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Velo3D Announces First Quarter 2025 Financial Results

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12 months ago

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Revenue of $9.3 millionGross margin of 7.5%Backlog of $18 million as of March 31, 2025Reaffirms expectation for 2025 annual revenue growth of more than 30%Reaffirms expectation to be EBITDA positive in the first half of 2026

FREMONT, Calif., May 13, 2025 /PRNewswire/ — Velo3D, Inc. (OTCQX: VLDX), a leader in additive manufacturing (AM) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its first quarter ended March 31, 2025. 

Recent Business Developments

Demand mix shift to Rapid Production Services (RPS) underwayRPS backlog increased 3x as compared to year-end 2024New customers represented more than 75% of 1Q’25 bookings50% demand from defense sectorSigned a five-year, $15 million master services agreement (MSA) with Momentus, Inc.to leverage to RPS OfferingSigned a five-year exclusive supply agreement with Amaero Advanced Materials & Manufacturing, Inc. (“Amaero”) advancing efforts to re-shore advanced manufacturing and accelerate the adoption of additive manufacturingReceived an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programsAnnounced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.Appointed retired U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government RelationsAppointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of DirectorsUpgraded to OTCQX® Best Market from the Pink® market

“Momentum is building across our business as we implement a number of strategic initiatives that we believe position Velo3D for sustainable, long-term growth and a return to profitability,” said Arun Jeldi, CEO of Velo3D. “We are seeing early results from our new go-to-market strategy, which is gaining significant traction with both new and existing customers, particularly in the defense and aerospace industries where domestic supply chain resiliency is a priority.”

Jeldi, continued, “A $15 million, five-year MSA with Momentus, along with our exclusive supply agreement with Amaero, further validates our RPS offering and underscores our expanding role in reshoring critical manufacturing capabilities in the U.S. RPS is designed to address the growing demand for scalable, high-quality parts by providing a seamless path from design to production. It reduces design cycles, accelerates production qualification and ensures consistent output through a U.S.-based supply chain. Awareness and interest are accelerating among top-tier companies in defense, aerospace and technology, and we believe RPS could account for up to 40% of our revenue by 2026.”

Jeldi continued, “We further strengthened our leadership team with the appointment of retired U.S. Army Green Beret Brice Cooper as Vice President of Defense and Government Relations and welcomed Rear Admiral Jason Lloyd and Kenneth Thieneman to our Board of Directors. Their deep industry and defense expertise will be instrumental as we expand our presence in key strategic markets.”

Jeldi, concluded, “With a number of initiatives in motion, we believe we are in a strong position to execute our strategy and reclaim our leadership in additive manufacturing. We are already seeing measurable improvements in performance and expect sequential quarterly progress throughout 2025.”

($ in Millions, except percentages and per-share data)

1st Quarter 2025

1st Quarter 2024

GAAP revenue

$9.3

$9.8

GAAP gross margin

7.5 %

(28.8) %

GAAP net loss1

($25.4)

($28.3)

GAAP net loss per share – basic and diluted

($0.13)

($3.81)

Non-GAAP net loss2

($8.9)

($20.2)

Non-GAAP net loss per share – basic and diluted2

($0.04)

($2.71)

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”.  The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative and loss on extinguishment of debt.

Summary of First Quarter 2025 Results 

Revenue was $9.3 million. System revenue decreased compared to the first quarter of 2024, driven by a modest decrease in the number of printer sales, consistent with our strategy of maintaining Average Selling Price (ASP) by targeting high-value customers. While system sales are expected to remain the primary driver of revenue in 2025, the company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue beginning in the second half of the year. 

Gross margin for the first quarter was 7.5% compared to negative 28.8% in the first quarter of 2024. The improvement is a result of continued Build of Materials (BOM) cost reduction as well as manufacturing process optimization. The company expects gross margin to improve throughout 2025 as a result of operational efficiencies and an anticipated ramp-up of its Rapid Production Solutions business. 

Operating expenses for the first quarter were $12.6 million compared to $18.6 million in the first quarter of 2024. Non-GAAP operating expenses, which excludes stock-based compensation expense of $3.9 million, were $8.8 million, down from $14.1 million in the first quarter of 2024. 

GAAP net loss for the first quarter was $25.4 million compared to a loss of $28.3 million in the first quarter of 2024. 

Non-GAAP net loss was $8.9 million in the three months ended March 31, 2025, which excludes the non-cash loss from the warrant cancellation transaction that eliminated significant future liabilities. Adjusted EBITDA for the quarter was negative $6.9 million. For more information regarding the company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.

As of March 31, 2025, the Company had $3.9 million of cash and cash equivalents, compared to $1.2 million as of December 31, 2024.

Guidance

Management expects the following for the full year 2025:

Revenue in the range of $50 million to $60 million.Sequential improvement in gross marginGreater than 30% gross margin in fourth quarter of 2025Non-GAAP operating expenses in the range of $40 million to $50 millionCapEx in the range of $15 million to $20 millionEBITDA positive in the first half of 2026

Conference Call

The company will host a conference call for investors this afternoon to discuss its first quarter 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on May 13, 2025. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D’s website at ir.velo3d.com.

About Velo3D:

Velo3D is a metal 3D printing technology company. 3D printing—also known as additive manufacturing (AM)—has a unique ability to improve the way high-value metal parts are built. However, legacy metal AM has been greatly limited in its capabilities since its invention almost 30 years ago. This has prevented the technology from being used to create the most valuable and impactful parts, restricting its use to specific niches where the limitations were acceptable.

Velo3D has overcome these limitations so engineers can design and print the parts they want. The company’s solution unlocks a wide breadth of design freedom and enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries. Using Velo3D, these customers can now build mission-critical metal parts that were previously impossible to manufacture. The fully integrated solution includes the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system—all of which are powered by Velo3D’s Intelligent Fusion manufacturing process. The company delivered its first Sapphire system in 2018 and has been a strategic partner to innovators such as SpaceX, Honeywell, Honda, Chromalloy, and Lam Research. Velo3D has been named as one of Fast Company’s Most Innovative Companies for 2024. For more information, please visit Velo3D.com, or follow the company on LinkedIn or Twitter.

VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.

Amounts herein pertaining to the company’s first quarter ended March 31, 2025 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (the “SEC”). Additional information on our results of operations for the three months ended March 31, 2025 will be provided upon the filing our Quarterly Report 10-Q with the SEC.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. The company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s guidance for fiscal years 2025 and 2026 (including the company’s estimates for revenue and gross margin), the company’s expectations regarding its ability to achieve profitability in the first half of 2026, the company’s expectations about future demand, the company’s strategic realignment and initiatives, the company’s expectations regarding its liquidity and capital requirements, the company’s expectations regarding its potential cost savings, the company’s expectations about its market strategy and financial and operational position, and the company’s other expectations, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “FY 2024 10-K”) and the other documents filed by the company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the company to execute its business plan, which may be affected by, among other things, competition, the company’s liquidity position//lack of available cash, the ability of the company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) the company’s ability to continue as a going concern; (3) the company’s ability to service and comply with its indebtedness; (4) the company’s ability to raise additional capital in the near-term; (5) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in the applicable laws and regulations, and (7) other risks and uncertainties described in the FY 2024 10-K, including those under “Risk Factors” therein, and in the company’s other filings with the SEC. The company cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. 

Non-GAAP Financial Information

The information in the table below sets forth the non-GAAP financial measures that the company uses in this release. We believe these non-GAAP financial performance and liquidity measures are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of core expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.

Each of our non-GAAP measures have limitations as analytical tools. Because of these limitations, “Non-GAAP Net Loss”, “EBITDA”, “Adjusted EBITDA” and “Non-GAAP Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, EBITDA, Adjusted EBITDA, and Non-GAAP Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the company’s business.

The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Operating Expenses during the periods below:

Velo3D, Inc.

NON-GAAP Net Loss Reconciliation

(Unaudited)

Three months ended

March 31, 2025

December 31, 2024

March 31, 2024

(In thousands, except for percentages)

% of Rev

% of Rev

% of Rev

Revenue

$

9,320

100.0

%

$

12,626

100.0

%

$

9,786

100.0

%

Gross Profit

697

7.5

%

(444)

(3.5)

%

(2,815)

(28.8)

%

Net Loss

$

(25,411)

(272.7)

%

$

(21,686)

(171.8)

%

$

(28,314)

(289.3)

%

Stock-based compensation

4,074

43.7

%

2,322

18.4

%

5,087

52.0

%

Gain on exchange of debt for common stock

–

—

%

(2,619)

(20.7)

%

–

—

%

(Gain) loss on fair value of warrants

1,044

11.2

%

(184)

(1.5)

%

2,620

26.8

%

Loss on fair value of contingent earnout liabilities

–

—

%

–

—

%

437

4.5

%

Loss on warrant cancellation

11,357

121.9

%

–

—

%

–

—

%

Non-GAAP Net Loss

$

(8,936)

(95.9)

%

$

(22,167)

(175.6)

%

$

(20,170)

(206.1)

%

 

Velo3D, Inc.

NON-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

Three months ended

March 31, 2025

December 31, 2024

March 31, 2024

(In thousands, except for percentages)

% of Rev

% of Rev

% of Rev

Revenue

$

9,320

100.0

%

$

12,626

100.0

%

$

9,786

100.0

%

Net Loss

(25,411)

(272.7)

%

(21,686)

(171.8)

%

(28,314)

(289.3)

%

Interest expense

1,070

11.5

%

3,048

24.1

%

3,897

39.8

%

Provision for income taxes

8

0.1

%

(20)

(0.2)

%

4

0.0

%

Depreciation and amortization

942

10.1

%

968

7.7

%

1,396

14.3

%

EBITDA

$

(23,391)

(251.0)

%

$

(17,690)

(140.1)

%

$

(23,017)

(235.2)

%

Stock-based compensation

4,074

43.7

%

2,322

18.4

%

5,087

52.0

%

Gain on exchange of debt for common stock

–

—

%

(2,619)

(20.7)

%

–

—

%

(Gain) loss on fair value of warrants

1,044

11.2

%

(184)

(1.5)

%

2,620

26.8

%

Loss on fair value of contingent earnout liabilities

–

—

%

–

—

%

437

4.5

%

Loss on warrant cancellation

11,357

121.9

%

–

—

%

–

—

%

Restructuring expense

–

—

%

3,540

28.0

%

–

—

%

Adjusted EBITDA

$

(6,916)

(74.2)

%

$

(14,631)

(115.9)

%

$

(14,873)

(152.0)

%

 

Velo3D, Inc.

NON-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

Three months ended

March 31, 2025

December 31, 2024

March 31, 2024

(In thousands, except for percentages)

% of Rev

% of Rev

% of Rev

Revenue

$

9,320

100.0

%

$

12,626

100.0

%

$

9,786

100.0

%

Operating expenses

Research and development

1,212

13.0

%

3,082

24.4

%

5,043

51.5

%

Selling and marketing

2,275

24.4

%

1,627

12.9

%

4,809

49.1

%

General and administrative

9,131

98.0

%

16,348

129.5

%

8,783

89.8

%

Total operating expenses

$

12,618

135.4

%

$

21,057

166.8

%

$

18,635

190.4

%

Stock-based compensation in operating expenses

3,866

41.5

%

2,322

18.4

%

4,503

46.0

%

Adjusted operating expenses

$

8,752

93.9

%

$

18,735

148.4

%

$

14,132

144.4

%

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)

Three Months Ended March 31,

2025

2024

Revenue

3D Printer

$

7,523

$

7,660

Recurring payment

—

470

Support services

1,790

1,656

Other

7

—

Total Revenue

9,320

9,786

Cost of revenue

3D Printer

7,540

9,394

Recurring payment

12

315

Support services

1,071

2,892

Total cost of revenue

8,623

12,601

Gross loss

697

(2,815)

Operating expenses

Research and development

1,212

5,043

Selling and marketing

2,275

4,809

General and administrative

9,131

8,783

Total operating expenses

12,618

18,635

Loss from operations

(11,921)

(21,450)

Interest expense

(1,070)

(3,897)

Loss on fair value of warrants

(1,044)

(2,620)

Loss on fair value of contingent earnout liabilities

—

(437)

Loss on warrant cancellation

(11,357)

—

Other income (expense), net

(11)

94

Loss before provision for income taxes

(25,403)

(28,310)

Provision for income taxes

(8)

(4)

Net loss

$

(25,411)

$

(28,314)

Net loss per share:

    Basic

$

(0.13)

$

(3.81)

    Diluted

$

(0.13)

$

(3.81)

 

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

March 31,

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$

3,870

$

1,212

Accounts receivable, net

4,569

3,723

Inventories, net

46,133

49,953

Contract assets

1,295

500

Prepaid expenses and other current assets

5,907

2,336

Total current assets

61,774

57,724

Property and equipment, net

13,691

14,270

Equipment on lease, net

3,673

3,673

Other assets

12,261

13,513

Total assets

$

91,399

$

89,180

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

16,365

$

18,538

Accrued expenses and other current liabilities

3,762

3,511

Debt – current portion

16,152

5,666

Contract liabilities

7,614

10,285

Total current liabilities

43,893

38,000

Long-term debt – less current portion

5,506

—

Contingent earnout liabilities

11

11

Warrant liabilities

13

2,167

Other noncurrent liabilities

9,094

9,338

Total liabilities

58,517

49,516

Commitments and contingencies (Note 13)

Stockholders’ equity:

Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2025
and December 31, 2024, 210,232,762 and 194,909,430 shares issued and outstanding as
of March 31, 2025 and December 31, 2024, respectively

4

4

Additional paid-in capital

488,623

469,994

Accumulated other comprehensive loss

—

—

Accumulated deficit

(455,745)

(430,334)

Total stockholders’ equity

32,882

39,664

Total liabilities and stockholders’ equity

$

91,399

$

89,180

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended March 31,

2025

2024

Cash flows from operating activities

Net loss

$

(25,411)

$

(28,314)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

942

1,396

Amortization of debt discount and deferred financing costs

992

3,171

Stock-based compensation

4,074

5,087

Loss on fair value of warrants

1,044

2,620

Loss on fair value of contingent earnout liabilities

—

437

Loss on warrant cancellation

11,357

—

Changes in assets and liabilities

Accounts receivable

(846)

(2,070)

Inventories

1,989

2,645

Contract assets

(795)

(2,118)

Prepaid expenses and other current assets

(3,407)

1,078

Other assets

1,224

396

Accounts payable

(860)

(4,199)

Accrued expenses and other liabilities

251

(218)

Contract liabilities

(2,671)

(416)

Other noncurrent liabilities

(232)

(18)

Net cash used in operating activities

(12,349)

(20,523)

Cash flows from investing activities

Purchase of property and equipment

—

(6)

Production of equipment for lease to customers

—

(1)

Proceeds from maturity of available-for-sale investments

—

3,500

Net cash provided by investing activities

—

3,493

Cash flows from financing activities

Proceeds from secured convertible notes

15,000

—

Issuance of common stock upon exercise of stock options

—

285

Net cash provided by financing activities

15,000

285

Effect of exchange rate changes on cash and cash equivalents

7

5

Net change in cash and cash equivalents

2,658

(16,740)

Cash and cash equivalents and restricted cash at beginning of period

1,840

25,294

Cash and cash equivalents and restricted cash at end of period

$

4,498

$

8,554

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:

March 31,

2025

2024

Cash and cash equivalents

$

3,870

$

7,754

Restricted cash (Other assets)

628

800

Total cash and cash equivalents and restricted cash

$

4,498

$

8,554

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SOURCE Velo3D, Inc.

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Technology

TiTE x IHT 2026: The Definitive Hub for Taiwan’s Hardware Manufacturing Excellence

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May 6, 2026

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TAICHUNG, May 6, 2026 /PRNewswire/ — When sourcing from Taiwan, location is the ultimate strategic advantage. Don’t be misled by smaller, general trade shows held in city centers like Taipei. To truly connect with the source, you must go where the products are born. TiTE x IHT (Oct 20-22, 2026) in Taichung is the undisputed largest and most vital hardware industrial expo on the island. Hosted directly in the heart of Taiwan’s precision manufacturing cluster, this event features 1,000+ booths and 500+ top-tier manufacturers, offering a scale and industrial depth that no other exhibition can replicate.

Why Global Buyers Choose the Taichung Source Over Urban Trade Shows:

The Revolutionary “Exhibition as Factory” Model: Taichung is the global epicenter for hardware, home to 70% of Taiwan’s industry output. Our unique location enables the “30-Minute Sourcing Circle.” This allows you to verify high-end samples on the show floor in the morning and audit world-class production lines by the afternoon. By eliminating the travel gap between the booth and the factory, we reduce traditional procurement cycles from weeks to hours, providing unmatched transparency for R&D, capacity assessment, and quality control.ESG & CBAM Compliance for Western Markets: As the EU’s Carbon Border Adjustment Mechanism (CBAM) and global ESG mandates reshape trade, our exhibitors are already ahead of the curve. Discover CBAM-ready solutions and green manufacturing processes specifically designed to meet the strict sustainability requirements of the European and American markets. We provide more than just tools; we provide carbon-footprint-managed resilience for your brand.AI-Driven Smart Manufacturing: Address global labor shortages and rising costs with Taiwan’s latest innovations. The 2026 expo focuses on “AI Empowerment,” showcasing collaborative robotics, automated digital inspection, and data-driven supply chain management. These technologies ensure lead-time stability and high-precision consistency for premium global brand owners.Direct Sourcing & Global Matchmaking: Skip the middlemen and trading agencies. Our “Global Buyer Day” offers exclusive, pre-arranged matchmaking with the actual OEMs/ODMs. This is the primary decision-making platform for major distributors seeking resilient, direct-to-factory partnerships that guarantee the best pricing and priority production slots.

Experience the synergy of smart manufacturing and global trade. Stop at the source—where the world’s hardware is actually built. Secure your competitive edge in the true heart of the industry.

【TiTE x IHT】

Date: October 20-22, 2026Venue: TICEC, Taichung, TaiwanRegister Now: https://accu.ps/g8MZ1SHousing Subsidy: https://forms.gle/34VHVxSrEw7g8GxDAOfficial Website: https://www.hardwareexpotw.com

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KIST Accelerates U.S. Expansion of Quantum Deep-Tech Startups Through SelectUSA 2026

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32 minutes ago

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May 6, 2026

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SEOUL, South Korea, May 5, 2026 /PRNewswire/ — The Korea Institute of Science and Technology (KIST) President Oh Sang-rok announced that it will participate in the SelectUSA Investment Summit 2026 as part of a Korean delegation, together with quantum technology startups supported by the Ministry of SMEs and Startups under the Deeptech Project (DIPS).

The initiative, supported by South Korea’s Ministry of SMEs and Startups (MSS), is part of the government’s “Deeptech Incubator Project for Startups” (DIPS) initiative, which aims to nurture globally competitive deep-tech ventures.

KIST, which serves as the lead institution for the quantum technology sector under the program, said it will oversee the global commercialization efforts of participating firms. In particular, the “Global Bridge Program,” jointly developed with the U.S. Embassy in Korea in September 2025, is an official program designed to generate tangible overseas expansion outcomes by linking investment attraction with local market entry through diplomatic channels.

Organized by the U.S. Department of Commerce, the SelectUSA Investment Summit is the largest investment promotion event in the US, connecting international startups with venture capital firms, corporate investors and state-level economic development agencies.

It serves as an execution-oriented platform that extends to investment, corporate establishment, site selection, and tax incentives, and is considered a key entry gateway for deep-tech companies, including those in quantum technology.

KIST said participation in the summit is particularly significant for deep-tech sectors such as quantum technology, where access to the US innovation ecosystem is seen as key to growth.

The program is conducted in two stages. From April 30 to May 1, companies took part in a spin-off program hosted by the State of Maryland, which included visits to research institutions and tours of the regional quantum technology ecosystem.

During this period, the delegation also conducted localized activities with the Maryland state government and its economic development agencies, focusing on investment attraction, corporate collaboration, and joint R&D. In addition, on May 5, the delegation held discussions with U.S. Department of Commerce Deputy Secretary William Kimmitt on potential areas of cooperation.

The delegation will also meet officials from Fairfax County Government to explore collaboration and investment opportunities.

The main summit, currently ongoing from May 3 to May 6, features exhibitions, pitching sessions and meetings with US state representatives, with participating firms expected to engage in discussions on investment and market entry.

The delegation is structured to encompass the entire quantum industry rather than a single technology domain.

The Korean delegation comprises five startups, alongside Kyung Hee University Department of Future Science & Technology Commercialization Policy and Entrepreneurship, with approximately 20 participants forming an integrated ecosystem that combines research institutes, academia, and startups, enabling a full-cycle support system from technology validation to commercialization and global expansion.

One of the firms, OptiQ-Labs, was selected for an official pitching session on May 4, where it presented its laser-based optical modules designed for ion-trap quantum computing systems.

This highly competitive program selects only around 100 companies from more than 20,000 applicants worldwide. If selected as the winner of the pitching session, the company will receive follow-up meetings with U.S. state governments and economic development agencies, access to global investor networks, support for local entity establishment, and connections to site selection and tax incentive programs.

Other participating companies include QUAD, which develops single-photon detection technology; SLEEX, focused on underwater sensing; Elixir (StatUp AI), which works on quantum-classical hybrid algorithms for healthcare; and SQK (QMEDIC), specializing in physics-based imaging solutions.

KIST Project Director, Kang Sunjoon, said, “This program represents a critical milestone for Korean quantum startups to directly connect with global investors and industry ecosystems. Via the DIPS program, we are actively promoting the global commercialization of quantum technologies.”

Through its participation in SelectUSA, KIST has established a package-type global expansion model that integrates technology validation, investment attraction, and U.S. market entry.

The summit serves as a turning point for South Korea’s quantum sector, enabling startups to move into the next phase of validation, investment, and overseas expansion.

For more information, visit https://eng.kist.re.kr/.

About KIST 

KIST was established in 1966 as the first government-funded research institute in South Korea. KIST now strives to solve national and social challenges and secure growth engines through leading and innovative research.

About Participating Quantum Startups

QUAD, led by Chief Executive Officer, Oh Byung-doo, develops quantum sensing technologies based on superconducting nanowire single-photon detectors (SNSPDs), offering high sensitivity and precision with applications spanning quantum communication, quantum computing, semiconductor inspection, and defense.

SLEEX is developing an advanced perception technology that combines quantum LiDAR and electric field sensing to overcome limitations of existing underwater sensors, particularly by eliminating blind zones within the 0–2 meter range, with strong potential in autonomous navigation, maritime security, and defense, with Lee Jeho at the helm as Chief Executive Officer.  (https://www.thesleex.com)

Elixir, headed by Chief Executive Officer Jang Jung-kwon, develops a drug discovery and biomarker analysis platform based on quantum-classical hybrid algorithms, targeting the precision medicine market through the integration of bioinformatics and quantum machine learning. (statupai.com)

SQK develops medical imaging AI based on quantum-physics constraints, addressing the hallucination issues of conventional AI by ensuring physical consistency in CT and MRI reconstruction. Under the leadership of Chief Executive Officer Kim Yoon-hak, SQK is improving reliability and reducing the need for re-scans in clinical settings. (www.sqkcloud.com)

View original content to download multimedia:https://www.prnewswire.com/news-releases/kist-accelerates-us-expansion-of-quantum-deep-tech-startups-through-selectusa-2026-302763636.html

SOURCE The Korea Institute of Science and Technology (KIST)

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Former Visa Asia Pacific Executive David Tay Joins YeahPay as Global Vice President

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32 minutes ago

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May 6, 2026

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SINGAPORE, May 6, 2026 /PRNewswire/ — YeahPay, the international payment brand under YEAHKA (9923.HK), has appointed David Tay, a former senior executive at Visa Asia Pacific, as Global Vice President, tasking him with overseeing the strategic direction and product ecosystem development of YEAHKA’s overseas payment business. The appointment comes as global digital trade enters a new phase defined by ecosystem integration, with payment infrastructure undergoing a generational shift in acceleration.

David Tay, a Singaporean national, is a rising leader in the payments industry. During his career at Visa, David played a key role in driving business growth across multiple Southeast Asian markets, demonstrating early promise in commercial insight and innovation. He subsequently moved into Visa’s Innovation division, where he rose to serve as Head of Innovation, leading Visa Pacific’s product innovation and new business.

In that capacity, David led the commercialization of cutting-edge payment paradigms including Visa Flex Credential and Pay by Palm. He was also involved in the evaluation and governance of strategic partners across the region, accumulating deep expertise in collaborating with banks, fintechs, and large-scale enterprise merchants.

David’s track record spans the full go-to-market lifecycle, from concept to pilot to scale, as well as deep capabilities in cross-institutional partnerships and ecosystem development. His appointment comes at an inflection point for YEAHKA’s international expansion. According to YEAHKA’s 2025 annual report, its overseas business delivered full-year Gross Payment Volume (GPV) surpassing RMB 5 billion, representing a 323.3% year-on-year surge from RMB 1.1 billion in 2024.

View original content:https://www.prnewswire.com/apac/news-releases/former-visa-asia-pacific-executive-david-tay-joins-yeahpay-as-global-vice-president-302763652.html

SOURCE Yeahka

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