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Velo3D Announces Fourth Quarter and Fiscal Year 2023 Financial Results

Successfully Executing on Strategic Realignment Priorities

Strategic Review Remains Ongoing – Board of Directors in Discussions with Multiple Parties to Maximize Stockholder Value

  • Bookings recovery
    • As of March 26, 2024, total bookings of $15 million since mid-December 2023; >50% of orders from existing customers
  • Successfully reduced quarterly operating expenses
    • Down >15% sequentially (excluding one-time charges)
    • Expect >30% reduction Q3 2023 through end of Q1 2024 in non-GAAP operating expenses
  • Further expanded installed base - added 12 new customers in 2023 including 3 new defense customers
  • Continued free cash flow progress – 35% year over year improvement, well positioned to achieve cash flow breakeven in the second half of FY 2024

 

Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fourth quarter and fiscal year 2023 ended December 31, 2023.

“2023 was a transformational year for the company as we re-aligned our strategic and business priorities from driving revenue growth to ensuring customer success, improving system reliability and materially reducing our cost structure,” said Brad Kreger, CEO of Velo3D. “We are pleased with the significant progress we are making related to our key initiatives as we have significantly reduced our costs and materially improved our operational efficiency. Additionally, our new go to market approach is paying dividends as we have resumed our bookings growth, including signing a number of new, strategic customers in the defense industry with Kratos Defense and Bechtel Plant Machinery. I remain very excited about our market opportunities in 2024, especially in defense given the recent $825 billion Department of Defense funding approval. We have already received one purchase order tied to this approval and expect we will close additional orders by the end of the quarter as a result. I firmly believe the benefits from our re-alignment are just beginning.”

Key highlights related to the company’s strategic initiatives:

  • Ensuring customer success / system reliability – reduced field issue resolution times by more than 45% since Q3 2023 and improved system uptime by 10%
  • Increased revenue 1H24 visibility through bookings growth – as of March 26, 2024, booked >$15 million in new orders since mid-December, more than 50% of orders from existing customers
  • Improved Sapphire printer quality – reduced system installation time by 40% over the last 6 months
  • Improving cash flow – successfully reduced sequential operating expenses by >15%, expect sequentially quarterly improvement in free cash for FY 2024

“The entire Velo3D team remains focused on these four objectives and we’re beginning to see these changes yield results, including existing customers purchasing new systems. We believe this reflects their confidence in our technology as well as the success of our initiatives in improving customer satisfaction,” said Kreger. “We’re continuing to execute on our cost realignment programs to improve margins and cash flow, while prudently managing working capital. By doing so, we believe we are well positioned to profitably capitalize on the increasing industry demand for leading-edge additive manufacturing solutions.”

($ in Millions, except percentages and per-share data)

4th Quarter 2023

3rd Quarter 2023

4th Quarter 2022

FY2023

FY2022

GAAP revenue

$1.8

$23.8

$29.8

$77.6

$80.8

GAAP gross margin

(>100)%

6.3%

5.9%

(33.7)%

3.6%

GAAP net income (loss)1

$(58.2)

($17.4)

$22.6

$(135.0)

$10.0

GAAP net income (loss) per diluted share

$(0.28)

($0.09)

$0.11

$(0.68)

$0.05

 

 

 

 

 

Non-GAAP net loss2

$(61.1)

($19.2)

($16.4)

$(117.4)

($83.0)

Non-GAAP net loss per diluted share2

$(0.29)

($0.10)

($0.08)

$(0.59)

($0.41)

Cash and Investments

$31

$72

$80

$31

$80

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

  1. Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.
  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 in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022 and years ended December 31, 2022 and 2023.

Summary of Fourth Quarter 2023 results

Revenue for the fourth quarter was $2 million and reflected a significant reduction in system shipments due to lower than planned bookings in the second half of 2023 and the company’s re-alignment transition. For fiscal year 2023, revenue was $77.6 million compared to $80.8 million in 2022. Given the decline in bookings and challenging industry conditions, the company successfully instituted a number of strategic sales initiatives in the fourth quarter to drive bookings growth. As a result of the successful execution of these initiatives, as of March 26, 2024, the company has booked more than $15 million in new orders since mid-December 2023.

Gross margin for the fourth quarter was a negative 1,857%, primarily driven by reduced system volume, inventory valuation charges and costs associated with the company’s re-alignment initiatives. The company expects positive gross margin in the first quarter given improvements in its system balance of material costs, benefits from its new long term supply contracts and overall improvements in operating and manufacturing efficiency.

Operating expenses for the fourth quarter were $24.5 million compared to $26.7 million in the third quarter of 2023. Fourth quarter operating expenses include one-time charges totaling $4.7 million related to the company's re-alignment initiatives including a $2.4 million inventory reserve charge and $2.3 million in severance and other costs related to its recent reduction in force. Non-GAAP operating expenses, which excludes the company’s re-alignment charges and stock-based compensation expense of $3.4 million, was $16.5 million, down approximately 17% sequentially. The company expects non-GAAP quarterly operating expenses to decline by more than 30% in the first quarter of 2024 compared to the third quarter of 2023 as a result of the company’s realignment programs.

Net loss for the quarter was $58.2 million and reflected a gain of $27.6 million on the fair value of warrants, contingent earnout and debt derivative liabilities. Additionally, net loss for the quarter included a $19.2 million loss on the extinguishment of the company’s convertible debt that was exchanged in the fourth quarter. Non-GAAP net loss, which excludes, among other items, the gain on fair value of warrants, contingent earnout and debt derivative liabilities and the loss on debt extinguishment as well as stock-based compensation expense, was $61.1 million in the three months ended December 31, 2023. Adjusted EBITDA for the quarter, excluding the same metrics, was a loss of $51.5 million. For more information regarding the company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.

The company ended the quarter with $31 million in cash and investments. Also, as a result of its re-alignment initiatives, the company recorded a $27 million non-cash charge related to the valuation of its inventory during the quarter. Fourth quarter free cash flow, excluding financing activities, was in line company's forecasts and improved 35% on a year over year basis. The company expects sequential quarterly improvement in cash flow in 2024.

Guidance

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

For the fiscal year 2024, the company’s guidance is as follows:

  • Revenue in the range of $80 million to $95 million
  • Gross margin in the range of 20% to 30% with fourth quarter 2024 gross margin of approximately 30%, excluding non-recurring charges related to its cost reduction initiatives

The company will host a conference call for investors this afternoon to discuss its fourth quarter 2023 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 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 December 31, 2023 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 December 31, 2023 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 fourth quarter and full year 2023 (including the company’s estimates for revenue, and gross margin), the company's expectations regarding its ability to reach free cash flow break even by the second quarter of 2024, the company’s expectations regarding its ability to achieve profitability by 2024, the company's strategic realignment and initiatives (including the company's plans and targets for non-GAAP operating expense reduction and bookings growth), 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, 2022 (the “FY 2022 10-K”), which was filed by the company with the SEC on March 20, 2023 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) changes in the applicable laws or regulations; (3) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (4) the impact of the global COVID-19 pandemic; and (5) 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.

Non-GAAP Financial Information

The company uses non-GAAP financial measures to help it make strategic decisions, establish budgets and operational goals for managing its business, analyze its financial results and evaluate its performance. The company also believes that the presentation of these non-GAAP financial measures in this release provides an additional tool for investors to use in comparing the company’s core business and results of operations over multiple periods. However, the non-GAAP financial measures presented in this release may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. 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 (“GAAP”).

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”, “Adjusted EBITDA excluding merger costs and loss on convertible note extinguishment” 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 three months ended December 31, 2023, September 30, 2023, December 31, 2022 and September 30, 2022, fiscal year 2023 and fiscal year 2022 ended December 31, 2023 and December 31, 2022:

Velo3D, Inc.
NON-GAAP Net Loss Reconciliation
(Unaudited)
 
Three months ended Year ended Three months ended
December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 September 30, 2023 September 30, 2022
(In thousands, except for percentages)
% of Rev % of Rev % of Rev % of Rev % of Rev % of Rev
Revenue

$

1,806

 

100.0

%

$

29,780

 

100.0

%

$

77,562

 

100.0

%

$

80,757

 

100.0

%

$

23,808

 

100.0

%

$

19,115

 

100.0

%

Gross Profit

 

(33,541

)

(1857.2

)%

 

1,768

 

5.9

%

 

(26,148

)

(33.7

)%

 

2,894

 

3.6

%

 

1,488

 

6.3

%

 

(121

)

(0.6

)%

Net Income (Loss)

$

(58,225

)

(3224.0

)%

$

22,607

 

75.9

%

$

(135,020

)

(174.1

)%

$

10,020

 

12.4

%

$

(17,396

)

(73.1

)%

$

(75,195

)

(393.4

)%

Stock-based compensation

 

5,445

 

301.5

%

 

5,058

 

17.0

%

 

24,931

 

32.1

%

 

20,148

 

24.9

%

 

6,716

 

28.2

%

 

5,157

 

27.0

%

(Gain) loss on fair value of warrants

 

(2,473

)

(136.9

)%

 

(8,090

)

(27.2

)%

(2,338

)

(3.0

)%

 

(19,129

)

(23.7

)%

 

(1,587

)

(6.7

)%

 

6,612

 

34.6

%

(Gain) loss on fair value of contingent earnout liabilities

 

(12,958

)

(717.5

)%

 

(35,963

)

(120.8

)%

 

(15,958

)

(20.6

)%

 

(94,073

)

(116.5

)%

 

(10,810

)

(45.4

)%

 

40,885

 

213.9

%

(Gain) loss on fair value of debt derivative

 

(12,133

)

(671.8

)%

 

 

%

 

(8,485

)

(10.9

)%

 

 

%

 

3,648

 

15.3

%

 

 

%

Loss on extinguishment of debt

 

19,197

 

1063.0

%

 

 

%

 

19,450

 

25.1

%

 

 

%

 

253

 

1.1

%

 

 

%

Non-GAAP Net Loss

$

(61,147

)

(3385.8

)%

$

(16,388

)

(55.0

)%

$

(117,420

)

(151.4

)%

$

(83,034

)

(102.8

)%

$

(19,176

)

(80.5

)%

$

(22,541

)

(117.9

)%

 
 
Velo3D, Inc.
NON-GAAP Adjusted EBITDA Reconciliation
(Unaudited)
 
Three months ended Year ended Three months ended
December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 September 30, 2023 September 30, 2022
(In thousands, except for percentages)
% of Rev % of Rev % of Rev % of Rev % of Rev % of Rev
Revenue

$

1,806

 

100.0

%

$

29,780

 

100.0

%

$

77,562

 

100.0

%

$

80,757

 

100.0

%

$

23,808

 

100.0

%

$

19,115

 

100.0

%

Net Income (Loss)

 

(58,225

)

(3224.0

)%

 

22,607

 

75.9

%

 

(135,020

)

(174.1

)%

 

10,020

 

12.4

%

 

(17,396

)

(73.1

)%

(75,195

)

(393.4

)%

Interest expense

 

8,051

 

445.8

%

 

10

 

0.0

%

 

9,722

 

12.5

%

 

372

 

0.5

%

 

1,107

 

4.6

%

 

129

 

0.7

%

Tax expense

 

 

%

 

 

%

 

 

%

 

 

%

 

%

 

 

%

Depreciation and amortization

 

1,641

 

90.9

%

 

1,962

 

6.6

%

 

6,157

 

7.9

%

 

5,290

 

6.6

%

 

1,490

 

6.3

%

 

1,220

 

6.4

%

EBITDA

$

(48,533

)

(2687.3

)%

$

24,579

 

82.5

%

$

(119,141

)

(153.6

)%

$

15,682

 

19.4

%

$

(14,799

)

(62.2

)%

$

(73,846

)

(386.3

)%

Stock-based compensation

 

5,445

 

301.5

%

 

5,058

 

17.0

%

 

24,931

 

32.1

%

 

20,148

 

24.9

%

 

6,716

 

28.2

%

 

5,157

 

27.0

%

(Gain) loss on fair value of warrants

 

(2,473

)

(136.9

)%

 

(8,090

)

(27.2

)%

 

(2,338

)

(3.0

)%

 

(19,129

)

(23.7

)%

 

(1,587

)

(6.7

)%

 

6,612

 

34.6

%

(Gain) loss on fair value of contingent earnout liabilities

 

(12,958

)

(717.5

)%

 

(35,963

)

(120.8

)%

 

(15,958

)

(20.6

)%

 

(94,073

)

(116.5

)%

 

(10,810

)

(45.4

)%

 

40,885

 

213.9

%

(Gain) loss on fair value of debt derivative

 

(12,133

)

(671.8

)%

 

 

%

 

(8,485

)

(10.9

)%

 

 

%

 

3,648

 

15.3

%

 

 

%

Loss on extinguishment of debt

 

19,197

 

1063.0

%

 

 

%

 

19,450

 

25.1

%

 

 

%

 

253

 

1.1

%

 

 

%

Adjusted EBITDA

$

(51,455

)

(2849.1

)%

$

(14,416

)

(48.4

)%

$

(101,541

)

(130.9

)%

$

(77,372

)

(95.8

)%

$

(16,579

)

(69.6

)%

$

(21,192

)

(110.9

)%

 
 
Velo3D, Inc.
NON-GAAP Adjusted Operating Expenses Reconciliation
(Unaudited)
 
Three months ended Year ended Three months ended
December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 September 30, 2023 September 30, 2022
(In thousands, except for percentages)
% of Rev % of Rev % of Rev % of Rev % of Rev % of Rev
Revenue

$

1,806

 

100.0

%

$

29,780

 

100.0

%

$

77,562

 

100.0

%

$

80,757

 

100.0

%

$

23,808

 

100.0

%

$

19,115

 

100.0

%

Operating expenses
Research and development

 

9,211

 

510.0

%

 

7,828

 

26.3

%

 

42,031

 

54.2

%

 

46,266

 

57.3

%

 

9,819

 

41.2

%

12,558

 

65.7

%

Selling and marketing

 

5,175

 

286.5

%

 

6,043

 

20.3

%

 

23,229

 

29.9

%

 

23,907

 

29.6

%

 

5,772

 

24.2

%

 

5,632

 

29.5

%

General and administrative

 

10,158

 

562.5

%

 

9,791

 

32.9

%

 

41,727

 

53.8

%

 

36,982

 

45.8

%

 

11,118

 

46.7

%

 

9,642

 

50.4

%

Total operating expenses

 

24,544

 

1359.0

%

 

23,662

 

79.5

%

 

106,987

 

137.9

%

 

107,155

 

132.7

%

 

26,709

 

112.2

%

 

27,832

 

145.6

%

Stock-based compensation in operating expenses

 

3,387

 

187.5

%

 

5,058

 

17.0

%

 

22,873

 

29.5

%

 

20,148

 

24.9

%

 

6,716

 

28.2

%

 

5,157

 

27.0

%

Adjusted operating expenses

$

21,157

 

1171.5

%

$

18,604

 

62.5

%

$

84,114

 

108.4

%

$

87,007

 

107.7

%

$

19,993

 

84.0

%

$

22,675

 

118.6

%

Velo3D, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands, except share and per share data)
 
Three months ended Year ended
December 31, 2023 September 30, 2023 December 31, 2022 December 31, 2023 December 31, 2022
 
Revenue
3D Printer

$

(136

)

$

21,428

 

$

27,010

 

$

69,057

 

$

71,346

 

Recurring payment

 

535

 

 

531

 

 

1,119

 

 

1,676

 

 

4,161

 

Support services

 

1,407

 

 

1,849

 

 

1,651

 

 

6,829

 

 

5,250

 

Total Revenue

 

1,806

 

 

23,808

 

 

29,780

 

 

77,562

 

 

80,757

 

Cost of revenue
Cost of 3D Printer

 

32,473

 

 

20,273

 

 

25,567

 

 

94,448

 

 

68,253

 

Cost of Recurring Payment

 

398

 

 

111

 

 

553

 

 

1,291

 

 

2,612

 

Cost of Support Services

 

2,476

 

 

1,936

 

 

1,892

 

 

7,971

 

 

6,998

 

Total cost of revenue

 

35,347

 

 

22,320

 

 

28,012

 

 

103,710

 

 

77,863

 

Gross profit

 

(33,541

)

1,488

 

 

1,768

 

 

(26,148

)

2,894

 

Operating expenses
Research and development

 

9,211

 

 

9,819

 

 

7,828

 

 

42,031

 

 

46,266

 

Selling and marketing

 

5,175

 

 

5,772

 

 

6,043

 

 

23,229

 

 

23,907

 

General and administrative

 

10,158

 

 

11,118

 

 

9,791

 

 

41,727

 

 

36,982

 

Total operating expenses

 

24,544

 

 

26,709

 

 

23,662

 

 

106,987

 

 

107,155

 

Loss from operations

 

(58,085

)

(25,221

)

 

(21,894

)

 

(133,135

)

(104,261

)

Interest expense

 

(8,051

)

 

(1,107

)

 

(10

)

 

(9,722

)

 

(372

)

Gain on fair value of warrants

 

2,476

 

 

1,587

 

 

8,090

 

 

2,338

 

 

19,129

 

Gain on fair value of contingent earnout liabilities

 

12,958

 

 

10,810

 

 

35,963

 

 

15,958

 

 

94,073

 

Gain (loss) on fair value of debt derivatives

 

12,133

 

 

(3,648

)

 

 

 

8,485

 

 

 

Loss on debt extinguishment

 

(19,197

)

 

(253

)

 

 

 

(19,450

)

 

 

Other income (loss), net

 

(459

)

 

436

 

 

458

 

 

506

 

 

1,451

 

Income (loss) before provision for income taxes

 

(58,225

)

 

(17,396

)

 

22,607

 

 

(135,020

)

 

10,020

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(58,225

)

 

(17,396

)

 

22,607

 

 

(135,020

)

 

10,020

 

 
Net income (loss) per share:
Basic

$

(0.28

)

$

(0.09

)

$

0.12

 

$

(0.68

)

$

0.05

 

Diluted

$

(0.28

)

$

(0.09

)

$

0.11

 

$

(0.68

)

$

0.05

 

Shares used in computing net income (loss) per share:
Basic

 

207,869,092

 

 

197,833,109

 

 

186,491,083

 

 

197,358,751

 

 

185,079,101

 

Diluted

 

207,869,092

 

 

197,833,109

 

 

202,704,021

 

 

197,358,751

 

 

202,174,903

 

 
Net Income (loss)

$

(58,225

)

$

(17,396

)

$

22,607

 

$

(135,020

)

$

10,020

 

Net unrealized holding loss on available-for-sale investments

 

156

 

 

149

 

 

298

 

 

741

 

 

(823

)

Other comprehensive income (loss)

$

(58,069

)

$

(17,247

)

$

22,905

 

$

(134,279

)

$

9,197

 

Velo3D, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
 
December 31, December 31,

 

2023

 

 

2022

 

(in thousands, except share and per share data)
Assets
Current assets:
Cash and cash equivalents

$

24,494

 

$

31,983

 

Short-term investments

 

6,621

 

 

48,214

 

Accounts receivable, net

 

9,583

 

 

9,185

 

Inventories

 

60,816

 

 

71,202

 

Contract assets

 

14,797

 

 

6,805

 

Prepaid expenses and other current assets

 

4,000

 

 

5,533

 

Total current assets

 

120,311

 

 

172,922

 

Property and equipment, net

 

16,326

 

 

19,812

 

Equipment on lease, net

 

6,667

 

 

9,070

 

Other assets

 

14,203

 

 

23,310

 

Total assets

$

157,507

 

$

225,114

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

 

15,854

 

 

12,207

 

Accrued expenses and other current liabilities

 

6,491

 

 

15,877

 

Debt - current portion

 

20,632

 

 

2,775

 

Contract liabilities

 

5,135

 

 

15,194

 

Total current liabilities

 

48,112

 

 

46,053

 

Long-term debt - less current portion

 

12,500

 

 

5,422

 

Contingent earnout liabilities

 

1,456

 

 

17,414

 

Warrant liabilities

 

11,835

 

 

2,745

 

Other noncurrent liabilities

 

13,094

 

 

12,634

 

Total liabilities

$

86,997

 

$

84,268

 

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.00001 par value – 500,000,000 shares authorized at December 31, 2023 and 2022, respectively, 258,418,695 and 187,561,368 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

2

 

 

2

 

Additional paid-in capital

 

425,471

 

 

361,528

 

Accumulated other comprehensive loss

 

(96

)

(837

)

Accumulated deficit

 

(354,867

)

 

(219,847

)

Total stockholders’ equity

$

70,510

 

$

140,846

 

Total liabilities and stockholders’ equity

$

157,507

 

$

225,114

 

 
Velo3D, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
   
Year Ended
December 31, 2023   December 31, 2022
Cash flows from operating activities  
Net income (loss)

 

(135,020

)

 

 

10,020

 

Adjustments to reconcile net loss to net cash used in operating activities  
Depreciation and amortization

 

11,538

 

 

 

5,290

 

Stock-based compensation

 

24,931

 

 

 

20,148

 

Gain on fair value of warrants

 

(2,338

)

 

 

(19,129

)

Gain on fair value of contingent earnout liabilities

 

(15,958

)

 

 

(94,073

)

Gain on fair value of debt derivatives

 

(8,485

)

 

 

 

Loss on debt extinguishment

 

19,450

 

 

 

 

Non-cash cost of issuance of common stock warrants

 

1,357

 

 

 

 

Realized loss on available for sales securities

 

14

 

 

 

 

Changes in assets and liabilities  
Accounts receivable

 

(398

)

 

 

3,593

 

Inventories

 

14,506

 

 

 

(47,017

)

Contract assets

 

(7,992

)

 

 

(6,531

)

Prepaid expenses and other current assets

 

2,795

 

 

 

6,142

 

Other assets

 

9,264

 

 

 

(1,241

)

Accounts payable

 

2,211

 

 

 

2,341

 

Accrued expenses and other liabilities

 

(9,038

)

 

 

6,362

 

Contract liabilities

 

(10,059

)

 

 

(7,058

)

Other noncurrent liabilities

 

592

 

 

 

(2,809

)

Net cash used in operating activities

 

(102,630

)

 

 

(123,962

)

Cash flows from investing activities  
Purchase of property and equipment

 

(1,046

)

 

 

(13,822

)

Production of equipment for lease to customers

 

(2,942

)

 

 

(5,595

)

Purchases of available-for-sale investments

 

(3,655

)

 

 

(87,655

)

Sales of available for sale securities

 

10,664

 

 

 

 

Proceeds from maturities of available-for-sale investments

 

35,092

 

 

 

54,050

 

Net cash provided by (used in) investing activities

 

38,113

 

 

 

(53,022

)

Cash flows from financing activities  
Proceeds from loan refinance, net of issuance costs

 

 

 

 

6,664

 

Repayment of loans in connection with loan refinance

 

 

 

 

(8,089

)

Proceeds from ATM offering, net of issuance costs

 

22,805

 

 

 

 

Proceeds from revolver facility

 

14,000

 

 

 

 

Proceeds from capital raise, net of issuance costs

 

16,287

 

 

 

 

Proceeds from revolver facility

 

(17,000

)

 

 

 

Repayment of property and equipment loan

 

(6,956

)

 

 

(889

)

Proceeds from equipment loans

 

1,600

 

 

 

2,400

 

Repayment of notes

 

(40,000

)

 

 

 

Proceeds from notes, net of issuance costs

 

65,736

 

 

 

 

Issuance of common stock upon exercise of stock options

 

561

 

 

 

1,256

 

Net cash provided by financing activities

 

57,033

 

 

 

1,342

 

Effect of exchange rate changes on cash and cash equivalents

 

(5

)

 

 

23

 

Net change in cash and cash equivalents

 

(7,489

)

 

 

(175,619

)

Cash and cash equivalents and restricted cash at beginning of period

 

32,783

 

 

 

208,402

 

Cash and cash equivalents and restricted cash at end of period

$

25,294

 

 

$

32,783

 

   
Supplemental disclosure of cash flow information  
Cash paid for interest

$

9,722

 

 

$

372

 

Supplemental disclosure of non-cash information  
Unpaid liabilities related to property and equipment

 

92

 

 

 

 

Equipment for lease to customers returned to inventory

 

4,153

 

 

 

2,619

 

Issuance of common stock warrants in connection with capital raise

 

11,428

 

 

 

 

Issuance of common stock warrants in connection with financing

 

 

 

 

170

 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of such amounts shown on the consolidated statements of cash flows:

 

Year ended

 

December 31,

 

December 31,

 

 

2023

 

 

2022

 

 

Cash and cash equivalents

$

24,494

 

$

31,983

Restricted cash (Other assets)

 

800

 

 

800

Total cash and cash equivalents, and restricted cash

$

25,294

 

$

32,783

 

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