Velo3D, Inc., a leading additive manufacturing technology company for mission-critical metal parts, announced that its Board of Directors has formally appointed Brad Kreger, who has been serving as the company’s Interim Chief Executive Officer since December 2023, as the company’s permanent Chief Executive Officer. The Board of Directors cited the success of Velo3D’s re-alignment initiatives under Mr. Kreger as well as his implementation of strategic initiatives that have resulted in business momentum over the last 6 months.
“I am pleased to announce the Board has appointed Mr. Kreger as permanent Chief Executive Officer,” said Carl Bass, Chairman of the Board of Velo3D. “Under Mr. Kreger’s leadership, the company has executed on its re-alignment initiatives, materially reduced its cost structure and improved overall operating efficiency. At the same time, his customer-first go-to-market strategy has resulted in an acceleration of orders from both new and existing customer, reflecting confidence in the company’s technology as well as in its initiatives to improve customer satisfaction. We firmly believe Mr. Kreger has the right qualities and experience to position Velo3D for future success.”
Key highlights related to the company’s strategic initiatives (as of March 31, 2024) are as follows:
- Ensuring customer success / system reliability – resolved 100% of high priority tickets in the first quarter of 2024
- Increased revenue 1H24 visibility through bookings growth – $27 million in new orders booked since mid-December, with approximately 50% of orders from existing customers
- Improved Sapphire printer quality – reduced system installation time by >40% over the last 6 months
- Improved cash flow – successfully reduced year over year operating expenses by 30%, expect sequential quarterly improvement in operating cash flow for FY 2024
“I would like to thank the Board for their confidence in me, and I remain very excited about our opportunity in additive manufacturing that is transforming key industries, like defense, aerospace, and energy,” said Kreger. “Overall, I am very pleased with our strategic execution so far this year. We are successfully rebuilding our backlog and pipeline as we booked $27 million in new orders from mid-December 2023 through the first quarter of 2024, with $22 million of backlog going into the second quarter of 2024. I am especially encouraged by our increasing opportunities in the defense sector as we are the only U.S. based AM manufacturer that can meet the high quality and complexity requirements of this industry. Also, our efforts to improve system reliability are paying off as we are seeing increased orders from existing customers as well as continuing to execute on our cost realignment programs to improve margins and cash flow. We firmly believe we are well positioned to profitably capitalize on the increasing industry demand for leading-edge additive manufacturing solutions.”
