Velo3D secures $12M in new order bookings since mid-December

The company said, “Velo3D, Inc. announced four key strategic priorities for growth in 2024 and beyond. The company also shared progress it has made across these priorities. Enhance the quality of newly manufactured Sapphire printers: Due to the success of its operational initiatives and product improvements, the company has significantly reduced the installation time of Sapphire printers over the last year. Additionally, the company has increased headcount of its Customer Service and Quality teams by approximately 40% to provide on-site support in all major metropolitan areas. Ensure the success of customers in the field: Through reliability improvements, system uptime for key customers has increased over the previous quarter and the company has reduced the time it takes to resolve customer issues by more than 45% over the past 6 months. Velo3D’s research and development priorities have been refocused on customer success and machine throughput, with innovations that the company expects will greatly increase customer available print time. Increase revenue visibly through bookings growth: The Velo3D Sales team has secured approximately $12 million in new order bookings since mid-December, including more than 50% of bookings tied to key strategic accounts, which the company believes demonstrates increased customer satisfaction and confidence in its technology. Improve margins and cash flow: The company remains on track to reduce its operational expenses by 40% by the end of the first quarter of 2024, with a commitment to become cash flow positive in the second half of the year.”