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Earnings Call Summary | Velo3D(VLD.US) Q1 2024 Earnings Conference

moomoo AI ·  May 15 22:02  · Conference Call

The following is a summary of the Velo3D, Inc. (VLD) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Velo3D reported Q1 revenue of $10 million, marking a significant increase from the last quarter.

  • The company suffered from a negative gross margin of 29% due to lower fixed cost absorption but anticipates a return to positive gross margins in Q2.

  • Non-GAAP operating expenses have been reduced by 15% sequentially to $14 million.

  • The company posted a net GAAP loss of $28.3 million and a non-GAAP net loss of $20.2 million.

Business Progress:

  • Velo3D achieved significant strides in rebuilding its bookings pipeline and reducing costs.

  • A renewed customer-driven sales and support model is now fully in place, with a substantial improvement in system reliability noted.

  • The company has expanded its pipeline, especially within the defense, space, and aerospace verticals.

  • With quality enhancements, customer experience improvements, and a reduction in cost structure being marked priorities, Velo3D anticipates achieving cash flow breakeven in the second half of 2024.

More details: Velo3D IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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