3D Printing Financials: Velo3D Revenue Climbs 52%, 2026 Forecast Raised

Velo3D (Nasdaq: VELO) reported a sharp increase in second-quarter revenue and raised its full-year outlook as the metal additive manufacturing (AM) company expands production to meet demand from aerospace and defense customers.

Revenue reached $20.7 million for the quarter ended June 30, up 52.3% from $13.6 million a year earlier. The company also returned to a positive gross margin, reporting 21.5% compared with negative 11.7% in the second quarter of 2025.

The improvement was driven largely by Velo3D’s core printer and parts business. Revenue from 3D printers and parts rose 57% to $19 million from $12.1 million a year earlier. Velo3D attributed the increase to higher average selling prices, product mix, and higher revenue from its Rapid Production Solutions (RPS) parts production business.

The company expects system sales to remain its main source of revenue this year, but said RPS is expected to account for a larger share of the business under its new go-to-market strategy.

Gross margin also improved. Velo3D generated $4.4 million in gross profit during the quarter, compared with a $1.6 million gross loss a year earlier. The company said the improvement reflected higher selling prices, a more favorable product mix, increased RPS revenue and manufacturing efficiencies. The improvement also reflected a change in how certain labor and overhead costs were allocated between production costs and operating expenses.

Velo3D still reported a loss, but it was smaller than a year ago. GAAP net loss was $11.5 million, or 39 cents per share, compared with a $13.3 million loss, or 94 cents per share, in the same period last year. Adjusted net loss improved to $9 million from $11.4 million, while adjusted EBITDA was negative $8.1 million compared with negative $8.9 million a year earlier. At the same time, expenses increased as Velo3D continued investing in the business. Operating expenses reached $15.5 million, up from $10 million a year earlier.

More Cash, Less Debt

Velo3D ended June with much more cash than it had at the start of the year. In fact, cash and cash equivalents stood at $91.1 million as of June 30, compared with $39 million at the end of 2025. The increase came primarily from financing rather than operations. Velo3D generated about $99.5 million in net cash from financing activities during the first six months of the year, while using roughly $39.5 million in cash for operations.

In April, the company sold some 3.6 million shares in a registered direct offering, raising about $50 million in gross proceeds and $46.6 million after issuance costs. It raised another $59.4 million through its at-the-market stock offering program during the second quarter, or roughly $57.4 million after issuance costs. Velo3D raised much of that cash by issuing shares. Along with debt-to-equity conversions, the company reduced its total debt by more than 70% to $8.2 million at the end of June.

CFO Jim Suva pointed out that “With approximately $91 million in cash and cash equivalents at quarter end, Velo3D has greater financial flexibility to execute our growth strategy and support capacity expansion, technology development and customer programs while maintaining a disciplined approach to capital allocation. Combined with our significantly reduced debt, we believe our strengthened balance sheet supports our ability to execute our strategic initiatives, scale our operations and capitalize on the growing demand for advanced metal additive manufacturing solutions across the aerospace, defense, energy and space markets.”

Growing Orders

New orders reached $29 million in the second quarter, while Velo3D ended June with a $31 million backlog. The business is also expanding its manufacturing capacity. It recently announced a new production campus in Livermore, California, which it expects to become operational later this year. The site is expected to triple the company’s manufacturing capacity and become its primary production center. The expansion also supports Velo3D’s RPS business, which produces parts directly for customers instead of selling them 3D printers.

Partnerships also grew during the quarter. Mears Machine Corporation ordered its fifth Sapphire XC system, with options for two more, while a new partnership with Aurelia Technologies will focus on metal AM for next-generation gas turbine systems.

Velo3D raised its full-year revenue forecast to between $65 million and $75 million, up from its previous range of $60 million to $70 million. The rest of its 2026 guidance remains unchanged. Velo3D expects gross margin to exceed 30% in the second half of the year. Adjusted operating expenses are expected to be between $45 million and $55 million, while capital spending is expected to reach $40 million to $50 million, mainly to expand its RPS business. The spending will depend on available financing, explained management.

Velo3D is still targeting positive adjusted EBITDA in the second half of 2026. For the first six months of the year, revenue reached $34.5 million, up from $22.9 million a year earlier. Its first-half net loss narrowed to $18.5 million from $38.3 million. The company now enters the second half of the year with higher revenue guidance and plans to expand production capacity.