On August 14, 2024, Velo3D, Inc., a prominent metal 3D printing technology company, reported its financial outcomes for the second quarter ending June 30, 2024. The company announced a revenue of $10.3 million, a significant decrease from $25.1 million in the same quarter the previous year. The gross margin turned negative to (28.0)%, compared to 10.1% in Q2 2023. Velo3D also reported a GAAP net loss of $0.2 million, or ($0.02) per share, which is an improvement from the net loss of $23.2 million, or ($4.10) per share, in the prior year. The non-GAAP net loss was $21.7 million, compared to $19.3 million in Q2 2023. The company highlighted over 40% of its 2024 year-to-date bookings came from existing customers, with a $17 million backlog exiting Q2. Velo3D also noted a 37% reduction in quarterly operating expenses year over year and a headcount reduction of approximately 30%. Despite these cost reduction efforts, Velo3D acknowledged the ongoing challenging operating and financial conditions and withdrew its financial guidance for the fiscal year 2024. The company ended the quarter with $3 million in cash and cash equivalents.

On August 14, 2024, Velo3D, Inc., a prominent metal 3D printing technology company, reported its financial outcomes for the second quarter ending June 30, 2024. The company announced a revenue of $10.3 million, a significant decrease from $25.1 million in the same quarter the previous year. The gross margin turned negative to (28.0)%, compared to 10.1% in Q2 2023. Velo3D also reported a GAAP net loss of $0.2 million, or ($0.02) per share, which is an improvement from the net loss of $23.2 million, or ($4.10) per share, in the prior year. The non-GAAP net loss was $21.7 million, compared to $19.3 million in Q2 2023. The company highlighted over 40% of its 2024 year-to-date bookings came from existing customers, with a $17 million backlog exiting Q2. Velo3D also noted a 37% reduction in quarterly operating expenses year over year and a headcount reduction of approximately 30%. Despite these cost reduction efforts, Velo3D acknowledged the ongoing challenging operating and financial conditions and withdrew its financial guidance for the fiscal year 2024. The company ended the quarter with $3 million in cash and cash equivalents.