Velodyne Lidar Reports Fourth Quarter and Full Year..

Velodyne Lidar Reports Fourth Quarter and Full Year 2021 Financial Results

• Sold 4,900+ sensor units in Q4, achieving a quarterly record
• Shipped 15,000+ sensors in 2021, bringing lifetime total to 67,000+
• Delivered $17.5 million and $61.9 million in revenue in Q4 and full year 2021; respectively

SAN JOSE, Calif.–(BUSINESS WIRE)–Feb. 28, 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 fourth quarter and year ended December 31, 2021.

Fourth Quarter 2021 Highlights

• 4,900+ sensor units shipped, including 900+ solid state sensors, bringing the 2021 total to 15,000+ sensors shipped, 2,400+ of which were solid state sensors
• $17.5 million in revenue, up 34.3% compared to third quarter of 2021
• $294.4 million of cash and short-term investments as of December 31, 2021

“Lidar is going to transform virtually every industry as we know it, creating a safer, more efficient, and sustainable world. Velodyne Lidar is well positioned to capitalize on this opportunity,” said Dr. Ted Tewksbury, CEO of Velodyne Lidar. “We expect the first wave of lidar commercialization to be dominated by industrial automation, robotics, and intelligent infrastructure. These industries are estimated to reach a $2.8 billion total available market by 2026, according to YOLE. By supplying high-performance lidar at scale into these early autonomous markets, Velodyne expects to expand our technologies and further our leadership in low-cost, high-quality, volume manufacturing. This will enhance our advantage in the second wave of lidar growth – autonomous vehicles and advanced driver-assistance systems (ADAS) – bringing our total available market estimate to $5.7 billion by 2026, according to YOLE.

“During the fourth quarter of 2021, we achieved record quarterly sensor shipments, bringing our lifetime shipments to more than 67,000. In 2022, we plan to focus on four strategic pillars to make lidar ubiquitous and accelerate our path to profitable revenue growth:

• Driving lidar volume in early autonomous markets including industrial, robotics, and intelligent infrastructure,
• Developing high performance sensors at a price point to accelerate mass adoption,
• Expanding our software to deliver complete autonomous vision solutions to customers, and
• Leading the industry in operational and manufacturing excellence.

“Velodyne has the right technologies and the proven ability to produce high performance lidar at scale. In 2022 and beyond, we will build on this foundation with a game-changing portfolio of AI-powered, autonomous vision solutions while driving revenue growth and profitability with our existing products. We are excited to lead the way as lidar revolutionizes our lives and makes our communities safer,” concluded Tewksbury.

Recent Corporate Highlights

• Entered into a warrant agreement with Amazon. The warrants will vest over time, based on discretionary payments to Velodyne by Amazon of up to $200 million.
• Achieved the 100-partner milestone through the “Automated with Velodyne” (AwV) program.
• Signed five-year sales agreement for lidar sensors with QinetiQ Inc., a leading defense and security company, to provide perception and mapping capabilities across its unmanned ground vehicle portfolio.
• Won a patent challenge from Quanergy, upholding Velodyne’s groundbreaking technology and patented intellectual property for surround view lidar.
• Selected as a finalist for the 24^th Annual 2022 SXSW Innovation Awards in the “Smart Cities, Transportation & Delivery” category for its Intelligent Infrastructure Solution.
• Named the new CEO, Dr. Theodore L. Tewksbury, who has a proven track record of scaling new technologies into profitable growth businesses.
• Hired Dr. Anurag Gupta as EVP of Engineering to lead the team in advancing Velodyne’s robust portfolio of high value lidar hardware and software solutions.
• Appointed Virginia Boulet, a corporate governance expert, and Ernest E. Maddock, an operations, technology, and corporate finance executive, to the board of directors.

Financial Summary: Fourth Quarter of 2021 Compared to Third Quarter of 2021

• Total revenue increased to $17.5 million, compared to $13.1 million.
  • Product revenue grew to $13.7 million, up from $11.8 million.
  • License and services revenue grew to $3.9 million, compared to $1.3 million.
• GAAP gross profit improved to $2.7 million from a gross loss of $4.7 million. Non-GAAP gross profit improved $7.4 million to $3.2 million from a gross loss of $4.2 million, primarily due to the benefit of higher sales volumes and increased sensor licensing revenue.
• GAAP operating expenses were $40.3 million, compared to $50.0 million. Non-GAAP operating expenses were $35.2 million, compared to $33.4 million, primarily due to an increased investment in technology.
• GAAP net loss was $37.5 million, or $0.19 per share, compared to $54.7 million, or $0.28 per share. Non-GAAP net loss was $31.8 million, or $0.16 per share, compared to $37.5 million, $0.19 per share.
• At December 31, 2021, the company had $294.4 million in cash and short-term investments, compared to $350.3 million at December 31, 2020.

Financial Highlights: 2021 Compared to 2020

• Total revenue was $61.9 million, comprised of $48.0 million in product revenue and $13.9 million in license and services revenue. This compares to $95.4 million in 2020, of which $68.4 million was product revenue, including a one-time $11.1 million stocking fee, and $27.0 million was license and services revenue.
• GAAP net loss was $212.2 million, compared to $149.9 million in 2020. Non-GAAP net loss was $129.8 million, compared to $65.1 million in 2020.

A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.

First Quarter 2022 Guidance

Due to an increasingly dynamic supply and demand environment, management is shifting to a quarterly guidance practice in 2022.

Revenue is expected to range between $10 million and $12 million for first quarter 2022, driven by shipments of product to the company’s global customer base. Guidance excludes an estimate of the non-cash contra revenue charges of $5.0 million to $7.5 million vesting in the first quarter of 2022 expected to result from the issuance to Amazon.com NV Investment Holdings LLC of a warrant (the “Amazon Warrant”) to purchase up to an aggregate of 39,594,032 shares of the company’s common stock, subject to adjustment and vesting in accordance with the terms and conditions set forth in the Amazon Warrant.

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 28, 2022. Parties in the United States and Canada can access the call by dialing 877-270-2148. 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 7, 2022. To access the replay, parties in the United States and Canada should call 877-344-7529 and enter conference code 5202757.

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