Velo3D to Reduce Headcount by 30% as Delayed Government Projects Cloud Outlook

Dow Jones08-15

By Denny Jacob

Velo3D withdrew its 2024 guidance and said it will reduce headcount by about 30% as it looks to cut back on expenses and manage liquidity amid delays in certain government projects.

"While we have made significant financial and operational progress year to date," said Chief Executive Brad Kreger, "we have made the difficult decision to right size the business as we expect industry conditions to remain challenging into the second half of 2024."

Kreger added that second-quarter results reflected the impact of delays in the funding of certain government projects that are now expected in the second half of the year. While it still expects to close those transactions, this has negatively impacted its revenue forecast for the balance of the year, the chief executive noted.

The metal 3D printing technology company had about 237 employees as of Dec. 31, 2023, according to a securities filing.

Velo3D also withdrew its prior guidance for fiscal 2024, citing uncertainty of timing of its deferred orders and other factors.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 14, 2024 16:55 ET (20:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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