TCT Magazine
Brad Kregre Velo3D - 1
Velo3D has announced the appointment of Brad Kreger as its CEO after six months working in the role on an interim basis.
Kreger took over from Velo3D founder Benny Buller in December 2023, who resigned from the role after the company's poor performance on the New York Stock Exchange in December 2023. That poor performance resulted in a noncompliance notice.
In appointing Kreger to the role on a permanent basis, the Board of Directors cited the 'success of Velo3D’s re-alignment initiatives' under Kreger, as well as his 'implementation of strategic initiatives that have resulted in business momentum' over the last 6 months.
In that time, Velo3D has reported that 100% of its high priority customer service tickets were resolved in the first quarter of 2024 and booked 27 million SUD in new orders, with 50% of orders being made by existing customers. The company also says that it reduced system installation time by around 40% and improved its cash flow by reducing year over year operating expenses by 30%. As a result, it expects quarterly improvement in operating cash flow for FY 2024.
Read more | Interview: Interim CEO Brad Kreger on the potential sale of Velo3D
“I am pleased to announce the Board has appointed Mr. Kreger as permanent Chief Executive Officer,” said Carl Bass, Chairman of the Board of Velo3D. “Under Mr. Kreger’s leadership, the company has executed on its re-alignment initiatives, materially reduced its cost structure and improved overall operating efficiency. At the same time, his customer-first go-to-market strategy has resulted in an acceleration of orders from both new and existing customer, reflecting confidence in the company’s technology as well as in its initiatives to improve customer satisfaction. We firmly believe Mr. Kreger has the right qualities and experience to position Velo3D for future success.”
“I would like to thank the Board for their confidence in me, and I remain very excited about our opportunity in additive manufacturing that is transforming key industries, like defence, aerospace, and energy,” added Kreger. “Overall, I am very pleased with our strategic execution so far this year. We are successfully rebuilding our backlog and pipeline as we booked 27 million USD in new orders from mid-December 2023 through the first quarter of 2024, with 22 million USD of backlog going into the second quarter of 2024. I am especially encouraged by our increasing opportunities in the defence sector as we are the only U.S. based AM manufacturer that can meet the high quality and complexity requirements of this industry. Also, our efforts to improve system reliability are paying off as we are seeing increased orders from existing customers as well as continuing to execute on our cost realignment programs to improve margins and cash flow. We firmly believe we are well positioned to profitably capitalise on the increasing industry demand for leading-edge additive manufacturing solutions.”
