company ended the quarter with $3M in cash and cash equivalents
CAMPBELL, CA, Aug 26, 2024 – Velo3D, Inc., announced financial results for its second quarter ended June 30, 2024. For the second quarter of 2024, the company reported revenue of $10.3M, compared to $9.8M in the first quarter of 2024. Net loss was $0.2M.
“Our second quarter results reflected continued execution on our strategic priorities as we added to our year-to-date bookings, maintained a healthy backlog and reduced our operating expenses,” said Brad Kreger, CEO of Velo3D. “Specifically, we continued to expand our defense and space sector footprint during the quarter and expect to add to our backlog in these important industries in the second half of the year. We also further executed on our re-alignment efforts as we reduced our quarterly operating costs by 37% year over year and improved our manufacturing and operational efficiency. However, while we have made significant financial and operational progress year to date, we have made the difficult decision to right size the business as we expect industry conditions to remain challenging into the second half of 2024.”
“Our second quarter results also reflected the impact of delays in the funding of certain governmental projects with those system orders now expected in the second half of the year. While we still expect to close these transactions, these delays have negatively impacted our revenue forecast for the balance of the year. As a result, we have instituted a number of material cost reduction programs to reduce expenses and manage our liquidity, including a headcount reduction of approximately 30%. We expect these programs to drive significant annual operating savings and we continue to look at various options to support our balance sheet during our ongoing the strategic review process.”
“Looking forward, we believe the continued focus on our key priorities will position us well to capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.
A complete chart of the financial results is available here.
For more information, visit Velo3D.com.
