olivLaw · US equity research
Velo3D, Inc. VELO
Special Industry Machinery, NEC · SIC 3559 · Vertical: Special Industry Machinery, NEC (SIC 3559)
Velo3D is a metal additive manufacturing company that sells Sapphire printers and offers production services, so that customers in defense, aerospace and energy can move from prototypes to series production. The company remains under a significant doubt about its going concern, and the revenue growth in the third quarter of 2026 is a signal to watch closely. Loss from operations was 54.9 million USD in 2025, and the preliminary revenue estimate for the third quarter of 2026 is between 19.5 and 20.5 million USD.
At the close of 30 Oct 2026, Velo3D, Inc. (VELO) stock was 6.56 USD (−7.21% on the day), with market capitalisation 210.9 m USD, beta 1.89, 52-week range 4.15–30.61 USD. Latest reported quarter (Q2 2026): revenue of 20.7 m USD (+52.3% YoY), net income of -11.5 m USD, diluted EPS -0.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.0
- weak (30–45)
- Bollinger (20, 2)
- 5.43 – 9.61
- in the lower half of the band · %B 0.27 · band width 55.6%
- SMA 50 / 200
- 9.79 / 13.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.98 / -1.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.8% | −0.9% | −38.8 pp | — |
| 3 months | −35.2% | +1.2% | −36.4 pp | — |
| 6 months | −51.4% | +4.8% | −56.3 pp | — |
| Year to date | −52.3% | +10.7% | −63.0 pp | — |
| 1 year | +31.5% | +11.1% | +20.4 pp | +27.6% |
| 3 years | −99.1% | +80.7% | −179.8 pp | +19.3% |
| 5 years | −99.9% | +64.6% | −164.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.2 m | 12.6 m | 9.3 m | 13.6 m | 13.6 m | 9.4 m | 13.8 m | 20.7 m |
| Cost of revenue | 4.2 m | 13.1 m | 8.6 m | 15.2 m | 13.2 m | 16.4 m | 11.4 m | 16.2 m |
| Gross profit | 4.1 m | -444.0 k | 697.0 k | -1.6 m | 433.0 k | -6.9 m | 2.4 m | 4.4 m |
| Research & development | 3.9 m | 2.9 m | 2.1 m | 2.6 m | 2.7 m | 3.3 m | 2.7 m | 4.3 m |
| Operating income | -17.6 m | -21.1 m | -11.5 m | -11.6 m | -10.0 m | -21.8 m | -6.9 m | -11.1 m |
| Depreciation & amortisation | 1.2 m ≈ | 834.0 k | 995.0 k | 822.0 k ≈ | 918.0 k ≈ | 644.0 k | 762.0 k | 712.0 k ≈ |
| Interest expense | 3.6 m | 3.0 m | 1.1 m | 1.6 m | 1.2 m | 524.0 k | 733.0 k | 175.0 k |
| Pre-tax income | -21.9 m | -21.3 m | -25.0 m | -13.2 m | -11.2 m | -21.9 m | -7.0 m | -11.5 m |
| Income tax | 0 | -20.0 k | 8.0 k | 89.0 k | -14.0 k | 34.0 k | 26.0 k | -9.0 k |
| Net income | -21.9 m | -21.3 m | -25.0 m | -13.3 m | -11.2 m | -21.9 m | -7.0 m | -11.5 m |
| Diluted EPS | -35.52 | -12.54 ≈ | -1.87 | -0.94 | -0.65 | -1.03 ≈ | -0.28 | -0.39 |
| Operating cash flow | -2.0 m ≈ | -2.2 m | -12.3 m | -1.2 m ≈ | -6.0 m ≈ | -7.7 m | -18.0 m | -21.6 m ≈ |
| Capex | 20.0 k ≈ | -19.0 k | 0 | 1.8 m ≈ | 313.0 k ≈ | 603.0 k | 940.0 k | 3.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 19.0 m | 27.4 m | 78.7 m | 77.4 m | 41.0 m | 46.0 m |
| Revenue YoY | unavailable | +44.6% | — | −1.6% | −47.1% | +12.1% |
| Net income | -21.8 m | -107.1 m | 8.0 m | -135.1 m | -69.7 m | -71.4 m |
| Net income YoY | unavailable | unavailable | — | −1,795.8% | unavailable | unavailable |
| Diluted EPS | -0.56 | -1.82 | 0.04 | -23.97 | -82.32 | -4.33 |
| Diluted EPS YoY | unavailable | unavailable | — | −60,025.0% | unavailable | unavailable |
| net % | -114.9% | -390.3% | 10.1% | -174.5% | -170.1% | -155.2% |
| Free cash flow | -26.8 m | -66.0 m | -137.8 m | -106.7 m | -32.7 m | -30.0 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 39.0 m USD
- Financial debt
- 31.0 m USD
- Net debt
- -8.0 m USD
- Equity
- 38.2 m USD
- Total assets
- 105.3 m USD
- Debt / equity
- 0.81x
- Current ratio
- 2.37x
- ROE
- -183.4%
- ROA
- -73.4%
- FCF margin
- -65.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 19.0 m | 27.4 m | 78.7 m | 77.4 m | 41.0 m | 46.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 12.6 m | 22.5 m | 77.9 m | 103.7 m | 43.1 m | 53.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 6.4 m | 5.0 m | 843.0 k | -26.3 m | -2.1 m | -7.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 14.2 m | 27.0 m | 46.3 m | 42.0 m | 15.5 m | 10.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -21.2 m | -57.8 m | -106.3 m | -133.3 m | -78.8 m | -54.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 1.2 m | 3.0 m | 5.3 m | 9.3 m | 4.8 m | 3.4 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -20.0 m ≈ | -54.8 m ≈ | -101.0 m ≈ | -123.9 m ≈ | -74.0 m ≈ | -51.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 639.0 k | 2.7 m | 372.0 k | 9.7 m | 16.0 m | 4.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -21.8 m | -107.1 m | 8.0 m | -135.1 m | -69.8 m | -71.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | -20.0 k | 117.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -21.8 m | -107.1 m | 8.0 m | -135.1 m | -69.7 m | -71.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.56 | -1.82 | 0.04 | -23.97 | -82.32 | -4.33 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 15.6 m | 58.7 m | 202.2 m | 5.6 m | 847.3 k | 16.5 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 15.5 m | 207.6 m | 32.0 m | 24.5 m | 1.2 m | 39.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 1.2 m | 12.8 m | 9.2 m | 9.6 m | 3.7 m | 6.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 7.3 m | 22.5 m | 71.2 m | 60.8 m | 50.0 m | 27.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 27.9 m | 268.1 m | 171.5 m | 113.0 m | 57.7 m | 80.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 1.0 m | 10.0 m | 19.8 m | 16.3 m | 14.3 m | 13.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 32.7 m | 302.7 m | 223.1 m | 153.8 m | 89.2 m | 105.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 1.2 m | 9.9 m | 12.2 m | 15.9 m | 18.5 m | 10.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | — | — | — | 5.7 m | — | SEC (XBRL)· 06 Aug 2025verified |
| Long-term debt | — | — | 8.4 m | 44.0 m | 5.7 m | 31.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 12.1 m | 46.7 m | 46.1 m | 48.7 m | 38.0 m | 33.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 16.8 m | 192.3 m | 84.3 m | 85.5 m | 49.5 m | 67.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | -107.8 m † | 110.4 m † | 138.8 m † | 68.3 m † | 39.7 m † | 38.2 m † | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | — | — | — | — | 194.9 m | — | SEC (XBRL)· 14 Jan 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -26.4 m | -56.4 m | -124.0 m | -105.6 m | -32.7 m | -27.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 401.0 k | 9.6 m | 13.8 m | 1.0 m | 9.0 k | 2.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -26.8 m ≈ | -66.0 m ≈ | -137.8 m ≈ | -106.7 m ≈ | -32.7 m ≈ | -30.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -3.4 m | -33.6 m | -53.0 m | 38.9 m | 7.8 m | -2.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 35.6 m | 282.9 m | 1.3 m | 59.3 m | 1.5 m | 67.8 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 210.9 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -78.5% | 0 (vs peers) | 24% |
| Net margin · Quality | -89.6% | 0 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -16.4% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -18.9x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 6.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -27.8% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Velo3D, Inc. (VELO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 46.0 m USD in 2025; YoY growth 12.1%; net margin -89.6%; ROE -61.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.3x
What contradicts it
- ROIC: -78.5%
- Net margin: -89.6%
- Revenue CAGR 3Y: -16.4%
- Interest coverage: -18.9x
- FCF yield: -27.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Special Industry Machinery, NEC (SIC 3559) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LRCXLam Research Corporation | 298.7 bn | 35.6 | 70.1% | 32.3% | +26.0% | +52% / +306% |
| ACLSAxcelis Technologies Inc | 3.1 bn | 33.5 | 8.9% | 10.7% | −17.6% | +26% / −22% |
| VECOVeeco Instruments Inc | 2.4 bn | 108.5 | 2.6% | 3.4% | −7.4% | +35% / +62% |
| AZTAAzenta, Inc. | 1.7 bn | — | -7.7% | -20.0% | +3.6% | +29% / −14% |
| CRCTCricut, Inc. | 1.3 bn | 14.3 | 25.9% | 12.7% | −0.5% | +15% / −29% |
| ACMRACM Research, Inc. | 644.6 m | 21.5 | 10.6% | 14.5% | +15.2% | +10% / +234% |
| ERIIEnergy Recovery, Inc. | 355.3 m | 25.3 | 8.6% | 12.7% | −6.9% | −59% / −54% |
| ASYSAmtech Systems, Inc. | 223.2 m | 48.2 | 4.8% | 4.9% | −21.6% | +61% / +78% |
| VELOVelo3D, Inc. | 210.9 m | — | -61.5% | -89.6% | +12.1% | +31% / −99% |
| SOTKSono Tek Corp | 75.8 m | 38.4 | 10.1% | 9.3% | +2.0% | +6% / −4% |
| TRTTrio-Tech International | 50.6 m | — | -0.1% | -0.1% | +71.6% | +32% / +43% |
| CVVCvd Equipment Corporation | 27.2 m | 2.7 | 32.7% | 62.0% | −4.1% | +0% / −32% |
| ASMLAsml Holding NV | — | — | 50.5% | 29.4% | +15.6% | +48% / +162% |
1- and 3-year price returns: for VELO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Velo3D is a metal additive manufacturing company that sells Sapphire printers and offers production services, so that customers in defense, aerospace and energy can move from prototypes to series production. The company remains under a significant doubt about its going concern, and the revenue growth in the third quarter of 2026 is a signal to watch closely. Loss from operations was 54.9 million USD in 2025 1, and the preliminary revenue estimate for the third quarter of 2026 is between 19.5 and 20.5 million USD 3.
SWOT
Strengths
- Proprietary L-PBF technology enables parts with complex internal geometries without supports, which the company regards as a distinctive advantage 1.
- Large customers in aerospace, defense and automotive have been integrated into their processes, supporting repeat sales 1.
- The integrated hardware and software platform, with validated build files, supports repeatable production across several systems 1.
Weaknesses
- The company has repeatedly reported operating losses and has a limited history of profitability 1.
- There is significant doubt about the going concern, which complicates obtaining financing and favourable terms from suppliers 1.
- Revenue depends on a small number of customers, and the top three generated a significant share of revenue 1.
Opportunities
- Demand for resilient supply chains in defense and aerospace could expand the company's market 1.
- The model of international expansion with existing customers could add new revenue in different regions 1.
- Customers moving from prototyping to series production could generate larger and more durable contracts 1.
Risks
- Doubt about the going concernhigh
Management concluded there is substantial doubt about the company's ability to continue as a going concern, which could affect financing and orders 1.
- Repeated operating losseshigh
Operating losses could continue in the near term, which could limit investment in sales and marketing 1.
- Customer concentrationmedium
A significant share of revenue comes from a few customers, and losing one of them could affect results 1.
- Convertible financing and dilutionmedium
Note conversions and sales under the at-the-market programme could dilute existing shareholders 12.
- Delays in government programmesmedium
Budget changes or delays in government contracts could postpone expected revenue 2.
Investment thesis
What would need to be true (bull case)
- If Velo3D's technology proves itself in series production, demand from defense and aerospace could grow significantly, and quarterly revenue could keep accelerating, as the third quarter 2026 estimate suggests 3.
- If existing customers extend printer use across their programmes, the land and expand model could generate repeat revenue without high acquisition costs.
- If the company restores its financial position, its technological advantage and patent portfolio could support a competitive position over the long term 1.
What would break the thesis
- If doubt about the going concern persists, customers could keep delaying orders, and financing could become more expensive 1.
- If operating losses stay high, the company could have to take on new debt or sell assets 1.
- If customer concentration remains high, a delay in a single major programme could hurt quarterly results badly 1.
What to watch
- Final third quarter results and confirmation of the preliminary revenueQ3 2026
- Development of the going concern issue and financing plansnext 10-K
- Share of large customers in revenue and new defense orders2027
- Maturity of the convertible notes and dilution of shareholders2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Velo3D is a production-focused company that develops and manufactures advanced metal additive manufacturing systems and provides production and engineering services 1. Its business model combines two lines: equipment sales, mainly from the Sapphire family, and production services through the Rapid Production Solutions program together with Expert Services 1. Customers can adopt the technology through printer ownership, service-based production or a hybrid model, depending on their program and access to capital 1.
Revenue comes from printer sales, which typically include software licences, installation and initial support, and from leased printer contracts, where the customer pays a lease fee and, above a certain volume, an hourly usage fee 1. Most leases have a 12-month term 1. Rapid Production Solutions lets customers access additive manufacturing without an immediate equipment investment 1.
The platform integrates the Flow print preparation software, the Sapphire family of printers, the Assure quality assurance software and the proprietary Intelligent Fusion process 1. The company says it can reproduce the same part across several systems through validated build files, which could support the move from prototyping to series production 1.
Segments
Equipment sales (Sapphire printers)
The Sapphire printers, including the Sapphire XC and Sapphire XC 1MZ variants, are the company's main metal additive manufacturing systems, using L-PBF technology 1. Customers typically buy one to validate the technology and add systems over time, a strategy the company calls land and expand 1.
Rapid Production Solutions and engineering services
Rapid Production Solutions runs Velo3D printers to produce parts for customers, and Expert Services supports application identification, design optimisation and qualification 1. This segment can be a path toward later printer ownership or additional production capacity 1.
Recurring leasing and services
Leasing contracts and support extensions generate recurring revenue, but the mention of a sale-leaseback of equipment shows that financial flexibility remains limited 1.
Market context
The company targets the aerospace, defense, space, automotive, energy and industrial markets, where supply chain resilience and rapid innovation cycles are critical 1. Defense demand is treated as an important direction, but it could concentrate revenue in a few programs and government agencies 1.
According to the company, additive manufacturing is moving from prototyping to production, which could increase demand for production systems 1. Revenue in the third quarter of 2026 is preliminarily estimated to grow by about 43% to 51% year over year 3.
Trends
- Shift from prototyping to productiontailwind
Defense and aerospace companies are looking for parts with faster delivery and more secure supply chains, which could favour Velo3D's technology 1.
- Defense policy and government fundingmixed
Growing defense demand could bring major contracts, but budget delays or shifts in priorities could postpone orders 21.
- Customers delaying orders due to financial uncertaintyheadwind
Doubts about the going concern have led some customers to delay printer orders, which could slow sales 1.
- Debt financing and dilutionheadwind
The company converted convertible notes into shares and used a sale-leaseback for liquidity, which could dilute existing shareholders over the long term 12.
Competitive position
Velo3D competes with other suppliers of 3D printers, parts, materials and software, as well as suppliers of traditional metal manufacturing solutions 1. Some competitors are well established and may have greater financial resources than the company 1.
The competitive factors the company cites include technology capabilities, materials and process know-how, total cost of operation, product reliability and the ability to offer a full range of products and services 1.
- Traditional metal manufacturers (casting, forging, machining)
Compete on total cost and speed in high-volume production, though they are limited for complex parts in low volumes, according to the company 1.
- Other metal 3D printer suppliers
Compete with alternative L-PBF technologies, some of which the company says are limited in producing complex internal geometries 1.
- 3D printing service bureaus
Use similar equipment to produce parts for third parties, competing directly with the RPS services 1.
- Channel partners and distributors
Compete for the same customers, but can also be partners in international expansion 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Jim Cramer Explains Why Velo3D (VELO) Is Only Worth a Quarter Position Right NowYahoo Finance — News · 05 Sept 2026 · EN
The latest news item in our archive is from 05 Sept 2026; the newest SEC filing is from 15 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Current report09 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report02 Oct 2026Material agreement · Departure or appointment of officers · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Jul 2026Material agreement · Financial statements and exhibits
- Current report01 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report15 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report15 May 2026Material agreement · Termination of a material agreement · Financial statements and exhibits
- Quarterly report14 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Velo3D, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Velo3D, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Velo3D, Inc. · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.