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% a year ago 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 they were $8.1 million versus $8.8 million. GAAP net loss was $7 million, improved from $25 million a year ago and $21.9 million in Q4 2025; non-GAAP net loss was $5.1 million. Adjusted EBITDA was negative $3.6 million, compared with negative $6.9 million a year ago and negative $10 million in Q4 2025. Backlog was about $30 million, down slightly from about $31 million at year-end and up from $18 million a year ago. Cash and cash equivalents were $16.6 million as of March 31, 2026, and outstanding debt was reduced to about $9 million. For full-year 2026, management reiterated revenue guidance of $60 million to $70 million, gross margin above 30% in the second half, non-GAAP adjusted operating expenses of $45 million to $55 million, and capex of $40 million to $50 million. Subject to sufficient funding, the company still expects EBITDA profitability in the second half of 2026.

Arun Jeldi framed the quarter as evidence that Velo3D is moving from qualification and pilot work into scaled production, especially in defense and aerospace. He emphasized the growing importance of Rapid Production Solutions, repeat programs, and larger multisystem deployments, saying the company is early in a margin expansion story and expects more progress through 2026. His tone was confident and upbeat, but he also said execution at scale brings new challenges and that the company will manage cost and capital carefully.

Jim Suva highlighted the revenue mix and cost discipline behind the quarter’s improvement. He said Q1 revenue of $13.8 million grew 48% year over year, gross margin reached 17.2%, operating expenses fell to $9.3 million, and adjusted EBITDA improved to negative $3.6 million. On the balance sheet, he pointed to $16.6 million of cash at quarter-end, $15 million of debt-to-equity conversions, full repayment of the secured notes, and a roughly 70% reduction in debt to about $9 million; he also noted the subsequent roughly $50 million gross equity raise in April as strengthening liquidity.

Analysts focused on printer ramp, utilization, and whether the company can support its second-half profitability target. Management said it is building 20 more machines, expects 40-plus production machines generating revenue by year-end, and believes those machines will be fully occupied; Jim Suva explicitly reaffirmed the EBITDA profitability goal for the second half. Questions also centered on RPS and backlog, with Arun saying RPS was about 25% of Q1 revenue and about half of backlog, while additional lines of questioning touched on easing adoption for third parties and expanding beyond defense into space, energy, and semiconductor-related demand.