Velo3D, Inc.

First-quarter 2026 revenue was $13.8 million, up 48% from $9.3 million in the year-ago quarter and up 46% sequentially from $9.4 million in Q4 2025. Gross margin was 17.2%, versus 7.5% in Q1 2025 and negative 73.6% in Q4 2025. Operating expenses were $9.3 million, down from $12.2 million a year ago; on a non-GAAP basis, operating expenses were $8.1 million versus $8.8 million. GAAP net loss was $7 million, improved from a $25 million loss a year ago and $21.9 million in Q4 2025; non-GAAP net loss was $5.1 million versus $9 million a year ago. Adjusted EBITDA was negative $3.6 million, improved from negative $6.9 million a year ago and negative $10 million in Q4 2025. Backlog was $30 million at March 31, 2026, versus $31 million at year-end and $18 million a year ago, and bookings were approximately $12 million. For full-year 2026, the company reiterated revenue guidance of $60 million to $70 million, expects gross margins to exceed 30% in the second half, non-GAAP adjusted operating expenses of $45 million to $55 million, capex of $40 million to $50 million, and EBITDA profitability in the second half of 2026 subject to sufficient funding.

Arun Jeldi said 2026 is off to a strong start, with accelerating momentum across defense and commercial aerospace and growing adoption of additive manufacturing as a production technology. He emphasized the shift toward RPS and multi-system production deployments, calling it a move toward more durable, higher-quality revenue streams. His tone was confident but disciplined, repeatedly noting capacity expansion, operational efficiency, and careful capital management as the company scales.

James Suva focused on the financial improvement in the quarter: revenue up 48% year over year to $13.8 million, gross margin up to 17.2%, operating expenses down to $9.3 million, and adjusted EBITDA improving to negative $3.6 million. He also highlighted balance-sheet repair, including $15 million of debt-to-equity conversions, full repayment of the secured notes, a roughly 70% reduction in debt to about $9 million, and a subsequent April equity financing that raised about $50 million in gross proceeds. He said the company is seeing customer pull for more capacity and reiterated confidence in the second-half EBITDA profitability target.

Analysts focused on printer fleet ramp, California expansion, RPS mix, utilization, and whether the company can reach second-half profitability. Management said it plans to end the year with 40-plus production machines generating revenue, with 20-plus machines being built this year and the ramp accelerating in Q3 and Q4. They added that the California expansion has a finalized site and Phase 1 could support up to 100 machines over about 2.5 years, and they said roughly half of backlog is RPS and that all 40 machines are expected to be fully occupied by year-end based on current demand.