Velo3D Announces Second Quarter 2024 Financial Results

Continued Focus on Realignment Priorities

Company Institutes Additional Cost Reduction Programs

Strategic Review Process Remains Ongoing

  • Q2 2024 sales update
    • 2024 year to date bookings of $21 million; >40% of orders from existing customers
    • $17 million in backlog exiting Q2 2024
    • Continued defense sector expansion – >20% of 1H’24 shipments
  • Reduced quarterly operating expenses
    • Down 37% year over year
    • Instituted additional cost control programs - ~30% headcount reduction
  • Improved year over year operating cash flow in Q2 2024
  • Operating and financial conditions remain challenging

FREMONT, Calif.--()--Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its second quarter ended June 30, 2024.

“Our second quarter results reflected continued execution on our strategic priorities as we added to our year-to-date bookings, maintained a healthy backlog and reduced our operating expenses,” said Brad Kreger, CEO of Velo3D. “Specifically, we continued to expand our defense and space sector footprint during the quarter and expect to add to our backlog in these important industries in the second half of the year. We also further executed on our re-alignment efforts as we reduced our quarterly operating costs by 37% year over year and improved our manufacturing and operational efficiency. However, while we have made significant financial and operational progress year to date, we have made the difficult decision to right size the business as we expect industry conditions to remain challenging into the second half of 2024.”

“Our second quarter results also reflected the impact of delays in the funding of certain governmental projects with those system orders now expected in the second half of the year. While we still expect to close these transactions, these delays have negatively impacted our revenue forecast for the balance of the year. As a result, we have instituted a number of material cost reduction programs to reduce expenses and manage our liquidity, including a headcount reduction of approximately 30%. We expect these programs to drive significant annual operating savings and we continue to look at various options to support our balance sheet during our ongoing the strategic review process.”

“Looking forward, we believe the continued focus on our key priorities will position us well to capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.

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

2nd Quarter 2024

2nd Quarter 2023

GAAP revenue

$10.3

$25.1

GAAP gross margin

(28.0)%

10.1%

GAAP net loss1

($0.2)

($23.2)

GAAP net loss per share - basic and diluted

($0.02)

($4.10)

 

 

 

Non-GAAP net loss2

($21.7)

($19.3)

Non-GAAP net loss per basic and diluted share2

($2.57)

($3.42)

  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, and contingent earnout.

Summary of Second Quarter 2024 Results

Revenue for the second quarter was $10.3 million. System revenue increased compared to the first quarter of 2024, primarily driven by a mix shift to the company’s higher priced Sapphire XC systems. Support services and recurring payment revenue declined sequentially compared to the first quarter of 2024 due to the expiration of certain lease contracts as well as a slight reduction in customers with active field service contracts.

Gross margin for the second quarter was negative 28% and primarily reflected the impact of lower fixed cost absorption as certain systems orders were delayed to the second half of 2024.

GAAP operating expenses for the second quarter were $17.6 million compared to $28.2 million in the second quarter of 2023. Non-GAAP operating expenses, excluding stock-based compensation expense of $3.8 million, was $13.8 million, down 37% compared to the second quarter of 2023.

Net loss for the quarter was $0.2 million and reflected a non-cash gain of $27.1 million on the change in the fair value of warrants and contingent earnout liabilities. Non-GAAP net loss was $21.7 million in the three months ended June 30, 2024. Adjusted EBITDA for the quarter, was negative $15.0 million. For more information regarding the company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.

Second quarter cash flow, excluding financing activities, was in line with the company's forecast and improved more than 70% on a year over year basis. The company ended the quarter with $3 million in cash and cash equivalents.

Guidance

Given the uncertainty of timing of the company’s deferred orders and other factors, the company is withdrawing its previously announced financial guidance for fiscal year 2024.

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, Aerojet Rocketdyne, Lockheed Martin, Avio, and General Motors. 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 Twitter.

VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW, FLOW DEVELOPER, and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.

Amounts herein pertaining to June 30, 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 June 30, 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 expectations regarding its performance during the remainder of 2024, the company's strategic realignment and initiatives, the company’s expectations regarding its liquidity and capital requirements, the company’s expectations regarding the timing of deferred orders, the company’s expectations regarding its potential cost savings, 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, 2023 (the “FY 2023 10-K”), which was filed by the company with the SEC on April 4, 2024, the “Risk Factors” section of the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which will be filed by the company with the SEC no later than August 19, 2024 (the “Q2 2024 10-Q"), 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 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 near-term; (6) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties described in the FY 2023 10-K and the Q2 2024 10-Q, 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

 

 

Six months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(In thousands, except for percentages)

 

 

 

% of Rev

 

 

% of Rev

 

 

% of Rev

 

 

% of Rev

 

Revenue

 

$

10,344

 

 

 

100.0

%

 

$

25,134

 

 

 

100.0

%

 

$

20,130

 

 

 

100.0

%

 

$

51,821

 

 

 

100.0

%

Gross Profit

 

 

(2,897

)

 

 

(28.0

)%

 

 

2,536

 

 

 

10.1

%

 

 

(5,712

)

 

 

(28.4

)%

 

 

5,068

 

 

 

9.8

%

Net Income (Loss)

 

$

(172

)

 

 

(1.7

)%

 

$

(23,201

)

 

 

(92.3

)%

 

$

(28,486

)

 

 

(141.5

)%

 

$

(59,526

)

 

 

(114.9

)%

Stock-based compensation

 

 

4,247

 

 

 

41.1

%

 

 

6,535

 

 

 

26.0

%

 

 

9,334

 

 

 

46.4

%

 

 

12,771

 

 

 

24.6

%

(Gain) Loss on fair value of warrants

 

 

(25,310

)

 

 

(244.7

)%

 

 

(828

)

 

 

(3.3

)%

 

 

(22,690

)

 

 

(112.7

)%

 

 

1,725

 

 

 

3.3

%

(Gain) Loss on fair value of contingent earnout liabilities

 

 

(1,824

)

 

 

(17.6

)%

 

 

(1,843

)

 

 

(7.3

)%

 

 

(1,387

)

 

 

(6.9

)%

 

 

7,810

 

 

 

15.1

%

Non-cash cost of issuance of common stock warrants on BEPO Offering

 

 

1,313

 

 

 

12.7

%

 

 

 

 

 

%

 

 

1,313

 

 

 

6.5

%

 

 

 

 

 

%

Non-GAAP Net Loss

 

$

(21,746

)

 

 

(210.2

)%

 

$

(19,337

)

 

 

(76.9

)%

 

$

(41,916

)

 

 

(208.2

)%

 

$

(37,220

)

 

 

(71.8

)%

 

Velo3D, Inc.

NON-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(In thousands, except for percentages)

 

 

 

% of Rev

 

 

% of Rev

 

 

% of Rev

 

 

% of Rev

 

Revenue

 

$

10,344

 

 

 

100.0

%

 

$

25,134

 

 

 

100.0

%

 

$

20,130

 

 

 

100.0

%

 

$

51,821

 

 

 

100.0

%

Net Income (Loss)

 

 

(172

)

 

 

(1.7

)%

 

 

(23,201

)

 

 

(92.3

)%

 

 

(28,486

)

 

 

(141.5

)%

 

 

(59,526

)

 

 

(114.9

)%

Interest expense

 

 

5,463

 

 

 

52.8

%

 

 

344

 

 

 

1.4

%

 

 

9,360

 

 

 

46.5

%

 

 

564

 

 

 

1.1

%

Provision for income taxes

 

 

(4

)

 

 

(0.0

)%

 

 

 

 

 

%

 

 

 

 

 

%

 

 

 

 

 

%

Depreciation and amortization

 

 

1,311

 

 

 

12.7

%

 

 

1,466

 

 

 

5.8

%

 

 

2,707

 

 

 

13.4

%

 

 

3,026

 

 

 

5.8

%

EBITDA

 

$

6,598

 

 

 

63.8

%

 

$

(21,391

)

 

 

(85.1

)%

 

$

(16,419

)

 

 

(81.6

)%

 

$

(55,936

)

 

 

(107.9

)%

Stock-based compensation

 

 

4,247

 

 

 

41.1

%

 

 

6,535

 

 

 

26.0

%

 

 

9,334

 

 

 

46.4

%

 

 

12,771

 

 

 

24.6

%

(Gain) Loss on fair value of warrants

 

 

(25,310

)

 

 

(244.7

)%

 

 

(828

)

 

 

(3.3

)%

 

 

(22,690

)

 

 

(112.7

)%

 

 

1,725

 

 

 

3.3

%

(Gain) Loss on fair value of contingent earnout liabilities

 

 

(1,824

)

 

 

(17.6

)%

 

 

(1,843

)

 

 

(7.3

)%

 

 

(1,387

)

 

 

(6.9

)%

 

 

7,810

 

 

 

15.1

%

Non-cash cost of issuance of common stock warrants on BEPO Offering

 

 

1,313

 

 

 

12.7

%

 

 

 

 

 

%

 

 

1,313

 

 

 

6.5

%

 

 

 

 

 

%

Adjusted EBITDA

 

$

(14,976

)

 

 

(144.8

)%

 

$

(17,527

)

 

 

(69.7

)%

 

$

(29,849

)

 

 

(148.3

)%

 

$

(33,630

)

 

 

(64.9

)%

 

Velo3D, Inc.

NON-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(In thousands, except for percentages)

 

 

 

% of Rev

 

 

% of Rev

 

 

% of Rev

 

 

% of Rev

 

Revenue

 

$

10,344

 

 

 

100.0

%

 

$

25,134

 

 

 

100.0

%

 

$

20,130

 

 

 

100.0

%

 

$

51,821

 

 

 

100.0

%

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,545

 

 

 

43.9

%

 

 

12,238

 

 

 

48.7

%

 

 

9,588

 

 

 

47.6

%

 

 

22,655

 

 

 

43.7

%

Selling and marketing

 

 

4,273

 

 

 

41.3

%

 

 

6,108

 

 

 

24.3

%

 

 

9,082

 

 

 

45.1

%

 

 

12,282

 

 

 

23.7

%

General and administrative

 

 

8,823

 

 

 

85.3

%

 

 

9,896

 

 

 

39.4

%

 

 

17,606

 

 

 

87.5

%

 

 

20,087

 

 

 

38.8

%

Total operating expenses

 

 

17,641

 

 

 

170.5

%

 

 

28,242

 

 

 

112.4

%

 

 

36,276

 

 

 

180.2

%

 

 

55,024

 

 

 

106.2

%

Stock-based compensation in operating expenses

 

 

3,839

 

 

 

37.1

%

 

 

6,091

 

 

 

24.2

%

 

 

8,342

 

 

 

41.4

%

 

 

12,060

 

 

 

23.3

%

Adjusted operating expenses

 

$

13,802

 

 

 

133.4

%

 

$

22,151

 

 

 

88.1

%

 

$

27,934

 

 

 

138.8

%

 

$

42,964

 

 

 

82.9

%

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

3D Printer

 

$

8,679

 

 

$

23,190

 

 

$

16,339

 

 

$

47,638

 

Recurring payment

 

 

292

 

 

 

35

 

 

 

762

 

 

 

610

 

Support services

 

 

1,373

 

 

 

1,909

 

 

 

3,029

 

 

 

3,573

 

Total Revenue

 

 

10,344

 

 

 

25,134

 

 

 

20,130

 

 

 

51,821

 

Cost of revenue

 

 

 

 

 

 

 

 

3D Printer

 

 

10,744

 

 

 

20,052

 

 

 

20,138

 

 

 

42,220

 

Recurring payment

 

 

232

 

 

 

335

 

 

 

547

 

 

 

782

 

Support services

 

 

2,265

 

 

 

2,211

 

 

 

5,157

 

 

 

3,751

 

Total cost of revenue

 

 

13,241

 

 

 

22,598

 

 

 

25,842

 

 

 

46,753

 

Gross profit (loss)

 

 

(2,897

)

 

 

2,536

 

 

 

(5,712

)

 

 

5,068

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

4,545

 

 

 

12,238

 

 

 

9,588

 

 

 

22,655

 

Selling and marketing

 

 

4,273

 

 

 

6,108

 

 

 

9,082

 

 

 

12,282

 

General and administrative

 

 

8,805

 

 

 

9,896

 

 

 

17,588

 

 

 

20,087

 

Total operating expenses

 

 

17,623

 

 

 

28,242

 

 

 

36,258

 

 

 

55,024

 

Loss from operations

 

 

(20,520

)

 

 

(25,706

)

 

 

(41,970

)

 

 

(49,956

)

Interest expense

 

 

(5,463

)

 

 

(344

)

 

 

(9,360

)

 

 

(564

)

Gain (loss) on fair value of warrants

 

 

25,310

 

 

 

828

 

 

 

22,690

 

 

 

(1,725

)

Gain (loss) on fair value of contingent earnout liabilities

 

 

1,824

 

 

 

1,843

 

 

 

1,387

 

 

 

(7,810

)

Other income, net

 

 

(1,327

)

 

 

178

 

 

 

(1,233

)

 

 

529

 

Income (loss) before provision for income taxes

 

 

(176

)

 

 

(23,201

)

 

 

(28,486

)

 

 

(59,526

)

Provision for income taxes

 

 

4

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(172

)

 

$

(23,201

)

 

$

(28,486

)

 

$

(59,526

)

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.02

)

 

$

(4.10

)

 

$

(3.55

)

 

$

(10.63

)

Diluted

 

$

(0.02

)

 

$

(4.10

)

 

$

(3.55

)

 

$

(10.63

)

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

8,475,386

5,659,601

8,015,722

5,598,386

Diluted

8,475,386

5,659,601

8,015,722

5,598,386

 

 

 

 

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

 

 

June 30,

 

December 31,

 

 

2024

 

2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

2,462

 

 

$

24,494

 

Short-term investments

 

 

699

 

 

 

6,621

 

Accounts receivable, net

 

 

8,338

 

 

 

9,583

 

Inventories

 

 

59,521

 

 

 

60,816

 

Contract assets

 

 

8,861

 

 

 

7,510

 

Prepaid expenses and other current assets

 

 

2,289

 

 

 

4,000

 

Total current assets

 

 

82,170

 

 

 

113,024

 

Property and equipment, net

 

 

14,186

 

 

 

16,326

 

Equipment on lease, net

 

 

3,958

 

 

 

6,667

 

Other assets

 

 

16,338

 

 

 

17,782

 

Total assets

 

$

116,652

 

 

$

153,799

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

14,008

 

 

$

15,854

 

Accrued expenses and other current liabilities

 

 

5,864

 

 

 

6,491

 

Debt – current portion

 

 

24,592

 

 

 

21,191

 

Contract liabilities

 

 

4,090

 

 

 

5,135

 

Total current liabilities

 

 

48,554

 

 

 

48,671

 

Long-term debt – less current portion

 

 

 

 

 

11,941

 

Contingent earnout liabilities

 

 

69

 

 

 

1,456

 

Warrant liabilities

 

 

4,933

 

 

 

11,835

 

Other noncurrent liabilities

 

 

10,977

 

 

 

11,556

 

Total liabilities

 

 

64,533

 

 

 

85,459

 

Commitments and contingencies (Note 13)

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock, $0.00001 par value - 500,000,000 shares authorized at June 30, 2024 and December 31, 2023, 8,611,219 and 7,502,478 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

437,642

 

 

 

425,471

 

Accumulated other comprehensive loss

 

 

(2

)

 

 

(96

)

Accumulated deficit

 

 

(385,523

)

 

 

(357,037

)

Total stockholders’ equity

 

 

52,119

 

 

 

68,340

 

Total liabilities and stockholders’ equity

 

$

116,652

 

 

$

153,799

 

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Six Months Ended June 30,

 

 

2024

 

2023

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(28,486

)

 

$

(59,526

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

Depreciation and amortization

 

 

2,707

 

 

 

2,983

 

Amortization of debt discount and deferred financing costs

 

 

8,281

 

 

 

43

 

Stock-based compensation

 

 

9,334

 

 

 

12,771

 

(Gain) loss on fair value of warrants

 

 

(22,690

)

 

 

1,725

 

(Gain) loss on fair value of contingent earnout liabilities

 

 

(1,387

)

 

 

7,810

 

Non-cash cost of issuance of common stock warrants on BEPO Offering

 

 

1,313

 

 

 

 

Realized loss on available for sale securities

 

 

21

 

 

 

 

Changes in assets and liabilities

 

 

 

 

Accounts receivable

 

 

1,245

 

 

 

(5,099

)

Inventories

 

 

3,891

 

 

 

3,538

 

Contract assets

 

 

(1,351

)

 

 

(8,323

)

Prepaid expenses and other current assets

 

 

1,871

 

 

 

3,609

 

Other assets

 

 

1,369

 

 

 

292

 

Accounts payable

 

 

(2,391

)

 

 

(1,716

)

Accrued expenses and other liabilities

 

 

(595

)

 

 

(6,249

)

Contract liabilities

 

 

(345

)

 

 

(9,422

)

Other noncurrent liabilities

 

 

(1,279

)

 

 

(1,214

)

Net cash used in operating activities

 

 

(28,492

)

 

 

(58,778

)

Cash flows from investing activities

 

 

 

 

Purchase of property and equipment

 

 

(8

)

 

 

(690

)

Production of equipment for lease to customers

 

 

 

 

 

(3,694

)

Sales of available for sale securities

 

 

2,474

 

 

 

 

Proceeds from maturity of available-for-sale investments

 

 

3,500

 

 

 

29,984

 

Net cash provided by investing activities

 

 

5,966

 

 

 

25,600

 

Cash flows from financing activities

 

 

 

 

Proceeds from ATM offering, net of issuance costs

 

 

 

 

 

15,591

 

Proceeds from revolver facility

 

 

 

 

 

14,000

 

Proceeds from equipment loans

 

 

 

 

 

1,600

 

Repayment of equipment loans

 

 

 

 

 

(1,467

)

Proceeds from BEPO Offering, net of issuance costs

 

 

10,675

 

 

 

 

Repayment of secured notes

 

 

(10,500

)

 

 

 

Issuance of common stock upon exercise of stock options

 

 

315

 

 

 

350

 

Net cash provided by financing activities

 

 

490

 

 

 

30,074

 

Effect of exchange rate changes on cash and cash equivalents

 

 

4

 

 

 

(11

)

Net change in cash and cash equivalents

 

 

(22,032

)

 

 

(3,115

)

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

 

$

3,262

 

 

$

29,668

 

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:

 

 

June 30,

 

 

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

2,462

 

 

$

28,868

 

Restricted cash (Other assets)

 

 

800

 

 

 

800

 

Total cash and cash equivalents and restricted cash

 

$

3,262

 

 

$

29,668

 

 

Contacts

Investor Relations:
Velo3D
Bob Okunski, VP Investor Relations
investors@velo3d.com

Media Contact:
Velo3D
Dan Sorensen, Senior Director of PR
dan.sorensen@velo3d.com

Contacts

Investor Relations:
Velo3D
Bob Okunski, VP Investor Relations
investors@velo3d.com

Media Contact:
Velo3D
Dan Sorensen, Senior Director of PR
dan.sorensen@velo3d.com