Velo3D Announces Third Quarter 2026 Financial Results
Management concluded that substantial doubt about continuing as a going concern no longer exists for the next twelve months.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Velo3D (Nasdaq: VELO) reported third-quarter 2026 revenue of $20.5 million, up 50% year over year, alongside a wider net loss. Gross margin rose to 26.5% from 3.2%, while operating expenses increased to $22.7 million from $10.4 million. Net loss widened to $16.7 million from $11.2 million, although loss per share narrowed to $0.52 from $0.65. New bookings totaled $28.9 million, with backlog of $40.1 million.
Cash reached $75.7 million at September 30, and debt fell to $7.4 million. Velo3D reaffirmed 2026 revenue guidance of $65 million–$75 million, withdrew its expectation of gross margin above 30% in the second half, and now expects positive EBITDA in 2028 rather than the second half of 2026. It also expects positive operating cash flow in 2028. Capital spending guidance fell to $10 million–$20 million as substantial spending shifts into 2027. Forge 1 opened in July but is not yet operating at scale.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointGoing-concern substantial doubt resolved in management's assessment, without assuming additional financing for the following twelve months.
- Major pointApril equity offering raised approximately $50 million gross and approximately $46.6 million after issuance costs. 25% of market cap
- Major pointSecond-quarter at-the-market offering raised approximately $59.4 million gross and approximately $57.4 million after issuance costs. 30% of market cap
- Moderate pointThird-quarter revenue of $20.5 million increased 50% year over year.
- Moderate pointGross margin of 26.5% improved from 3.2% in the third quarter of 2025.
- Moderate pointNew bookings of $28.9 million exceeded third-quarter revenue; backlog reached $40.1 million at September 30, 2026.
- Moderate pointCash of $75.7 million at September 30, 2026 increased from $39.0 million at December 31, 2025.
- Moderate pointOutstanding debt fell approximately 76% to $7.4 million from $31.0 million at December 31, 2025.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Positive net cash from operations is expected in 2028.
- Moderate pointNine-month net loss narrowed to $33.608 million from $49.465 million in the comparable 2025 period.
- Moderate pointNine-month adjusted EBITDA loss narrowed to $19.903 million from $23.176 million in the comparable 2025 period.
6 minor points
- Minor point3D Printer and parts revenue of $18.8 million increased 57.0% year over year.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance reaffirmed at $65 million to $75 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter gross margin is expected to improve sequentially in 2026.
- Minor point. Forward-looking: it has not happened yet and may not happen.Forge 1 opened in July 2026; Velo3D expects expanded manufacturing capacity as it reaches full operation.
- Minor pointMears Machine ordered its sixth Sapphire XC system, expanding its partnership with Velo3D.
- Minor pointNine-month revenue of $54.930 million increased from $36.532 million in the comparable 2025 period.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Positive EBITDA delayed to 2028 from the prior expectation of the second half of 2026.
- Major pointEquity issuance diluted holders through 3,571,428 April shares and additional shares under the at-the-market program.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Second-half 2026 gross-margin expectation above 30% is no longer being provided.
- Moderate pointThird-quarter net loss widened to $16.7 million from $11.2 million; loss per share narrowed to $0.52 from $0.65.
- Moderate pointThird-quarter operating expenses rose to $22.7 million from $10.4 million a year earlier.
- Moderate pointThird-quarter adjusted EBITDA loss widened to $9.8 million from $7.3 million a year earlier.
- Moderate pointOperating cash use totaled approximately $52.2 million during the first nine months of 2026.
- Moderate pointConvertible secured notes converted into common stock in March 2026, adding shares.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Capital spending shifts substantially into 2027; 2026 guidance fell to $10 million–$20 million from $40 million–$50 million.
5 minor points
- Minor pointInvesting cash use totaled approximately $6.4 million during the first nine months of 2026.
- Minor pointForge 1 is not yet operating at scale following its phased commencement of operations.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted operating expense guidance remains $45 million–$55 million, excluding stock-based compensation.
- Minor pointEarlier 2026 financial statements required corrections for inventory-reserve errors, reducing first-half reported net loss by approximately $1.6 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.Third-quarter results are preliminary estimates and may change upon the quarterly report's filing.
News Explained
Inventory-reserve corrections lowered the previously reported six-month 2026 net loss by about $1.6 million.
Velo3D says its third-quarter results are preliminary estimates that may be revised when it files its Form 10-Q. Management concluded there is no longer substantial doubt about the company’s ability to continue as a going concern for the 12 months after issuance; its assessment does not assume additional financing is required.
The company revised previously issued first- and second-quarter 2026 financial statements for inventory-reserve errors; the revisions lowered the previously reported net loss for the six months ended
Details
Market Reaction – VELO
On Nov 10, the day this news came out, the latest delayed price for VELO is 13.08% below the previous close. Argus tracked a trough of -15.2% from its starting point during tracking. Our momentum scanner has recorded 18 alerts for this stock so far that day. The latest delayed price is $5.25.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Revenue of
$20.5 million 50% year-over-year - New bookings of
$28.9 million - Gross margin of
26.5% - Cash and cash equivalents of
$75.7 million - Reaffirms 2026 Revenue Guidance; Revises 2026 Gross Margin Guidance; Reduces 2026 Capital Expenditures Guidance; Now Expects Positive Net Cash from Operations in 2028
Arun Jeldi, Chief Executive Officer of Velo3D, said, "We delivered solid third quarter results, with revenue increasing approximately
Looking ahead, Forge 1 is central to Velo3D's next phase of growth and is expected to significantly expand our production capacity as it becomes fully operational, enabling us to pursue larger production programs and capture opportunities across aerospace, defense, space and energy. While a substantial portion of our planned capital expenditures is shifting into 2027, we believe these investments in infrastructure, talent and manufacturing capabilities are essential to scaling our operations, strengthening execution and building the foundation for sustainable, profitable growth."
Recent Business Developments
- Opened the new Livermore Production Campus, Forge 1 in July 2026. The campus has commenced operations in phases and is not yet operating at scale. It is expected to significantly expand the Company's manufacturing production capacity as it is brought to full operation, and to support demand from aerospace and defense customers for the Company's metal additive manufacturing solutions. The Company expects Forge 1 to serve as its primary production and manufacturing center.
- Joined the Government-Industry Data Exchange Program (GIDEP) to further strengthen quality, reliability and supply-chain risk management for defense manufacturing activities, providing access to critical technical and quality information that supports risk mitigation and the production of mission-critical components for
U.S . defense programs. - Expanded partnership with Mears Machine Corporation as Mears ordered its sixth Sapphire® XC system, dedicated to copper-nickel (CuNi) additive manufacturing. The system expands Velo3D's production platform into a material critical to shipbuilding and offshore applications, enabling
U.S .-based production of corrosion-resistant components. - Expanded technology and operational capabilities with the appointments of Vic Fryzel as Executive Vice President, Technology, and Robert Purnell as Senior Director, Operations, to advance platform reliability, manufacturing readiness, quality and delivery performance at Forge 1, supporting scalable production and Velo3D's Rapid Production Solutions offering.
|
($ in Millions, except percentages and per-share data) |
3rd Quarter 2026 |
3rd Quarter 2025 |
|
GAAP revenue |
|
|
|
GAAP gross margin |
26.5 % |
3.2 % |
|
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, and fair value adjustments for the Company's warrants and earnout liability.
Summary of Third Quarter 2026 Results
Total revenue was
Gross margin for the third quarter was
Operating expenses for the third quarter were
GAAP net loss for the third quarter was
Non-GAAP net loss for the third quarter was
The Company had
As of September 30, 2026, the Company had
In connection with the preparation of its financial statements for the third quarter of 2026, management evaluated the Company's ability to continue as a going concern and concluded that there is no longer substantial doubt about the Company's ability to continue as a going concern for the twelve months following the issuance of its third quarter 2026 financial statements. Management's assessment does not assume that additional financing is required to fund operations or satisfy obligations during that period. Additional information will be included in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Guidance
Management is reaffirming its full-year 2026 revenue and non-GAAP adjusted operating expense guidance, is revising its gross margin guidance and reducing its capital expenditure outlook, and is providing an expected timeline for achieving positive net cash from operations and an updated expected timeline for achieving positive EBITDA as follows:
- Revenue in the range of
$65 million $75 million - Sequential improvement in gross margin in the fourth quarter of 2026. The Company is no longer providing its prior expectation of greater than
30% gross margin in the second half of 2026. - Non-GAAP adjusted operating expenses in the range of
$45 million $55 million - Capital expenditures in the range of
$10 million $20 million $40 million $50 million - Positive net cash from operations and positive EBITDA in 2028, compared with the Company's prior expectation of positive EBITDA in the second half of 2026.
Conference Call
The Company will host a conference call for investors to discuss its third quarter 2026 financial results at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time on November 10, 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. Learn more at velo3d.com.
Velo, Velo3D, Sapphire and Intelligent Fusion are registered trademarks of Velo3D, Inc. Flow, Flow Developer, Without Compromise and Assure are trademarks of Velo3D, Inc.
Investor Relations:
Hayden IR
James Carbonara
investors@velo3d.com
Media Contact:
Velo3D
press@velo3d.com
During the third quarter of 2026, the Company revised its previously issued unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 to correct errors related to its excess and obsolete inventory reserve. The revisions reduced the previously reported net loss for the six months ended June 30, 2026 by approximately
Amounts herein pertaining to the Company's third quarter ended September 30, 2026 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of the Company's Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission (the "SEC"). Additional information on the Company's results of operations for the three and nine months ended September 30, 2026 will be provided upon the filing of its 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, non-GAAP adjusted operating expenses and capital expenditures), the Company's expectations regarding the timing and amount of its capital expenditures, including the shift of planned capital expenditures into 2027 and its ability to finance them, the Company's expectations regarding its ability to achieve positive EBITDA and positive net cash provided by operating activities in 2028, management's conclusion that conditions and events no longer raise substantial doubt about the Company's ability to continue as a going concern for the twelve months following issuance of its third quarter 2026 financial statements, the Company's expectations regarding the remediation of the remaining material weaknesses in its internal control over financial reporting, the Company's expectations about future demand, growth, profitability, long-term value, capacity requirements and operational efficiencies, scaled production, pipeline of opportunities, customer priorities, gross margins, the Company's expectations regarding its liquidity and capital requirements, including any plans to raise additional capital to support its expansion and the potential sources and uses of that capital, and the Company's beliefs regarding its ability to execute on strategic initiatives, scale operations, achieve sustainable, profitable growth and capitalize on demand, the Company's expectations regarding the timing of the Livermore Production Campus (Forge 1) becoming fully operational and its expected manufacturing capacity, role as the Company's primary production and manufacturing center, delivery timelines, and cost benefits, the expected benefits of the Company's participation in the Government-Industry Data Exchange Program and its recent leadership appointments, the Company's expectations regarding the development, introduction, timing and anticipated benefits of new products, including expected improvements in productivity, output per printer and cost, 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"), including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 to be filed with the SEC, 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, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) whether the Company's existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements, and 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 on acceptable terms, or at all; (5) the Company's ability to equip, commission, qualify and ramp Forge 1 on the expected timeline and budget, and the risk of operating Forge 1 below capacity given its fixed lease and operating costs; (6) the impact of tariffs, supplier pricing and credit terms on the Company's cost of revenue and gross margin, and the risk that gross margin will vary from period to period, including as a result of inventory-related adjustments; (7) the Company's dependence on a limited number of customers for a significant portion of its revenue; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the risk that future sales of common stock, including sales under the Company's at-the-market offering program, will dilute existing stockholders and may adversely affect the market price of the Company's common stock; (10) changes in the applicable laws and regulations; (11) 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; (12) the risk that the Company's backlog and bookings may not convert into revenue on the timelines the Company expects, or at all; (13) the Company's ability to remediate the remaining material weaknesses in its internal control over financial reporting; (14) the risk that the Company may not achieve its financial guidance for fiscal year 2026, or its expectations regarding positive EBITDA and positive net cash provided by operating activities in 2028, and that actual results may differ materially from, or that the Company may revise, such guidance or expectations; and (15) 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 cautions readers 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 uses "Non-GAAP Net Loss", "Non-GAAP net loss per basic and diluted share", "EBITDA", "Adjusted EBITDA" and "Non-GAAP Adjusted Operating Expenses" to evaluate operating performance, prepare budgets and forecasts, and evaluate performance for compensation purposes. Management believes these measures 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 EBITDA is calculated as net loss excluding interest expense, provision for (benefit from) income taxes, and depreciation and amortization. Adjusted EBITDA further excludes stock-based compensation, loss on warrant cancellation, fair value adjustments for the Company's warrants and earnout liability. With respect to the Company's guidance regarding non-GAAP adjusted operating expenses for 2026 and EBITDA for 2028, the Company cannot provide, without unreasonable effort, a quantitative reconciliation to the most directly comparable GAAP measures, operating expenses and net loss, respectively, because it cannot predict with reasonable certainty certain items needed to calculate such measures, including stock-based compensation expense, which depends on future grants and the price of the Company's common stock, and interest income and expense, income taxes and depreciation and amortization associated with the timing of future capital expenditures. These items could have a significant impact on the Company's GAAP results.
|
Velo3D, Inc. Non-GAAP Net Loss Reconciliation (Unaudited)
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
|
September 30, 2026 |
September 30, 2025 |
|
|
September 30, 2026 |
September 30, 2025 |
|
||||||||
|
|
|
($ In thousands) |
|
|||||||||||||
|
Revenue |
|
$ |
20,450 |
|
|
$ |
13,640 |
|
|
$ |
54,930 |
|
|
$ |
36,532 |
|
|
Gross profit (loss) |
|
|
5,418 |
|
|
|
433 |
|
|
|
14,369 |
|
|
|
(458) |
|
|
Net Loss |
|
$ |
(16,692) |
|
|
$ |
(11,188) |
|
|
$ |
(33,608) |
|
|
$ |
(49,465) |
|
|
Stock-based compensation |
|
|
5,928 |
|
|
|
1,905 |
|
|
|
10,311 |
|
|
|
7,335 |
|
|
(Gain) loss on fair value of warrants |
|
|
(68) |
|
|
|
— |
|
|
|
(27) |
|
|
|
1,044 |
|
|
Gain on fair value of contingent earnout |
|
|
(1) |
|
|
|
— |
|
|
|
(1) |
|
|
|
— |
|
|
Loss on warrant cancellation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,357 |
|
|
Non-GAAP Net Loss |
|
$ |
(10,833) |
|
|
$ |
(9,283) |
|
|
$ |
(23,325) |
|
|
$ |
(29,729) |
|
|
Velo3D, Inc. Non-GAAP Adjusted EBITDA Reconciliation (Unaudited)
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
|
September 30, 2026 |
September 30, 2025 |
|
|
September 30, 2026 |
September 30, 2025 |
|
||||||||
|
|
|
($ In thousands) |
|
|||||||||||||
|
Revenue |
|
$ |
20,450 |
|
|
$ |
13,640 |
|
|
$ |
54,930 |
|
|
$ |
36,532 |
|
|
Net Loss |
|
|
(16,692) |
|
|
|
(11,188) |
|
|
|
(33,608) |
|
|
|
(49,465) |
|
|
Interest expense |
|
|
160 |
|
|
|
1,198 |
|
|
|
1,068 |
|
|
|
3,840 |
|
|
Provision for (benefit from) income taxes |
|
|
(21) |
|
|
|
(14) |
|
|
|
(4) |
|
|
|
83 |
|
|
Depreciation and amortization |
|
|
884 |
|
|
|
813 |
|
|
|
2,358 |
|
|
|
2,630 |
|
|
EBITDA |
|
$ |
(15,669) |
|
|
$ |
(9,191) |
|
|
$ |
(30,186) |
|
|
$ |
(42,912) |
|
|
Stock-based compensation |
|
|
5,928 |
|
|
|
1,905 |
|
|
|
10,311 |
|
|
|
7,335 |
|
|
(Gain) loss on fair value of warrants |
|
|
(68) |
|
|
|
— |
|
|
|
(27) |
|
|
|
1,044 |
|
|
Gain on fair value of contingent earnout |
|
|
(1) |
|
|
|
— |
|
|
|
(1) |
|
|
|
— |
|
|
Loss on warrant cancellation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,357 |
|
|
Non-GAAP Adjusted EBITDA |
|
$ |
(9,810) |
|
|
$ |
(7,286) |
|
|
$ |
(19,903) |
|
|
$ |
(23,176) |
|
|
Velo3D, Inc. Non-GAAP Adjusted Operating Expenses Reconciliation (Unaudited)
|
|
|||||||||||||||
|
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
|
September 30, 2026 |
September 30, 2025 |
|
|
September 30, 2026 |
September 30, 2025 |
|
||||||||
|
|
|
($ In thousands) |
|
|||||||||||||
|
Revenue |
|
$ |
20,450 |
|
|
$ |
13,640 |
|
|
$ |
54,930 |
|
|
$ |
36,532 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Research and development |
|
|
5,387 |
|
|
|
2,722 |
|
|
|
12,948 |
|
|
|
7,369 |
|
|
Selling and marketing |
|
|
3,178 |
|
|
|
1,797 |
|
|
|
7,749 |
|
|
|
4,351 |
|
|
General and administrative |
|
|
14,141 |
|
|
|
5,907 |
|
|
|
27,377 |
|
|
|
20,934 |
|
|
Total operating expenses |
|
$ |
22,706 |
|
|
$ |
10,426 |
|
|
$ |
48,074 |
|
|
$ |
32,654 |
|
|
Stock-based compensation recorded in operating expenses |
|
|
5,696 |
|
|
|
1,310 |
|
|
|
9,332 |
|
|
|
5,933 |
|
|
Non-GAAP Adjusted operating expenses |
|
$ |
17,010 |
|
|
$ |
9,116 |
|
|
$ |
38,742 |
|
|
$ |
26,721 |
|
|
Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share data)
|
|
|||||||||||||||
|
|
|
The three months ended September 30, |
|
|
The nine months ended September 30, |
|
||||||||||
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
3D Printer and parts |
|
$ |
18,832 |
|
|
$ |
11,993 |
|
|
$ |
49,821 |
|
|
$ |
31,598 |
|
|
Recurring payment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
|
Support services |
|
|
1,411 |
|
|
|
1,351 |
|
|
|
4,174 |
|
|
|
4,500 |
|
|
Other |
|
|
207 |
|
|
|
296 |
|
|
|
935 |
|
|
|
364 |
|
|
Total Revenue |
|
|
20,450 |
|
|
|
13,640 |
|
|
|
54,930 |
|
|
|
36,532 |
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
3D Printer and parts |
|
|
13,950 |
|
|
|
11,855 |
|
|
|
37,802 |
|
|
|
33,389 |
|
|
Recurring payment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
Support services |
|
|
1,082 |
|
|
|
1,352 |
|
|
|
2,759 |
|
|
|
3,589 |
|
|
Total cost of revenue |
|
|
15,032 |
|
|
|
13,207 |
|
|
|
40,561 |
|
|
|
36,990 |
|
|
Gross profit (loss) |
|
|
5,418 |
|
|
|
433 |
|
|
|
14,369 |
|
|
|
(458) |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Research and development |
|
|
5,387 |
|
|
|
2,722 |
|
|
|
12,948 |
|
|
|
7,369 |
|
|
Selling and marketing |
|
|
3,178 |
|
|
|
1,797 |
|
|
|
7,749 |
|
|
|
4,351 |
|
|
General and administrative |
|
|
14,141 |
|
|
|
5,907 |
|
|
|
27,377 |
|
|
|
20,934 |
|
|
Total operating expenses |
|
|
22,706 |
|
|
|
10,426 |
|
|
|
48,074 |
|
|
|
32,654 |
|
|
Loss from operations |
|
|
(17,288) |
|
|
|
(9,993) |
|
|
|
(33,705) |
|
|
|
(33,112) |
|
|
Interest expense |
|
|
(160) |
|
|
|
(1,198) |
|
|
|
(1,068) |
|
|
|
(3,840) |
|
|
Gain (loss) on fair value of warrants |
|
|
68 |
|
|
|
— |
|
|
|
27 |
|
|
|
(1,044) |
|
|
Gain on fair value of contingent earnout liabilities |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
Loss on warrant cancellation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,357) |
|
|
Other income (expense), net |
|
|
666 |
|
|
|
(11) |
|
|
|
1,133 |
|
|
|
(29) |
|
|
Loss before income taxes |
|
|
(16,713) |
|
|
|
(11,202) |
|
|
|
(33,612) |
|
|
|
(49,382) |
|
|
Provision for (benefit from) income taxes |
|
|
(21) |
|
|
|
(14) |
|
|
|
(4) |
|
|
|
83 |
|
|
Net loss |
|
$ |
(16,692) |
|
|
$ |
(11,188) |
|
|
$ |
(33,608) |
|
|
$ |
(49,465) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic and Diluted |
|
$ |
(0.52) |
|
|
$ |
(0.65) |
|
|
$ |
(1.16) |
|
|
$ |
(3.33) |
|
|
Shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic and Diluted |
|
|
32,199,624 |
|
|
|
17,124,361 |
|
|
|
28,915,965 |
|
|
|
14,868,372 |
|
|
Velo3D, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data)
|
||||||||
|
|
|
September 30, |
|
|
December 31, |
|
||
|
|
|
2026 |
|
|
2025 |
|
||
|
Assets |
|
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
75,732 |
|
|
$ |
39,013 |
|
|
Accounts receivable, net |
|
|
8,658 |
|
|
|
6,263 |
|
|
Inventories, net |
|
|
30,765 |
|
|
|
27,083 |
|
|
Contract assets |
|
|
16,303 |
|
|
|
2,039 |
|
|
Prepaid expenses and other current assets |
|
|
12,963 |
|
|
|
5,722 |
|
|
Total current assets |
|
|
144,421 |
|
|
|
80,120 |
|
|
Property and equipment, net |
|
|
23,216 |
|
|
|
13,094 |
|
|
Equipment subject to operating lease, net |
|
|
494 |
|
|
|
1,629 |
|
|
Other assets |
|
|
84,174 |
|
|
|
10,505 |
|
|
Total assets |
|
$ |
252,305 |
|
|
$ |
105,348 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
6,440 |
|
|
$ |
10,301 |
|
|
Accrued expenses and other current liabilities |
|
|
7,702 |
|
|
|
7,915 |
|
|
Debt – current portion |
|
|
3,261 |
|
|
|
6,305 |
|
|
Contract liabilities |
|
|
10,788 |
|
|
|
9,281 |
|
|
Total current liabilities |
|
|
28,191 |
|
|
|
33,802 |
|
|
Long-term debt – less current portion |
|
|
4,135 |
|
|
|
24,710 |
|
|
Contingent earnout liabilities |
|
|
— |
|
|
|
1 |
|
|
Warrant liabilities |
|
|
81 |
|
|
|
109 |
|
|
Other noncurrent liabilities |
|
|
82,595 |
|
|
|
8,570 |
|
|
Total liabilities |
|
|
115,002 |
|
|
|
67,192 |
|
|
|
|
|
|
|
|
|
||
|
Stockholders' equity: |
|
|
|
|
|
|
||
|
Common stock, |
|
|
5 |
|
|
|
5 |
|
|
Additional paid-in capital |
|
|
669,049 |
|
|
|
536,294 |
|
|
Accumulated deficit |
|
|
(531,751) |
|
|
|
(498,143) |
|
|
Total stockholders' equity |
|
|
137,303 |
|
|
|
38,156 |
|
|
Total liabilities and stockholders' equity |
|
$ |
252,305 |
|
|
$ |
105,348 |
|
|
Velo3D, Inc.
|
||||||||
|
|
|
The nine months ended September 30, |
|
|||||
|
|
|
2026 |
|
|
2025 |
|
||
|
Cash flows from operating activities |
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(33,608) |
|
|
$ |
(49,465) |
|
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
2,358 |
|
|
|
2,630 |
|
|
Amortization of debt discount and deferred financing costs |
|
|
17 |
|
|
|
148 |
|
|
Stock-based compensation |
|
|
10,311 |
|
|
|
7,335 |
|
|
(Gain) loss on fair value of warrants |
|
|
(27) |
|
|
|
1,044 |
|
|
Gain on fair value of contingent earnout liabilities |
|
|
(1) |
|
|
|
— |
|
|
Loss on warrant cancellation |
|
|
— |
|
|
|
11,357 |
|
|
Reserve for excess and obsolete inventory |
|
|
1,948 |
|
|
|
— |
|
|
Provision for credit losses |
|
|
57 |
|
|
|
37 |
|
|
Non-cash lease expense |
|
|
156 |
|
|
|
105 |
|
|
Loss on sale/disposal of fixed assets |
|
|
— |
|
|
|
24 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
||
|
Accounts receivable |
|
|
(2,452) |
|
|
|
(2,986) |
|
|
Inventories |
|
|
(3,177) |
|
|
|
11,333 |
|
|
Contract assets |
|
|
(14,264) |
|
|
|
(2,938) |
|
|
Prepaid expenses and other current assets |
|
|
(7,241) |
|
|
|
507 |
|
|
Other assets |
|
|
871 |
|
|
|
(5,890) |
|
|
Accounts payable |
|
|
(10,052) |
|
|
|
(1,762) |
|
|
Accrued expenses and other liabilities |
|
|
(1,543) |
|
|
|
11,876 |
|
|
Contract liabilities |
|
|
1,507 |
|
|
|
(2,057) |
|
|
Other noncurrent liabilities |
|
|
2,947 |
|
|
|
(888) |
|
|
Net cash used in operating activities |
|
|
(52,193) |
|
|
|
(19,590) |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
||
|
Purchase of property and equipment |
|
|
(6,375) |
|
|
|
(2,112) |
|
|
Net cash used in investing activities |
|
|
(6,375) |
|
|
|
(2,112) |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
||
|
Proceeds from convertible secured notes |
|
|
— |
|
|
|
15,000 |
|
|
Gross proceeds from April 2026 Offering |
|
|
50,000 |
|
|
|
— |
|
|
Payment for issuance costs related to April 2026 Offering |
|
|
(3,408) |
|
|
|
— |
|
|
Gross proceeds from ATM Offering |
|
|
59,428 |
|
|
|
— |
|
|
Payment for issuance costs related to ATM Offering |
|
|
(2,070) |
|
|
|
— |
|
|
Gross proceeds from August 2025 Offering |
|
|
— |
|
|
|
20,125 |
|
|
Payment for issuance cost related to August 2025 Offering |
|
|
— |
|
|
|
(2,303) |
|
|
Repayment of 2025 equipment loan |
|
|
(2,282) |
|
|
|
— |
|
|
Repayment of secured notes |
|
|
(3,039) |
|
|
|
(499) |
|
|
Net cash provided by financing activities |
|
|
98,629 |
|
|
|
32,323 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
6 |
|
|
|
4 |
|
|
Net change in cash and cash equivalents and restricted cash |
|
|
40,067 |
|
|
|
10,625 |
|
|
Cash and cash equivalents and restricted cash at beginning of period |
|
|
39,636 |
|
|
|
1,840 |
|
|
Cash and cash equivalents and restricted cash at end of period |
|
$ |
79,703 |
|
|
$ |
12,465 |
|
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 nine months ended September 30, |
|
|||||
|
|
|
2026 |
|
|
2025 |
|
||
|
Cash and cash equivalents |
|
$ |
75,732 |
|
|
$ |
11,842 |
|
|
Restricted cash (Other assets) |
|
|
3,971 |
|
|
|
623 |
|
|
Total cash and cash equivalents and restricted cash |
|
$ |
79,703 |
|
|
$ |
12,465 |
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/velo3d-announces-third-quarter-2026-financial-results-302935529.html
SOURCE Velo3D, Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Velo3D's third-quarter 2026 earnings results?
Velo3D reported $20.5 million in revenue and a $16.7 million net loss, or $0.52 per basic and diluted share. Revenue increased 50% year over year. The comparable 2025 quarter had a net loss of $11.2 million, or $0.65 per share.
When does Velo3D expect positive EBITDA and operating cash flow?
Velo3D expects positive EBITDA and positive net cash from operations in 2028. Its previous expectation was positive EBITDA in the second half of 2026.
What contributed to Velo3D's third-quarter 2026 gross-margin improvement?
Gross-margin improvement reflected higher average selling prices, a more favorable product mix and improved manufacturing efficiencies, along with higher production volumes spreading fixed manufacturing costs. Results also benefited from a net release of inventory reserves and a refinement, implemented in the second quarter of 2026, in allocating certain labor and overhead costs between cost of revenue and operating expenses.
What financial-statement corrections did Velo3D make in 2026?
Velo3D revised its previously issued first- and second-quarter 2026 financial statements to correct excess and obsolete inventory-reserve errors. The revisions reduced previously reported net loss for the six months ended June 30, 2026 by approximately $1.6 million. Nine-month 2026 figures incorporate those revisions.