Velo3D reports $46M revenue in 2025 financial results
Velo3D, based in Fremont, California, USA, has reported its financial results for the full year ended December 31, 2025. The company also provided updates on recent business developments in defence and aerospace-focused Additive Manufacturing.
Full year 2025 results
Revenue for the full year was reported at $46 million. Revenue from Additive Manufacturing machines and parts increased by 54% compared to 2024, driven by product mix and increased machine sales.
Gross margin for 2025 was -16.1%, compared to -5.1% in 2024. This was primarily due to the $7 million inventory write-down recorded in the fourth quarter. The company expects margins to improve as operational efficiencies increase and its RPS business expands.
Operating expenses were $47.5 million, compared to $76.8 million in 2024. Adjusted operating expenses, excluding $7.5 million in stock-based compensation, were $40.1 million, down from $66.5 million.
Net loss for the year was $71.4 million, compared to $69.9 million in 2024. Adjusted net loss was $41.3 million, compared to $79.4 million in the previous year. Adjusted EBITDA was $33.3 million negative, compared to $58.5 million negative in 2024.
As of December 31, 2025, Velo3D reported cash and cash equivalents of $39.0 million, compared to $1.2 million at the end of 2024.
“Based on current demand trajectories and our expanding programme portfolio, we have developed a long-term capacity plan envisioning up to approximately 400 production systems, ramping over the next decade, subject to securing additional financing and continued program growth,” stated Arun Jeldi, CEO of Velo3D. “This is a practical, demand-driven buildout: as contracts grow and new programmes come online, each drives incremental capacity requirements, creating a compounding growth profile.”
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“To support this expansion, we expect to raise additional capital in the near term. As an asset-rich operation, our production systems are well-suited to asset-backed debt financing, enabling us to scale our fleet with minimal dilution to shareholders,” he continued. “We are also exploring potential government-backed lending programmes and other non-dilutive funding sources to further support capacity buildout. In addition, we are considering selective M&A opportunities in 2026 that could complement our organic growth strategy, accelerate our expansion into key defence and aerospace programs and strengthen our supply chain, particularly in feedstock and metal powder.”
“Any equity capital raised would be targeted toward workforce expansion and operational infrastructure rather than equipment, keeping dilution low relative to the significant long-term value this growth is expected to generate. We believe this approach will allow us to scale operations, invest in manufacturing capacity and continue delivering the speed, quality and reliability our customers require for mission-critical applications,” Jeldi added.
Latest developments
The company also highlighted a series of recent developments, including qualification as an Additive Manufacturing supplier for the US Army’s Ground Vehicle Systems Center initiative and a Cooperative Research & Development Agreement with the same organisation to support AM adoption in defence supply chains.
Velo3D reported securing several defence-related contracts. These include a $32.6 million award from the US Department of Defense for Project FORGE, focused on prototyping and qualification of additively manufactured components, and a multi-year $11.5 million Rapid Production Solutions (RPS) contract from a US defence contractor for a national security programme.
In aerospace, the company worked with Intergalactic, a GE Aerospace company, to manufacture IN718 microtube heat exchanger headers for an accelerated aviation programme using its Sapphire XC Additive Manufacturing machine. The company also raised $30 million through a private placement of common stock and completed a $15 million debt-to-equity conversion, reducing debt by approximately 60%.
