The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Operating Expenses during the periods below:
Velo3D, Inc. |
|||||||||||||||||
NON-GAAP Net Income (Loss) Reconciliation |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
| Three months ended | |||||||||||||||||
| March 31,
2024 |
December 31,
2023 |
March 31,
2023 |
|||||||||||||||
| (In thousands, except for percentages) | |||||||||||||||||
| % of Rev | % of Rev | % of Rev | |||||||||||||||
| Revenue | $ |
9,786 |
|
100.0 |
% |
$ |
2,455 |
|
100.0 |
% |
$ |
26,687 |
|
100.0 |
% |
||
| Gross Profit |
|
(2,815 |
) |
(28.8 |
)% |
|
(31,498 |
) |
(1283.0 |
)% |
|
2,532 |
|
9.5 |
% |
||
| Net Income (Loss) | $ |
(28,314 |
) |
(289.3 |
)% |
$ |
(56,149 |
) |
(2287.1 |
)% |
$ |
(36,325 |
) |
(136.1 |
)% |
||
| Stock-based compensation |
|
5,087 |
|
52.0 |
% |
|
5,445 |
|
221.8 |
% |
|
6,236 |
|
23.4 |
% |
||
| (Gain) Loss on fair value of warrants |
|
2,620 |
|
26.8 |
% |
|
(2,476 |
) |
(100.9 |
)% |
|
2,553 |
|
9.6 |
% |
||
| (Gain) Loss on fair value of contingent earnout liabilities |
|
437 |
|
4.5 |
% |
|
(12,958 |
) |
(527.8 |
)% |
|
9,653 |
|
36.2 |
% |
||
| Gain on fair value of debt derivative |
|
— |
|
— |
% |
|
(11,649 |
) |
(474.5 |
)% |
|
— |
|
— |
% |
||
| Loss on extinguishment of debt |
|
— |
|
— |
% |
|
19,197 |
|
782.0 |
% |
|
— |
|
— |
% |
||
| Non-GAAP Net Loss | $ |
(20,170 |
) |
(206.1 |
)% |
$ |
(58,590 |
) |
(2386.6 |
)% |
$ |
(17,883 |
) |
(67.0 |
)% |
||
| Velo3D, Inc. |
|||||||||||||||||
| NON-GAAP Adjusted EBITDA Reconciliation |
|||||||||||||||||
| (Unaudited) |
|||||||||||||||||
| Three months ended | |||||||||||||||||
| March 31,
2024 |
December 31,
2023 |
March 31,
2023 |
|||||||||||||||
| (In thousands, except for percentages) | |||||||||||||||||
| % of Rev | % of Rev | % of Rev | |||||||||||||||
| Revenue | $ |
9,786 |
|
100.0 |
% |
$ |
2,455 |
|
100.0 |
% |
$ |
26,687 |
|
100.0 |
% |
||
| Net Income (Loss) |
|
(28,314 |
) |
(289.3 |
)% |
|
(56,149 |
) |
(2287.1 |
)% |
|
(36,325 |
) |
(136.1 |
)% |
||
| Interest expense |
|
3,897 |
|
39.8 |
% |
|
6,140 |
|
250.1 |
% |
|
220 |
|
0.8 |
% |
||
| Tax expense |
|
4 |
|
0.0 |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
||
| Depreciation and amortization |
|
4,567 |
|
46.7 |
% |
|
4,794 |
|
195.3 |
% |
|
1,560 |
|
5.8 |
% |
||
| EBITDA | $ |
(19,846 |
) |
(202.8 |
)% |
$ |
(45,215 |
) |
(1841.8 |
)% |
$ |
(34,545 |
) |
(129.4 |
)% |
||
| Stock-based compensation |
|
5,087 |
|
52.0 |
% |
|
5,445 |
|
221.8 |
% |
|
6,236 |
|
23.4 |
% |
||
| (Gain) Loss on fair value of warrants |
|
2,620 |
|
26.8 |
% |
|
(2,476 |
) |
(100.9 |
)% |
|
2,553 |
|
9.6 |
% |
||
| (Gain) Loss on fair value of contingent earnout liabilities |
|
437 |
|
4.5 |
% |
|
(12,958 |
) |
(527.8 |
)% |
|
9,653 |
|
36.2 |
% |
||
| Gain on fair value of debt derivative |
|
— |
|
— |
% |
|
(11,649 |
) |
(474.5 |
)% |
|
— |
|
— |
% |
||
| Loss on extinguishment of debt |
|
— |
|
— |
% |
|
19,197 |
|
782.0 |
% |
|
— |
|
— |
% |
||
| Adjusted EBITDA | $ |
(11,702 |
) |
(119.6 |
)% |
$ |
(47,656 |
) |
(1941.2 |
)% |
$ |
(16,103 |
) |
(60.3 |
)% |
||
| Velo3D, Inc. |
||||||||||||||
| NON-GAAP Adjusted Operating Expenses Reconciliation |
||||||||||||||
| (Unaudited) |
||||||||||||||
| Three months ended | ||||||||||||||
| March 31,
2024 |
December 31,
2023 |
March 31,
2023 |
||||||||||||
| (In thousands, except for percentages) | ||||||||||||||
| % of Rev | % of Rev | % of Rev | ||||||||||||
| Revenue | $ |
9,786 |
100.0 |
% |
$ |
2,455 |
100.0 |
% |
$ |
26,687 |
100.0 |
% |
||
| Operating expenses | ||||||||||||||
| Research and development |
|
5,043 |
51.5 |
% |
|
9,886 |
402.7 |
% |
|
10,417 |
39.0 |
% |
||
| Selling and marketing |
|
4,809 |
49.1 |
% |
|
5,175 |
210.8 |
% |
|
6,174 |
23.1 |
% |
||
| General and administrative |
|
8,783 |
89.8 |
% |
|
10,877 |
443.1 |
% |
|
10,191 |
38.2 |
% |
||
| Total operating expenses |
|
18,635 |
190.4 |
% |
|
25,938 |
1056.5 |
% |
|
26,782 |
100.4 |
% |
||
| Stock-based compensation in operating expenses |
|
4,503 |
46.0 |
% |
|
4,780 |
194.7 |
% |
|
5,970 |
22.4 |
% |
||
| Adjusted operating expenses | $ |
14,132 |
144.4 |
% |
$ |
21,158 |
861.8 |
% |
$ |
20,812 |
78.0 |
% |
||
| Velo3D, Inc. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||
| (Unaudited) | ||||||||||||
| (in thousands, except share and per share data) | ||||||||||||
| Three months ended | ||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||
| Revenue | ||||||||||||
| 3D Printer | $ |
7,660 |
|
$ |
513 |
|
$ |
24,448 |
|
|||
| Recurring payment |
|
470 |
|
|
535 |
|
|
575 |
|
|||
| Support services |
|
1,656 |
|
|
1,407 |
|
|
1,664 |
|
|||
| Total Revenue |
|
9,786 |
|
|
2,455 |
|
|
26,687 |
|
|||
| Cost of revenue | ||||||||||||
| Cost of 3D Printer |
|
9,394 |
|
|
31,455 |
|
|
22,168 |
|
|||
| Cost of Recurring Payment |
|
315 |
|
|
398 |
|
|
447 |
|
|||
| Cost of Support Services |
|
2,892 |
|
|
2,100 |
|
|
1,540 |
|
|||
| Total cost of revenue |
|
12,601 |
|
|
33,953 |
|
|
24,155 |
|
|||
| Gross profit (loss) |
|
(2,815 |
) |
|
(31,498 |
) |
|
2,532 |
|
|||
| Operating expenses | ||||||||||||
| Research and development |
|
5,043 |
|
|
9,886 |
|
|
10,417 |
|
|||
| Selling and marketing |
|
4,809 |
|
|
5,175 |
|
|
6,174 |
|
|||
| General and administrative |
|
8,783 |
|
|
10,877 |
|
|
10,191 |
|
|||
| Total operating expenses |
|
18,635 |
|
|
25,938 |
|
|
26,782 |
|
|||
| Loss from operations |
|
(21,450 |
) |
|
(57,436 |
) |
|
(24,250 |
) |
|||
| Interest expense |
|
(3,897 |
) |
|
(6,140 |
) |
|
(220 |
) |
|||
| Gain (loss) on fair value of warrants |
|
(2,620 |
) |
|
2,476 |
|
|
(2,553 |
) |
|||
| Gain (loss) on fair value of contingent earnout liabilities |
|
(437 |
) |
|
12,958 |
|
|
(9,653 |
) |
|||
| Gain on fair value of debt derivative |
|
— |
|
|
11,649 |
|
|
— |
|
|||
| Loss on extinguishment of debt |
|
— |
|
|
(19,197 |
) |
|
— |
|
|||
| Other income, net |
|
94 |
|
|
(459 |
) |
|
351 |
|
|||
| Loss before provision for income taxes |
|
(28,310 |
) |
|
(56,149 |
) |
|
(36,325 |
) |
|||
| Provision for income taxes |
|
(4 |
) |
|
— |
|
|
— |
|
|||
| Net loss |
|
(28,314 |
) |
|
(56,149 |
) |
|
(36,325 |
) |
|||
| Net loss per share: | ||||||||||||
| Basic | $ |
(0.11 |
) |
$ |
(0.27 |
) |
$ |
(0.19 |
) |
|||
| Diluted | $ |
(0.11 |
) |
$ |
(0.27 |
) |
$ |
(0.19 |
) |
|||
| Shares used in computing net loss per share: | ||||||||||||
| Basic |
|
260,294,161 |
|
|
207,869,092 |
|
|
189,609,021 |
|
|||
| Diluted |
|
260,294,161 |
|
|
207,869,092 |
|
|
189,609,021 |
|
|||
| Net loss | $ |
(28,314 |
) |
$ |
(56,149 |
) |
$ |
(36,325 |
) |
|||
| Net unrealized holding gain (loss) on available-for-sale investments |
|
52 |
|
|
156 |
|
|
288 |
|
|||
| Total comprehensive loss | $ |
(28,262 |
) |
$ |
(55,993 |
) |
$ |
(36,037 |
) |
|||
| Velo3D, Inc. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| (In thousands, except share and per share data) | |||||||
| March 31, | December 31, | ||||||
| 2024 |
2023 |
||||||
| (in thousands, except share and per share data) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
7,754 |
|
$ |
24,494 |
|
|
| Short-term investments |
|
3,151 |
|
|
6,621 |
|
|
| Accounts receivable, net |
|
11,653 |
|
|
9,583 |
|
|
| Inventories |
|
62,799 |
|
|
60,816 |
|
|
| Contract assets |
|
9,906 |
|
|
7,510 |
|
|
| Prepaid expenses and other current assets |
|
3,082 |
|
|
4,000 |
|
|
| Total current assets |
|
98,345 |
|
|
113,024 |
|
|
| Property and equipment, net |
|
15,253 |
|
|
16,326 |
|
|
| Equipment on lease, net |
|
5,482 |
|
|
6,667 |
|
|
| Other assets |
|
17,068 |
|
|
17,782 |
|
|
| Total assets | $ |
136,148 |
|
$ |
153,799 |
|
|
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ |
15,595 |
|
$ |
15,854 |
|
|
| Accrued expenses and other current liabilities |
|
6,244 |
|
|
6,491 |
|
|
| Debt - current portion |
|
34,300 |
|
|
21,191 |
|
|
| Contract liabilities |
|
4,719 |
|
|
5,135 |
|
|
| Total current liabilities |
|
60,858 |
|
|
48,671 |
|
|
| Long-term debt - less current portion |
|
2,003 |
|
|
11,941 |
|
|
| Contingent earnout liabilities |
|
1,893 |
|
|
1,456 |
|
|
| Warrant liabilities |
|
14,455 |
|
|
11,835 |
|
|
| Other noncurrent liabilities |
|
11,489 |
|
|
11,556 |
|
|
| Total liabilities | $ |
90,698 |
|
$ |
85,459 |
|
|
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2024 and December 31, 2023, 261,704,589 and 258,418,695 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
|
2 |
|
|
2 |
|
|
| Additional paid-in capital |
|
430,843 |
|
|
425,471 |
|
|
| Accumulated other comprehensive income |
|
(44 |
) |
|
(96 |
) |
|
| Accumulated deficit |
|
(385,351 |
) |
|
(357,037 |
) |
|
| Total stockholders’ equity | $ |
45,450 |
|
$ |
68,340 |
|
|
| Total liabilities and stockholders’ equity | $ |
136,148 |
|
$ |
153,799 |
|
|
| Velo3D, Inc. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Three Months Ended | ||||||||
| March 31,
2024 |
March 31,
2023 |
|||||||
| Cash flows from operating activities | ||||||||
| Net loss |
|
(28,314 |
) |
|
(36,325 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization |
|
4,567 |
|
|
1,560 |
|
||
| Stock-based compensation |
|
5,087 |
|
|
6,236 |
|
||
| Loss on fair value of warrants |
|
2,620 |
|
|
2,553 |
|
||
| Loss on fair value of contingent earnout liabilities |
|
437 |
|
|
9,653 |
|
||
| Changes in assets and liabilities | ||||||||
| Accounts receivable |
|
(2,070 |
) |
|
(5,162 |
) |
||
| Inventories |
|
2,645 |
|
|
(1,425 |
) |
||
| Contract assets |
|
(2,118 |
) |
|
(1,124 |
) |
||
| Prepaid expenses and other current assets |
|
1,078 |
|
|
2,776 |
|
||
| Other assets |
|
396 |
|
|
247 |
|
||
| Accounts payable |
|
(4,199 |
) |
|
(2,694 |
) |
||
| Accrued expenses and other liabilities |
|
(218 |
) |
|
(1,848 |
) |
||
| Contract liabilities |
|
(416 |
) |
|
(4,583 |
) |
||
| Other noncurrent liabilities |
|
(18 |
) |
|
(698 |
) |
||
| Net cash used in operating activities |
|
(20,523 |
) |
|
(30,834 |
) |
||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment |
|
(6 |
) |
|
(403 |
) |
||
| Production of equipment for lease to customers |
|
(1 |
) |
|
(135 |
) |
||
| Proceeds from maturities of available-for-sale investments |
|
3,500 |
|
|
21,500 |
|
||
| Net cash provided by investing activities |
|
3,493 |
|
|
20,962 |
|
||
| Cash flows from financing activities | ||||||||
| Proceeds from ATM offering, net of issuance costs |
|
— |
|
|
10,458 |
|
||
| Proceeds from revolver facility |
|
— |
|
|
5,000 |
|
||
| Repayment of equipment loans |
|
— |
|
|
(734 |
) |
||
| Issuance of common stock upon exercise of stock options |
|
285 |
|
|
310 |
|
||
| Net cash provided by financing activities |
|
285 |
|
|
15,034 |
|
||
| Effect of exchange rate changes on cash and cash equivalents |
|
5 |
|
|
(6 |
) |
||
| Net change in cash and cash equivalents |
|
(16,740 |
) |
|
5,156 |
|
||
| Cash and cash equivalents and restricted cash at beginning of period |
|
25,294 |
|
|
32,783 |
|
||
| Cash and cash equivalents and restricted cash at end of period | $ |
8,554 |
|
$ |
37,939 |
|
||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ |
556 |
|
$ |
220 |
|
||
| Supplemental disclosure of non-cash information | ||||||||
| Unpaid liabilities related to property and equipment |
|
(59 |
) |
|
(16 |
) |
||
| Equipment for lease to customers returned to inventory |
|
912 |
|
|
— |
|
||
| The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows: |
||||||||
| Three Months Ended | ||||||||
| March 31,
2024 |
March 31,
2023 |
|||||||
| Cash and cash equivalents | $ |
7,754 |
|
$ |
37,139 |
|
||
| Restricted cash (Other assets) |
|
800 |
|
|
800 |
|
||
| Total cash and cash equivalents, and restricted cash | $ |
8,554 |
|
$ |
37,939 |
|
||
