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Velodyne Lidar Reports Fourth Quarter and Full Year 2021 Financial Results

SAN JOSE, Calif. — (BUSINESS WIRE) — February 28, 2022 — Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), the leading lidar company known worldwide for its broad portfolio of breakthrough lidar technologies, today announced financial results for its fourth quarter and year ended December 31, 2021.

Fourth Quarter 2021 Highlights

“Lidar is going to transform virtually every industry as we know it, creating a safer, more efficient, and sustainable world. Velodyne Lidar is well positioned to capitalize on this opportunity," said Dr. Ted Tewksbury, CEO of Velodyne Lidar. “We expect the first wave of lidar commercialization to be dominated by industrial automation, robotics, and intelligent infrastructure. These industries are estimated to reach a $2.8 billion total available market by 2026, according to YOLE. By supplying high-performance lidar at scale into these early autonomous markets, Velodyne expects to expand our technologies and further our leadership in low-cost, high-quality, volume manufacturing. This will enhance our advantage in the second wave of lidar growth – autonomous vehicles and advanced driver-assistance systems (ADAS) – bringing our total available market estimate to $5.7 billion by 2026, according to YOLE.

“During the fourth quarter of 2021, we achieved record quarterly sensor shipments, bringing our lifetime shipments to more than 67,000. In 2022, we plan to focus on four strategic pillars to make lidar ubiquitous and accelerate our path to profitable revenue growth:

“Velodyne has the right technologies and the proven ability to produce high performance lidar at scale. In 2022 and beyond, we will build on this foundation with a game-changing portfolio of AI-powered, autonomous vision solutions while driving revenue growth and profitability with our existing products. We are excited to lead the way as lidar revolutionizes our lives and makes our communities safer,” concluded Tewksbury.

Recent Corporate Highlights

Financial Summary: Fourth Quarter of 2021 Compared to Third Quarter of 2021

Financial Highlights: 2021 Compared to 2020

A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.

First Quarter 2022 Guidance

Due to an increasingly dynamic supply and demand environment, management is shifting to a quarterly guidance practice in 2022.

Revenue is expected to range between $10 million and $12 million for first quarter 2022, driven by shipments of product to the company’s global customer base. Guidance excludes an estimate of the non-cash contra revenue charges of $5.0 million to $7.5 million vesting in the first quarter of 2022 expected to result from the issuance to Amazon.com NV Investment Holdings LLC of a warrant (the “Amazon Warrant”) to purchase up to an aggregate of 39,594,032 shares of the company’s common stock, subject to adjustment and vesting in accordance with the terms and conditions set forth in the Amazon Warrant.

Conference Call Information

Velodyne will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern Time on February 28, 2022. Parties in the United States and Canada can access the call by dialing 877-270-2148. The webcast will be accessible on Velodyne’s investor relations website at https://investors.velodynelidar.com. A telephonic replay of the conference call will be available through March 7, 2022. To access the replay, parties in the United States and Canada should call 877-344-7529 and enter conference code 5202757.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "will", "should", "can have", "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impact on our operations and financial condition from the effects of the current COVID-19 pandemic both on Velodyne’s business and those of its customers and suppliers; supply chain issues in the semiconductor market; Velodyne’s ability to execute its business plan; the timing of revenue from existing customers, including uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; uncertainties related to Velodyne Lidar’s estimates of the size of the markets for its products and future revenue opportunities, including projects that are not yet signed or awarded; charges related to the vesting of the Amazon Warrant; the rate and degree of market acceptance of Velodyne Lidar’s products in a variety of industries; the success of other competing lidar and sensor-related products and services that exist or may become available; rising costs adversely affecting Velodyne’s profitability; uncertainties related to Velodyne Lidar’s current litigation and potential litigation involving Velodyne Lidar or the validity or enforceability of Velodyne Lidar’s intellectual property; Velodyne Lidar’s ability to partner with and rely on third party manufacturers; general economic and market conditions impacting demand for Velodyne Lidar’s products and services; and changes in applicable laws or regulations.

Given these factors, as well as other variables that may affect Velodyne Lidar’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. Velodyne Lidar undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (GAAP), we believe the non‑GAAP measures of non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating expenses, non‑GAAP operating loss, non-GAAP other income (expenses), non-GAAP provision for (benefit from) income taxes, non-GAAP net loss, and non‑GAAP net loss per share are useful in evaluating our operating performance. Certain of these non-GAAP measures exclude stock-based compensation and related employer payroll taxes, litigation settlements, gain from sale of held-for-sale assets, write-off of deferred IPO costs, gain from forgiveness of PPP loan, amortization of acquisition-related intangibles assets, restructuring, and discrete tax items. We believe that non‑GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non‑GAAP information to supplement their GAAP results. The non‑GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly‑titled non‑GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are used in this press release.

About Velodyne Lidar, Inc.

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

 

December 31,

 

 

2021

 

 

 

2020

 

Assets

 

 

 

Current assets:

 

Cash and cash equivalents

$

24,064

 

 

$

204,648

 

Short-term investments

 

270,357

 

 

 

145,636

 

Accounts receivable, net

 

8,881

 

 

 

13,979

 

Inventories, net

 

9,299

 

 

 

18,132

 

Prepaid and other current assets

 

14,822

 

 

 

22,319

 

Total current assets

 

327,423

 

 

 

404,714

 

Property, plant and equipment, net

 

14,710

 

 

 

16,805

 

Goodwill

 

1,189

 

 

 

1,189

 

Intangible assets, net

 

724

 

 

 

627

 

Contract assets

 

12,962

 

 

 

8,440

 

Other assets

 

18,413

 

 

 

937

 

Total assets

$

375,421

 

 

$

432,712

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

5,105

 

 

$

7,721

 

Accrued expense and other current liabilities

 

35,651

 

 

 

50,349

 

Contract liabilities

 

6,348

 

 

 

7,323

 

Total current liabilities

 

47,104

 

 

 

65,393

 

Long-term tax liabilities

 

443

 

 

 

569

 

Other long-term liabilities

 

28,611

 

 

 

25,927

 

Total liabilities

 

76,158

 

 

 

91,889

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

20

 

 

 

18

 

Additional paid-in capital

 

825,988

 

 

 

656,717

 

Accumulated other comprehensive loss

 

(412

)

 

 

(230

)

Accumulated deficit

 

(526,333

)

 

 

(315,682

)

Total stockholders’ equity

 

299,263

 

 

 

340,823

 

Total liabilities and stockholders’ equity

$

375,421

 

 

$

432,712

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Revenue:

 

 

 

 

 

 

 

 

 

Product

$

13,657

 

 

$

11,782

 

 

$

14,407

 

 

$

48,002

 

 

$

68,355

 

License and services

 

3,885

 

 

 

1,278

 

 

 

3,439

 

 

 

13,922

 

 

 

27,007

 

Total revenue

 

17,542

 

 

 

13,060

 

 

 

17,846

 

 

 

61,924

 

 

 

95,362

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

Product

 

14,758

 

 

 

17,716

 

 

 

23,088

 

 

 

67,313

 

 

 

69,115

 

License and services

 

92

 

 

 

84

 

 

 

99

 

 

 

525

 

 

 

1,131

 

Total cost of revenue

 

14,850

 

 

 

17,800

 

 

 

23,187

 

 

 

67,838

 

 

 

70,246

 

Gross profit (loss)

 

2,692

 

 

 

(4,740

)

 

 

(5,341

)

 

 

(5,914

)

 

 

25,116

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

22,255

 

 

 

20,221

 

 

 

48,427

 

 

 

77,863

 

 

 

88,080

 

Sales and marketing

 

7,227

 

 

 

6,547

 

 

 

18,955

 

 

 

68,025

 

 

 

31,753

 

General and administrative

 

10,867

 

 

 

23,271

 

 

 

38,790

 

 

 

70,307

 

 

 

65,732

 

Gain on sale of assets held-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,529

)

Restructuring

 

 

 

 

 

 

 

(59

)

 

 

 

 

 

984

 

Total operating expenses

 

40,349

 

 

 

50,039

 

 

 

106,113

 

 

 

216,195

 

 

 

179,020

 

Operating loss

 

(37,657

)

 

 

(54,779

)

 

 

(111,454

)

 

 

(222,109

)

 

 

(153,904

)

Interest income

 

127

 

 

 

109

 

 

 

33

 

 

 

448

 

 

 

152

 

Interest expense

 

3

 

 

 

(6

)

 

 

(37

)

 

 

(80

)

 

 

(106

)

Other income (expense), net

 

53

 

 

 

(22

)

 

 

15

 

 

 

10,150

 

 

 

(90

)

Loss before income taxes

 

(37,474

)

 

 

(54,698

)

 

 

(111,443

)

 

 

(211,591

)

 

 

(153,948

)

Provision for (benefit from) income taxes

 

(4

)

 

 

14

 

 

 

14

 

 

 

645

 

 

 

(4,084

)

Net loss

$

(37,470

)

 

$

(54,712

)

 

$

(111,457

)

 

$

(212,236

)

 

$

(149,864

)

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.19

)

 

$

(0.28

)

 

$

(0.64

)

 

$

(1.09

)

 

$

(1.01

)

Weighted-average shares used in computing net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

197,385,362

 

 

 

196,204,671

 

 

 

173,888,792

 

 

 

193,982,168

 

 

 

148,088,589

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 31, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(37,470

)

 

$

(111,457

)

 

$

(212,236

)

 

$

(149,864

)

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

2,244

 

 

 

2,053

 

 

 

8,452

 

 

 

8,394

 

Reduction of operating lease right-of-use (“ROU”) assets

 

764

 

 

 

 

 

 

3,052

 

 

 

 

Write-off of deferred IPO costs

 

 

 

 

 

 

 

 

 

 

3,548

 

Stock-based compensation

 

5,718

 

 

 

91,259

 

 

 

87,088

 

 

 

91,500

 

Gain on sale of assets held-for-sale

 

 

 

 

 

 

 

 

 

 

(7,529

)

Provision for doubtful accounts

 

261

 

 

 

(14

)

 

 

2,331

 

 

 

511

 

Deferred income taxes

 

3

 

 

 

4

 

 

 

3

 

 

 

4

 

Gain from forgiveness of PPP loan

 

 

 

 

 

 

 

(10,124

)

 

 

 

Accretion on short-term investments

 

613

 

 

 

 

 

 

1,688

 

 

 

 

Other

 

49

 

 

 

63

 

 

 

22

 

 

 

137

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

434

 

 

 

5,440

 

 

 

2,506

 

 

 

(2,627

)

Inventories, net

 

2,560

 

 

 

(1,710

)

 

 

8,833

 

 

 

1,619

 

Prepaid and other current assets

 

(3,960

)

 

 

(2,339

)

 

 

(1,078

)

 

 

172

 

Contract assets

 

(2,813

)

 

 

(2,814

)

 

 

(5,022

)

 

 

(11,253

)

Other assets

 

99

 

 

 

(305

)

 

 

166

 

 

 

53

 

Accounts payable

 

523

 

 

 

(2,501

)

 

 

(2,829

)

 

 

687

 

Accrued expenses and other liabilities

 

1,769

 

 

 

3,132

 

 

 

(554

)

 

 

(6,680

)

Contract liabilities

 

(1,228

)

 

 

379

 

 

 

(2,968

)

 

 

2,891

 

Net cash used in operating activities

 

(30,434

)

 

 

(18,810

)

 

 

(120,670

)

 

 

(68,437

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property, plant and equipment and intangibles

 

(2,428

)

 

 

(1,080

)

 

 

(5,641

)

 

 

(3,277

)

Proceeds from sale of assets held-for-sale

 

 

 

 

 

 

 

 

 

 

12,275

 

Proceeds from sales of short-term investments

 

14,215

 

 

 

 

 

 

26,422

 

 

 

 

Proceeds from maturities of short-term investments

 

73,000

 

 

 

 

 

 

188,223

 

 

 

2,200

 

Purchase of short-term investments

 

(90,994

)

 

 

(145,725

)

 

 

(340,951

)

 

 

(145,725

)

Investment in notes receivable

 

 

 

 

 

 

 

(750

)

 

 

 

Net cash used in investing activities

 

(6,207

)

 

 

(146,805

)

 

 

(132,697

)

 

 

(134,527

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of preferred stock, net of issuance costs

 

 

 

 

 

 

 

 

 

 

19,919

 

Proceeds from (payments for) Business Combination, net of transaction costs

 

 

 

 

(1,264

)

 

 

(20,005

)

 

 

247,039

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

(1,802

)

Proceeds from warrant exercises, net of issuance costs of $52

 

 

 

 

73,713

 

 

 

89,270

 

 

 

73,713

 

Proceeds from common stock issuance under equity incentive plans

 

3,560

 

 

 

 

 

 

3,560

 

 

 

 

Tax withholding payment for vested equity awards

 

 

 

 

 

 

 

(37

)

 

 

 

Cash paid for IPO costs

 

 

 

 

 

 

 

 

 

 

(1,143

)

Proceeds from notes payable

 

 

 

 

 

 

 

 

 

 

10,000

 

Net cash provided by financing activities

 

3,560

 

 

 

72,449

 

 

 

72,788

 

 

 

347,726

 

Effect of exchange rate fluctuations on cash and cash equivalents

 

1

 

 

 

(39

)

 

 

(5

)

 

 

(118

)

Net increase (decrease) in cash and cash equivalents

 

(33,080

)

 

 

(93,205

)

 

 

(180,584

)

 

 

144,644

 

Beginning cash and cash equivalents

 

57,144

 

 

 

297,853

 

 

 

204,648

 

 

 

60,004

 

Ending cash and cash equivalents

$

24,064

 

 

$

204,648

 

 

$

24,064

 

 

$

204,648

 

VELODYNE LIDAR, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data) (Unaudited)

 

 

Three Months Ended

 

Year Ended

 

Dec. 31, 2021

 

Sept. 30, 2021

 

Dec. 31, 2020

 

Dec. 31, 2021

 

Dec. 31, 2020

Gross profit (loss) on GAAP basis

$

2,692

 

 

$

(4,740

)

 

$

(5,341

)

 

$

(5,914

)

 

$

25,116

 

Gross margin on GAAP basis

 

15

%

 

 

(36

) %

 

 

(30

) %

 

 

(10

) %

 

 

26

%

Stock-based compensation and related employer payroll taxes

 

545

 

 

 

545

 

 

 

7,415

 

 

 

2,352

 

 

 

7,417

 

Gross profit (loss) on non-GAAP basis

$

3,237

 

 

$

(4,195

)

 

$

2,074

 

 

$

(3,562

)

 

$

32,533

 

Gross margin on non-GAAP basis

 

18

%

 

 

(32

) %

 

 

12

%

 

 

(6

) %

 

 

34

%

 

 

 

 

 

 

 

 

 

 

Operating expenses on GAAP basis

$

40,349

 

 

$

50,039

 

 

$

106,113

 

 

$

216,195

 

 

$

179,020

 

Stock-based compensation and related employer payroll taxes

 

(5,267

)

 

 

(16,262

)

 

 

(83,844

)

 

 

(88,499

)

 

 

(84,083

)

Legal settlements

 

250

 

 

 

(275

)

 

 

(105

)

 

 

(1,270

)

 

 

(2,584

)

Gain from sale of held-for-sale assets

 

 

 

 

 

 

 

 

 

 

 

 

 

7,529

 

Write-off of deferred IPO costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,548

)

Amortization of acquisition-related intangible assets

 

(110

)

 

 

(96

)

 

 

(97

)

 

 

(399

)

 

 

(385

)

Restructuring charges

 

 

 

 

 

 

 

59

 

 

 

 

 

 

(984

)

Operating expenses on non-GAAP basis

$

35,222

 

 

$

33,406

 

 

$

22,126

 

 

$

126,027

 

 

$

94,965

 

 

 

 

 

 

 

 

 

 

 

Operating loss on GAAP basis

$

(37,657

)

 

$

(54,779

)

 

$

(111,454

)

 

$

(222,109

)

 

$

(153,904

)

Stock-based compensation and related employer payroll taxes

 

5,812

 

 

 

16,807

 

 

 

91,259

 

 

 

90,851

 

 

 

91,500

 

Legal settlements

 

(250

)

 

 

275

 

 

 

105

 

 

 

1,270

 

 

 

2,584

 

Gain from sale of held-for-sale assets

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,529

)

Write-off of deferred IPO costs

 

 

 

 

 

 

 

 

 

 

 

 

 

3,548

 

Amortization of acquisition-related intangible assets

 

110

 

 

 

96

 

 

 

97

 

 

 

399

 

 

 

385

 

Restructuring charges

 

 

 

 

 

 

 

(59

)

 

 

 

 

 

984

 

Operating loss on non-GAAP basis

$

(31,985

)

 

$

(37,601

)

 

$

(20,052

)

 

$

(129,589

)

 

$

(62,432

)

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

$

53

 

 

$

(22

)

 

$

15

 

 

$

10,150

 

 

$

(90

)

Gain from forgiveness of PPP loan

 

 

 

 

 

 

 

 

 

 

(10,124

)

 

 

 

Other income (expense), net on non-GAAP basis

$

53

 

 

$

(22

)

 

$

15

 

 

$

26

 

 

$

(90

)

 

 

 

 

 

 

 

 

 

 

Provision for (benefit from) income taxes on GAAP basis

$

(4

)

 

$

14

 

 

$

14

 

 

$

645

 

 

$

(4,084

)

Non-GAAP tax reconciling adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

6,679

 

Provision for (benefit from) income taxes on non-GAAP basis

$

(4

)

 

$

14

 

 

$

14

 

 

$

645

 

 

$

2,595

 

 

 

 

 

 

 

 

 

 

 

Net loss on GAAP basis

$

(37,470

)

 

$

(54,712

)

 

$

(111,457

)

 

$

(212,236

)

 

$

(149,864

)

Stock-based compensation and related employer payroll taxes

 

5,812

 

 

 

16,807

 

 

 

91,259

 

 

 

90,851

 

 

 

91,500

 

Legal settlements

 

(250

)

 

 

275

 

 

 

105

 

 

 

1,270

 

 

 

2,584

 

Gain from sale of held-for-sale assets

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,529

)

Write-off of deferred IPO costs

 

 

 

 

 

 

 

 

 

 

 

 

 

3,548

 

Amortization of acquisition-related intangible assets

 

110

 

 

 

96

 

 

 

97

 

 

 

399

 

 

 

385

 

Restructuring charges

 

 

 

 

 

 

 

(59

)

 

 

 

 

 

984

 

Gain from forgiveness of PPP loan

 

 

 

 

 

 

 

 

 

 

(10,124

)

 

 

 

Non-GAAP tax reconciling adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,679

)

Net loss on non-GAAP basis

$

(31,798

)

 

$

(37,534

)

 

$

(20,055

)

 

$

(129,840

)

 

$

(65,071

)

Net loss per share on GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.19

)

 

$

(0.28

)

 

$

(0.64

)

 

$

(1.09

)

 

$

(1.01

)

Weighted-average shares on GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

 

197,385,362

 

 

 

196,204,671

 

 

 

173,888,792

 

 

 

193,982,168

 

 

 

148,088,589

 

 

 

 

 

 

 

 

 

 

 

Net loss per share on non-GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.16

)

 

$

(0.19

)

 

$

(0.12

)

 

$

(0.67

)

 

$

(0.44

)

Weighted-average shares on non-GAAP basis

 

 

 

 

 

 

 

 

 

Basic and diluted

 

197,385,362

 

 

 

196,204,671

 

 

 

173,888,792

 

 

 

193,982,168

 

 

 

148,088,589

 

 



Contact:

Investor Contact:
Andrew Chan
Head of Investor Relations
InvestorRelations@velodyne.com

Media Contact:
Codeword
Liv Allen
velodyne@codeword.com