Velo3D Q3 Revenue Rises About 50% With $28.9 Million in Bookings, but Profitability Targets Slip to 2028

Nanjixiong introduction: Revenue rose and bookings exceeded quarterly sales, but Velo3D's losses grew year over year. The metal additive manufacturing company also moved its operating cash flow and EBITDA breakeven targets to 2028. The report illustrates the industry's current focus on securing capacity and orders ahead of profitability.

On November 10, 2026, Nanjixiong learned that Velo3D (Nasdaq: VELO), a metal additive manufacturing company serving aerospace and defense supply chains, had released results for the quarter ended September 30, 2026. Total revenue was $20.5 million, up approximately 50% year over year. Bookings of $28.9 million exceeded quarterly revenue.



Printer and parts revenue rises 57%, with bookings above revenue
Revenue from 3D printers and parts was $18.8 million, up 57.0% from $12.0 million a year earlier. Velo3D attributed the gain to more system sales, higher average selling prices, a better product mix and increased Rapid Production Solutions (RPS) revenue as production volumes grew.

The company booked $28.9 million in new orders, more than its quarterly revenue. Backlog stood at $40.1 million on September 30.

CEO Arun Jeldi described the quarter as solid. He said revenue growth of about 50% to $20.5 million and bookings of $28.9 million showed continuing demand for the company's metal additive manufacturing technology and progress on its growth strategy.

Gross margin rebounds to 26.5%, while net loss grows
Gross margin rose to 26.5% from 3.2% a year earlier. The company attributed the improvement principally to higher average selling prices, a better product mix, manufacturing efficiencies, higher volumes spreading fixed costs, and a net reversal of excess and obsolete inventory reserves. Increases in other inventory reserves partly offset those gains.

GAAP net loss was $16.7 million, or $0.52 per share, compared with $11.2 million, or $0.65 per share, a year earlier. Non-GAAP net loss, which excludes items such as stock-based compensation, was $10.8 million versus $9.3 million a year earlier. Adjusted EBITDA was negative $9.8 million versus negative $7.3 million.



Operating expenses rose to $22.7 million from $10.4 million a year earlier. The company attributed the increase to continued investment in personnel, technology and operations to start up the Forge 1 site and expand production.

Forge 1 is ramping up in stages
Velo3D opened its Forge 1 production campus in Livermore in July 2026 and is phasing it into operation. It has yet to reach full production. The company plans to make Forge 1 its primary manufacturing center and expand capacity for aerospace and defense customers as the site comes fully online. Velo3D also joined the Government–Industry Data Exchange Program (GIDEP) to strengthen defense manufacturing quality and supply-chain risk management. Partner Mears Machine ordered its sixth Sapphire XC system for copper-nickel (CuNi) additive manufacturing of corrosion-resistant shipbuilding and offshore components.

Full-year revenue guidance holds, while positive cash flow and EBITDA move to 2028
Velo3D maintained 2026 revenue guidance of $65 million to $75 million. It reduced gross margin guidance, dropping its previous expectation of more than 30% in the second half of 2026, and expects fourth-quarter gross margin to improve sequentially. Capital expenditure guidance fell from $40 million–$50 million to $10 million–$20 million, mainly because much of the planned spending shifted to 2027.

The company now expects positive operating cash flow and positive EBITDA in 2028. It previously expected positive EBITDA in the second half of 2026.

Cash and cash equivalents were $75.7 million on September 30 versus $39.0 million at the end of 2025. Management concluded that substantial doubt about its ability to continue as a going concern over the next 12 months had been alleviated. The preliminary figures may be revised when the 10-Q is filed. Prior-period inventory reserve errors have been corrected retrospectively.

Nanjixiong's observations
Orders exceeded revenue, backlog surpassed $40 million, and printer and parts sales grew strongly. Gross margin has only recently recovered from a low base, Forge 1 investment has increased operating expenses, and net loss has widened year over year. The next few quarters will show whether Forge 1 reaches full production as planned, whether backlog converts to revenue on schedule, and whether the company can meet its 2028 targets.

Source: Velo3D third-quarter 2026 earnings release (PRNewswire)
Original release

AI-translated from an article by Kuaixiong on Nanjixiong, originally published on 2026-11-13. Text and images retain the original source attribution.
Read the original Chinese article