Velo3D, Inc. — a leading additive manufacturing technology company for mission-critical metal parts, announced preliminary, unaudited fourth quarter and fiscal year 2022 financial results.
Based on the information and data currently available, the company preliminarily estimates that:
- For the fourth quarter ended December 31,2022, revenue will exceed the company’s previous guidance and be in the range of $29 million to $30 million. Gross margin (the company’s gross profit as a percentage of revenue) for the fourth quarter will be in line with the company’s previous guidance and will be in the range of 5.0 percent to 6.0 percent.
- For fiscal year ended December 31, 2022, revenue will be in the range of $80 million to $81 million and gross margin will be in the range of 3.0 percent to 4.0 percent.
- The company will continue to incur an operating loss for the fourth quarter and fiscal year ended December 31, 2022.
- The company had approximately $81 million in cash and investments as of December 31, 2022.
The company has not completed the preparation of its consolidated financial statements for the year ended December 31, 2022. The preliminary, unaudited results presented in this press release as of and for the fourth quarter and year ended December 31, 2022 are based on current expectations and are subject to adjustment, as the company completes the preparation of its 2022 year-end consolidated financial statements. 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 in this press release. The preliminary financial data included in this press release has been prepared by, and is the responsibility of, Velo3D, Inc.’s management. PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled, nor applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.
In addition, the company’s assessment of the effectiveness of its internal control over financial reporting as of December 31, 2022 will not be completed until sometime in March 2023 and, accordingly, the company has not made any conclusions as to whether if any of the material weaknesses previously identified in the company’s Annual Report on Form 10-K for the year ended December 31, 2021 have been remediated. In addition, the company will report an additional material weakness in its internal control over financial reporting related to its design and controls over the existence of inventory and the completeness and accuracy of cost of revenue.
The company will host a conference call for investors on Thursday, March 2, 2023 at 2:00 p.m. Pacific Time to discuss its full fiscal year 2022 financial results. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D’s website at https://ir.velo3d.com/. The information on the company’s website, however, is not, and should not be deemed to be, a part of this press release.
