Velo3D announces $17 million new orders in first quarter 2024

May 20, 2024

Velo3D reported $17 million in new orders during the quarter (Courtesy Velo3D)
Velo3D reported $17 million in new orders during the quarter (Courtesy Velo3D)

Velo3D, Inc., headquartered in Campbell, California, USA, has announced the financial results for its first quarter ended March 31, 2024. The revenue for Q1 stood at $10 million, an increase compared to Q4 2023. Given its backlog and shipping forecast exiting the first quarter, the company has stated that it expects revenue growth of more than 30% in the second quarter of 2024.

Net loss for the quarter was $28.3 million, reflecting a non-cash loss of $3.1 million reported to be due to the change in the fair value of warrants and contingent earnout liabilities. Adjusted EBITDA for the quarter was a loss of $11.7 million.

THE WORLD OF METAL AM TO YOUR INBOX
Subscribe to our weekly newsletter
Sign up

“We were pleased with our first quarter performance as we continued to successfully execute on our strategic priorities,” stated Brad Kreger, CEO of Velo3D. “Specifically, we are now just starting to see the benefit of our new go-to-market initiatives as we booked $17 million in new orders during the quarter. Additionally, we entered the second quarter with $22 million in backlog.”

“We believe this strength reflects the continued customer confidence in our technology as well as our success in expanding our footprint in our core markets, including the defence sector, as we added three new defence customers in the first quarter. Our re-alignment efforts are also showing progress as we further reduced our quarterly costs and improved our operational efficiency. We also executed on our initiatives to improve system reliability which is reflected in the fact that approximately 50% of first-quarter bookings were from existing customers. Finally, we remain committed to achieving cash flow breakeven in the second half of the year.”

The company expects a positive gross margin in the second quarter of 2024 as a result of increased system shipments, improvements in its system balance of material costs, benefits from its new long-term supply contracts and higher operating and manufacturing efficiency.

“Looking forward, we believe the focus on our key priorities, as well as further executing on our margin and cash flow initiatives, will position us to profitably capitalise on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.

Velo3D ended the quarter with $11 million in cash, cash equivalents and investments. First quarter cash flow, excluding financing activities, was in line with the company’s forecasts and improved by more than 35% on a year-over-year basis. The company continues to expect sequential quarterly improvement in cash flow in 2025.

velo3d.com

Download Metal AM magazine

In the latest issue of Metal AM magazine

Download PDF
 

Extensive AM industry news coverage, as well as the following exclusive deep-dive articles:

  • Metal powders in Additive Manufacturing: An exploration of sustainable production, usage and recycling
  • Inside Wayland Additive: How innovation in electron beam PBF is opening new markets for AM
  • An end-to-end production case study: Leveraging data-driven machine learning and autonomous process control in AM
  • Consolidation, competition, and the cost of certification: Insight from New York’s AM Strategies 2024
  • Scandium’s impact on the Additive Manufacturing of aluminium alloys
  • AM for medical implants: An analysis of the impact of powder reuse in Powder Bed Fusion

The world of metal AM to your inbox

Don't miss any new issue of Metal AM magazine, and get the latest industry news. Sign up to our twice weekly newsletter.

Sign up

Discover our magazine archive…

The free to access Metal Additive Manufacturing magazine archive offers unparalleled insight into the world of metal Additive Manufacturing from a commercial and technological perspective through:

  • Reports on visits to leading metal AM part manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

Browse the archive

Looking for AM machines, metal powders or part manufacturing services?

Discover suppliers of these and more in our comprehensive advertisers’ index and buyer’s guide, available in the back of Metal AM magazine.

  • AM machines
  • Process monitoring & calibration
  • Heat treatment & sintering
  • HIP systems & services
  • Pre- & post-processing technology
  • Powders, powder production and analysis
  • Part manufacturers
  • Consulting, training & market data
View online
Share via
Copy link
Powered by Social Snap