Velo3D reported Q2 2024 revenue of $10.3 million, down 59% from $25.1 million in Q2 2023, with 3D printer sales declining 63% to $8.7 million. The company posted a gross loss of $2.9 million compared to a $2.5 million gross profit last year, while operating expenses decreased 38% to $17.6 million. Net loss narrowed to $0.2 million from $23.2 million in Q2 2023, primarily due to a $25.3 million gain on warrant liabilities.The company faces substantial liquidity challenges with only $3.2 million in cash and short-term investments as of June 30, 2024, insufficient to meet $14.0 million in accounts payable and $24.6 million in secured notes. Customer order delays and inability to secure supplier credit terms have negatively impacted sales and margins. The company completed a $12 million equity offering in April 2024 and restructured its debt obligations.Management is implementing strategic realignment initiatives focused...Show More

Velo3D reported Q2 2024 revenue of $10.3 million, down 59% from $25.1 million in Q2 2023, with 3D printer sales declining 63% to $8.7 million. The company posted a gross loss of $2.9 million compared to a $2.5 million gross profit last year, while operating expenses decreased 38% to $17.6 million. Net loss narrowed to $0.2 million from $23.2 million in Q2 2023, primarily due to a $25.3 million gain on warrant liabilities.The company faces substantial liquidity challenges with only $3.2 million in cash and short-term investments as of June 30, 2024, insufficient to meet $14.0 million in accounts payable and $24.6 million in secured notes. Customer order delays and inability to secure supplier credit terms have negatively impacted sales and margins. The company completed a $12 million equity offering in April 2024 and restructured its debt obligations.Management is implementing strategic realignment initiatives focused on cash conservation and operational efficiency, including workforce reductions and facility consolidation. The NYSE has notified Velo3D of non-compliance with continued listing standards due to market capitalization below $50 million. The company requires additional near-term funding to continue operations and satisfy obligations, without which it may need to consider asset sales or bankruptcy protection.