Velo3D presents new development plans for 2024

Velo3D – an American manufacturer of 3D metal printers, which has recently been struggling with many financial and organizational problems, has presented a new development plan for 2024. Its central aspect is the optimization of the quality of the new series of flagship Sapphire 3D printers. Through operational initiatives and design improvements, the company has significantly reduced customer installation times. Additionally, the customer service and quality team has been expanded by approximately 40% to provide support in all major U.S. cities.

The company also increased the efficiency of machines, which resulted in an extension of their operating time for key customers. Additionally, over the last six months, technical issue resolution time has been reduced by over 45%. Research and development at Velo3D now focuses more on the success of customer 3D printer deployments and machine performance.

Since mid-December, Velo3D’s sales team has secured approximately $12 million in new orders. More than 50% of these bookings are linked to key accounts, highlighting increased customer confidence in the company’s technology. Velo3D remains on track to reduce operating costs by 40% by the end of the first quarter of 2024, with the goal of achieving positive cash flow in the second half of this year.

These initiatives form the basis of Velo3D’s five-year development plan to support innovation and the growing demand for additive manufacturing solutions. In pursuing these priorities, the company remains committed to its install-and-grow strategy, where satisfied customers continue to purchase Sapphire 3D printers for their significant production capabilities.

Source: www.velo3d.com