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Name | Symbol | Market | Type |
---|---|---|---|
Velodyne Lidar Inc | NASDAQ:VLDRW | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.32 | 0.2927 | 0.3473 | 0 | 01:00:00 |
Velodyne Lidar (NASDAQ: VLDR, VLDRW), the global leader in lidar technology, today announced financial results for its third quarter ended September 30, 2020.
Dr. Anand Gopalan commented, “We are pleased to present our third quarter results for the first time as a public company. We are also excited about the continued strength we see in the overall lidar markets. Despite the continued impacts of COVID-19, we see growing interest in lidar applications across multiple industries, as evidenced by our accelerating commercial success across all of our focused markets. In this environment, Velodyne continues to demonstrate its leadership as the only at-scale lidar player, through strong technical and business execution.”
Third Quarter 2020 Financial Highlights
A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.
Third Quarter 2020 Business Highlights
Financial Outlook
Velodyne is pleased to reiterate the guidance shared in early September as part of our business combination with Graf Industrial Corp.
Conference Call Information
Velodyne will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern Time on November 5, 2020. Parties in the United States and Canada can access the call by dialing (800) 289-0462, using conference code 805709. 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 November 12, 2020. To access the replay, parties in the United States and Canada should call (888) 203-1112 and enter conference code 7086125.
About Velodyne Lidar
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 https://velodynelidar.com/ and follow us on Twitter: @VelodyneLidar.
VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30, 2020
December 31, 2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
297,853
$
60,004
Short-term investments
—
2,199
Accounts receivable, net
19,405
11,863
Inventories, net
16,422
14,987
Prepaid and other current assets
10,906
12,918
Total current assets
344,586
101,971
Property, plant and equipment, net
17,808
26,278
Goodwill
1,189
1,189
Intangible assets, net
723
982
Contract assets
5,626
—
Other assets
632
5,755
Total assets
$
370,564
$
136,175
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
10,447
$
6,923
Accrued expense and other current liabilities
41,134
31,160
Contract liabilities
6,574
18,261
Total current liabilities
58,155
56,344
Long-term tax liabilities
605
1,360
Other long-term liabilities
26,302
2,225
Total liabilities
85,062
59,929
Commitments and contingencies
Stockholders’ equity (as adjusted for December 31, 2019):
Preferred stock
—
—
Common stock
17
14
Additional paid-in capital
489,920
240,464
Accumulated other comprehensive loss
(211)
(216)
Accumulated deficit
(204,224)
(164,016)
Total stockholders' equity
285,502
76,246
Total liabilities and stockholders' equity
$
370,564
$
136,175
VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenue:
Product
$
26,099
$
11,698
$
53,948
$
63,234
License and services
6,000
1,819
23,568
19,192
Total revenue
32,099
13,517
77,516
82,426
Cost of revenue:
Product
16,482
14,430
46,027
51,384
License and services
648
180
1,032
1,498
Total cost of revenue
17,130
14,610
47,059
52,882
Gross profit
14,969
(1,093)
30,457
29,544
Operating expenses:
Research and development
10,535
16,521
39,653
42,211
Sales and marketing
4,126
5,126
12,798
15,945
General and administrative
10,579
4,148
26,942
10,637
Gain on sale of assets held-for-sale
(7,529)
—
(7,529)
—
Restructuring
—
—
1,043
—
Total operating expenses
17,711
25,795
72,907
68,793
Operating loss
(2,742)
(26,888)
(42,450)
(39,249)
Interest income
2
191
119
946
Interest expense
(31)
(18)
(69)
(45)
Other income (expense), net
38
(42)
(105)
(15)
Loss before income taxes
(2,733)
(26,757)
(42,505)
(38,363)
Provision for (benefit from) income taxes
2,562
70
(4,098)
122
Net loss
$
(5,295)
$
(26,827)
$
(38,407)
$
(38,485)
Net loss per share:
Basic and diluted
$
(0.04)
$
(0.20)
$
(0.28)
$
(0.29)
Weighted-average shares used in computing net loss per share:
Basic and diluted
140,490,370
133,033,927
139,425,745
133,033,927
VELODYNE LIDAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Cash flows from operating activities:
Net loss
$
(5,295)
$
(26,827)
$
(38,407)
$
(38,485)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization
2,091
2,109
6,342
5,804
Stock-based compensation
85
25
241
111
Write-off of deferred IPO costs
3,548
—
3,548
—
Gain on sale of assets held-for-sale
(7,529)
—
(7,529)
—
Provision for doubtful accounts
16
74
525
418
Other
4
(82)
74
(418)
Changes in operating assets and liabilities:
Accounts receivable, net
15,847
3,958
(8,067)
7,769
Inventories, net
1,134
(2,460)
3,329
(2,074)
Prepaid and other current assets
621
(4,732)
2,510
(5,164)
Contract assets
—
—
(8,439)
38
Other assets
94
249
358
703
Accounts payable
2,543
3,254
3,188
4,631
Accrued expenses and other liabilities
(1,357)
7,994
(9,812)
7,932
Contract liabilities
(8,885)
(1,335)
2,512
(1,275)
Net cash provided by (used in) operating activities
2,917
(17,773)
(49,627)
(20,010)
Cash flows from investing activities:
Purchase of property, plant and equipment
(474)
(1,634)
(2,197)
(4,805)
Proceeds from sale of assets held-for-sale
12,275
—
12,275
—
Proceeds from sales of short-term investments
—
7,403
—
8,903
Proceeds from maturities of short-term investments
—
17,100
2,200
48,250
Purchase of short-term investments
—
(5,387)
—
(28,823)
Considerations paid for acquisition
—
(2,473)
—
(2,473)
Net cash provided by investing activities
11,801
15,009
12,278
21,052
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net of issuance costs
—
—
19,919
—
Proceeds from Business Combination and PIPE offering, net of transaction costs
248,355
—
248,303
—
Repurchase of common stock
(1,801)
—
(1,801)
—
Cash paid for IPO costs
—
—
(1,144)
—
Proceeds from notes payable
—
—
10,000
—
Net cash provided by (used in) financing activities
246,554
—
275,277
—
Effect of exchange rate fluctuations on cash and cash equivalent
(49)
(8)
(79)
(67)
Net increase (decrease) in cash and cash equivalents
261,223
(2,772)
237,849
975
Beginning cash and cash equivalents
36,630
27,651
60,004
23,904
Ending cash and cash equivalents
$
297,853
$
24,879
$
297,853
$
24,879
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 September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Gross profit (loss) on GAAP basis
$
14,969
$
(1,093)
$
30,457
$
29,544
Gross margin on GAAP basis
47%
(8%)
39%
36%
Stock-based compensation
2
—
2
—
Gross profit (loss) on non-GAAP basis
$
14,971
$
(1,093)
$
30,459
$
29,544
Gross margin on non-GAAP basis
47%
(8%)
39%
36%
Operation loss on GAAP basis
$
(2,742)
$
(26,888)
$
(42,450)
$
(39,249)
Stock-based compensation
85
25
241
111
Legal settlements
—
—
2,479
—
Gain on Sale of assets held-for-sale
(7,529)
—
(7,529)
—
Write-off of deferred IPO costs
3,548
3,548
Amortization of acquisition-related intangible assets
96
92
288
92
Restructuring charges
—
—
1,043
—
Operation loss on non-GAAP basis
$
(6,542)
$
(26,771)
$
(42,380)
$
(39,046)
Provision for (benefit from) income taxes on GAAP basis
$
2,562
$
70
$
(4,098)
$
122
Non-GAAP tax reconciling adjustments
—
—
6,679
—
Provision for income taxes on non-GAAP basis
$
2,562
$
70
$
2,581
$
122
Net loss on GAAP basis
$
(5,295)
$
(26,827)
$
(38,407)
$
(38,485)
Stock-based compensation
85
25
241
111
Legal settlements
—
—
2,479
—
Gain on Sale of assets held-for-sale
(7,529)
—
(7,529)
—
Write-off of deferred IPO costs
3,548
3,548
Amortization of acquisition-related intangible assets
96
92
288
92
Restructuring charges
—
—
1,043
—
Non-GAAP tax reconciling adjustments
—
—
(6,679)
—
Net loss on non-GAAP basis
$
(9,095)
$
(26,710)
$
(45,016)
$
(38,282)
Net loss per share on GAAP basis
Basic and diluted
$
(0.04)
$
(0.20)
$
(0.28)
$
(0.29)
Weighted-average shares on GAAP basis
Basic and diluted
140,490,370
133,033,927
139,425,745
133,033,927
Net loss per share on non-GAAP basis
Basic and diluted
$
(0.06)
$
(0.20)
$
(0.32)
$
(0.29)
Weighted-average shares on non-GAAP basis
Basic and diluted
140,490,370
133,033,927
139,425,745
133,033,927
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’s estimates of the size of the markets for its products and future revenue opportunities; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; Velodyne’s ability to identify and integrate acquisitions; rising costs adversely affecting Velodyne’s profitability; uncertainties related to Velodyne’s current litigation and potential litigation involving GRAF or Velodyne or the validity or enforceability of Velodyne’s intellectual property; Velodyne’s ability to partner with and rely on third party manufacturers; general economic and market conditions impacting demand for Velodyne’s products and services; and changes in applicable laws or regulations. Given these factors, as well as other variables that may affect Velodyne’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 and on the related teleconference call relate only to events as of the date hereof. Velodyne 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, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006104/en/
Investor Contact: Drew Hamer Chief Financial Officer InvestorRelations@velodyne.com
Media Contact: Sean Dowdall Sean@landispr.com
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