Velo3D (VELO) lifts 2025 revenue, wins defense deals, plans 2026 EBITDA turn
Rhea-AI Filing Summary
Velo3D, Inc. reported full-year 2025 revenue of $46.0 million, up from $41.0 million in 2024, but remained unprofitable with a 2025 GAAP net loss of $71.4 million and a gross margin of (16.1)%, driven in part by a roughly $7.0 million obsolete inventory write-down in the fourth quarter. Cash and cash equivalents increased to $39.0 million as of December 31, 2025, helped by a $30 million private placement and an aggregated $15 million debt-to-equity conversion that reduced debt by about 60%.
The company highlighted strong defense and aerospace momentum, including a $32.6 million Project FORGE contract with the Department of War and a multi‑year $11.5 million Rapid Production Solutions contract from a U.S. defense prime contractor, and is planning a long‑term capacity build-out envisioning up to approximately 400 production systems over the next decade. For 2026, Velo3D guides to revenue of $60–$70 million, sequential gross margin improvement to above 30% in the second half, non‑GAAP adjusted operating expenses of $45–$55 million, capital expenditures of $40–$50 million, and expects to achieve positive EBITDA in the second half of 2026, supported by additional planned capital raises. The board also appointed James Suva as Chief Financial Officer and principal financial and accounting officer, effective April 6, 2026, replacing Acting CFO Bernard Chung, who will continue as Corporate Controller.
Positive
- None.
Negative
- None.
Insights
Velo3D shows revenue growth and new defense contracts but remains loss-making and capital-dependent.
Velo3D grew 2025 revenue to $46.0M from $41.0M, with 3D printer and parts sales up 54%. However, gross margin stayed negative at (16.1)%, hurt by a roughly $7.0M obsolete inventory write‑down and low fourth‑quarter volumes.
Non‑GAAP net loss improved to $41.3M from $79.4M, and adjusted EBITDA to ($33.3M) from ($58.5M), showing cost progress. Liquidity strengthened, with cash and equivalents at $39.0M versus $1.2M a year earlier, aided by a $30.0M private placement and about $15.0M of debt converted to equity.
Growth expectations are ambitious: 2026 revenue guidance of $60–$70M, gross margin above 30% in the second half, and positive EBITDA in that period, supported by a long‑term plan for up to about 400 production systems. Management also plans $40–$50M in 2026 CapEx and expects to raise additional capital, so actual outcomes will depend on execution, demand from large defense contracts, and access to financing as described in the risk disclosures.
8-K Event Classification
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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Registrant’s telephone number, including area code
N/A
(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 Results of Operations and Financial Condition.
On March 24, 2026, Velo3D, Inc. (the “Company”) issued a press release announcing its financial results for the three and twelve months ended December 31, 2025 (the "Press Release"). In the Press Release, the Company also announced that it would be holding a conference call on March 24, 2026 at 2:00 p.m. Pacific Time to discuss its financial results for the three and twelve months ended December 31, 2025.
On March 24, 2026, the Company also published earnings presentation slides (the "Earnings Presentation") related to its financial results for the three and twelve months ended December 31, 2025 for use in investor discussions. Copies of the Press Release and Earnings Presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
The information furnished with this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of James Suva as Chief Financial Officer
On March 20, 2026, the board of directors of the Company appointed James Suva as Chief Financial Officer and principal financial and accounting officer, effective April 6, 2026.
Mr. Suva replaces Bernard Chung, who has been serving as the Company's Acting Chief Financial Officer and principal financial and accounting officer since December 31, 2025, pending the search for, and appointment of, a permanent Chief Financial Officer. Mr. Chung will cease serving as Acting Chief Financial Officer effective April 6, 2026 and will continue to serve as the Company's Corporate Controller. The Company thanks Mr. Chung for his dedicated service.
Mr. Suva, age 55, most recently served as Senior Vice President and Treasurer at Cricut, Inc. (Nasdaq: CRCT), a publicly traded creative technology company, from April 2023 to March 2026, where he oversaw accounting, financial planning and analysis, treasury, and global operations. From June 2002 to March 2023, Mr. Suva served as Managing Director at Citibank in New York and San Francisco, where he led the firm's global IT Hardware and Technology Equity Research practice. During his tenure at Citibank, Mr. Suva specialized in the technology sector, including additive manufacturing and 3D printing, and led capital markets transactions for numerous technology companies.
Mr. Suva holds an M.B.A. with high honors from the University of Chicago Booth School of Business, a Master of Accounting from Brigham Young University, and a Bachelor of Accounting from Brigham Young University. Mr. Suva is a licensed Certified Public Accountant.
The Company anticipates entering into an employment agreement with Mr. Suva, the material terms of which will be disclosed by amendment to this Current Report on Form 8-K or in a subsequent filing with the Security and Exchange Commission.
There are no arrangements or understandings between Mr. Suva and any other person pursuant to which he was appointed as Chief Financial Officer. Mr. Suva does not have a direct or indirect material interest in any "related party" transaction required to be separately disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Suva does not have any family relationships with any of the Company's directors or executive officers.
Item 9.01. Financial Statement and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release, dated March 24, 2026, regarding the Registrant’s results for the quarter and year ended December 31, 2025 |
99.2 |
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Earnings Presentation, dated March 24, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Velo3D, Inc. |
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Date: |
March 24, 2026 |
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By: |
/s/ Bernard Chung |
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Name: |
Bernard Chung |
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Title: |
Acting Chief Financial Officer |
Exhibit 99.1
Velo3D Announces Fourth Quarter and Full-Year 2025 Financial Results;
Unveils Long-Term Capacity Plan Envisioning up to Approximately 400 Production Systems
FREMONT, Calif., March 24, 2026- Velo3D, Inc. (Nasdaq: VELO) ("Velo3D” or the "Company"), a leader in additive manufacturing ("AM") technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its fourth quarter and full year ended December 31, 2025.
Recent Business Developments
"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 U.S. Army’s Ground Vehicle Systems Center, are accelerating our impact across defense and aerospace supply chains. Supported by private placement financing, debt-to-equity conversions that reduced outstanding debt by 60% and continued supply
chain optimization, we believe we are well positioned to drive growth and deliver long-term value as we scale our operations globally."
"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 |
$9.4 |
$12.6 |
$46.0 |
$41.0 |
GAAP gross margin |
(73.6)% |
(3.5)% |
(16.1)% |
(5.1)% |
GAAP net loss1 |
($21.9) |
($21.3) |
($71.4) |
($69.9) |
GAAP net loss per share - basic and diluted |
($1.03) |
($12.37) |
($4.33) |
($82.46) |
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Non-GAAP net loss2 |
($11.6) |
($15.0) |
($41.3) |
($79.4) |
Non-GAAP net loss per share - basic and diluted2 |
($0.54) |
($8.71) |
($2.51) |
($93.70) |
Summary of Fourth Quarter 2025 Results
Total Revenue was $9.4 million. 3D Printer and parts revenue decreased 5% compared to the fourth quarter of 2024, driven by product mix and the number of systems sold. While system sales are expected to remain the primary driver of revenue in 2026, the Company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue.
Gross margin for the 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 $7.0 million of obsolete inventory recorded during the quarter and production volume delays related to the government shutdown during the fourth quarter of 2025.
Operating expenses for the fourth quarter were $14.9 million compared to $20.6 million in the fourth quarter of 2024. Non-GAAP adjusted operating expenses, excluding stock-based compensation expense of $1.5 million, were $13.3 million, down from $18.9 million in the fourth quarter of 2024.
GAAP net loss for the fourth quarter was ($21.9) million compared to ($21.3) million in the fourth quarter of 2024. Non-GAAP net loss for the fourth quarter was ($11.6) million compared to ($14.8) million in the three months ended December 31, 2024. Adjusted EBITDA for the fourth quarter was ($10.0) million compared to ($11.0) million in the fourth quarter of 2024. For more information regarding the Company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.
Summary of Full Year 2025 Results
Revenue was $46.0 million. 3D Printer and parts revenue increased 54% compared to 2024, driven by product mix and the number of systems sold.
Gross margin for 2025 was (16.1)% compared to (5.1)% in 2024. This change was primarily driven by the write-down of approximately $7.0 million of obsolete inventory recorded during the fourth quarter. The Company expects gross margin to continue to improve going forward as historical factors become a less significant driver of margin and as a result of operational efficiencies and an anticipated ramp-up of its RPS business.
Operating expenses for 2025 were $47.5 million compared to $76.8 million in 2024. Non-GAAP adjusted operating expenses, excluding stock-based compensation expense of $7.5 million, were $40.1 million, down from $66.5 million in 2024.
GAAP net loss for 2025 was ($71.4) million compared to ($69.9) million in 2024. Non-GAAP net loss was ($41.3) million compared to ($79.4) million in 2024. Adjusted EBITDA for 2025 was ($33.3) million compared to ($58.5) million in 2024. For more information regarding the Company’s non-GAAP financial measures, see “Non-GAAP Financial Information” below.
As of December 31, 2025, the Company had $39.0 million of cash and cash equivalents compared to $1.2 million as of December 31, 2024.
Guidance
Management expectations for the full year 2026 to include:
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.
###
Investor Relations:
Velo3D
Hayden IR
James Carbonara, Managing Director
investors@velo3d.com
Media Contact:
Velo3D
press@velo3d.com
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 U.S. Securities and Exchange Commission (the “SEC”). Additional information on our results of operations for the three and twelve months ended December 31, 2025 will be provided upon the filing of our Annual Report on Form 10-K with the SEC.
Forward-Looking Statements:
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's guidance for fiscal year 2026 (including the Company’s estimates for revenue, gross margin, operating expenses, and capital expenditures), the Company’s expectations regarding its ability to achieve positive EBITDA in the second half of 2026, the Company’s 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)
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Three months ended |
Twelve months ended |
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December 31, 2025 |
December 31, 2024 |
December 31, 2025 |
December 31, 2024 |
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($ In thousands) |
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Revenue |
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$ |
9,441 |
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$ |
12,626 |
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$ |
45,973 |
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$ |
41,003 |
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Gross profit (loss) |
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(6,946 |
) |
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(444 |
) |
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(7,404 |
) |
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(2,085 |
) |
Net Loss |
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$ |
(21,897 |
) |
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$ |
(21,276 |
) |
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$ |
(71,362 |
) |
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$ |
(69,865 |
) |
Stock-based compensation |
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2,175 |
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1,912 |
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9,509 |
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11,931 |
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Loss on warrant cancellation |
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— |
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— |
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11,357 |
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— |
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(Gain) loss on fair value of warrants |
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96 |
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(183 |
) |
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1,140 |
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(32,094 |
) |
Impairment of equipment subject to operating lease |
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1,066 |
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— |
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1,066 |
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— |
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Gain on fair value of contingent earnout liabilities |
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(10 |
) |
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— |
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(10 |
) |
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(1,445 |
) |
(Gain) loss on debt extinguishment |
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— |
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(2,619 |
) |
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— |
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4,904 |
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Non-routine inventory adjustment for excess and obsolete inventory |
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6,979 |
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7,179 |
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6,979 |
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7,179 |
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Non-GAAP Net Loss |
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$ |
(11,591 |
) |
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$ |
(14,987 |
) |
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$ |
(41,321 |
) |
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$ |
(79,390 |
) |
Velo3D, Inc.
Non-GAAP Adjusted EBITDA Reconciliation
(Unaudited)
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Three months ended |
Twelve months ended |
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December 31, 2025 |
December 31, 2024 |
December 31, 2025 |
December 31, 2024 |
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($ In thousands) |
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Revenue |
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$ |
9,441 |
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$ |
12,626 |
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$ |
45,973 |
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$ |
41,003 |
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Net Loss |
|
|
(21,897 |
) |
|
|
(21,276 |
) |
|
|
(71,362 |
) |
|
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(69,865 |
) |
Interest expense |
|
|
524 |
|
|
|
3,048 |
|
|
|
4,364 |
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|
|
15,968 |
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Provision (benefit) for income taxes |
|
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34 |
|
|
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(20 |
) |
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117 |
|
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(20 |
) |
Depreciation and amortization |
|
|
1,026 |
|
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|
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)
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Three months ended |
Twelve months ended |
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December 31, 2025 |
December 31, 2024 |
December 31, 2025 |
December 31, 2024 |
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($ In thousands) |
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Revenue |
|
$ |
9,441 |
|
|
$ |
12,626 |
|
|
$ |
45,973 |
|
|
$ |
41,003 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
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Research and development |
|
|
3,283 |
|
|
|
2,895 |
|
|
|
10,653 |
|
|
|
15,543 |
|
Selling and marketing |
|
|
2,415 |
|
|
|
1,518 |
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|
|
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, $0.00001 par value – 500,000,000 shares authorized at December 31, 2025 and December 31, 2024, 24,607,630 and 12,993,962 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively |
|
|
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 |
|
Fourth Quarter 2025 Supplementary Slides March 24, 2026
Confidential & Proprietary | Disclaimer Forward Looking Statement This presentation 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 years 2025 and 2026 (including without limitation the company’s estimates for revenue, gross margin, operating expenses, capital expenditures and EBITDA), the company's expectations regarding its ability to achieve profitability in the second 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 expectation about its market strategy and financial and operational position, the company’s plans to raise additional capital, and the company’s other expectations, hopes, 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 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 indicated from time to time 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. * Additional information on the use of Non-GAAP financial information, industry and market data, and trademarks is included in the appendix of this presentation.
Our refreshed go-to-market model has yielded proven results across the customer base, bolstered by significant emerging opportunities in Defense RPS (Rapid Production Solutions) is Sustaining Momentum Up 46% Repeat Customers Continue to Drive Demand While Adding New Customers Rapid Defense Expansion RPS Backlog increased 230% compared to Q3 2025 Many customers (10) who placed their first order last year placed significant repeat orders in the year Defense sector overtaking Aerospace for most bookings and experiencing accelerated growth Total Backlog* Average deal size went up from Q1 (~$140k) to Q4 (~$450K) Increased Production Orders Up >300% * Total Backlog includes RPS and Systems $ in millions
Velo3D: Qualified as First Additive Manufacturing Vendor for U.S. Army Ground Vehicles Rapid qualification enabling a direct TACOM supply chain pathway and strategic positioning for production and long-term sustainment demand Supports the U.S. Army's Ground Vehicle Systems Center's (GVSC) campaign of accelerating qualified AM solutions throughout the Defense Industrial Base First AM vendor qualified under U.S. Army GVSC accelerated adoption program Establishes Velo3D as a trusted defense industrial base partner Qualification completed in under two weeks, demonstrating scalability of Rapid Production Solution Expands existing CRADA relationship with U.S. Army DEVCOM GVSC Positions Velo3D for potential production programs and follow-on awards Enables validated parts for TACOM supply chain insertion and supports modernization of ground combat vehicle platforms Strengthens Velo3D’s footprint in mission-critical defense applications Reinforces competitive differentiation
Velo3D: Partners with U.S. Army for 3D Printing Solutions Accelerating production of critical ground vehicle parts with advanced 3D printing technology Cooperative Research & Development Agreement (CRADA) with the U.S. Army DEVCOM Ground Vehicle Systems Center (GVSC) to rapidly develop and qualify 3D-printed complex parts and assemblies to address supply chain challenges in ground combat vehicles and other military systems Successful AM prototypes will be made available for the Army to integrate into its supply chain, improving resilience and reducing delays Velo3D’s Rapid Production Solution (RPS) and Sapphire® family of large-format printers will be used to accelerate production and explore multiple qualified alloys All printers are U.S.-assembled and provide high-fidelity, monitored, layer-by-layer printing Velo3D systems meet Department of Defense cybersecurity standards and can securely connect to military networks. Supports Army maintenance modernization, reduce repair delays and enhance combat vehicle fleet readiness
Velo3D: Secures Contract with Total Value of $32.6 Million with Department of War Using advanced 3D printing to accelerate production of critical weapon system components and eliminate manufacturing bottlenecks Awarded contract by the Department of War’s Defense Innovation Unit (DIU) under Project FORGE Supports rapid prototyping and qualification of additively manufactured components for a major weapon system program Collaborating with DIU, the U.S. Navy, and a key industry partner to scale AM solutions Leverages Velo3D’s Rapid Production Solution to replace traditional subtractive manufacturing methods Includes the potential to develop what could be the largest format Laser Powder Bed Fusion printing capability in the U.S. Provides faster part delivery, enhanced reliability and surge capacity for mission-critical components Helps the DoW increase production throughput, reduce backlogs and strengthen the defense industrial base
Velo3D: Secures $11.5 Million Full Rate Production RPS Contract from Key US Defense Prime Contractor Delivers essential system components for a sensitive national security program entering full-rate production Awarded contract by a key U.S. defense prime contractor supporting a high-profile national security program Supports production of mission-critical metal components using Velo3D’s Rapid Production Solution (RPS) and LPBF additive manufacturing technology Demonstrates customer confidence in Velo3D’s ability to scale production, enabling faster part delivery, enhanced reliability and surge capacity Additive manufacturing approach lowers cost and accelerates production compared to traditional subtractive manufacturing methods Production enabled by U.S.-assembled Sapphire® printers, capable of printing large-format parts (up to 600mm diameter and 1m height) with high fidelity and in-situ process monitoring
Velo3D: RPS to Support Commercial Aviation Program Rapid production of complex aviation components demonstrates Velo3D’s ability to accelerate testing timelines while enabling scalable, distributed additive manufacturing Intergalactic leveraged RPS to produce IN718 microtube heat exchanger headers for an aviation program with aggressive system-level test deadlines Parts manufactured on the Sapphire XC platform, Velo3D’s high-productivity system for large-format Inconel 718 printing Complex geometries produced without design compromises, enabled by Sapphire XC’s non-contact recoater and advanced printing parameters Design-to-part timeline reduced to just a few weeks, enabling faster component testing and system integration Use of standard production-ready Inconel 718 parameter sets eliminated part-specific development, accelerating time to first articles Enables a scalable, distributed manufacturing strategy, allowing identical parts to be produced across validated Sapphire® and Sapphire XC systems for future production
Confidential & Proprietary | Financial Overview New
Financial Summary Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented under “Non-GAAP Financial Information.” Non-GAAP Operating Expenses excludes stock-based compensation. Adjusted EBITDA excludes interest expense, tax expense, depreciation and amortization, stock-based compensation, loss on warrant cancellation, and fair value adjustments, impairment on equipment subject to operating lease, loss on debt extinguishment, and non-recurring inventory adjustment. ($ in millions) Q4’25 Q4’24 2025 2024 Total Revenue $9.4 $12.6 $46.0 $41.0 3D Printer and Parts Sales 7.6 8.0 39.2 25.4 Support Service / License / Recurring Revenue 1.9 4.6 6.8 15.6 Cost of Goods sold 16.4 13.1 53.4 43.1 Gross Profit (6.9) (0.4) (7.4) (2.1) % Gross Margin (73.6)% (3.5)% (16.1%) (5.1%) Total Operating Expenses 14.9 20.6 47.5 76.8 Non-GAAP Operating Expenses1 13.3 18.9 40.0 66.5 Net Income (Loss) (21.9) (21.3) (71.4) (69.9) Non-GAAP Adjusted EBITDA1 (10.0) (11.0) (33.3) (58.5)
2023 Outlook * Q423 / FY 2023 gross margin ranges excludes impact from non-recurring charges 2026 Outlook FY 2026 Guidance as of March 24, 2026 • Revenue in the range of $60 million to $70 million • Sequential improvement in gross margin o Greater than 30% gross margin in second half of 2026 • Non-GAAP adjusted operating expenses in the range of $45 million to $55 million • CapEx in the range of $40 million to $50 million • Positive EBITDA in the second half of 2026 * The Company has not provided a reconciliation of non-GAAP operating expense guidance measures to the most directly comparable GAAP measures because certain items excluded from GAAP cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort. To support expansion plans, the Company expects to raise additional capital in the near term, which would allow it to scale operations, invest in manufacturing capacity.
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Disclaimer Non-GAAP Financial Information The Company uses non-GAAP financial measures, such as Non-GAAP / Adjusted operating expenses, EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding merger related transactional costs, loss on convertible note modification, and Non-GAAP net (loss), to help it make strategic decisions, establish budgets and operational goals for managing its business, analyze its financial results and evaluate its performance. The Company also believes that the presentation of these non-GAAP financial measures in this presentation provides an additional tool for investors to use in comparing the Company’s core business and results of operations over multiple periods. However, the non-GAAP financial measures presented in this presentation may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented in this presentation 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 generally accepted accounting principles accepted in the United States of America (“GAAP”). For reconciliations of these non-GAAP financial measures to the Company’s GAAP financial measures, see Appendix to this presentation. You should review these reconciliations and not rely on any single financial measure to evaluate the Company business. Industry and Market Data In this presentation, the Company relies on and refers to publicly available information and statistics regarding the market in which the Company competes and other industry data. The Company obtained this information and statistics from third-party sources, including reports by market research firms and company filings. While the Company believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. The Company has not independently verified the information provided by third-party sources. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of the respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM, © or ® symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.
Non-GAAP Reconciliation - Non-GAAP Net Loss (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 on 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 )
Non-GAAP Reconciliation - Adjusted EBITDA (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 on 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 )
Non-GAAP Reconciliation - Non-GAAP Adjusted Operating Expenses (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 3,284 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