Velo3D Announces Sequential Revenue Growth of 60% / Year over Year Growth of More Than 160% for Second Quarter 2022

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, “Non-GAAP Net Loss”, “EBITDA”, “Adjusted EBITDA”, 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 Non-GAAP Net Loss, EBITDA, Adjusted EBITDA, 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's business.

The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Adjusted Operating Expenses during the three months ended June 30, 2022 and 2021, the six months ended June 30, 2022 and 2021 and the three months ended March 31, 2022 and 2021:

Velo3D, Inc.

NON-GAAP Net Loss Reconciliation

(Unaudited)

 

 

Three months ended

 

Six months ended

 

Three months ended

 

June 30,

June 30,

 

June 30,

June 30,

 

March 31,

March 31,

 

2022

2021

 

2022

2021

 

2022

2021

 

(In thousands, except share and per share data)

 

 

 

% of Rev

 

% of Rev

 

 

% of Rev

 

% of Rev

 

 

% of Rev

 

% of Rev

Revenues

$

19,644

 

100

%

$

7,146

 

100

%

 

$

31,862

 

100

%

$

8,318

 

100

%

 

$

12,218

 

100

%

$

1,172

 

100

%

Gross profit

 

1,232

 

6.3

%

 

2,184

 

30.6

%

 

 

1,247

 

3.9

%

 

1,794

 

21.6

%

 

 

15

 

0.1

%

 

(390

)

(33.3

)%

Net income (loss)

$

127,950

 

651.3

%

$

(12,538

)

(175.5

)%

 

$

62,608

 

196.5

%

$

(26,086

)

(313.6

)%

 

$

(65,341

)

(534.8

)%

$

(13,548

)

(1156.0

)%

Stock-based compensation

 

4,976

 

25.3

%

 

760

 

10.6

%

 

 

9,933

 

31.2

%

 

1,075

 

12.9

%

 

 

4,957

 

40.6

%

 

315

 

26.9

%

(Gain) loss on fair value of warrants

 

(23,665

)

(120.5

)%

 

227

 

3.2

%

 

 

(17,651

)

(55.4

)%

 

1,741

 

20.9

%

 

 

6,014

 

49.2

%

 

1,514

 

129.2

%

(Gain) loss on fair value of contingent earnout liabilities

 

(130,227

)

(662.9

)%

 

 

%

 

 

(98,995

)

(310.7

)%

 

 

%

 

 

31,232

 

255.6

%

 

 

%

Merger related transactional costs

 

 

%

 

1,583

 

22.2

%

 

 

 

%

 

3,514

 

42.2

%

 

 

 

%

 

1,931

 

164.8

%

Non-GAAP Net loss

$

(20,966

)

(106.7

)%

$

(9,968

)

(139.5

%

 

$

(44,105

)

(138.4

)%

$

(19,756

)

(237.5

)%

 

$

(23,138

)

(189.4

)%

$

(9,788

)

(835.2

)%

 

Velo3D, Inc.

NON-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

 

 

Three months ended

 

Six months ended

 

Three months ended

 

June 30,

June 30,

 

June 30,

June 30,

 

March 31,

March 31,

 

2022

2021

 

2022

2021

 

2022

2021

 

(In thousands)

 

 

% of Rev

 

% of Rev

 

 

% of Rev

 

% of Rev

 

 

% of Rev

 

% of Rev

Revenues

$

19,644

 

100

%

$

7,146

 

100

%

 

$

31,862

 

100

%

$

8,318

 

100

%

 

$

12,218

 

100

%

$

1,172

 

100

%

Net income (loss)

$

127,950

 

651.3

%

$

(12,538

)

(175.5

)%

 

$

62,608

 

196.5

%

$

(26,086

)

(313.6

)%

 

$

(65,341

)

(534.8

) %

$

(13,548

)

(1156.0

)%

Interest expense

 

92

 

0.5

%

 

524

 

7.3

%

 

 

233

 

0.7

%

 

644

 

7.7

%

 

 

141

 

1.2

%

 

120

 

10.2

%

Tax expense

 

 

%

 

 

%

 

 

 

%

 

 

%

 

 

 

%

 

 

%

Depreciation and amortization

 

1,087

 

5.5

%

 

329

 

4.6

%

 

 

2,108

 

6.6

%

 

692

 

8.3

%

 

 

1,021

 

8.4

%

 

363

 

31.0

%

EBITDA

 

129,129

 

657.3

%

 

(11,685

)

(163.5

)%

 

 

64,949

 

203.8

%

 

(24,750

)

(297.5

)%

 

 

(64,179

)

(525.3

)%

 

(13,065

)

(1114.8

)%

Stock-based compensation

 

4,976

 

25.3

%

 

760

 

10.6

%

 

 

9,933

 

31.2

%

 

1,075

 

12.9

%

 

 

4,957

 

40.6

%

 

315

 

26.9

%

(Gain) loss on fair value of warrants

 

(23,665

)

(120.5

)%

 

227

 

3.2

%

 

 

(17,651

)

(55.4

)%

 

1,741

 

20.9

%

 

 

6,014

 

49.2

%

 

1,514

 

129.2

%

(Gain) loss on fair value of contingent earnout liabilities

 

(130,227

)

(662.9

)%

 

 

%

 

 

(98,995

)

(310.7

)%

 

 

%

 

 

31,232

 

255.6

%

 

 

%

Adjusted EBITDA

$

(19,787

)

(100.7

)%

$

(10,698

)

(149.7

)%

 

$

(41,764

)

(131.1

)%

$

(21,934

)

(263.7

)%

 

$

(21,976

)

(179.9

)%

$

(11,236

)

(958.7

)%

Merger related transactional costs

 

 

%

 

1,583

 

22.2

%

 

 

 

%

 

3,514

 

42.2

%

 

 

 

%

 

1,931

 

164.8

%

Adjusted EBITDA excluding merger related transactional costs

$

(19,787

)

(100.7

) %

$

(9,115

)

(127.6

)%

 

$

(41,764

)

(131.1

)%

$

(18,420

)

(221.4

)%

 

$

(21,976

)

(179.9

)%

$

(9,305

)

(793.9

)%

 

Velo3D, Inc.

NON-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

 

 

 

 

 

 

Three months ended

 

Six months ended

 

Three months ended

 

June 30,

June 30,

 

June 30,

June 30,

 

March 31,

March 31,

 

2022

2021

 

2022

2021

 

2022

2021

 

(In thousands)

 

 

% of Rev

 

% of Rev

 

 

% of Rev

 

% of Rev

 

 

% of Rev

 

% of Rev

Revenues

$

19,644

100

%

$

7,146

100

%

 

$

31,862

100

%

$

8,318

100

%

 

$

12,218

100

%

$

1,172

100

%

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

12,965

66.0

%

 

6,399

89.5

%

 

 

25,880

81.2

%

 

11,094

133.4

%

 

 

12,915

105.7

%

 

4,695

400.6

%

Selling and marketing

 

6,249

31.8

%

 

2,337

32.7

%

 

 

12,232

38.4

%

 

4,360

52.4

%

 

 

5,983

49.0

%

 

2,023

172.6

%

General and administrative

 

8,259

42.0

%

 

5,218

73.0

%

 

 

17,549

55.1

%

 

10,004

120.3

%

 

 

9,290

76.0

%

 

4,786

408.4

%

Total operating expenses

 

27,473

139.9

%

 

13,954

195.3

%

 

 

55,661

174.7

%

 

25,458

306.1

%

 

 

28,188

230.7

%

 

11,504

981.6

%

Stock-based compensation

 

4,976

25.3

%

 

760

10.6

%

 

 

9,933

31.2

%

 

1,075

12.9

%

 

 

4,957

40.6

%

 

315

26.9

%

Merger related transactional costs

 

%

 

1,583

22.2

%

 

 

%

 

3,514

42.2

%

 

 

%

 

1,931

164.8

%

Adjusted operating expenses

$

22,497

114.5

%

$

11,611

162.5

%

 

$

45,728

143.5

%

$

20,869

250.9

%

 

$

23,231

190.1

%

$

9,258

789.9

%

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands, except share and per share data)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

3D Printer

$

17,615

 

 

$

10,184

 

 

$

6,079

 

 

$

27,799

 

 

$

6,313

 

Recurring payment

 

934

 

 

 

925

 

 

 

372

 

 

 

1,859

 

 

 

635

 

Support services

 

1,095

 

 

 

1,109

 

 

 

695

 

 

 

2,204

 

 

 

1,370

 

Total Revenue

 

19,644

 

 

 

12,218

 

 

 

7,146

 

 

 

31,862

 

 

 

8,318

 

Cost of revenue

 

 

 

 

 

 

 

 

 

3D Printer

 

15,633

 

 

 

10,479

 

 

 

3,899

 

 

 

26,112

 

 

 

4,482

 

Recurring payment

 

685

 

 

 

718

 

 

 

257

 

 

 

1,403

 

 

 

444

 

Support services

 

2,094

 

 

 

1,006

 

 

 

806

 

 

 

3,100

 

 

 

1,598

 

Total cost of revenue

 

18,412

 

 

 

12,203

 

 

 

4,962

 

 

 

30,615

 

 

 

6,524

 

Gross profit

 

1,232

 

 

 

15

 

 

 

2,184

 

 

 

1,247

 

 

 

1,794

 

Operating expenses

 

 

 

 

 

 

 

 

 

Research and development

 

12,965

 

 

 

12,915

 

 

 

6,399

 

 

 

25,880

 

 

 

11,094

 

Selling and marketing

 

6,249

 

 

 

5,983

 

 

 

2,337

 

 

 

12,232

 

 

 

4,360

 

General and administrative

 

8,259

 

 

 

9,290

 

 

 

5,218

 

 

 

17,549

 

 

 

10,004

 

Total operating expenses

 

27,473

 

 

 

28,188

 

 

 

13,954

 

 

 

55,661

 

 

 

25,458

 

Loss from operations

 

(26,241

)

 

 

(28,173

)

 

 

(11,770

)

 

 

(54,414

)

 

 

(23,664

)

Interest expense

 

(92

)

 

 

(141

)

 

 

(524

)

 

 

(233

)

 

 

(644

)

Gain (loss) on fair value of warrants

 

23,665

 

 

 

(6,014

)

 

 

(227

)

 

 

17,651

 

 

 

(1,741

)

Gain (loss) on fair value of contingent earnout liabilities

 

130,227

 

 

 

(31,232

)

 

 

 

 

 

98,995

 

 

 

 

Other income (expense), net

 

391

 

 

 

219

 

 

 

(17

)

 

 

609

 

 

 

(37

)

Income (loss) before provision for income taxes

 

127,950

 

 

 

(65,341

)

 

 

(12,538

)

 

 

62,608

 

 

 

(26,086

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

127,950

 

 

$

(65,341

)

 

$

(12,538

)

 

$

62,608

 

 

$

(26,086

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

$

0.69

 

 

$

(0.36

)

 

$

(0.78

)

 

$

0.34

 

 

$

(1.62

)

Diluted

$

0.63

 

 

$

(0.36

)

 

$

(0.78

)

 

$

0.31

 

 

$

(1.62

)

Shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

184,282,194

 

 

 

183,498,082

 

 

 

16,150,202

 

 

 

183,892,304

 

 

 

16,085,750

 

Diluted

 

202,384,512

 

 

 

183,498,082

 

 

 

16,150,202

 

 

 

203,089,266

 

 

 

16,085,750

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

127,950

 

 

$

(65,341

)

 

$

(12,538

)

 

$

62,608

 

 

$

(26,086

)

Net unrealized holding loss on available-for-sale investments

 

(335

)

 

 

(594

)

 

 

 

 

 

(943

)

 

 

 

Other comprehensive income (loss)

$

127,615

 

 

$

(65,935

)

 

$

(12,538

)

 

$

61,665

 

 

$

(26,086

)

 

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

 

June 30,

 

December 31,

 

 

2022

 

 

 

2021

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

43,509

 

 

$

207,602

 

Short-term investments

 

98,287

 

 

 

15,483

 

Accounts receivable, net

 

11,817

 

 

 

12,778

 

Inventories

 

61,909

 

 

 

22,479

 

Contract assets

 

405

 

 

 

274

 

Prepaid expenses and other current assets

 

6,695

 

 

 

9,458

 

Total current assets

 

222,622

 

 

 

268,074

 

Property and equipment, net

 

17,717

 

 

 

10,046

 

Equipment on lease, net

 

8,128

 

 

 

8,366

 

Other assets

 

14,948

 

 

 

16,231

 

Total assets

$

263,415

 

 

$

302,717

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

15,744

 

 

$

9,882

 

Accrued expenses and other current liabilities

 

16,485

 

 

 

9,414

 

Debt – current portion

 

5,119

 

 

 

5,114

 

Contract liabilities

 

16,175

 

 

 

22,252

 

Total current liabilities

 

53,523

 

 

 

46,662

 

Long-term debt – less current portion

 

1,889

 

 

 

2,956

 

Contingent earnout liabilities

 

12,493

 

 

 

111,487

 

Warrant liabilities

 

4,053

 

 

 

21,705

 

Other noncurrent liabilities

 

8,874

 

 

 

9,492

 

Total liabilities

 

80,832

 

 

 

192,302

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.00001 par value - 500,000,000 shares authorized at June 30, 2022 and December 31, 2021, 184,909,608 and 183,232,494 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

2

 

 

 

2

 

Additional paid-in capital

 

350,797

 

 

 

340,294

 

Accumulated other comprehensive loss

 

(957

)

 

 

(14

)

Accumulated deficit

 

(167,259

)

 

 

(229,867

)

Total stockholders’ equity

 

182,583

 

 

 

110,415

 

Total liabilities and stockholders’ equity

$

263,415

 

 

$

302,717

 

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities

 

 

 

Net income (loss)

$

62,608

 

 

$

(26,086

)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities

 

 

 

Depreciation and amortization

 

2,108

 

 

 

692

 

Stock-based compensation

 

9,933

 

 

 

1,075

 

(Gain) loss on fair value of warrants

 

(17,651

)

 

 

1,741

 

(Gain) loss on fair value of contingent earnout liabilities

 

(98,995

)

 

 

 

Changes in assets and liabilities

 

 

 

Accounts receivable

 

961

 

 

 

(2,648

)

Inventories

 

(34,826

)

 

 

(1,279

)

Contract assets

 

(131

)

 

 

2,873

 

Prepaid expenses and other current assets

 

7,049

 

 

 

(1,748

)

Other assets

 

1,283

 

 

 

(2,156

)

Accounts payable

 

(415

)

 

 

5,296

 

Accrued expenses and other liabilities

 

5,977

 

 

 

779

 

Contract liabilities

 

(6,077

)

 

 

7,190

 

Other noncurrent liabilities

 

(617

)

 

 

1,249

 

Net cash used in operating activities

 

(68,793

)

 

 

(13,022

)

Cash flows from investing activities

 

 

 

Purchase of property and equipment

 

(8,578

)

 

 

(601

)

Production of equipment for lease to customers

 

(2,563

)

 

 

(5,044

)

Purchases of available-for-sale investments

 

(87,655

)

 

 

 

Proceeds from maturities of available-for-sale investments

 

4,000

 

 

 

 

Net cash used in investing activities

 

(94,796

)

 

 

(5,645

)

Cash flows from financing activities

 

 

 

Proceeds from loan issuance

 

 

 

 

14,339

 

Repayment of term loan

 

 

 

 

(4,888

)

Proceeds from convertible notes

 

 

 

 

5,000

 

Proceeds from equipment loans

 

 

 

 

3,200

 

Repayment of equipment loans

 

(1,067

)

 

 

(1,636

)

Issuance of common stock upon exercise of stock options

 

570

 

 

 

283

 

Net cash (used in) provided by financing activities

 

(497

)

 

 

16,298

 

Effect of exchange rate changes on cash and cash equivalents

 

(7

)

 

 

 

Net change in cash and cash equivalents

 

(164,093

)

 

 

(2,369

)

Cash and cash equivalents and restricted cash at beginning of period

 

208,402

 

 

 

15,517

 

Cash and cash equivalents and restricted cash at end of period

$

44,309

 

 

$

13,148

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

Cash paid for interest

$

152

 

 

$

280

 

Supplemental disclosure of non-cash information

 

 

 

Issuance of common stock warrants in connection with financing

$

 

 

$

134

 


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