Velo3D(US:VLD)2024-03-26 20:12Revenue Performance - Fourth quarter revenue was $2 million, reflecting a significant reduction in system shipments due to lower than planned bookings in the second half of 2023[7] - Fiscal year 2023 revenue totaled $77.6 million, down from $80.8 million in 2022[7] - Revenues for Q4 2023 were $1,806 thousand, a significant decrease from $29,780 thousand in Q4 2022, representing a decline of 93.9%[24] - Total revenue for Q4 2023 was $1.806 million, a decrease of 93.4% compared to $29.78 million in Q4 2022[30] - Guidance for fiscal year 2024 includes revenue expectations in the range of $80 million to $95 million and a gross margin of 20% to 30%[15] Operating Expenses - Operating expenses for the fourth quarter were $24.5 million, down from $26.7 million in the third quarter, with a non-GAAP operating expense of $16.5 million, a decrease of approximately 17% sequentially[9] - Total operating expenses for Q4 2023 reached $24,544 thousand, up 1359.0% from $23,662 thousand in Q4 2022[28] - Operating expenses for the year ended December 31, 2023, totaled $106.987 million, slightly down from $107.155 million in 2022[30] Net Loss and Financial Health - Net loss for Q4 2023 was $58,225 thousand, compared to a net income of $22,607 thousand in Q4 2022, marking a change of 357.8%[24] - Non-GAAP Net Loss for Q4 2023 was $61,147 thousand, a drastic increase from a loss of $16,388 thousand in Q4 2022, reflecting a change of 273.5%[24] - The net loss for the year ended December 31, 2023, was $135.020 million, compared to a net income of $10.020 million in 2022[34] - Cash and cash equivalents decreased to $24.494 million as of December 31, 2023, from $31.983 million in 2022[32] - Total assets decreased to $157.507 million as of December 31, 2023, from $225.114 million in 2022[32] - Total liabilities increased to $86.997 million as of December 31, 2023, compared to $84.268 million in 2022[32] Research and Development - Research and development expenses for Q4 2023 were $9,211 thousand, a 510.0% increase from $7,828 thousand in Q4 2022[28] - The company reported a significant increase in research and development expenses, totaling $42.031 million for the year ended December 31, 2023, compared to $46.266 million in 2022[30] Cash Flow and Financial Position - The company achieved a 35% year-over-year improvement in free cash flow and is well-positioned to reach cash flow breakeven in the second half of FY 2024[3] - The company had a cash flow used in operating activities of $102.630 million for the year ended December 31, 2023, compared to $123.962 million in 2022[34] Customer and Market Development - Total bookings since mid-December 2023 reached $15 million, with over 50% of orders coming from existing customers[3] - The company added 12 new customers in 2023, including three new defense customers, expanding its installed base[3] Operational Improvements - The company has reduced field issue resolution times by more than 45% since Q3 2023 and improved system uptime by 10%[5] Gross Margin - Gross margin for the fourth quarter was negative 1,857%, but the company anticipates a positive gross margin in the first quarter of 2024 due to improved material costs and operational efficiency[8]