Velo3D Announces First Quarter 2025 Financial Results
Velo3D (OTCQX: VLDX), a leader in additive manufacturing technology, reported Q1 2025 financial results with revenue of $9.3 million and improved gross margin of 7.5%. The company secured a $15 million five-year MSA with Momentus and signed an exclusive supply agreement with Amaero. Key developments include a 3x increase in Rapid Production Services (RPS) backlog, with 75% of Q1 bookings from new customers and 50% demand from the defense sector. The company maintains its 2025 revenue growth forecast of over 30% and expects to be EBITDA positive in H1 2026.
Financial highlights include a GAAP net loss of $25.4 million, improved from $28.3 million in Q1 2024, and reduced operating expenses of $12.6 million compared to $18.6 million year-over-year. The company ended Q1 with $3.9 million in cash and expects full-year 2025 revenue between $50-60 million.
Velo3D (OTCQX: VLDX), leader nella tecnologia di produzione additiva, ha comunicato i risultati finanziari del primo trimestre 2025 con ricavi pari a 9,3 milioni di dollari e un margine lordo migliorato al 7,5%. L'azienda ha ottenuto un contratto quinquennale da 15 milioni di dollari con Momentus e ha firmato un accordo di fornitura esclusiva con Amaero. Tra gli sviluppi principali, si registra un aumento triplo del backlog dei Servizi di Produzione Rapida (RPS), con il 75% delle prenotazioni del primo trimestre provenienti da nuovi clienti e il 50% della domanda dal settore della difesa. La società conferma la previsione di crescita dei ricavi per il 2025 superiore al 30% e prevede di raggiungere un EBITDA positivo nella prima metà del 2026.
I dati finanziari evidenziano una perdita netta GAAP di 25,4 milioni di dollari, migliorata rispetto ai 28,3 milioni del primo trimestre 2024, e una riduzione delle spese operative a 12,6 milioni rispetto ai 18,6 milioni dell'anno precedente. La società ha chiuso il primo trimestre con 3,9 milioni di dollari in cassa e prevede ricavi annuali per il 2025 tra i 50 e i 60 milioni di dollari.
Velo3D (OTCQX: VLDX), líder en tecnología de fabricación aditiva, reportó los resultados financieros del primer trimestre de 2025 con ingresos de 9.3 millones de dólares y un margen bruto mejorado del 7.5%. La compañía aseguró un contrato de servicios maestros (MSA) de cinco años por 15 millones de dólares con Momentus y firmó un acuerdo exclusivo de suministro con Amaero. Entre los desarrollos clave destaca un aumento de 3 veces en la cartera de servicios de producción rápida (RPS), con el 75% de las reservas del primer trimestre provenientes de nuevos clientes y el 50% de la demanda del sector defensa. La empresa mantiene su pronóstico de crecimiento de ingresos para 2025 superior al 30% y espera ser EBITDA positivo en la primera mitad de 2026.
Los aspectos financieros incluyen una pérdida neta GAAP de 25.4 millones de dólares, mejorada desde 28.3 millones en el primer trimestre de 2024, y gastos operativos reducidos a 12.6 millones en comparación con 18.6 millones interanuales. La compañía terminó el primer trimestre con 3.9 millones en efectivo y espera ingresos para todo el año 2025 entre 50 y 60 millones de dólares.
Velo3D (OTCQX: VLDX)는 적층 제조 기술 분야의 선두주자로서 2025년 1분기 재무 실적을 발표했습니다. 매출은 930만 달러이며, 총 이익률은 7.5%로 개선되었습니다. 회사는 Momentus와 1,500만 달러 규모의 5년 MSA 계약을 체결했으며, Amaero와 독점 공급 계약을 맺었습니다. 주요 성과로는 신속 생산 서비스(RPS) 수주 잔고가 3배 증가했으며, 1분기 예약의 75%가 신규 고객에서, 50%는 국방 부문에서 발생했습니다. 회사는 2025년 매출 성장률을 30% 이상으로 유지하며 2026년 상반기에 EBITDA 흑자를 기대하고 있습니다.
재무 하이라이트로는 GAAP 기준 순손실이 2,540만 달러로 2024년 1분기 2,830만 달러에서 개선되었고, 영업비용은 전년 동기 대비 1,260만 달러로 1,860만 달러에서 감소했습니다. 1분기 말 현금은 390만 달러이며, 2025년 연간 매출은 5,000만~6,000만 달러 사이가 될 것으로 예상합니다.
Velo3D (OTCQX : VLDX), un leader dans la technologie de fabrication additive, a annoncé ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires de 9,3 millions de dollars et une marge brute améliorée de 7,5 %. La société a obtenu un contrat-cadre de 15 millions de dollars sur cinq ans avec Momentus et a signé un accord d'approvisionnement exclusif avec Amaero. Parmi les développements clés, on note une multiplication par trois du carnet de commandes des services de production rapide (RPS), avec 75 % des réservations du premier trimestre provenant de nouveaux clients et 50 % de la demande provenant du secteur de la défense. L'entreprise maintient sa prévision de croissance du chiffre d'affaires pour 2025 à plus de 30 % et prévoit d'être EBITDA positive au premier semestre 2026.
Les points financiers importants incluent une perte nette selon les normes GAAP de 25,4 millions de dollars, en amélioration par rapport à 28,3 millions au premier trimestre 2024, et une réduction des dépenses d'exploitation à 12,6 millions contre 18,6 millions d'une année sur l'autre. La société a terminé le premier trimestre avec 3,9 millions de dollars en trésorerie et prévoit un chiffre d'affaires annuel 2025 compris entre 50 et 60 millions de dollars.
Velo3D (OTCQX: VLDX), ein führendes Unternehmen im Bereich der additiven Fertigungstechnologie, meldete die Finanzergebnisse für das erste Quartal 2025 mit Umsätzen von 9,3 Millionen US-Dollar und einer verbesserten Bruttomarge von 7,5 %. Das Unternehmen sicherte sich einen fünfjährigen MSA im Wert von 15 Millionen US-Dollar mit Momentus und unterzeichnete eine exklusive Liefervereinbarung mit Amaero. Zu den wichtigsten Entwicklungen zählt eine Verdreifachung des Auftragsbestands bei den Rapid Production Services (RPS), wobei 75 % der Buchungen im ersten Quartal von Neukunden stammen und 50 % der Nachfrage aus dem Verteidigungssektor kommt. Das Unternehmen hält an seiner Umsatzwachstumsprognose für 2025 von über 30 % fest und erwartet, im ersten Halbjahr 2026 EBITDA-positiv zu sein.
Finanzielle Highlights sind ein GAAP-Nettogewinn von -25,4 Millionen US-Dollar, verbessert gegenüber -28,3 Millionen im ersten Quartal 2024, sowie reduzierte Betriebsausgaben von 12,6 Millionen im Vergleich zu 18,6 Millionen im Vorjahreszeitraum. Das Unternehmen schloss das erste Quartal mit 3,9 Millionen US-Dollar in bar ab und erwartet für das Gesamtjahr 2025 Umsätze zwischen 50 und 60 Millionen US-Dollar.
- Gross margin improved to 7.5% from -28.8% YoY
- Secured $15 million five-year MSA with Momentus
- RPS backlog increased 3x compared to year-end 2024
- Operating expenses reduced to $12.6M from $18.6M YoY
- Strong defense sector demand at 50% of total
- New customers represented over 75% of Q1 bookings
- Revenue declined to $9.3M from $9.8M YoY
- GAAP net loss of $25.4M in Q1
- Low cash position of $3.9M as of March 31, 2025
- Significant CapEx planned ($15-20M) relative to cash position
- Revenue of
$9.3 million - Gross margin of
7.5% - Backlog of
$18 million - Reaffirms expectation for 2025 annual revenue growth of more than
30% - Reaffirms expectation to be EBITDA positive in the first half of 2026
Recent Business Developments
- Demand mix shift to Rapid Production Services (RPS) underway
- RPS backlog increased 3x as compared to year-end 2024
- New customers represented more than
75% of 1Q'25 bookings 50% demand from defense sector
- Signed a five-year,
$15 million - Signed a five-year exclusive supply agreement with Amaero Advanced Materials & Manufacturing, Inc. ("Amaero") advancing efforts to re-shore advanced manufacturing and accelerate the adoption of additive manufacturing
- Received an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programs
- Announced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.
- Appointed retired
U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government Relations - Appointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of Directors
- Upgraded to OTCQX® Best Market from the Pink® market
"Momentum is building across our business as we implement a number of strategic initiatives that we believe position Velo3D for sustainable, long-term growth and a return to profitability," said Arun Jeldi, CEO of Velo3D. "We are seeing early results from our new go-to-market strategy, which is gaining significant traction with both new and existing customers, particularly in the defense and aerospace industries where domestic supply chain resiliency is a priority."
Jeldi, continued, "A
Jeldi continued, "We further strengthened our leadership team with the appointment of retired
Jeldi, concluded, "With a number of initiatives in motion, we believe we are in a strong position to execute our strategy and reclaim our leadership in additive manufacturing. We are already seeing measurable improvements in performance and expect sequential quarterly progress throughout 2025."
($ in Millions, except percentages and per-share data) | 1st Quarter 2025 | 1st Quarter 2024 |
GAAP revenue | ||
GAAP gross margin | 7.5 % | (28.8) % |
GAAP net loss1 | ( | ( |
GAAP net loss per share - basic and diluted | ( | ( |
Non-GAAP net loss2 | ( | ( |
Non-GAAP net loss per share - basic and diluted2 | ( | ( |
- 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, 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 First Quarter 2025 Results
Revenue was
Gross margin for the first quarter was
Operating expenses for the first quarter were
GAAP net loss for the first quarter was
Non-GAAP net loss was
As of March 31, 2025, the Company had
Guidance
Management expects the following for the full year 2025:
- Revenue in the range of
$50 million $60 million - Sequential improvement in gross margin
- Greater than
30% gross margin in fourth quarter of 2025
- Greater than
- 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
Conference Call
The company will host a conference call for investors this afternoon to discuss its first quarter 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on May 13, 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 first quarter ended March 31, 2025 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the "SEC"). Additional information on our results of operations for the three months ended March 31, 2025 will be provided upon the filing our Quarterly Report 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 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. We believe these non-GAAP financial performance and liquidity measures are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of core expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.
Each of our non-GAAP measures have limitations as analytical tools. Because of these limitations, "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 | ||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||
(In thousands, except for percentages) | ||||||||||||||||||||||||
% of Rev | % of Rev | % of Rev | ||||||||||||||||||||||
Revenue | $ | 9,320 | 100.0 | % | $ | 12,626 | 100.0 | % | $ | 9,786 | 100.0 | % | ||||||||||||
Gross Profit | 697 | 7.5 | % | (444) | (3.5) | % | (2,815) | (28.8) | % | |||||||||||||||
Net Loss | $ | (25,411) | (272.7) | % | $ | (21,686) | (171.8) | % | $ | (28,314) | (289.3) | % | ||||||||||||
Stock-based compensation | 4,074 | 43.7 | % | 2,322 | 18.4 | % | 5,087 | 52.0 | % | |||||||||||||||
Gain on exchange of debt for common stock | - | — | % | (2,619) | (20.7) | % | - | — | % | |||||||||||||||
(Gain) loss on fair value of warrants | 1,044 | 11.2 | % | (184) | (1.5) | % | 2,620 | 26.8 | % | |||||||||||||||
Loss on fair value of contingent earnout liabilities | - | — | % | - | — | % | 437 | 4.5 | % | |||||||||||||||
Loss on warrant cancellation | 11,357 | 121.9 | % | - | — | % | - | — | % | |||||||||||||||
Non-GAAP Net Loss | $ | (8,936) | (95.9) | % | $ | (22,167) | (175.6) | % | $ | (20,170) | (206.1) | % | ||||||||||||
Velo3D, Inc. | ||||||||||||||||||||||||
NON-GAAP Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||
(In thousands, except for percentages) | ||||||||||||||||||||||||
% of Rev | % of Rev | % of Rev | ||||||||||||||||||||||
Revenue | $ | 9,320 | 100.0 | % | $ | 12,626 | 100.0 | % | $ | 9,786 | 100.0 | % | ||||||||||||
Net Loss | (25,411) | (272.7) | % | (21,686) | (171.8) | % | (28,314) | (289.3) | % | |||||||||||||||
Interest expense | 1,070 | 11.5 | % | 3,048 | 24.1 | % | 3,897 | 39.8 | % | |||||||||||||||
Provision for income taxes | 8 | 0.1 | % | (20) | (0.2) | % | 4 | 0.0 | % | |||||||||||||||
Depreciation and amortization | 942 | 10.1 | % | 968 | 7.7 | % | 1,396 | 14.3 | % | |||||||||||||||
EBITDA | $ | (23,391) | (251.0) | % | $ | (17,690) | (140.1) | % | $ | (23,017) | (235.2) | % | ||||||||||||
Stock-based compensation | 4,074 | 43.7 | % | 2,322 | 18.4 | % | 5,087 | 52.0 | % | |||||||||||||||
Gain on exchange of debt for common stock | - | — | % | (2,619) | (20.7) | % | - | — | % | |||||||||||||||
(Gain) loss on fair value of warrants | 1,044 | 11.2 | % | (184) | (1.5) | % | 2,620 | 26.8 | % | |||||||||||||||
Loss on fair value of contingent earnout liabilities | - | — | % | - | — | % | 437 | 4.5 | % | |||||||||||||||
Loss on warrant cancellation | 11,357 | 121.9 | % | - | — | % | - | — | % | |||||||||||||||
Restructuring expense | - | — | % | 3,540 | 28.0 | % | - | — | % | |||||||||||||||
Adjusted EBITDA | $ | (6,916) | (74.2) | % | $ | (14,631) | (115.9) | % | $ | (14,873) | (152.0) | % | ||||||||||||
Velo3D, Inc. | ||||||||||||||||||||||||
NON-GAAP Adjusted Operating Expenses Reconciliation | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||
(In thousands, except for percentages) | ||||||||||||||||||||||||
% of Rev | % of Rev | % of Rev | ||||||||||||||||||||||
Revenue | $ | 9,320 | 100.0 | % | $ | 12,626 | 100.0 | % | $ | 9,786 | 100.0 | % | ||||||||||||
Operating expenses | ||||||||||||||||||||||||
Research and development | 1,212 | 13.0 | % | 3,082 | 24.4 | % | 5,043 | 51.5 | % | |||||||||||||||
Selling and marketing | 2,275 | 24.4 | % | 1,627 | 12.9 | % | 4,809 | 49.1 | % | |||||||||||||||
General and administrative | 9,131 | 98.0 | % | 16,348 | 129.5 | % | 8,783 | 89.8 | % | |||||||||||||||
Total operating expenses | $ | 12,618 | 135.4 | % | $ | 21,057 | 166.8 | % | $ | 18,635 | 190.4 | % | ||||||||||||
Stock-based compensation in operating expenses | 3,866 | 41.5 | % | 2,322 | 18.4 | % | 4,503 | 46.0 | % | |||||||||||||||
Adjusted operating expenses | $ | 8,752 | 93.9 | % | $ | 18,735 | 148.4 | % | $ | 14,132 | 144.4 | % | ||||||||||||
Velo3D, Inc. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
Three Months Ended March 31, | ||||||||
2025 | 2024 | |||||||
Revenue | ||||||||
3D Printer | $ | 7,523 | $ | 7,660 | ||||
Recurring payment | — | 470 | ||||||
Support services | 1,790 | 1,656 | ||||||
Other | 7 | — | ||||||
Total Revenue | 9,320 | 9,786 | ||||||
Cost of revenue | ||||||||
3D Printer | 7,540 | 9,394 | ||||||
Recurring payment | 12 | 315 | ||||||
Support services | 1,071 | 2,892 | ||||||
Total cost of revenue | 8,623 | 12,601 | ||||||
Gross loss | 697 | (2,815) | ||||||
Operating expenses | ||||||||
Research and development | 1,212 | 5,043 | ||||||
Selling and marketing | 2,275 | 4,809 | ||||||
General and administrative | 9,131 | 8,783 | ||||||
Total operating expenses | 12,618 | 18,635 | ||||||
Loss from operations | (11,921) | (21,450) | ||||||
Interest expense | (1,070) | (3,897) | ||||||
Loss on fair value of warrants | (1,044) | (2,620) | ||||||
Loss on fair value of contingent earnout liabilities | — | (437) | ||||||
Loss on warrant cancellation | (11,357) | — | ||||||
Other income (expense), net | (11) | 94 | ||||||
Loss before provision for income taxes | (25,403) | (28,310) | ||||||
Provision for income taxes | (8) | (4) | ||||||
Net loss | $ | (25,411) | $ | (28,314) | ||||
Net loss per share: | ||||||||
Basic | $ | (0.13) | $ | (3.81) | ||||
Diluted | $ | (0.13) | $ | (3.81) | ||||
Velo3D, Inc. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
March 31, | December 31, | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,870 | $ | 1,212 | ||||
Accounts receivable, net | 4,569 | 3,723 | ||||||
Inventories, net | 46,133 | 49,953 | ||||||
Contract assets | 1,295 | 500 | ||||||
Prepaid expenses and other current assets | 5,907 | 2,336 | ||||||
Total current assets | 61,774 | 57,724 | ||||||
Property and equipment, net | 13,691 | 14,270 | ||||||
Equipment on lease, net | 3,673 | 3,673 | ||||||
Other assets | 12,261 | 13,513 | ||||||
Total assets | $ | 91,399 | $ | 89,180 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 16,365 | $ | 18,538 | ||||
Accrued expenses and other current liabilities | 3,762 | 3,511 | ||||||
Debt – current portion | 16,152 | 5,666 | ||||||
Contract liabilities | 7,614 | 10,285 | ||||||
Total current liabilities | 43,893 | 38,000 | ||||||
Long-term debt – less current portion | 5,506 | — | ||||||
Contingent earnout liabilities | 11 | 11 | ||||||
Warrant liabilities | 13 | 2,167 | ||||||
Other noncurrent liabilities | 9,094 | 9,338 | ||||||
Total liabilities | 58,517 | 49,516 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Stockholders' equity: | ||||||||
Common stock, | 4 | 4 | ||||||
Additional paid-in capital | 488,623 | 469,994 | ||||||
Accumulated other comprehensive loss | — | — | ||||||
Accumulated deficit | (455,745) | (430,334) | ||||||
Total stockholders' equity | 32,882 | 39,664 | ||||||
Total liabilities and stockholders' equity | $ | 91,399 | $ | 89,180 | ||||
Velo3D, Inc. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (25,411) | $ | (28,314) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation and amortization | 942 | 1,396 | ||||||
Amortization of debt discount and deferred financing costs | 992 | 3,171 | ||||||
Stock-based compensation | 4,074 | 5,087 | ||||||
Loss on fair value of warrants | 1,044 | 2,620 | ||||||
Loss on fair value of contingent earnout liabilities | — | 437 | ||||||
Loss on warrant cancellation | 11,357 | — | ||||||
Changes in assets and liabilities | ||||||||
Accounts receivable | (846) | (2,070) | ||||||
Inventories | 1,989 | 2,645 | ||||||
Contract assets | (795) | (2,118) | ||||||
Prepaid expenses and other current assets | (3,407) | 1,078 | ||||||
Other assets | 1,224 | 396 | ||||||
Accounts payable | (860) | (4,199) | ||||||
Accrued expenses and other liabilities | 251 | (218) | ||||||
Contract liabilities | (2,671) | (416) | ||||||
Other noncurrent liabilities | (232) | (18) | ||||||
Net cash used in operating activities | (12,349) | (20,523) | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | — | (6) | ||||||
Production of equipment for lease to customers | — | (1) | ||||||
Proceeds from maturity of available-for-sale investments | — | 3,500 | ||||||
Net cash provided by investing activities | — | 3,493 | ||||||
Cash flows from financing activities | ||||||||
Proceeds from secured convertible notes | 15,000 | — | ||||||
Issuance of common stock upon exercise of stock options | — | 285 | ||||||
Net cash provided by financing activities | 15,000 | 285 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 7 | 5 | ||||||
Net change in cash and cash equivalents | 2,658 | (16,740) | ||||||
Cash and cash equivalents and restricted cash at beginning of period | 1,840 | 25,294 | ||||||
Cash and cash equivalents and restricted cash at end of period | $ | 4,498 | $ | 8,554 | ||||
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:
March 31, | ||||||||
2025 | 2024 | |||||||
Cash and cash equivalents | $ | 3,870 | $ | 7,754 | ||||
Restricted cash (Other assets) | 628 | 800 | ||||||
Total cash and cash equivalents and restricted cash | $ | 4,498 | $ | 8,554 | ||||
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SOURCE Velo3D, Inc.
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