Velo3D, Inc. Earnings Per Share Disclosure
Note 3. Basic and Diluted Net Income (Loss) per Share
The following table sets forth the computation of the Company’s basic and diluted net loss per share to common stockholders. Basic and diluted net loss per share for all periods presented have been adjusted to reflect the 2024 1-for-35 reverse stock split of the Company’s common stock and the 2025 1-for-15 reverse stock split of the Company's common stock (see Note 1). These reverse splits reduced the outstanding common shares and increased the weighted average shares outstanding retrospectively.
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December 31, |
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2025 |
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2024 |
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(In thousands, except share per share data) |
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Numerator: |
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Net loss |
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$ |
(71,362 |
) |
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$ |
(69,744 |
) |
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Denominator: |
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Basic weighted average shares outstanding |
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16,486,845 |
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|
847,265 |
|
Diluted weighted average shares outstanding |
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|
16,486,845 |
|
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|
847,265 |
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Net loss per share |
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Basic |
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$ |
(4.33 |
) |
|
$ |
(82.32 |
) |
Diluted |
|
$ |
(4.33 |
) |
|
$ |
(82.32 |
) |
The following potentially dilutive shares of common stock equivalents on an "as-converted basis” were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect:
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December 31, |
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2025 |
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2024 |
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(per share data) |
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Common stock warrants |
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36,892 |
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|
215,134 |
|
Common stock options |
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|
4,247 |
|
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|
38,028 |
|
Restricted stock units |
|
|
1,030,414 |
|
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|
18,036 |
|
Total potentially dilutive common share equivalents |
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1,071,553 |
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|
271,198 |
|
Total potentially dilutive common share equivalents for the years ended December 31, 2025 and 2024, excludes 41,444 respectively, shares related to the earnout liability as these shares are contingently issuable upon meeting certain triggering events.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.