$VELO

Velo3D, Inc.

CIK:0001825079|SEC Filings

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total Revenue	$ 20,664	$ 13,572	$ 34,480	$ 22,892
Total cost of revenue	16,222	15,160	27,657	23,783
Gross profit (loss)	4,442	(1,588)	6,823	(891)
Operating expenses
Research and development	4,329	2,588	7,025	4,647
Selling and marketing	2,850	1,468	4,571	2,554
General and administrative	8,324	5,952	13,236	15,028
Total operating expenses	15,503	10,008	24,832	22,229
Loss from operations	(11,061)	(11,596)	(18,009)	(23,120)
Interest expense	(175)	(1,572)	(908)	(2,642)
Loss on fair value of warrants	(41)		(41)	(1,044)
Loss on warrant cancellation			(0)	(11,357)
Other income (expense), net	(242)	(6)	467	(17)
Loss before income taxes	(11,519)	(13,174)	(18,491)	(38,180)
Provision for (benefit from) income taxes	(9)	89	17	97
Net income (loss)	$ (11,510)	$ (13,263)	$ (18,508)	$ (38,277)
Net loss per share basic	$ (0.39)	$ (0.94)	$ (0.68)	$ (2.79)
Net loss per share Diluted	$ (0.39)	$ (0.94)	$ (0.68)	$ (2.79)
Shares used in computing net loss per share basic	29,448,322	14,041,712	27,246,923	13,721,680
Shares used in computing net loss per share diluted	29,448,322	14,041,712	27,246,923	13,721,680
3D Printer and parts
Total Revenue	$ 18,968	$ 12,082	$ 30,989	$ 19,605
Total cost of revenue	15,755	13,994	25,980	21,534
Recurring payment
Total Revenue		70		70
Total cost of revenue				12
Support services
Total Revenue	1,494	1,359	2,763	3,149
Total cost of revenue	467	1,166	1,677	2,237
Other
Total Revenue	$ 202	$ 61	$ 728	$ 68

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (18,508)	$ (38,277)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,474	1,817
Amortization of debt discount and deferred financing costs	17	98
Stock-based compensation	4,383	5,431
Loss on fair value of warrants	41	1,044
Loss on warrant cancellation	0	11,357
Non-cash lease expense	111	70
Loss on sale/disposal of fixed assets	0	2,777
Changes in operating assets and liabilities
Accounts receivable	(2,093)	(1,671)
Inventories	4,441	5,691
Contract assets	(10,121)	(948)
Prepaid expenses and other current assets	(11,174)	(292)
Other assets	(120)	2,002
Accounts payable	(8,233)	(912)
Accrued expenses and other liabilities	(4,279)	2,463
Contract liabilities	1,968	(3,573)
Other noncurrent liabilities	2,560	(642)
Net cash used in operating activities	(39,533)	(13,565)
Cash flows from investing activities
Purchase of property and equipment	(4,458)	(1,799)
Net cash used in investing activities	(4,458)	(1,799)
Cash flows from financing activities
Proceeds from convertible secured notes	0	15,000
Repayment of 2025 equipment loan	(1,506)	0
Repayment of secured notes	(3,039)	0
Net cash provided by financing activities	99,469	15,000
Effect of exchange rate changes on cash and cash equivalents	1	6
Net change in cash and cash equivalents and restricted cash	55,479	(358)
Cash and cash equivalents and restricted cash at beginning of period	39,636	1,840
Cash and cash equivalents and restricted cash at end of period	95,115	1,482
Supplemental disclosure of cash flow information
Cash paid for interest	612	750
Supplemental schedule of non-cash investing and financing activities
Conversion of convertible secured notes into common stock	18,494	0
Unpaid liabilities related to property and equipment, net	570	160
Unpaid purchase of inventories, net	2,596	0
Equipment subject to operating lease, net returned to inventories, net	543	653
Transfer of property and equipment, net (to) from inventories, net	(559)	3,404
Transfer of other assets to inventories, net, upon return of leased asset	(1,237)	0
Derecognition of right-of-use asset upon purchase of leased asset	307	0
Operating lease right-of-use assets recorded in exchange for lease obligations	(14,521)	0
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	91,144	854
Restricted cash (Other assets)	3,971	628
Total cash and cash equivalents and restricted cash	95,115	1,482
April 2026 Offering
Cash flows from financing activities
Gross proceeds from Offering	50,000	0
Payment for issuance costs related to Offering	(3,408)	0
ATM Offering
Cash flows from financing activities
Gross proceeds from Offering	59,428	0
Payment for issuance costs related to Offering	$ (2,006)	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 91,144	$ 39,013
Accounts receivable, net	8,356	6,263
Inventories, net	27,578	27,083
Contract assets	12,160	2,039
Prepaid expenses and other current assets	16,896	5,722
Total current assets	156,134	80,120
Property and equipment, net	16,152	13,094
Equipment subject to operating lease, net	1,023	1,629
Other assets	26,838	10,505
Total assets	200,147	105,348
Current liabilities:
Accounts payable	5,235	10,301
Accrued expenses and other current liabilities	4,967	7,915
Debt – current portion	3,197	6,305
Contract liabilities	11,249	9,281
Total current liabilities	24,648	33,802
Long-term debt - Less: Current Portion	4,973	24,710
Contingent earnout liabilities (Note 10)	1	1
Warrant liabilities (Note 10)	150	109
Other noncurrent liabilities	23,836	8,570
Total liabilities	53,608	67,192
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively, 32,149,118 and 24,607,630 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	5	5
Additional paid-in capital	663,185	536,294
Accumulated deficit	(516,651)	(498,143)
Total stockholders’ equity	146,539	38,156
Total liabilities and stockholders’ equity	$ 200,147	$ 105,348