Velo3D Announces Second Quarter 2025 Financial Results
Velo3D (OTCQX: VLDX), a leading additive manufacturing company, reported Q2 2025 financial results with revenue of $13.6 million, up from $10.3 million in Q2 2024. The company's Rapid Production Services (RPS) showed strong momentum with bookings increasing 79% quarter-over-quarter, with new customers representing 78% of Q2 bookings.
Key developments include signing multiple strategic agreements: a CRADA with NAVAIR laboratories, a $4 million MSA with Vaya Space, and a $15 million MSA with Momentus. The company maintains a solid backlog of $15.9 million as of June 30, 2025, and reaffirms its 2025 guidance of 30% annual revenue growth with expectations to be EBITDA positive in H1 2026.
Despite revenue growth, the company reported a GAAP net loss of $13.8 million and negative gross margins of 11.7%, though improved from -28.0% in Q2 2024. Management expects margin improvement as historical factors become less significant and RPS business ramps up.
Velo3D (OTCQX: VLDX), azienda leader nella produzione additiva, ha riportato i risultati finanziari del secondo trimestre 2025 con ricavi pari a 13,6 milioni di dollari, in aumento rispetto ai 10,3 milioni di dollari del secondo trimestre 2024. Il servizio Rapid Production Services (RPS) dell'azienda ha mostrato un forte slancio con prenotazioni aumentate del 79% trimestre su trimestre, con nuovi clienti che rappresentano il 78% delle prenotazioni del secondo trimestre.
Tra gli sviluppi chiave vi sono la firma di più accordi strategici: una CRADA con i laboratori NAVAIR, un MSA da 4 milioni di dollari con Vaya Space e un MSA da 15 milioni di dollari con Momentus. L'azienda mantiene un solido portafoglio ordini di 15,9 milioni di dollari al 30 giugno 2025 e conferma la guidance per il 2025 di un crescita annua dei ricavi del 30% con l'aspettativa di raggiungere un EBITDA positivo nella prima metà del 2026.
Nonostante la crescita dei ricavi, l'azienda ha riportato una perdita netta GAAP di 13,8 milioni di dollari e margini lordi negativi dell'11,7%, seppur migliorati rispetto al -28,0% del secondo trimestre 2024. La direzione prevede un miglioramento dei margini man mano che i fattori storici perderanno rilevanza e l'attività RPS aumenterà.
Velo3D (OTCQX: VLDX), una empresa líder en fabricación aditiva, reportó los resultados financieros del segundo trimestre de 2025 con ingresos de 13,6 millones de dólares, aumentando desde 10,3 millones en el segundo trimestre de 2024. Los Servicios de Producción Rápida (RPS) de la compañía mostraron un fuerte impulso con reservas que aumentaron un 79% trimestre a trimestre, con nuevos clientes representando el 78% de las reservas del segundo trimestre.
Los desarrollos clave incluyen la firma de múltiples acuerdos estratégicos: un CRADA con los laboratorios NAVAIR, un MSA de 4 millones de dólares con Vaya Space y un MSA de 15 millones de dólares con Momentus. La empresa mantiene una sólida cartera de pedidos de 15,9 millones de dólares al 30 de junio de 2025 y reafirma su guía para 2025 de un crecimiento anual de ingresos del 30% con expectativas de ser EBITDA positivo en el primer semestre de 2026.
A pesar del crecimiento en ingresos, la compañía reportó una pérdida neta GAAP de 13,8 millones de dólares y márgenes brutos negativos del 11,7%, aunque mejorados desde -28,0% en el segundo trimestre de 2024. La gerencia espera una mejora en los márgenes a medida que los factores históricos pierdan relevancia y el negocio RPS se incremente.
Velo3D (OTCQX: VLDX)는 선도적인 적층 제조 회사로서 2025년 2분기 재무 실적을 발표했으며, 매출액은 1,360만 달러로 2024년 2분기의 1,030만 달러에서 증가했습니다. 회사의 Rapid Production Services(RPS)는 분기별 예약 건수가 79% 증가하며 강한 성장세를 보였으며, 신규 고객이 2분기 예약의 78%를 차지했습니다.
주요 개발 사항으로는 NAVAIR 연구소와의 CRADA 체결, Vaya Space와 400만 달러 규모의 MSA, 그리고 Momentus와 1,500만 달러 규모의 MSA가 포함됩니다. 회사는 2025년 6월 30일 기준으로 1,590만 달러의 확정 주문 잔고를 유지하고 있으며, 2025년 매출 연간 30% 성장 목표를 재확인하고 2026년 상반기에는 EBITDA 흑자를 기대하고 있습니다.
매출 성장은 있었지만, 회사는 GAAP 기준 순손실 1,380만 달러와 -11.7%의 부정적인 총이익률을 보고했으나, 이는 2024년 2분기의 -28.0%에서 개선된 수치입니다. 경영진은 과거 요인이 점차 줄어들고 RPS 사업이 확대됨에 따라 마진이 개선될 것으로 예상하고 있습니다.
Velo3D (OTCQX: VLDX), une entreprise leader dans la fabrication additive, a annoncé ses résultats financiers du deuxième trimestre 2025 avec un chiffre d'affaires de 13,6 millions de dollars, en hausse par rapport à 10,3 millions de dollars au deuxième trimestre 2024. Les services Rapid Production Services (RPS) de la société ont montré un fort élan avec une augmentation des réservations de 79 % d'un trimestre à l'autre, les nouveaux clients représentant 78 % des réservations du deuxième trimestre.
Les développements clés incluent la signature de plusieurs accords stratégiques : un CRADA avec les laboratoires NAVAIR, un MSA de 4 millions de dollars avec Vaya Space et un MSA de 15 millions de dollars avec Momentus. La société maintient un carnet de commandes solide de 15,9 millions de dollars au 30 juin 2025 et réaffirme ses prévisions pour 2025 d'une croissance annuelle du chiffre d'affaires de 30 % avec l'attente d'être bénéficiaire en EBITDA au premier semestre 2026.
Malgré la croissance du chiffre d'affaires, la société a enregistré une perte nette GAAP de 13,8 millions de dollars et des marges brutes négatives de 11,7 %, bien qu'en amélioration par rapport à -28,0 % au deuxième trimestre 2024. La direction prévoit une amélioration des marges à mesure que les facteurs historiques perdent de leur importance et que l'activité RPS se développe.
Velo3D (OTCQX: VLDX), ein führendes Unternehmen im Bereich der additiven Fertigung, meldete die Finanzergebnisse für das zweite Quartal 2025 mit Umsätzen von 13,6 Millionen US-Dollar, gegenüber 10,3 Millionen US-Dollar im zweiten Quartal 2024. Die Rapid Production Services (RPS) des Unternehmens zeigten eine starke Dynamik mit einer Buchungssteigerung von 79 % im Quartalsvergleich, wobei neue Kunden 78 % der Buchungen im zweiten Quartal ausmachten.
Zu den wichtigsten Entwicklungen zählen der Abschluss mehrerer strategischer Vereinbarungen: eine CRADA mit den NAVAIR-Laboren, ein 4-Millionen-Dollar-MSA mit Vaya Space und ein 15-Millionen-Dollar-MSA mit Momentus. Das Unternehmen hält einen soliden Auftragsbestand von 15,9 Millionen US-Dollar zum 30. Juni 2025 und bestätigt seine Prognose für 2025 mit einem jährlichen Umsatzwachstum von 30 % und der Erwartung, im ersten Halbjahr 2026 EBITDA-positiv zu sein.
Trotz Umsatzwachstum meldete das Unternehmen einen GAAP-Nettogewinnverlust von 13,8 Millionen US-Dollar und negative Bruttomargen von 11,7 %, was jedoch eine Verbesserung gegenüber -28,0 % im zweiten Quartal 2024 darstellt. Das Management erwartet eine Margenverbesserung, da historische Faktoren an Bedeutung verlieren und das RPS-Geschäft an Fahrt gewinnt.
- Revenue increased 32% year-over-year to $13.6 million
- RPS bookings grew 79% quarter-over-quarter
- Secured multiple strategic agreements including $4M MSA with Vaya Space and $15M MSA with Momentus
- New customers represented 78% of Q2'25 bookings
- Operating expenses reduced to $10.5M from $17.6M year-over-year
- Gross margin improved to -11.7% from -28.0% year-over-year
- GAAP net loss increased to $13.8M from $0.2M year-over-year
- Negative gross margin of -11.7%
- Cash position decreased to $854,000 from $1.2M at end of 2024
- High capital expenditure guidance of $15-20M for 2025
- Revenue of
$13.6 million - Backlog of
$15.9 million $17.8 million - Reaffirms expectation for 2025 annual revenue growth of more than
30% - Reaffirms expectation to be EBITDA positive in the first half of 2026
Recent Business Developments
- Strong momentum continues in Rapid Production Services (RPS)
- RPS bookings increased
79% quarter over quarter - New customers represented more than
78% of 2Q'25 bookings 54% bookings from Space and33% bookings from Defense sector
- RPS bookings increased
- Signed a Cooperative Research and Development Agreement (CRADA) with two Naval Air Systems Command (NAVAIR) federal laboratories to advance additive manufacturing capabilities for the aerospace and defense sectors
- Signed a
$4 million - Announced and advanced
$22.0 million Auburn University's National Center for Additive Manufacturing Excellence - Signed a five-year,
$15 million - Received an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programs
- Announced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.
- Appointed retired
U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government Relations - Appointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of Directors
"Our second quarter results reflect solid topline performance" said Arun Jeldi, CEO of Velo3D. "More importantly, the composition of our backlog made a significant shift toward RPS driven by strong demand from the Space and Defense sectors."
"This quarter marked a pivotal period of strategic advancement for our business," said Arun Jeldi, CEO of Velo3D. "We are proud to have signed a Cooperative Research and Development Agreement with two NAVAIR federal laboratories, which positions us at the forefront of innovation in additive manufacturing for aerospace and defense. Additionally, our new
Jeldi concluded, "Momentum is building as several of our strategic initiatives begin to take hold. We remain focused on operational discipline and initial indications point to improved performance across the business. Looking ahead, we expect to build on this progress quarter by quarter as we continue advancing our position in the additive manufacturing industry."
($ in Millions, except percentages and per-share data) | 2nd Quarter 2025 | 2nd Quarter 2024 |
GAAP revenue | ||
GAAP gross margin | (11.7) % | (28.0) % |
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 ("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, gain on exchange of debt for common stock, fair value adjustments for the Company's warrants, contingent earnout and debt derivative and loss on extinguishment of debt.
Summary of Second Quarter 2025 Results
Revenue was
Gross margin for the second quarter was (
Operating expenses for the second quarter were
GAAP net loss for the second quarter was
Non-GAAP net loss was
As of June 30, 2025, the Company had
Guidance
Management reaffirms expectations for the following for the full year 2025:
- Revenue in the range of
$50 million $60 million - Sequential improvement in gross margin
- Greater than
30% gross margin in fourth quarter of 2025
- Greater than
- Non-GAAP operating expenses in the range of
$40 million $50 million - CapEx in the range of
$15 million $20 million - EBITDA positive in the first half of 2026
Conference Call
The company will host a conference call for investors this afternoon to discuss its second quarter 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on August 6, 2025. 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 SpaceX, Honeywell, Honda, Chromalloy, and Lam Research. Velo3D has been 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 second quarter ended June 30, 2025 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 Securities and Exchange Commission (the "SEC"). Additional information on our results of operations for the three and six months ended June 30, 2025 will be provided upon the filing our Quarterly Report 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 1996. 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 years 2025 and 2026 (including the company's estimates for revenue and gross margin), the company's expectations regarding its ability to achieve profitability in the first half of 2026, the company's expectations about future demand, the company's strategic realignment and initiatives, the company's expectations regarding its liquidity and capital requirements, the company's expectations regarding its potential cost savings, the company's expectations about its market strategy and financial and operational position, 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 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, 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 limitations associated with these non-GAAP financial measures, "Non-GAAP Net Loss", "EBITDA", "Adjusted EBITDA" and "Non-GAAP 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, EBITDA, Adjusted EBITDA, and Non-GAAP 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 income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Operating Expenses during the periods below:
Velo3D, Inc. NON-GAAP Net Loss Reconciliation (Unaudited) | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
($ In thousands) | ||||||||||||||||
Revenue | $ | 13,572 | $ | 10,344 | $ | 22,892 | $ | 20,130 | ||||||||
Gross Profit | (1,588) | (2,897) | (891) | (5,712) | ||||||||||||
Net Loss | $ | (13,756) | $ | (172) | $ | (39,167) | $ | (28,486) | ||||||||
Stock-based compensation | 2,409 | 4,247 | 6,483 | 9,334 | ||||||||||||
(Gain) loss on fair value of warrants | — | (25,310) | 1,044 | (22,690) | ||||||||||||
Gain on fair value of contingent earnout | — | (1,824) | — | (1,387) | ||||||||||||
Loss on warrant cancellation | — | — | 11,357 | — | ||||||||||||
Non-cash cost of issuance of common | — | 1,313 | - | 1,313 | ||||||||||||
Non-GAAP Net Loss | $ | (11,347) | $ | (21,746) | $ | (20,283) | $ | (41,916) | ||||||||
Velo3D, Inc. NON-GAAP Adjusted EBITDA Reconciliation (Unaudited) | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
($ In thousands) | ||||||||||||||||
Revenue | $ | 13,572 | $ | 10,344 | $ | 22,892 | $ | 20,130 | ||||||||
Net Loss | (13,756) | (172) | (39,167) | (28,486) | ||||||||||||
Interest expense | 1,572 | 5,463 | 2,642 | 9,360 | ||||||||||||
Provision (benefit) for income taxes | 89 | (4) | 97 | — | ||||||||||||
Depreciation and amortization | 783 | 1,311 | 1,725 | 2,707 | ||||||||||||
EBITDA | $ | (11,312) | $ | 6,598 | $ | (34,703) | $ | (16,419) | ||||||||
Stock-based compensation | 2,409 | 4,247 | 6,483 | 9,334 | ||||||||||||
(Gain) loss on fair value of warrants | — | (25,310) | 1,044 | (22,690) | ||||||||||||
Gain on fair value of contingent earnout | — | (1,824) | — | (1,387) | ||||||||||||
Loss on warrant cancellation | — | — | 11,357 | — | ||||||||||||
Non-cash cost of issuance of common | — | 1,313 | — | 1,313 | ||||||||||||
Adjusted EBITDA | $ | (8,903) | $ | (14,976) | $ | (15,819) | $ | (29,849) | ||||||||
Velo3D, Inc. NON-GAAP Adjusted Operating Expenses Reconciliation (Unaudited) | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
($ In thousands) | ||||||||||||||||
Revenue | $ | 13,572 | $ | 10,344 | $ | 22,892 | $ | 20,130 | ||||||||
Operating expenses | ||||||||||||||||
Research and development | 2,845 | 4,545 | 5,120 | 9,588 | ||||||||||||
Selling and marketing | 1,619 | 4,273 | 2,831 | 9,082 | ||||||||||||
General and administrative | 6,037 | 8,805 | 15,168 | 17,588 | ||||||||||||
Total operating expenses | $ | 10,501 | $ | 17,623 | $ | 23,119 | $ | 36,258 | ||||||||
Stock-based compensation in operating | 2,409 | 4,247 | 6,483 | 9,334 | ||||||||||||
Adjusted operating expenses | $ | 8,092 | $ | 13,376 | $ | 16,636 | $ | 26,924 | ||||||||
Velo3D, Inc. | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
(Unaudited) | |||||||||||||
(in thousands, except share and per share data) | |||||||||||||
The three months ended June 30, | The six months ended June 30, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
Revenue | |||||||||||||
3D Printer | $ | 12,082 | $ | 8,679 | $ | 19,605 | $ | 16,339 | |||||
Recurring payment | 70 | 292 | 70 | 762 | |||||||||
Support services | 1,359 | 1,373 | 3,149 | 3,029 | |||||||||
Other | 61 | — | 68 | — | |||||||||
Total Revenue | 13,572 | 10,344 | 22,892 | 20,130 | |||||||||
Cost of revenue | |||||||||||||
3D Printer | 13,994 | 10,744 | 21,534 | 20,138 | |||||||||
Recurring payment | — | 232 | 12 | 547 | |||||||||
Support services | 1,166 | 2,265 | 2,237 | 5,157 | |||||||||
Total cost of revenue | 15,160 | 13,241 | 23,783 | 25,842 | |||||||||
Gross loss | (1,588) | (2,897) | (891) | (5,712) | |||||||||
Operating expenses | |||||||||||||
Research and development | 2,845 | 4,545 | 5,120 | 9,588 | |||||||||
Selling and marketing | 1,619 | 4,273 | 2,831 | 9,082 | |||||||||
General and administrative | 6,037 | 8,805 | 15,168 | 17,588 | |||||||||
Total operating expenses | 10,501 | 17,623 | 23,119 | 36,258 | |||||||||
Loss from operations | (12,089) | (20,520) | (24,010) | (41,970) | |||||||||
Interest expense | (1,572) | (5,463) | (2,642) | (9,360) | |||||||||
Gain (loss) on fair value of warrants | — | 25,310 | (1,044) | 22,690 | |||||||||
Gain on fair value of contingent earnout liabilities | — | 1,824 | — | 1,387 | |||||||||
Loss on warrant cancellation | — | — | (11,357) | — | |||||||||
Other expense, net | (6) | (1,327) | (17) | (1,233) | |||||||||
Loss before provision for income taxes | (13,667) | (176) | (39,070) | (28,486) | |||||||||
(Provision) benefit for income taxes | (89) | 4 | (97) | — | |||||||||
Net loss | $ | (13,756) | $ | (172) | $ | (39,167) | $ | (28,486) | |||||
Net loss per share: | |||||||||||||
Basic | $ | (0.98) | $ | (0.30) | $ | (2.85) | $ | (53.31) | |||||
Diluted | $ | (0.98) | $ | (0.30) | $ | (2.85) | $ | (53.31) | |||||
Shares used in computing net loss per share: | |||||||||||||
Basic | 14,041,712 | 565,026 | 13,721,680 | 534,381 | |||||||||
Diluted | 14,041,712 | 565,026 | 13,721,680 | 534,381 | |||||||||
Velo3D, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) | ||||||||
June 30, | December 31, | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 854 | $ | 1,212 | ||||
Accounts receivable, net | 5,394 | 3,723 | ||||||
Inventories, net | 38,417 | 49,953 | ||||||
Contract assets | 1,448 | 500 | ||||||
Prepaid expenses and other current assets | 2,783 | 2,336 | ||||||
Total current assets | 48,896 | 57,724 | ||||||
Property and equipment, net | 15,201 | 14,270 | ||||||
Equipment subject to operating lease, net | 3,020 | 3,673 | ||||||
Other assets | 11,441 | 13,513 | ||||||
Total assets | $ | 78,558 | $ | 89,180 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 14,853 | $ | 18,538 | ||||
Accrued expenses and other current liabilities | 4,263 | 3,511 | ||||||
Debt – current portion | 16,913 | 5,666 | ||||||
Contract liabilities | 6,712 | 10,285 | ||||||
Total current liabilities | 42,741 | 38,000 | ||||||
Long-term debt – less current portion | 5,562 | — | ||||||
Contingent earnout liabilities | 11 | 11 | ||||||
Warrant liabilities | 13 | 2,167 | ||||||
Other noncurrent liabilities | 8,696 | 9,338 | ||||||
Total liabilities | 57,023 | 49,516 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Stockholders' equity: | ||||||||
Common stock, | 4 | 4 | ||||||
Additional paid-in capital | 491,032 | 469,994 | ||||||
Accumulated other comprehensive loss | — | — | ||||||
Accumulated deficit | (469,501) | (430,334) | ||||||
Total stockholders' equity | 21,535 | 39,664 | ||||||
Total liabilities and stockholders' equity | $ | 78,558 | $ | 89,180 | ||||
Velo3D, Inc. | ||||||||
The six months ended June 30, | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (39,167) | $ | (28,486) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation and amortization | 1,725 | 2,707 | ||||||
Amortization of debt discount and deferred financing costs | 2,559 | 8,281 | ||||||
Stock-based compensation | 6,483 | 9,334 | ||||||
(Gain) loss on fair value of warrants | 1,044 | (22,690) | ||||||
(Gain) loss on fair value of contingent earnout liabilities | — | (1,387) | ||||||
Loss on warrant cancellation | 11,357 | — | ||||||
Non-cash cost of issuance of common stock warrants on BEPO Offering | — | 1,313 | ||||||
Loss on sale/disposal of fixed assets | 2,777 | |||||||
Realized loss on available for sale securities | — | 21 | ||||||
Changes in assets and liabilities | ||||||||
Accounts receivable | (1,671) | 1,245 | ||||||
Inventories | 5,691 | 3,891 | ||||||
Contract assets | (948) | (1,351) | ||||||
Prepaid expenses and other current assets | (292) | 1,871 | ||||||
Other assets | 2,002 | 1,369 | ||||||
Accounts payable | (912) | (2,391) | ||||||
Accrued expenses and other liabilities | 2 | (595) | ||||||
Contract liabilities | (3,573) | (345) | ||||||
Other noncurrent liabilities | (642) | (1,279) | ||||||
Net cash used in operating activities | (13,565) | (28,492) | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (1,799) | (8) | ||||||
Sales of available-for-sale investments | — | 2,474 | ||||||
Proceeds from maturity of available-for-sale investments | — | 3,500 | ||||||
Net cash (used in) provided by investing activities | (1,799) | 5,966 | ||||||
Cash flows from financing activities | ||||||||
Proceeds from secured convertible note | 15,000 | — | ||||||
Proceeds from BEPO Offering, net of issuance costs | 10,675 | |||||||
Repayment of secured notes | — | (10,500) | ||||||
Issuance of common stock upon exercise of stock options | — | 315 | ||||||
Net cash provided by financing activities | 15,000 | 490 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 4 | ||||||
Net change in cash and cash equivalents | (358) | (22,032) | ||||||
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 | $ | 1,482 | $ | 3,262 | ||||
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:
June 30, | ||||||||
2025 | 2024 | |||||||
Cash and cash equivalents | $ | 854 | $ | 2,462 | ||||
Restricted cash (Other assets) | 628 | 800 | ||||||
Total cash and cash equivalents and restricted cash | $ | 1,482 | $ | 3,262 | ||||
View original content:https://www.prnewswire.com/news-releases/velo3d-announces-second-quarter-2025-financial-results-302523490.html
SOURCE Velo3D, Inc.
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