Company Remains Committed to Its
“Land-and-expand” Strategy, Shows Improvements in Printer
Reliability and Customer Success
Secures $12 Million in New Order Bookings Since
Mid-December
Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing
technology company for mission-critical metal parts, today
announced four key strategic priorities for growth in 2024 and
beyond. The company also shared progress it has made across these
priorities.
- Enhance the quality of newly manufactured Sapphire
printers: Due to the success of its operational
initiatives and product improvements, the company has significantly
reduced the installation time of Sapphire printers over the last
year. Additionally, the company has increased headcount of its
Customer Service and Quality teams by approximately 40% to provide
on-site support in all major metropolitan areas.
- Ensure the success of customers in the field: Through
reliability improvements, system uptime for key customers has
increased over the previous quarter and the company has reduced the
time it takes to resolve customer issues by more than 45% over the
past 6 months. Velo3D’s research and development priorities have
been refocused on customer success and machine throughput, with
innovations that the company expects will greatly increase customer
available print time.
- Increase revenue visibly through bookings growth: The
Velo3D Sales team has secured approximately $12 million in new
order bookings since mid-December, including more than 50% of
bookings tied to key strategic accounts, which the company believes
demonstrates increased customer satisfaction and confidence in its
technology.
- Improve margins and cash flow: The company
remains on track to reduce its operational expenses by 40% by the
end of the first quarter of 2024, with a commitment to become cash
flow positive in the second half of the year.
These four initiatives will be the foundation for Velo3D’s
5-year growth plan to support innovation and its customers’ growing
demand for additive manufacturing solutions. By executing against
these priorities, the company remains committed to its
“land-and-expand” strategy, whereby satisfied customers continue to
purchase Sapphire printers due to the significant capabilities the
technology provides to operations, product, and engineering
teams.
“Since meeting with customers in my new role as CEO, it’s clear
that they need our technology and with improvements in these four
key areas, we can realign as a company to make our customers more
successful and return value to investors,” said Brad Kreger, CEO of
Velo3D. “The value of our technology is largely driven by its
ability to accelerate innovation for customers, meaningfully
improve lead time for mission-critical parts, and streamline the
process of scaling to volume production when compared to
conventional metal 3D printers.”
Kreger joined Velo3D in December 2022 as Executive Vice
President of Operations and has since transformed Velo3D’s
manufacturing facility to industrialize the production of the
company’s family of Sapphire printers, which has contributed to the
installation time reduction and positioned the company for margin
expansion in 2024. This was achieved through improvements to the
supply chain for Velo3D’s Sapphire printers and standardization of
the manufacturing process to ensure consistency in quality.
“The entire Velo3D team is deeply focused on our four objectives
and we’re beginning to see these changes yield results, including
existing customers purchasing new systems. We believe this reflects
their confidence in our technology as well as the success of our
initiatives in improving customer satisfaction,” said Kreger.
“We’re continuing to execute on our cost realignment programs to
improve margins and cash flow, while prudently managing working
capital. By doing so, we believe we are well positioned to
profitably capitalize on the increasing industry demand for
leading-edge additive manufacturing solutions.”
About Velo3D:
Velo3D is a metal 3D printing technology company. 3D
printing—also known as additive manufacturing (AM)—has a unique
ability to improve the way high-value metal parts are built.
However, legacy metal AM has been greatly limited in its
capabilities since its invention almost 30 years ago. This has
prevented the technology from being used to create the most
valuable and impactful parts, restricting its use to specific
niches where the limitations were acceptable.
Velo3D has overcome these limitations so engineers can design
and print the parts they want. The company’s solution unlocks a
wide breadth of design freedom and enables customers in space
exploration, aviation, power generation, energy, and semiconductor
to innovate the future in their respective industries. Using
Velo3D, these customers can now build mission-critical metal parts
that were previously impossible to manufacture. The fully
integrated solution includes the Flow print preparation software,
the Sapphire family of printers, and the Assure quality control
system—all of which are powered by Velo3D’s Intelligent Fusion
manufacturing process. The company delivered its first Sapphire
system in 2018 and has been a strategic partner to innovators such
as SpaceX, Aerojet Rocketdyne, Lockheed Martin, Avio, and General
Motors. Velo3D has been named as one of Fast Company’s Most
Innovative Companies for 2023. For more information, please visit
Velo3D.com, or follow the company on LinkedIn or Twitter.
VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered
trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE
are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D,
Inc.
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, statements
regarding the company’s bookings which may not lead to completed
sales, anticipated reductions in the company’s operational
expenses, the company’s expectations regarding its ability to be
cash flow positive by the second half of 2024, and the company’s
other expectations, hopes, 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 December 31, 2022 (the “FY 2022 10-K”), which
was filed by the company with the SEC on March 20, 2023 and the
other documents filed by the company from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Most of these factors are outside the company’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the inability of the company
to execute its business plan, which may be affected by, among other
things, competition, the ability of the company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its key employees; (2) the period over which
the company anticipates its existing cash and cash equivalents will
be sufficient to fund its operating expenses and capital
expenditure requirements and the company's ability to continue as a
going concern; (3) the company's ability to service and comply with
its indebtedness; (4) the company's ability to satisfy New York
Stock Exchange Listing rules; (5) changes in the applicable laws or
regulations; (6) the possibility that the company may be adversely
affected by other economic, business, and/or competitive factors;
(7) the lingering effects of the global COVID-19 pandemic; and (8)
other risks and uncertainties indicated from time to time described
in the FY 2022 10-K, including those under “Risk Factors” therein,
and in the company’s other filings with the SEC. The company
cautions that the foregoing list of factors is not exclusive and
not to place undue reliance upon any forward-looking statements,
including projections, which speak only as of the date made. The
company does not undertake or accept any obligation to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240125626264/en/
Investor Relations: Velo3D Bob Okunski, VP Investor
Relations investors@velo3d.com
Media Contact: Velo3D Dan Sorensen, Senior Director of PR
press@velo3d.com
Velo3D (NYSE:VLD)
過去 株価チャート
から 4 2024 まで 5 2024
Velo3D (NYSE:VLD)
過去 株価チャート
から 5 2023 まで 5 2024