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Velo3D Inc. (VLDX+14.02%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $8.2 million, a decrease from $23.2 million in the same quarter the previous year. This decline is attributed to a significant drop in 3D printer sales, which fell to $1.0 million from $20.8 million.
Licensing revenue contributed $5.0 million to the quarter, resulting from an agreement with SpaceX. Support services revenue was $2.0 million, slightly up from $1.8 million in the previous year.
The cost of revenue decreased to $4.2 million from $23.0 million, primarily due to reduced 3D printer sales. Gross profit improved to $4.1 million, compared to $0.2 million in the prior year.
Operating expenses totaled $22.8 million, down from $26.0 million. Research and development expenses decreased significantly to $4.4 million, and selling and marketing expenses were reduced to $3.1 million.
General and administrative expenses increased to $15.3 million, primarily due to higher bad debt expenses.
Interest expense increased to $10.9 million, reflecting the impact of the company's secured notes.
The company reported a net loss of $22.9 million, compared to a loss of $19.5 million in the same quarter the previous year.
Velo3D's financial condition raises substantial doubt about its ability to continue as a going concern. The company reported having $1.6 million in cash and short-term investments, insufficient to cover its short-term obligations.
The company needs additional financing to fund operations and satisfy debt obligations. Recent transactions include a debt-for-equity exchange with Arrayed Notes Acquisition Corp. and the issuance of a convertible promissory note to Thieneman Properties, LLC.
Velo3D continues to implement cost-cutting measures, including a reduction in workforce, to improve financial stability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Velo3D Inc. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.