Velo3D Postpones 2026 EBITDA Turn to 2028

The Tip Desk · November 10, 2026 · 4 min read

Third-quarter revenue was $20.5 million, up 50% from a year earlier, as the company reaffirmed full-year sales of $65 million to $75 million.

Velo3D, Inc. (VELO), a metal additive manufacturing technology company focused on aerospace and defense supply chains, reported third-quarter revenue of $20.5 million, up 50% from $13.6 million a year earlier, and said it now expects positive net cash from operations and positive EBITDA in 2028, later than a prior expectation of positive EBITDA in the second half of 2026.

The result sat at the top of the preliminary $19.5 million to $20.5 million range the company had issued in mid-October. Chief Executive Officer Arun Jeldi said the quarter reflected continued customer demand for metal additive manufacturing and progress on the company’s growth strategy.

3D Printer and parts revenue was $18.8 million, up 57.0% from $12.0 million, which the company attributed to more systems sold, higher average selling prices, a more favorable product mix, and higher Rapid Production Solutions volume. Support services contributed $1.4 million and other revenue $0.2 million.

GAAP gross margin expanded to 26.5% from 3.2% a year earlier. The company said gross profit improved on higher prices, mix, manufacturing efficiencies, volume absorption of fixed costs, a net release of excess and obsolete inventory reserves, and a second-quarter 2026 refinement in how certain labor and overhead costs are allocated between cost of revenue and operating expenses. That 26.5% print was still below the greater-than-30% second-half gross-margin expectation the company had previously given; it is no longer providing that outlook and instead expects sequential improvement in the fourth quarter of 2026.

GAAP net loss widened to $16.7 million, or $0.52 a share, from $11.2 million, or $0.65 a share, a year earlier. Non-GAAP net loss was $10.8 million. Adjusted EBITDA loss was $9.8 million. Operating expenses rose to $22.7 million from $10.4 million as the company invested in people, technology and operational capabilities for the Livermore Production Campus, Forge 1. Non-GAAP adjusted operating expenses were $17.0 million.

Forge 1 opened in July 2026 and has commenced operations in phases; it is not yet operating at scale. The company said the campus is expected to significantly expand manufacturing capacity as it is brought to full operation and to serve as its primary production and manufacturing center. While a substantial portion of planned capital expenditures is shifting into 2027, Jeldi said those investments are essential to scaling operations.

New bookings were $28.9 million, exceeding the quarter’s revenue, and backlog was $40.1 million as of September 30, 2026. Mears Machine Corporation ordered its sixth Sapphire XC system, dedicated to copper-nickel additive manufacturing for shipbuilding and offshore applications. The company also joined the Government-Industry Data Exchange Program and appointed Vic Fryzel as executive vice president, technology, and Robert Purnell as senior director, operations.

Cash and cash equivalents were $75.7 million as of September 30, 2026, compared with $39.0 million at December 31, 2025. The increase was driven primarily by about $98.6 million of financing inflows in the first nine months of 2026, including a $50 million April registered direct offering and $59.4 million of at-the-market proceeds, partially offset by about $52.2 million of cash used in operations. Outstanding debt fell about 76% to $7.4 million from $31.0 million at year-end 2025 after converting convertible secured notes and repaying secured notes and an equipment loan.

Management concluded there is no longer substantial doubt about the company’s ability to continue as a going concern for the twelve months following issuance of the third-quarter 2026 financial statements, an assessment that does not assume additional financing. The company reaffirmed 2026 revenue guidance of $65 million to $75 million and non-GAAP adjusted operating expenses of $45 million to $55 million. It reduced 2026 capital-expenditure guidance to $10 million to $20 million from a prior $40 million to $50 million, primarily reflecting the shift of planned spend into 2027.

During the quarter the company revised previously issued unaudited statements for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 to correct excess and obsolete inventory reserve errors, reducing previously reported net loss for the six months ended June 30, 2026 by about $1.6 million.