Velo3D Reports Second Quarter 2023 Financial Results

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”, “Adjusted EBITDA excluding merger costs and loss on convertible note extinguishment” and “Non-GAAP 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, Adjusted EBITDA excluding merger costs and loss on convertible note extinguishment and Non-GAAP 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 Non-GAAP Operating Expenses during the three months ended June 30, 2023, March 31, 2023, June 30, 2022 and March 31, 2022 and the six months ended June 30, 2023 and June 30, 2022:

Velo3D, Inc.
NON-GAAP Net Income (Loss) Reconciliation
(Unaudited)
 
Three months ended Six months ended Three months ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 March 31, 2023 March 31, 2022
(In thousands, except for percentages)
% of Rev % of Rev % of Rev % of Rev % of Rev % of Rev
Revenue

$

25,134

 

100.0

%

$

19,644

 

100.0

%

$

51,948

 

100.0

%

$

31,862

 

100.0

%

$

26,814

 

100.0

%

$

12,218

 

100.0

%

Gross Profit

 

2,980

 

11.9

%

 

1,232

 

6.3

%

 

5,905

 

11.4

%

 

1,247

 

3.9

%

 

2,925

 

10.9

%

 

15

 

0.1

%

Net Income (Loss)

$

(23,201

)

(92.3

)%

$

127,950

 

651.3

%

$

(59,399

)

(114.3

)%

$

62,608

 

196.5

%

$

(36,198

)

(135.0

)%

$

(65,341

)

(534.8

)%

Stock-based compensation

 

6,535

 

26.0

%

 

4,976

 

25.3

%

 

12,771

 

24.6

%

 

9,933

 

31.2

%

 

6,236

 

23.3

%

 

4,957

 

40.6

%

(Gain) Loss on fair value of warrants

 

(828

)

(3.3

)%

 

(23,665

)

(120.5

)%

 

1,725

 

3.3

%

 

(17,651

)

(55.4

)%

 

2,553

 

9.5

%

 

6,014

 

49.2

%

(Gain) Loss on fair value of contingent earnout liabilities

 

(1,843

)

(7.3

)%

 

(130,227

)

(662.9

)%

 

7,810

 

15.0

%

 

(98,995

)

(310.7

)%

 

9,653

 

36.0

%

 

31,232

 

255.6

%

Non-GAAP Net Loss

$

(19,338

)

(76.9

)%

$

(20,966

)

(106.7

)%

$

(37,094

)

(71.4

)%

$

(44,105

)

(138.4

)%

$

(17,756

)

(66.2

)%

$

(23,138

)

(189.4

)%

 
 
Velo3D, Inc.
NON-GAAP Adjusted EBITDA Reconciliation
(Unaudited)
 
Three months ended Six months ended Three months ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 March 31, 2023 March 31, 2022
(In thousands, except for percentages)
% of Rev % of Rev % of Rev % of Rev % of Rev % of Rev
Revenue

$

25,134

 

100.0

%

$

19,644

 

100.0

%

$

51,948

 

100.0

%

$

31,862

 

100.0

%

$

26,814

 

100.0

%

$

12,218

 

100.0

%

Net Income (Loss)

 

(23,201

)

(92.3

)%

 

127,950

 

651.3

%

 

(59,399

)

(114.3

)%

 

62,608

 

196.5

%

 

(36,198

)

(135.0

)%

 

(65,341

)

(534.8

)%

Interest expense

 

344

 

1.4

%

 

92

 

0.5

%

 

564

 

1.1

%

 

233

 

0.7

%

 

220

 

0.8

%

 

141

 

1.2

%

Tax expense

 

 

%

 

 

%

 

 

%

 

 

%

 

 

%

 

 

%

Depreciation and amortization

 

1,466

 

5.8

%

 

1,087

 

5.5

%

 

3,026

 

5.8

%

 

2,108

 

6.6

%

 

1,560

 

5.8

%

 

1,021

 

8.4

%

EBITDA

$

(21,391

)

(85.1

)%

$

129,129

 

657.3

%

$

(55,809

)

(107.4

)%

$

64,949

 

203.8

%

$

(34,418

)

(128.4

)%

$

(64,179

)

(525.3

)%

Stock-based compensation

 

6,535

 

26.0

%

 

4,976

 

25.3

%

 

12,771

 

24.6

%

 

9,933

 

31.2

%

 

6,236

 

23.3

%

 

4,957

 

40.6

%

(Gain) Loss on fair value of warrants

 

(828

)

(3.3

)%

 

(23,665

)

(120.5

)%

 

1,725

 

3.3

%

 

(17,651

)

(55.4

)%

 

2,553

 

9.5

%

 

6,014

 

49.2

%

(Gain) Loss on fair value of contingent earnout liabilities

 

(1,843

)

(7.3

)%

 

(130,227

)

(662.9

)%

 

7,810

 

15.0

%

 

(98,995

)

(310.7

)%

 

9,653

 

36.0

%

 

31,232

 

255.6

%

Adjusted EBITDA

$

(17,528

)

(69.7

)%

$

(19,787

)

(100.7

)%

$

(33,504

)

(64.5

)%

$

(41,764

)

(131.1

)%

$

(15,976

)

(59.6

)%

$

(21,976

)

(179.9

)%

 
 
Velo3D, Inc.
NON-GAAP Adjusted Operating Expenses Reconciliation
(Unaudited)
 
Three months ended Six months ended Three months ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 March 31, 2023 March 31, 2022
(In thousands, except for percentages)
% of Rev % of Rev % of Rev % of Rev % of Rev % of Rev
Revenue

$

25,134

 

100.0

%

$

19,644

 

100.0

%

$

51,948

 

100.0

%

$

31,862

 

100.0

%

$

26,814

 

100.0

%

$

12,218

 

100.0

%

Operating expenses
Research and development

 

12,454

 

49.6

%

 

12,965

 

66.0

%

 

23,001

 

44.3

%

 

25,880

 

81.2

%

 

10,547

 

39.3

%

 

12,915

 

105.7

%

Selling and marketing

 

6,108

 

24.3

%

 

6,249

 

31.8

%

 

12,282

 

23.6

%

 

12,232

 

38.4

%

 

6,174

 

23.0

%

 

5,983

 

49.0

%

General and administrative

 

10,124

 

40.3

%

 

8,259

 

42.0

%

 

20,451

 

39.4

%

 

17,549

 

55.1

%

 

10,327

 

38.5

%

 

9,290

 

76.0

%

Total operating expenses

 

28,686

 

114.1

%

 

27,473

 

139.9

%

 

55,734

 

107.3

%

 

55,661

 

174.7

%

 

27,048

 

100.9

%

 

28,188

 

230.7

%

Stock-based compensation

 

6,535

 

26.0

%

 

4,976

 

25.3

%

 

12,771

 

24.6

%

 

9,933

 

31.2

%

 

6,236

 

23.3

%

 

4,957

 

40.6

%

Adjusted operating expenses

$

22,152

 

88.1

%

$

22,497

 

114.5

%

$

42,964

 

82.7

%

$

45,728

 

143.5

%

$

20,812

 

77.6

%

$

23,231

 

190.1

%

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, 2023 March 31, 2023 June 30, 2022 June 30, 2023 June 30, 2022
 
Revenue
3D Printer

$

23,190

 

$

24,575

 

$

17,615

 

$

47,765

 

$

27,799

 

Recurring payment

 

35

 

 

575

 

 

934

 

 

610

 

 

1,859

 

Support services

 

1,909

 

 

1,664

 

 

1,095

 

 

3,573

 

 

2,204

 

Total Revenue

 

25,134

 

 

26,814

 

 

19,644

 

 

51,948

 

 

31,862

 

Cost of revenue
Cost of 3D Printer

 

19,728

 

 

21,974

 

 

15,633

 

 

41,702

 

 

26,112

 

Cost of Recurring Payment

 

335

 

 

447

 

 

685

 

 

782

 

 

1,403

 

Cost of Support Services

 

2,091

 

 

1,468

 

 

2,094

 

 

3,559

 

 

3,100

 

Total cost of revenue

 

22,154

 

 

23,889

 

 

18,412

 

 

46,043

 

 

30,615

 

Gross profit

 

2,980

 

 

2,925

 

 

1,232

 

 

5,905

 

 

1,247

 

 
Operating expenses
Research and development

 

12,454

 

 

10,547

 

 

12,965

 

 

23,001

 

 

25,880

 

Selling and marketing

 

6,108

 

 

6,174

 

 

6,249

 

 

12,282

 

 

12,232

 

General and administrative

 

10,124

 

 

10,327

 

 

8,259

 

 

20,451

 

 

17,549

 

Total operating expenses

 

28,686

 

 

27,048

 

 

27,473

 

 

55,734

 

 

55,661

 

Loss from operations

 

(25,706

)

 

(24,123

)

 

(26,241

)

 

(49,829

)

 

(54,414

)

Interest expense

 

(344

)

 

(220

)

 

(92

)

 

(564

)

 

(233

)

Gain (loss) on fair value of warrants

 

828

 

 

(2,553

)

 

23,665

 

 

(1,725

)

 

17,651

 

Gain (loss) on fair value of contingent earnout liabilities

 

1,843

 

 

(9,653

)

 

130,227

 

 

(7,810

)

 

98,995

 

Other income, net

 

178

 

 

351

 

 

391

 

 

529

 

 

609

 

Income (loss) before provision for income taxes

 

(23,201

)

 

(36,198

)

 

127,950

 

 

(59,399

)

 

62,608

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(23,201

)

 

(36,198

)

 

127,950

 

 

(59,399

)

 

62,608

 

 
Net income (loss) per share:
Basic

$

(0.12

)

$

(0.19

)

$

0.69

 

$

(0.31

)

$

0.34

 

Diluted

$

(0.12

)

$

(0.19

)

$

0.63

 

$

(0.31

)

$

0.31

 

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

 

193,917,908

 

 

189,609,021

 

 

184,282,194

 

 

191,775,367

 

 

183,892,304

 

Diluted

 

193,917,908

 

 

189,609,021

 

 

202,326,053

 

 

191,775,367

 

 

203,026,468

 

 
Net Income (loss)

$

(23,201

)

$

(36,198

)

$

127,950

 

$

(59,399

)

$

62,608

 

Net unrealized holding gain (loss) on available-for-sale investments

 

148

 

 

288

 

 

(335

)

 

436

 

 

(943

)

Other comprehensive income (loss)

$

(23,053

)

$

(35,910

)

$

127,615

 

$

(58,963

)

$

61,665

 

Velo3D, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
 
June 30, December 31,

2023

2022

(in thousands, except share and per share data)
Assets
Current assets:
Cash and cash equivalents

$

28,868

 

$

31,983

 

Short-term investments

 

18,475

 

 

48,214

 

Accounts receivable, net

 

14,284

 

 

9,185

 

Inventories

 

78,015

 

 

71,202

 

Contract assets

 

15,255

 

 

6,805

 

Prepaid expenses and other current assets

 

2,860

 

 

5,533

 

Total current assets

 

157,757

 

 

172,922

 

Property and equipment, net

 

18,376

 

 

19,812

 

Equipment on lease, net

 

7,668

 

 

9,070

 

Other assets

 

23,001

 

 

23,310

 

Total assets

$

206,802

 

$

225,114

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

 

17,579

 

 

12,207

 

Accrued expenses and other current liabilities

 

9,369

 

 

15,877

 

Debt - current portion

 

2,973

 

 

2,775

 

Contract liabilities

 

5,772

 

 

15,194

 

Total current liabilities

 

35,693

 

 

46,053

 

Long-term debt - less current portion

 

19,400

 

 

5,422

 

Contingent earnout liabilities

 

25,224

 

 

17,414

 

Warrant liabilities

 

4,470

 

 

2,745

 

Other noncurrent liabilities

 

11,420

 

 

12,634

 

Total liabilities

$

96,207

 

$

84,268

 

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at June 30, 2023 and December 31, 2022, 196,737,320 and 187,561,368 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

 

2

 

 

2

 

Additional paid-in capital

 

390,240

 

 

361,528

 

Accumulated other comprehensive income

 

(401

)

 

(837

)

Accumulated deficit

 

(279,246

)

 

(219,847

)

Total stockholders’ equity

$

110,595

 

$

140,846

 

Total liabilities and stockholders’ equity

$

206,802

 

$

225,114

 

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
Six Months Ended
June 30, 2023 June 30, 2022
Cash flows from operating activities
Net income (loss)

 

(59,399

)

 

62,608

 

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

 

3,026

 

 

2,108

 

Stock-based compensation

 

12,771

 

 

9,933

 

(Gain) Loss on fair value of warrants

 

1,725

 

 

(17,651

)

(Gain) Loss on fair value of contingent earnout liabilities

 

7,810

 

 

(98,995

)

Changes in assets and liabilities
Accounts receivable

 

(5,099

)

 

961

 

Inventories

 

3,538

 

 

(34,826

)

Contract assets

 

(8,450

)

 

(131

)

Prepaid expenses and other current assets

 

3,609

 

 

7,049

 

Other assets

 

292

 

 

1,283

 

Accounts payable

 

(1,716

)

 

(415

)

Accrued expenses and other liabilities

 

(6,249

)

 

5,977

 

Contract liabilities

 

(9,422

)

 

(6,077

)

Other noncurrent liabilities

 

(1,214

)

 

(617

)

Net cash used in operating activities

 

(58,778

)

 

(68,793

)

Cash flows from investing activities
Purchase of property and equipment

 

(690

)

 

(8,578

)

Production of equipment for lease to customers

 

(3,694

)

 

(2,563

)

Purchases of available-for-sale investments

 

 

 

(87,655

)

Proceeds from maturities of available-for-sale investments

 

29,984

 

 

4,000

 

Net cash provided by (used in) investing activities

 

25,600

 

 

(94,796

)

Cash flows from financing activities
Proceeds from ATM offering, net of issuance costs

 

15,591

 

 

 

Proceeds from revolver facility

 

14,000

 

 

 

Proceeds from equipment loans

 

1,600

 

 

 

Repayment of term loan

 

 

 

(1,067

)

Repayment of property and equipment loan

 

(1,467

)

 

 

Issuance of common stock upon exercise of stock options

 

350

 

 

570

 

Net cash provided by (used in) financing activities

 

30,074

 

 

(497

)

Effect of exchange rate changes on cash and cash equivalents

 

(11

)

 

(7

)

Net change in cash and cash equivalents

 

(3,115

)

 

(164,093

)

Cash and cash equivalents and restricted cash at beginning of period

 

32,783

 

 

208,402

 

Cash and cash equivalents and restricted cash at end of period

$

29,668

 

$

44,309

 

 
Supplemental disclosure of cash flow information
Cash paid for interest

$

564

 

$

152

 

Supplemental disclosure of non-cash information
Unpaid liabilities related to property and equipment

 

177

 

 

 

Six Months Ended
June 30, 2023 June 30, 2022
Cash and cash equivalents

 

                      28,868

 

                 43,509

Restricted cash (Other assets)

 

                            800

 

                       800

Total cash and cash equivalents, and restricted cash

$

                  29,668

$

              44,309


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