Velo3D Announces Fourth Quarter and Full-Year 2025 Financial Results; Unveils Long-Term Capacity Plan Envisioning up to Approximately 400 Production Systems
Rhea-AI Summary
Velo3D (Nasdaq: VELO) reported full‑year 2025 revenue of $46.0 million and Q4 revenue $9.4 million, with a backlog of $31 million as of December 31, 2025. GAAP net loss for 2025 was $71.4 million and GAAP gross margin was (16.1)%, driven by a ~$7.0 million inventory write‑down in Q4.
The company raised $30 million in private placement financing, completed $15 million of debt‑to‑equity conversions (~60% debt reduction), secured a $32.6 million Department of War award and an $11.5 million multi‑year defense RPS contract, and unveiled a demand‑driven plan envisioning up to ~400 production systems over the next decade. Guidance for 2026: $60–$70 million revenue, positive EBITDA expected in H2 2026, and capex of $40–$50 million.
Positive
- Revenue +12.2% YoY to $46.0 million
- Backlog of $31 million as of Dec 31, 2025
- $32.6 million Department of War contract secured
- $11.5 million multi‑year defense RPS contract
- $39.0 million cash at year‑end 2025 (vs $1.2M)
- Raised $30 million via private placement
Negative
- GAAP net loss of $71.4 million in 2025
- GAAP gross margin (16.1)% for 2025; Q4 margin (73.6)%
- ~$7.0 million obsolete inventory write‑down in Q4
- Planned capex $40–$50 million in 2026 increases near‑term cash needs
News Market Reaction – VELO
In the Mar 25 session, VELO declined 21.38%, reflecting a significant negative market reaction. Argus tracked a peak move of +6.1% during that session. Argus tracked a trough of -28.3% from its starting point during tracking. Our momentum scanner triggered 62 alerts that day, indicating high trading interest and price volatility. Trading volume was elevated at 2.1x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Earnings release | Positive | +21.0% | 3Q2025 results, Nasdaq uplisting, equity raise, and reaffirmed 2025 guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Limited but positive earnings history: the prior earnings release also saw a strong upside reaction.
Recent news highlights balance sheet repair and deepening defense ties. On Nov 10, 2025, VELO reported 3Q2025 revenue of $13.6M, reaffirmed $50M–$60M 2025 revenue guidance, and outlined a path to EBITDA positivity in H1 2026, which drove a 21.02% gain. Subsequent updates added major defense RPS contracts and Army qualifications, setting the stage for today’s full‑year 2025 results and updated 2026 guidance.
Key Terms
ebitda financial
gaap financial
non-gaap financial
adjusted ebitda financial
gross margin financial
crada regulatory
asset-backed financing financial
capex financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Full-year 2025 Revenue of
$46 million - Backlog of
$31 million - Expects 2026 revenue between
$60 million $70 million - Expects to turn EBITDA positive in the second half of 2026
- Announces demand-driven capacity plan envisioning up to approximately 400 production systems over the next decade, supported by potential asset-backed financing and expanding defense and aerospace program portfolio
Recent Business Developments
- Qualified as the first additive manufacturing vendor to support the
U.S. Army's Ground Vehicle Systems Center qualification initiative, accelerating AM adoption for ground combat vehicle components. - Entered a Cooperative Research & Development Agreement (CRADA) with
U.S. Army DEVCOM Ground Vehicle Systems Center, advancing additive manufacturing solutions to address critical defense supply chain challenges. - Secured a contract from the Department of War valued at
$32.6 million - Secured a multi‑year
$11.5 million U.S. defense prime contractor to supply essential components for a national security program. - Enabled Intergalactic, a GE Aerospace company, to manufacture IN718 microtube heat exchanger headers for an accelerated aviation program timeline, going from design to printed parts in weeks using Velo3D's Rapid Production Solutions (RPS) offering and Sapphire XC platform.
- Raised
$30 million - Completed an aggregated
$15 million 60% and substantially deleveraging the Company's Consolidated Balance Sheet.
"We achieved double-digit revenue growth in 2025, reflecting strong demand for our Rapid Production Solutions," said Mr. Arun Jeldi, CEO of Velo3D. "Importantly, we set a new record for bookings in the fourth quarter, and with a robust backlog, we entered 2026 with tremendous momentum. Key initiatives, including the Department of War contract, multi-year defense RPS contract and adoption by the
"Demand signals across the market are strong and clear, with accelerating interest in our Rapid Production Solutions and large-format additive manufacturing capabilities," said Mr. Jeldi. "The defense sector is evolving rapidly, and as programs move from development into production and customers focus on resilient, localized supply chains, expanding our production capacity and capabilities will be critical to meeting this demand and driving the company's growth. As individual programs scale, in some cases growing from a single production system to multiple systems within months, the compounding effect on capacity requirements is significant."
Mr. Jeldi added, "Based on current demand trajectories and our expanding program portfolio, we have developed a long-term capacity plan envisioning up to approximately 400 production systems, ramping over the next decade, subject to securing additional financing and continued program growth. This is a practical, demand-driven buildout: as contracts grow and new programs come online, each drives incremental capacity requirements, creating a compounding growth profile. To support this expansion, we expect to raise additional capital in the near term. As an asset-rich operation, our production systems are well-suited to asset-backed debt financing, enabling us to scale our fleet with minimal dilution to shareholders. We are also exploring potential government-backed lending programs and other non-dilutive funding sources to further support capacity buildout. In addition, we are considering selective M&A opportunities in 2026 that could complement our organic growth strategy, accelerate our expansion into key defense and aerospace programs and strengthen our supply chain, particularly in feedstock and metal powder. Any equity capital raised would be targeted toward workforce expansion and operational infrastructure rather than equipment, keeping dilution low relative to the significant long-term value this growth is expected to generate. We believe this approach will allow us to scale operations, invest in manufacturing capacity and continue delivering the speed, quality and reliability our customers require for mission-critical applications."
($ in Millions, except percentages and per-share data) | 4th Quarter 2025 | 4th Quarter 2024 | FY 2025 | FY 2024 |
GAAP revenue | ||||
GAAP gross margin | (73.6) % | (3.5) % | (16.1) % | (5.1) % |
GAAP net loss1 | ( | ( | ( | ( |
GAAP net loss per share - basic and diluted | ( | ( | ( | ( |
Non-GAAP net loss2 | ( | ( | ( | ( |
Non-GAAP net loss per share - basic and diluted2 | ( | ( | ( | ( |
- 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 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, gain/loss on extinguishment of debt and non routine inventory adjustments for excess and obsolete inventory.
Summary of Fourth Quarter 2025 Results
Total Revenue was
Gross margin for the fourth quarter was (73.6)% compared to (3.5)% in the fourth quarter of 2024. This change was primarily driven by the write-down of approximately
Operating expenses for the fourth quarter were
GAAP net loss for the fourth quarter was
Summary of Full Year 2025 Results
Revenue was
Gross margin for 2025 was (16.1)% compared to (5.1)% in 2024. This change was primarily driven by the write-down of approximately
Operating expenses for 2025 were
GAAP net loss for 2025 was
As of December 31, 2025, the Company had
Guidance
Management 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 - CapEx in the range of
$40 million $50 million - The Company previously expected to achieve positive EBITDA in the first half of 2026. Based on the timing of capacity investments and revenue ramp, the Company now expects to achieve positive EBITDA in the second half of 2026.
Conference Call
The Company will host a conference call for investors to discuss its fourth quarter and full-year 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on March 24, 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. 3D printing—also known as 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 Honeywell, Honda, Chromalloy, and Lam Research. Velo3D was 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 X.
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 fourth quarter ended December 31, 2025 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Annual Report on Form 10-K 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 long-term capacity plan and production system targets, the Company's expectations about future demand, growth, profitability, long-term value, capacity requirements and operational efficiencies, positive gross margins, the Company's strategic realignment and initiatives, 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 about M&A opportunities, 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 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, and (7) other risks and uncertainties described in the FY 2024 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.
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. 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.
The following tables reconcile Net Loss to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Adjusted Operating Expenses during the periods below:
Velo3D, Inc. | ||||||||||||||||
Non-GAAP Net Loss Reconciliation | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
($ In thousands) | ||||||||||||||||
Revenue | $ | 9,441 | $ | 12,626 | $ | 45,973 | $ | 41,003 | ||||||||
Gross profit (loss) | (6,946) | (444) | (7,404) | (2,085) | ||||||||||||
Net Loss | $ | (21,897) | $ | (21,276) | $ | (71,362) | $ | (69,865) | ||||||||
Stock-based compensation | 2,175 | 1,912 | 9,509 | 11,931 | ||||||||||||
Loss on warrant cancellation | — | — | 11,357 | — | ||||||||||||
(Gain) loss on fair value of warrants | 96 | (183) | 1,140 | (32,094) | ||||||||||||
Impairment of equipment subject to operating lease | 1,066 | — | 1,066 | — | ||||||||||||
Gain on fair value of contingent earnout liabilities | (10) | — | (10) | (1,445) | ||||||||||||
(Gain) loss on debt extinguishment | — | (2,619) | — | 4,904 | ||||||||||||
Non-routine inventory adjustment for excess and obsolete inventory | 6,979 | 7,179 | 6,979 | 7,179 | ||||||||||||
Non-GAAP Net Loss | $ | (11,591) | $ | (14,987) | $ | (41,321) | $ | (79,390) | ||||||||
Velo3D, Inc. | ||||||||||||||||
Non-GAAP Adjusted EBITDA Reconciliation | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
($ In thousands) | ||||||||||||||||
Revenue | $ | 9,441 | $ | 12,626 | $ | 45,973 | $ | 41,003 | ||||||||
Net Loss | (21,897) | (21,276) | (71,362) | (69,865) | ||||||||||||
Interest expense | 524 | 3,048 | 4,364 | 15,968 | ||||||||||||
Provision (benefit) for income taxes | 34 | (20) | 117 | (20) | ||||||||||||
Depreciation and amortization | 1,026 | 968 | 3,518 | 4,912 | ||||||||||||
EBITDA | $ | (20,313) | $ | (17,280) | $ | (63,363) | $ | (49,005) | ||||||||
Stock-based compensation | 2,175 | 1,912 | 9,509 | 11,931 | ||||||||||||
Loss on warrant cancellation | — | — | 11,357 | — | ||||||||||||
(Gain) loss on fair value of warrants | 96 | (183) | 1,140 | (32,094) | ||||||||||||
Impairment of equipment subject to operating lease | 1,066 | — | 1,066 | - | ||||||||||||
Gain on fair value of contingent earnout liabilities | (10) | — | (10) | (1,445) | ||||||||||||
(Gain) loss on debt extinguishment | — | (2,619) | — | 4,904 | ||||||||||||
Non-routine inventory adjustment for excess and obsolete inventory | 6,979 | 7,179 | 6,979 | 7,179 | ||||||||||||
Non-GAAP Adjusted EBITDA | $ | (10,007) | $ | (10,991) | $ | (33,322) | $ | (58,530) | ||||||||
Velo3D, Inc. | ||||||||||||||||
Non-GAAP Adjusted Operating Expenses Reconciliation | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
($ In thousands) | ||||||||||||||||
Revenue | $ | 9,441 | $ | 12,626 | $ | 45,973 | $ | 41,003 | ||||||||
Operating expenses | ||||||||||||||||
Research and development | 3,283 | 2,895 | 10,653 | 15,543 | ||||||||||||
Selling and marketing | 2,415 | 1,518 | 6,766 | 12,888 | ||||||||||||
General and administrative | 9,163 | 16,234 | 30,097 | 48,399 | ||||||||||||
Total operating expenses | $ | 14,861 | $ | 20,647 | $ | 47,516 | $ | 76,830 | ||||||||
Stock-based compensation recorded in operating expenses | 1,533 | 1,733 | 7,465 | 10,284 | ||||||||||||
Non-GAAP Adjusted operating expenses | $ | 13,328 | $ | 18,914 | $ | 40,051 | $ | 66,546 | ||||||||
Velo3D, Inc. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
The three months ended December 31, | The twelve months ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | ||||||||||||||||
3D Printer and parts | $ | 7,585 | $ | 7,980 | $ | 39,183 | $ | 25,368 | ||||||||
Recurring payment | — | 100 | 70 | 1,054 | ||||||||||||
Support services | 1,696 | 4,546 | 6,196 | 9,581 | ||||||||||||
Other | 160 | — | 524 | 5,000 | ||||||||||||
Total Revenue | 9,441 | 12,626 | 45,973 | 41,003 | ||||||||||||
Cost of revenue | ||||||||||||||||
3D Printer and parts | 13,822 | 11,797 | 47,211 | 34,159 | ||||||||||||
Recurring payment | — | 124 | 12 | 866 | ||||||||||||
Support services | 2,565 | 1,149 | 6,154 | 8,063 | ||||||||||||
Total cost of revenue | 16,387 | 13,070 | 53,377 | 43,088 | ||||||||||||
Gross profit (loss) | (6,946) | (444) | (7,404) | (2,085) | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 3,283 | 2,895 | 10,653 | 15,543 | ||||||||||||
Selling and marketing | 2,415 | 1,518 | 6,766 | 12,888 | ||||||||||||
General and administrative | 9,163 | 16,234 | 30,097 | 48,399 | ||||||||||||
Total operating expenses | 14,861 | 20,647 | 47,516 | 76,830 | ||||||||||||
Loss from operations | (21,807) | (21,091) | (54,920) | (78,915) | ||||||||||||
Interest expense | (524) | (3,048) | (4,364) | (15,968) | ||||||||||||
Gain (loss) on fair value of warrants | (96) | 183 | (1,140) | 32,094 | ||||||||||||
Gain on fair value of contingent earnout liabilities | 10 | — | 10 | 1,445 | ||||||||||||
Loss on warrant cancellation | — | — | (11,357) | — | ||||||||||||
Gain (loss) on debt extinguishment | — | 2,621 | — | (4,904) | ||||||||||||
Other income (expense), net | 554 | 39 | 526 | (3,637) | ||||||||||||
Loss before income taxes | (21,863) | (21,296) | (71,245) | (69,885) | ||||||||||||
(Provision) benefit for income taxes | (34) | 20 | (117) | 20 | ||||||||||||
Net loss | $ | (21,897) | $ | (21,276) | $ | (71,362) | $ | (69,865) | ||||||||
Net loss per share: | ||||||||||||||||
Basic | $ | (1.03) | $ | (12.37) | $ | (4.33) | $ | (82.46) | ||||||||
Diluted | $ | (1.03) | $ | (12.37) | $ | (4.33) | $ | (82.46) | ||||||||
Shares used in computing net loss per share: | ||||||||||||||||
Basic | 21,290,201 | 1,720,262 | 16,486,845 | 847,265 | ||||||||||||
Diluted | 21,290,201 | 1,720,262 | 16,486,845 | 847,265 | ||||||||||||
Velo3D, Inc. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
December 31, | December 31, | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 39,013 | $ | 1,212 | ||||
Accounts receivable, net | 6,263 | 3,723 | ||||||
Inventories | 27,083 | 49,953 | ||||||
Contract assets | 2,039 | 500 | ||||||
Prepaid expenses and other current assets | 4,564 | 2,336 | ||||||
Total current assets | 78,962 | 57,724 | ||||||
Property and equipment, net | 13,094 | 14,270 | ||||||
Equipment subject to operating lease, net | 1,629 | 3,673 | ||||||
Other assets | 11,663 | 13,513 | ||||||
Total assets | $ | 105,348 | $ | 89,180 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 10,301 | $ | 18,538 | ||||
Accrued expenses and other current liabilities | 7,915 | 3,511 | ||||||
Debt – current portion | 6,305 | 5,666 | ||||||
Contract liabilities | 9,281 | 10,285 | ||||||
Total current liabilities | 33,802 | 38,000 | ||||||
Long-term debt – less current portion | 24,710 | — | ||||||
Contingent earnout liabilities | 1 | 11 | ||||||
Warrant liabilities | 109 | 2,167 | ||||||
Other noncurrent liabilities | 8,570 | 9,338 | ||||||
Total liabilities | 67,192 | 49,516 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock, | 5 | 4 | ||||||
Additional paid-in capital | 536,294 | 466,441 | ||||||
Accumulated other comprehensive loss | — | — | ||||||
Accumulated deficit | (498,143) | (426,781) | ||||||
Total stockholders' equity | 38,156 | 39,664 | ||||||
Total liabilities and stockholders' equity | $ | 105,348 | $ | 89,180 | ||||
Velo3D, Inc. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
The twelve months ended December 31, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (71,362) | $ | (69,865) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation and amortization | 3,518 | 4,912 | ||||||
Amortization of debt discount and deferred financing costs | 3,306 | 13,637 | ||||||
Stock-based compensation | 9,509 | 11,931 | ||||||
Gain on exchange of debt for common stock | — | (2,619) | ||||||
Change in fair value of warrants | 1,140 | (32,094) | ||||||
Change in fair value of contingent earnout liabilities | (10) | (1,445) | ||||||
Impairment of equipment subject to operating lease | 1,066 | — | ||||||
Loss on warrant cancellation | 11,357 | — | ||||||
Reserve for excess and obsolete inventory | 6,979 | 7,179 | ||||||
Non-cash cost of issuance of common stock warrants on BEPO Offering | — | 1,311 | ||||||
Loss on debt extinguishment | — | 7,525 | ||||||
Non-cash warrant issuance in connection with August warrant inducement | — | 2,439 | ||||||
Provision for credit losses | 1,392 | 2,786 | ||||||
Loss on sale/disposal of fixed assets | 24 | 11 | ||||||
Realized loss on available-for-sale securities | — | 23 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (3,932) | 3,074 | ||||||
Inventories | 11,783 | 6,121 | ||||||
Contract assets | (1,539) | 7,010 | ||||||
Prepaid expenses and other current assets | (2,539) | 1,824 | ||||||
Other assets | 1,706 | 3,952 | ||||||
Accounts payable | (2,668) | (743) | ||||||
Accrued expenses and other liabilities | 4,404 | (2,578) | ||||||
Contract liabilities | (846) | 5,150 | ||||||
Other noncurrent liabilities | (926) | (2,218) | ||||||
Net cash used in operating activities | (27,638) | (32,677) | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (2,715) | (9) | ||||||
Reimbursement of previously incurred leasehold expenditures | — | 1,084 | ||||||
Sales of property and equipment | — | 20 | ||||||
Proceeds from the sale of available-for-sale securities | — | 3,172 | ||||||
Proceeds from maturity of available-for-sale investments | — | 3,500 | ||||||
Net cash (used in) provided by investing activities | (2,715) | 7,767 | ||||||
Cash flows from financing activities | ||||||||
Proceeds from secured notes | 15,000 | 500 | ||||||
Repayment of secured notes | (2,627) | (11,750) | ||||||
Proceeds from equipment loan | 10,000 | — | ||||||
Payments for issuance cost related to equipment loan | (19) | — | ||||||
Gross proceeds from December 2025 PIPE Offering | 30,000 | — | ||||||
Payments for issuance cost related to December 2025 PIPE Offering | (2,033) | — | ||||||
Gross proceeds from August 2025 Offering | 20,126 | — | ||||||
Payments for issuance cost related to August 2025 Offering | (2,303) | — | ||||||
Proceeds from capital raise — August Warrant Inducement | — | 1,695 | ||||||
Gross proceeds from BEPO Offering | — | 12,000 | ||||||
Payments for issuance cost related to the BEPO Offering | — | (1,300) | ||||||
Issuance of common stock upon exercise of stock options | — | 315 | ||||||
Net cash provided by financing activities | 68,144 | 1,460 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 5 | (4) | ||||||
Net change in cash and cash equivalents | 37,796 | (23,454) | ||||||
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 | $ | 39,636 | $ | 1,840 | ||||
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 twelve months ended December 31, | ||||||||
2025 | 2024 | |||||||
Cash and cash equivalents | $ | 39,013 | $ | 1,212 | ||||
Restricted cash (Other assets) | 623 | 628 | ||||||
Total cash and cash equivalents and restricted cash | $ | 39,636 | $ | 1,840 | ||||
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SOURCE Velo3D, Inc.