Summary by Moomoo AI
On May 15, 2024, Velo3D, Inc., a prominent metal 3D printing technology company, reported its financial outcomes for the first quarter ending March 31, 2024. The company announced a revenue of $10 million, a significant increase from the fourth quarter of 2023, driven by an uptick in shipments. Despite a negative gross margin of 29%, Velo3D anticipates positive margins in the second quarter due to improved shipment volumes and manufacturing efficiencies. The company's net loss stood at $28.3 million, with a non-GAAP net loss of $20.2 million after adjustments. Velo3D highlighted a 35% year-over-year improvement in operating cash flow and is on track to achieve cash flow breakeven in the second half of FY 2024. The company's strategic realignment has led to a 30% reduction in operating expenses year over year...Show More
