Key Highlights

  • Revenue for the third quarter of 2026 rose 50% to USD 20.5 million from USD 13.6 million, with 3D printers and parts Revenue up 57% to USD 18.8 million from USD 12.0 million.
  • Gross Margin reached 26.5% against 3.2% a year earlier, while the GAAP net loss was USD 16.7 million, or USD 0.52 per share, compared with USD 11.2 million, or USD 0.65.
  • New bookings were USD 28.9 million, above quarterly revenue, and Backlog ended September 30, 2026 at USD 40.1 million, according to the earnings call.
  • Cash stood at USD 75.7 million against USD 39 million at the end of 2025, while total Debt fell to USD 7.4 million from USD 31 million.

Revenue Growth and a Wider Gross Margin

Velo3D (NASDAQ:VELO) filed its Quarterly Report and held its Earnings Call on November 10, 2026, covering the third quarter ended September 30, 2026. Revenue was USD 20.5 million, up 50% from USD 13.6 million a year earlier. Management said the 3D printers and parts line grew on more systems sold, higher average selling prices, a better product mix and higher Rapid Production Solutions volumes. The company makes metal additive Manufacturing systems used in aerospace, defense, space and energy. Gross margin was 26.5%, compared with 3.2% in the prior-year quarter. Management said part of that gain came from adjustments to its excess and obsolete inventory reserve and from cost allocation changes made in the second quarter.

Losses Widen as Livermore Spending Rises

Operating expenses were USD 22.7 million, against USD 10.4 million a year earlier, mainly because of spending on the Livermore production campus. Excluding USD 5.7 million of stock-based compensation, adjusted operating expenses were USD 17.0 million versus USD 9.1 million. The GAAP net loss was USD 16.7 million, or USD 0.52 per share, while the non-GAAP net loss was USD 10.8 million versus USD 9.3 million. Adjusted EBITDA was negative USD 9.8 million, compared with negative USD 7.3 million. Forge 1 opened in July 2026 and, per the filing, has started operating in phases but is not yet running at scale. Velo3D (NASDAQ:VELO) also cited Supply chain constraints on electrical switchgear and an uncertain Utility upgrade timeline.

Capex Shifted to 2027 and Profit Target Pushed to 2028

On the call, management said it now expects positive EBITDA and positive Operating Cash Flow in 2028, revised from a prior goal of positive EBITDA in the second half of 2026. Capital Expenditure for 2026 is now expected at USD 10 million to USD 20 million, versus USD 40 million to USD 50 million before, as a large share moves into 2027. Revenue guidance of USD 65 million to USD 75 million and adjusted Operating Expense guidance of USD 45 million to USD 55 million were reaffirmed, although the transcript labels the revenue range as 2025. Management said it has dropped its earlier greater-than-30% gross margin expectation for the second half and now expects sequential improvement in the fourth quarter.

Where Things Stand

The margin jump is large but was partly helped by reserve and allocation adjustments. Velo3D (NASDAQ:VELO) lifted gross margin to 26.5% from 3.2% on higher prices, mix and volume, although management also credited inventory reserve adjustments and a cost allocation change. Losses still widened as the Livermore build-out ran ahead of revenue, and the profit target slid to 2028. Management said substantial doubt about continuing as a Going Concern no longer exists, helped by USD 75.7 million of cash. Next markers are fourth-quarter gross margin, Forge 1 ramp, switchgear and utility timing, and 2027 product launches.