Appoints Hull Xu as Chief Financial Officer
Re-alignment Initiatives Remain on Plan
Velo3D, Inc. (NYSE: VLD) (the “Company” or
“Velo3D”), a leading metal additive manufacturing technology
company for mission-critical parts, today announced changes to its
leadership structure as well as that its re-alignment initiatives
to maximize cash flow and operational efficiency remain on
plan.
The Company has appointed Hull Xu as its new Chief Financial
Officer, replacing acting CFO Bernard Chung, who will leave the
Company on April 29, 2024 following the acceptance of another
opportunity. Mr. Xu brings more than 15 years of corporate finance
experience in the technology industry, most recently with Cepton,
Inc. as Chief Financial Officer as well as significant capital
markets and investment banking experience at the Royal Bank of
Canada, Barclays Capital, and GE Capital. He will be responsible
for the Company’s finance, accounting, treasury, corporate
development, and investor relations activities. Mr. Xu holds an
M.B.A. from the Haas School of Business at the University of
California, Berkeley, an M.S. in Electrical Engineering from
Stanford University and a B.S. in Electrical Engineering from the
University of California, Davis.
Additionally, Michelle Sidwell, the company’s Executive Vice
President of Global Sales and Business Development has been
appointed to the newly created position of Chief Commercial Officer
to unify sales, product strategy, and the company’s customer
service initiatives. She will now oversee the company’s sales,
marketing, customer service and business development organizations.
The company also announced that Renette Youssef, Chief Marketing
Officer, will be leaving the company to pursue other
opportunities.
“We are excited to announce the appointment of Hull as Chief
Financial Officer. He is a highly accomplished financial executive
who brings more than 15 years in financial, operating and capital
market experience to Velo3D and his knowledge will be critical in
the execution of our strategic priorities,” said Brad Kreger, CEO
of Velo3D. “I would also like to thank Bernie for his dedication
and guidance, especially over the last 6 months, as we positioned
the Company for future success and wish him the best of luck in his
future endeavors.”
“Additionally, we are also pleased to announce the appointment
of Michelle Sidwell as our Chief Commercial Officer. Michelle has
been instrumental in rebuilding our bookings pipeline in addition
to working tirelessly to improve the success of our customers. We
believe that by combining all customer facing responsibilities into
one organization, we will improve organizational efficiency,
accelerate our ability to respond to customer feedback and provide
a comprehensive go to market approach.”
“Overall, I am very pleased with our strategic initiative
execution so far this year. We are successfully rebuilding our
backlog and pipeline as we booked $27 million in new orders since
mid-December 2023. Also, our efforts to improve system reliability
are paying off as we are seeing increased orders from existing
customers while rapidly expanding our footprint in the defense
sector. Finally, we are continuing to execute on our cost
realignment programs to improve margins and cash flow.”
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 Twitter.
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, statements
regarding the timing, size and expected gross proceeds of the
offering, the satisfaction of customary closing conditions related
to the Company’s bookings and backlog which may not lead to
completed sales, the Company’s expectations regarding its margins
and cash flow, and the Company’s other expectations, hopes,
beliefs, intentions, or strategies for the future. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. You should carefully consider
the risks and uncertainties described in the “Risk Factors” section
of the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2023 (the “FY 2023 10-K”), which was filed by
the Company with the SEC on April 3, 2024 and the other documents
filed by the Company from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Most of these
factors are outside the Company’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (1) the inability of the Company to execute its
business plan, which may be affected by, among other things,
competition, the ability of the Company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its key employees; (2) the period over which the Company
anticipates its existing cash and cash equivalents will be
sufficient to fund its operating expenses and capital expenditure
requirements and 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 satisfy New York Stock
Exchange Listing rules; (5) changes in the applicable laws or
regulations; (6) the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
(7) the lingering effects of the global COVID-19 pandemic; and (8)
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.
Velo, Velo3D, Sapphire, and Intelligent Fusion, are registered
trademarks of Velo3D, Inc. Without Compromise, Flow, Flow
Developer, and Assure, are trademarks of Velo3D, Inc.
All Rights Reserved © Velo3D, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20240422335242/en/
Media Contact: Dan Sorensen, Senior Director of Public Relations
press@velo3d.com
Investor Relations: Bob Okunski, VP Investor Relations
investors@velo3d.com
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