Summary by Futu AI
Velo3D, a leading provider of additive manufacturing solutions, has reported a challenging financial year, with a net loss of $135.1 million for the year ended December 31, 2023, compared to a net income of $8.0 million in the previous year. The company's total revenue slightly decreased by 1.6% year-on-year to $77.4 million. The decrease in revenue was primarily attributed to an overall decrease in system sales and backlog in the fourth quarter of 2023. Despite this, Velo3D made significant strides in its business development, shipping its first Sapphire XC 1MZ system at the end of 2022 and focusing on a strategic realignment to optimize free cash flow and operational efficiency. The company's future plans include a continued emphasis on reducing material costs, accelerating production cycle times, and improving efficiencies on the production floor. Velo3D also aims to rebuild its bookings and backlog pipeline through new go-to-market and service strategies. However, the company acknowledges substantial doubt about its ability to continue as a going concern without additional financing to fund operations and satisfy obligations.