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Velo3D | 8-K: Velo3D Announces Fourth Quarter and Fiscal Year 2023 Financial Results

SEC announcement · Mar 26 16:16

VLD +0.00%

Summary by Moomoo AI

On March 26, 2024, Velo3D, Inc., a prominent additive manufacturing technology company, announced its financial results for the fourth quarter and fiscal year 2023, which ended on December 31, 2023. The announcement was made through a press release and was accompanied by an earnings presentation. The company reported a significant reduction in quarterly operating expenses, down more than 15% sequentially, and expects a further reduction of over 30% from Q3 2023 through the end of Q1 2024. Despite a challenging year with a decrease in bookings and revenue, Velo3D has seen a recovery in bookings, with $15 million since mid-December 2023, over 50% of which came from existing customers. The company also added 12 new customers in 2023, including three in the defense sector. Velo3D highlighted a 35% year-over-year improvement in free cash flow and is well-positioned to achieve cash flow breakeven in the second half of FY 2024. The company's CEO, Brad Kreger, emphasized the transformational year and the strategic realignment from driving revenue growth to ensuring customer success and improving system reliability. Velo3D's stockholder value maximization efforts are ongoing, with the Board of Directors in discussions with multiple parties. The company's financial performance for the fourth quarter of 2023 showed a GAAP revenue of $1.8 million, a GAAP gross margin of over (100)%, and a GAAP net loss of $58.2 million. Non-GAAP net loss was $61.1 million. The company ended the quarter with $31 million in cash and investments. Velo3D expects sequential improvement in revenue, gross margin, and operating expenses throughout 2024 and aims to reach free cash flow breakeven in the second half of the year. The company's guidance for fiscal year 2024 includes revenue in the range of $80 million to $95 million and a gross margin in the range of 20% to 30%. A conference call was held on March 26, 2024, to discuss these financial results.

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