Velo3D, Inc.

Listed Company

VELOCIK 0001825079NasdaqNon-AcceleratedSmaller ReportingSpecial Industry Machinery, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$45.97M

Net Income

$-71.36M

Total Assets

$105.35M

Equity

$38.16M

Shares Out

26.22M

Op. Cash Flow

$-27.33M

Business

Velo3D, Inc. develops and sells a fully integrated additive manufacturing solution using proprietary laser powder bed fusion technology to produce complex, high-value metal parts. Its core offerings include the Sapphire family of metal 3D printers, Flow print-preparation software (and Flow Developer), Assure quality-assurance software, the Intelligent Fusion process, and Rapid Production Solutions (recurring leases and production services). The company operates in a single reporting segment centered on 3D printer sales and recurring payment transactions plus related support services. It sells direct and through distribution partners across the United States, Europe and Asia-Pacific to customers in space, aviation, defense, automotive, energy and industrial markets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenue	46	41	—	—	—
Total Revenue	46	41	77	79	27
Cost of revenue	53	43	104	78	22
Gross loss	−7	−2	−26	843,000	5
Research and development	11	15	42	46	27
Selling and marketing	7	13	23	24	12
General and administrative	30	48	42	37	23
Total operating expenses	48	77	107	107	63
Loss from operations	−55	−79	−133	−106	−58
Interest expense	−4	−16	—	—	—
(Loss) gain on fair value of warrants	−1	32	2	19	−5
Gain on fair value of contingent earnout liabilities	10,000	1	16	—	—
Loss on warrant cancellation	−11	0	—	—	—
Loss on debt extinguishment	0	−5	−19	0	−51
Other income (expense), net	526,000	−4	506,000	1	−88,000
Loss before income taxes	−71	−70	−135	8	−107
(Provision) benefit for income taxes	−117,000	20,000	0	0	0
Net loss	−71	−70	−135	8	−107
Net income (loss) per share basic	−4.33	−82.32	−23.97	0.04	−1.82
Net income (loss) per share Diluted	−4.33	−82.32	−23.97	0.04	−1.82
Shares used in computing net loss per share basic	16	847,265	6	185	59
Shares used in computing net loss per share diluted	16	847,265	6	202	59
Net unrealized holding gain on available-for-sale investments	0	96,000	741,000	−823,000	−14,000
Total comprehensive loss	−71	−70	−134	7	−107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Cash and cash equivalents	39	—	—	—	1
Accounts receivable, net	6	—	—	—	4
Inventories, net	27	—	—	—	50
Contract assets	2	—	—	—	500,000
Prepaid expenses and other current assets	6	—	—	—	2
Total current assets	80	—	—	—	58
Property and equipment, net	13	3	3	4	14
Equipment subject to operating lease, net	2	—	—	—	4
Other assets	11	—	—	—	14
Total assets	105	94	78	91	89
Accounts payable	10	—	—	—	19
Accrued expenses and other current liabilities	8	—	—	—	4
Debtcurrent portion	6	—	—	—	6
Contract liabilities	9	—	—	—	10
Total current liabilities	34	—	—	—	38
Long-term debtless current portion	25	—	—	—	0
Contingent earnout liabilities (Note 10)	1,000	—	—	—	11,000
Warrant liabilities (Note 10)	109,000	—	—	—	2
Other noncurrent liabilities	9	—	—	—	9
Total liabilities	67	—	—	—	50
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock, $0.00001 par value - 500,000,000 shares authorized at December 31, 2025 and 2024, respectively, 24,607,630 and 12,993,962 shares issued and outstanding as of December 31, 2025 and 2024, respectively	5,000	—	—	—	4,000
Additional paid-in capital	536	506	486	485	466
Accumulated other comprehensive loss	0	—	—	—	0
Accumulated deficit	−498	−476	−465	−452	−427
Total stockholders equity	38	30	21	33	40
Total liabilities and stockholders equity	105	94	78	91	89

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	3	5	9	5	3
Amortization of debt discount and deferred financing costs	192,000	14	0	—	—
Stock-based compensation	10	12	25	20	4
Gain on exchange of debt for common stock	0	−3	0	—	—
Change in fair value of warrants	1	−32	−2	−19	5
Change in fair value of contingent earnout liabilities	−10,000	−1	—	—	—
Impairment of equipment subject to operating lease	1	0	—	—	—
Reserve for excess and obsolete inventory	7	7	—	—	—
Non-cash cost of issuance of common stock warrants on BEPO Offering	0	1	0	—	—
Loss on debt extinguishment	0	8	19	—	—
Non-cash warrant issuance in connection with August warrant inducement	0	2	0	—	—
Provision for credit loss related to contract assets	1	0	—	—	—
Provision for credit loss related to trade accounts receivable	2	3	—	—	—
Non-cash lease expense	139,000	134,000	—	—	—
Loss on sale/disposal of fixed assets	24,000	11,000	0	—	—
Realized loss on available-for-sale securities	0	23,000	14,000	0	—
Accounts receivable	−4	3	−398,000	4	−12
Inventories	24	6	14	−47	−8
Contract assets	−3	7	−7	−5	3
Prepaid expenses and other current assets	−3	2	3	6	−8
Other assets	2	4	10	−592,000	−14
Accounts payable	−15	−743,000	2	2	2
Accrued expenses and other liabilities	8	−3	−9	6	7
Contract liabilities	−1	5	−10	−7	18
Other noncurrent liabilities	−346,000	−2	−946,000	−3	9
Net cash used in operating activities	−27	−33	−106	−124	−56
Purchase of property and equipment	−3	−9,000	−1	−14	−10
Reimbursement of previously incurred leasehold expenditures	0	1	0	—	—
Sales of property and equipment	0	20,000	0	—	—
Sales of available-for-sale securities	0	3	11	0	—
Proceeds from maturity of available for sale investments	0	4	35	54	0
Net cash (used in) provided by investing activities	−3	8	39	−53	−34
Proceeds from secured convertible notes	15	500,000	66	0	5
Repayment of secured notes	−3	−12	−25	0	—
Proceeds from equipment loan	10	0	2	2	5
Repayment of equipment loan	−311,000	0	−7	—	—
Issuance cost for equipment loan	−19,000	0	—	—	—
Gross proceeds from December 2025 PIPE Offering	30	0	—	—	—
Payment for issuance cost related to December 2025 PIPE Offering	−2	0	—	—	—
Gross proceeds from August 2025 Offering	20	0	—	—	—
Payment for issuance cost related to August 2025 Offering	−2	0	—	—	—
Proceeds from capital raise - August Warrant Inducement	0	2	0	—	—
Gross proceeds from BEPO Offering	0	12	14	0	3
Payments for issuance cost related to the BEPO Offering	0	−1	—	—	—
Issuance of common stock upon exercise of stock options	0	315,000	561,000	1	385,000
Net cash provided by financing activities	68	1	59	1	283
Effect of exchange rate on cash and cash equivalents	5,000	−4,000	−5,000	23,000	−7,000
Net change in cash and cash equivalents	38	−23	−7	−176	193
Cash paid for interest	1	1	10	372,000	1
Cash paid for income taxes for foreign subsidiary	117,000	0	—	—	—
Unpaid liabilities related to property and equipment, net	742,000	3	92,000	—	—
Equipment subject to operating lease, net returned to inventories, net	653,000	2	—	—	—
Warrant cancellation upon issuance of common stock	3	0	—	—	—
Operating lease right-of-use assets recorded in exchange for lease obligation	864,000	0	—	—	—
Transfer of property and equipment, net to inventories, net	2	0	—	—	—
Unpaid purchase of inventories, net	6	3	0	—	—

Filings

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