Velo3D: Q1 orders, bookings and backlog

Velo3D Inc, the metal 3D printing technology company, has received purchase orders totaling US$27 million since mid-December 2023.

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These orders include the purchase of two Sapphire XC systems by contract manufacturer Mears Machine, where the systems will be dedicated to supplying parts for their defense and aerospace initiatives.

Velo3D ended the first quarter of 2024 with bookings of US$17 million and backlog of US$23 million, with system deliveries expected to start in the second quarter of 2024.

“These new orders reflect continued customer confidence in our technology and reinforces the success of our new go to market strategy, especially in the Defense and Space industries,” said Brad Kreger, CEO of Velo3D. “We are also very encouraged to see that our renewed focus on system reliability and customer success is yielding results as more than 50% of these orders are from existing customers.”

For the first quarter ended 31 March 2024, Velo3D expects revenue in the range of US$6 million–US$11 million as a significant majority of first quarter bookings occurred later in the quarter. The company expects to start shipping these orders in the early part of the second quarter of 2024.