ||
Cash flows from financing activities | ||||
Proceeds from ATM offering, net of issuance costs | — | 22,805 | ||
Proceeds from revolving credit line | — | 14,000 | ||
Repayment of revolving credit line | — | (17,000) | ||
Proceeds from equipment loans | — | 1,600 | ||
Repayment of equipment loans | — | (6,956) | ||
Proceeds from capital raise – August Warrant Inducement | 1,694 | — | ||
Proceeds from secured convertible notes, net of issuance costs | — | 65,736 | ||
Repayment of secured convertible notes | — | (69,886) | ||
Proceeds from secured notes, net of issuance costs | 500 | 57,114 | ||
Repayment of secured notes | (11,749) | (25,000) | ||
Proceeds from capital raise, net of issuance costs | 10,700 | 16,287 | ||
Issuance of common stock upon exercise of stock options | 315 | 561 | ||
Net cash provided by financing activities | 1,460 | 59,261 | ||
Effect of exchange rate changes on cash and cash equivalents | (4) | (5) | ||
Net change in cash and cash equivalents | (23,454) | (7,489) | ||
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 | $ 1,840 | $ 25,294 | ||
December 31, | ||||
2024 | 2023 | |||
Cash and cash equivalents | $ 1,212 | $ 24,494 | ||
Restricted cash (Other assets) | 628 | 800 | ||
Total cash and cash equivalents and restricted cash | $ 1,840 | $ 25,294 | ||
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SOURCE Velo3D, Inc.
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