3D Printing Financials: Velo3D Sees Rising Demand and Defense Growth, but Losses

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3D Printing Financials: Velo3D Sees Rising Demand and Defense Growth, but Losses Persist March 26, 2026 by Vanesa Listek 3D Printing Business Stocks Share this Article –> Velo3D (Nasdaq: VELO ) is moving further into production-focused 3D printing, with growing demand from defense and aerospace customers shaping its strategy. The company is shifting beyond selling machines toward producing parts at scale, backed by new contracts, stronger partnerships, and a clearer long-term plan to expand capacity. At the same time, it is working to stabilize its finances, improve margins, and support growth as more programs move into production. In 2025, Velo3D reported full-year revenue of $46 million, up from $41 million in 2024. The company ended the year with a backlog of $31 million, pointing to some strong demand heading into 2026. For the fourth quarter, revenue came in at $9.4 million, down from $12.6 million in the same period the year before. “In the fourth quarter, we achieved record bookings and built a backlog of approximately $31 million, which we believe is clear evidence that demand is not only strong but accelerating. This momentum gives us high confidence as we look ahead to 2026 and beyond. We believe that what’s driving this growth is not just adoption, it’s reliance. Our technology has become mission-critical,” Velo3D CEO Arun Jeldi told investors during an earnings call. Velo3D’s Arun Jeldi at Rapid+TCT. Image courtesy of Velo3D. But despite growth, profitability remains a challenge. Velo3D posted a full-year net loss of $71.4 million, a bit larger than the $69.9 million loss in 2024. Gross margins were negative for both the quarter and the year, due to a $7 million inventory write-down and production delays during a government shutdown. That performance was not well received by the market. The day after the earnings release, Velo3D’s stock dropped more than 20% despite gains in the broader market, as investors reacted to the results and the company’s outlook for 2026. Still, even with the decline, the stock remains higher than a year ago, roughly 330%. At the same time, the company is making progress on its cost structure. Operating expenses dropped to $47.5 million in 2025, down from $76.8 million the year before. On an adjusted basis, losses improved, showing that Velo3D is becoming more efficient while still investing in growth. At the same time, Velo3D is making changes to its leadership team as it gets ready for the next phase. The com

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