Velo3D (NYSE:VLD) stock is falling on Wednesday following the release of the 3D printing company’s fourth quarter of 2023 earnings report.
Velo3D starts its earnings reported with adjusted losses per share of 29 cents. That’s wider than the loss of 8 cents that Wall Street was expecting. It’s also worse than the loss of 8 cents per share from the same period of the year prior.
Another blow to VLD stock comes from the company’s revenue of $1.8 million. That’s nowhere close to analysts’ revenue estimate of $19.5 million. It’s also a far cry from the $29.8 million reported in the fourth quarter of 2022.
Velo3D contributes its low revenue to two factors. The first is a significant reduction in system shipments planned for the second half of 2023. The second is the company’s re-alignment transition.
Brad Kreger, CEO of Velo3D, said the following in the earnings report:
“We’re continuing to execute on our cost realignment programs to improve margins and cash flow, while prudently managing working capital. By doing so, we believe we are well positioned to profitably capitalize on the increasing industry demand for leading-edge additive manufacturing solutions.”
What’s Next for VLD Stock?
Velo3D’s revenue guidance for the full fiscal year of 2024 ranges from $80 million to $95 million. That’s not looking good next to Wall Street’s revenue estimate of $121.29 million for the year.
VLD stock is down 34.4% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
