Velo3D Announces Fourth Quarter and Fiscal Year 2021 Financial Results

Non-GAAP Financial Information

The Company uses non-GAAP financial measures to help it make strategic decisions, establish budgets and operational goals for managing its business, analyze its financial results and evaluate its performance. The Company also believes that the presentation of these non-GAAP financial measures in this release provides an additional tool for investors to use in comparing the Company’s core business and results of operations over multiple periods. However, the non-GAAP financial measures presented in this release may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States (“GAAP”).

The information in the table below sets forth the non-GAAP financial measures that the Company uses in this release. Because of the limitations associated with these non-GAAP financial measures, “EBITDA,” “Adjusted EBITDA”, “Non-GAAP Net Loss”, and “Adjusted Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The Company compensates for these limitations by relying primarily on its GAAP results and using EBITDA, Adjusted EBITDA, Non-GAAP Net Loss and Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the Company business.

The following table reconciles Net loss to EBITDA, Adjusted EBITDA and Non-GAAP Net Loss and Total Operating Expenses to Adjusted Operating Expenses during the years ended December 31, 2021 and 2020, the three months ended December 31, 2021 and 2020, and the three months ended September 30, 2021:

Velo3D, Inc.

NON-GAAP Net Loss Reconciliation

(Unaudited)

 

Three months ended

Year Ended December 31,

December 31, 2021

September 30, 2021

December 31, 2020

2021

2020

(In thousands, except for percentages)

Revenue

$

10,410

 

100.0

%

$

8,711

 

100.0

%

$

6,742

 

100.0

%

$

27,439

 

100.0

%

$

18,975

 

100.0

%

Gross Profit

$

1,690

 

16.2

%

$

1,474

 

16.9

%

$

2,374

 

35.2

%

$

4,958

 

18.1

%

$

6,367

 

33.6

%

Net Loss

$

(14,428

)

(138.6

)%

$

(66,578

)

(764.3

)%

$

(4,216

)

(62.5

)%

$

(107,091

)

(390.3

)%

$

(21,807

)

(114.9

)%

Stock-based compensation

 

2,617

 

25.1

%

 

676

 

7.8

%

 

212

 

3.1

%

 

4,368

 

15.9

%

 

1,455

 

7.7

%

Loss on convertible note modification

 

-

 

0.0

%

 

50,577

 

580.6

%

 

-

 

0.0

%

 

50,577

 

184.3

%

 

-

 

0.0

%

Loss/(gain) on fair value of warrant liabilities

 

1,569

 

15.1

%

 

1,892

 

21.7

%

 

(1

)

0.0

%

 

5,202

 

19.0

%

 

(4

)

0.0

%

Gain on fair value of contingent earnout liabilities

 

(7,261

)

(69.8

)%

 

(2,014

)

(23.1

)%

 

-

 

0.0

%

 

(9,275

)

(33.8

)%

 

-

 

0.0

%

Merger related transactional costs

 

-

 

0.0

%

 

846

 

9.7

%

 

-

 

0.0

%

 

4,360

 

15.9

%

 

-

 

0.0

%

Non-GAAP Net Loss

$

(17,503

)

(168.1

)%

$

(14,601

)

(167.6

)%

$

(4,005

)

(59.40

)%

$

(51,859

)

(189.0

)%

$

(20,356

)

(107.3

)%

Non-GAAP Net Loss per share, basic and diluted

$

(0.10

)

$

(0.74

)

$

(0.25

)

$

(1.21

)

$

(1.30

)

Weighted-average shares used in computing Non-GAAP Net Loss per share, basic and diluted

 

183,177,088

 

 

19,832,992

 

 

16,003,558

 

 

42,684,938

 

 

15,629,179

 

 

Velo3D, Inc.

NON-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

 

Three months ended

Year Ended December 31,

December 31, 2021

September 30, 2021

December 31, 2020

2021

2020

(In thousands, except for percentages)

Revenue

$

10,410

 

100.0

%

$

8,711

 

100.0

%

$

6,742

 

100.0

%

$

27,439

 

100.0

%

$

18,975

 

100.0

%

Net Loss

 

(14,428

)

(138.6

)%

 

(66,578

)

(764.3

)%

 

(4,216

)

(62.5

)%

 

(107,091

)

(390.3

)%

 

(21,807

)

(114.9

)%

Interest expense

$

1,110

 

10.7

%

$

986

 

11.3

%

$

440

 

6.5

%

$

2,740

 

10.0

%

$

639

 

3.4

%

Tax expense

 

-

 

0.0

%

 

-

 

0.0

%

 

-

 

0.0

%

 

-

 

0.0

%

 

-

 

0.0

%

Depreciation and amortization

 

1,731

 

16.6

%

 

584

 

6.7

%

 

389

 

5.8

%

 

2,170

 

7.9

%

 

1,240

 

6.5

%

EBITDA

 

(11,587

)

(111.3

)%

 

(65,008

)

(746.3

)%

 

(3,387

)

(50.2

)%

 

(102,181

)

(372.4

)%

 

(19,928

)

(105.0

)%

Stock-based compensation

 

2,617

 

25.1

%

 

676

 

7.8

%

 

212

 

3.1

%

 

4,368

 

15.9

%

 

1,455

 

7.7

%

Loss/(gain) on fair value of warrant liabilities

 

1,569

 

15.1

%

 

1,892

 

21.7

%

 

(1

)

0.0

%

 

5,202

 

19.0

%

 

(4

)

0.0

%

Gain on fair value of contingent earnout liabilities

 

(7,261

)

(69.8

)%

 

(2,014

)

(23.1

)%

 

-

 

0.0

%

 

(9,275

)

(33.8

)%

 

-

 

0.0

%

Adjusted EBITDA

 

(14,662

)

(53.4

)%

 

(64,454

)

(739.9

)%

 

(3,176

)

(47.1

)%

 

(101,886

)

(371.3

)%

 

(18,477

)

(67.3

)%

Merger related transactional costs

 

-

 

0.0

%

 

846

 

9.7

%

 

-

 

0.00

%

 

4,360

 

15.9

%

 

-

 

0.0

%

Loss on fair value on the convertible note modification

 

-

 

0.0

%

 

50,577

 

580.6

%

 

-

 

0.0

%

 

50,577

 

184.3

%

 

-

 

0.0

%

Adjusted EBITDA excluding merger related transactional costs and loss on fair value on the convertible note modification

$

(14,662

)

(140.8

)%

$

(13,031

)

(149.6

)%

$

(3,176

)

(47.1

)%

$

(46,949

)

(171.1

)%

$

(18,477

)

(97.4

)%

 

Velo3D, Inc.

NON-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

 

Three months ended

Year Ended December 31,

December 31, 2021

September 30, 2021

December 31, 2020

2021

2020

(In thousands, except for percentages)

Revenue

$

10,410

100.0

%

$

8,711

100.0

%

$

6,742

100.0

%

$

27,439

100.0

%

$

18,975

100.0

%

Cost of revenue

 

8,720

83.8

%

 

7,237

83.1

%

 

4,368

64.8

%

 

22,481

81.9

%

 

12,608

45.9

%

Gross profit

$

1,690

16.2

%

$

1,474

16.9

%

$

2,374

35.2

%

$

4,958

18.1

%

$

6,367

23.2

%

Operating expenses
Research and development

 

7,921

76.1

%

 

7,987

91.7

%

 

3,271

48.5

%

 

27,002

98.4

%

 

14,188

74.8

%

Selling and marketing

 

4,657

44.7

%

 

3,346

38.4

%

 

2,603

38.6

%

 

12,363

45.1

%

 

7,004

36.9

%

General and administrative

 

8,190

78.7

%

 

5,158

59.2

%

 

313

4.6

%

 

23,352

85.1

%

 

6,382

33.6

%

Total operating expenses

 

20,768

199.5

%

 

16,491

189.3

%

 

6,187

91.8

%

 

62,717

228.6

%

 

27,574

145.3

%

Stock-based compensation

 

2,617

25.1

%

 

676

7.8

%

 

212

3.1

%

 

4,368

15.9

%

 

1,455

7.7

%

Merger related transactional costs

 

-

0.0

%

 

846

9.7

%

 

-

0.0

%

 

4,360

15.9

%

 

-

0.0

%

Adjusted operating expenses

$

18,151

174.4

%

$

14,969

171.8

%

$

5,975

88.6

%

$

53,989

196.8

%

$

26,119

137.6

%

 

Velo3D, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

Three months ended

Year ended December 31,

December 31, 2021

September 30, 2021

December 31, 2020

2021

2020

 
Revenue
3D Printer

$

9,421

 

$

7,281

 

$

5,927

 

$

23,015

 

$

16,965

 

Recurring payment

 

358

 

 

596

 

 

204

 

 

1,589

 

 

350

 

Support services

 

631

 

 

834

 

 

611

 

 

2,835

 

 

1,660

 

Total Revenue

 

10,410

 

 

8,711

 

 

6,742

 

 

27,439

 

 

18,975

 

Cost of revenue
3D Printer

 

7,386

 

 

5,692

 

 

3,753

 

 

17,560

 

 

10,605

 

Recurring payment

 

250

 

 

418

 

 

143

 

 

1,112

 

 

245

 

Support services

 

1,084

 

 

1,127

 

 

472

 

 

3,809

 

 

1,758

 

Total cost of revenue

 

8,720

 

 

7,237

 

 

4,368

 

 

22,481

 

 

12,608

 

Gross profit

 

1,690

 

 

1,474

 

 

2,374

 

 

4,958

 

 

6,367

 

Operating expenses
Research and development

 

7,921

 

 

7,987

 

 

3,271

 

 

27,002

 

 

14,188

 

Selling and marketing

 

4,657

 

 

3,346

 

 

2,603

 

 

12,363

 

 

7,004

 

General and administrative

 

8,190

 

 

5,158

 

 

313

 

 

23,352

 

 

6,382

 

Total operating expenses

 

20,768

 

 

16,491

 

 

6,187

 

 

62,717

 

 

27,574

 

Loss from operations

 

(19,078

)

 

(15,017

)

 

(3,813

)

 

(57,759

)

 

(21,207

)

Interest expense

 

(1,110

)

 

(986

)

 

(440

)

 

(2,740

)

 

(639

)

Loss on convertible note modification

 

-

 

 

(50,577

)

 

-

 

 

(50,577

)

 

-

 

Loss/(gain) on fair value of warrants

 

(1,569

)

 

(1,892

)

 

(1

)

 

(5,202

)

 

4

 

Gain on fair value of contingent earnout liabilities

 

7,261

 

 

2,014

 

 

-

 

 

9,275

 

 

-

 

Other income (expense), net

 

68

 

 

(120

)

 

38

 

 

(88

)

 

35

 

Loss before provision for income taxes

 

(14,428

)

 

(66,578

)

 

(4,216

)

 

(107,091

)

 

(21,807

)

Provision for income taxes

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net loss

$

(14,428

)

$

(66,578

)

$

(4,216

)

$

(107,091

)

$

(21,807

)

Extinguishment of redeemable convertible preferred stock

 

-

 

 

-

 

 

13

 

 

-

 

 

13,051

 

Net loss attributable to common stockholders

$

(14,428

)

$

(66,578

)

$

8,835

 

$

(107,091

)

$

(8,756

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.08

)

$

(3.36

)

$

0.55

 

$

(2.51

)

$

(0.56

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

183,177,088

 

 

19,793,863

 

 

16,003,558

 

 

42,684,938

 

 

15,629,179

 

 

Velo3D, Inc.

Consolidated Balance Sheets

(Unaudited)

 

December 31,

2021

2020

(in thousands, except share and per share data)

Assets
Current assets:
Cash and cash equivalents

$

207,602

 

$

15,517

 

Short-term investments

 

15,483

 

 

-

 

Accounts receivable, net

 

12,778

 

 

1,232

 

Inventories

 

22,479

 

 

7,309

 

Contract assets

 

274

 

 

3,033

 

Prepaid expenses and other current assets

 

9,458

 

 

807

 

Total current assets

 

268,074

 

 

27,898

 

Property and equipment, net

 

10,046

 

 

1,006

 

Equipment on lease, net

 

8,366

 

 

2,855

 

Other assets

 

16,231

 

 

932

 

Total assets

$

302,717

 

$

32,691

 

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable

$

9,882

 

$

1,226

 

Accrued expenses and other current liabilities

 

9,414

 

 

2,512

 

Debt – current portion

 

5,114

 

 

3,687

 

Contract liabilities

 

22,252

 

 

4,702

 

Total current liabilities

 

46,662

 

 

12,127

 

Long-term debt – less current portion

 

2,956

 

 

4,316

 

Contingent earnout liabilities

 

111,487

 

 

-

 

Warrant liabilities

 

21,705

 

 

181

 

Other noncurrent liabilities

 

9,492

 

 

184

 

Total liabilities

 

192,302

 

 

16,808

 

Stockholders’ equity (deficit):
Redeemable convertible preferred stock, $0.00001 par value, 10,000,000 and 125,419,265 shares authorized as of December 31, 2021 and 2020, respectively; 0 and 117,734,383 shares issued as of December 31, 2021 and 2020, respectively, 0 and 117,734,383 shares outstanding as of December 31, 2021 and 2020; liquidation preference of $0 and $133,762 as of December 31, 2021 and 2020, respectively

 

-

 

 

123,704

 

 
Common stock, $0.00001 par value – 500,000,000 and 176,025,618 shares authorized at December 31, 2021 and 2020, 183,232,494 and 16,003,558 shares issued and outstanding as of December 31, 2021 and 2020, respectively

 

2

 

 

1

 

Additional paid-in capital

 

340,294

 

 

14,954

 

Accumulated other comprehensive loss

 

(14

)

 

-

 

Accumulated deficit

 

(229,867

)

 

(122,776

)

Total stockholders’ equity (deficit)

 

110,415

 

 

(107,821

)

Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

$

302,717

 

$

32,691

 

 

Velo3D, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

Three months ended

Year ended December 31,

December 31, 2021

September 30, 2021

December 31, 2020

2021

2020

 
Cash flows from operating activities
Net loss

$

(14,428

)

$

(66,578

)

$

(4,216

)

$

(107,091

)

$

(21,807

)

Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization

 

894

 

 

584

 

 

389

 

 

2,170

 

 

1,240

 

Amortization of deferred loan costs

 

837

 

 

-

 

 

-

 

 

837

 

 

-

 

Stock-based compensation

 

2,617

 

 

676

 

 

212

 

 

4,368

 

 

1,455

 

Loss on convertible note modification

 

-

 

 

50,577

 

 

-

 

 

50,577

 

 

-

 

Loss/(gain) on fair value of warrants

 

1,569

 

 

3,633

 

 

1

 

 

5,202

 

 

(4

)

Gain on fair value of contingent earnout liabilities

 

(7,262

)

 

(2,014

)

 

-

 

 

(9,276

)

 

-

 

Changes in assets and liabilities
Accounts receivable

 

(6,220

)

 

(2,678

)

 

1,532

 

 

(11,546

)

 

742

 

Inventories

 

(4,988

)

 

(1,743

)

 

(1,360

)

 

(8,010

)

 

(2,743

)

Contract assets

 

1,236

 

 

(1,350

)

 

(2,360

)

 

2,759

 

 

(2,493

)

Prepaid expenses and other current assets

 

(5,861

)

 

(19

)

 

652

 

 

(7,628

)

 

1,077

 

Other assets

 

(12,092

)

 

(251

)

 

400

 

 

(14,499

)

 

466

 

Accounts payable

 

2,128

 

 

(5,548

)

 

134

 

 

1,876

 

 

(490

)

Accrued expenses and other liabilities

 

3,478

 

 

(369

)

 

215

 

 

6,878

 

 

(1,024

)

Contract liabilities

 

5,136

 

 

5,224

 

 

(1,720

)

 

17,550

 

 

(2,389

)

Other noncurrent liabilities

 

7,818

 

 

1,612

 

 

(430

)

 

9,429

 

 

(476

)

Net cash used in operating activities

 

(25,138

)

 

(18,244

)

 

(6,551

)

 

(56,404

)

 

(26,446

)

Cash flows from investing activities
Purchase of property and equipment

 

(8,085

)

 

(933

)

 

(176

)

 

(9,619

)

 

(401

)

Production of equipment for lease to customers

 

(1,561

)

 

(1,875

)

 

(74

)

 

(8,480

)

 

(3,028

)

Purchases of available-for-sale securities

 

(15,491

)

 

-

 

 

(15,491

)

 

-

 

Net cash used in investing activities

 

(25,137

)

 

(2,808

)

 

(250

)

 

(33,590

)

 

(3,429

)

Cash flows from financing activities
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs

 

-

 

 

-

 

 

(125

)

 

-

 

 

28,153

 

Proceeds from Merger, net of transaction costs

 

(19,913

)

 

143,183

 

 

-

 

 

123,270

 

 

-

 

Proceeds from PIPE financing

 

-

 

 

155,000

 

 

-

 

 

155,000

 

 

-

 

Proceeds from loan refinance

 

-

 

 

5,000

 

 

2,324

 

 

19,339

 

 

2,324

 

Repayment of term loan

 

(20,286

)

 

(109

)

 

(420

)

 

(25,283

)

 

(420

)

Repayment of property and equipment loan

 

-

 

 

(833

)

 

-

 

 

(833

)

 

-

 

Proceeds from term loan revolver facility

 

-

 

 

3,000

 

 

-

 

 

3,000

 

 

-

 

Proceeds from equipment loans

 

-

 

 

2,219

 

 

(1,550

)

 

5,419

 

 

-

 

Repayment of equipment loans

 

(533

)

 

(242

)

 

370

 

 

(2,411

)

 

-

 

Proceeds from convertible notes

 

-

 

 

-

 

 

52

 

 

5,000

 

 

5,467

 

Issuance of common stock upon exercise of stock options

 

72

 

 

30

 

 

-

 

 

385

 

 

53

 

Net cash provided by/(used in) financing activities

 

(40,660

)

 

307,248

 

 

651

 

 

282,886

 

 

35,577

 

Effect of exchange rate on cash and cash equivalents

 

(7

)

 

-

 

 

-

 

 

(7

)

 

-

 

Net change in cash and cash equivalents

 

(90,942

)

 

286,196

 

 

(6,150

)

 

192,885

 

 

5,702

 

Cash and cash equivalents and restricted cash at beginning of period

 

299,344

 

 

13,148

 

 

21,667

 

 

15,517

 

 

9,815

 

Cash and cash equivalents and restricted cash at end of period

$

208,402

 

$

299,344

 

$

15,517

 

$

208,402

 

$

15,517

 

Supplemental disclosure of cash flow information
Cash paid for interest

 

560

 

 

577

 

 

274

 

 

1,417

 

 

461

 

Supplemental disclosure of non-cash information
Extinguishment of redeemable convertible preferred stock

 

-

 

 

-

 

 

-

 

 

-

 

 

13,274

 

Conversion of convertible notes to Series D redeemable convertible preferred stock

 

-

 

 

5,000

 

 

-

 

 

5,000

 

 

6,967

 

Unpaid liabilities related to property and equipment

 

1,271

 

 

3,231

 

 

216

 

 

1,271

 

 

216

 

Conversion of warrants into redeemable convertible preferred stock, net settlement

 

-

 

 

899

 

 

-

 

 

899

 

 

-

 

Conversion of redeemable convertible preferred stock into common stock

 

-

 

 

180,180

 

 

-

 

 

180,180

 

 

-

 

Conversion of warrants into common stock, net settlement

 

-

 

 

3,635

 

 

-

 

 

3,635

 

 

-

 

Reclassification of warrants liability upon the reverse recapitalization

 

-

 

 

21,051

 

 

-

 

 

21,051

 

 

-

 

Reclassification of contingent earnout liability upon the reverse recapitalization

 

-

 

 

120,763

 

 

-

 

 

120,763

 

 

-

 

Issuance of common stock warrants in connection with financing

 

-

 

 

182

 

 

27

 

 

316

 

 

27

 


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