Revenue: As of FY2026 Q1, the actual value is USD 13.82 M.

EPS: As of FY2026 Q1, the actual value is USD -0.28.

EBIT: As of FY2026 Q1, the actual value is USD -6.239 M.

Financial Performance Overview

Total Revenue

Velo3D reported total revenue of $13.8 million for the first quarter of 2026, marking a 48% year-over-year increase from $9.3 million in the first quarter of 2025, and an increase from $9.4 million in Q4 2025.

Segment Revenue

• 3D Printer and Parts Sales: Revenue from 3D Printer and parts increased by 60% to $12,021 thousand in Q1 2026, up from $7,523 thousand in Q1 2025. This segment’s revenue was $12.0 million in Q1 2026, up from $7.6 million in Q4 2025.
• Support Services / License / Recurring Revenue: Support services revenue was $1,269 thousand in Q1 2026, compared to $1,790 thousand in Q1 2025. This segment maintained a consistent revenue of $1.8 million across Q1 2026, Q4 2025, and Q1 2025.
• Other Revenue: Other revenue significantly increased to $526 thousand in Q1 2026 from $7 thousand in Q1 2025.

Gross Profit and Margin

Gross profit for the first quarter of 2026 was $2,381 thousand, compared to $697 thousand in the first quarter of 2025. This was a significant improvement from - $6.9 million in Q4 2025. The company achieved a GAAP gross margin of 17.2% in Q1 2026, a notable increase from 7.5% in Q1 2025, and a substantial recovery from -73.6% in Q4 2025.

Operating Costs

Total operating expenses for Q1 2026 were $9,328 thousand, down from $12,221 thousand in Q1 2025 and $14.9 million in Q4 2025. Non-GAAP adjusted operating expenses were $8,082 thousand in Q1 2026, a decrease from $8,834 thousand in Q1 2025 and $13.3 million in Q4 2025. Cost of goods sold for Q1 2026 was $11.4 million, a decrease from $16.4 million in Q4 2025, but an increase from $8.6 million in Q1 2025.

Operating Profit

The loss from operations was - $6,947 thousand in Q1 2026, an improvement from - $11,524 thousand in Q1 2025.

Net Loss

GAAP net loss for the first quarter of 2026 was - $7.0 million, an improvement from - $25.0 million in the first quarter of 2025 and - $21.9 million in Q4 2025. On a non-GAAP basis, net loss was - $5.1 million in Q1 2026, compared to - $9.0 million in Q1 2025.

Adjusted EBITDA

Adjusted EBITDA for the first quarter of 2026 was - $3.6 million, an improvement from - $6.9 million in the first quarter of 2025 and - $10.0 million in Q4 2025.

Cash Flow

As of March 31, 2026, Velo3D had $16.6 million in cash and cash equivalents, down from $39.0 million as of December 31, 2025. Net cash used in operating activities was - $17,978 thousand for the first quarter of 2026, compared to - $12,349 thousand for the first quarter of 2025.

Unique Metrics

• New Bookings: New bookings in Q1 2026 totaled $12 million.
• Ending Backlog: The ending backlog was $30 million. The company’s total backlog remained near prior quarter (Q4 2025) levels.
• Defense Contract: Velo3D was awarded a $9.8 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract supporting the Defense Logistics Agency’s (DLA) Joint Additive Manufacturing Acceptability (JAMA) Pilot Parts Program.
• Equity Offering: In April 2026, Velo3D closed an equity offering with gross proceeds of approximately $50 million.
• Debt Reduction: The company reduced its outstanding debt by approximately 70% to about $9 million through debt-to-equity conversions and full repayment of secured notes.
• Repeat Orders: Repeat orders consistently accounted for over 70% of total orders, with the Defense sector making up the majority of the part pipeline created in Q1.

Outlook / Guidance

Velo3D reaffirms its full-year 2026 revenue outlook to be between $60 million and $70 million. The company expects sequential improvement in gross margin, aiming for greater than 30% in the second half of 2026, and anticipates turning EBITDA positive in the second half of 2026. Non-GAAP adjusted operating expenses are projected to be in the range of $45 million to $55 million, with capital expenditures between $40 million and $50 million, primarily for RPS expansion, subject to sufficient financing.