Velodyne Lidar Inc. (VLDR) shares plummeted 5.88% in after-hours on Thursday, November 4, 2021, and closed the daily trading at $6.08. Even in the regular trading session, VLDR’s stock lost 4.58%. VLDR shares have fallen 49.77% over the last 12 months, and they have moved up 6.08% in the past week. Over the past three months, the stock has lost 13.29%, while over the past six months, it has declined 45.30%.
Let’s discuss its recent news and developments.
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VLDR recent financial results
On November 04, 2021, Velodyne Lidar, Inc. (VLDR, VLDRW) released financial results for its third quarter ended September 30, 2021.
Q3 2021 financial highlights
- Total revenue of $13.1 million compared to $32.09 million in Q3 2021. Revenue was $13.6 million in the second quarter of 2021.
- GAAP gross loss was $4.7 million in Q3 2021 compared to GAAP gross loss of $15.0 million in Q3 2021. In Q2 2021, GAAP gross loss was $5.8 million.
- In Q3 2021, GAAP operating expenses were $50.0 million compared to $17.7 million in Q3 2020. GAAP operating expenses were $83.3 million in Q2 2021.
- It suffered a GAAP net loss of $54.7 million in Q3 2021 compared to a net loss of $5.3 million in Q3 2021. GAAP net loss was $79.2 million in Q2 2021.
FY 2021 revised financial guidance
For full-year 2021, the company is now expecting
- Total revenue in the range of 60 million and $63 million.
- Non-GAAP gross margins in the range of negative 8% to 10%.
- GAAP operating expenses in the range of $125 and $129 million.
VLDR participation in the upcoming exhibition
Velodyne Lidar, Inc. (VLDR, VLDRW) will demonstrate its innovative lidar solutions at Auto Guangzhou 2021, which is to be held on November 19-21, 2021 in Canton Fair Complex, Guangzhou, China.
VLDR new appointments
- On November 04, 2021, Velodyne Lidar, Inc appointed Theodore “Ted” L. Tewksbury, PhD as Chief Executive Officer, effective November 10, 2021.
Dr Tewksbury has more than 30 years of leadership experience across a series of public and private companies. He served as Chief Executive Officer of Eta Compute most recently. He also held several chief executives and board positions at leading high-technology companies.
- Also on November 01, 2021, the Board of directors of VLDR appointed corporate governance expert Virginia Boulet to the Board. Ms. Boulet has been appointed to the Board as a Class II director and is expected to join on November 4, 2021.
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Conclusion
The recent financial results announcement was the reason behind its loss on Thursday and it can continue to decline on Friday as well.