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what it is
Velo3D sells metal 3D printers, software, and support so customers can make complex parts that standard manufacturing struggles to build.
how it gets paid
Last year D made $41M in revenue. 3D printer sales was the main engine at N/A, or 35% of sales.
what just happened
The quarter showed $37M in revenue, but gross margin stayed negative at -1.3%, which is the real problem.
At a glance
C+ balance sheet — struggling to keep the lights on
-$124.29 fy2024 eps est
$3M fy2022 rev est
0.9 beta
~$347M market cap
xvary composite: 35/100 — weak
What they do
Velo3D sells metal 3D printers, software, and support so customers can make complex parts that standard manufacturing struggles to build.
Velo3D sells the whole stack: printer, software, and support. Integrated solution → one system for the full job → fewer redesigns and fewer handoff mistakes. If your part goes into space or defense hardware, that matters more than a cheap box. The company has just 105 employees, so its edge is niche know-how, not brute scale.
How they make money
$41M
annual revenue
3D printer sales
N/A
Recurring payment transactions
N/A
Software
N/A
Support and services
N/A
Applications in defense, space, and industrial
N/A
The products that matter
metal 3d printing hardware
Sapphire Printer Series
~$29M of the mix shown here
this appears to be the larger revenue bucket in the mix shown here at roughly $29M, versus about $12M for software and services. that is why margin improvement still depends on hardware execution first.
hardware-led
print workflow software
Flow & Assure Software
~$12M of the mix shown here
at roughly $12M in the mix shown here, this is the smaller piece today. management's 30%+ gross margin target depends on this higher-value software and service layer becoming more important from here.
margin lever
defense manufacturing programs
Defense contracts
$32.6M contract
the December 2025 defense contract is one of the few hard numbers pointing to demand. it matters because a company with about 6 months of cash runway needs signed work, not just technical validation.
proof point
Key numbers
$124.29
fy2024 eps
EPS → profit per share → so what: the company lost more per share in 2024 than the stock costs today.
$25M
long debt
Long-term debt → money that does not go away next quarter → so what: $25 million is manageable only if revenue turns into cash.
5/100
price stability
Price stability → how calm the stock usually trades → so what: this stock behaves more like a dropped plate than a savings account.
$37M
latest revenue
Quarterly revenue → sales in the most recent three months → so what: the top line can move fast even while gross margin stays below zero.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $25M (7% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for VELO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter showed $37M in revenue, but gross margin stayed negative at -1.3%, which is the real problem.
Sales rose 168% vs. prior year, but EPS was -$3.43. Revenue growth without positive gross margin is just a louder version of the same issue.
$37M
revenue
$3.43
eps
1.3%
gross margin
the number that mattered
Gross margin was -1.3%. Gross margin → money left after making the product → so what: Velo3D still loses money before paying for the rest of the business.
source: company earnings report, 2026
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What could go wrong
the #1 risk is cash burn outrunning Velo3D's move to 30%+ gross margin.
med
cash runway exhaustion
The page points to about 6 months of cash runway and -$21.8M of operating cash flow over the last 12 months. That gives management very little time to miss the plan.
Another financing would hit shareholders directly because the business is still consuming cash rather than producing it.
med
margin turnaround fails to arrive
Management is pointing to gross margin above 30% after reporting -11.7% in Q2 2025. That is a sharp jump, and sharp jumps need proof.
If gross margin stays negative or merely weak, the entire "recurring software and service mix will fix it" story starts to look early at best and wrong at worst.
med
defense wins do not scale
The $32.6M defense contract and Army qualification are useful validation points, but they are still just that — validation points. This business needs repeatable orders, not one-off headlines.
If follow-on work does not appear, one of the few hard sources of confidence on this page gets thinner fast.
A company with about 6 months of runway, -11.7% gross margin, and -$21.8M of operating cash burn does not have room for a slow turnaround.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
march 24, 2026 earnings report
This report needs to show progress toward the $50M–$60M revenue guide and 30%+ gross margin target. If it does not, credibility gets harder to finance.
metric
gross margin crossing from -11.7% toward 30%+
That is the single cleanest scoreboard item on this page. It tells you whether Velo3D is becoming a viable manufacturer or just a fascinating engineering project.
trend
follow-on revenue after the $32.6M defense win
The defense contract and February qualification matter most if they lead to repeat business. One order is proof of interest. A stream of orders is proof of a model.
risk
cash balance versus the 6-month runway
Time is a variable here. If the balance sheet does not improve before the turnaround does, shareholders may end up financing the wait.
Analyst rankings
consensus outlook
thin coverage
in human-speak, there is not a sturdy wall of analyst confidence behind this name.
beta
0.9
Beta measures how a stock moves versus the market. On paper, VELO moves roughly with the market. The $1–$24 52-week range says company-specific risk is the real issue.
price stability
5 / 100
This is near the bottom of the stability scale. You are not buying calm here. You are buying an outcome-dependent setup.
source: institutional data
Institutional activity
institutional ownership data for VELO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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