Velo3D Announces Second Quarter 2024 Financial Results
Continued Focus on Realignment Priorities
Company Institutes Additional Cost Reduction Programs
Strategic Review Process Remains Ongoing
-
Q2 2024 sales update
-
2024 year to date bookings of
$21 million ; >40% of orders from existing customers -
$17 million in backlog exiting Q2 2024 - Continued defense sector expansion – >20% of 1H’24 shipments
-
2024 year to date bookings of
-
Reduced quarterly operating expenses
- Down 37% year over year
- Instituted additional cost control programs - ~30% headcount reduction
- Improved year over year operating cash flow in Q2 2024
- Operating and financial conditions remain challenging
“Our second quarter results reflected continued execution on our strategic priorities as we added to our year-to-date bookings, maintained a healthy backlog and reduced our operating expenses,” said
“Our second quarter results also reflected the impact of delays in the funding of certain governmental projects with those system orders now expected in the second half of the year. While we still expect to close these transactions, these delays have negatively impacted our revenue forecast for the balance of the year. As a result, we have instituted a number of material cost reduction programs to reduce expenses and manage our liquidity, including a headcount reduction of approximately 30%. We expect these programs to drive significant annual operating savings and we continue to look at various options to support our balance sheet during our ongoing the strategic review process.”
“Looking forward, we believe the continued focus on our key priorities will position us well to capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.
($ in Millions, except percentages and per-share data) |
2nd Quarter 2024 |
2nd Quarter 2023 |
GAAP revenue |
|
|
GAAP gross margin |
(28.0)% |
10.1% |
GAAP net loss1 |
( |
( |
GAAP net loss per share - basic and diluted |
( |
( |
|
|
|
Non-GAAP net loss2 |
( |
( |
Non-GAAP net loss per basic and diluted share2 |
( |
( |
-
Information about Velo3D’s use of non-GAAP information, including a reconciliation to
U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. 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 inthe United States . - Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, and contingent earnout.
Summary of Second Quarter 2024 Results
Revenue for the second quarter was
Gross margin for the second quarter was negative 28% and primarily reflected the impact of lower fixed cost absorption as certain systems orders were delayed to the second half of 2024.
GAAP operating expenses for the second quarter were
Net loss for the quarter was
Second quarter cash flow, excluding financing activities, was in line with the company's forecast and improved more than 70% on a year over year basis. The company ended the quarter with
Guidance
Given the uncertainty of timing of the company’s deferred orders and other factors, the company is withdrawing its previously announced financial guidance for fiscal year 2024.
About
VELO,
Amounts herein pertaining to
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 expectations regarding its performance during the remainder of 2024, the company's strategic realignment and initiatives, the company’s expectations regarding its liquidity and capital requirements, the company’s expectations regarding the timing of deferred orders, the company’s expectations regarding its potential cost savings, and the company’s other expectations, 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
Non-GAAP Financial Information
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 “Non-GAAP 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 Non-GAAP 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 Non-GAAP Operating Expenses during the periods below:
NON-GAAP Net Loss Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
(In thousands, except for percentages) |
|
|||||||||||||||||||||||||||||
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
||||||||||||||||||||
Revenue |
|
$ |
10,344 |
|
|
|
100.0 |
% |
|
$ |
25,134 |
|
|
|
100.0 |
% |
|
$ |
20,130 |
|
|
|
100.0 |
% |
|
$ |
51,821 |
|
|
|
100.0 |
% |
Gross Profit |
|
|
(2,897 |
) |
|
|
(28.0 |
)% |
|
|
2,536 |
|
|
|
10.1 |
% |
|
|
(5,712 |
) |
|
|
(28.4 |
)% |
|
|
5,068 |
|
|
|
9.8 |
% |
Net Income (Loss) |
|
$ |
(172 |
) |
|
|
(1.7 |
)% |
|
$ |
(23,201 |
) |
|
|
(92.3 |
)% |
|
$ |
(28,486 |
) |
|
|
(141.5 |
)% |
|
$ |
(59,526 |
) |
|
|
(114.9 |
)% |
Stock-based compensation |
|
|
4,247 |
|
|
|
41.1 |
% |
|
|
6,535 |
|
|
|
26.0 |
% |
|
|
9,334 |
|
|
|
46.4 |
% |
|
|
12,771 |
|
|
|
24.6 |
% |
(Gain) Loss on fair value of warrants |
|
|
(25,310 |
) |
|
|
(244.7 |
)% |
|
|
(828 |
) |
|
|
(3.3 |
)% |
|
|
(22,690 |
) |
|
|
(112.7 |
)% |
|
|
1,725 |
|
|
|
3.3 |
% |
(Gain) Loss on fair value of contingent earnout liabilities |
|
|
(1,824 |
) |
|
|
(17.6 |
)% |
|
|
(1,843 |
) |
|
|
(7.3 |
)% |
|
|
(1,387 |
) |
|
|
(6.9 |
)% |
|
|
7,810 |
|
|
|
15.1 |
% |
Non-cash cost of issuance of common stock warrants on BEPO Offering |
|
|
1,313 |
|
|
|
12.7 |
% |
|
|
— |
|
|
|
— |
% |
|
|
1,313 |
|
|
|
6.5 |
% |
|
|
— |
|
|
|
— |
% |
Non-GAAP Net Loss |
|
$ |
(21,746 |
) |
|
|
(210.2 |
)% |
|
$ |
(19,337 |
) |
|
|
(76.9 |
)% |
|
$ |
(41,916 |
) |
|
|
(208.2 |
)% |
|
$ |
(37,220 |
) |
|
|
(71.8 |
)% |
NON-GAAP Adjusted EBITDA Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
(In thousands, except for percentages) |
|
|||||||||||||||||||||||||||||
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
||||||||||||||||||||
Revenue |
|
$ |
10,344 |
|
|
|
100.0 |
% |
|
$ |
25,134 |
|
|
|
100.0 |
% |
|
$ |
20,130 |
|
|
|
100.0 |
% |
|
$ |
51,821 |
|
|
|
100.0 |
% |
Net Income (Loss) |
|
|
(172 |
) |
|
|
(1.7 |
)% |
|
|
(23,201 |
) |
|
|
(92.3 |
)% |
|
|
(28,486 |
) |
|
|
(141.5 |
)% |
|
|
(59,526 |
) |
|
|
(114.9 |
)% |
Interest expense |
|
|
5,463 |
|
|
|
52.8 |
% |
|
|
344 |
|
|
|
1.4 |
% |
|
|
9,360 |
|
|
|
46.5 |
% |
|
|
564 |
|
|
|
1.1 |
% |
Provision for income taxes |
|
|
(4 |
) |
|
|
(0.0 |
)% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
Depreciation and amortization |
|
|
1,311 |
|
|
|
12.7 |
% |
|
|
1,466 |
|
|
|
5.8 |
% |
|
|
2,707 |
|
|
|
13.4 |
% |
|
|
3,026 |
|
|
|
5.8 |
% |
EBITDA |
|
$ |
6,598 |
|
|
|
63.8 |
% |
|
$ |
(21,391 |
) |
|
|
(85.1 |
)% |
|
$ |
(16,419 |
) |
|
|
(81.6 |
)% |
|
$ |
(55,936 |
) |
|
|
(107.9 |
)% |
Stock-based compensation |
|
|
4,247 |
|
|
|
41.1 |
% |
|
|
6,535 |
|
|
|
26.0 |
% |
|
|
9,334 |
|
|
|
46.4 |
% |
|
|
12,771 |
|
|
|
24.6 |
% |
(Gain) Loss on fair value of warrants |
|
|
(25,310 |
) |
|
|
(244.7 |
)% |
|
|
(828 |
) |
|
|
(3.3 |
)% |
|
|
(22,690 |
) |
|
|
(112.7 |
)% |
|
|
1,725 |
|
|
|
3.3 |
% |
(Gain) Loss on fair value of contingent earnout liabilities |
|
|
(1,824 |
) |
|
|
(17.6 |
)% |
|
|
(1,843 |
) |
|
|
(7.3 |
)% |
|
|
(1,387 |
) |
|
|
(6.9 |
)% |
|
|
7,810 |
|
|
|
15.1 |
% |
Non-cash cost of issuance of common stock warrants on BEPO Offering |
|
|
1,313 |
|
|
|
12.7 |
% |
|
|
— |
|
|
|
— |
% |
|
|
1,313 |
|
|
|
6.5 |
% |
|
|
— |
|
|
|
— |
% |
Adjusted EBITDA |
|
$ |
(14,976 |
) |
|
|
(144.8 |
)% |
|
$ |
(17,527 |
) |
|
|
(69.7 |
)% |
|
$ |
(29,849 |
) |
|
|
(148.3 |
)% |
|
$ |
(33,630 |
) |
|
|
(64.9 |
)% |
NON-GAAP Adjusted Operating Expenses Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
(In thousands, except for percentages) |
|
|||||||||||||||||||||||||||||
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
||||||||||||||||||||
Revenue |
|
$ |
10,344 |
|
|
|
100.0 |
% |
|
$ |
25,134 |
|
|
|
100.0 |
% |
|
$ |
20,130 |
|
|
|
100.0 |
% |
|
$ |
51,821 |
|
|
|
100.0 |
% |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
4,545 |
|
|
|
43.9 |
% |
|
|
12,238 |
|
|
|
48.7 |
% |
|
|
9,588 |
|
|
|
47.6 |
% |
|
|
22,655 |
|
|
|
43.7 |
% |
Selling and marketing |
|
|
4,273 |
|
|
|
41.3 |
% |
|
|
6,108 |
|
|
|
24.3 |
% |
|
|
9,082 |
|
|
|
45.1 |
% |
|
|
12,282 |
|
|
|
23.7 |
% |
General and administrative |
|
|
8,823 |
|
|
|
85.3 |
% |
|
|
9,896 |
|
|
|
39.4 |
% |
|
|
17,606 |
|
|
|
87.5 |
% |
|
|
20,087 |
|
|
|
38.8 |
% |
Total operating expenses |
|
|
17,641 |
|
|
|
170.5 |
% |
|
|
28,242 |
|
|
|
112.4 |
% |
|
|
36,276 |
|
|
|
180.2 |
% |
|
|
55,024 |
|
|
|
106.2 |
% |
Stock-based compensation in operating expenses |
|
|
3,839 |
|
|
|
37.1 |
% |
|
|
6,091 |
|
|
|
24.2 |
% |
|
|
8,342 |
|
|
|
41.4 |
% |
|
|
12,060 |
|
|
|
23.3 |
% |
Adjusted operating expenses |
|
$ |
13,802 |
|
|
|
133.4 |
% |
|
$ |
22,151 |
|
|
|
88.1 |
% |
|
$ |
27,934 |
|
|
|
138.8 |
% |
|
$ |
42,964 |
|
|
|
82.9 |
% |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (In thousands, except share and per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
3D Printer |
|
$ |
8,679 |
|
|
$ |
23,190 |
|
|
$ |
16,339 |
|
|
$ |
47,638 |
|
Recurring payment |
|
|
292 |
|
|
|
35 |
|
|
|
762 |
|
|
|
610 |
|
Support services |
|
|
1,373 |
|
|
|
1,909 |
|
|
|
3,029 |
|
|
|
3,573 |
|
Total Revenue |
|
|
10,344 |
|
|
|
25,134 |
|
|
|
20,130 |
|
|
|
51,821 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
||||||||
3D Printer |
|
|
10,744 |
|
|
|
20,052 |
|
|
|
20,138 |
|
|
|
42,220 |
|
Recurring payment |
|
|
232 |
|
|
|
335 |
|
|
|
547 |
|
|
|
782 |
|
Support services |
|
|
2,265 |
|
|
|
2,211 |
|
|
|
5,157 |
|
|
|
3,751 |
|
Total cost of revenue |
|
|
13,241 |
|
|
|
22,598 |
|
|
|
25,842 |
|
|
|
46,753 |
|
Gross profit (loss) |
|
|
(2,897 |
) |
|
|
2,536 |
|
|
|
(5,712 |
) |
|
|
5,068 |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
4,545 |
|
|
|
12,238 |
|
|
|
9,588 |
|
|
|
22,655 |
|
Selling and marketing |
|
|
4,273 |
|
|
|
6,108 |
|
|
|
9,082 |
|
|
|
12,282 |
|
General and administrative |
|
|
8,805 |
|
|
|
9,896 |
|
|
|
17,588 |
|
|
|
20,087 |
|
Total operating expenses |
|
|
17,623 |
|
|
|
28,242 |
|
|
|
36,258 |
|
|
|
55,024 |
|
Loss from operations |
|
|
(20,520 |
) |
|
|
(25,706 |
) |
|
|
(41,970 |
) |
|
|
(49,956 |
) |
Interest expense |
|
|
(5,463 |
) |
|
|
(344 |
) |
|
|
(9,360 |
) |
|
|
(564 |
) |
Gain (loss) on fair value of warrants |
|
|
25,310 |
|
|
|
828 |
|
|
|
22,690 |
|
|
|
(1,725 |
) |
Gain (loss) on fair value of contingent earnout liabilities |
|
|
1,824 |
|
|
|
1,843 |
|
|
|
1,387 |
|
|
|
(7,810 |
) |
Other income, net |
|
|
(1,327 |
) |
|
|
178 |
|
|
|
(1,233 |
) |
|
|
529 |
|
Income (loss) before provision for income taxes |
|
|
(176 |
) |
|
|
(23,201 |
) |
|
|
(28,486 |
) |
|
|
(59,526 |
) |
Provision for income taxes |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
$ |
(172 |
) |
|
$ |
(23,201 |
) |
|
$ |
(28,486 |
) |
|
$ |
(59,526 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.02 |
) |
|
$ |
(4.10 |
) |
|
$ |
(3.55 |
) |
|
$ |
(10.63 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(4.10 |
) |
|
$ |
(3.55 |
) |
|
$ |
(10.63 |
) |
Shares used in computing net income (loss) per share: | ||||||||||||||||
Basic |
8,475,386 |
5,659,601 |
8,015,722 |
5,598,386 |
||||||||||||
Diluted |
8,475,386 |
5,659,601 |
8,015,722 |
5,598,386 |
||||||||||||
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) |
||||||||
|
|
|
|
|
||||
|
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,462 |
|
|
$ |
24,494 |
|
Short-term investments |
|
|
699 |
|
|
|
6,621 |
|
Accounts receivable, net |
|
|
8,338 |
|
|
|
9,583 |
|
Inventories |
|
|
59,521 |
|
|
|
60,816 |
|
Contract assets |
|
|
8,861 |
|
|
|
7,510 |
|
Prepaid expenses and other current assets |
|
|
2,289 |
|
|
|
4,000 |
|
Total current assets |
|
|
82,170 |
|
|
|
113,024 |
|
Property and equipment, net |
|
|
14,186 |
|
|
|
16,326 |
|
Equipment on lease, net |
|
|
3,958 |
|
|
|
6,667 |
|
Other assets |
|
|
16,338 |
|
|
|
17,782 |
|
Total assets |
|
$ |
116,652 |
|
|
$ |
153,799 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
14,008 |
|
|
$ |
15,854 |
|
Accrued expenses and other current liabilities |
|
|
5,864 |
|
|
|
6,491 |
|
Debt – current portion |
|
|
24,592 |
|
|
|
21,191 |
|
Contract liabilities |
|
|
4,090 |
|
|
|
5,135 |
|
Total current liabilities |
|
|
48,554 |
|
|
|
48,671 |
|
Long-term debt – less current portion |
|
|
— |
|
|
|
11,941 |
|
Contingent earnout liabilities |
|
|
69 |
|
|
|
1,456 |
|
Warrant liabilities |
|
|
4,933 |
|
|
|
11,835 |
|
Other noncurrent liabilities |
|
|
10,977 |
|
|
|
11,556 |
|
Total liabilities |
|
|
64,533 |
|
|
|
85,459 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock, |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
437,642 |
|
|
|
425,471 |
|
Accumulated other comprehensive loss |
|
|
(2 |
) |
|
|
(96 |
) |
Accumulated deficit |
|
|
(385,523 |
) |
|
|
(357,037 |
) |
Total stockholders’ equity |
|
|
52,119 |
|
|
|
68,340 |
|
Total liabilities and stockholders’ equity |
|
$ |
116,652 |
|
|
$ |
153,799 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) |
||||||||
|
|
Six Months Ended |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(28,486 |
) |
|
$ |
(59,526 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
||||
Depreciation and amortization |
|
|
2,707 |
|
|
|
2,983 |
|
Amortization of debt discount and deferred financing costs |
|
|
8,281 |
|
|
|
43 |
|
Stock-based compensation |
|
|
9,334 |
|
|
|
12,771 |
|
(Gain) loss on fair value of warrants |
|
|
(22,690 |
) |
|
|
1,725 |
|
(Gain) loss on fair value of contingent earnout liabilities |
|
|
(1,387 |
) |
|
|
7,810 |
|
Non-cash cost of issuance of common stock warrants on BEPO Offering |
|
|
1,313 |
|
|
|
— |
|
Realized loss on available for sale securities |
|
|
21 |
|
|
|
— |
|
Changes in assets and liabilities |
|
|
|
|
||||
Accounts receivable |
|
|
1,245 |
|
|
|
(5,099 |
) |
Inventories |
|
|
3,891 |
|
|
|
3,538 |
|
Contract assets |
|
|
(1,351 |
) |
|
|
(8,323 |
) |
Prepaid expenses and other current assets |
|
|
1,871 |
|
|
|
3,609 |
|
Other assets |
|
|
1,369 |
|
|
|
292 |
|
Accounts payable |
|
|
(2,391 |
) |
|
|
(1,716 |
) |
Accrued expenses and other liabilities |
|
|
(595 |
) |
|
|
(6,249 |
) |
Contract liabilities |
|
|
(345 |
) |
|
|
(9,422 |
) |
Other noncurrent liabilities |
|
|
(1,279 |
) |
|
|
(1,214 |
) |
Net cash used in operating activities |
|
|
(28,492 |
) |
|
|
(58,778 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Purchase of property and equipment |
|
|
(8 |
) |
|
|
(690 |
) |
Production of equipment for lease to customers |
|
|
— |
|
|
|
(3,694 |
) |
Sales of available for sale securities |
|
|
2,474 |
|
|
|
— |
|
Proceeds from maturity of available-for-sale investments |
|
|
3,500 |
|
|
|
29,984 |
|
Net cash provided by investing activities |
|
|
5,966 |
|
|
|
25,600 |
|
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from ATM offering, net of issuance costs |
|
|
— |
|
|
|
15,591 |
|
Proceeds from revolver facility |
|
|
— |
|
|
|
14,000 |
|
Proceeds from equipment loans |
|
|
— |
|
|
|
1,600 |
|
Repayment of equipment loans |
|
|
— |
|
|
|
(1,467 |
) |
Proceeds from BEPO Offering, net of issuance costs |
|
|
10,675 |
|
|
|
— |
|
Repayment of secured notes |
|
|
(10,500 |
) |
|
|
— |
|
Issuance of common stock upon exercise of stock options |
|
|
315 |
|
|
|
350 |
|
Net cash provided by financing activities |
|
|
490 |
|
|
|
30,074 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
4 |
|
|
|
(11 |
) |
Net change in cash and cash equivalents |
|
|
(22,032 |
) |
|
|
(3,115 |
) |
Cash and cash equivalents and restricted cash at beginning of period |
|
|
25,294 |
|
|
|
32,783 |
|
Cash and cash equivalents and restricted cash at end of period |
|
$ |
3,262 |
|
|
$ |
29,668 |
|
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:
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Cash and cash equivalents |
|
$ |
2,462 |
|
|
$ |
28,868 |
|
Restricted cash (Other assets) |
|
|
800 |
|
|
|
800 |
|
Total cash and cash equivalents and restricted cash |
|
$ |
3,262 |
|
|
$ |
29,668 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814795329/en/
Investor Relations:
Bob Okunski, VP Investor Relations
investors@velo3d.com
Media Contact:
dan.sorensen@velo3d.com
Source: