Graf Industrial announces business update for Velodyne Lidar and investor webinar

– Velodyne’s 2020 revenue guidance and outlook through 2024 are reaffirmed

– Velodyne’s customer agreements represent approximately $970mm in expected revenue through 2024, a $130mm increase from time of initial transaction

– Velodyne successfully defended patents, with Hesai settlement announced in July 2020

– Velodyne won “Hardware Supplier of the Year” – TU Automotive Awards, August 2020

– SPACInsider-hosted investor presentation, open to the public, scheduled for 1:00pm ET on Tuesday, September 1

Graf Industrial (“GRAF”), a special purpose acquisition company, announced a business update for Velodyne Lidar, (“Velodyne” or the “Company”), with which GRAF expects to consummate its previously announced business combination (the “business combination”).

Velodyne reaffirmed its $101mm 2020 revenue guidance and multi-year revenue outlook through 2024.  The proportion of the future revenue outlook supported by customer agreements has increased as the number of multi-year agreements entered into by Velodyne has increased to 18 (+2) since the announcement of the proposed business combination on July 2, 2020 (the “announcement”), with approximately 56% (+8% since the announcement ) of the 2024 revenue outlook now represented by customer agreements.  Customer agreements now represent a total of approximately $970mm of revenue through 2024, an increase of approximately $130mm since the announcement.

Velodyne successfully defended its patents, with a settlement with Hesai announced in July 2020).  Also since the announcement, commercial production on a variety of products has ramped up and achieved scale in Thailand.

Velodyne was awarded “Hardware Supplier of the Year” at the TU Automotive Awards in August 2020.

The announced business combination remains on track for a September 2020 closing, subject to certain closing conditions including but not limited to clearance by the Securities and Exchange Commission, approval of the business combination by the GRAF’s stockholders and the satisfaction or waiver of other conditions under the Merger Agreement.

Anand Gopalan, CEO of Velodyne, remarked, “As we continue to execute on our business model and build our product and customer pipeline, I am excited about our customers’ continued commitment to their lidar-enabled product roadmaps. Velodyne remains the provider of lidar and offers both rotational and solid-state lidar solutions. We help our customers deliver advanced and autonomous mobility solutions across multiple industries.”