Velo3D Announces First Quarter 2024 Financial Results

Rhea-AI Summary

Velo3D reported its Q1 2024 financial results, showcasing a strong start with $17 million in new bookings and a backlog of $22 million. The company sees over 30% sequential revenue growth for Q2 and has reduced operating expenses by 30% year-over-year. Revenue for Q1 was $9.8 million, with a GAAP net loss of $28.3 million. Despite the loss, Velo3D expects to achieve cash flow breakeven in the second half of 2024. Key highlights include a 35% improvement in operating cash flow year-over-year and the addition of three new defense sector customers. The company remains focused on improving gross margins and cost structures.

Positive

• Revenue for Q1 2024 was $9.8 million, a significant increase from the previous quarter.
• Bookings of $17 million in Q1 and $27 million since mid-December 2023.
• Backlog of $22 million at the end of Q1.
• Projected over 30% sequential revenue growth for Q2 2024.
• Reduction in quarterly operating expenses by 30% year-over-year.
• 35% year-over-year improvement in operating cash flow.
• Addition of three new customers in the defense sector.
• 50% of first-quarter bookings from existing customers.
• Significant improvement in system reliability and efficiency.
• Expected positive gross margin in Q2 2024.

Negative

• GAAP gross margin for Q1 2024 was negative 28.8%.
• GAAP net loss of $28.3 million and non-GAAP net loss of $20.2 million for Q1.
• GAAP net loss per diluted share was $(0.11).
• Cash and investments dropped to $11 million from $31 million in the previous quarter.
• GAAP gross margin declined from 9.5% in Q1 2023 to negative 28.8% in Q1 2024.
• Non-GAAP operating expenses were $14.1 million, only a 15% sequential decline.

Insights

Financial Analyst

Velo3D's financial performance in Q1 2024 reveals a company actively working on realignment and cost efficiency, with notable $17 million in new bookings and a substantial backlog of $22 million. These are positive indicators of strong demand. However, it's important to highlight that the gross margin is still negative at 29%, indicating there are challenges in cost absorption and profitability.

While the company expects to achieve positive gross margins in Q2 2024, investors should be cautious as the GAAP net loss stands at $28.3 million. This is a startling figure, despite improvements compared to previous quarters. The expectation for significant revenue growth (>30%) in Q2 2024 is promising, yet the success of this forecast hinges heavily on effective cost management and sustained demand.

Long-term, the focus on defense sector expansion and achieving cash flow breakeven by the second half of FY 2024 are notable strategic goals. Achieving free cash flow breakeven could bode well for investor confidence. However, short-term liquidity remains tight with $11 million in cash and investments, a significant reduction from the previous year.

The combination of these factors makes the financial outlook cautiously optimistic. Investors should monitor the company's ability to continue reducing costs and improving margins as key indicators of future performance.

Market Research Analyst

Velo3D's focus on the defense sector and the success in adding three new defense customers in Q1 2024 is strategically significant. The defense industry is known for its high entry barriers, long-term contracts and stringent standards. Successfully penetrating this market suggests that Velo3D's technology meets high reliability and quality standards, which could lead to steady, long-term revenue streams.

Moreover, the high proportion of bookings from existing customers (50%) implies strong customer satisfaction and loyalty, important for recurring revenue in the additive manufacturing sector. This indicates that Velo3D’s products are likely offering substantial value, leading to repeat business and potentially lower customer acquisition costs in the long term.

The strategic realignment to improve operational efficiency is another positive sign. However, the company must continue to focus on market expansion and innovation to stay competitive. Investors should look at how Velo3D's technology evolves and adapts to market needs to gauge the long-term growth potential.

Successfully Executing on Realignment Priorities

Strong Demand Provides Significant Second Quarter Visibility

Strategic Review Process to Maximize Shareholder Value Remains Ongoing

• Continued sales execution in Q1 2024
  • Bookings of $17 million; 50% of orders from existing customers - $27 million in bookings since mid-December 2023
  • $22 million in backlog exiting Q124
  • Continued defense sector expansion – added 3 new customers in Q124
  • Q2 revenue visibility – expect >30% sequential revenue growth
• Successfully reduced quarterly operating expenses
  • Down 30% year over year – down 15% sequentially (excluding one-time charges)
  • On track for Q224 cost reduction goals
• Operating cash flow – 35% year over year improvement, well positioned to achieve cash flow breakeven in the second half of FY 2024

FREMONT, Calif.--(BUSINESS WIRE)-- Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its first quarter ended March 31, 2024.

“We were pleased with our first quarter performance as we continued to successfully execute on our strategic priorities,” said Brad Kreger, CEO of Velo3D. “Specifically, we are now just starting to see the benefit of our new go to market initiatives as we booked $17 million in new orders during the quarter. Additionally, we entered the second quarter with $22 million in backlog. We believe this strength reflects the continued customer confidence in our technology as well as our success in expanding our footprint in our core markets, including the defense sector, as we added 3 new defense customers in the first quarter. Our re-alignment efforts are also showing progress as we further reduced our quarterly costs and improved our operational efficiency. We also executed on our initiatives to improve system reliability which is reflected in the fact that approximately 50% of first quarter bookings were from existing customers. Finally, we remain committed to achieving cash flow breakeven in the second half of the year.”

Key highlights related to the company’s strategic initiatives:

• Ensuring customer success / system reliability – resolved 100% of high priority tickets in Q124
• Increased revenue 1H24 visibility through bookings growth – booked $17 million in new orders in Q124 - $27 million since mid-December with approximately 50% of orders from existing customers
• Improved Sapphire printer quality – increased sequential Sapphire XC installation efficiency - >40% reduction in install days and labor
• Improving cash flow and cost structure – successfully reduced year over year operating expenses by 30%, expect sequential quarterly improvement in operating cash flow for FY 2024

“Looking forward, we believe the focus on our key priorities, as well as further executing on our margin and cash flow initiatives, will position us to profitably capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.

($ in Millions, except percentages and per-share data)	1st Quarter 2024	4th Quarter 2023	1st Quarter 2023
GAAP revenue	$9.8	$2.5	$26.7
GAAP gross margin	(28.8)%	(>100)%	9.5%
GAAP net loss1	$(28.3)	$(56.1)	$36.3
GAAP net loss per diluted share	$(0.11)	$(0.27)	$0.19
Non-GAAP net loss2	$(20.2)	$(58.6)	$17.9
Non-GAAP net loss per diluted share2	$(0.08)	($0.28)	$0.09
Cash and Investments	$11	$31	$64

1. 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 in the United States.
2. 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, contingent earnout and debt derivative liabilities, and loss on extinguishment of debt.

Summary of First Quarter 2024 Results

Revenue for the first quarter was $10 million. Revenue increased compared to the fourth quarter of 2023, primarily driven by an increase in shipments. Given its strong backlog and shipping forecast exiting the first quarter, the company expects revenue growth of more than 30% in the second quarter of 2024. Support services and recurring payment revenue increased sequentially due to a higher number of systems in operation.

Gross margin for the first quarter was negative 29%. While shipments increased sequentially, gross margin primarily reflected the impact of lower fixed cost absorption. The company expects positive gross margin in the second quarter of 2024 as a result of increased system shipments, improvements in its system balance of material costs, benefits from its new long term supply contracts and higher operating and manufacturing efficiency.

GAAP operating expenses for the first quarter were $18.6 million compared to $25.9 million in the fourth quarter of 2023. Non-GAAP operating expenses, excluding re-alignment charges and stock-based compensation expense of $4.5 million, was $14.1 million, down 15% sequentially from the fourth quarter of 2023. The company expects non-GAAP quarterly operating expenses to decline by more than 10% in the second quarter of 2024 compared to the first quarter of 2024 as the company continues to execute on its cost initiatives.

Net loss for the quarter was $28.3 million and reflected a non-cash loss of $3.1 million on the change in the fair value of warrants and contingent earnout liabilities. Non-GAAP net loss, was $20.2 million in the three months ended March 31, 2024. Adjusted EBITDA for the quarter, was a loss of $11.7 million. For more information regarding the company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.

The company ended the quarter with $11 million in cash, cash equivalents and investments. First quarter cash flow, excluding financing activities, was in line company's forecasts and improved more than 35% on a year over year basis. The company continues to expect sequential quarterly improvement in cash flow in 2024.

Guidance

The company continues to expect sequential improvement in revenue, gross margin and operating expenses in the second quarter of 2024. The company also believes the continued execution of its realignment strategy will enable it to reach its goal of free cash flow breakeven in the second half of 2024.

The company’s 2024 guidance is unchanged and is as follows:

• Q2 2024 revenue growth of more than 30%
• FY 2024 revenue in the range of $80 million to $95 million
• Sequential quarterly improvement in gross margin with fourth quarter 2024 gross margin of approximately 30%, excluding non-recurring charges related to its cost reduction initiatives
• Non-GAAP operating expenses of $40 to $50 million

The company will host a conference call for investors this afternoon to discuss its first quarter 2024 financial results at 2:00 p.m. Pacific Time. 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 2023. For more information, please visit Velo3D.com, or follow the company on LinkedIn or X (formerly known as 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 March 31, 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 March 31, 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 guidance for the second quarter and full year 2024 (including the company’s estimates for revenue, gross margin and non-GAAP operating expenses), the company's expectations regarding its performance during 2024, the company's strategic realignment and initiatives, the company’s expectations regarding its liquidity and 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 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 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 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 future; (6) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties indicated from time to time described in the FY 2023 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.

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 Income (Loss) Reconciliation
(Unaudited)
	Three months ended
	March 31, 2024						December 31, 2023						March 31, 2023
	(In thousands, except for percentages)
				% of Rev						% of Rev						% of Rev
Revenue	$	9,786		100.0	%		$	2,455		100.0	%		$	26,687		100.0	%
Gross Profit		(2,815	)	(28.8	)%			(31,498	)	(1283.0	)%			2,532		9.5	%
Net Income (Loss)	$	(28,314	)	(289.3	)%		$	(56,149	)	(2287.1	)%		$	(36,325	)	(136.1	)%
Stock-based compensation		5,087		52.0	%			5,445		221.8	%			6,236		23.4	%
(Gain) Loss on fair value of warrants		2,620		26.8	%			(2,476	)	(100.9	)%			2,553		9.6	%
(Gain) Loss on fair value of contingent earnout liabilities		437		4.5	%			(12,958	)	(527.8	)%			9,653		36.2	%
Gain on fair value of debt derivative		—		—	%			(11,649	)	(474.5	)%			—		—	%
Loss on extinguishment of debt		—		—	%			19,197		782.0	%			—		—	%
Non-GAAP Net Loss	$	(20,170	)	(206.1	)%		$	(58,590	)	(2386.6	)%		$	(17,883	)	(67.0	)%

Velo3D, Inc.
NON-GAAP Adjusted EBITDA Reconciliation
(Unaudited)
	Three months ended
	March 31, 2024						December 31, 2023						March 31, 2023
	(In thousands, except for percentages)
				% of Rev						% of Rev						% of Rev
Revenue	$	9,786		100.0	%		$	2,455		100.0	%		$	26,687		100.0	%
Net Income (Loss)		(28,314	)	(289.3	)%			(56,149	)	(2287.1	)%			(36,325	)	(136.1	)%
Interest expense		3,897		39.8	%			6,140		250.1	%			220		0.8	%
Tax expense		4		0.0	%			—		—	%			—		—	%
Depreciation and amortization		4,567		46.7	%			4,794		195.3	%			1,560		5.8	%
EBITDA	$	(19,846	)	(202.8	)%		$	(45,215	)	(1841.8	)%		$	(34,545	)	(129.4	)%
Stock-based compensation		5,087		52.0	%			5,445		221.8	%			6,236		23.4	%
(Gain) Loss on fair value of warrants		2,620		26.8	%			(2,476	)	(100.9	)%			2,553		9.6	%
(Gain) Loss on fair value of contingent earnout liabilities		437		4.5	%			(12,958	)	(527.8	)%			9,653		36.2	%
Gain on fair value of debt derivative		—		—	%			(11,649	)	(474.5	)%			—		—	%
Loss on extinguishment of debt		—		—	%			19,197		782.0	%			—		—	%
Adjusted EBITDA	$	(11,702	)	(119.6	)%		$	(47,656	)	(1941.2	)%		$	(16,103	)	(60.3	)%

Velo3D, Inc.
NON-GAAP Adjusted Operating Expenses Reconciliation
(Unaudited)
	Three months ended
	March 31, 2024					December 31, 2023					March 31, 2023
	(In thousands, except for percentages)
			% of Rev					% of Rev					% of Rev
Revenue	$	9,786	100.0	%		$	2,455	100.0	%		$	26,687	100.0	%
Operating expenses
Research and development		5,043	51.5	%			9,886	402.7	%			10,417	39.0	%
Selling and marketing		4,809	49.1	%			5,175	210.8	%			6,174	23.1	%
General and administrative		8,783	89.8	%			10,877	443.1	%			10,191	38.2	%
Total operating expenses		18,635	190.4	%			25,938	1056.5	%			26,782	100.4	%
Stock-based compensation in operating expenses		4,503	46.0	%			4,780	194.7	%			5,970	22.4	%
Adjusted operating expenses	$	14,132	144.4	%		$	21,158	861.8	%		$	20,812	78.0	%

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands, except share and per share data)
		Three months ended
		March 31, 2024				December 31, 2023				March 31, 2023
Revenue
3D Printer		$	7,660			$	513			$	24,448
Recurring payment			470				535				575
Support services			1,656				1,407				1,664
Total Revenue			9,786				2,455				26,687
Cost of revenue
Cost of 3D Printer			9,394				31,455				22,168
Cost of Recurring Payment			315				398				447
Cost of Support Services			2,892				2,100				1,540
Total cost of revenue			12,601				33,953				24,155
Gross profit (loss)			(2,815	)			(31,498	)			2,532
Operating expenses
Research and development			5,043				9,886				10,417
Selling and marketing			4,809				5,175				6,174
General and administrative			8,783				10,877				10,191
Total operating expenses			18,635				25,938				26,782
Loss from operations			(21,450	)			(57,436	)			(24,250	)
Interest expense			(3,897	)			(6,140	)			(220	)
Gain (loss) on fair value of warrants			(2,620	)			2,476				(2,553	)
Gain (loss) on fair value of contingent earnout liabilities			(437	)			12,958				(9,653	)
Gain on fair value of debt derivative			—				11,649				—
Loss on extinguishment of debt			—				(19,197	)			—
Other income, net			94				(459	)			351
Loss before provision for income taxes			(28,310	)			(56,149	)			(36,325	)
Provision for income taxes			(4	)			—				—
Net loss			(28,314	)			(56,149	)			(36,325	)
Net loss per share:
Basic		$	(0.11	)		$	(0.27	)		$	(0.19	)
Diluted		$	(0.11	)		$	(0.27	)		$	(0.19	)
Shares used in computing net loss per share:
Basic			260,294,161				207,869,092				189,609,021
Diluted			260,294,161				207,869,092				189,609,021
Net loss		$	(28,314	)		$	(56,149	)		$	(36,325	)
Net unrealized holding gain (loss) on available-for-sale investments			52				156				288
Total comprehensive loss		$	(28,262	)		$	(55,993	)		$	(36,037	)

Velo3D, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
	March 31,				December 31,
	2024				2023
	(in thousands, except share and per share data)
Assets
Current assets:
Cash and cash equivalents	$	7,754			$	24,494
Short-term investments		3,151				6,621
Accounts receivable, net		11,653				9,583
Inventories		62,799				60,816
Contract assets		9,906				7,510
Prepaid expenses and other current assets		3,082				4,000
Total current assets		98,345				113,024
Property and equipment, net		15,253				16,326
Equipment on lease, net		5,482				6,667
Other assets		17,068				17,782
Total assets	$	136,148			$	153,799
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	15,595			$	15,854
Accrued expenses and other current liabilities		6,244				6,491
Debt - current portion		34,300				21,191
Contract liabilities		4,719				5,135
Total current liabilities		60,858				48,671
Long-term debt - less current portion		2,003				11,941
Contingent earnout liabilities		1,893				1,456
Warrant liabilities		14,455				11,835
Other noncurrent liabilities		11,489				11,556
Total liabilities	$	90,698			$	85,459
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2024 and December 31, 2023, 261,704,589 and 258,418,695 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		2				2
Additional paid-in capital		430,843				425,471
Accumulated other comprehensive income		(44	)			(96	)
Accumulated deficit		(385,351	)			(357,037	)
Total stockholders’ equity	$	45,450			$	68,340
Total liabilities and stockholders’ equity	$	136,148			$	153,799

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
		Three Months Ended
		March 31, 2024				March 31, 2023
Cash flows from operating activities
Net loss			(28,314	)			(36,325	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			4,567				1,560
Stock-based compensation			5,087				6,236
Loss on fair value of warrants			2,620				2,553
Loss on fair value of contingent earnout liabilities			437				9,653
Changes in assets and liabilities
Accounts receivable			(2,070	)			(5,162	)
Inventories			2,645				(1,425	)
Contract assets			(2,118	)			(1,124	)
Prepaid expenses and other current assets			1,078				2,776
Other assets			396				247
Accounts payable			(4,199	)			(2,694	)
Accrued expenses and other liabilities			(218	)			(1,848	)
Contract liabilities			(416	)			(4,583	)
Other noncurrent liabilities			(18	)			(698	)
Net cash used in operating activities			(20,523	)			(30,834	)
Cash flows from investing activities
Purchase of property and equipment			(6	)			(403	)
Production of equipment for lease to customers			(1	)			(135	)
Proceeds from maturities of available-for-sale investments			3,500				21,500
Net cash provided by investing activities			3,493				20,962
Cash flows from financing activities
Proceeds from ATM offering, net of issuance costs			—				10,458
Proceeds from revolver facility			—				5,000
Repayment of equipment loans			—				(734	)
Issuance of common stock upon exercise of stock options			285				310
Net cash provided by financing activities			285				15,034
Effect of exchange rate changes on cash and cash equivalents			5				(6	)
Net change in cash and cash equivalents			(16,740	)			5,156
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		$	8,554			$	37,939
Supplemental disclosure of cash flow information
Cash paid for interest		$	556			$	220
Supplemental disclosure of non-cash information
Unpaid liabilities related to property and equipment			(59	)			(16	)
Equipment for lease to customers returned to inventory			912				—
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:
		Three Months Ended
		March 31, 2024				March 31, 2023
Cash and cash equivalents		$	7,754			$	37,139
Restricted cash (Other assets)			800				800
Total cash and cash equivalents, and restricted cash		$	8,554			$	37,939

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515971294/en/

Investor Relations:

Velo3D

Bob Okunski, VP Investor Relations

investors@velo3d.com

Media Contact:

Velo3D

Dan Sorensen, Senior Director of PR

press@velo3d.com

Source: Velo3D, Inc.

FAQ

What was Velo3D's revenue for Q1 2024?

Velo3D reported Q1 2024 revenue of $9.8 million.

How much did Velo3D's bookings amount to in Q1 2024?

Velo3D had bookings of $17 million in Q1 2024.

What is Velo3D's revenue growth expectation for Q2 2024?

Velo3D expects over 30% sequential revenue growth for Q2 2024.

How much is Velo3D's backlog as of the end of Q1 2024?

Velo3D's backlog was $22 million at the end of Q1 2024.

What is Velo3D's GAAP net loss for Q1 2024?

Velo3D's GAAP net loss for Q1 2024 was $28.3 million.

What is Velo3D's target for cash flow breakeven?

Velo3D aims to achieve cash flow breakeven in the second half of 2024.

How much did Velo3D reduce its operating expenses in Q1 2024?

Velo3D reduced its operating expenses by 30% year-over-year in Q1 2024.

How many new customers did Velo3D add in the defense sector in Q1 2024?

Velo3D added three new customers in the defense sector in Q1 2024.

What was Velo3D's cash and investments at the end of Q1 2024?

Velo3D had $11 million in cash and investments at the end of Q1 2024.

What is Velo3D's gross margin for Q1 2024?

Velo3D's gross margin for Q1 2024 was negative 28.8%.