Path to Profitability Driven by Strong Demand
and Improved Efficiency
Q3 Bookings Growth / Increased Backlog by 20%
Sequentially
Third Quarter Results Impacted by Supply Chain
Shortages
- Continued revenue growth – up 119% year over year
- Strong demand – $27 million in new bookings / backlog at $66
million
- New customer expansion –2 European OEMs, U.S. automotive
sector
- Updated 2022 revenue guidance of $75-$80M – result of supply
chain disruptions causing Q322 shipment delays and potential Q422
impact
Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing
technology company for mission-critical metal parts, today
announced financial results for its third fiscal quarter of
2022.
“Our third quarter performance reflects solid execution as we
again posted strong year over year revenue growth, increased our
sizeable backlog and expanded our new and existing customer
footprint,” said Benny Buller, CEO of Velo3D. “However, our third
quarter financial results were primarily impacted by key component
shortages which affected our production schedule, resulting in
certain system shipment delays. We have instituted a number of
strategic initiatives to address these challenges and are confident
in achieving our fourth quarter financial forecasts. As a result of
the shipment delays, and potential fourth quarter supply chain and
production disruptions, we are reducing our 2022 revenue forecast
from $89 million to a range of $75 million to $80 million.”
“Specifically, demand for our industry-leading Sapphire family
of systems remains high as we expanded both our new and existing
customer footprint during the quarter. For example, new customer
additions included two marquee European aerospace OEMs as well as
our first sale to a strategic, Fortune 100, U.S. automotive
manufacturer. Additionally, we had three customers purchasing
multiple systems, reinforcing our credibility as a technology
leader in the AM market. We also booked $27 million in new orders
in the third quarter and our backlog now totals $66 million. This
success provides significant revenue visibility for the fourth
quarter as well as building a strong foundation for future growth
as we enter 2023.”
“Looking forward, we remain very excited about the future as our
bookings and backlog growth reflect the increasing adoption of our
technology. We are confident that we have a clear path to
profitability given our current capital resources. We expect to
achieve this by leveraging our strong top line growth, our focus on
rapidly accelerating production efficiency, prudent expense and
working capital management and a return to normalized pricing. As a
result, we believe we are well positioned to profitably capitalize
on the rapidly expanding market for mission critical, high value
metal parts,” concluded Buller.
($ in Millions, except percentages and
per-share data)
3rd Quarter 2022
2nd Quarter 2022
3rd Quarter 2021
GAAP revenue
$19.1
$19.6
$8.7
GAAP gross margin
(0.6%)
6.3%
16.9%
GAAP net income (loss)1
($75.2)
$128.0
($66.6)
GAAP net income (loss) per diluted
share
($0.41)
$0.63
($3.36)
Non-GAAP net loss2
($22.5)
($21.0)
($14.6)
Non-GAAP net loss per diluted share2
($0.12)
($0.10)
($0.74)
Cash and Investments
$113
$142
$297
Information about Velo3D’s use of non-GAAP information,
including a reconciliation to U.S. GAAP, is provided at the end of
this release.
- Reconciliations to U.S. generally accepted accounting
principles (GAAP) financial measures are presented below under
“Non-GAAP Financial Information”.
- 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, as
well as, in the three months ended September 30, 2021, transaction
costs related to the JAWS Spitfire merger transaction and charge
related to the loss on fair value on the convertible note
modification in conjunction with the merger transaction.
Summary of Third Quarter 2022 results
Revenue for the third quarter was $19.1 million, in line with
the second quarter of 2022 and an increase of 119% compared to the
third quarter of 2021. Compared to our original 2022 plan, third
quarter 2022 revenue reflected the impact of system shipment delays
due to supply chain component shortages and production constraints.
On a sequential basis, year of sale revenue was impacted by system
sales mix as well as a higher proportion of launch customer
shipments than in the second quarter. This impact was partially
offset by higher recurring revenue due to a greater number of
systems in the field. The year over year improvement in revenue was
primarily driven by increased system sales and a more favorable mix
of Sapphire XC system sales resulting in an increase in average
selling price.
Gross margin for the quarter was negative 1% and down
sequentially due to the margin impact of an increased number of
launch customer deliveries for the company’s Sapphire XC systems
and higher than expected inventory adjustment charges associated
with the production of its Sapphire XC product. Labor and overhead
costs for the third quarter were in line with forecasts and the
company expects further improvement in its bill of material costs
through the first half of 2023.
Operating expenses for the quarter were in line with the second
quarter at $27.8 million. General and administrative cost increased
due to re-allocations of facilities and IT costs between
departments, higher professional services and taxes. Research and
development expenses and selling and marketing expenses decreased
slightly due to the above re-allocations. Non-GAAP operating
expenses, which excludes, among other items, stock-based
compensation expense of $5.2 million, was $22.7 million in the
three months ended September 30, 2022.
Net loss for the quarter was $75.2 million and reflected a loss
of $47.5 million on the fair value of warrants and contingent
liabilities. Non-GAAP net loss, which excludes, among other items,
the gain on fair value of warrants and contingent earnout
liabilities as well as stock-based compensation, was $22.5 million
in the three months ended September 30, 2022. Adjusted EBITDA for
the quarter, excluding the same metrics, was a loss of $21.2
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
$113 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
Given its strong bookings and significant backlog, the company
expects fourth quarter sequential revenue growth in the range of
25-50%. However, due to the impact of the third quarter shipment
delays as well as potential fourth quarter supply chain and
production disruptions, the company now expects 2022 revenue to be
in the range of $75-$80 million compared to its previous guidance
of $89 million.
Additional information for fiscal year 2022:
- The company shipped its final launch customer system in the
fourth quarter.
- The company expects fourth quarter revenue in the range of $24
to $29 million.
The company will host a conference call for investors this
afternoon to discuss its third 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 San Francisco Chronicle’s prestigious annual list
of Top Workplaces in the Bay Area 2022. 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 September 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
September 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 the fourth quarter and full year 2022
(including the company’s estimates for revenue and revenue growth),
the company’s expectations regarding its ability to achieve
profitability, its improved bill of materials costs during the
first half of 2023 and its strong foundation for continued growth
in 2023, the company’s strategic priorities for 2022 and 2023
(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 September
30, 2022 and 2021, the nine months ended September 30, 2022 and
2021 and the three months ended June 30, 2022 and 2021:
Velo3D, Inc. NON-GAAP Net Income (Loss)
Reconciliation (Unaudited) Three months
ended Nine months ended Three months ended
September 30, 2022 September 30, 2021 September
30, 2022 September 30, 2021 June 30, 2022 June
30, 2021 (In thousands) % of Rev % of Rev % of Rev % of
Rev % of Rev % of Rev Revenue
$
19,115
100.0
%
$
8,711
100.0
%
$
50,977
100.0
%
$
17,029
100.0
%
$
19,644
100.0
%
$
7,146
100.0
%
Gross Profit
(121
)
(0.6
)%
1,474
16.9
%
1,126
2.2
%
3,268
19.2
%
1,232
6.3
%
2,184
30.6
%
Net Income (Loss)
$
(75,195
)
(393.4
)%
$
(66,578
)
(764.3
)%
$
(12,587
)
(24.7
)%
$
(92,663
)
(544.1
)%
$
127,950
651.3
%
$
(12,538
)
(175.5
)%
Stock-based compensation
5,157
27.0
%
676
7.8
%
15,090
29.6
%
1,751
10.3
%
4,976
25.3
%
760
10.6
%
Loss on the convertible note modification
—
—
%
50,577
580.6
%
—
—
%
50,577
297.0
%
—
—
%
—
—
%
(Gain) Loss on fair value of warrants
6,612
34.6
%
1,892
21.7
%
(11,039
)
(21.7
)%
3,633
21.3
%
(23,665
)
(120.5
)%
227
3.2
%
(Gain) Loss on fair value of contingent earnout liabilities
40,885
213.9
%
(2,014
)
(23.1
)%
(58,110
)
(114.0
)%
(2,014
)
(11.8
)%
(130,227
)
(662.9
)%
—
—
%
Merger related transactional costs
—
—
%
846
9.7
%
—
—
%
4,360
25.6
%
—
—
%
1,583
22.2
%
Non-GAAP Net Loss
$
(22,541
)
(117.9
)%
$
(14,601
)
(167.6
)%
$
(66,646
)
(130.7
)%
$
(34,356
)
(201.7
)%
$
(20,966
)
(106.7
)%
$
(9,968
)
(139.5
)%
Velo3D, Inc.
NON-GAAP Adjusted EBITDA Reconciliation (Unaudited)
Three months ended Nine months ended Three
months ended September 30,2022 September 30,2021
September 30,2022 September 30,2021 June
30,2022 June 30,2021 (In thousands) % of Rev % of
Rev % of Rev % of Rev % of Rev % of Rev Revenue
$
19,115
100.0
%
$
8,711
100.0
%
$
50,977
100.0
%
$
17,029
100.0
%
$
19,644
100.0
%
$
7,146
100.0
%
Net Income (Loss) $
(75,195
)
(393.4
)%
$
(66,578
)
(764.3
)%
$
(12,587
)
(24.7
)%
$
(92,663
)
(544.1
)%
$
127,950
651.3
%
$
(12,538
)
(175.5
)%
Interest expense
129
0.7
%
986
11.3
%
362
0.7
%
1,630
9.6
%
92
0.5
%
524
7.3
%
Tax expense
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
—
—
%
Depreciation and amortization
1,220
6.4
%
584
6.7
%
3,328
6.5
%
1,276
7.5
%
1,087
5.5
%
329
4.6
%
EBITDA
(73,846
)
(386.3
)%
(65,008
)
(746.3
)%
(8,897
)
(17.5
)%
(89,757
)
(527.1
)%
129,129
657.3
%
(11,685
)
(163.5
)%
Stock-based compensation
5,157
27.0
%
676
7.8
%
15,090
29.6
%
1,751
10.3
%
4,976
25.3
%
760
10.6
%
(Gain) Loss on fair value of warrants
6,612
34.6
%
1,892
21.7
%
(11,039
)
(21.7
)%
3,633
21.3
%
(23,665
)
(120.5
)%
227
3.2
%
(Gain) Loss on fair value of contingent earnout liabilities
40,885
213.9
%
(2,014
)
(23.1
)%
(58,110
)
(114.0
)%
(2,014
)
(11.8
)%
(130,227
)
(662.9
)%
—
—
%
Adjusted EBITDA
$
(21,192
)
(110.9
)%
$
(64,454
)
(739.9
)%
$
(62,956
)
(123.5
)%
$
(86,387
)
(507.3
)%
$
(19,787
)
(100.7
)%
$
(10,698
)
(149.7
)%
Merger related transactional costs
—
—
%
846
9.7
%
—
—
%
4,360
25.6
%
—
—
%
1,583
22.2
%
Loss on the convertible note modification
—
—
%
50,577
580.6
%
—
—
%
50,577
297.0
%
—
—
%
—
—
%
Adjusted EBITDA excluding merger related transactional costs and
loss on fair value of the convertible note modification
$
(21,192
)
(110.9
)%
$
(13,031
)
(149.6
)%
$
(62,956
)
(123.5
)%
$
(31,450
)
(184.7
)%
$
(19,787
)
(100.7
)%
$
(9,115
)
(127.6
)%
Velo3D, Inc. NON-GAAP Adjusted Operating Expenses
Reconciliation (Unaudited) Three months
ended Nine months ended Three months ended
September 30,2022 September 30,2021 September
30,2022 September 30,2021 June 30,2022 June
30,2021 (In thousands) % of Rev % of Rev % of Rev % of
Rev % of Rev % of Rev Revenue
$
19,115
100.0
%
$
8,711
100.0
%
$
50,977
100.0
%
$
17,029
100.0
%
$
19,644
100.0
%
$
7,146
100.0
%
Operating expenses Research and development
12,558
65.7
%
7,987
91.7
%
38,438
75.4
%
19,081
112.1
%
12,965
66.0
%
6,399
89.5
%
Selling and marketing
5,632
29.5
%
3,346
38.4
%
17,864
35.0
%
7,706
45.3
%
6,249
31.8
%
2,337
32.7
%
General and administrative
9,642
50.4
%
5,158
59.2
%
27,191
53.3
%
15,162
89.0
%
8,259
42.0
%
5,218
73.0
%
Total operating expenses
27,832
145.6
%
16,491
189.3
%
83,493
163.8
%
41,949
246.3
%
27,473
139.9
%
13,954
195.3
%
Stock-based compensation
5,157
27.0
%
676
7.8
%
15,090
29.6
%
1,751
10.3
%
4,976
25.3
%
760
10.6
%
Merger related transactional costs
—
—
%
846
9.7
%
—
—
%
4,360
25.6
%
—
—
%
1,583
22.2
%
Adjusted operating expenses
$
22,675
118.6
%
$
14,969
171.8
%
$
68,403
134.2
%
$
35,838
210.5
%
$
22,497
114.5
%
$
11,611
162.5
%
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In thousands, except share and per share data)
Three months ended Nine months ended September
30,2022 June 30,2022 September 30,2021
September 30,2022 September 30,2021 Revenue 3D
Printer
$
16,537
$
17,615
$
7,281
$
44,336
$
13,594
Recurring payment
1,183
934
596
3,042
1,231
Support services
1,395
1,095
834
3,599
2,204
Total Revenue
19,115
19,644
8,711
50,977
17,029
Cost of revenue 3D Printer
16,574
15,633
5,692
42,686
10,174
Recurring Payment
656
685
418
2,059
862
Support Services
2,006
2,094
1,127
5,106
2,725
Total cost of revenue
19,236
18,412
7,237
49,851
13,761
Gross profit
(121
)
1,232
1,474
1,126
3,268
Operating expenses Research and development
12,558
12,965
7,987
38,438
19,081
Selling and marketing
5,632
6,249
3,346
17,864
7,706
General and administrative
9,642
8,259
5,158
27,191
15,162
Total operating expenses
27,832
27,473
16,491
83,493
41,949
Loss from operations
(27,953
)
(26,241
)
(15,017
)
(82,367
)
(38,681
)
Interest expense
(129
)
(92
)
(986
)
(362
)
(1,630
)
Loss on the convertible note modification
—
—
(50,577
)
—
(50,577
)
Gain (loss) on fair value of warrants
(6,612
)
23,665
(1,892
)
11,039
(3,633
)
Gain (loss) on fair value of contingent earnout liabilities
(40,885
)
130,227
2,014
58,110
2,014
Other income (expense), net
384
391
(120
)
993
(156
)
Income (loss) before provision for income taxes
(75,195
)
127,950
(66,578
)
(12,587
)
(92,663
)
Provision for income taxes
—
—
—
—
—
Net income (loss)
$
(75,195
)
$
127,950
$
(66,578
)
$
(12,587
)
$
(92,663
)
Net income (loss) per share: Basic
$
(0.41
)
$
0.69
$
(3.36
)
$
(0.07
)
$
(5.34
)
Diluted
$
(0.41
)
$
0.63
$
(3.36
)
$
(0.07
)
$
(5.34
)
Shares used in computing net income (loss) per share: Basic
185,560,177
184,282,194
19,793,863
184,454,371
17,348,557
Diluted
185,560,177
202,326,053
19,793,863
184,454,371
17,348,557
Net Income (loss)
$
(75,195
)
$
127,950
$
(66,578
)
$
(12,587
)
$
(92,663
)
Net unrealized holding loss on available-for-sale investments
(178
)
(335
)
—
(1,121
)
—
Other comprehensive income (loss)
$
(75,373
)
$
127,615
$
(66,578
)
$
(13,708
)
$
(92,663
)
Velo3D, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share and per share
data) September 30, December 31,
2022
2021
Assets Current assets: Cash and cash equivalents
$
40,347
$
207,602
Short-term investments
72,478
15,483
Accounts receivable, net
20,922
12,778
Inventories
69,313
22,479
Contract assets
2,370
274
Prepaid expenses and other current assets
4,623
9,458
Total current assets
210,053
268,074
Property and equipment, net
19,208
10,046
Equipment on lease, net
8,084
8,366
Other assets
19,208
16,231
Total assets
$
256,553
$
302,717
Liabilities and Stockholders' Equity Current liabilities:
Accounts payable
$
14,134
$
9,882
Accrued expenses and other current liabilities
19,682
9,414
Debt - current portion
4,954
5,114
Contract liabilities
26,041
22,252
Total current liabilities
64,811
46,662
Long-term debt - less current portion
1,356
2,956
Contingent earnout liabilities
53,377
111,487
Warrant liabilities
10,836
21,705
Other noncurrent liabilities
13,303
9,492
Total liabilities
143,683
192,302
Commitments and contingencies Stockholders’ equity: Common stock,
$0.00001 par value - 500,000,000 shares authorized at September 30,
2022 and December 31, 2021, 186,412,818 and 183,232,494 shares
issued and outstanding as of September 30, 2022 and December 31,
2021, respectively
2
2
Additional paid-in capital
356,457
340,294
Accumulated other comprehensive income
(1,135
)
(14
)
Accumulated deficit
(242,454
)
(229,867
)
Total stockholders’ equity
112,870
110,415
Total liabilities and stockholders’ equity
$
256,553
$
302,717
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) (In thousands) Nine
Months Ended S
eptember 30,2022 September 30,2022
Cash flows from operating activities Net loss
$
(12,587
)
$
(92,663
)
Adjustments to reconcile net loss to net cash used in operating
activities Depreciation and amortization
3,328
1,276
Stock-based compensation
15,090
1,751
Loss on the convertible note modification
—
50,577
(Gain) loss on fair value of warrants
(11,039
)
3,633
Gain on fair value of contingent earnout liabilities
(58,110
)
(2,014
)
Changes in assets and liabilities Accounts receivable
(8,144
)
(5,326
)
Inventories
(41,807
)
(3,022
)
Contract assets
(2,096
)
1,523
Prepaid expenses and other current assets
7,342
(1,767
)
Other assets
(2,977
)
(2,407
)
Accounts payable
1,177
(252
)
Accrued expenses and other liabilities
10,148
3,400
Contract liabilities
3,789
12,414
Other noncurrent liabilities
3,732
1,611
Net cash used in operating activities
(92,154
)
(31,266
)
Cash flows from investing activities Purchase of property
and equipment
(12,228
)
(1,534
)
Production of equipment for lease to customers
(4,174
)
(6,919
)
Purchases of available-for-sale investments
(87,655
)
—
Proceeds from maturities of available-for-sale investments
29,550
—
Net cash used in investing activities
(74,507
)
(8,453
)
Cash flows from financing activities Proceeds from loan
refinance, net of issuance costs
6,664
—
Repayment of loans in connection with loan refinance
(8,089
)
—
Proceeds from Merger
—
143,183
Proceeds from PIPE financing
—
155,000
Proceeds from loan refinance
—
19,339
Repayment of term loan
—
(4,997
)
Repayment of property and equipment loan
(355
)
(833
)
Proceeds from term loan revolver facility
—
3,000
Proceeds from convertible notes
—
5,000
Proceeds from equipment loans
—
5,419
Repayment of equipment loans
—
(1,878
)
Issuance of common stock upon exercise of stock options
1,243
313
Net cash (used in) provided by financing activities
(537
)
323,546
Effect of exchange rate changes on cash and cash equivalents
(57
)
—
Net change in cash and cash equivalents
(167,255
)
283,827
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
$
41,147
$
299,344
Supplemental disclosure of cash flow information Cash paid
for interest
$
253
$
857
Supplemental disclosure of non-cash information Conversion
of warrants into redeemable convertible preferred stock, net
settlement
—
899
Conversion of convertible notes to Series D redeemable convertible
preferred stock
—
5,000
Conversion of redeemable convertible preferred stock into common
stock
—
180,180
Conversion of warrants into common stock, net settlement
—
3,635
Reclassification of warrants liability upon the reverse
recapitalization
—
21,051
Reclassification of contingent earnout liability upon the reverse
recapitalization
—
120,763
Issuance of common stock warrants in connection with financing
—
316
Issuance of common stock warrants in connection with refinancing
170
—
Unpaid liabilities related to property and equipment
—
3,231
Unpaid merger transactional costs
—
19,313
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:
Nine Months Ended
September 30,
September 30,
2022
2021
Cash and cash equivalents
$
40,347
$
296,826
Restricted cash (Other assets)
800
2,518
Total cash and cash equivalents, and
restricted cash
$
41,147
$
299,344
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005528/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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