Velodyne Lidar Announces First Quarter 2022 Financial Results

Velodyne Lidar Announces First Quarter 2022 Financial Results

• Revenue of $6.2 million in the first quarter of 2022

• Billings for delivery in the first quarter of 2022 reached $11.5 million

• Second quarter 2022 revenue guidance of $9.5 million to $12 million and billings of $12 million to $14 million

SAN JOSE, Calif., May 5, 2022 – Velodyne Lidar, a lidar company, announced financial results for the first quarter ended March 31, 2022.

“We saw strong customer demand across all of our target markets during the first quarter. Solid execution delivered revenue and billings above our expectations, partially offset by increased component costs, even in the face of supply chain headwinds, ” said Dr. Theodore L. Tewksbury, Velodyne Lidar CEO. “During the quarter, we made real progress on our comprehensive organizational transformation as Velodyne continues to deliver full-stack intelligent vision solutions to our customers with the vision to accelerate the advancement of autonomous systems.”

2022 First Quarter Financial Report Summary

Velodyne and Amazon jointly signed the Warrant Agreement on February 4, 2022, and the first quarter of 2022 marks the official start of the relevant accounting. The main impact is that the revenue report will deviate from the cash flow, which is not affected by the prescribed revenue accounting. Therefore, Velodyne has expanded the scope of financial information disclosure to provide more perspectives on the company's business performance by including billing indicators. Billings represent the dollar value of products and services provided and invoiced to customers during the current period.

Recent important corporate developments

• Velodyne Lidar Intelligent Infrastructure Solutions (IIS) won the 2022 SXSW Innovation Awards in the Smart Cities, Transportation and Delivery category.

• The German city of Rüsselsheim uses Velodyne’s full-stack lidar-based solution to build an intelligent road monitoring system for truck management.

• Velodyne will showcase its full-stack vision solutions at the 2022 XPONENTIAL US Drone Show.