The US 3D printing specialist Velo3D has presented new business figures. In its quarterly statement, the company also announced cost-cutting measures in order to become more profitable.
In the third quarter, Velo3D achieved a turnover of 24.1 million dollars. This corresponds to an increase of 26 percent compared to the same period last year. However, there was no profit. The bottom line was a loss of 17.1 million dollars.
According to Velo3D CEO Benny Buller, the company met expectations in terms of turnover and cash flow. However, the strong growth of recent years had been at the expense of profitability and customer satisfaction. The company therefore decided to implement cost-cutting measures in October.
Specifically, Velo3D wants to reduce its costs by around 40 percent by the beginning of 2024, for example through lower operating costs. In addition, sales and service are to be realigned in order to bring in more orders again. For the year as a whole, Velo3D is now expecting a turnover of 91 to 103 million dollars, compared to 105 to 115 million dollars previously.
According to Buller, the company wants to focus on cash flow and customer success in the future instead of just putting growth above all else. With the cost-cutting measures, the company believes it is well positioned for a profitable business in 2024.