On November 6, 2023, Velo3D Inc (VLD, Financial), a leading additive manufacturing technology company, announced its financial results for the fiscal third quarter ended September 30, 2023. The company reported a 26% year-over-year increase in revenue, reaching $24 million. Velo3D Inc (VLD) also achieved a 30% sequential improvement in free cash flow and ended the quarter with a strong liquidity position, holding $72M in cash.
Financial Performance
Velo3D Inc (VLD, Financial) reported a GAAP revenue of $24.1 million for Q3 2023, a 26% increase compared to the same period in 2022. The GAAP gross margin was 7.2%, and the GAAP net loss was $17.1 million. The non-GAAP net loss was $18.9 million. The company ended the quarter with $72 million in cash and investments.
Strategic Realignment
In October 2023, Velo3D Inc (VLD, Financial) made a strategic decision to realign its operations to pivot from emphasizing top-line growth to optimizing free cash flow, reducing expenditures, and improving operational efficiency. The company expects this realignment to lower its overall cost structure by approximately 40% by the first quarter of 2024.
Financial Guidance
Due to the impact of the realignment and delays in certain fourth quarter bookings, Velo3D Inc (VLD, Financial) now expects its 2023 revenue to be in the range of $91 million to $103 million. For the fourth quarter of 2023, the company expects revenue in the range of $15 million to $27 million and a gross margin in the range of 5% to 17%.
Looking Ahead
Velo3D Inc (VLD, Financial) remains optimistic about the significant future opportunity for the additive manufacturing industry. With its realignment focused on free cash flow and expected bookings growth, the company believes it is well-positioned to execute a profitable growth strategy in 2024.
Explore the complete 8-K earnings release (here) from Velo3D Inc for further details.
