Velo3D, a leader in additive manufacturing technology, has announced a series of financial and business developments in its latest quarterly report. Financially, the company reported a decrease in revenue from $27 million in Q1 2023 to $10 million in Q1 2024, with a corresponding decline in bookings from $20 million to $17 million, and a backlog reduction from $24 million to $22 million. Despite these challenges, Velo3D has been actively managing its debt, making significant payments towards its Secured Notes and entering into a Second Note Amendment. The company also raised approximately $12 million in gross proceeds through a securities offering, which will primarily fund working capital, capital expenditures, and repayment of senior secured notes due 2026. Velo3D's business development efforts include the issuance of 2024 Private Warrants and a securities purchase agreement resulting in...Show More

Velo3D, a leader in additive manufacturing technology, has announced a series of financial and business developments in its latest quarterly report. Financially, the company reported a decrease in revenue from $27 million in Q1 2023 to $10 million in Q1 2024, with a corresponding decline in bookings from $20 million to $17 million, and a backlog reduction from $24 million to $22 million. Despite these challenges, Velo3D has been actively managing its debt, making significant payments towards its Secured Notes and entering into a Second Note Amendment. The company also raised approximately $12 million in gross proceeds through a securities offering, which will primarily fund working capital, capital expenditures, and repayment of senior secured notes due 2026. Velo3D's business development efforts include the issuance of 2024 Private Warrants and a securities purchase agreement resulting in the sale of common stock and warrants. The company's future plans involve a strategic realignment to optimize free cash flow, maximize customer success, and improve operational efficiency. This includes a reduction in force and ongoing efforts to streamline facilities and manage working capital. Velo3D anticipates revenue growth to recover in the second half of 2024 and beyond. However, there is substantial doubt about the company's ability to continue as a going concern without additional financing.