Velo3D Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Velo3D (Nasdaq: VELO) reported first quarter 2026 revenue of $13.8 million, up 48% year-over-year, with gross margin of 17.2% versus 7.5% a year ago. GAAP net loss narrowed to $7.0 million. The company reaffirmed 2026 revenue guidance of $60–$70 million and targets positive EBITDA in the second half of 2026.
Velo3D secured a $9.8 million five-year IDIQ contract with the Defense Logistics Agency, completed a $50 million equity offering in April 2026, reduced debt by ~70% to about $9 million, and ended the quarter with $16.6 million in cash and $30 million in backlog.
AI-generated analysis. Not financial advice.
Positive
- Revenue $13.8 million, up 48% year-over-year
- Gross margin improved to 17.2% from 7.5% year-over-year
- GAAP net loss reduced to $7.0 million from $25.0 million
- Non-GAAP net loss improved to $5.1 million from $9.0 million
- Operating expenses fell to $9.3 million from $12.2 million
- Adjusted EBITDA loss narrowed to $3.6 million from $6.9 million
- $9.8 million five-year DLA IDIQ contract added to pipeline
- Completed $50 million equity offering in April 2026
- Outstanding debt reduced by about 70% to approximately $9 million
- 2026 revenue guidance of $60–$70 million reaffirmed
- Targeting greater than 30% gross margin in second half of 2026
- Expecting positive EBITDA in the second half of 2026
Negative
- Company remains unprofitable with GAAP net loss of $7.0 million
- Cash and cash equivalents declined to $16.6 million from $39.0 million at year-end 2025
- Equity offering of 3,571,428 shares implies shareholder dilution
- Capital expenditures forecast at $40–$50 million, subject to sufficient financing
- Adjusted EBITDA remains negative at $3.6 million
- 2026 targets depend on sequential gross margin improvement and financing availability
Key Figures
Market Reality Check
Peers on Argus
Stock up 7.5% with 4 peers in momentum scanner also moving up (median ~0.9%), while 1 peer is down, indicating both company-specific and broader sector strength.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 24 | Full-year 2025 earnings | Negative | -21.4% | Reported FY25 loss of $71.4M and negative gross margin with inventory write-down. |
| Nov 10 | Q3 2025 earnings | Positive | +21.0% | Q3 2025 revenue growth, Nasdaq uplisting, offering proceeds, and improving gross margin. |
Earnings releases have produced mixed but generally strong reactions, with both prior events showing large absolute moves and price aligning with the earnings tone.
Recent earnings updates showed Velo3D growing revenue while working through significant losses and margin pressure. The Nov 10, 2025 Q3 release highlighted revenue growth, an uplisting, and improving gross margin, with a strong positive price reaction. The Mar 24, 2026 FY25 results paired higher revenue with sizeable losses and a large inventory write-down, and shares fell sharply. Today’s Q1 2026 report continues that earnings narrative of growth, margin improvement, and reiterated 2026 guidance.
Historical Comparison
In the last two earnings releases, VELO saw large price swings but an average move of just -0.18%. Today’s Q1 2026 results combine revenue growth, margin improvement, and reaffirmed 2026 guidance, fitting the pattern of earnings as a key volatility catalyst.
Earnings updates trace a path from heavy 2025 losses and negative margins toward 2026 goals of $60–$70M revenue and positive EBITDA in H2 2026, with capacity and capital plans supporting a growing system base.
Regulatory & Risk Context
An effective S-3 shelf dated Jan 13, 2026 registers up to 3,636,363 resale shares for existing investors from a prior private placement; the company itself does not receive proceeds from these resales.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $13.8M, up 48% year-over-year, with gross margin improving to 17.2% and GAAP net loss narrowing to $7.0M. Management reaffirmed 2026 revenue guidance of $60–$70M and a goal of positive EBITDA in the second half of 2026. Investors may track execution on backlog of $30M, use of the recent $50M equity raise, and ongoing progress toward sustained profitability.
Key Terms
ebitda financial
gaap financial
non-gaap financial
indefinite delivery indefinite quantity (idiq) technical
registered direct offering financial
AI-generated analysis. Not financial advice.
- Revenue of
$13.8 million 48% year-over-year - Gross margin of
17.2% - Reaffirms outlook for 2026 revenue between
$60 million $70 million
Recent Business Developments
- Awarded a
$9.8 million - 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
$50 million
"For the first quarter, we delivered a strong start to 2026 with revenue up
"Demand remains particularly strong in defense and aerospace, where customers are prioritizing scalable, high‑performance additive manufacturing solutions. To support this demand and accelerate our expansion, we completed a successful equity offering in April, securing additional capital to invest in talent and operational infrastructure. We believe our competitive position is strengthening as we deepen customer relationships and expand into new programs. We remain focused on executing our expansion plans to capture these opportunities and drive long‑term value creation."
($ in Millions, except percentages and per-share data) | 1st Quarter 2026 | 1st Quarter 2025 |
GAAP revenue | ||
GAAP gross margin | 17.2 % | 7.5 % |
GAAP net loss1 | ( | ( |
GAAP net loss per share – basic and diluted | ( | ( |
Non-GAAP net loss1,2 | ( | ( |
Non-GAAP net loss per share – basic and diluted1,2 | ( | ( |
- 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. - 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
Gross margin for the first quarter was
Operating expenses for the first quarter were
GAAP net loss for the first quarter was
As of March 31, 2026, the Company had
"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
Guidance
Management reiterates expectations for the full year 2026 to include:
- Revenue in the range of
$60 million $70 million - Sequential improvement in gross margin.
- Greater than
30% gross margin in second half of 2026.
- Greater than
- Non-GAAP adjusted operating expenses in the range of
$45 million $55 million - Capital expenditures in the range of
$40 million $50 million - 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
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, | 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.
| ||||||||
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.