Velodyne Lidar, Inc. (VLDR), a company providing real-time three-dimensional vision for autonomous systems worldwide, has declined 5.88% in aftermarket and consequently is trading at $6.08 at the time of the writing. The decline is attributable to the announcement of quarterly financial results. On Thursday, VLDR closed the day at $6.46 after declining 4.58% during regular trading hours.
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Why VLDR is Declining?
In the late hours of Thursday, VLDR reported the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $57.144 on 30th September. The total revenue generated by the company for the quarter was $13.06 million against $32.09 million for the same period of 2020. The total operating expenses for the period were $50.03 million against $17.71 million for the same period of 2020. The company suffered a net loss of $54.71 million ($0.28 per share) during the quarter against $5.29 million ($0.04 per share) for the same period of 2020.
Drew Hamer, CFO of VLDR, while commenting on the results said that the products of the company are continually gaining momentum in emerging target markets. He said that the company would continue to work toward the long-term stakeholder value through its mission to democratize lidar-based safety and autonomy.
Appointment of CEO
On the same day, i.e. Thursday, VLDR announced the appointment of Theodore “Ted” L. Tewksbury, Ph.D. as Chief Executive Officer. The appointment would become effective from 10th November 2021. Dr. Tewksbury is a tech executive. He has an experience of more than 30 years of leadership experience across a series of public and private companies. Before joining VLDR, he served as Chief Executive Officer of Eta Compute, a leading provider of ultra-low-power AI vision systems. Michael Dee, Chairman of the Velodyne Board of Directors, welcomed his induction and said that his extensive leadership experience makes him an ideal candidate to lead the company.
During the previous half-year, VLDR has declined more than 40%, but the trend has significantly changed in recent weeks as it has surged about 12% during the last four weeks. Potential investors should keep a close eye on the fluctuations of VLDR stock in the future to make an informed decision regarding their investments.