Velodyne Lidar Reports Second Quarter 2022 Financial Results

Given these factors, as well as other variables that may affect Velodyne Lidar’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. Velodyne Lidar undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Velodyne Lidar, Inc.

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	June 30,			December 31,
	2022			2021
Assets
Current assets:
Cash and cash equivalents	$	77,024		$	24,064
Short-term investments		152,185			270,357
Accounts receivable, net		7,085			8,881
Inventories, net		13,467			9,299
Prepaid and other current assets		9,545			14,822
Total current assets		259,306			327,423
Property, plant and equipment, net		13,603			14,710
Operating lease right-of-use (ROU) assets		16,557			16,891
Goodwill		1,189			1,189
Intangible assets, net		448			724
Contract assets		9,182			12,962
Other assets		1,557			1,522
Total assets	$	301,842		$	375,421
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	8,445		$	5,105
Accrued expense and other current liabilities		28,133			33,028
Operating lease liabilities, current		2,896			2,623
Contract liabilities, current		5,347			6,348
Total current liabilities		44,821			47,104
Operating lease liabilities, non-current		14,646			15,210
Contract liabilities, non-current		10,740			12,740
Long-term tax liabilities		449			443
Other long-term liabilities		988			661
Total liabilities		71,644			76,158
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—
Common stock		22			20
Additional paid-in capital		851,132			825,988
Accumulated other comprehensive loss		(1,203	)		(412	)
Accumulated deficit		(619,753	)		(526,333	)
Total stockholders’ equity		230,198			299,263
Total liabilities and stockholders’ equity	$	301,842		$	375,421

VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)

	Three Months Ended									Six Months Ended
	June 30, 2022			March 31, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Revenue:
Product	$	9,652		$	4,362		$	11,970		$	14,014		$	22,563
License and services		1,855			1,818			1,626			3,673			8,759
Total revenue		11,507			6,180			13,596			17,687			31,322
Cost of revenue:
Product		18,347			15,196			19,210			33,543			34,839
License and services		257			267			170			524			349
Total cost of revenue		18,604			15,463			19,380			34,067			35,188
Gross loss		(7,097	)		(9,283	)		(5,784	)		(16,380	)		(3,866	)
Operating expenses:
Research and development		18,757			21,297			17,009			40,054			35,387
Sales and marketing		5,340			6,005			47,176			11,345			54,251
General and administrative		13,430			12,317			19,133			25,747			36,169
Total operating expenses		37,527			39,619			83,318			77,146			125,807
Operating loss		(44,624	)		(48,902	)		(89,102	)		(93,526	)		(129,673	)
Interest income		294			227			109			521			212
Interest expense		—			(3	)		(41	)		(3	)		(77	)
Other income (expense), net		(110	)		4			10,136			(106	)		10,119
Loss before income taxes		(44,440	)		(48,674	)		(78,898	)		(93,114	)		(119,419	)
Provision for (benefit from) income taxes		(141	)		447			339			306			635
Net loss	$	(44,299	)	$	(49,121	)	$	(79,237	)	$	(93,420	)	$	(120,054	)
Net loss per share:
Basic and diluted	$	(0.22	)	$	(0.25	)	$	(0.41	)	$	(0.47	)	$	(0.63	)
Weighted-average shares used in computing net loss per share:
Basic and diluted		198,947,058			198,166,060			193,002,807			198,414,502			191,123,251

VELODYNE LIDAR, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)

	Three Months Ended									Six Months Ended
	June 30, 2022			March 31, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Gross loss on GAAP basis	$	(7,097	)	$	(9,283	)	$	(5,784	)	$	(16,380	)	$	(3,866	)
*Gross margin on GAAP basis*		(62	)%		(150	)%		(43	)%		(93	)%		(12	)%
Discontinued product line		2,151			—			—			2,151			—
Stock-based compensation and related employer payroll taxes		767			528			451			1,295			1,262
Gross loss on non-GAAP basis	$	(4,179	)	$	(8,755	)	$	(5,333	)	$	(12,934	)	$	(2,604	)
*Gross margin on non-GAAP basis*		(36	)%		(142	)%		(39	)%		(73	)%		(8	)%

Operating expenses on GAAP basis	$	37,527		$	39,619		$	83,318		$	77,146		$	125,807
Stock-based compensation and related employer payroll taxes		(5,600	)		(4,474	)		(53,624	)		(10,074	)		(66,969	)
Legal settlements		—			—			(2,245	)		—			(1,245	)
Amortization of acquisition-related intangible assets		(96	)		(96	)		(97	)		(192	)		(193	)
Operating expenses on non-GAAP basis	$	31,831		$	35,049		$	27,352		$	66,880		$	57,400

Operating loss on GAAP basis	$	(44,624	)	$	(48,902	)	$	(89,102	)	$	(93,526	)	$	(129,673	)
Discontinued product line		2,151			—			—			2,151			—
Stock-based compensation and related employer payroll taxes		6,367			5,002			54,075			11,369			68,231
Legal settlements		—			—			795			—			1,245
Amortization of acquisition-related intangible assets		96			96			97			192			193
Operating loss on non-GAAP basis	$	(36,010	)	$	(43,804	)	$	(34,135	)	$	(79,814	)	$	(60,004	)

Other income (expense), net on GAAP basis	$	(110	)	$	4		$	10,136		$	(106	)	$	10,119
Gain from forgiveness of PPP loan		—			—			(10,124	)		—			(10,124	)
Other income (expense), net on non-GAAP basis	$	(110	)	$	4		$	12		$	(106	)	$	(5	)

Net loss on GAAP basis	$	(44,299	)	$	(49,121	)	$	(79,237	)	$	(93,420	)	$	(120,054	)
Discontinued product line		2,151			—			—			2,151			—
Stock-based compensation and related employer payroll taxes		6,367			5,002			54,075			11,369			68,231
Legal settlements		—			—			795			—			1,245
Amortization of acquisition-related intangible assets		96			96			97			192			193
Gain from forgiveness of PPP loan		—			—			(10,124	)		—			(10,124	)
Net loss on non-GAAP basis	$	(35,685	)	$	(44,023	)	$	(34,394	)	$	(79,708	)	$	(60,509	)

Net loss per share on GAAP basis
Basic and diluted	$	(0.22	)	$	(0.25	)	$	(0.41	)	$	(0.47	)	$	(0.63	)
Weighted-average shares on GAAP basis
Basic and diluted		198,947,058			198,166,060			193,002,807			198,414,502			191,123,251
Net loss per share on non-GAAP basis
Basic and diluted	$	(0.18	)	$	(0.22	)	$	(0.18	)	$	(0.40	)	$	(0.32	)
Weighted-average shares on non-GAAP basis
Basic and diluted		198,947,058			198,166,060			193,002,807			198,414,502			191,123,251

« Previous Page 1 | 2 | 3 Next Page »