Velo3D, Inc. (NYSE:VLD) Q3 2023 Earnings Conference Call November 6, 2023 5:00 PM ET

Company Participants

Bob Okunski - Vice President of Investor Relations

Benny Buller - Chief Executive Officer

Bernie Chung - Chief Financial Officer

Conference Call Participants

Brian Drab - William Blair

Chris Grenga - Needham & Company

Jacob Stephan - Lake Street Capital Markets

Operator

Good afternoon and welcome to Velo3D Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded.

I'll now turn the call over to Mr. Bob Okunski, Vice President of Investor Relations at Velo3D Corporation. Thank you, sir. You may begin.

Bob Okunski

Thanks, Alicia. I'd like to welcome everyone to our third quarter 2023 earnings conference call. On the call today we will start out with comments from Benny Buller, CEO of Velo3D, who will provide a summary of the quarter as well as an update on certain key strategic priorities for 2023. Following Benny's comments, Bernie Chung, our CFO, will then review our third quarter 2023 financial results and provide our guidance. As a reminder, a replay of this call will be available later today on the Investor Relations page of our website.

During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the Safe Harbor slide of today's presentation, today's press release as well as our 2022 10-K and additional 2023 SEC filings. Please see those documents for additional information regarding those factors that may affect these forward-looking statements. Also, we will reference certain non-GAAP metrics during today's call. Please refer to the appendix of our presentation as well as our today's earnings press release for the appropriate GAAP to non-GAAP reconciliations. Finally, to enhance this call, we have also posted a set of PowerPoint slides which we will reference during the call on the Events and Presentations page of our Investor Relations website.

With that, I'd like to turn the call over to Benny Buller, CEO of Velo3D. Benny?

Benny Buller

Thanks, Bob. And I'd like to welcome everyone to our third quarter earnings call. Prior to starting our review of the quarter, I would like to provide some context for my upcoming remarks. As we have discussed many times, we firmly believe that we are just beginning to see how additive manufacturing is rapidly changing the way high-value metal parts are produced across many industries. While our ability to capitalize on this opportunity has driven our industry-leading growth over the last 2 years, we now realize that our focus on top line revenue has come at the expense of customer service profitability and cash flow. Essentially, we grew too fast.