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Velo3D Inc. (VLDX) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in total revenue to $41 million from $77.4 million in the previous year. The decline is attributed to a reduction in 3D printer sales, which fell to $25.4 million from $68.9 million.
Recurring payment revenue decreased to $1.1 million from $1.7 million, while support services revenue increased to $9.6 million from $6.8 million.
The company reported a gross loss of $2.1 million, compared to a gross loss of $26.3 million in the previous year, reflecting a decrease in cost of revenue.
Operating expenses decreased to $80.3 million from $107 million, with reductions in research and development and selling and marketing expenses.
Velo3D incurred a net loss of $73.3 million, down from $135.1 million in the previous year.
Cash used in operating activities was $32.7 million, compared to $105.6 million in the prior year.
The company reported cash and cash equivalents of $1.2 million as of December 31, 2024, down from $24.5 million the previous year.
Velo3D highlighted a strategic review process that concluded with a debt-for-equity exchange, resulting in Arrayed Additive Inc. owning approximately 95% of the company's common stock.
The filing also notes the issuance of new secured convertible promissory notes in early 2025 to address liquidity needs.
Velo3D's report outlines ongoing challenges, including substantial doubt about its ability to continue as a going concern without additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Velo3D Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.