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. The latest financial reports reveal a company at a crossroads: experiencing surging demand from critical sectors like aerospace and defense while simultaneously grappling with ongoing financial losses. For enthusiasts and professionals sourcing premium STL files for their own projects, Velo3D’s journey highlights the complexities of scaling advanced manufacturing technology.

工业增材制造的格局正从原型制作转向全面生产，而Velo3D无疑是这一转型最鲜明的代表。最新财务报告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，另一方面却持续面临财务亏损。对于为自身项目寻找优质STL文件的爱好者和专业人士而言，Velo3D的发展历程凸显了扩展先进制造技术的复杂性。

Velo3D’s 2025 fiscal year presented a mixed picture. The company reported full-year revenue of $46 million, an increase from $41 million in 2024. Perhaps more tellingly, it ended the year with a substantial backlog of $31 million, signaling strong future demand. However, this top-line growth was overshadowed by a net loss of $71.4 million, slightly wider than the previous year’s loss. Gross margins also remained negative, impacted by a significant inventory write-down and production delays.

Velo3D的2025财年呈现出一幅复杂图景。公司报告全年营收4600万美元，较2024年的4100万美元有所增长。更具启示性的是，公司年末积压订单达3100万美元，预示着强劲的未来需求。然而，这一营收增长被7140万美元的净亏损所掩盖，亏损额较上年略有扩大。受重大库存减记和生产延误影响，毛利率仍为负值。

CEO Arun Jeldi emphasized the underlying strength, stating, “We achieved record bookings… which we believe is clear evidence that demand is not only strong but accelerating. What’s driving this growth is not just adoption, it’s reliance. Our technology has become mission-critical.” Despite this optimism, the market reacted negatively to the financials, with the company’s stock price falling over 20% following the earnings release.

首席执行官Arun Jeldi强调了公司的内在实力：“我们实现了创纪录的订单量……这充分证明需求不仅强劲而且正在加速增长。推动这一增长的不仅是技术采用，更是技术依赖。我们的技术已成为关键任务。”尽管持此乐观态度，市场对财报反应消极，公司股价在财报发布后下跌超过20%。

The most compelling narrative in Velo3D’s report is its deepening penetration into defense and aerospace. These industries are moving beyond experimental use and are now integrating additive manufacturing into mission-critical production programs. This shift is fundamental. As programs scale, demand for systems and parts can explode, sometimes requiring multiple printers within a matter of months.

Velo3D报告中最引人注目的叙事是其对国防和航空航天领域的深度渗透。这些行业正超越实验性应用，开始将增材制造整合到关键任务生产项目中。这一转变具有根本性意义。随着项目规模扩大，对系统和零件的需求可能呈爆发式增长，有时在数月内就需要多台打印机。

This trend is directly shaping Velo3D’s business model. The company is actively transitioning from primarily selling machines to building out its Rapid Production Solutions (RPS) division, which focuses on producing end-use parts directly for customers. In 2025, RPS represented 10-15% of revenue, but leadership expects this segment to grow rapidly and eventually become the core of the business.

这一趋势正直接塑造Velo3D的商业模式。公司正积极从主要销售设备转向拓展其快速生产解决方案部门，该部门专注于直接为客户生产终端使用零件。2025年，RPS部门贡献了10-15%的营收，但管理层预计该部门将快速增长，最终成为业务核心。

Amidst the strategic shift, Velo3D is taking steps to stabilize its operations. The company has made progress on cost control, reducing its operating expenses from $76.8 million in 2024 to $47.5 million in 2025. Adjusted losses showed improvement, indicating greater operational efficiency. The leadership team is also being bolstered for the next phase, with the appointment of James Suva, formerly of Cricut, as the new Chief Financial Officer.

在战略转型过程中，Velo3D正采取措施稳定运营。公司在成本控制方面取得进展，将运营费用从2024年的7680万美元降至2025年的4750万美元。调整后亏损有所改善，表明运营效率提升。为迎接下一阶段发展，公司还加强了领导团队，任命前Cricut高管James Suva为新任首席财务官。

The company’s progress, mirrored in the growing need for reliable, production-ready 3D printing models across all sectors, underscores a maturing industry. However, Velo3D’s story is a stark reminder that technological innovation and market demand must be paired with sound financial execution to achieve long-term success.

公司在各领域对可靠、可用于生产的3D打印模型日益增长的需求中取得的进展，印证了整个行业的成熟。然而，Velo3D的发展历程也尖锐地提醒我们：技术创新与市场需求必须与稳健的财务执行相结合，才能实现长期成功。

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寻找高质量STL文件？欢迎浏览3dmis.com上的精选合集！

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