Board of Directors Cites Strategic Re-Alignment
Success and Improved Business Momentum Over the Last 6 Months
Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing
technology company for mission-critical metal parts, today
announced that its Board of Directors has formally appointed Brad
Kreger, who has been serving as the company’s Interim Chief
Executive Officer since December 2023, as the company’s permanent
Chief Executive Officer. The Board of Directors cited the success
of Velo3D’s re-alignment initiatives under Mr. Kreger as well as
his implementation of strategic initiatives that have resulted in
business momentum over the last 6 months.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240617133784/en/
Brad Kreger has been formally appointed
as permanent Chief Executive Officer of Velo3D by the company's
board of directors. Prior to being appointed as Interim Chief
Executive Officer, Mr. Kreger served as EVP of Operations. (Photo:
Business Wire)
“I am pleased to announce the Board has appointed Mr. Kreger as
permanent Chief Executive Officer,” said Carl Bass, Chairman of the
Board of Velo3D. “Under Mr. Kreger’s leadership, the company has
executed on its re-alignment initiatives, materially reduced its
cost structure and improved overall operating efficiency. At the
same time, his customer-first go-to-market strategy has resulted in
an acceleration of orders from both new and existing customer,
reflecting confidence in the company’s technology as well as in its
initiatives to improve customer satisfaction. We firmly believe Mr.
Kreger has the right qualities and experience to position Velo3D
for future success.”
Key highlights related to the company’s strategic initiatives
(as of March 31, 2024) are as follows:
- Ensuring customer success / system reliability – resolved 100%
of high priority tickets in the first quarter of 2024
- Increased revenue 1H24 visibility through bookings growth – $27
million in new orders booked since mid-December, with approximately
50% of orders from existing customers
- Improved Sapphire printer quality – reduced system installation
time by >40% over the last 6 months
- Improved cash flow – successfully reduced year over year
operating expenses by 30%, expect sequential quarterly improvement
in operating cash flow for FY 2024
“I would like to thank the Board for their confidence in me, and
I remain very excited about our opportunity in additive
manufacturing that is transforming key industries, like defense,
aerospace, and energy,” said Kreger. “Overall, I am very pleased
with our strategic execution so far this year. We are successfully
rebuilding our backlog and pipeline as we booked $27 million in new
orders from mid-December 2023 through the first quarter of 2024,
with $22 million of backlog going into the second quarter of 2024.
I am especially encouraged by our increasing opportunities in the
defense sector as we are the only U.S. based AM manufacturer that
can meet the high quality and complexity requirements of this
industry. Also, our efforts to improve system reliability are
paying off as we are seeing increased orders from existing
customers as well as continuing to execute on our cost realignment
programs to improve margins and cash flow. We firmly believe we are
well positioned to profitably capitalize on the increasing industry
demand for leading-edge additive manufacturing solutions.”
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 X (formerly known
as 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.
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 company’s bookings which may not lead to completed
sales, anticipated reductions in the company’s operational
expenses, the company’s expectations regarding improvements in
operating cash flow, the company's expectations regarding its
performance during 2024, the company's strategic realignment and
initiatives, 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 company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended March 31, 2024, which was filed by the
company with the SEC on May 15, 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 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 regain
compliance with and satisfy New York Stock Exchange Listing rules;
(5) the company’s ability to raise additional capital in the
future; (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 company’s Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2024, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240617133784/en/
Investor Relations: Velo3D Bob Okunski, VP Investor
Relations investors@velo3d.com
Media Contact: Velo3D Dan Sorensen, Senior Director of PR
press@velo3d.com
Grafico Azioni Velo3D (NYSE:VLD)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Velo3D (NYSE:VLD)
Storico
Da Gen 2024 a Gen 2025
