VELO · Velo3D, Inc.

Velo3D delivered a strong Q1 2026 start with revenue surging 48% year-over-year to $13.8 million, primarily fueled by 60% growth in 3D printer and parts sales due to higher average selling prices, more systems sold, and rising RPS revenues. Gross margin flipped positive at 17.2% from 7.5% a year ago, driven by premium Sapphire XC systems and increased RPS volume, validating the operating model amid scaling production. Operating expenses dropped to $9.3 million from $12.2 million, with non-GAAP adjusted opex at $8.1 million versus $8.8 million prior year, reflecting cost discipline. GAAP net loss improved sharply to $7.0 million from $25.0 million, and non-GAAP net loss to $5.1 million from $9.0 million. CEO Arun Jeldi highlighted sales momentum, positive gross margins as a key inflection, robust defense/aerospace demand, and a strengthened position post-equity raise. New CFO Jim Suva noted the April $50 million gross proceeds from 3.571M shares and $15 million debt-to-equity conversions that slashed debt 70% to $9 million. Backlog held at $30 million with $12 million new bookings. Management reaffirmed full-year revenue of $60-70 million, H2 gross margins >30%, non-GAAP opex $45-55 million, capex $40-50 million for RPS expansion (financing-dependent), and positive EBITDA in H2, signaling path to profitability amid defense contract wins like the $9.8 million five-year IDIQ with DLA's JAMA program.