VLDXW Velo3D, Inc.
Price Chart
Executive Summary
Velo3D reported Q1 2026 revenue of $13.8M, up 48% YoY, and achieved positive gross margin of 17.2% — a key inflection point. The company reaffirmed its FY2026 revenue guidance of $60M-$70M and expects positive EBITDA in H2 2026. A recent $50M equity offering and debt-to-equity conversions reduced outstanding debt by ~70% to ~$9M, but cash burn remains high with operating cash flow of -$18M in Q1.
Key Financial Metrics
Actionable Insight
The combination of 48% revenue growth, positive gross margin inflection, and a strengthened balance sheet (debt down 70%, $50M fresh equity) makes this a strong turnaround narrative. However, cash burn of $18M in operating cash flow in Q1 alone means the company will need to either achieve EBITDA positivity as guided or raise more capital. Watch for Q2 results to confirm the gross margin trajectory and whether the $60M-$70M revenue guidance is achievable.
Key Facts
- Q1 2026 revenue of $13.8M, up 48% YoY from $9.3M
- Gross margin improved to 17.2% from 7.5% YoY, first positive gross margin quarter
- GAAP net loss narrowed to ($7.0M) from ($25.0M) YoY
- Adjusted EBITDA improved to ($3.6M) from ($6.9M) YoY
- FY2026 revenue guidance reaffirmed at $60M-$70M
- Closed $50M equity offering on April 27, 2026 (3.57M shares at $14.00)
- Debt reduced by ~70% to ~$9M via debt-to-equity conversions and note repayment
- Cash and cash equivalents of $16.6M as of March 31, 2026, down from $39.0M at year-end 2025
- New bookings of $12M in Q1; ending backlog of $30M
- Awarded $9.8M five-year IDIQ contract with Defense Logistics Agency
Financial Impact
Revenue growth of 48% YoY to $13.8M, gross margin turning positive at 17.2%, net loss narrowing by 72% to ($7.0M)
Risk Factors
- Cash burn remains high — operating cash flow of -$18M in Q1 consumed nearly half of the $39M year-end cash balance
- FY2026 guidance implies H2-weighted revenue ramp; any execution miss would pressure the stock
- Capital expenditure guidance of $40M-$50M is subject to availability of financing; may require additional capital raises
- Company still unprofitable with accumulated deficit of $505M
- Dilution from recent equity offering (3.57M shares) and potential future raises
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219334 |
| Document: velo-20260512.htm | 0001193125-26-219334 |
| Document: velo-ex99_2.htm | 0001193125-26-219334 |
| Document: 0001193125-26-219334-index-headers.html | 0001193125-26-219334 |
| Document: 0001193125-26-219334-index.html | 0001193125-26-219334 |
| Document: 0001193125-26-219334.txt | 0001193125-26-219334 |
| 8-K Data (Synthetic) | 0001193125-26-219334 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 15, 2026
8d ago
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8-K / 424B5
| — | awaiting T+1 | — | — |
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May 14, 2026
9d ago
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S-3
| — | awaiting T+1 | — | — |
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May 12, 2026
11d ago
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8-K
| — | awaiting T+1 | — | — |
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Apr 27, 2026
26d ago
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424B5
| $0.3000 $0.3000 | · 0.00% | ▼ −0.01% | — |
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Apr 27, 2026
26d ago
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DEFA14A
| $0.3000 $0.3000 | · 0.00% | ▲ +0.49% | — |
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Apr 9, 2026
6w ago
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EFFECT
| $0.3000 $0.3000 | · 0.00% | ▲ +0.06% | — |
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Apr 3, 2026
7w ago
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S-3
| $0.3000 $0.3000 | · 0.00% | ▼ −0.06% | — |
US Market Status
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