Velo3D Announces Sequential Revenue Growth of 60% / Year over

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

Company Reiterates FY2022 Revenue Guidance of $89 Million

>15x revenue growth over last 6 quarters – on track to become the largest metal additive manufacturing company, possibly as early as the end of 2022¹
Strong demand - booked $18 million in new orders, backlog of $55 million
2022 confidence – 1H22 revenue / backlog account for >95% of 2022 revenue guidance
Launched new Sapphire XC 1MZ system – largest build volume of any laser PBF printer in its class - initial shipments in Q322
Maintained strong balance sheet – exited Q222 with $142 million in cash

CAMPBELL, Calif. — (BUSINESS WIRE) — August 9, 2022 — Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its second fiscal quarter of 2022.

“Our tremendous success in providing our customers with the industry leading additive manufacturing solutions they need is reflected in our revenue growth, increasing more than 15 fold since the first quarter of 2021,” said Benny Buller, CEO of Velo3D. “We have accomplished this while the revenue of our peers has been relatively flat over the same period. As a result, given our expected strength of our business in the second half of the year, it is possible that we will be the industry leader in metal additive manufacturing as we exit 2022, quicker than even we anticipated.”

“Demand for our industry-leading Sapphire family of systems remains high as we booked $18 million in new orders during the quarter and exited the quarter with $55 million in total backlog. As a result of this strong demand, we now have significant visibility in achieving our revenue guidance this year as more than 95% of our 2022 revenue forecast is now either recognized, booked or recurring revenue. We also expanded our product leadership during the quarter with the recent launch of our Sapphire XC 1MZ. With part sizes up to 10 cubic feet, we believe this is the world’s largest commercially available metal powder bed fusion production system with initial customer shipments commencing this quarter,” continued Buller.

“Looking forward, given our first half execution, strong second quarter bookings, revenue visibility through our backlog and the further scaling of Sapphire XC production, we are very confident in our ability to meet our 2022 revenue guidance of $89 million,” concluded Buller.

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¹ Company comments and forecasts concerning market share, peer revenue performance and AM industry growth based on data published in the CONTEXT World - Shipment and Forecast Report for Global AM / 3DP Industry as of June 30, 2022 for metal printer sales for the leading Western AM brands. Additional details related to this report can be found in the company’s second quarter supplemental earnings slides available on the company’s investor relations website at https://ir.velo3d.com/.

($ in Millions, except percentages and per-share data)	2^nd Quarter 2022	1^st Quarter 2022	2^nd Quarter 2021
GAAP revenue	$19.6	$12.2	$7.1
GAAP gross margin	6.3%	0%	30.6%
GAAP net income (loss)¹	$128.0	($65.3)	($12.5)
GAAP net income (loss) per diluted share	$0.63	($0.36)	($0.78)

Non-GAAP net loss²	($21.0)	($23.1)	($10.0)
Non-GAAP net loss per diluted share²	($0.10)	($0.13)	($0.62)
Cash and Investments	$142	$186	$12

Information about Velo3d’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.	Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.
2.	Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities.

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