Revenue growth remains highly erratic, oscillating between a 25.2% contraction in 2025Q4 and a 65.4% expansion in 2025Q3, while operating expenses consistently overwhelm gross profit.
| Sales/Revenue | 50.47M | 45.97M | 41M | 77.44M | 78.71M | 27.44M |
| Revenue Growth % | 24.5% | 12.12% | -47.05% | -1.6% | 186.84% | - |
| Cost of Goods Sold | 56.19M | 53.38M | 43.09M | 103.71M | 77.86M | 22.48M |
| COGS % of Revenue | - | 116.11% | 105.09% | 133.92% | 98.93% | 81.93% |
| Gross Profit | -5.72M | -7.4M | -2.08M | -26.27M | 843K | 4.96M |
| Gross Margin % | -11.33% | -16.11% | -5.08% | -33.92% | 1.07% | 18.07% |
| Gross Profit Growth % | - | -255.11% | 92.06% | -3215.9% | -83% | - |
| Operating Expenses | 44.23M | 47.52M | 80.26M | 106.99M | 107.16M | 62.72M |
| OpEx % of Revenue | - | 103.36% | 195.75% | 138.15% | 136.15% | 228.57% |
| Selling, General & Admin | 32.09M | 36.86M | 63.15M | 64.96M | 60.89M | 35.72M |
| SG&A % of Revenue | - | 80.18% | 154.02% | 83.88% | 77.36% | 130.16% |
| Research & Development | 12.14M | 10.65M | 17.11M | 42.03M | 46.27M | 27M |
| R&D % of Revenue | - | 23.17% | 41.72% | 54.27% | 58.78% | 98.41% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -49.95M | -54.92M | -82.35M | -133.25M | -106.31M | -57.76M |
| Operating Margin % | -98.96% | -119.46% | -200.83% | -172.07% | -135.07% | -210.5% |
| Operating Income Growth % | - | 33.31% | 38.2% | -25.34% | -84.06% | - |
| EBITDA | -50.13M | -51.54M | -77.44M | -123.94M | -101.02M | -54.75M |
| EBITDA Margin % | -99.32% | -112.11% | -188.85% | -160.05% | -128.35% | -199.54% |
| EBITDA Growth % | 26.67% | 33.44% | 37.52% | -22.69% | -84.51% | - |
| D&A (Non-Cash Add-back) | -180K | 3.38M | 4.91M | 9.31M | 5.29M | 3.01M |
| EBIT | -36.83M | -66.88M | -57.35M | -125.42M | 8.34M | -53.36M |
| Net Interest Income | -2.56M | -4.36M | -15.97M | -9.72M | -372K | 12.25M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 26.13K |
| Interest Expense | 2.56M | 4.36M | 15.97M | 9.72M | 372K | -12.23M |
| Other Income/Expense | -2.87M | -16.32M | 9.03M | -1.89M | 114.28M | 68.03M |
| Pretax Income | -52.81M | -71.25M | -73.32M | -135.14M | 7.97M | 10.27M |
| Pretax Margin % | -104.65% | -154.97% | -178.81% | -174.5% | 10.13% | 37.42% |
| Income Tax | 135K | 117K | -20K | 0 | 0 | 65.16K |
| Effective Tax Rate % | -0.26% | -0.16% | 0.03% | 0% | 0% | 0.63% |
| Net Income | -52.95M | -71.36M | -73.3M | -135.14M | 7.97M | 10.2M |
| Net Margin % | -104.91% | -155.23% | -178.76% | -174.5% | 10.13% | 37.18% |
| Net Income Growth % | 24.78% | 2.64% | 45.76% | -1795.81% | -21.89% | - |
| Net Income (Continuing) | -52.95M | -71.36M | -73.3M | -135.14M | 7.97M | 10.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.12 | -4.33 | -86.51 | -357.00 | 21.00 | 91.26 |
| EPS Growth % | 94.26% | 94.99% | 75.77% | -1800% | -76.99% | - |
| EPS (Basic) | - | -4.33 | -86.51 | -357.00 | 22.61 | 91.26 |
| Diluted Shares Outstanding | 25.02M | 16.49M | 847.26K | 395.77K | 385.1K | 111.79K |
| Basic Shares Outstanding | 25.02M | 16.49M | 847.26K | 395.77K | 379.48K | 111.79K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Immediate liquidity and solvency
According to the provided quarterly income statements, Velo3D's revenue growth has exhibited extreme volatility, oscillating between a 25.2% contraction in 2025Q4 and a 65.4% expansion in 2025Q3, reflecting the highly transactional and project-based nature of its capital-intensive hardware sales to the aerospace and defense sectors.
The inconsistency in top-line performance suggests that the company remains tethered to lumpy, non-recurring capital expenditure cycles rather than a predictable recurring revenue model. Investors should monitor whether the recent restructuring by Arrayed Additive Inc. can stabilize these erratic revenue flows or if the business remains fundamentally susceptible to customer-specific procurement delays.
As reported in financial statements, Velo3D's gross margins have fluctuated wildly, reaching a low of -73.6% in 2025Q4, which indicates that the company is currently unable to achieve the production scale necessary to absorb its high fixed manufacturing overhead and complex supply chain costs.
The inability to maintain positive gross margins suggests that the current pricing strategy for the Sapphire platform is insufficient to cover the underlying cost of goods sold. This persistent margin compression warrants further investigation into whether the company's technical differentiation is being adequately monetized or if it is being eroded by aggressive discounting to maintain market share.
Based on the income statement data, operating expenses consistently dwarf gross profit, with operating margins reaching as low as -198.4% in 2024Q2, demonstrating a complete lack of operating leverage as the company continues to burn cash to support its R&D and administrative infrastructure.
The data suggests that the company's cost structure is heavily front-loaded, with SG&A and R&D spending failing to scale efficiently against revenue growth. This disconnect implies that the current business model may require a fundamental pivot to achieve profitability, as the existing overhead appears disproportionate to the current installed base.
Data from recent filings indicates that Velo3D's net margin of -155% and the extreme depletion of cash reserves suggest that the company's current operational trajectory is unsustainable without significant external capital injections or a radical restructuring of its cost base and revenue recognition practices.
Short-sellers would likely focus on the widening gap between R&D investment and the inability to generate positive gross profit, which suggests that the proprietary technology may not be translating into a viable commercial product. The reliance on high-end aerospace customers in a rising interest rate environment further exacerbates the risk that the company may run out of runway before achieving a self-sustaining scale.
Quick answers to the most common questions about buying VELO stock.
For fiscal year 2025, Velo3D, Inc. (VELO) reported total revenue of $46.0M. This represents a 67.5% increase compared to $27.4M in 2021.
Velo3D, Inc. (VELO) reported a net loss of $71.4M for the fiscal year ending 2025.
Velo3D, Inc. (VELO) reported an operating income of $-54.9M, resulting in an operating profit margin of -119.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Velo3D, Inc. (VELO) generated $-7.4M in gross profit for the year, representing a gross profit margin of -16.1%. This demonstrates the company's core pricing power and production efficiency.