Reiterates 2023 Guidance on Continued Strong Demand
- Q123 revenue of $27 million, 120% year over year increase
- Gross margin expansion to 11%, up from 6% in Q422
- Strong bookings of $20 million, up >30% sequentially
- Net cash flow improved from ($33) million to ($16) million, ahead of guidance
CAMPBELL, Calif. — (BUSINESS WIRE) — May 1, 2023 — Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fiscal first quarter ended March 31, 2023.
“We were pleased with our results as continued demand for our industry leading Sapphire platform, combined with strong manufacturing execution, enabled us to achieve our first quarter forecasts,” said Benny Buller, CEO of Velo3D. “Operationally, we continued to successfully ramp our Sapphire XC and Sapphire XC 1MZ production in order to meet the increasing demand from both new and existing customers for these systems. Importantly, we significantly improved our gross margin for the quarter as we are starting to see the initial benefits of our recently implemented operational efficiency initiatives to reduce production costs and improve system manufacturing cycle times. Additionally, our operating expense reduction initiatives are on plan and we remain confident in meeting our goal of a 20% reduction in year over year fourth quarter Non-GAAP operating expenses. Overall, our first quarter success reflects the increasing acceptance of our technology as more customers turn to Velo3D to manufacture the critical, high value metal parts they need.”
“Looking forward, demand remains strong as bookings rose more than 30% sequentially to $20 million and our backlog now totals $24 million. With 75% of our second quarter revenue either booked, recurring or in backlog, we have increasing confidence in our ability to achieve revenue growth of more than 50% this year. Finally, we continue to successfully execute on our 2023 strategic priorities and our path to profitability remains clear. Given our first quarter results, increasing demand for our leading technology and strong industry fundamentals, we remain confident in our ability to achieve our 2023 operational and financial goals,” concluded Buller.
($ in Millions, except percentages and per-share data) |
1st Quarter
|
4th Quarter
|
1st Quarter
|
||||||
GAAP revenue |
$ |
26.8 |
|
$ |
29.8 |
|
$ |
12.2 |
|
GAAP gross margin |
|
10.9 |
% |
|
5.9 |
% |
|
0.1 |
% |
GAAP net income (loss)1 |
($ |
36.2 |
) |
$ |
22.6 |
|
($ |
65.3 |
) |
GAAP net income (loss) per diluted share |
($ |
0.19 |
) |
$ |
0.11 |
|
($ |
0.36 |
) |
|
|
|
|
||||||
Non-GAAP net loss2 |
($ |
17.8 |
) |
($ |
16.4 |
) |
($ |
23.1 |
) |
| Non-GAAP net loss per diluted share 2 |
($ |
0.09 |
) |
($ |
0.08 |
) |
($ |
0.13 |
) |
| Cash and Investments |
$ |
64 |
|
$ |
80 |
|
$ |
186 |
|
