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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Velodyne Lidar Inc | NASDAQ:VLDR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.26 | 1.30 | 0.90 | 0 | 01:00:00 |
Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), the first pure-play public lidar company, today announced financial results for its fourth quarter and year ended December 31, 2020.
Dr. Anand Gopalan, CEO of Velodyne Lidar, commented, “Velodyne has continued to demonstrate its market leadership with a strong track record of consistent execution. Our fourth quarter and full year 2020 results demonstrate that we continue to innovate, expand our market opportunity, and show our leadership in broadly diversified end markets for lidar. In 2020, we achieved an industry first with the award winning Velabit lidar, our smallest sensor, which we believe will democratize lidar and lidar-based safety.
“We believe our pipeline is the most robust in the industry, as demonstrated by a 46% increase in projects across more than 25 industries from the end of 2019. We are leading the industry in providing lidar units to customers, manufacturing and shipping 11,710 units in 2020, and 4,237 units in the fourth quarter. Lidar’s status as a critical sensor in many applications gives us the opportunity to add higher value to customers by providing comprehensive solutions. There is increasing adoption of lidar across a wide variety of industries, some of which are accelerating in a post-COVID world. Our pipeline in industries such as Robotics grew 220% from 873,000 units in February of 2020 to 1.9 million units as of December 31, 2020. Agreements signed in 2020 include: Emesent for drones, Motional (a joint Hyundai-Aptiv venture) for autonomous vehicles, ThorDrive for industrial applications, and a Smart City partnership with Qualcomm.
“In summary, it is an incredibly exciting time for lidar and for Velodyne. We believe we have hit an inflection point in the lidar industry, which is evidencing itself by our record unit shipments in the fourth quarter and in our expanding pipeline. With a significantly enhanced balance sheet supporting this robust pipeline, our long-term outlook for growth remains strong.”
Business Metrics
Fourth Quarter 2020 Financial Highlights
Full Year 2020 Financial Highlights
A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.
Business Outlook
As of February 19, 2021, Velodyne estimates that it could have the opportunity for over $1.0 billion of revenue from signed and awarded projects from 2021 through 2025 plus a pipeline of projects for 2021 through 2025 that are not yet signed and awarded of $4.4 billion. In addition, it continues to be Velodyne’s top priority to invest in scalable lidar architectures, advanced manufacturing technology and software solutions. This underpins the company’s long-term business outlook of total gross margin percentage ranging in the mid to high 50s and EBITDA margin of more than 20%.
Conference Call Information
Velodyne will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern Time on February 25, 2021. Parties in the United States and Canada can access the call by dialing (800) 289-0462, using conference code 240957. The webcast will be accessible on Velodyne’s investor relations website at https://investors.velodynelidar.com/. A telephonic replay of the conference call will be available through March 4, 2021. To access the replay, parties in the United States and Canada should call (888) 203-1112 and enter conference code 5101026.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "will", "should", "can have", "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impact on our operations and financial condition from the effects of the current COVID-19 pandemic both on Velodyne’s business and those of its customers and suppliers; Velodyne’s ability to execute its business plan; the timing of revenue from existing customers, including uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; uncertainties related to Velodyne Lidar’s estimates of the size of the markets for its products and future revenue opportunities; the rate and degree of market acceptance of Velodyne Lidar’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; rising costs adversely affecting Velodyne’s profitability; uncertainties related to Velodyne Lidar’s current litigation and potential litigation involving Velodyne Lidar or the validity or enforceability of Velodyne Lidar’s intellectual property; Velodyne Lidar’s ability to partner with and rely on third party manufacturers; general economic and market conditions impacting demand for Velodyne Lidar’s products and services; and changes in applicable laws or regulations.
Given these factors, as well as other variables that may affect Velodyne Lidar’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. Velodyne Lidar undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe the non‑GAAP measures of non-GAAP gross profit (loss), non-GAAP gross margin, Non‑GAAP operating loss, non-GAAP net loss, and non‑GAAP net loss per share are useful in evaluating our operating performance. Certain of these non-GAAP measures exclude stock-based compensation, litigation settlements, gain from asset sales, one-time IPO-related costs, amortization of acquisition-related intangibles assets, restructuring, and discrete tax items. We believe that non‑GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non‑GAAP information to supplement their GAAP results. The non‑GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly‑titled non‑GAAP measures used by other companies. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures are used in this press release. The impact of these items in future periods is uncertain and, depends on various factors. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort.
About Velodyne Lidar, Inc.
Velodyne Lidar (NASDAQ: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities, and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, please visit: ir.velodynelidar.com and follow us on Twitter: @VelodyneLidar.
VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
2020
2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
204,648
$
60,004
Short-term investments
145,636
2,199
Accounts receivable, net
13,979
11,863
Inventories, net
18,132
14,987
Prepaid and other current assets
22,319
12,918
Total current assets
404,714
101,971
Property, plant and equipment, net
16,805
26,278
Goodwill
1,189
1,189
Intangible assets, net
627
982
Contract assets
8,440
—
Other assets
937
5,755
Total assets
$
432,712
$
136,175
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
7,721
$
6,923
Accrued expense and other current liabilities
50,349
31,160
Contract liabilities
7,323
18,261
Total current liabilities
65,393
56,344
Long-term tax liabilities
569
1,360
Other long-term liabilities
25,927
2,225
Total liabilities
91,889
59,929
Commitments and contingencies
Stockholders’ equity (as adjusted for December 31, 2019):
Preferred stock
—
—
Common stock
18
14
Additional paid-in capital
656,717
240,464
Accumulated other comprehensive loss
(230
)
(216
)
Accumulated deficit
(315,682
)
(164,016
)
Total stockholders' equity
340,823
76,246
Total liabilities and stockholders' equity
$
432,712
$
136,175
VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Revenue:
Product
$
14,407
$
18,190
$
68,355
$
81,424
License and services
3,439
782
27,007
19,974
Total revenue
17,846
18,972
95,362
101,398
Cost of revenue:
Product
23,088
18,519
69,115
69,903
License and services
99
229
1,131
1,727
Total cost of revenue
23,187
18,748
70,246
71,630
Gross profit (loss)
(5,341
)
224
25,116
29,768
Operating expenses:
Research and development
48,427
14,639
88,080
56,850
Sales and marketing
18,955
5,928
31,753
21,873
General and administrative
38,790
9,421
65,732
20,058
Gain on sale of assets held-for-sale
—
—
(7,529
)
—
Restructuring
(59
)
—
984
—
Total operating expenses
106,113
29,988
179,020
98,781
Operating loss
(111,454
)
(29,764
)
(153,904
)
(69,013
)
Interest income
33
200
152
1,146
Interest expense
(37
)
(32
)
(106
)
(77
)
Other income (expense), net
15
50
(90
)
35
Loss before income taxes
(111,443
)
(29,546
)
(153,948
)
(67,909
)
Provision for (benefit from) income taxes
14
(805
)
(4,084
)
(683
)
Net loss
$
(111,457
)
$
(28,741
)
$
(149,864
)
$
(67,226
)
Net loss per share:
Basic and diluted
$
(0.64
)
$
(0.21
)
$
(1.01
)
$
(0.50
)
Weighted-average shares used in computing net loss per share:
Basic and diluted
173,888,792
136,639,441
148,088,589
133,942,714
VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net loss
$
(111,457
)
$
(28,741
)
$
(149,864
)
$
(67,226
)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization
2,053
2,189
8,394
7,993
Write-off of deferred IPO costs
—
—
3,548
—
Stock-based compensation
91,259
24
91,500
135
Gain on sale of assets held-for-sale
—
—
(7,529
)
—
Provision for doubtful accounts
(14
)
(308
)
511
110
Deferred income taxes
(4
)
(1,941
)
(4
)
(1,941
)
Other
63
60
137
(358
)
Changes in operating assets and liabilities:
Accounts receivable, net
5,440
1,804
(2,627
)
9,573
Inventories, net
(1,710
)
1,224
1,619
(850
)
Prepaid and other current assets
(2,339
)
1,630
172
(3,602
)
Contract assets
(2,814
)
—
(11,253
)
38
Other assets
(305
)
309
53
1,080
Accounts payable
(2,501
)
(4,676
)
687
(45
)
Accrued expenses and other liabilities
3,140
5,677
(6,672
)
13,609
Contract liabilities
379
(471
)
2,891
(1,746
)
Net cash used in operating activities
(18,810
)
(23,220
)
(68,437
)
(43,230
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(1,080
)
(420
)
(3,277
)
(5,225
)
Proceeds from sale of assets held-for-sale
—
—
12,275
—
Proceeds from sales of short-term investments
—
—
—
8,903
Proceeds from maturities of short-term investments
—
5,400
2,200
53,650
Purchase of short-term investments
(145,725
)
—
(145,725
)
(28,823
)
Considerations paid for acquisition
—
—
—
(2,473
)
Proceeds from repayment of stockholder notes
—
3,512
—
3,512
Net cash provided by (used in) investing activities
(146,805
)
8,492
(134,527
)
29,544
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net of issuance costs
—
49,790
19,919
49,790
Proceeds from Business Combination and PIPE offering, net of transaction costs
(1,264
)
—
247,039
—
Proceeds from warrant exercises, net of transaction costs
73,713
—
73,713
—
Repurchase of common stock
—
—
(1,802
)
—
Cash paid for IPO costs
—
—
(1,143
)
—
Proceeds from notes payable
—
—
10,000
—
Net cash provided by financing activities
72,449
49,790
347,726
49,790
Effect of exchange rate fluctuations on cash and cash equivalent
(39
)
63
(118
)
(4
)
Net increase (decrease) in cash and cash equivalents
(93,205
)
35,125
144,644
36,100
Beginning cash and cash equivalents
297,853
24,879
60,004
23,904
Ending cash and cash equivalents
$
204,648
$
60,004
$
204,648
$
60,004
VELODYNE LIDAR, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
Gross profit (loss) on GAAP basis
$
(5,341
)
$
224
$
25,116
$
29,768
Gross margin on GAAP basis
(30
)%
1
%
26
%
29
%
Stock-based compensation
7,415
—
7,417
—
Gross profit (loss) on non-GAAP basis
$
2,074
$
224
$
32,533
$
29,768
Gross margin on non-GAAP basis
12
%
1
%
34
%
29
%
Operation loss on GAAP basis
$
(111,454
)
$
(29,764
)
$
(153,904
)
$
(69,013
)
Stock-based compensation
91,259
24
91,500
135
Legal settlements
105
2,450
2,584
2,450
Gain on Sale of assets held-for-sale
—
—
(7,529
)
—
Write-off of deferred IPO costs
—
3,548
Amortization of acquisition-related intangible assets
97
96
385
188
Restructuring charges
(59
)
—
984
—
Operation loss on non-GAAP basis
$
(20,052
)
$
(27,194
)
$
(62,432
)
$
(66,240
)
Provision for (benefit from) income taxes on GAAP basis
$
14
$
(805
)
$
(4,084
)
$
(683
)
Non-GAAP tax reconciling adjustments
—
—
6,679
—
Provision for income taxes on non-GAAP basis
$
14
$
(805
)
$
2,595
$
(683
)
Net loss on GAAP basis
$
(111,457
)
$
(28,741
)
$
(149,864
)
$
(67,226
)
Stock-based compensation
91,259
24
91,500
135
Legal settlements
105
2,450
2,584
2,450
Gain on Sale of assets held-for-sale
—
—
(7,529
)
—
Write-off of deferred IPO costs
—
—
3,548
—
Amortization of acquisition-related intangible assets
97
96
385
188
Restructuring charges
(59
)
—
984
—
Non-GAAP tax reconciling adjustments
—
—
(6,679
)
—
Net loss on non-GAAP basis
$
(20,055
)
$
(26,171
)
$
(65,071
)
$
(64,453
)
Net loss per share on GAAP basis
Basic and diluted
$
(0.64
)
$
(0.21
)
$
(1.01
)
$
(0.50
)
Weighted-average shares on GAAP basis
Basic and diluted
173,888,792
136,639,441
148,088,589
133,942,714
Net loss per share on non-GAAP basis
Basic and diluted
$
(0.12
)
$
(0.19
)
$
(0.44
)
$
(0.48
)
Weighted-average shares on non-GAAP basis
Basic and diluted
173,888,792
136,639,441
148,088,589
133,942,714
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006071/en/
Investor Contact: Drew Hamer Chief Financial Officer InvestorRelations@velodyne.com
Media Contact: Sean Dowdall Landis Communications Inc. Sean@landispr.com
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