- 2020 annual revenue of $95.4 million
- Fourth quarter shipments were a record 4,237 units, including
718 solid state units
- $350.3 million of cash and short-term investments on the
balance sheet at December 31, 2020
- Strong future outlook supported by pipeline of 194 projects at
February 19, 2021
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), the first pure-play
public lidar company, today announced financial results for its
fourth quarter and year ended December 31, 2020.
Dr. Anand Gopalan, CEO of Velodyne Lidar, commented, “Velodyne
has continued to demonstrate its market leadership with a strong
track record of consistent execution. Our fourth quarter and full
year 2020 results demonstrate that we continue to innovate, expand
our market opportunity, and show our leadership in broadly
diversified end markets for lidar. In 2020, we achieved an industry
first with the award winning Velabit lidar, our smallest sensor,
which we believe will democratize lidar and lidar-based safety.
“We believe our pipeline is the most robust in the industry, as
demonstrated by a 46% increase in projects across more than 25
industries from the end of 2019. We are leading the industry in
providing lidar units to customers, manufacturing and shipping
11,710 units in 2020, and 4,237 units in the fourth quarter.
Lidar’s status as a critical sensor in many applications gives us
the opportunity to add higher value to customers by providing
comprehensive solutions. There is increasing adoption of lidar
across a wide variety of industries, some of which are accelerating
in a post-COVID world. Our pipeline in industries such as Robotics
grew 220% from 873,000 units in February of 2020 to 1.9 million
units as of December 31, 2020. Agreements signed in 2020 include:
Emesent for drones, Motional (a joint Hyundai-Aptiv venture) for
autonomous vehicles, ThorDrive for industrial applications, and a
Smart City partnership with Qualcomm.
“In summary, it is an incredibly exciting time for lidar and for
Velodyne. We believe we have hit an inflection point in the lidar
industry, which is evidencing itself by our record unit shipments
in the fourth quarter and in our expanding pipeline. With a
significantly enhanced balance sheet supporting this robust
pipeline, our long-term outlook for growth remains strong.”
Business Metrics
- Units and ASPs: Velodyne shipped a record 4,237 sensor
units in the fourth quarter of 2020. The company continues to build
out its portfolio of sensor products at different price points
designed to meet many industries’ needs, including those with
lower-price application entry points.
- Agreements: 26 total active multi-year agreements as of
February 19, 2021, up from 25 as of December 31, 2020.
- Pipeline Strength: Velodyne’s pipeline of projects grew
to 194 projects at February 19, 2021, up from 183 projects reported
at December 31, 2020, and 131 projects reported at January 1,
2020.
Fourth Quarter 2020 Financial Highlights
- Revenue: Total revenue of $17.8 million compared to
$19.0 million in the fourth quarter of 2019. Product revenue was
$14.4 million compared to $18.2 million in the fourth quarter of
2019. The company reduced production capabilities at its
manufacturing sites late in the fourth quarter of 2020 due to
COVID-19, which impaired the company’s ability to fulfill certain
customers’ orders in December, impacting product revenue. Velodyne
continues to focus on accelerating the adoption of sensors by
lowering ASPs and driving higher volumes. As such, product units
sold was higher year-over-year while revenue was impacted. License
and services revenue was $3.4 million, up from $0.8 million in the
fourth quarter of 2019.
- Gross Profit: GAAP gross loss was $5.3 million and
non-GAAP gross profit was $2.1 million, compared to a fourth
quarter 2019 GAAP and non-GAAP gross profit of $0.2 million.
- Net Loss and EPS: GAAP net loss was $111.5 million and
included $91.3 million of stock-based compensation. Non-GAAP net
loss was $20.1 million. GAAP net loss per share was $0.64 and
non-GAAP net loss per share was $0.12. This compared to a fourth
quarter of 2019 GAAP net loss of $28.7 million and non-GAAP net
loss of $26.2 million. Fourth quarter of 2019 GAAP net loss per
share was $0.21 and non-GAAP net loss per share was $0.19.
- Shares Outstanding: EPS for the fourth quarter of 2020
is calculated using weighted average shares outstanding of 173.9
million. As of December 31, 2020, actual shares outstanding were
175.9 million.
- Liquidity: Velodyne had $350.3 million in cash and
short-term investments on its balance sheet at December 31, 2020,
which included $73.7 million of proceeds from the exercise of
publicly-traded warrants. Subsequent to December 31, 2020, the
company received additional $89.3 million in proceeds as of
February 19, 2021.
Full Year 2020 Financial Highlights
- Revenue: Total revenue of $95.4 million compared to
$101.4 million in full year 2019. Product revenue was $68.4 million
compared to $81.4 million in full year 2019. While for the year
2020, Velodyne sold roughly the same number of units as 2019, as
part of the company’s strategy to drive widespread adoption of
lidar, the ASP was lower in 2020 and this negatively impacted
revenue. License and services revenue was $27.0 million, up from
$20.0 million in full year 2019.
- Gross Profit: GAAP gross profit of $25.1 million and
non-GAAP gross profit of $32.5 million compared to full year 2019
GAAP and non-GAAP gross profit of $29.8 million. The decrease in
GAAP gross margin was primarily due to $7.4 million stock-based
compensation expense.
- Net Loss and EPS: GAAP net loss was $149.9 million and
included $91.5 million of stock-based compensation expense and
non-GAAP net loss was $65.1 million. Accordingly, GAAP net loss per
share was $1.01 and non-GAAP net loss per share was $0.44. This
compared to 2019 GAAP net loss of $67.2 million and non-GAAP net
loss of $64.5 million. Accordingly, 2019 GAAP net loss per share
was $0.50 and non-GAAP net loss per share was $0.48.
A reconciliation between historical GAAP and non-GAAP
information is provided in the tables below.
Business Outlook
As of February 19, 2021, Velodyne estimates that it could have
the opportunity for over $1.0 billion of revenue from signed and
awarded projects from 2021 through 2025 plus a pipeline of projects
for 2021 through 2025 that are not yet signed and awarded of $4.4
billion. In addition, it continues to be Velodyne’s top priority to
invest in scalable lidar architectures, advanced manufacturing
technology and software solutions. This underpins the company’s
long-term business outlook of total gross margin percentage ranging
in the mid to high 50s and EBITDA margin of more than 20%.
Conference Call Information
Velodyne will host a conference call and live webcast for
analysts and investors at 4:30 p.m. Eastern Time on February 25,
2021. Parties in the United States and Canada can access the call
by dialing (800) 289-0462, using conference code 240957. The
webcast will be accessible on Velodyne’s investor relations website
at https://investors.velodynelidar.com/. A telephonic replay of the
conference call will be available through March 4, 2021. To access
the replay, parties in the United States and Canada should call
(888) 203-1112 and enter conference code 5101026.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding our financial outlook and market
positioning. Forward-looking statements give our current
expectations and projections relating to our financial condition,
results of operations, plans, objectives, future performance and
business. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
These statements may include words such as "anticipate",
"estimate", "expect", "project", "plan", "intend", "believe",
"may", "will", "should", "can have", "likely" and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events. All forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from those that we expected, including: the impact on
our operations and financial condition from the effects of the
current COVID-19 pandemic both on Velodyne’s business and those of
its customers and suppliers; Velodyne’s ability to execute its
business plan; the timing of revenue from existing customers,
including uncertainties related to the ability of Velodyne’s
customers to commercialize their products and the ultimate market
acceptance of these products; uncertainties related to Velodyne
Lidar’s estimates of the size of the markets for its products and
future revenue opportunities; the rate and degree of market
acceptance of Velodyne Lidar’s products; the success of other
competing lidar and sensor-related products and services that exist
or may become available; rising costs adversely affecting
Velodyne’s profitability; uncertainties related to Velodyne Lidar’s
current litigation and potential litigation involving Velodyne
Lidar or the validity or enforceability of Velodyne Lidar’s
intellectual property; Velodyne Lidar’s ability to partner with and
rely on third party manufacturers; general economic and market
conditions impacting demand for Velodyne Lidar’s products and
services; and changes in applicable laws or regulations.
Given these factors, as well as other variables that may affect
Velodyne Lidar’s operating results, you should not rely on
forward-looking statements, assume that past financial performance
will be a reliable indicator of future performance, or use
historical trends to anticipate results or trends in future
periods. The forward-looking statements included in this press
release relate only to events as of the date hereof. Velodyne Lidar
undertakes no obligation to update or revise any forward-looking
statement as a result of new information, future events or
otherwise, except as otherwise required by law.
Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States
(“GAAP”), we believe the non‑GAAP measures of non-GAAP gross profit
(loss), non-GAAP gross margin, Non‑GAAP operating loss, non-GAAP
net loss, and non‑GAAP net loss per share are useful in evaluating
our operating performance. Certain of these non-GAAP measures
exclude stock-based compensation, litigation settlements, gain from
asset sales, one-time IPO-related costs, amortization of
acquisition-related intangibles assets, restructuring, and discrete
tax items. We believe that non‑GAAP financial information, when
taken collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance and
assists in comparisons with other companies, some of which use
similar non‑GAAP information to supplement their GAAP results. The
non‑GAAP financial information is presented for supplemental
informational purposes only, and should not be considered a
substitute for financial information presented in accordance with
GAAP, and may be different from similarly‑titled non‑GAAP measures
used by other companies. Reconciliation tables of the most
comparable GAAP financial measures to the non-GAAP financial
measures are used in this press release. The impact of these items
in future periods is uncertain and, depends on various factors.
Accordingly, a reconciliation for forward-looking non-GAAP
operating income is not available without unreasonable effort.
About Velodyne Lidar, Inc.
Velodyne Lidar (NASDAQ: VLDR, VLDRW) ushered in a new era of
autonomous technology with the invention of real-time surround view
lidar sensors. Velodyne is the first public pure-play lidar company
and is known worldwide for its broad portfolio of breakthrough
lidar technologies. Velodyne’s revolutionary sensor and software
solutions provide flexibility, quality and performance to meet the
needs of a wide range of industries, including autonomous vehicles,
advanced driver assistance systems (ADAS), robotics, unmanned
aerial vehicles (UAV), smart cities, and security. Through
continuous innovation, Velodyne strives to transform lives and
communities by advancing safer mobility for all. For more
information, please visit: ir.velodynelidar.com and follow us on
Twitter: @VelodyneLidar.
VELODYNE LIDAR, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
December 31,
2020
2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
204,648
$
60,004
Short-term investments
145,636
2,199
Accounts receivable, net
13,979
11,863
Inventories, net
18,132
14,987
Prepaid and other current assets
22,319
12,918
Total current assets
404,714
101,971
Property, plant and equipment, net
16,805
26,278
Goodwill
1,189
1,189
Intangible assets, net
627
982
Contract assets
8,440
—
Other assets
937
5,755
Total assets
$
432,712
$
136,175
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
7,721
$
6,923
Accrued expense and other current
liabilities
50,349
31,160
Contract liabilities
7,323
18,261
Total current liabilities
65,393
56,344
Long-term tax liabilities
569
1,360
Other long-term liabilities
25,927
2,225
Total liabilities
91,889
59,929
Commitments and contingencies
Stockholders’ equity (as adjusted for
December 31, 2019):
Preferred stock
—
—
Common stock
18
14
Additional paid-in capital
656,717
240,464
Accumulated other comprehensive loss
(230
)
(216
)
Accumulated deficit
(315,682
)
(164,016
)
Total stockholders' equity
340,823
76,246
Total liabilities and stockholders'
equity
$
432,712
$
136,175
VELODYNE LIDAR, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except share
and per share data)
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Revenue:
Product
$
14,407
$
18,190
$
68,355
$
81,424
License and services
3,439
782
27,007
19,974
Total revenue
17,846
18,972
95,362
101,398
Cost of revenue:
Product
23,088
18,519
69,115
69,903
License and services
99
229
1,131
1,727
Total cost of revenue
23,187
18,748
70,246
71,630
Gross profit (loss)
(5,341
)
224
25,116
29,768
Operating expenses:
Research and development
48,427
14,639
88,080
56,850
Sales and marketing
18,955
5,928
31,753
21,873
General and administrative
38,790
9,421
65,732
20,058
Gain on sale of assets held-for-sale
—
—
(7,529
)
—
Restructuring
(59
)
—
984
—
Total operating expenses
106,113
29,988
179,020
98,781
Operating loss
(111,454
)
(29,764
)
(153,904
)
(69,013
)
Interest income
33
200
152
1,146
Interest expense
(37
)
(32
)
(106
)
(77
)
Other income (expense), net
15
50
(90
)
35
Loss before income taxes
(111,443
)
(29,546
)
(153,948
)
(67,909
)
Provision for (benefit from) income
taxes
14
(805
)
(4,084
)
(683
)
Net loss
$
(111,457
)
$
(28,741
)
$
(149,864
)
$
(67,226
)
Net loss per share:
Basic and diluted
$
(0.64
)
$
(0.21
)
$
(1.01
)
$
(0.50
)
Weighted-average shares used in computing
net loss per share:
Basic and diluted
173,888,792
136,639,441
148,088,589
133,942,714
VELODYNE LIDAR, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Cash flows from operating
activities:
Net loss
$
(111,457
)
$
(28,741
)
$
(149,864
)
$
(67,226
)
Adjustments to reconcile net loss to cash
used in operating activities:
Depreciation and amortization
2,053
2,189
8,394
7,993
Write-off of deferred IPO costs
—
—
3,548
—
Stock-based compensation
91,259
24
91,500
135
Gain on sale of assets held-for-sale
—
—
(7,529
)
—
Provision for doubtful accounts
(14
)
(308
)
511
110
Deferred income taxes
(4
)
(1,941
)
(4
)
(1,941
)
Other
63
60
137
(358
)
Changes in operating assets and
liabilities:
Accounts receivable, net
5,440
1,804
(2,627
)
9,573
Inventories, net
(1,710
)
1,224
1,619
(850
)
Prepaid and other current assets
(2,339
)
1,630
172
(3,602
)
Contract assets
(2,814
)
—
(11,253
)
38
Other assets
(305
)
309
53
1,080
Accounts payable
(2,501
)
(4,676
)
687
(45
)
Accrued expenses and other liabilities
3,140
5,677
(6,672
)
13,609
Contract liabilities
379
(471
)
2,891
(1,746
)
Net cash used in operating activities
(18,810
)
(23,220
)
(68,437
)
(43,230
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(1,080
)
(420
)
(3,277
)
(5,225
)
Proceeds from sale of assets
held-for-sale
—
—
12,275
—
Proceeds from sales of short-term
investments
—
—
—
8,903
Proceeds from maturities of short-term
investments
—
5,400
2,200
53,650
Purchase of short-term investments
(145,725
)
—
(145,725
)
(28,823
)
Considerations paid for acquisition
—
—
—
(2,473
)
Proceeds from repayment of stockholder
notes
—
3,512
—
3,512
Net cash provided by (used in) investing
activities
(146,805
)
8,492
(134,527
)
29,544
Cash flows from financing
activities:
Proceeds from issuance of preferred stock,
net of issuance costs
—
49,790
19,919
49,790
Proceeds from Business Combination and
PIPE offering, net of transaction costs
(1,264
)
—
247,039
—
Proceeds from warrant exercises, net of
transaction costs
73,713
—
73,713
—
Repurchase of common stock
—
—
(1,802
)
—
Cash paid for IPO costs
—
—
(1,143
)
—
Proceeds from notes payable
—
—
10,000
—
Net cash provided by financing
activities
72,449
49,790
347,726
49,790
Effect of exchange rate fluctuations on
cash and cash equivalent
(39
)
63
(118
)
(4
)
Net increase (decrease) in cash and
cash equivalents
(93,205
)
35,125
144,644
36,100
Beginning cash and cash
equivalents
297,853
24,879
60,004
23,904
Ending cash and cash
equivalents
$
204,648
$
60,004
$
204,648
$
60,004
VELODYNE LIDAR, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2020
2019
2020
2019
Gross profit (loss) on GAAP
basis
$
(5,341
)
$
224
$
25,116
$
29,768
Gross margin on GAAP basis
(30
)%
1
%
26
%
29
%
Stock-based compensation
7,415
—
7,417
—
Gross profit (loss) on non-GAAP
basis
$
2,074
$
224
$
32,533
$
29,768
Gross margin on non-GAAP basis
12
%
1
%
34
%
29
%
Operation loss on GAAP basis
$
(111,454
)
$
(29,764
)
$
(153,904
)
$
(69,013
)
Stock-based compensation
91,259
24
91,500
135
Legal settlements
105
2,450
2,584
2,450
Gain on Sale of assets held-for-sale
—
—
(7,529
)
—
Write-off of deferred IPO costs
—
3,548
Amortization of acquisition-related
intangible assets
97
96
385
188
Restructuring charges
(59
)
—
984
—
Operation loss on non-GAAP
basis
$
(20,052
)
$
(27,194
)
$
(62,432
)
$
(66,240
)
Provision for (benefit from) income
taxes on GAAP basis
$
14
$
(805
)
$
(4,084
)
$
(683
)
Non-GAAP tax reconciling adjustments
—
—
6,679
—
Provision for income taxes on non-GAAP
basis
$
14
$
(805
)
$
2,595
$
(683
)
Net loss on GAAP basis
$
(111,457
)
$
(28,741
)
$
(149,864
)
$
(67,226
)
Stock-based compensation
91,259
24
91,500
135
Legal settlements
105
2,450
2,584
2,450
Gain on Sale of assets held-for-sale
—
—
(7,529
)
—
Write-off of deferred IPO costs
—
—
3,548
—
Amortization of acquisition-related
intangible assets
97
96
385
188
Restructuring charges
(59
)
—
984
—
Non-GAAP tax reconciling adjustments
—
—
(6,679
)
—
Net loss on non-GAAP basis
$
(20,055
)
$
(26,171
)
$
(65,071
)
$
(64,453
)
Net loss per share on GAAP
basis
Basic and diluted
$
(0.64
)
$
(0.21
)
$
(1.01
)
$
(0.50
)
Weighted-average shares on GAAP
basis
Basic and diluted
173,888,792
136,639,441
148,088,589
133,942,714
Net loss per share on non-GAAP
basis
Basic and diluted
$
(0.12
)
$
(0.19
)
$
(0.44
)
$
(0.48
)
Weighted-average shares on non-GAAP
basis
Basic and diluted
173,888,792
136,639,441
148,088,589
133,942,714
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225006071/en/
Investor Contact: Drew Hamer Chief Financial Officer
InvestorRelations@velodyne.com
Media Contact: Sean Dowdall Landis Communications Inc.
Sean@landispr.com
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