Velo3d, Inc. · NASDAQ:VELO
Velo3d — Q4 2021 Earnings Presentation
24 slides from Velo3d's earnings presentation, Mar 2, 2022
Slide 1: Fourth Quarter 2021 Supplementary Slides
Fourth Quarter 2021 Supplementary Slides Without Compromise M a r c h 2 , 2 0 2 2
Slide 2: Disclaimer
2 Disclaimer * Additional information on the use of Non-GAAP financial information, industry and market data and trademarks is included in the appendix of this presentation This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Secur
Slide 3: Benny Buller, CEO
Confidential & Proprietary | 3 Benny Buller CEO M a r c h 2 , 2 0 2 2
Slide 4: Q4 / 2021 Highlights
4 Q4 / 2021 Highlights • Exceeded Q421 revenue guidance – up 20% sequentially, 54% YoY • 2021 revenue ahead of plan – 45% YoY growth to $27m • Shipped first Sapphire XC system – Q421 • Shipped 23 systems in 2021, up 77% YoY – record 8 shipments in Q421 • Surpassed Q4 / 2021 bookings target – 34 syst
Slide 5: Delivering on 2021 Guidance
5 Delivering on 2021 Guidance Q421 Actual Q421 Guidance 2021 Actual 2021 Guidance Revenue ($m) $10 $9 $27 $26 Bookings 13 3 34 24 Total Shipments 8 7-9 23 22-24 New Customers 1 3-6 10 12-15 Avg. Existing Customer Purchases 0.8 0.4 1.3 0.9
Slide 6: Strong Growth in Sapphire XC Backlog
6 • Delivered first Sapphire XC system in Q421 • Increases throughput by up to 400% • Reduces part costs by up to 80% • Expands part size / capacity by up to 4x • Continued strong OEM / CM customer demand for XC • 18 Sapphire® XC systems in backlog exiting 2021 • Sapphire XC revenue backlog up >2x Y
Slide 7: Broad Diversification Across Market Segments
7 By Customer Base* By 2021 Shipments Broad Diversification Across Market Segments 28% 22% 17% 11% 22% CM Space Aviation / Defense Energy Industrial / Other 35% 35% 9% 13% 9% CM Space Aviation / Defense Energy Industrial / Other *Cumulative customers as of the end of 2021
Slide 8: Continuing to Diversify Customer Base
8 Continuing to Diversify Customer Base • More than doubled customer base to 18 in 2021 – including 10 new customers • Successful execution of “land and expand” strategy – repeat orders ~60% of shipments (2021) • Largest customer – now at ~27% of 2021 revenue • Driving new customer growth in 2022 •
Slide 9: Confident 2021 Execution Will Drive 2022 Success
9 2020A 2021A 2022 Current Guidance4 2022 Prior Guidance4 New Customers1 5 10 23-25 24 Total Customers1 8 18 41-43 47 Total Shipments 13 23 47-492 48 Units Operating 23 46 93-95 95 Avg. Existing Customers’ Purchases3 1.3 1.3 1.2-1.4 1.0 1. Based on shipments / 2022 customer guidance dependent on exi
Slide 10: 2022 Revenue Guidance Detail
10 Confident 2021 Execution Will Drive 2022 Success 1. Revenue from all units shipped within calendar year: Revenue from 3D printer sales and year 1 revenue from ARR transactions 2. Revenue from maintenance, support services and system leases attributed to systems delivered 3. Year of Sale - revenue
Slide 11: 2022 Strategic Priorities
11 2022 Strategic Priorities • Execution of land and expand strategy / add ~24 new customers in 2022 • Doubled global sales force in last 12 months to grow global footprint • EU expansion – established 12 person sales / tech service group, opened technology center in Germany • CM customers focus – s
Slide 12: Bill McCombe, CFO
Confidential & Proprietary | 12 Bill McCombe CFO M a r c h 2 , 2 0 2 2
Slide 13: Financial Summary
13 Financial Summary 1. Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented under “Non-GAAP Financial Information.” Adjusted Operating Expenses excludes stock-based compensation and merger expenses. Adjusted EBITDA excludes interest expense, tax e
Slide 14: Rapid Sapphire XC Program Launch to Impact 1H22 GM
14 • Q4 GM reduced by XC launch customer pricing (4%) • Expect larger impact from launch pricing in 1H 2022 (8 Sapphire XC systems) • Sapphire XC BoM cost reduction – benefits in 2H22 • O/H cost declines from greater production volumes & experience • Gross margin returning to >30% in Q422 *1H22 gros
Slide 15: Strong Balance Sheet Supports Growth Plan
15 Strong Balance Sheet Supports Growth Plan Q4 2021 Cash Walk $297m $22 $21 $223m $10 $6 Non-recurring Expenses Balance Sheet – December 31, 2021 ($m) Cash and Investments $223 Other Current Assets 46 Long Term Assets 34 Total Assets $303 Current Liabilities $41 Total Debt 8 Long Term Liabilities 1
Slide 16: Significant Visibility into 2022 Revenue
16 Significant Visibility into 2022 Revenue • Strong confidence in achieving 2022 revenue target • >60% of 2022 revenue already booked • Recurring revenue – >10% of 2022 forecast • Backlog – 23 systems (18 XC / 5 Sapphire) • Record bookings entering 2022 (34) • 1H vs 2H distribution • Revenue, shipm
Slide 17: FY 2022 Guidance Remains Unchanged
17 FY 2022 Guidance Remains Unchanged 1. By shipments 2. Bookings – systems expected to ship FY2022 through mid FY2023 3. Current and prior 2022 guidance assumes volume mix of 50% XC / 50% Sapphire; prior 2022 guidance provided at company’s analyst day presentation – June 2021 2021A 2021 Plan 2022 C
Slide 18: Q&A
Confidential & Proprietary | 18 Q&A
Slide 19: Appendix
+ 1 ( 4 0 8 ) 6 1 0 - 3 9 1 5 info@velo3d.com 511 Division St. Campbell, CA 95008 Appendix
Slide 20: Non-GAAP Reconciliation - Non-GAAP Net Income (Loss)
20 Non-GAAP Reconciliation - Non-GAAP Net Income (Loss) (Unaudited)
Slide 21: Non-GAAP Reconciliation - Adjusted EBITDA
21 Non-GAAP Reconciliation - Adjusted EBITDA (Unaudited)
Slide 22: Non-GAAP Reconciliation - Adjusted Operating Expenses
22 Non-GAAP Reconciliation - Adjusted Operating Expenses (Unaudited)
Slide 23: Disclaimer: Industry and Market Data
23 Disclaimer Industry and Market Data In this presentation, the Company relies on and refers to publicly available information and statistics regarding the market in which the Company competes and other industry data. The Company obtained this information and statistics from third-party sources, in
Slide 24: Fourth Quarter 2021 Supplementary Slides
Fourth Quarter 2021 Supplementary Slides Without Compromise M a r c h 2 , 2 0 2 2