Velo3D, a leading provider of additive manufacturing solutions, has revised its financial statements for the three and six months ended June 30, 2023, due to immaterial errors. The adjustments did not materially affect the company's previously reported cash flows or total revenue. For the three months ended June 30, 2023, Velo3D reported revenues of $25,134, with a net loss of $23,201 and a net loss per share of $4.10. The six-month period showed revenues of $51,821 and a net loss of $59,526, with a net loss per share of $10.63. The company's gross profit for the three-month period was adjusted to $2,536, and for the six-month period to $5,068. Velo3D also reported a reduction in force affecting 30% of its workforce, estimating costs between $1.1 million to $1.7 million, with the majority of...Show More

Velo3D, a leading provider of additive manufacturing solutions, has revised its financial statements for the three and six months ended June 30, 2023, due to immaterial errors. The adjustments did not materially affect the company's previously reported cash flows or total revenue. For the three months ended June 30, 2023, Velo3D reported revenues of $25,134, with a net loss of $23,201 and a net loss per share of $4.10. The six-month period showed revenues of $51,821 and a net loss of $59,526, with a net loss per share of $10.63. The company's gross profit for the three-month period was adjusted to $2,536, and for the six-month period to $5,068. Velo3D also reported a reduction in force affecting 30% of its workforce, estimating costs between $1.1 million to $1.7 million, with the majority of payments due in Q4 2024. The company has entered into agreements to defer a $10.5 million redemption payment and issued warrants to investors as consideration for the deferral. Velo3D's future plans include a strategic realignment to optimize free cash flow, maximize customer success, and improve operational efficiency. However, the company acknowledges substantial doubt about its ability to continue as a going concern, with a need for additional financing to meet its obligations.