Velo3D (VLD) Q2 2026 earnings summary

Executive summary

• Revenue reached $20.7 million in Q2 2026, a 52.3% year-over-year increase, driven by strong demand in aerospace, defense, and energy markets, higher average selling prices, and increased production volume.

• Gross margin improved to 21.5% from -11.7% in Q2 2025, reflecting operational efficiencies, improved manufacturing utilization, and cost allocation refinements.

• Net loss narrowed to $11.5 million (GAAP) and $9.0 million (non-GAAP), both improving year-over-year.

• Cash and cash equivalents rose to $91.1 million as of June 30, 2026, supporting growth and expansion initiatives.

• Launched Livermore Production Campus, expected to triple manufacturing capacity and centralize operations for data-driven manufacturing.

Financial highlights

• Q2 2026 revenue: $20.7 million, up 52.3% year-over-year and 50% sequentially from Q1 2026.

• Gross margin: 21.5% (vs. -11.7% prior year, 17.2% Q1 2026).

• Operating expenses: $15.5 million GAAP ($13.1 million non-GAAP), up from $10.0 million ($8.8 million non-GAAP) year-over-year.

• GAAP net loss: $11.5 million (improved from $13.3 million prior year); non-GAAP net loss: $9.0 million (improved from $11.4 million prior year).

• Adjusted EBITDA: -$8.1 million (improved from -$8.9 million prior year).

• Backlog: $31 million, up from $16 million year-over-year.

• Cash and equivalents: $91.1 million as of June 30, 2026, up from $39 million at end of 2025.

• Debt reduced by over 70% to $8.2 million.

Outlook and guidance

• 2026 revenue guidance raised to $65–$75 million (from $60–$70 million), reflecting continued RPS adoption and manufacturing expansion.

• Gross margin expected to exceed 30% in the second half of 2026.

• Non-GAAP operating expenses projected at $45–$55 million; capital expenditures at $40–$50 million, mainly for RPS expansion.

• Positive EBITDA expected in the second half of 2026.

• Additional financing will be required to fund operations over the next twelve months; substantial doubt remains about the ability to continue as a going concern.