Velo3D Announces First Quarter 2024 Financial Results

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 periods below:

Velo3D, Inc.

NON-GAAP Net Income (Loss) Reconciliation

(Unaudited)

 
Three months ended
March 31,
2024
December 31,
2023
March 31,
2023
(In thousands, except for percentages)
% of Rev % of Rev % of Rev
Revenue

$

9,786

 

100.0

%

$

2,455

 

100.0

%

$

26,687

 

100.0

%

Gross Profit

 

(2,815

)

(28.8

)%

 

(31,498

)

(1283.0

)%

 

2,532

 

9.5

%

Net Income (Loss)

$

(28,314

)

(289.3

)%

$

(56,149

)

(2287.1

)%

$

(36,325

)

(136.1

)%

Stock-based compensation

 

5,087

 

52.0

%

 

5,445

 

221.8

%

 

6,236

 

23.4

%

(Gain) Loss on fair value of warrants

 

2,620

 

26.8

%

 

(2,476

)

(100.9

)%

 

2,553

 

9.6

%

(Gain) Loss on fair value of contingent earnout liabilities

 

437

 

4.5

%

 

(12,958

)

(527.8

)%

 

9,653

 

36.2

%

Gain on fair value of debt derivative

 

 

%

 

(11,649

)

(474.5

)%

 

 

%

Loss on extinguishment of debt

 

 

%

 

19,197

 

782.0

%

 

 

%

Non-GAAP Net Loss

$

(20,170

)

(206.1

)%

$

(58,590

)

(2386.6

)%

$

(17,883

)

(67.0

)%

Velo3D, Inc.

NON-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

 
Three months ended
March 31,
2024
December 31,
2023
March 31,
2023
(In thousands, except for percentages)
% of Rev % of Rev % of Rev
Revenue

$

9,786

 

100.0

%

$

2,455

 

100.0

%

$

26,687

 

100.0

%

Net Income (Loss)

 

(28,314

)

(289.3

)%

 

(56,149

)

(2287.1

)%

 

(36,325

)

(136.1

)%

Interest expense

 

3,897

 

39.8

%

 

6,140

 

250.1

%

 

220

 

0.8

%

Tax expense

 

4

 

0.0

%

 

 

%

 

 

%

Depreciation and amortization

 

4,567

 

46.7

%

 

4,794

 

195.3

%

 

1,560

 

5.8

%

EBITDA

$

(19,846

)

(202.8

)%

$

(45,215

)

(1841.8

)%

$

(34,545

)

(129.4

)%

Stock-based compensation

 

5,087

 

52.0

%

 

5,445

 

221.8

%

 

6,236

 

23.4

%

(Gain) Loss on fair value of warrants

 

2,620

 

26.8

%

 

(2,476

)

(100.9

)%

 

2,553

 

9.6

%

(Gain) Loss on fair value of contingent earnout liabilities

 

437

 

4.5

%

 

(12,958

)

(527.8

)%

 

9,653

 

36.2

%

Gain on fair value of debt derivative

 

 

%

 

(11,649

)

(474.5

)%

 

 

%

Loss on extinguishment of debt

 

 

%

 

19,197

 

782.0

%

 

 

%

Adjusted EBITDA

$

(11,702

)

(119.6

)%

$

(47,656

)

(1941.2

)%

$

(16,103

)

(60.3

)%

Velo3D, Inc.

NON-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

 
Three months ended
March 31,
2024
December 31,
2023
March 31,
2023
(In thousands, except for percentages)
% of Rev % of Rev % of Rev
Revenue

$

9,786

100.0

%

$

2,455

100.0

%

$

26,687

100.0

%

Operating expenses
Research and development

 

5,043

51.5

%

 

9,886

402.7

%

 

10,417

39.0

%

Selling and marketing

 

4,809

49.1

%

 

5,175

210.8

%

 

6,174

23.1

%

General and administrative

 

8,783

89.8

%

 

10,877

443.1

%

 

10,191

38.2

%

Total operating expenses

 

18,635

190.4

%

 

25,938

1056.5

%

 

26,782

100.4

%

Stock-based compensation in operating expenses

 

4,503

46.0

%

 

4,780

194.7

%

 

5,970

22.4

%

Adjusted operating expenses

$

14,132

144.4

%

$

21,158

861.8

%

$

20,812

78.0

%

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands, except share and per share data)
 
Three months ended
March 31, 2024 December 31, 2023 March 31, 2023
 
Revenue
3D Printer

$

7,660

 

$

513

 

$

24,448

 

Recurring payment

 

470

 

 

535

 

 

575

 

Support services

 

1,656

 

 

1,407

 

 

1,664

 

Total Revenue

 

9,786

 

 

2,455

 

 

26,687

 

Cost of revenue
Cost of 3D Printer

 

9,394

 

 

31,455

 

 

22,168

 

Cost of Recurring Payment

 

315

 

 

398

 

 

447

 

Cost of Support Services

 

2,892

 

 

2,100

 

 

1,540

 

Total cost of revenue

 

12,601

 

 

33,953

 

 

24,155

 

Gross profit (loss)

 

(2,815

)

 

(31,498

)

 

2,532

 

Operating expenses
Research and development

 

5,043

 

 

9,886

 

 

10,417

 

Selling and marketing

 

4,809

 

 

5,175

 

 

6,174

 

General and administrative

 

8,783

 

 

10,877

 

 

10,191

 

Total operating expenses

 

18,635

 

 

25,938

 

 

26,782

 

Loss from operations

 

(21,450

)

 

(57,436

)

 

(24,250

)

Interest expense

 

(3,897

)

 

(6,140

)

 

(220

)

Gain (loss) on fair value of warrants

 

(2,620

)

 

2,476

 

 

(2,553

)

Gain (loss) on fair value of contingent earnout liabilities

 

(437

)

 

12,958

 

 

(9,653

)

Gain on fair value of debt derivative

 

 

 

11,649

 

 

 

Loss on extinguishment of debt

 

 

 

(19,197

)

 

 

Other income, net

 

94

 

 

(459

)

 

351

 

Loss before provision for income taxes

 

(28,310

)

 

(56,149

)

 

(36,325

)

Provision for income taxes

 

(4

)

 

 

 

 

Net loss

 

(28,314

)

 

(56,149

)

 

(36,325

)

 
Net loss per share:
Basic

$

(0.11

)

$

(0.27

)

$

(0.19

)

Diluted

$

(0.11

)

$

(0.27

)

$

(0.19

)

 
Shares used in computing net loss per share:
Basic

 

260,294,161

 

 

207,869,092

 

 

189,609,021

 

Diluted

 

260,294,161

 

 

207,869,092

 

 

189,609,021

 

 
Net loss

$

(28,314

)

$

(56,149

)

$

(36,325

)

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

 

52

 

 

156

 

 

288

 

Total comprehensive loss

$

(28,262

)

$

(55,993

)

$

(36,037

)

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

2024

2023

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

$

7,754

 

$

24,494

 

Short-term investments

 

3,151

 

 

6,621

 

Accounts receivable, net

 

11,653

 

 

9,583

 

Inventories

 

62,799

 

 

60,816

 

Contract assets

 

9,906

 

 

7,510

 

Prepaid expenses and other current assets

 

3,082

 

 

4,000

 

Total current assets

 

98,345

 

 

113,024

 

Property and equipment, net

 

15,253

 

 

16,326

 

Equipment on lease, net

 

5,482

 

 

6,667

 

Other assets

 

17,068

 

 

17,782

 

Total assets

$

136,148

 

$

153,799

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

$

15,595

 

$

15,854

 

Accrued expenses and other current liabilities

 

6,244

 

 

6,491

 

Debt - current portion

 

34,300

 

 

21,191

 

Contract liabilities

 

4,719

 

 

5,135

 

Total current liabilities

 

60,858

 

 

48,671

 

Long-term debt - less current portion

 

2,003

 

 

11,941

 

Contingent earnout liabilities

 

1,893

 

 

1,456

 

Warrant liabilities

 

14,455

 

 

11,835

 

Other noncurrent liabilities

 

11,489

 

 

11,556

 

Total liabilities

$

90,698

 

$

85,459

 

 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2024 and December 31, 2023, 261,704,589 and 258,418,695 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

2

 

 

2

 

Additional paid-in capital

 

430,843

 

 

425,471

 

Accumulated other comprehensive income

 

(44

)

 

(96

)

Accumulated deficit

 

(385,351

)

 

(357,037

)

Total stockholders’ equity

$

45,450

 

$

68,340

 

Total liabilities and stockholders’ equity

$

136,148

 

$

153,799

 

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
Three Months Ended
March 31,
2024
March 31,
2023
Cash flows from operating activities
Net loss

 

(28,314

)

 

(36,325

)

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

 

4,567

 

 

1,560

 

Stock-based compensation

 

5,087

 

 

6,236

 

Loss on fair value of warrants

 

2,620

 

 

2,553

 

Loss on fair value of contingent earnout liabilities

 

437

 

 

9,653

 

Changes in assets and liabilities
Accounts receivable

 

(2,070

)

 

(5,162

)

Inventories

 

2,645

 

 

(1,425

)

Contract assets

 

(2,118

)

 

(1,124

)

Prepaid expenses and other current assets

 

1,078

 

 

2,776

 

Other assets

 

396

 

 

247

 

Accounts payable

 

(4,199

)

 

(2,694

)

Accrued expenses and other liabilities

 

(218

)

 

(1,848

)

Contract liabilities

 

(416

)

 

(4,583

)

Other noncurrent liabilities

 

(18

)

 

(698

)

Net cash used in operating activities

 

(20,523

)

 

(30,834

)

Cash flows from investing activities
Purchase of property and equipment

 

(6

)

 

(403

)

Production of equipment for lease to customers

 

(1

)

 

(135

)

Proceeds from maturities of available-for-sale investments

 

3,500

 

 

21,500

 

Net cash provided by investing activities

 

3,493

 

 

20,962

 

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

 

 

 

10,458

 

Proceeds from revolver facility

 

 

 

5,000

 

Repayment of equipment loans

 

 

 

(734

)

Issuance of common stock upon exercise of stock options

 

285

 

 

310

 

Net cash provided by financing activities

 

285

 

 

15,034

 

Effect of exchange rate changes on cash and cash equivalents

 

5

 

 

(6

)

Net change in cash and cash equivalents

 

(16,740

)

 

5,156

 

Cash and cash equivalents and restricted cash at beginning of period

 

25,294

 

 

32,783

 

Cash and cash equivalents and restricted cash at end of period

$

8,554

 

$

37,939

 

 
Supplemental disclosure of cash flow information
Cash paid for interest

$

556

 

$

220

 

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

 

(59

)

 

(16

)

Equipment for lease to customers returned to inventory

 

912

 

 

 

 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:

 
Three Months Ended
March 31,
2024
March 31,
2023
Cash and cash equivalents

$

7,754

 

$

37,139

 

Restricted cash (Other assets)

 

800

 

 

800

 

Total cash and cash equivalents, and restricted cash

$

8,554

 

$

37,939

 


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