Velodyne Lidar Inc (NASDAQ:VLDR) is down 16% in a week after announcing its Q2 2021 financial results for the period ended June 30, 2021. The company shipped over 3,800 sensor units during the quarter, with 72% of the shipments being spot purchases and 28% being shipments to customers with multi-year agreements.
Most importantly, the company continues solid-state sensors sales leadership with over 250 sensors already sold. As of August 1, 2021, Velodyne had 34 active multi-year agreements achieving the stated target for 2021. Equally multi-year contact pipeline of projects increased to 213 as of August 1, 2021.
The company reported revenue of $13.6 million in Q2 2021 and reaffirmed its full-year revenue guidance for 2021 of $77 million to $94 million. At the end of the quarter, the company had 353.6 million in cash and investments. CFO Drew Hamer said that lidar usage is gaining momentum, and they are delighted to be closing deals with different customers in a range of markets. So VLDR is worth watching in the coming months.
Market Reaction:
On Tuesday, VLDR stock fell 3.04% to $6.70 with more than 3.40 million shares, compared to its average volume of 3.99 million shares. The stock has moved within a range of $6.50 – 6.81 after opening the trade at $6.80.
