Velodyne Lidar, Inc. is an emerging growth company, which engages in the provision of real-time three dimensional (3D) vision for autonomous systems. It also develops and produces Lidar sensors for use in industrial, 3D mapping, drones and auto applications. The company was founded by David S. Hall and is headquartered in San Jose, CA.
Lidar technology is already staking its place as one of 2021’s hottest topics. Autonomous systems that rely on lidar technology are only in their first commercial innings, but more automotive OEMS and suppliers are getting on board, as greater degrees of automation are assimilated into a wider range of vehicles. By 2030, the TAM (total addressable market) for ADAS solutions is expected to outstrip $150 billion. One of the names that could bite a decent chunk out of this market opportunity is Velodyne Lidar (VLDR). The company was the first to commercially supply lidar sensors in 2007 and, in fact, invented Real-Time 3D lidar in 2005.
Covid-19 continues to have an impact on individual stocks, and Velodyne Lidar (VLDR) is a good example. Last Thursday, the lidar sensor maker lowered its 2020 revenue outlook, citing the pandemic as the main cause. The company now expects FY2020 revenue of $94 million, $7 million below the original $101 million guidance. Q4 revenue is now anticipated to come in between $15.5 million to $16 million, way below consensus estimates of $27.3 million. Velodyne believes it would have met its prior guidance had the disruption not occurred.
Shares of Velodyne Lidar sank 7.3% on Friday after the producer of lidar sensors reported lower-than-expected preliminary results for the fourth quarter and full-year 2020. Velodyne is scheduled to report its fourth-quarter results on Feb. 25. Velodyne (VLDR) expects to generate 4Q revenue in the range of $15.5 - $16 million, which is far below the Street’s projections of $27.3 million. As for the full year, the company forecasted to post revenue of $94 million, compared to the Street consensus of $100.9 million and its previous guidance of about $101 million.