Velodyne Lidar stock falls on Q4 earnings, downside guidance

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Velodyne Lidar (NASDAQ:VLDR) shares have dropped ~6% pre-market after the lidar technology firm reported its Q4 results Monday (Feb. 28, 2022).

The company generated revenue of $17.54M, down 1.7% Y/Y but beating analysts estimates by $0.95M.

Product revenue fell from $14.41M in Q420 to $13.7M, while license and services revenue grew to $3.9M compared with $3.44M last year.

Over 4,900 sensor units were sold during the period, representing a quarterly record.

Net loss narrowed from -$111.46M in the prior year quarter to -$37.47M.

The company ended the year with $294.4M of cash and short-term investments.

CEO update: "During the fourth quarter of 2021, we achieved record quarterly sensor shipments, bringing our lifetime shipments to more than 67,000. In 2022, we plan to focus on four strategic pillars to make lidar ubiquitous and accelerate our path to profitable revenue growth."

However, Velodyne Lidar guided Q122 revenue below estimates, expecting revs of $10-$12M vs. $19.38M consensus.

Morgan Stanley kept an Overweight rating on VLDR after weighing on the company's Q4 earnings report.