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Velo3D (VLD) investor relations material
Velo3D Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached $13.6 million, up 65% year-over-year, driven by increased 3D printer and parts sales and a growing RPS business, with backlog rising to $21.1 million and strong new customer contributions.
Completed uplisting to Nasdaq and raised $17.5 million through a public offering, enhancing liquidity and market visibility.
Secured major defense and space contracts, including $6 million with the U.S. Navy and $4 million with the U.S. Army, and achieved AS9100D certification for RPS quality management.
Integrated Dyndrite LPBF Pro software, enabling AI-driven process optimization and advanced toolpath optimization.
Management expresses substantial doubt about the ability to continue as a going concern due to insufficient liquidity and ongoing losses, with additional financing urgently needed.
Financial highlights
Q3 2025 revenue was $13.6 million, up 65% from $8.2 million in Q3 2024; YTD revenue reached $36.5 million, up 29% year-over-year.
Gross margin for Q3 2025 was 3.2%, down from 49.4% in Q3 2024 due to a prior one-time license revenue, but improved sequentially from -11.7% in Q2 2025.
GAAP net loss for Q3 2025 was $11.8 million, improved from $23.1 million in Q3 2024; non-GAAP net loss was $9.2 million, improved from $14.5 million.
Adjusted EBITDA for Q3 2025 was negative $7.3 million, an improvement from negative $9.7 million in Q3 2024.
Cash and cash equivalents at September 30, 2025, were $11.8 million, up from $1.2 million at year-end 2024.
Outlook and guidance
Reaffirmed full-year 2025 revenue guidance of $50–$60 million, with sequential gross margin improvement expected to reach 30% or higher by Q4 2025.
Non-GAAP operating expenses projected at $40–$50 million for 2025; capital expenditures at $15–$20 million.
Targeting EBITDA profitability in the first half of 2026.
Management expects continued negative cash flow and operating losses, with additional financing required to fund operations.
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