Metal 3D printer manufacturer Velo3D, based in Fremont, California, announced that it has received orders totaling $27 million since mid-December 2023. The orders include the purchase of two Sapphire XC systems by global manufacturer Mears Machine, which will be used to produce parts for the defense and aerospace industries.
In the first quarter of 2024, Velo3D recorded incoming orders of USD 17 million, with an order backlog of USD 23 million at the end of the quarter. Delivery of the systems is scheduled to begin in the second quarter. Brad Kreger, CEO of Velo3D, commented on the development: “These new orders reflect continued customer confidence in our technology and confirm the success of our new sales strategy, particularly in the defense and aerospace sectors.”
According to Kreger, the renewed focus on system reliability and customer success is also bearing fruit, with over 50% of orders coming from existing customers. Mears Machine is another key customer that is looking to leverage Velo3D’s industry-leading capabilities to accelerate the adoption of metal 3D printing in the aerospace industry.
Velo3D also announced preliminary company guidance for the first quarter of 2024. Revenue is expected to be between $6 million and $11 million as the majority of quarterly bookings were late. The first deliveries of these orders are planned for the beginning of the second quarter. The gross margin is expected to be between -25 and +10 percent, with a margin of around 30 percent to be achieved by the fourth quarter of 2024. Operating expenses excluding special items and share-based payments are estimated at USD 13 to 18 million.
The final financial results for the first quarter are still pending and may differ from the preliminary figures.
Subscribe to our Newsletter
3DPResso is a weekly newsletter that links to the most exciting global stories from the 3D printing and additive manufacturing industry.
