Velo3D财报：需求与军工业务双增，亏损仍存

The landscape of industrial additive manufacturing is shifting from prototyping to full-scale production, and few companies embody this transition more clearly than Velo3D. Recent financial disclosures reveal a company at a crossroads: experiencing surging demand from critical sectors like aerospace and defense while simultaneously navigating persistent financial losses. This dynamic highlights both the immense potential and the challenging path to profitability in the high-end 3D printing market.

工业增材制造的格局正从原型制作转向全面生产，而Velo3D是体现这一转型最清晰的公司之一。最近的财务披露揭示了一家处于十字路口的公司：一方面，来自航空航天和国防等关键领域的需求激增；另一方面，公司仍在持续面临财务亏损。这种动态既凸显了高端3D打印市场的巨大潜力，也揭示了其通往盈利之路的挑战。

Velo3D’s 2025 fiscal year presented a mixed picture. On one hand, the company reported full-year revenue of $46 million, an increase from $41 million in 2024. More notably, it ended the year with a robust backlog of $31 million, which CEO Arun Jeldi cited as “clear evidence that demand is not only strong but accelerating.” This momentum is largely driven by the defense and aerospace industries, where Jeldi notes additive manufacturing is becoming “mission-critical” as programs move into full production.

Velo3D的2025财年呈现出一幅复杂的图景。一方面，公司报告全年收入为4600万美元，较2024年的4100万美元有所增长。更值得注意的是，公司年末拥有高达3100万美元的强劲订单积压，首席执行官Arun Jeldi称此为”需求不仅强劲且正在加速的明确证据”。这一势头主要由国防和航空航天行业推动，Jeldi指出，随着项目进入全面生产阶段，增材制造正变得”至关重要”。

However, profitability remains elusive. The company posted a net loss of $71.4 million for the year, slightly wider than the previous year’s loss. Gross margins were negative, impacted by a significant inventory write-down and production delays. This financial performance led to a sharp market reaction, with the company’s stock falling over 20% following the earnings release, underscoring investor sensitivity to the path toward sustainable earnings.

然而，盈利能力依然难以实现。公司全年净亏损7140万美元，略高于上一年的亏损。毛利率为负，主要受到重大库存减记和生产延误的影响。这一财务表现引发了市场的剧烈反应，财报发布后公司股价下跌超过20%，突显了投资者对可持续盈利路径的敏感性。

In response to these challenges, Velo3D is executing a multi-faceted strategy:

为应对这些挑战，Velo3D正在执行一项多方面的战略：

The accelerating adoption in defense and aerospace is a central pillar of Velo3D’s growth narrative. The company secured a major $32.6 million contract in 2025, signaling deep integration into supply chains for critical applications. This shift from testing to reliance means production volumes can scale rapidly, sometimes requiring fleets of printers within months for a single program. For creators and engineers, this industrial validation underscores the capability of metal additive manufacturing to produce complex, high-value components—a trend that also fuels the broader ecosystem for premium STL files and advanced 3D printing models.

国防和航空航天领域加速采用增材制造是Velo3D增长叙事的核心支柱。公司在2025年获得了一份价值3260万美元的重大合同，标志着其已深度融入关键应用的供应链。这种从测试到依赖的转变意味着生产规模可以迅速扩大，有时单个项目在几个月内就需要多台打印机。对于创作者和工程师而言，这种工业验证凸显了金属增材制造生产复杂、高价值部件的能力——这一趋势也推动了整个生态系统对优质STL文件和先进3D打印模型的需求。

As Velo3D balances ambitious growth with financial discipline, its journey reflects the broader maturation of the 3D printing industry. The transition to production-scale manufacturing opens new frontiers, demanding not only advanced hardware but also sophisticated digital toolchains and design expertise. This evolution benefits the entire community, from industrial manufacturers to enthusiasts seeking high-fidelity 3D printing models for complex projects.

随着Velo3D在雄心勃勃的增长与财务纪律之间寻求平衡，其发展历程反映了3D打印行业更广泛的成熟过程。向生产规模制造的转型开辟了新前沿，不仅需要先进的硬件，还需要复杂的数字工具链和设计专业知识。这一演进使整个

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