Summary by Moomoo AI
Velo3D reported Q2 2024 revenue of $10.3M, down from $25.1M in Q2 2023, with a negative gross margin of 28%. The company maintained $17M in backlog and secured $21M in bookings year-to-date, with over 40% from existing customers. Defense sector expansion continued, representing over 20% of first-half shipments.The company achieved significant cost reductions with quarterly operating expenses down 37% year-over-year. In response to challenging industry conditions and delayed government project funding, Velo3D announced a 30% workforce reduction and additional cost-cutting measures to manage liquidity. Operating cash flow improved by more than 70% compared to the previous year.Due to ongoing market uncertainties and timing of deferred orders, Velo3D has withdrawn its 2024 financial guidance. The company ended Q2 with $3M in cash and cash equivalents, while continuing its strategic review process to strengthen its balance sheet position.
