Velo3D (VLD) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 49.9% YoY to $20.5M; bookings of $28.9M exceeded revenue, gross margin reached 26.5%, and backlog was $40.1M.

• Cash and cash equivalents were $75.7M at quarter-end; management said substantial doubt about continuing as a going concern had been eliminated for the 12 months following issuance.

• Forge 1 began phased operations in July but is not yet at scale; positive EBITDA and operating cash flow are now targeted for 2028, later than the prior H2 2026 EBITDA target.

Financial highlights

• Q3 3D printer and parts revenue rose 57.0% to $18.8M from $12.0M; total cost of revenue increased 13.8% to $15.0M.

• Q3 GAAP operating expenses were $22.7M; adjusted operating expenses were $17.0M excluding $5.7M of stock-based compensation. Adjusted EBITDA loss was $9.8M vs. $7.3M.

• Q3 GAAP net loss was $16.7M, or $0.52 per share, vs. $11.2M, or $0.65 per share; non-GAAP net loss was $10.8M vs. $9.3M.

• Nine-month revenue rose 50.4% to $54.9M; gross profit was $14.4M vs. a $0.5M loss, and net loss was $33.6M vs. $49.5M.

• Nine-month operating cash use increased to $52.2M from $19.6M, driven by working-capital needs despite lower net loss.

Outlook and guidance

• FY26 revenue guidance of $65M–$75M and non-GAAP adjusted operating expense guidance of $45M–$55M were reaffirmed.

• Gross margin is expected to improve sequentially in Q4; the prior expectation of gross margin above 30% in H2 2026 was withdrawn.

• FY26 CapEx guidance was reduced to $10M–$20M from $40M–$50M, with substantial planned spending shifted to 2027 due to payment timing.

• Positive EBITDA and positive net cash from operating activities are now expected in 2028, revised from the prior H2 2026 EBITDA target; break-even revenue is expected below $45M–$50M per quarter.

• Management expects 40 machine installations in 2027 and plans to launch a removable build module and manufacturing software platform that year.