CAMPBELL, Calif. - Velo3D, Inc. (NYSE: VLD), a metal additive manufacturing technology company, announced today the appointment of Hull Xu as its new Chief Financial Officer. Xu, with over 15 years of experience in corporate finance within the technology sector, replaces Bernard Chung, who will depart on April 29, 2024.
Xu's background includes roles at Cepton, Inc., Royal Bank of Canada, Barclays Capital, and GE Capital. His expertise will be directed towards the company's financial operations, including accounting, treasury, and investor relations.
In a parallel move, Michelle Sidwell, previously Executive Vice President of Global Sales and Business Development, has been promoted to the new role of Chief Commercial Officer.
Sidwell's responsibilities will encompass sales, marketing, customer service, and business development, aiming to streamline customer engagement and bolster the company's market approach. Concurrently, Renette Youssef, the Chief Marketing Officer, is set to leave Velo3D to explore new opportunities.
These leadership changes align with Velo3D's strategic initiatives to enhance cash flow and operational efficiency, which are reportedly on track. CEO Brad Kreger expressed confidence in the new appointments, noting Xu's financial acumen and Sidwell's contributions to the company's sales pipeline and customer success.
Kreger also acknowledged the company's progress in rebuilding its order backlog, with $27 million in new orders since mid-December 2023, and improved system reliability leading to increased orders, particularly from the defense sector.
Velo3D specializes in metal 3D printing technology that enables the production of mission-critical parts for industries such as space exploration, aviation, and energy. The company's integrated solution includes software, printers, and quality control systems, all powered by its Intelligent Fusion manufacturing process.
This announcement is based on a press release statement from Velo3D.
InvestingPro Insights
As Velo3D, Inc. (NYSE: VLD) welcomes Hull Xu as the new CFO and Michelle Sidwell steps into the role of Chief Commercial Officer, the company's financial health and market performance remain a focal point for investors. The latest data from InvestingPro shows a market capitalization of $74.04 million, reflecting the company's current valuation in the market. Despite the strategic leadership changes aimed at enhancing operational efficiency, the company's P/E Ratio stands at -0.57, indicating that investors are not expecting earnings to cover the share price in the last twelve months as of Q4 2023.
Analysts have revised their earnings downwards for the upcoming period, which aligns with the company's negative gross profit margin of -33.92% in the same timeframe. This suggests that Velo3D is facing challenges in converting revenues into actual profit, which could be a point of focus for the incoming CFO. Additionally, the company's stock has experienced significant volatility, with a price total return of -89.08% over the past year, indicating a rough period for shareholders.
To gain deeper insights into Velo3D's financial health and stock performance, investors can explore additional InvestingPro Tips that provide a comprehensive analysis of the company. There are 17 more tips available on InvestingPro, which could be particularly useful for understanding the nuances of Velo3D's financial position and market prospects. For those interested in a thorough investment analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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