Velo3D, Inc. (NYSE: VLD) shares moved into positive country Thursday, as the additive manufacturing technology company for mission-critical metal parts, today 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, a leading global contract manufacturer, 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.
“These new orders reflect continued customer confidence in our technology and reinforces the success of our new go to market strategy, especially in the Defense and Space industries,” CEO said Brad Kreger. “We are also very encouraged to see that our renewed focus on system reliability and customer success is yielding results as more than 50% of these orders are from existing customers. We are also pleased to welcome Mears
Machine as a customer as they look to utilize our industry-leading capabilities to accelerate metal AM deployment in the aerospace and defense industries.”
VLD shares advanced three cents, or 5.8%, to 61 cents.
