Summary by Moomoo AI
On April 4, 2024, Velo3D, Inc., a prominent additive manufacturing technology company, announced significant business developments in a press release. The company reported receiving orders totaling $27 million since mid-December 2023, including a notable purchase of 2 Sapphire XC systems by Mears Machine, a global contract manufacturer focusing on defense and aerospace. Velo3D ended the first quarter with $17 million in bookings and a backlog of $23 million, with system deliveries slated to begin in the second quarter of 2024. CEO Brad Kreger highlighted the orders as a testament to customer confidence and the success of the company's market strategy, particularly in the defense and space sectors. The company also provided preliminary financial estimates for the first quarter of 2024, expecting revenue between $6 to $11 million, a gross margin ranging from negative 25 percent to 10 percent, and operating expenses between $13 million to $18 million, excluding certain charges. These preliminary results are subject to adjustment as the company finalizes its financial statements for the quarter.