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Velo3D Inc

Velo3D Announces First Quarter 2026 Financial Results

  • Revenue of $13.8 million, up 48% year-over-year
  • Gross margin of 17.2%
  • Reaffirms outlook for 2026 revenue between $60 million and $70 million and to turn EBITDA positive in the second half of 2026

FREMONT, Calif. , May 12, 2026 /PRNewswire/ -- Velo3D, Inc. (Nasdaq: VELO) ("Velo3D" or the "Company"), 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, 2026. 

Recent Business Developments

  • Awarded a $9.8 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract supporting the Defense Logistics Agency's (DLA) Joint Additive Manufacturing Acceptability (JAMA) Pilot Parts Program, an initiative aimed at accelerating adoption of additively manufactured components across Department of War sustainment operations.
  • Appointed Jim Suva as Chief Financial Officer.
  • Closed a firm commitment underwritten registered direct offering in April 2026 of 3,571,428 shares of common stock, with gross proceeds of approximately $50 million. 

"For the first quarter, we delivered a strong start to 2026 with revenue up 48% year‑over‑year, reflecting recent sales momentum and disciplined execution across our end markets," said Arun Jeldi, CEO of Velo3D. "Importantly, we achieved positive gross margin this quarter, a key inflection point that validates our operating model as we scale production and continue to drive cost efficiency. With a robust pipeline of opportunities, we believe we have a solid foundation for continued growth."

"Demand remains particularly strong in defense and aerospace, where customers are prioritizing scalable, high‑performance additive manufacturing solutions. To support this demand and accelerate our expansion, we completed a successful equity offering in April, securing additional capital to invest in talent and operational infrastructure. We believe our competitive position is strengthening as we deepen customer relationships and expand into new programs. We remain focused on executing our expansion plans to capture these opportunities and drive long‑term value creation."

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

1st Quarter 2026

1st Quarter 2025

GAAP revenue

$13.8

$9.3

GAAP gross margin

17.2 %

7.5 %

GAAP net loss1

($7.0)

($25.0)

GAAP net loss per share  – basic and diluted

($0.28)

($1.87)




Non-GAAP net loss1,2

($5.1)

($9.0)

Non-GAAP net loss per share  – basic and diluted1,2

($0.20)

($0.67)

  1. Information about Velo3D's use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States of America ("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 GAAP.

  2. Non-GAAP net loss and non-GAAP net loss per basic and diluted share exclude stock-based compensation expense, loss on warrant cancellation, fair value adjustments for the Company's warrants and earnout liabilities, impairment of equipment subject to operating lease, and non-routine inventory adjustments for excess and obsolete inventory.

Summary of First Quarter 2026 Results 

Total Revenue was $13.8 million. 3D Printer and parts revenue increased 60% compared to the first quarter of 2025, driven by an increase in the average selling price, number of systems sold, and an increase in RPS revenues. While system sales are expected to remain the primary driver of revenue in 2026, the Company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue. 

Gross margin for the first quarter was 17.2% compared to 7.5% in the first quarter of 2025. This change was primarily driven by the higher average selling price of Sapphire XC systems and increased RPS volume.

Operating expenses for the first quarter were $9.3 million compared to $12.2 million in the first quarter of 2025. Non-GAAP adjusted operating expenses, excluding stock-based compensation recorded in operating expenses of $1.2 million, were $8.1 million, down from $8.8 million in the first quarter of 2025. 

GAAP net loss for the first quarter was ($7.0) million compared to ($25.0) million in the first quarter of 2025. Non-GAAP net loss for the first quarter was ($5.1) million compared to ($9.0) million in the three months ended March 31, 2025. Adjusted EBITDA for the first quarter was ($3.6) million compared to ($6.9) million in the first quarter of 2025. For more information regarding the Company's non-GAAP financial measures, see "Non-GAAP Financial Information" below.

As of March 31, 2026, the Company had $16.6 million of cash and cash equivalents, compared to $39.0 million as of December 31, 2025. As of March 31, 2026, the Company had $12 million in new bookings and ending backlog of $30 million.

"On April 27, 2026, the Company closed a firm commitment underwritten registered direct offering of 3,571,428 shares of its common stock, with gross proceeds of approximately $50 million," said Jim Suva, CFO of Velo3D. "During the first quarter of 2026, the Company also completed debt-to-equity conversions totaling principal of $15 million, including $5 million converted at a premium to the Company's share price on the date of conversion, and full repayment of the secured notes. As a result, we reduced our outstanding debt by approximately 70% to approximately $9 million."

Guidance

Management reiterates expectations for the full year 2026 to include:

  • Revenue in the range of $60 million to $70 million.
  • Sequential improvement in gross margin.
    • Greater than 30% gross margin in second half of 2026.
  • Non-GAAP adjusted operating expenses in the range of $45 million to $55 million.
  • Capital expenditures in the range of $40 million to $50 million, primarily for RPS expansion, subject to the availability of sufficient financing.
  • Positive EBITDA in the second half of 2026.

Conference Call

The Company will host a conference call for investors to discuss its first quarter 2026 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on May 12, 2026. 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 that enables customers to build mission-critical metal parts. 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.

Amounts herein pertaining to the Company's first quarter ended March 31, 2026 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 U.S. Securities and Exchange Commission (the "SEC"). Additional information on our results of operations for the three months ended March 31, 2026 will be provided upon the filing of our Quarterly  Report on Form 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 1995. 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 year 2026 (including the Company's estimates for revenue, gross margin, operating expenses, and capital expenditures), the Company's expectations regarding its ability to achieve positive EBITDA in the second half of 2026,  the Company's expectations about future demand, growth, profitability, long-term value, capacity requirements and operational efficiencies, scaled production, pipeline of opportunities, customer priorities, positive gross margins, the Company's expectations regarding its liquidity and capital requirements, including plans to raise additional capital to support its expansion and the potential sources and uses of that capital, the Company's expectations regarding its potential cost savings, the Company's expectations about its market strategy and financial and operational position, the Company's expectations that the RPS parts production business will contribute an increasing share of revenue, 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, 2025 (the "FY 2025 10-K") and its Quarterly Reports on Form 10-Q ("Quarterly Reports") 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; (7) risks related to the Company's exposure to government and defense contracts, including potential delays or reductions in government funding, government shutdowns, changes in defense procurement priorities or spending levels, and the timing and uncertainty of government contract awards and modifications; and (8) other risks and uncertainties described in the FY 2025 10-K and the Quarterly Reports, 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, except as required by applicable law.

Non-GAAP Financial Information

The information in the table below sets forth the non-GAAP financial measures that the Company uses in this release. Because of the inherent limitations associated with these non-GAAP financial measures, "Non-GAAP Net Loss", "Non-GAAP net loss per basic and diluted share", "EBITDA", "Adjusted EBITDA" and "Non-GAAP Adjusted Operating Expenses", should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. The Company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, Non-GAAP net loss per basic and diluted share, EBITDA, Adjusted EBITDA, and Non-GAAP Adjusted 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.

Management believes adjusted "Non-GAAP Net Loss", "Non-GAAP net loss per basic and diluted share", "EBITDA", "Adjusted EBITDA" and "Non-GAAP Adjusted Operating Expenses" are useful to investors because they allow for comparison to the Company's performance in prior periods without the effect of items that, by their nature, tend to obscure the Company's core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company's business and evaluate the Company's performance relative to peer companies.

Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

The Company's non-GAAP adjusted operating expenses are calculated by excluding stock-based compensation recorded in operating expenses. The Company's non-GAAP EBITDA is calculated by excluding interest expense, provision (benefit) for income taxes, and depreciation and amortization.  With respect to the Company's 2026 financial guidance regarding non-GAAP adjusted operating expenses and non-GAAP EBITDA, the Company cannot provide a quantitative reconciliation to the most directly comparable GAAP measure without unreasonable effort due to its inability to make accurate projections and estimates related to certain information needed to calculate some of the adjustments as described above.

Velo3D, Inc.

Non-GAAP Net Loss Reconciliation

(Unaudited)

 




Three months ended




March 31, 2026



December 31, 2025



March 31, 2025




($ In thousands)




% of Rev



% of Rev



% of Rev


Revenue


$

13,816




100.0

%


$

9,441




100.0

%


$

9,320




100.0

%

Gross profit (loss)



2,381




17.2

%



(6,946)




(73.6)

%



697




7.5

%

Net Loss


$

(6,998)




(50.7)

%


$

(21,897)




(231.9)

%


$

(25,014)




(268.4)

%

Stock-based compensation



1,889




13.7

%



2,175




23.0

%



3,596




38.6

%

Loss on warrant cancellation



—




—

%



—




—

%



11,357




121.9

%

Loss on fair value of warrants



—




—

%



96




1.0

%



1,044




11.2

%

Impairment of equipment subject to operating lease



—




—

%



1,066




11.3

%



—




—

%

Gain on fair value of contingent earnout liabilities



—




—

%



(10)




(0.1)

%



—




—

%

Non-routine inventory adjustment for excess and obsolete inventory



—




—

%



6,979




73.9

%



—




—

%

Non-GAAP Net Loss


$

(5,109)




(37.0)

%


$

(11,591)




(122.8)

%


$

(9,017)




(96.7)

%

 

Velo3D, Inc.

Non-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

 



Three months ended




March 31, 2026



December 31, 2025



March 31, 2025




($ In thousands)




% of Rev



% of Rev



% of Rev


Revenue


$

13,816




100.0

%


$

9,441




100.0

%


$

9,320




100.0

%

Net Loss



(6,998)




(50.7)

%



(21,897)




(231.9)

%



(25,014)




(268.4)

%

Interest expense



733




5.3

%



524




5.6

%



1,070




11.5

%

Provision (benefit) for income taxes



26




0.2

%



34




0.4

%



8




0.1

%

Depreciation and amortization



762




5.5

%



1,026




10.9

%



995




10.7

%

EBITDA


$

(5,477)




(39.6)

%


$

(20,313)




(215.2)

%


$

(22,941)




(246.1)

%

Stock-based compensation



1,889




13.7

%



2,175




23.0

%



3,596




38.6

%

Loss on warrant cancellation



—




—

%



—




—

%



11,357




121.9

%

Loss on fair value of warrants



—




—

%



96




1.0

%



1,044




11.2

%

Impairment of equipment subject to operating lease



—




—

%



1,066




11.3

%



—




—

%

Gain on fair value of contingent earnout liabilities



—




—

%



(10)




(0.1)

%



—




—

%

Non-routine inventory adjustment for excess and obsolete inventory



—




—

%



6,979




73.9

%



—




—

%

Non-GAAP Adjusted EBITDA


$

(3,588)




(26.0)

%


$

(10,007)




(106.0)

%


$

(6,944)




(74.5)

%

 

Velo3D, Inc.

Non-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

 



Three months ended




March 31, 2026



December 31, 2025



March 31, 2025




($ In thousands)




% of Rev



% of Rev



% of Rev


Revenue


$

13,816




100.0

%


$

9,441




100.0

%


$

9,320




100.0

%

Operating expenses



















Research and development



2,695




19.5

%



3,283




34.8

%



2,059




22.1

%

Selling and marketing



1,721




12.5

%



2,415




25.6

%



1,086




11.7

%

General and administrative



4,912




35.6

%



9,163




97.1

%



9,076




97.4

%

Total operating expenses


$

9,328




67.5

%


$

14,861




157.4

%


$

12,221




131.1

%

Stock-based compensation recorded in operating expenses



1,246




9.0

%



1,533




16.2

%



3,387




36.3

%

Non-GAAP Adjusted operating expenses


$

8,082




58.5

%


$

13,328




141.2

%


$

8,834




94.8

%

 

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)

 



The three months ended March 31,




2026



2025


Revenue







3D Printer and parts


$

12,021



$

7,523


Recurring payment



—




—


Support services



1,269




1,790


Other



526




7


Total Revenue



13,816




9,320


Cost of revenue







3D Printer and parts



10,225




7,540


Recurring payment



—




12


Support services



1,210




1,071


Total cost of revenue



11,435




8,623


Gross profit



2,381




697


Operating expenses







Research and development



2,695




2,059


Selling and marketing



1,721




1,086


General and administrative



4,912




9,076


Total operating expenses



9,328




12,221


Loss from operations



(6,947)




(11,524)


Interest expense



(733)




(1,070)


Loss on fair value of warrants



—




(1,044)


Loss on warrant cancellation



—




(11,357)


Other income (expense), net



708




(11)


Loss before income taxes



(6,972)




(25,006)


Provision for income taxes



(26)




(8)


Net loss


$

(6,998)



$

(25,014)









Net loss per share:







    Basic and Diluted


$

(0.28)



$

(1.87)


Shares used in computing net loss per share:







    Basic and Diluted



25,021,065




13,398,104


 

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 



March 31,



December 31,




2026



2025


Assets







Current assets:







Cash and cash equivalents


$

16,564



$

39,013


Accounts receivable, net



6,732




6,263


Inventories, net



28,104




27,083


Contract assets



4,120




2,039


Prepaid expenses and other current assets



9,650




5,722


Total current assets



65,170




80,120


Property and equipment, net



16,387




13,094


Equipment subject to operating lease, net



1,054




1,629


Other assets



9,793




10,505


Total assets


$

92,404



$

105,348


Liabilities and Stockholders' Equity







Current liabilities:







Accounts payable


$

9,089



$

10,301


Accrued expenses and other current liabilities



6,655




7,915


Debt – current portion



3,135




6,305


Contract liabilities



7,739




9,281


Total current liabilities



26,618




33,802


Long-term debt – less current portion



6,037




24,710


Contingent earnout liabilities



1




1


Warrant liabilities



109




109


Other noncurrent liabilities



8,099




8,570


Total liabilities



40,864




67,192









Stockholders' equity:







Common stock, $0.00001 par value  – 500,000,000 shares authorized at March 31, 2026 and December 31, 2025, 26,216,822 and 24,607,630 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively



5




5


Additional paid-in capital



556,676




536,294


Accumulated deficit



(505,141)




(498,143)


Total stockholders' equity



51,540




38,156


Total liabilities and stockholders' equity


$

92,404



$

105,348


 

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

 



The three months ended March 31,




2026



2025


Cash flows from operating activities







Net loss


$

(6,998)



$

(25,014)


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







Depreciation and amortization



762




995


Amortization of debt discount and deferred financing costs



17




48


Stock-based compensation



1,889




3,596


Loss on fair value of warrants



—




1,044


Loss on warrant cancellation



—




11,357


Non-cash lease expense



59




28


Changes in operating assets and liabilities







Accounts receivable



(469)




(846)


Inventories



672




1,989


Contract assets



(2,081)




(795)


Prepaid expenses and other current assets



(3,928)




(3,407)


Other assets



648




1,224


Accounts payable



(5,504)




(860)


Accrued expenses and other liabilities



(1,032)




1,195


Contract liabilities



(1,542)




(2,671)


Other noncurrent liabilities



(471)




(232)


Net cash used in operating activities



(17,978)




(12,349)


Cash flows from investing activities







Purchase of property and equipment



(940)




—


Net cash used in investing activities



(940)




—


Cash flows from financing activities







Proceeds from convertible secured notes



—




15,000


Repayment of 2025 equipment loan



(496)




—


Repayment of secured notes



(3,039)




—


Net cash (used in) provided by financing activities



(3,535)




15,000


Effect of exchange rate changes on cash and cash equivalents



(1)




7


Net change in cash and cash equivalents



(22,454)




2,658


Cash and cash equivalents and restricted cash at beginning of period



39,641




1,840


Cash and cash equivalents and restricted cash at end of period


$

17,187



$

4,498


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:



The three months ended March 31,




2026



2025


Cash and cash equivalents


$

16,564



$

3,870


Restricted cash (Other assets)



623




628


Total cash and cash equivalents and restricted cash


$

17,187



$

4,498


 

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SOURCE Velo3D, Inc.