Velo3D (VLD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $13.8 million, up 48% year-over-year, driven by strong demand in defense and aerospace, increased adoption of additive manufacturing, and higher 3D printer and parts sales.

• Gross margin improved to 17.2% from 7.5% in Q1 2025, reflecting higher average selling prices, increased RPS volume, and operational efficiencies.

• Net loss narrowed to $7.0 million (GAAP) and $5.1 million (non-GAAP), compared to $25.0 million and $9.0 million, respectively, in Q1 2025, aided by higher revenue and reduced operating expenses.

• Major defense contracts secured, including an $11.5 million full-rate production contract and a $9.8 million five-year IDIQ contract with the Defense Logistics Agency.

• Management highlights substantial doubt about the ability to continue as a going concern due to insufficient liquidity for the next 12 months.

Financial highlights

• Q1 2026 revenue was $13.8 million, up from $9.3 million in Q1 2025 and $9.4 million in Q4 2025.

• Gross profit reached $2.4 million (17.2% margin), a turnaround from a $6.9 million loss (-73.6% margin) in Q4 2025.

• GAAP net loss narrowed to $7.0 million from $25.0 million in Q1 2025 and $21.9 million in Q4 2025.

• Non-GAAP net loss was $5.1 million, improved from $9.0 million in Q1 2025 and $11.6 million in Q4 2025.

• Adjusted EBITDA improved to -$3.6 million from -$6.9 million in Q1 2025 and -$10 million in Q4 2025.

• Cash and cash equivalents were $16.6 million as of March 31, 2026, down from $39 million at year-end 2025.

• Backlog at quarter-end was $30 million, up from $18 million in Q1 2025; bookings for the quarter were $12 million.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $60–$70 million, driven by RPS adoption and large-format manufacturing expansion.

• Gross margin expected to exceed 30% in the second half of 2026 as production scales and efficiency initiatives take effect.

• Non-GAAP adjusted operating expenses projected at $45–$55 million for 2026.

• Capital expenditures expected at $40–$50 million, focused on capacity expansion and automation, subject to financing.

• EBITDA profitability targeted for the second half of 2026, contingent on funding availability.