Brad Kreger is officially appointed permanent CEO of Velo3D

Velo3D, a leader in additive manufacturing technology for mission-critical metal parts, announced that its Board of Directors has officially appointed Brad Kreger, who has served as the company’s Interim Chief Executive Officer since December 2023, as the company’s permanent Chief Executive Officer.

“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. “We firmly believe Mr. Kreger has the right qualities and experience to position Velo3D for future success.”

He also emphasized that Kreger has led the company through successful realignment initiatives that have both significantly reduced the cost structure and improved operational efficiency. His customer-focused sales strategy has resulted in an acceleration of orders, reflecting the company’s confidence in technology and initiatives to improve customer satisfaction.

The company’s key strategic initiatives include ensuring customer success and system reliability. In the first quarter of 2024, 100% of high-priority tickets were resolved. Since mid-December, 27 million US dollars in new orders have been booked, with around 50% of orders coming from existing customers. The quality of the Sapphire printers has been improved and the installation time of the systems has been reduced by over 40% in the last six months. In addition, cash flow was improved by reducing operating costs by 30% year-on-year. A continuous improvement in operating cash flow is expected for the 2024 financial year.

“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 defense, aerospace, and energy,” said 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 in new orders from mid-December 2023 through the first quarter of 2024, with $22 million of backlog going into the second quarter of 2024. I am especially encouraged by our increasing opportunities in the defense 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 capitalize on the increasing industry demand for leading-edge additive manufacturing solutions.”