First Quarter Results, Sapphire XC Systems, and Backlogs for Velo3D

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Mears Machine acquires 2 Sapphire XC Systems
Mears Machine acquires 2 Sapphire XC Systems/Source: Velo3D

Velo3D announced that it has received purchase orders totalling $27 million since mid-December 2023. Mears Machine, a leading global contract manufacturer, has ordered two Sapphire XC systems, which will be used to supply parts for their defence and aerospace initiatives.

The company ended the first quarter of 2024 with $17 million in bookings and a $23 million backlog, with system deliveries expected to begin in the second quarter of 2024.

Mears Machine acquires Sapphire XC Systems

Mears Machine, established in 1966, is a world-class supplier of precision machined components, complex fabrications, sheet metal weldments, and brazed assemblies.

“These new orders reflect continued customer confidence in our technology and reinforces the success of our new go to market strategy, especially in the Defence and Space industries.”

– Brad Kreger, CEO of Velo3D

Kreger added, “We are also very encouraged to see that our renewed focus on system reliability and customer success is yielding results as more than 50% of these orders are from existing customers. We are also pleased to welcome Mears Machine as a customer as they look to utilize our industry-leading capabilities to accelerate metal AM deployment in the aerospace and defence industries.”

“Finally, I would like to reiterate that our strong bookings reflect the value of our technology, given its ability to accelerate innovation for customers, meaningfully improve lead time for mission-critical parts, and streamline the process of scaling to volume production when compared to conventional metal 3D printers,” Kreger concluded.

Velo3D First Quarter Results

The company also provided preliminary company estimates for the first quarter of 2024, based on the information and data now available:

  • The company expects revenue in the range of $6 to $11 million for the first quarter ended March 31, 2024, as the vast majority of first quarter bookings occurred later in the period. The company expects to begin shipping these orders in the early second quarter of 2024.
  • For the first quarter, the company’s gross margin (gross profit as a percentage of revenue) will be between 25 percent and 10 percent. The company remains committed to achieving a gross margin of approximately 30% in the fourth quarter of 2024.
  • Operating expenses, excluding one-time charges and stock-based compensation expense, will range from $13 million to $18 million.

The company has not completed the preparation of its condensed consolidated financial statements as of and for the three months ending March 31, 2024. The preliminary, unaudited results presented in this press release for the first quarter of 2024 are based on current expectations and are subject to change as the company completes the preparation of its condensed consolidated financial statements for the three months ended March 31, 2024.

These preliminary, unaudited results do not provide a complete picture of the company’s financial performance for these periods and should not be considered a substitute for financial statements prepared in accordance with generally accepted accounting principles.

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Abhimanyu Chavan is the founder of Manufactur3D Magazine. He writes on Additive Manufacturing technology, interviews industry leaders, shares industry insights, and expresses his thoughts on the latest developments in the industry. You can follow him on LinkedIn, Twitter and Instagram.
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