The following is a summary of the Velo3D, Inc. (VLD) Q1 2024 Earnings Call Transcript:
Financial Performance:
Velo3D reported Q1 revenue of $10 million, marking a significant increase from the last quarter.
The company suffered from a negative gross margin of 29% due to lower fixed cost absorption but anticipates a return to positive gross margins in Q2.
Non-GAAP operating expenses have been reduced by 15% sequentially to $14 million.
The company posted a net GAAP loss of $28.3 million and a non-GAAP net loss of $20.2 million.
Business Progress:
Velo3D achieved significant strides in rebuilding its bookings pipeline and reducing costs.
A renewed customer-driven sales and support model is now fully in place, with a substantial improvement in system reliability noted.
The company has expanded its pipeline, especially within the defense, space, and aerospace verticals.
With quality enhancements, customer experience improvements, and a reduction in cost structure being marked priorities, Velo3D anticipates achieving cash flow breakeven in the second half of 2024.
More details: Velo3D IR
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