Velo3D Announces First Quarter 2024 Financial Results

Successfully Executing on Realignment Priorities

Strong Demand Provides Significant Second Quarter Visibility

Strategic Review Process to Maximize Shareholder Value Remains Ongoing

  • Continued sales execution in Q1 2024
    • Bookings of $17 million; 50% of orders from existing customers - $27 million in bookings since mid-December 2023
    • $22 million in backlog exiting Q124
    • Continued defense sector expansion – added 3 new customers in Q124
    • Q2 revenue visibility – expect >30% sequential revenue growth
  • Successfully reduced quarterly operating expenses
    • Down 30% year over year – down 15% sequentially (excluding one-time charges)
    • On track for Q224 cost reduction goals
  • Operating cash flow – 35% year over year improvement, well positioned to achieve cash flow breakeven in the second half of FY 2024

FREMONT, Calif. — (BUSINESS WIRE) — May 15, 2024Velo3D, Inc. ( NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its first quarter ended March 31, 2024.

“We were pleased with our first quarter performance as we continued to successfully execute on our strategic priorities,” said 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 defense sector, as we added 3 new defense 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.”

Key highlights related to the company’s strategic initiatives:

  • Ensuring customer success / system reliability – resolved 100% of high priority tickets in Q124
  • Increased revenue 1H24 visibility through bookings growth – booked $17 million in new orders in Q124 - $27 million since mid-December with approximately 50% of orders from existing customers
  • Improved Sapphire printer quality – increased sequential Sapphire XC installation efficiency - >40% reduction in install days and labor
  • Improving cash flow and cost structure – successfully reduced year over year operating expenses by 30%, expect sequential quarterly improvement in operating cash flow for FY 2024

“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 capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.

($ in Millions, except percentages and per-share data)

1st Quarter 2024

4th Quarter 2023

1st Quarter 2023

GAAP revenue




GAAP gross margin




GAAP net loss1




GAAP net loss per diluted share








Non-GAAP net loss2




Non-GAAP net loss per diluted share2




Cash and Investments




  1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.
  2. Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative liabilities, and loss on extinguishment of debt.

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