Velodyne Lidar Reports First Quarter 2022..
Velodyne Lidar Reports First Quarter 2022 Financial Results
– Reported Q1 2022 revenue of $6.2 million, at the top end of guidance –
– Delivered billings of $11.5 million –
– Provided Q2 2022 guidance of revenue of $9.5 million to $12.0 million and billings of $12.0 million to $14.0 million –
SAN JOSE, Calif.–(BUSINESS WIRE)–May 5, 2022– Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), the leading lidar company known worldwide for its broad portfolio of breakthrough lidar technologies, today announced financial results for its first quarter ended March 31, 2022.
“In the first quarter, we continued to see strong customer demand across all our target markets,” said Dr. Ted Tewksbury, CEO of Velodyne Lidar. “Even in the face of supply chain headwinds, our solid execution delivered billings and revenues at the high end of our expectations, and we were able to partially offset our increased component costs via pricing. During the quarter, we made solid progress on our comprehensive organizational transformation to position Velodyne to provide our customers with full stack intelligent vision solutions to accelerate their development of autonomous systems.”
First Quarter of 2022 Financial Summary
The first quarter of 2022 marked the commencement of accounting for the warrants associated with the Amazon agreement that was announced on February 4, 2022. The primary impact of this accounting is that reported revenues will diverge from cash flow, which is not impacted by the required revenue accounting. As a result, Velodyne is expanding the financial information it will report to provide more perspective on the company’s underlying business performance by including a billings metric. Billings represents the dollar value of products and services provided during the current period and invoiced to the customer.
For the first quarter of 2022, compared to fourth quarter of 2021:
- Total revenue was $6.2 million and includes $5.3 million impact of the Amazon warrant.
- Total product revenue was $4.4 million and includes to the $5.3 million non-cash contra revenue related to the Amazon warrant, compared to $13.7 million in the fourth quarter of 2021. In addition to the warrant impact, the decrease reflects supply chain constraints, which were partially mitigated by price increases. First quarter 2022 sensor sales were over 2,350 units and weighted ASPs increased approximately 48% from the fourth quarter of 2021.
- License and services revenue was $1.8 million, compared to $3.9 million in the fourth quarter of 2021, which included an annual royalty of $2.4 million accrued at year end.
- Billings were $11.5 million, compared to billings of $13.7 million in the fourth quarter of 2021. Billings were impacted by supply chain constraints, which were partially mitigated by price increases.
- GAAP gross loss was $9.3 million, including the $5.3 million non-cash contra revenue, compared to a gross profit of $2.7 million in the fourth quarter of 2021. Non-GAAP gross loss was $8.8 million, including the $5.3 million non-cash contra revenue, compared to a gross profit of $3.2 million in the fourth quarter of 2021.
- GAAP operating expenses were $39.6 million, compared to $40.3 million in the fourth quarter of 2021. Non-GAAP operating expenses were $35.0 million, compared to $35.2 million in the fourth quarter of 2021.
- GAAP net loss, including the $5.3 million non-cash contra revenue, was $49.1 million, or $(0.25) per share, compared to $37.5 million, or $(0.19) per share in the fourth quarter of 2021. Non-GAAP net loss, including the $5.3 million non-cash contra revenue, was $44.0 million, or $(0.22) per share, compared to $31.8 million, $(0.16) per share in the fourth quarter of 2021.
- At March 31, 2022, the company had $256.4 million in cash and short-term investments, compared to $294.4 million at December 31, 2021.
A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.
Second Quarter of 2022 Guidance
Reflecting continued demand and ongoing supply chain challenges for second quarter of 2022, billings are expected to range between $12.0 million to $14.0 million and revenues are expected to range from $9.5 million to $12.0 million, offset by $2.0 million to $2.5 million in non-cash contra revenue related to the Amazon warrant.
Recent Corporate Highlights
- Velodyne won the 2022 SXSW Innovation Award in the “Smart Cities, Transportation & Delivery” category for its Intelligent Infrastructure Solution (IIS).
- Russelsheim am Main, Germany selected Velodyne’s IIS to create a city-wide system for truck passage control.
- Velodyne demonstrated its full stack vision solutions for robotics, industrial and trucking at XPONENTIAL 2022.
Conference Call Information
Velodyne will host a conference call and live webcast for analysts and investors at 4:30 p.m. Eastern Time on May 5, 2022. Parties in the United States and Canada can access the call by dialing 844-890-1797. The webcast will be accessible on Velodyne’s investor relations website at here . A telephonic replay of the conference call will be available through May 12, 2022. To access the replay, parties in the United States and Canada should call 877-344-7529 and enter conference code 7274244.
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