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
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 $89 million,”
concluded Buller.
____________________ 1 Company comments and forecasts concerning
market share, peer revenue performance and AM industry growth based
on data published in the CONTEXT World - Shipment and Forecast
Report for Global AM / 3DP Industry as of June 30, 2022 for metal
printer sales for the leading Western AM brands. Additional details
related to this report can be found in the company’s second quarter
supplemental earnings slides available on the company’s investor
relations website at https://ir.velo3d.com/.
($ in Millions, except percentages and
per-share data)
2nd Quarter 2022
1st Quarter 2022
2nd 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.
Summary of Second Quarter 2022 results
Revenue for the second quarter was $19.6 million, an increase of
60% compared to the first quarter of 2022 and more than 160% year
over year. The improvement in revenue was primarily driven by a
more favorable mix of Sapphire XC system sales resulting in an
increase in average selling price. Recurring revenue was in line
with forecasts and is expected to increase in the second half of
2022 due to the higher number of systems in the field.
Gross margin for the quarter was 6% and continues to reflect the
impact of launch customer pricing for the company’s Sapphire XC
systems shipped during the quarter as well as elevated overhead
absorption and bill of materials costs as the company scales its
manufacturing operations. While the company’s gross margin for the
second quarter was in line with expectations, ongoing supply chain
challenges have changed the timing of certain forecasted cost
reduction benefits that will impact gross margin in the second half
of the year. Bill of material cost savings which were anticipated
for the second half of 2022, are now expected to be delayed until
the first half of 2023 as the company reduces pre-purchased, higher
cost inventory acquired in the first half of 2022 to offset ongoing
component shortages and delivery delays. Additionally, these
challenges will impact the delivery schedule of its remaining
launch customer systems with certain shipments shifting to the
third and fourth quarter resulting in more gross margin impact in
those quarters than initially forecasted. The company continues to
expect its per unit labor and overhead costs to be in line with its
plan due to its manufacturing scale up. As a result, the company
now expects its third quarter gross margin to be in line with its
second quarter gross margin and fourth quarter 2022 gross margin to
be in the range of 11% to 14%.
Operating expenses for the quarter declined slightly to $27.5
million, primarily as a result of lower general and administrative
costs partially offset by higher sales and marketing expenses to
fund the company’s global expansion plans. Non-GAAP operating
expenses, which excluded stock-based compensation expense of $5.0
million, was $22.5 million.
Net income for the quarter was $128 million and reflected a gain
of $154 million on the fair value of warrants and contingent
liabilities. Non-GAAP net loss, which excludes the gain on fair
value of warrants and contingent earnout liabilities as well as
stock-based compensation, was $21.0 million. Adjusted EBITDA for
the quarter, excluding the same metrics, was a loss of $19.8
million. For more information regarding the company’s non-GAAP
financial measures, see “Non-GAAP Financial Information” below.
The company ended the quarter with a strong balance sheet with
$142 million in cash and investments. As a result, the company
believes it has the liquidity for ongoing technology investments as
well as providing the resources needed to fund its growth
plans.
Guidance
For fiscal year 2022, given its strong year to date results and
significant backlog, the company is reiterating is previous revenue
guidance of $89 million.
Additional information for fiscal year 2022:
- The company’s business continues to evolve due to new product
introductions and changing customer demand trends
- The company booked $18 million in new orders in the second
quarter and has a total backlog of $55 million
- More than 95% of the company’s 2022 sales forecast is either
recognized, booked or expected recurring revenue
- Product mix - the company is observing significantly higher
average selling prices due to increased Sapphire XC product demand
which is expected to offset a lower than forecasted unit count
- End customer mix – the company expects to continue to see a
material shift in mix towards higher recurring purchasing rates
from existing customer for 2022 than in the initial model
The company will host a conference call for investors this
afternoon to discuss its second quarter 2022 performance at 2:00
p.m. Pacific Time. The call will be webcast and can be accessed
from the Events page of the Investor Relations section of Velo3D’s
website at https://ir.velo3d.com/.
About Velo3D:
Velo3D is a metal 3D printing technology company. 3D
printing—also known as additive manufacturing (AM)—has a unique
ability to improve the way high-value metal parts are built.
However, legacy metal AM has been greatly limited in its
capabilities since its invention almost 30 years ago. This has
prevented the technology from being used to create the most
valuable and impactful parts, restricting its use to specific
niches where the limitations were acceptable.
Velo3D has overcome these limitations so engineers can design
and print the parts they want. The company’s solution unlocks a
wide breadth of design freedom and enables customers in space
exploration, aviation, power generation, energy and semiconductor
to innovate the future in their respective industries. Using
Velo3D, these customers can now build mission-critical metal parts
that were previously impossible to manufacture. The end-to-end
solution includes the Flow™ print preparation software, the
Sapphire® family of printers and the Assure™ quality control
system—all of which are powered by Velo3D’s Intelligent Fusion®
manufacturing process. The company delivered its first Sapphire®
system in 2018 and has been a strategic partner to innovators such
as SpaceX, Honeywell, Honda, Chromalloy and Lam Research. Velo3D
has been named to Fast Company’s prestigious annual list of the
World’s Most Innovative Companies for 2021. For more information,
please visit velo3d.com, or follow the company on LinkedIn or
Twitter.
VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered
trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE
are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D,
Inc.
Amounts herein pertaining to June 30, 2022 represent a
preliminary estimate as of the date of this earnings release and
may be revised upon filing our Quarterly Report on Form 10-Q with
the Securities and Exchange Commission (the “SEC”). More
information on our results of operations for the three months ended
June 30, 2022 will be provided upon filing our Quarterly Report on
Form 10-Q with the SEC.
Forward-Looking Statements:
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1996. The company’s actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect”,
“estimate”, “project”, “budget”, “forecast”, “anticipate”,
“intend”, “plan”, “may”, “will”, “could”, “should”, “believes”,
“predicts”, “potential”, “continue”, and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
company’s guidance for full year 2022 (including the company’s
estimates for revenue), the company’s expectations regarding its
potential to become the largest company in metal additive
manufacturing, its recurring revenue and its pricing, improved
production efficiencies and gross margin during 2022, the company’s
strategic priorities for 2022 (including the company’s market and
customer expansion plans), the company’s expectations regarding its
liquidity and capital requirements, and the company’s other
expectations, hopes, beliefs, intentions or strategies for the
future. These forward-looking statements involve significant risks
and uncertainties that could cause the actual results to differ
materially from the expected results. You should carefully consider
the risks and uncertainties described in the “Risk Factors” section
of the company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2021 (the “FY 2021 10-K”), which was filed by
the company with the SEC on March 28, 2022 and the other documents
filed by the company from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Most of these
factors are outside the company’s control and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (1) the inability to recognize the anticipated
benefits of the merger transaction, which may be affected by, among
other things, competition, the ability of the company to grow and
manage growth profitably, maintain relationships with customers and
suppliers and retain its key employees; (2) costs related to the
merger transaction; (3) changes in the applicable laws or
regulations; (4) the possibility that the company may be adversely
affected by other economic, business, and/or competitive factors;
(5) the impact of the global COVID-19 pandemic; and (6) other risks
and uncertainties indicated from time to time described in the FY
2021 10-K, including those under “Risk Factors” therein, and in the
company’s other filings with the SEC. The company cautions that the
foregoing list of factors is not exclusive and not to place undue
reliance upon any forward-looking statements, including
projections, which speak only as of the date made. The company does
not undertake or accept any obligation to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions
or circumstances on which any such statement is based.
Non-GAAP Financial Information
The company uses non-GAAP financial measures to help it make
strategic decisions, establish budgets and operational goals for
managing its business, analyze its financial results and evaluate
its performance. The company also believes that the presentation of
these non-GAAP financial measures in this release provides an
additional tool for investors to use in comparing the company’s
core business and results of operations over multiple periods.
However, the non-GAAP financial measures presented in this release
may not be comparable to similarly titled measures reported by
other companies due to differences in the way that these measures
are calculated. 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 (“GAAP”).
The information in the table below sets forth the non-GAAP
financial measures that the company uses in this release. Because
of the limitations associated with these non-GAAP financial
measures, “Non-GAAP Net Loss”, “EBITDA”, “Adjusted EBITDA”, and
“Adjusted Operating Expenses”, should not be considered in
isolation or as a substitute for performance measures calculated in
accordance with GAAP. The company compensates for these limitations
by relying primarily on its GAAP results and using Non-GAAP Net
Loss, EBITDA, Adjusted EBITDA, and Adjusted Operating Expenses on a
supplemental basis. You should review the reconciliation of the
non-GAAP financial measures below and not rely on any single
financial measure to evaluate the company's business.
The following tables reconcile Net income (loss) to Non-GAAP Net
Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to
Adjusted Operating Expenses during the three months ended June 30,
2022 and 2021, the six months ended June 30, 2022 and 2021 and the
three months ended March 31, 2022 and 2021:
Velo3D, Inc.
NON-GAAP Net Loss
Reconciliation
(Unaudited)
Three months ended
Six months ended
Three months ended
June 30,
June 30,
June 30,
June 30,
March 31,
March 31,
2022
2021
2022
2021
2022
2021
(In thousands, except share
and per share data)
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
Revenues
$
19,644
100
%
$
7,146
100
%
$
31,862
100
%
$
8,318
100
%
$
12,218
100
%
$
1,172
100
%
Gross profit
1,232
6.3
%
2,184
30.6
%
1,247
3.9
%
1,794
21.6
%
15
0.1
%
(390
)
(33.3
)%
Net income (loss)
$
127,950
651.3
%
$
(12,538
)
(175.5
)%
$
62,608
196.5
%
$
(26,086
)
(313.6
)%
$
(65,341
)
(534.8
)%
$
(13,548
)
(1156.0
)%
Stock-based compensation
4,976
25.3
%
760
10.6
%
9,933
31.2
%
1,075
12.9
%
4,957
40.6
%
315
26.9
%
(Gain) loss on fair value of warrants
(23,665
)
(120.5
)%
227
3.2
%
(17,651
)
(55.4
)%
1,741
20.9
%
6,014
49.2
%
1,514
129.2
%
(Gain) loss on fair value of contingent
earnout liabilities
(130,227
)
(662.9
)%
—
—
%
(98,995
)
(310.7
)%
—
—
%
31,232
255.6
%
—
—
%
Merger related transactional costs
—
—
%
1,583
22.2
%
—
—
%
3,514
42.2
%
—
—
%
1,931
164.8
%
Non-GAAP Net loss
$
(20,966
)
(106.7
)%
$
(9,968
)
(139.5
%
$
(44,105
)
(138.4
)%
$
(19,756
)
(237.5
)%
$
(23,138
)
(189.4
)%
$
(9,788
)
(835.2
)%
Velo3D, Inc.
NON-GAAP Adjusted EBITDA
Reconciliation
(Unaudited)
Three months ended
Six months ended
Three months ended
June 30,
June 30,
June 30,
June 30,
March 31,
March 31,
2022
2021
2022
2021
2022
2021
(In thousands)
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
Revenues
$
19,644
100
%
$
7,146
100
%
$
31,862
100
%
$
8,318
100
%
$
12,218
100
%
$
1,172
100
%
Net income (loss)
$
127,950
651.3
%
$
(12,538
)
(175.5
)%
$
62,608
196.5
%
$
(26,086
)
(313.6
)%
$
(65,341
)
(534.8
) %
$
(13,548
)
(1156.0
)%
Interest expense
92
0.5
%
524
7.3
%
233
0.7
%
644
7.7
%
141
1.2
%
120
10.2
%
Tax expense
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
Depreciation and amortization
1,087
5.5
%
329
4.6
%
2,108
6.6
%
692
8.3
%
1,021
8.4
%
363
31.0
%
EBITDA
129,129
657.3
%
(11,685
)
(163.5
)%
64,949
203.8
%
(24,750
)
(297.5
)%
(64,179
)
(525.3
)%
(13,065
)
(1114.8
)%
Stock-based compensation
4,976
25.3
%
760
10.6
%
9,933
31.2
%
1,075
12.9
%
4,957
40.6
%
315
26.9
%
(Gain) loss on fair value of warrants
(23,665
)
(120.5
)%
227
3.2
%
(17,651
)
(55.4
)%
1,741
20.9
%
6,014
49.2
%
1,514
129.2
%
(Gain) loss on fair value of contingent
earnout liabilities
(130,227
)
(662.9
)%
—
—
%
(98,995
)
(310.7
)%
—
—
%
31,232
255.6
%
—
—
%
Adjusted EBITDA
$
(19,787
)
(100.7
)%
$
(10,698
)
(149.7
)%
$
(41,764
)
(131.1
)%
$
(21,934
)
(263.7
)%
$
(21,976
)
(179.9
)%
$
(11,236
)
(958.7
)%
Merger related transactional costs
—
—
%
1,583
22.2
%
—
—
%
3,514
42.2
%
—
—
%
1,931
164.8
%
Adjusted EBITDA excluding merger
related transactional costs
$
(19,787
)
(100.7
) %
$
(9,115
)
(127.6
)%
$
(41,764
)
(131.1
)%
$
(18,420
)
(221.4
)%
$
(21,976
)
(179.9
)%
$
(9,305
)
(793.9
)%
Velo3D, Inc.
NON-GAAP Adjusted Operating
Expenses Reconciliation
(Unaudited)
Three months ended
Six months ended
Three months ended
June 30,
June 30,
June 30,
June 30,
March 31,
March 31,
2022
2021
2022
2021
2022
2021
(In thousands)
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
% of Rev
Revenues
$
19,644
100
%
$
7,146
100
%
$
31,862
100
%
$
8,318
100
%
$
12,218
100
%
$
1,172
100
%
Operating expenses
Research and development
12,965
66.0
%
6,399
89.5
%
25,880
81.2
%
11,094
133.4
%
12,915
105.7
%
4,695
400.6
%
Selling and marketing
6,249
31.8
%
2,337
32.7
%
12,232
38.4
%
4,360
52.4
%
5,983
49.0
%
2,023
172.6
%
General and administrative
8,259
42.0
%
5,218
73.0
%
17,549
55.1
%
10,004
120.3
%
9,290
76.0
%
4,786
408.4
%
Total operating expenses
27,473
139.9
%
13,954
195.3
%
55,661
174.7
%
25,458
306.1
%
28,188
230.7
%
11,504
981.6
%
Stock-based compensation
4,976
25.3
%
760
10.6
%
9,933
31.2
%
1,075
12.9
%
4,957
40.6
%
315
26.9
%
Merger related transactional costs
—
—
%
1,583
22.2
%
—
—
%
3,514
42.2
%
—
—
%
1,931
164.8
%
Adjusted operating expenses
$
22,497
114.5
%
$
11,611
162.5
%
$
45,728
143.5
%
$
20,869
250.9
%
$
23,231
190.1
%
$
9,258
789.9
%
Velo3D, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands, except share
and per share data)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2022
2022
2021
2022
2021
Revenue
3D Printer
$
17,615
$
10,184
$
6,079
$
27,799
$
6,313
Recurring payment
934
925
372
1,859
635
Support services
1,095
1,109
695
2,204
1,370
Total Revenue
19,644
12,218
7,146
31,862
8,318
Cost of revenue
3D Printer
15,633
10,479
3,899
26,112
4,482
Recurring payment
685
718
257
1,403
444
Support services
2,094
1,006
806
3,100
1,598
Total cost of revenue
18,412
12,203
4,962
30,615
6,524
Gross profit
1,232
15
2,184
1,247
1,794
Operating expenses
Research and development
12,965
12,915
6,399
25,880
11,094
Selling and marketing
6,249
5,983
2,337
12,232
4,360
General and administrative
8,259
9,290
5,218
17,549
10,004
Total operating expenses
27,473
28,188
13,954
55,661
25,458
Loss from operations
(26,241
)
(28,173
)
(11,770
)
(54,414
)
(23,664
)
Interest expense
(92
)
(141
)
(524
)
(233
)
(644
)
Gain (loss) on fair value of warrants
23,665
(6,014
)
(227
)
17,651
(1,741
)
Gain (loss) on fair value of contingent
earnout liabilities
130,227
(31,232
)
—
98,995
—
Other income (expense), net
391
219
(17
)
609
(37
)
Income (loss) before provision for income
taxes
127,950
(65,341
)
(12,538
)
62,608
(26,086
)
Provision for income taxes
—
—
—
—
—
Net income (loss)
$
127,950
$
(65,341
)
$
(12,538
)
$
62,608
$
(26,086
)
Net income (loss) per share:
Basic
$
0.69
$
(0.36
)
$
(0.78
)
$
0.34
$
(1.62
)
Diluted
$
0.63
$
(0.36
)
$
(0.78
)
$
0.31
$
(1.62
)
Shares used in computing net income (loss)
per share:
Basic
184,282,194
183,498,082
16,150,202
183,892,304
16,085,750
Diluted
202,384,512
183,498,082
16,150,202
203,089,266
16,085,750
Net income (loss)
$
127,950
$
(65,341
)
$
(12,538
)
$
62,608
$
(26,086
)
Net unrealized holding loss on
available-for-sale investments
(335
)
(594
)
—
(943
)
—
Other comprehensive income (loss)
$
127,615
$
(65,935
)
$
(12,538
)
$
61,665
$
(26,086
)
Velo3D, Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands, except share
and per share data)
June 30,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
43,509
$
207,602
Short-term investments
98,287
15,483
Accounts receivable, net
11,817
12,778
Inventories
61,909
22,479
Contract assets
405
274
Prepaid expenses and other current
assets
6,695
9,458
Total current assets
222,622
268,074
Property and equipment, net
17,717
10,046
Equipment on lease, net
8,128
8,366
Other assets
14,948
16,231
Total assets
$
263,415
$
302,717
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
15,744
$
9,882
Accrued expenses and other current
liabilities
16,485
9,414
Debt – current portion
5,119
5,114
Contract liabilities
16,175
22,252
Total current liabilities
53,523
46,662
Long-term debt – less current portion
1,889
2,956
Contingent earnout liabilities
12,493
111,487
Warrant liabilities
4,053
21,705
Other noncurrent liabilities
8,874
9,492
Total liabilities
80,832
192,302
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.00001 par value -
500,000,000 shares authorized at June 30, 2022 and December 31,
2021, 184,909,608 and 183,232,494 shares issued and outstanding as
of June 30, 2022 and December 31, 2021, respectively
2
2
Additional paid-in capital
350,797
340,294
Accumulated other comprehensive loss
(957
)
(14
)
Accumulated deficit
(167,259
)
(229,867
)
Total stockholders’ equity
182,583
110,415
Total liabilities and stockholders’
equity
$
263,415
$
302,717
Velo3D, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended
June 30,
June 30,
2022
2021
Cash flows from operating
activities
Net income (loss)
$
62,608
$
(26,086
)
Adjustments to reconcile net income (loss)
to net cash (used in) provided by operating activities
Depreciation and amortization
2,108
692
Stock-based compensation
9,933
1,075
(Gain) loss on fair value of warrants
(17,651
)
1,741
(Gain) loss on fair value of contingent
earnout liabilities
(98,995
)
—
Changes in assets and liabilities
Accounts receivable
961
(2,648
)
Inventories
(34,826
)
(1,279
)
Contract assets
(131
)
2,873
Prepaid expenses and other current
assets
7,049
(1,748
)
Other assets
1,283
(2,156
)
Accounts payable
(415
)
5,296
Accrued expenses and other liabilities
5,977
779
Contract liabilities
(6,077
)
7,190
Other noncurrent liabilities
(617
)
1,249
Net cash used in operating activities
(68,793
)
(13,022
)
Cash flows from investing
activities
Purchase of property and equipment
(8,578
)
(601
)
Production of equipment for lease to
customers
(2,563
)
(5,044
)
Purchases of available-for-sale
investments
(87,655
)
—
Proceeds from maturities of
available-for-sale investments
4,000
—
Net cash used in investing activities
(94,796
)
(5,645
)
Cash flows from financing
activities
Proceeds from loan issuance
—
14,339
Repayment of term loan
—
(4,888
)
Proceeds from convertible notes
—
5,000
Proceeds from equipment loans
—
3,200
Repayment of equipment loans
(1,067
)
(1,636
)
Issuance of common stock upon exercise of
stock options
570
283
Net cash (used in) provided by financing
activities
(497
)
16,298
Effect of exchange rate changes on cash
and cash equivalents
(7
)
—
Net change in cash and cash
equivalents
(164,093
)
(2,369
)
Cash and cash equivalents and restricted
cash at beginning of period
208,402
15,517
Cash and cash equivalents and restricted
cash at end of period
$
44,309
$
13,148
Supplemental disclosure of cash flow
information
Cash paid for interest
$
152
$
280
Supplemental disclosure of non-cash
information
Issuance of common stock warrants in
connection with financing
$
—
$
134
The following table provides a reconciliation of cash, cash
equivalents, and restricted cash reported within the condensed
consolidated balance sheets to the total of such amounts shown on
the condensed consolidated statements of cash flows:
Six Months Ended
June 30,
June 30,
2022
2021
Cash and cash equivalents
$
43,509
$
13,148
Restricted cash (Other assets)
800
—
Total cash and cash equivalents, and
restricted cash
$
44,309
$
13,148
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005797/en/
Investor Relations: Velo3D Bob Okunski, VP Investor Relations
investors@velo3d.com Media Contact: Velo3D Dan Sorensen, Senior
Director of PR dan.sorensen@velo3d.com
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