Q2 revenue fell 59% to $10.3M; GAAP gross margin -28%; cuts 30% of staff

Velo3D, Inc.

2024-Q2 EPS reported -$3.55 revenue$20,130,000

Q2 GAAP revenue $10.3M down 59% YoY from $25.1M; GAAP gross margin negative 28%.
GAAP net loss of $0.2M ($0.02 per share) improved from $23.2M loss; non-GAAP net loss $21.7M.
Announced ~30% headcount reduction and additional cost programs; operating expenses down 37% YoY.
Year-to-date bookings $21M; backlog $17M; >40% of orders from existing customers; defense >20% of shipments.
Strategic review ongoing; expects challenging industry conditions into H2 2024.

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