Velo3D, Inc. (VELO) Stock

Velo3D, Inc. (VELO) is a Industrials stock trading at $11.64 (as of 2026-09-02), with a market capitalization of $346.88M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Velo3D, Inc. manufactures and sells metal additive three-dimensional printers and related software for preparing prints and monitoring quality. Its offerings include printer systems such as Sapphire models and platforms like Flow and Assure, sold or leased to customers that produce components for industries including space, aviation, and defense.

Understand Velo3D, Inc.: how it makes money

Velo3D builds large-format metal 3D printers (the Sapphire series) and design software, selling or leasing them to aerospace, defense, and space companies that need complex metal parts. Revenue is still dominated by lumpy printer sales, but management is layering in a recurring Rapid Production Services business to smooth the cycle.

Each Sapphire printer sale is a one-time capital outlay for the customer, so the profit model hinges on converting that installed base into recurring service and production revenue that compounds without requiring new hardware sales.

Revenue by segment (latest quarter)
3D Printers & Parts	$0.0B

Business quality (Weak): Operating margin of -54% and a thin 22% gross margin mark this as a company in heavy build-out, far from self-sustaining cash generation. Quality grade: Weak.

Bull case

Demand shifting to production scale: Management described production demand transitioning from prototypes into larger-scale aerospace, defense, space, and energy deployments, which supports multi-year revenue visibility beyond one-off pilot projects.
Recurring revenue building toward 30 percent: Rapid Production Services is targeted to reach approximately 25%-30% of revenue exiting 2026, shifting the mix away from lumpy hardware toward service contracts that recur with every installed printer.
Balance sheet de-risking: Liquidity improved materially while debt fell more than 70%, giving the company runway to fund the Livermore capacity build without an immediate dilutive raise.

Bear case

Quarterly losses still $11.5 million: The company posted an $11.5 million GAAP quarterly net loss, and at an operating margin of -54%, breakeven requires sustained volume growth that has not yet been proven at scale.
EBITDA hinges on external capital: Management explicitly tied a path to positive EBITDA to securing sufficient financing, leaving the loss trajectory dependent on market access rather than organic cash generation.
Capacity ramp is slow and costly: The Livermore expansion requires substantial capital spending and will ramp gradually, so the tripling of manufacturing output adds fixed costs well before corresponding revenue arrives.

Valuation — source: SEC EDGAR (first-party)
Price	$11.64
Market Cap	$346.88M
Price / Book	2.37
Price / Sales	6.03
FCF Yield	-8.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$45.97M
Net Margin	-155.2%
Revenue Growth (YoY)	52.3%
EPS Growth (YoY)	-60.2%
FCF Growth (YoY)	731.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	-4.74 (distress)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Industrials)	25.7
Industry P/E (Machinery)	31.6

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Alyeska Investment Group, L.P. ($33.31M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Machinery
CEO	Arun Jeldi
Employees	105
Country	US
IPO Date	2021-01-25

Velo3D, Inc. earnings call transcripts

VELO Q2 FY26 earnings call transcript (reported 2026-08-11) · analysis

All VELO earnings calls

Related Companies (Machinery; 8 comparable machinery makers)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.