Velo3D has concluded the strategic review process that commenced when founder Benny Buller stepped down as CEO in December 2023.
It follows the announcement of the company's new ownership earlier this month, which came about after the company's stock was delisted from the New York Stock Exchange and multiple waves of redundancies in 2024.
The company says that it has successfully implemented several 'key corporate actions' as a result of the strategic review. Velo suggests these actions will position the company for 'sustainable growth' this year.
Chief among the corporate actions taken as part of the strategic review is the debt for equity exchange that now sees Arrayed Notes Acquisition Corp. own 95% of the issued and outstanding common shares of Velo3D. This transaction will enable Velo3D to combine its resources with Arrayed Additive to provide additive manufacturing solutions to the defence, aerospace and space segments, 'further expanding their leadership positions' in these markets.
The resignation of six board members and appointment of Arrayed Additive CEO Arun Jeldi to the board and to Velo's CEO position has also been noted as a stand-out development of the strategic review, as has the launch of a new go-to-market strategy. This new go-to-market initiative will, according to Velo3D, identify and maximise multiple revenue streams and place a growing focus on a 'total solutions-based approach' for customers, whereby Velo3D will sell both systems and parts.
"Completing the strategic review is a significant milestone for Velo3D and I am pleased to be leading Velo3D in the new era of growth," said Arun Jeldi, CEO of Velo3D. "Our focus remains on providing customers with our industry leading, large-format metal 3D printing solutions and look forward to working with all of our stakeholders to make the company successful. Additionally, as these actions also show, we have taken a number of steps to accelerate our path to profitability and execute on a sustainable, long term business model. While I am very happy with what the Company has accomplished to date, I am much more excited about the future of Velo3D as we embark on our next chapter of growth."
In line with this announcement, Velo3D has also reported revenues of 8.2 million USD with a gross margin of 49.4% GAAP operating expenses and a GAAP net loss of 22.8 million USD for the third quarter of 2024.
