• Completed merger transaction to become publicly traded company
• Strong revenue growth – 23% sequential increase from Q2
• Shipments up 50% YTD – 15 in 2021 vs 10 in 2020
• Strong third quarter bookings - 10 systems in Q3 vs 6 in Q2
• Market expansion into Europe – first system shipped to EU customer
• Sapphire® XC development program on track – first customer parts printed in Q3
• Significant backlog for 2022 – 17 XC firm orders, $85M total bookings/pre-orders

CAMPBELL, Calif. — (BUSINESS WIRE) — November 9, 2021 — Velo3D, Inc. ( NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its third quarter ended September 30, 2021.

“Our strong third quarter results reflect increasing demand for our industry changing end-to-end Sapphire® solution which is redefining the production of high value metal parts for mission critical applications”, said Benny Buller, CEO of Velo3D. “We remain committed to helping our customers design and build the parts they need—without compromise. With the upcoming release of our Sapphire® XC solution, we intend to accelerate the deployment of the next generation technologies our customers are creating.”

“One of the key highlights for the quarter was the closing of our merger with JAWS Spitfire. This merger was a huge milestone for the Company, enabling us to become a publicly traded company and generating approximately $274 million of net cash proceeds from the transaction. We believe we now have the liquidity to continue to invest in driving technology innovation while providing the resources needed to fund our future growth plans”.

“Operationally, we were also pleased with our strong growth momentum as we exceeded our revenue target and posted very strong bookings for the quarter. Demand for our new Sapphire® XC system continues to grow strongly with bookings of $40 million and pre-orders of $45 million at the end of October. We are also on plan for our first customer shipment of our Sapphire® XC system by the end of the year. The third quarter also marked another strategic milestone for the Company as we shipped our first system to a European customer, expanding our footprint to a market that we believe offers significant long-term opportunity. Finally, we continue to invest for future growth as we build out our new manufacturing facility which we expect to open by the end of the year. We expect this expansion will be a key driver of our 2022 growth and will provide us with the capacity to meet our demand forecasts through 2024”, continued Buller.

“Given our industry leading technology, increasing demand from our diverse customer base, strong balance sheet and a focus on maintaining our commitment to quality, we believe we are well positioned for future growth as we continue to push the boundaries of what is achievable with metal additive manufacturing”, concluded Buller.