Velodyne Lidar – Second Quarter 2022..
Velodyne Lidar Reports Second Quarter 2022 Financial Results
– Revenue of $11.5 million and billings of $12.5 million
SAN JOSE, Calif.–(BUSINESS WIRE)–Aug. 8, 2022– Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW), a leading lidar company known worldwide for its broad portfolio of breakthrough lidar technologies, today announced financial results for its second quarter, which ended June 30, 2022.
“We saw strong customer traction in the second quarter across all three of our target markets: industrial and robotics, intelligent infrastructure and autonomous vehicles,” said Dr. Ted Tewksbury, CEO of Velodyne Lidar. “Thanks to solid execution by our operations team, we delivered sequential revenue growth in the face of continuing supply chain headwinds.
“We remain intensely focused on our dual goals of delivering intelligent vision solutions to our customers while scaling lidar into a profitable growth business with attractive shareholder returns,” said Dr. Tewksbury. “With our growth strategy defined and well underway, we are executing on several initiatives to expand gross margin and reduce costs. These actions are necessary to align our expense structure with current revenue expectations over the next 4 to 6 quarters. In parallel, we are investing selectively in strategic products that will be key to our long-term objectives.”
Second Quarter 2022 Financial Summary
- Total revenue was approximately $11.5 million and includes an approximately $1.0 million impact of the Amazon warrant. This compares with total revenue of $6.2 million, which included a $5.3 million impact of the Amazon warrant, in the prior quarter.
- Total product revenue was $9.7 million. This compares with $4.4 million, which included a $5.3 million impact of the Amazon warrant, in the first quarter of 2022.
- License and services revenue was $1.9 million, compared with $1.8 million in the first quarter of 2022.
- Billings were $12.5 million, compared with $11.5 million in the first quarter of 2022. Billings continue to be impacted by supply chain constraints, which were partially mitigated by price increases.
- GAAP gross loss was $7.1 million. This compares with a GAAP gross loss of $9.3 million in the first quarter of 2022. The second quarter gross loss was negatively impacted by $2.2 million from the discontinuation of a product line.
- Non-GAAP gross loss was $4.2 million. This compares with a non-GAAP gross loss of $8.8 million in the first quarter of 2022.
- GAAP operating expenses were $37.5 million, compared with $39.6 million in the first quarter of 2022.
- Non-GAAP operating expenses were $31.8 million, compared with $35.1 million in the first quarter of 2022. The reduction was partially due to initial cost containment strategies implemented during the quarter.
- GAAP net loss was $44.3 million, or $(0.22) per share. This compares with a GAAP net loss of $49.1 million, or $(0.25) per share in the first quarter of 2022.
- Non-GAAP net loss was $35.7 million, or $(0.18) per share. This compares with a non-GAAP net loss of $44.0 million, $(0.22) per share in the first quarter of 2022.
- The Company had $229.2 million in cash and short-term investments at June 30, 2022, compared with $256.4 million at March 31, 2022.
A reconciliation between historical GAAP and non-GAAP information is provided in the tables below.
Third Quarter 2022 Outlook
“We entered the third quarter with robust demand. Once again, however, supply constraints challenge our ability to fulfill this demand,” said Dr. Tewksbury. “Due to these continuing external factors, we expect billings to be between $10 million and $12 million and revenue to be between $8 million and $11 million. The difference is due to estimated non-cash contra revenue of between $1 million and $2 million related to the Amazon warrants.”
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