Takeaway: For the quarter ended September 30, 2021, metals3D printingleaderVELO3DAnnounced its first financial results since its public listing on the New York Stock Exchange (NYSE: VLD) following the completion of its merger transaction with JAWS Spitfire Blank Check Company. Financial results for the third quarter of 2021 include $274 million in cash generated from the transaction, which will continue to beinvestfor technological innovation and future growth plans.
Antarctic Bear has been informed that since VELO3D debuted on the New York Stock Exchange on September 30, 2021 (share price8.37 US dollars (about 53.48 yuan)), the company’s stock price rose 24.6% overall. VELO3D is currently valued at US$2.2 billion (about 14.058 billion RMB), with mixed results:incomeBeat expectations, but earnings fell. The company said its diluted net loss in the third quarter was $14.6 million (about 93.29 million yuan), or 74 cents per share, compared with a net loss of $6.6 million (about 10.22 million yuan), or 42 cents per share, in the same period last year. cents. Net losses also fell 47% sequentially. However, the fast-growing company also posted strong revenue of $8.7 million, up 283% year over year.
△VELO3D management held on October 7, 2021 at the New York Stock Exchange. Image courtesy of VELO3D.
VELO3D CEO Benny Buller attributes the increase in revenue to increased sales of the large-format 3D metal printer Sapphire XC, which3D printingThe machine is described as an industry-changing next-generation system, increasing the number of manufacturable parts fivefold and reducing production costs by up to 80%. Development plans for the platform are on schedule, with the first customer parts to be manufactured in the third quarter, company executives said. VELO3D also announced that there is a large order backlog in 2022, and demand remains high, with a total of 17 XC orders with a total booking value of $85 million (simple calculation per unsupported metal3D printingThe price of the machine is 5 million US dollars, or about 32 million yuan).
△VELO3D product series. Image courtesy of VELO3D.
Third quarter results
Revenue in the third quarter was $8.7 million, an increase of 22% compared to the second quarter of 2021. The increase in revenue was primarily due to increased sales of Sapphire systems.In addition, since the metal3D printingThe installed base continued to expand, with recurring revenue up 34% in the third quarter compared to the second quarter. The company shipped five systems in the third quarter. Year-to-date shipments are up 50% compared to the same period in 2020. This growth reflects the company’s increasing repeat customers and expanding customer base, with nine new customers added as of 2021, more than doubling the size of the customer base compared to the end of 2020. Finally, the company raised its revenue guidance for the fourth quarter and fiscal 2022 as it has 10 reservation systems, compared to five in the second quarter of 2021 and 20 for the full year of 2020.
△Q3 revenue in 2021
Gross margin for the quarter was 17%, reflecting the impact of higher overhead costs, primarily related to material and transportation costs, due to under-absorption of production and service network costs as a result of the company’s expansion of operations. The company also increased spending on customer system upgrades. Operating expenses for the quarter increased 18% sequentially to $16.5 million, primarily due to higher employee costs related to the company’s expansion plans and higher expenses related to the company’s technology development programs. Non-GAAP operating expenses were $15 million, excluding merger-related costs of $0.9 million and stock-based compensation of $0.7 million.
△VELO3D CEO Benny Buller rings the bell at the New York Stock Exchange on October 7, 2021. Image courtesy of VELO3D.
Net loss for the quarter was $66.6 million, including a special charge of $51 million related to a fair value loss on convertible notes modification related to the JAWS Spitfire merger transaction. Non-GAAP net loss, excluding fair value loss on convertible note modifications, merger costs and other items such as stock-based compensation, was $14.6 million. Adjusted EBITDA, excluding fair value loss on convertible note modifications, was a loss of $13 million. The company ended the quarter with $297 million in cash, including $274 million in net proceeds from the combined transaction. As such, the company appears to still have sufficient liquidity to drive technological innovation and support future growth plans. For 2022, VELO3D is expected to have revenue of $89 million.
Further business expansion
As part of its expansion strategy, VELO3D announced on November 10, 2021 the delivery of its first end-to-end manufacturing solution to Schoeller-Bleckmann Oilfield (SBO) Technology, a contract manufacturer of high-value metal components for the German oil and gas industry. SBO’s new Sapphire system will be housed at the company’s Austrian headquarters, using the Inconel718 to print complex metal parts. Additionally, VELO3D will open a 1,200-square-foot technology center at the Innovation Park in Augsburg, Germany, where the Sapphire system will be assembled and used. Buller added that a market offering “significant long-term opportunities” and investment in new manufacturing plants will be key drivers of growth in 2022.
△The VELO3D Technology Center will be established in Augsburg, Germany. Image courtesy of VELO3D.
In addition, the demand for parts for VELO3D has increased dramatically, especially from space exploration andenergyfield, promoting3D printingmachine needs.The group’s metals3D printingtechnology has been rapidlyaerospaceAdopted by industry leaders in the field, including SpaceX, Aerojet Rocketdyne, Launcher, Relativity Space, Lockheed Martin, and more. SpaceX alone ordered the first 10 Sapphire XC systems in June 2020 to develop key technologies for next-generation rocket engines and other space systems.Although VELO3D is expanding its footprint in other areas through system sales, for sale or current component certification, such asaviationaerospace and contract manufacturing industries, but the aerospace industry remains an important part of VELO3D’s business.
△VELO3D is the aerospace industry3D printingOne of the largest suppliers of machines. Image courtesy of VELO3D.
According to Benny Buller, the entire industry will usher in a major market opportunity of more than $20 billion by 2030, and VELO3D’s technology can solve some of the problems in the high-value metal parts market that competitors cannot enter. This strength is reflected in performance growth since 2018 and an expanding customer base that is a leader in the aerospace, aerospace, energy and contract manufacturing industries.
In addition, Velo3D willFormnextAn end-to-end additive manufacturing solution is on display for attendees at booth C11 in Hall 11 in 2021.
(responsible editor: admin)
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