- Completed merger transaction to become publicly traded
company
- Strong revenue growth – 23% sequential increase from Q2
- Shipments up 50% YTD – 15 in 2021 vs 10 in 2020
- Strong third quarter bookings - 10 systems in Q3 vs 6 in
Q2
- Market expansion into Europe – first system shipped to EU
customer
- Sapphire® XC development program on track – first customer
parts printed in Q3
- Significant backlog for 2022 – 17 XC firm orders, $85M total
bookings/pre-orders
Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing
technology company for mission-critical metal parts, today
announced financial results for its third quarter ended September
30, 2021.
“Our strong third quarter results reflect increasing demand for
our industry changing end-to-end Sapphire® solution which is
redefining the production of high value metal parts for mission
critical applications”, said Benny Buller, CEO of Velo3D. “We
remain committed to helping our customers design and build the
parts they need—without compromise. With the upcoming release of
our Sapphire® XC solution, we intend to accelerate the deployment
of the next generation technologies our customers are
creating.”
“One of the key highlights for the quarter was the closing of
our merger with JAWS Spitfire. This merger was a huge milestone for
the Company, enabling us to become a publicly traded company and
generating approximately $274 million of net cash proceeds from the
transaction. We believe we now have the liquidity to continue to
invest in driving technology innovation while providing the
resources needed to fund our future growth plans”.
“Operationally, we were also pleased with our strong growth
momentum as we exceeded our revenue target and posted very strong
bookings for the quarter. Demand for our new Sapphire® XC system
continues to grow strongly with bookings of $40 million and
pre-orders of $45 million at the end of October. We are also on
plan for our first customer shipment of our Sapphire® XC system by
the end of the year. The third quarter also marked another
strategic milestone for the Company as we shipped our first system
to a European customer, expanding our footprint to a market that we
believe offers significant long-term opportunity. Finally, we
continue to invest for future growth as we build out our new
manufacturing facility which we expect to open by the end of the
year. We expect this expansion will be a key driver of our 2022
growth and will provide us with the capacity to meet our demand
forecasts through 2024”, continued Buller.
“Given our industry leading technology, increasing demand from
our diverse customer base, strong balance sheet and a focus on
maintaining our commitment to quality, we believe we are well
positioned for future growth as we continue to push the boundaries
of what is achievable with metal additive manufacturing”, concluded
Buller.
($ Millions, except percentages and
per-share data)
3rd Quarter 2021
2nd Quarter 2021
3rd Quarter 2020
GAAP revenue
$8.7
$7.1
$2.3
GAAP gross margin
17%
31%
21%
GAAP net income (loss)1
($66.6)
($12.5)
($7.1)
GAAP net income (loss) per diluted
share
($3.36)
($0.78)
($0.44)
Non-GAAP net income (loss)2
($14.6)
($10.0)
($6.6)
Non-GAAP net income (loss) per diluted
share2
($0.74)
($0.62)
($0.42)
Cash
$297
$12
$22
Information about Velo3d’s use of
non-GAAP information, including a reconciliation to U.S. GAAP, is
provided at the end of this release
1.
Third quarter 2021 results include $51 million extraordinary
charge related to the loss on fair value on the convertible note
modification in conjunction with the JAWS Spitfire merger
transaction
2.
Reconciliations to U.S. generally accepted accounting
principles (GAAP) financial measures are presented below under
“Non-GAAP Financial Information”. Non-GAAP net income (loss) and
non-GAAP net income (loss) per diluted share exclude stock-based
compensation expense, fair value adjustment for the Company’s
warrants and earnout liabilities and charge related to the loss on
fair value on the convertible note modification
Summary of Third Quarter results
Revenue for the third quarter was $8.7 million, an increase of
22% compared to the second quarter of 2021. The improvement in
revenue was driven primarily by higher Sapphire® system sales.
Additionally, recurring revenue for the third quarter rose 34%
compared to the second quarter as the Company continued to benefit
from its expanding installed base of systems.
The Company shipped 5 systems in the third quarter and 15 year
to date. Year to date shipments rose 50% compared to the same time
period in 2020. This increase reflects the Company’s repeat
purchases by existing customers and its expanding customer base,
with the addition of nine new customers so far in 2021, more than
doubling the Company’s customer base since year end 2020. Finally,
the Company increased its revenue visibility for the fourth quarter
and fiscal year 2022 as it had booked 10 systems, compared to five
in the second quarter and 20 for all of 2020.
Gross margin for the quarter was 17% and reflected the impact of
increased overhead expenses, primarily related to under absorbed
production and service network costs as the Company scaled up its
operations in anticipation of strong growth in 2022, new metal
development costs and higher than anticipated material and shipping
expenses. The Company also increased its spend for customer system
upgrades to improve performance and quality. The Company believes
that these continued investments will increase its addressable
market, improve customer utilization rates and position the Company
for growth in 2022.
Operating expenses for the quarter rose 18% sequentially to
$16.5 million, primarily driven by headcount costs associated with
the Company’s expansion plans and increased spend related to the
Company’s technology development initiatives. Non-GAAP operating
expenses, which exclude merger related costs of $0.9 million as
well as stock compensation expense of $0.7 million, were $15
million.
Net loss for the quarter was $66.6 million. This included a $51
million extraordinary charge related to the loss on fair value on
the convertible note modification in conjunction with the JAWS
Spitfire merger transaction. Non-GAAP net loss, which excludes the
loss on fair value on the convertible note modification, merger
costs and other items such as stock based compensation, was $14.6
million. Adjusted EBITDA for the quarter, excluding the loss on
fair value on the convertible note modification was a loss of $13.0
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 strong balance sheet with
$297 million in cash including $274 million in net proceeds from
its merger transaction. As a result, the Company believes it has
the liquidity to continue to invest in driving technology
innovation while providing the resources needed to fund its future
growth plans.
Guidance
For fiscal year 2021, the Company is providing the following
guidance.
a. Revenue of $26 million b.
Total Sapphire® shipments – 22-24 c. Total Sapphire®
bookings – more than 24 d. Total Sapphire® XC backlog - 20
e. New customer additions – 12-15
For fiscal year 2022, given its significant backlog and
increasing demand for its Sapphire® XC solution, the Company
remains confident in its ability to achieve its 2022 revenue
forecast of $89 million.
The Company will host a conference call for investors this
afternoon to discuss its third quarter 2021 performance 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 end-to-end
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 to Fast Company’s prestigious annual list of the
World’s Most Innovative Companies for 2021. 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, the
Company’s guidance for full year 2021 (including the Company’s
estimates for revenue, total Sapphire® shipments, total Sapphire®
bookings, total Sapphire® XC backlog and new customer additions),
the Company’s revenue forecast for 2022 and its ability to achieve
such forecast, the timing of the Company’s first Sapphire® XC
shipment, the timing of the Company’s manufacturing facility
expansion, the Company’s ability to meet demand forecasts through
2024, the anticipated financial impacts of the merger transaction
with JAWS Spitfire, the expected benefits of the Company’s
investments, the Company’s expectations regarding its 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 definitive proxy
statement/prospectus relating to the business combination (the
“Proxy Statement/Prospectus”), which was filed by JAWS Spitfire
with the SEC on September 8, 2021 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 to recognize the anticipated benefits
of the merger transaction, 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) costs related to the
merger transaction; (3) changes in the applicable laws or
regulations; (4) the possibility that the Company may be adversely
affected by other economic, business, and/or competitive factors;
(5) the impact of the global COVID-19 pandemic; and (6) other risks
and uncertainties indicated from time to time described in the
Proxy Statement/Prospectus, 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, “EBITDA,” “Adjusted EBITDA”, “Non-GAAP Net Income
(loss)”, and “Adjusted 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 EBITDA, Adjusted EBITDA, Non-GAAP Net Income (loss) and
Adjusted 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 business.
The following table reconciles Net loss to EBITDA, Adjusted
EBITDA, Non-GAAP Net Income (loss) and Total Operating Expenses to
Adjusted Operating Expenses during the three and nine months ended
September 30, 2021 and 2020:
Velo3D, Inc.
NON-GAAP Net Income (Loss)
Reconciliation
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
Three months ended June
30,
2021
2020
2021
2020
2021
2020
(In thousands, except for
percentages)
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
Revenues
$
8,711
100.0
%
$
2,273
100.0
%
$
17,029
100.0
%
$
12,233
100.0
%
$
7,146
100.0
%
$
3,561
100.0
%
Gross profit
1,474
16.9
%
488
21.5
%
3,268
19.2
%
3,993
32.6
%
2,184
30.6
%
1,589
44.6
%
Net income (loss)
$
(66,578
)
(764.3
)%
$
(7,107
)
(312.7
)%
$
(92,663
)
(544.1
)%
$
(17,591
)
(143.8
)%
$
(12,536
)
(175.4
)%
$
(4,782
)
(134.3
)%
Stock based compensation
676
7.8
%
466
20.5
%
1,751
10.3
%
1,243
10.2
%
760
10.6
%
389
10.9
%
Loss on fair value on the convertible note
modification
50,577
580.6
%
—
—
%
50,577
297.0
%
—
—
%
—
—
%
—
—
%
Loss/(gain) on fair value of warrants
1,892
21.7
%
2
0.1
%
3,633
21.3
%
(5
)
—
%
227
3.2
%
(3
)
(0.1
)%
Gain on fair value of contingent earnout
liabilities
(2,014
)
(23.1
)%
—
—
%
(2,014
)
(11.8
)%
—
—
%
—
—
%
—
—
%
Merger related transactional costs
846
9.7
%
—
—
%
4,360
25.6
%
—
—
%
1,583
22.2
%
—
—
%
Non-GAAP Net income (loss)
$
(14,601
)
(167.6
)%
$
(6,639
)
(292.1
)%
$
(34,356
)
(201.7
)%
$
(16,353
)
(133.7
)%
$
(9,966
)
(139.5
)%
$
(4,396
)
(123.4
)%
Non-GAAP net loss per share attributable
to common stockholders, basic and diluted
$
(0.74
)
$
(0.42
)
$
(1.98
)
$
(1.05
)
$
(0.62
)
$
(0.28
)
Weighted-average shares used in computing
non-GAAP net loss per share attributable to common stockholders,
basic and diluted
19,793,868
15,994,154
17,348,557
15,503,475
16,150,202
15,774,755
Velo3D, Inc.
NON-GAAP Adjusted EBITDA
Reconciliation
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
Three months ended June
30,
2021
2020
2021
2020
2021
2020
(In thousands, except for
percentages)
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
Revenues
$
8,711
100.0
%
$
2,273
100.0
%
$
17,029
100.0
%
$
12,233
100.0
%
$
7,146
100.0
%
$
3,561
100.0
%
Net loss
(66,578
)
(764.3
)%
(7,107
)
(312.7
)%
(92,663
)
(544.1
)%
(17,591
)
(143.8
)%
(12,536
)
(175.4
)%
(4,782
)
(134.3
)%
Interest expense
986
11.3
%
48
2.1
%
1,630
9.6
%
200
1.6
%
524
7.3
%
71
2.0
%
Tax expense
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
Depreciation and amortization
584
6.7
%
322
14.2
%
1,276
7.5
%
851
7.0
%
221
3.1
%
273
7.7
%
EBITDA
$
(65,008
)
(746.3
)%
$
(6,737
)
(296.4
)%
$
(89,757
)
(527.1
)%
$
(16,540
)
(135.2
)%
$
(11,791
)
(165.0
)%
$
(4,438
)
(124.6
)%
Stock based compensation
676
7.8
%
466
20.5
%
1,751
10.3
%
1,243
10.2
%
760
10.6
%
389
10.9
%
Loss/(gain) on fair value of warrants
1,892
21.7
%
2
0.1
%
3,633
21.3
%
(5
)
—
%
227
3.2
%
(3
)
(0.1
)%
Gain on fair value of contingent earnout
liabilities
(2,014
)
(23.1
)%
—
—
%
(2,014
)
(11.8
)%
—
—
%
—
—
%
—
—
%
Adjusted EBITDA
$
(64,454
)
(739.9
)%
$
(6,269
)
(275.8
)%
$
(86,387
)
(507.3
)%
$
(15,302
)
(125.1
)%
$
(10,804
)
(151.2
)%
$
(4,052
)
(113.8
)%
Merger related transactional costs
846
9.7
%
—
—
%
4,360
25.6
%
—
—
%
1,583
22.2
%
—
—
%
Loss on fair value on the convertible note
modification
50,577
580.6
%
—
—
%
50,577
297.0
%
—
—
%
—
—
%
—
—
%
Adjusted EBITDA excluding merger
related transactional costs and loss on fair value on the
convertible note modification
$
(13,031
)
(149.6
)%
$
(6,269
)
(275.8
)%
$
(31,450
)
(184.7
)%
$
(15,302
)
(125.1
)%
$
(9,221
)
(129.0
)%
$
(4,052
)
(113.8
)%
Velo3D, Inc.
NON-GAAP Adjusted Operating
Expenses Reconciliation
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
Three months ended June
30,
2021
2020
2021
2020
2021
2020
(In thousands, except for
percentages)
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
Revenue
$
8,711
100.0
%
$
2,273
100.0
%
$
17,029
100.0
%
$
12,233
100.0
%
$
7,146
100.0
%
$
3,561
100.0
%
Cost of revenue
7,237
83.1
%
1,785
78.5
%
13,761
80.8
%
8,240
67.4
%
4,962
69.4
%
1,972
55.4
%
Gross profit
$
1,474
16.9
%
$
488
21.5
%
$
3,268
19.2
%
$
3,993
32.6
%
$
2,184
30.6
%
$
1,589
44.6
%
Operating expenses
Research and development
7,987
91.7
%
4,043
177.9
%
19,081
112.1
%
10,917
89.2
%
6,399
89.5
%
3,165
88.9
%
Selling and marketing
3,346
38.4
%
1,526
67.1
%
7,706
45.3
%
4,401
36.0
%
2,337
32.7
%
1,362
38.2
%
General and administrative
5,158
59.2
%
1,941
85.4
%
15,162
89.0
%
6,069
49.6
%
5,218
73.0
%
1,788
50.2
%
Total operating expenses
$
16,491
189.3
%
$
7,510
330.4
%
$
41,949
246.3
%
$
21,387
174.8
%
$
13,954
195.3
%
$
6,315
177.3
%
Stock based compensation
676
7.8
%
466
20.5
%
1,751
10.3
%
1,243
10.2
%
760
10.6
%
389
10.9
%
Merger related transactional costs
846
9.7
%
—
—
%
4,360
25.6
%
—
—
%
1,583
22.2
%
—
—
%
Adjusted operating expenses
$
14,969
171.8
%
$
7,044
309.9
%
$
35,838
210.5
%
$
20,144
164.7
%
$
11,611
162.5
%
$
5,926
166.4
%
Velo3D, Inc.
Condensed Statements of
Operations and Comprehensive Loss
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2021
2020
2021
2020
(in thousands, except share
and per share data)
Revenue
$
8,711
$
2,273
$
17,029
$
12,233
Cost of revenue
7,237
1,785
13,761
8,240
Gross profit
1,474
488
3,268
3,993
Operating expenses
Research and development
7,987
4,043
19,081
10,917
Selling and marketing
3,346
1,526
7,706
4,401
General and administrative
5,158
1,941
15,162
6,069
Total operating expenses
16,491
7,510
41,949
21,387
Loss from operations
(15,017
)
(7,022
)
(38,681
)
(17,394
)
Interest expense
(986
)
(48
)
(1,630
)
(200
)
Loss on fair value on the convertible note
modification
(50,577
)
—
(50,577
)
—
Loss/(gain) on fair value of warrants
(1,892
)
(2
)
(3,633
)
5
Gain on fair value of contingent earnout
liabilities
2,014
—
2,014
—
Other income (expense), net
(120
)
(35
)
(156
)
(2
)
Loss before provision for income taxes
(66,578
)
(7,107
)
(92,663
)
(17,591
)
Provision for income taxes
—
—
—
—
Net loss and comprehensive loss
$
(66,578
)
$
(7,107
)
$
(92,663
)
$
(17,591
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(3.36
)
$
(0.44
)
$
(5.34
)
$
(1.13
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
19,793,863
15,994,154
17,348,557
15,503,475
Velo3D, Inc.
Condensed Balance
Sheets
(Unaudited)
September 30,
December 31,
2021
2020
(in thousands, except share
and per share data)
Assets
Current assets:
Cash and cash equivalents
$
296,826
$
15,517
Accounts receivable, net
6,558
1,232
Inventories
15,220
7,309
Contract assets
1,510
3,033
Prepaid expenses and other current
assets
9,069
807
Total current assets
329,183
27,898
Property and equipment, net
5,001
1,006
Equipment on lease, net
7,748
2,855
Other assets
5,858
932
Total assets
$
347,790
$
32,691
Liabilities, Redeemable Convertible
Preferred Stock, and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable
$
33,343
$
1,226
Accrued expenses and other current
liabilities
6,552
2,512
Debt – current portion
13,731
3,687
Contract liabilities
17,116
4,702
Total current liabilities
70,742
12,127
Long-term debt – less current portion
14,322
4,316
Convertible notes payable
—
—
Other noncurrent liabilities
116,342
365
Total liabilities
201,406
16,808
Commitments and contingencies (Note
16)
Redeemable convertible preferred stock,
$0.00001 par value, 10,000,000 and 102,208,350 shares authorized as
of September 30, 2021 and December 31, 2020, respectively; 0 and
95,945,683 shares issued as of September 30, 2021 and December 31,
2020, respectively, 0 and 95,945,683 shares outstanding as of
September 30, 2021 and December 31, 2020; liquidation preference of
$0 and $133,762 as of September 30, 2021 and December 31, 2020,
respectively
—
123,704
Stockholders’ equity (deficit):
Common stock, $0.00001 par value –
500,000,000 and 176,025,618 shares authorized at September 30, 2021
and December 31, 2020, 183,163,825 and 16,003,558 shares issued and
outstanding as of September 30, 2021 and December 31, 2020,
respectively
2
1
Additional paid-in capital
361,821
14,954
Accumulated deficit
(215,439
)
(122,776
)
Total stockholders’ equity (deficit)
146,384
(107,821
)
Total liabilities, redeemable convertible
preferred stock and stockholders’ equity (deficit)
$
347,790
$
32,691
Velo3D, Inc.
Condensed Statements of Cash
Flows
(Unaudited)
Nine months ended September
30,
2021
2020
(In thousands)
Cash flows from operating
activities
Net loss
$
(92,663
)
$
(17,591
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation
1,276
851
Stock-based compensation
1,751
1,243
Loss on fair value on the convertible note
modification
50,577
—
Loss/(gain) on fair value of warrants
3,633
(5
)
Gain on fair value of contingent earnout
liabilities
(2,014
)
—
Changes in assets and liabilities
Accounts receivable
(5,326
)
(790
)
Inventories
(6,391
)
(1,383
)
Contract assets
1,523
(133
)
Prepaid expenses and other assets
(10,669
)
491
Accounts payable
10,019
(624
)
Accrued expenses and other liabilities
4,040
(1,239
)
Contract liabilities
12,414
(669
)
Other noncurrent liabilities
565
(46
)
Net cash used in operating activities
(31,265
)
(19,895
)
Cash flows from investing
activities
Purchase of property and equipment
(1,534
)
(225
)
Production of equipment for lease to
customers
(6,919
)
(2,954
)
Net cash used in investing activities
(8,453
)
(3,179
)
Cash flows from financing
activities
Proceeds from issuance of Series D
redeemable convertible preferred stock, net of issuance costs
—
28,278
Proceeds from Merger
317,849
—
Payment of transactional cost related to
Merger
(19,666
)
Proceeds from loan refinance
19,339
—
Repayment of term loan and equipment
loan
(4,819
)
—
Proceeds from term loan revolver
facility
3,000
—
Proceeds from equipment loans
5,600
1,550
Repayment of equipment loans
(3,070
)
(370
)
Proceeds from convertible notes
5,000
5,415
Issuance of common stock upon exercise of
stock options
313
53
Net cash provided by financing
activities
323,546
34,926
Net change in cash and cash
equivalents
283,828
11,852
Cash and cash equivalents at beginning of
period
15,517
9,815
Cash and cash equivalents at end of
period
$
299,345
$
21,667
Supplemental disclosure of cash flow
information
Cash paid for interest
$
857
$
187
Supplemental disclosure of non-cash
information
Extinguishment of redeemable convertible
preferred stock
$
—
$
13,274
Conversion of warrants into redeemable
convertible preferred stock, net settlement
1,046
—
Conversion of convertible notes to Series
D redeemable convertible preferred stock
5,000
1,512
Conversion of redeemable convertible
preferred stock into common stock
123,704
—
Conversion of warrants into common stock,
net settlement
3,488
—
Reclassification of warrants liability
upon the reverse merger
96,547
—
Reclassification of contingent earnout
liability upon the reverse merger
21,051
—
Issuance of common stock warrants in
connection with financing
316
—
Unpaid liabilities related to property and
equipment
3,231
103
Unpaid merger related transactional
costs
19,913
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109006497/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
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