Velo3D, Inc. announced it has received purchase orders totaling $27 million since mid-December 2023. These orders include the purchase of 2 Sapphire XC systems by Mears Machine, where the systems will be dedicated to supplying parts for their defense and aerospace initiatives. The company ended the first quarter of 2024 with bookings of $17 million and the company's backlog at the end of the first quarter was $23 million, with system deliveries expected to start in the second quarter of 2024.

The company also provided preliminary company estimates for the first quarter of 2024, based on the information and data currently available: For the first quarter ended March 31,2024, the company expects revenue in the range of $6 to $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. Gross margin (the company's gross profit as a percentage of revenue) for the first quarter will be in the range of (25)% to 10%.

The company remains committed to achieving approximately 30% gross margin in the fourth quarter of 2024. Operating expenses, excluding one-time charges and stock-based compensation expense, will be in the range of $13 million to $18 million. The company has not completed the preparation of its condensed consolidated financial statements as of and for the three months ended March 31, 2024 are based on current expectations and are subject to adjustment, as the company completes the preparation of its condensed consolidated Financial statements for the three months ended March31, 2024.

These preliminary, unaudited results are not a comprehensive statement of the company's financial results for these periods and should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles. Actual results may differ materially from those disclosed in this press release.