3D printer manufacturer Velo3D has presented its figures for Q3/2025 and completed its switch to the Nasdaq Capital Market (ticker: VELO). Revenue amounted to $13.6 million. The order backlog as of September 30 was $21.1 million. The annual forecast remains at $50 to $60 million in revenue; the company is targeting EBITDA breakeven for H1/2026.
The gross margin is 3.2 percent, an improvement from -11.7 percent in the previous quarter. The prior-year figure of 49.4 percent was based on one-time license revenue of $5 million. Operating expenses decreased to $11.1 million; adjusted to $9.0 million. GAAP net loss: $11.8 million. Non-GAAP: $9.2 million. Adjusted EBITDA: $7.3 million.
To finance this, Velo3D placed shares worth a gross total of $17.5 million at $3.00 per share and reported cash reserves of $11.8 million at the end of the quarter. The go-to-market strategy is focusing more strongly on Rapid Production Services (RPS). The RPS backlog rose by 22 percent. Forty-eight percent of bookings came from aerospace and defense. New customers accounted for over 9 percent. In Navy programs, Velo3D is qualifying CuNi alloys for the Sapphire series. CuNi 70/30 is supplied by Linde AMT. A project with DEVCOM AvMC aims to achieve faster, cost-efficient LPBF processes for aluminum CP1.
On the software side, Velo3D integrates Dyndrite LPBF Pro. Users get vector-precise control of laser paths and process parameters. RPS quality management now carries AS9100D certification. This facilitates access to aerospace chains. “We are improving margins and scaling through focused investments,” says CEO Arun Jeldi. For 2025, management estimates non-GAAP Opex of $40 to $50 million and CapEx of $15 to $20 million. For Q4, Velo3D cites a gross margin of over 30 percent and further declining Opex as its target.
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