Metal 3D printing specialist Velo3D has published its results for the first quarter of 2024. The focus is on the consistent implementation of the strategic realignment to improve profitability and cash flow generation.
According to CEO Brad Kreger, the realignment is already reflected in the figures: “We were able to reduce operating costs by 30 percent year-on-year and significantly reduce cash burn.” The order backlog of 22 million dollars suggests a sales increase of over 30 percent for the second quarter.
Despite the cost-cutting measures, Velo3D recorded incoming orders of 17 million dollars – 50 percent of which came from existing customers. “This reflects our customers’ continued confidence in our technology,” explains Kreger. Expansion into the defense industry is also progressing, with three new customer wins in the quarter.
For the second quarter, the specialist for industrial metal production expects a further reduction in operating expenses of over 10 percent. Kreger reaffirms the goal of cash flow neutrality in the second half of 2024. Progress has also been made in terms of the productivity and reliability of the 3D printers.
Overall, Velo3D is well prepared for the challenges of the industry. Through cost discipline and a focus on operational excellence, the company aims to further expand its technology leadership for sophisticated metal components.
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