Strategic Realignment Positions the Company for
Profitability Goal in FY 2024
- Q323 revenue of $24 million – 26% year over year increase
- Significant free cash flow progress – 30% sequential
improvement
- Completed >20% reduction in force – >15% quarterly opex
savings expected
- Strong liquidity position – ended Q323 with $72M in cash
- Updated 2023 revenue guidance of $91 to $103M – result of
delays in booking certain orders / impact of realignment
initiatives
Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing
technology company for mission-critical metal parts, today
announced financial results for its fiscal third quarter ended
September 30, 2023.
“Our third quarter results reflect solid execution as we posted
year over year revenue growth of 26%, significantly improved our
free cash flow1 on a sequential basis and prudently managed our
operational expenses,” said Benny Buller, CEO of Velo3D. “However,
while we are proud of our significant success over the last two
years resulting from the increasing acceptance of our Sapphire
technology, we now believe our industry leading growth has come at
the expense of cash flow, profitability and our commitment to the
highest level of customer service. As a result, in October 2023, we
made the strategic decision to realign our operations to pivot from
emphasizing top line growth to optimizing free cash flow,
maximizing customer success, reducing expenditures, and improving
our operational efficiency. We firmly believe that this strategy
will ensure the company will have the liquidity it needs to achieve
its profitability goal in 2024.
“Specifically, we expect this realignment to lower our overall
cost structure by approximately 40%, by the first quarter of 2024,
including reductions in operating and facilities expenses.
Additionally, we have also implemented new go-to-market and service
strategies to rebuild our bookings and backlog pipeline which came
in below our plan for the third quarter. With the early success of
these programs, we expect to resume bookings growth in the fourth
quarter for fiscal year 2024 deliveries. However, given the delays
in certain fourth quarter orders, as well as the impact of our
realignment, we now see our fiscal year 2023 revenue to be in the
range of $91 million to $103 million.
“We remain excited about the significant future opportunity for
the additive manufacturing industry as companies continue to choose
Velo3D to produce their mission critical, high value metal parts.
With our realignment focused on free cash flow and our expected
bookings growth, we believe we are well positioned to execute on a
profitable growth strategy in 2024.”
($ in Millions, except percentages and
per-share data)
3rd Quarter
2023
2nd Quarter
2023
3rd Quarter
2022
GAAP revenue
$24.1
$25.1
$19.1
GAAP gross margin
7.2%
11.9%
(0.6%)
GAAP net loss1
($17.1)
($23.2)
($75.2)
GAAP net loss per diluted share
($0.09)
($0.12)
($0.41)
Non-GAAP net loss2
($18.9)
($19.3)
($22.5)
Non-GAAP net loss per diluted share2
($0.10)
($0.10)
($0.12)
Cash and Investments
$72
$47
$113
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 September 30, 2023, June 30, 2023 and September 30,
2022.
Summary of Third Quarter 2023 results
Revenue for the third quarter was $24.1 million, an increase of
26% year over year. Compared to the third quarter of 2022, Year of
Sale revenue2 improvement was driven by a higher average selling
price due to higher transaction pricing and a more favorable
Sapphire XC system product mix. On a sequential basis, Year of Sale
revenue declined primarily due to delayed shipments as well as
lower transaction pricing resulting from a shift in product mix.
Support service and recurring payment revenue of $2.4 million was
in line with the third quarter of 2022.
Gross margin for the third quarter was 7.2%, down sequentially,
primarily driven by reduced system volume, increased inventory
costs as well as a lower average selling price resulting from a
sequential shift in product mix. The company expects gross margin
to rise in the fourth quarter, though the level of increase is
dependent on the expansion of its average selling price, execution
on its material reduction initiatives and improvements in its
manufacturing efficiency.
Operating expenses for the third quarter were $26.7 million
compared to $28.7 million in the second quarter of 2023. The
decrease in operating expenses was driven primarily by a $2.6
million reduction in research and development related to the
rationalization of new product development programs. Sales and
marketing and administrative costs were in line with company
expectations. Non-GAAP operating expenses, which excludes
stock-based compensation expense of $6.7 million, was $20.0
million, down approximately 10% sequentially. The company expects
non-GAAP quarterly operating expenses to decline by approximately
40% 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 $17.1 million and reflected a gain
of $8.7 million on the fair value of warrants, contingent earnout
and debt derivative liabilities. Non-GAAP net loss, which excludes,
among other items, the gain on fair value of warrants, contingent
earnout and debt derivative liabilities as well as stock-based
compensation expense, was $18.9 million in the three months ended
September 30, 2023. Adjusted EBITDA for the quarter, excluding the
same metrics, was a loss of $16.3 million. For more information
regarding the company’s non-GAAP financial measures, see “Non-GAAP
Financial Information” below.
The company ended the quarter with a solid balance sheet with
$72 million in cash and investments. Free cash flow for the quarter
was ahead of the company's forecasts and the company expects
sequential improvement in cash flow through the first half of
2024.
_______________ 1 Free cash flow refers to cash flow from
operations excluding financing activities. 2 Year of sale revenue
refers to revenue from all units shipped within the calendar
year.
Guidance
The company expects its fourth quarter to be a transition period
as it focuses on the execution of its realignment strategy. As a
result of the impact of our realignment and delays in certain
fourth quarter bookings, the company now expects 2023 revenue to be
in the range of $91-$103 million compared to its previous guidance
of $105-$115 million. The company believes its realignment strategy
will extend its ability to achieve its profitability goals in 2024,
including achieving free cash flow breakeven in the second quarter
of 2024.
For the fourth quarter of 2023, the company expects the
following:
- Revenue in the range of $15 million to $27 million
- Gross margin in the range of 5% to 17%, excluding non-recurring
charges related to its cost reduction initiatives
For the fiscal year 2023, the company’s updated guidance is as
follows:
- Revenue in the range of $91 million to $103 million
- Gross margin in the range of 9% to 12%, excluding non-recurring
charges related to its cost reduction initiatives
The company will host a conference call for investors this
afternoon to discuss its third quarter 2023 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 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 September 30, 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
September 30, 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 2022 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 September
30, 2023, June 30, 2023, September 30, 2022 and June 30, 2022 and
the nine months ended September 30, 2023 and September 30,
2022:
Velo3D, Inc.
NON-GAAP Net Income (Loss)
Reconciliation
(Unaudited)
Three months ended Nine months ended Three
months ended September 30, 2023 September 30,
2022 September 30, 2023 September 30, 2022
June 30, 2023 June 30, 2022 (In thousands, except for
percentages)
% of Rev % of Rev % of Rev %
of Rev % of Rev % of Rev Revenue
$
24,058
100.0
%
$
19,115
100.0
%
$
76,006
100.0
%
$
50,977
100.0
%
$
25,134
100.0
%
$
19,644
100.0
%
Gross Profit
1,738
7.2
%
(121
)
(0.6
)%
7,643
10.1
%
1,126
2.2
%
2,980
11.9
%
1,232
6.3
%
Net Income (Loss)
$
(17,146
)
(71.3
)%
$
(75,195
)
(393.4
)%
$
(76,545
)
(100.7
)%
$
(12,587
)
(24.7
)%
$
(23,201
)
(92.3
)%
$
127,950
651.3
%
Stock-based compensation
6,707
27.9
%
5,157
27.0
%
19,478
25.6
%
15,090
29.6
%
6,535
26.0
%
4,976
25.3
%
(Gain) Loss on fair value of warrants
(1,587
)
(6.6
)%
6,612
34.6
%
138
0.2
%
(11,039
)
(21.7
)%
(828
)
(3.3
)%
(23,665
)
(120.5
)%
(Gain) Loss on fair value of contingent earnout liabilities
(10,810
)
(44.9
)%
40,885
213.9
%
(3,000
)
(3.9
)%
(58,110
)
(114.0
)%
(1,843
)
(7.3
)%
(130,227
)
(662.9
)%
Loss on fair value of debt derivative
3,648
15.2
%
—
—
%
3,648
4.8
%
—
—
%
—
—
%
—
—
%
Loss on extinguishment of debt
253
1.1
%
—
—
%
253
0.3
%
—
—
%
—
—
%
—
—
%
Non-GAAP Net Loss
$
(18,935
)
(78.7
)%
$
(22,541
)
(117.9
)%
$
(56,028
)
(73.7
)%
$
(66,646
)
(130.7
)%
$
(19,337
)
(76.9
)%
$
(20,966
)
(106.7
)%
Velo3D, Inc.
NON-GAAP Adjusted EBITDA
Reconciliation
(Unaudited)
Three months ended Nine months ended Three
months ended September 30, 2023 September 30,
2022 September 30, 2023 September 30, 2022
June 30, 2023 June 30, 2022 (In thousands, except for
percentages)
% of Rev % of Rev % of Rev %
of Rev % of Rev % of Rev Revenue
$
24,058
100.0
%
$
19,115
100.0
%
$
76,006
100.0
%
$
50,977
100.0
%
$
25,134
100.0
%
$
19,644
100.0
%
Net Income (Loss)
(17,146
)
(71.3
)%
(75,195
)
(393.4
)%
(76,545
)
(100.7
)%
(12,587
)
(24.7
)%
(23,201
)
(92.3
)%
127,950
651.3
%
Interest expense
1,107
4.6
%
129
0.7
%
1,671
2.2
%
362
0.7
%
344
1.4
%
92
0.5
%
Tax expense
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
Depreciation and amortization
1,490
6.2
%
1,220
6.4
%
4,516
5.9
%
3,328
6.5
%
1,466
5.8
%
1,087
5.5
%
EBITDA
$
(14,549
)
(60.5
)%
$
(73,846
)
(386.3
)%
$
(70,358
)
(92.6
)%
$
(8,897
)
(17.5
)%
$
(21,391
)
(85.1
)%
$
129,129
657.3
%
Stock-based compensation
6,707
27.9
%
5,157
27.0
%
19,478
25.6
%
15,090
29.6
%
6,535
26.0
%
4,976
25.3
%
(Gain) Loss on fair value of warrants
(1,587
)
(6.6
)%
6,612
34.6
%
138
0.2
%
(11,039
)
(21.7
)%
(828
)
(3.3
)%
(23,665
)
(120.5
)%
(Gain) Loss on fair value of contingent earnout liabilities
(10,810
)
(44.9
)%
40,885
213.9
%
(3,000
)
(3.9
)%
(58,110
)
(114.0
)%
(1,843
)
(7.3
)%
(130,227
)
(662.9
)%
Loss on fair value of debt derivative
3,648
15.2
%
—
—
%
3,648
4.8
%
—
—
%
—
—
%
—
—
%
Loss on extinguishment of debt
253
1.1
%
—
—
%
253
0.3
%
—
—
%
—
—
%
—
—
%
Adjusted EBITDA
$
(16,338
)
(67.9
)%
$
(21,192
)
(110.9
)%
$
(49,841
)
(65.6
)%
$
(62,956
)
(123.5
)%
$
(17,527
)
(69.7
)%
$
(19,787
)
(100.7
)%
Velo3D, Inc.
NON-GAAP Adjusted Operating
Expenses Reconciliation
(Unaudited)
Three months ended Nine months ended Three
months ended September 30, 2023 September 30,
2022 September 30, 2023 September 30, 2022
June 30, 2023 June 30, 2022 (In thousands, except for
percentages)
% of Rev % of Rev % of Rev %
of Rev % of Rev % of Rev Revenue
$
24,058
100.0
%
$
19,115
100.0
%
$
76,006
100.0
%
$
50,977
100.0
%
$
25,134
100.0
%
$
19,644
100.0
%
Operating expenses Research and development
9,819
40.8
%
12,558
65.7
%
32,820
43.2
%
38,438
75.4
%
12,454
49.6
%
12,965
66.0
%
Selling and marketing
5,772
24.0
%
5,632
29.5
%
18,054
23.8
%
17,864
35.0
%
6,108
24.3
%
6,249
31.8
%
General and administrative
11,118
46.2
%
9,642
50.4
%
31,569
41.5
%
27,191
53.3
%
10,124
40.3
%
8,259
42.0
%
Total operating expenses
26,709
111.0
%
27,832
145.6
%
82,443
108.5
%
83,493
163.8
%
28,686
114.1
%
27,473
139.9
%
Stock-based compensation
6,707
27.9
%
5,157
27.0
%
19,478
25.6
%
15,090
29.6
%
6,535
26.0
%
4,976
25.3
%
Adjusted operating expenses
$
20,002
83.1
%
$
22,675
118.6
%
$
62,965
82.8
%
$
68,403
134.2
%
$
22,151
88.1
%
$
22,497
114.5
%
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in thousands, except share and per share data)
Three
months ended Nine months ended September 30, 2023
June 30, 2023 September 30, 2022 September 30,
2023 September 30, 2022 Revenue 3D Printer
$
21,678
$
23,190
$
16,537
$
69,443
$
44,336
Recurring payment
531
35
1,183
1,141
3,042
Support services
1,849
1,909
1,395
5,422
3,599
Total Revenue
24,058
25,134
19,115
76,006
50,977
Cost of revenue Cost of 3D Printer
20,273
19,728
16,574
61,975
42,686
Cost of Recurring Payment
111
335
656
893
2,059
Cost of Support Services
1,936
2,091
2,006
5,495
5,106
Total cost of revenue
22,320
22,154
19,236
68,363
49,851
Gross profit
1,738
2,980
(121
)
7,643
1,126
Operating expenses Research and development
9,819
12,454
12,558
32,820
38,438
Selling and marketing
5,772
6,108
5,632
18,054
17,864
General and administrative
11,118
10,124
9,642
31,569
27,191
Total operating expenses
26,709
28,686
27,832
82,443
83,493
Loss from operations
(24,971
)
(25,706
)
(27,953
)
(74,800
)
(82,367
)
Interest expense
(1,107
)
(344
)
(129
)
(1,671
)
(362
)
Gain (loss) on fair value of warrants
1,587
828
(6,612
)
(138
)
11,039
Gain (loss) on fair value of contingent earnout liabilities
10,810
1,843
(40,885
)
3,000
58,110
Loss on fair value of debt derivative
(3,648
)
—
—
(3,648
)
—
Loss on extinguishment of debt
(253
)
—
—
(253
)
—
Other income, net
436
178
384
965
993
Loss before provision for income taxes
(17,146
)
(23,201
)
(75,195
)
(76,545
)
(12,587
)
Provision for income taxes
—
—
—
—
—
Net loss
(17,146
)
(23,201
)
(75,195
)
(76,545
)
(12,587
)
Net loss per share: Basic
$
(0.09
)
$
(0.12
)
$
(0.41
)
$
(0.39
)
$
(0.07
)
Diluted
$
(0.09
)
$
(0.12
)
$
(0.41
)
$
(0.39
)
$
(0.07
)
Shares used in computing net loss per share: Basic
197,833,109
193,917,908
185,560,177
193,816,804
184,454,371
Diluted
197,833,109
193,917,908
185,560,177
193,816,804
184,454,371
Net loss
$
(17,146
)
$
(23,201
)
$
(75,195
)
$
(76,545
)
$
(12,587
)
Net unrealized holding gain (loss) on available-for-sale
investments
149
148
(178
)
585
(1,121
)
Other comprehensive loss
$
(16,997
)
$
(23,053
)
$
(75,373
)
$
(75,960
)
$
(13,708
)
Velo3D, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share and per share data)
September 30, December 31,
2023
2022
(in thousands, except share and per share data) Assets Current
assets: Cash and cash equivalents
$
58,131
$
31,983
Short-term investments
13,468
48,214
Accounts receivable, net
12,597
9,185
Inventories
81,159
71,202
Contract assets
15,901
6,805
Prepaid expenses and other current assets
2,515
5,533
Total current assets
183,771
172,922
Property and equipment, net
17,430
19,812
Equipment on lease, net
7,020
9,070
Other assets
21,782
23,310
Total assets
$
230,003
$
225,114
Liabilities and Stockholders' Equity Current liabilities:
Accounts payable
13,135
12,207
Accrued expenses and other current liabilities
11,215
15,877
Debt - current portion
30,188
2,775
Contract liabilities
4,597
15,194
Total current liabilities
59,134
46,053
Long-term debt - less current portion
8,396
5,422
Debt derivative
31,166
—
Contingent earnout liabilities
14,414
17,414
Warrant liabilities
2,883
2,745
Other noncurrent liabilities
10,805
12,634
Total liabilities
$
126,798
$
84,268
Commitments and contingencies Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at
September 30, 2023 and December 31, 2022, 200,314,984 and
187,561,368 shares issued and outstanding as of September 30, 2023
and December 31, 2022, respectively
2
2
Additional paid-in capital
399,847
361,528
Accumulated other comprehensive income
(252
)
(837
)
Accumulated deficit
(296,392
)
(219,847
)
Total stockholders’ equity
$
103,205
$
140,846
Total liabilities and stockholders’ equity
$
230,003
$
225,114
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) (In thousands) Nine
Months Ended September 30, 2023 September 30,
2022 Cash flows from operating activities Net loss
(76,545
)
(12,587
)
Adjustments to reconcile net loss to net cash used in operating
activities Depreciation and amortization
4,516
3,328
Stock-based compensation
19,478
15,090
(Gain) loss on fair value of warrants
138
(11,039
)
Gain on fair value of contingent earnout liabilities
(3,000
)
(58,110
)
Loss on fair value of debt derivative
3,648
—
Loss on debt extinguishment
253
—
Changes in assets and liabilities Accounts receivable
(3,412
)
(8,144
)
Inventories
(3,873
)
(41,807
)
Contract assets
(9,096
)
(2,096
)
Prepaid expenses and other current assets
3,503
7,342
Other assets
1,503
1,970
Accounts payable
(1,422
)
1,177
Accrued expenses and other liabilities
(4,382
)
10,148
Contract liabilities
(10,597
)
3,789
Other noncurrent liabilities
(1,829
)
(1,215
)
Net cash used in operating activities
(81,117
)
(92,154
)
Cash flows from investing activities Purchase of property
and equipment
(1,072
)
(12,228
)
Production of equipment for lease to customers
(2,965
)
(4,174
)
Purchases of available-for-sale investments
—
(87,655
)
Proceeds from maturities of available-for-sale investments
35,092
29,550
Net cash provided by (used in) investing activities
31,055
(74,507
)
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 convertible note, net of issuance cost
65,736
—
Proceeds from ATM offering, net of issuance costs
18,431
—
Proceeds from revolver facility
14,000
—
Proceeds from equipment loans
1,600
—
Repayment of term loan
(17,000
)
—
Repayment of property and equipment loan
(6,956
)
(355
)
Issuance of common stock upon exercise of stock options
410
1,243
Net cash provided by (used in) financing activities
76,221
(537
)
Effect of exchange rate changes on cash and cash equivalents
(11
)
(57
)
Net change in cash and cash equivalents
26,148
(167,255
)
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
$
58,931
$
41,147
Supplemental disclosure of cash flow information Cash
paid for interest
$
1,123
$
253
Supplemental disclosure of non-cash information Unpaid
liabilities related to property and equipment
27
—
Equipment for lease to customers returned to inventory
4,198
2,619
Issuance of common stock warrants in connection with refinancing
—
170
Nine Months Ended September 30, 2023
September 30, 2022 Cash and cash equivalents
$
58,131
$
40,347
Restricted cash (Other assets)
800
800
Total cash and cash equivalents, and restricted cash
$
58,931
$
41,147
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231106134225/en/
Investor Relations: Velo3D Bob Okunski, VP Investor Relations
investors@velo3d.com
Media Contact: Velo3D Dan Sorensen, Senior Director of PR
press@velo3d.com
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