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.
- Reconciliations to U.S. generally accepted accounting
principles (GAAP) financial measures are presented below under
“Non-GAAP Financial Information”.
- 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240326406843/en/
Investor Relations: Velo3D Bob Okunski, VP Investor Relations
investors@velo3d.com
Media Contact: Velo3D Dan Sorensen, Senior Director of PR
dan.sorensen@velo3d.com
Grafico Azioni Velo3D (NYSE:VLD)
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Da Dic 2024 a Gen 2025
Grafico Azioni Velo3D (NYSE:VLD)
Storico
Da Gen 2024 a Gen 2025
