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Velo3D reports $27 million in bookings since mid-December

The backlog now totals $23 million partly thanks to Mears Machine acquiring two Sapphire XC systems

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Velo3D, a leading AM technology company for mission-critical metal parts, has reportedly received purchase orders totaling $27 million since mid-December 2023. These orders include the purchase of two Sapphire XC systems by Mears Machine, a leading global contract manufacturer, where the systems will be dedicated to supplying parts for their defense and aerospace initiatives. The company ended the first quarter of 2024 with bookings of $17 million and the company’s backlog at the end of the first quarter was $23 million, with system deliveries expected to start in the second quarter of 2024.

“These new orders reflect continued customer confidence in our technology and reinforces the success of our new go-to-market strategy, especially in the Defense and Space industries,” said Brad Kreger, CEO of Velo3D. “We are also very encouraged to see that our renewed focus on system reliability and customer success is yielding results as more than 50% of these orders are from existing customers. We are also pleased to welcome Mears Machine as a customer as they look to utilize our industry-leading capabilities to accelerate metal AM deployment in the aerospace and defense industries.”

Velo3D reports $27 million in bookings since mid-December. The backlog now totals $23 million partly thanks to an order from Mears Machine.
Velo3D’s Sapphire XC.

The company also provided preliminary company estimates for the first quarter of 2024, based on the information and data currently available: For the first quarter ended March 31, 2024, the company expects revenue in the range of $6 to $11 million as a significant majority of first quarter bookings occurred later in the quarter. The company expects to start shipping these orders in the early part of the second quarter of 2024; Gross margin (the company’s gross profit as a percentage of revenue) for the first quarter will be in the range of (25)% to 10%. The company remains committed to achieving approximately 30% gross margin in the fourth quarter of 2024; Operating expenses, excluding one-time charges and stock-based compensation expense, will be in the range of $13 million to $18 million.

The company has not completed the preparation of its condensed consolidated financial statements as of and for the three months ended March 31, 2024. The preliminary, unaudited results presented above as of and for the first quarter ended March 31, 2024, are based on current expectations and are subject to adjustment, as the company completes the preparation of its condensed consolidated financial statements for the three months ended March 31, 2024. These preliminary, unaudited results are not a comprehensive statement of the company’s financial results for these periods and should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles. Actual results may differ materially from those disclosed above.

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