Velo3D cuts Q3 revenue by $200k, faces convertible note default risk, going concern doubt

Velo3D, Inc.

Q3 2023 revenue revised to $23.8M (down $200k deferral); gross profit $1.5M, net loss $(17.4M).
Company expects to miss minimum revenue covenant on senior secured convertible notes due 2026, triggering potential event of default.
If not waived, note holders can demand immediate cash payment; company lacks sufficient capital to satisfy.
Company will classify debt as current and disclose substantial doubt about going concern in upcoming 10-Q.
Negotiating amendment with holders but does not expect waiver within extension period.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Velo3D, Inc. reported the quarter ended September 30, 2023 results: revenue $23.8 million, net income a net loss of $(17.4 million) million, or $(0.09) per diluted share, EPS $(0.09) per diluted share.

Period: the quarter ended September 30, 2023
Revenue: $23.8 million
Net income: a net loss of $(17.4 million) million, or $(0.09) per diluted share
EPS: $(0.09) per diluted share
Result: preliminary results

Exact text from the filing

the Company expects the Quarterly Report to report for the quarter ended September 30, 2023 revenues of $23.8 million, gross profit of $1.5 million, gross margin of 6.3%, and a net loss of $(17.4 million) million, or $(0.09) per diluted share.

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Velo3D, Inc. filing history →

Source: SEC EDGAR

accession 0001825079-23-000043

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