Velo3D, Inc. VELO
We are a production-focused metal additive manufacturing technology company that develops and manufactures advanced metal additive manufacturing systems and provides production and engineering services that enable customers to manufacture high-value metal parts at scale.
Additive manufacturing ("AM"), also referred to as three-dimensional printing ("3D printing"), has historically been used primarily for prototyping and limited production applications. We believe the industry is transitioning toward production-scale deployment, particularly in defense, aerospace, energy and other industrial markets where supply chain resilience, rapid innovation cycles and complex engineering requirements are critical.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $46.0M | $41.0M | $77.4M | $78.7M | $27.4M | $19.0M | — |
| Cost of revenue | $53.4M | $43.1M | $103.7M | $77.9M | $22.5M | $12.6M | — |
| Gross profit | -$7.4M | -$2.1M | -$26.3M | $843.0K | $5.0M | $6.4M | — |
| R&D | $10.7M | $15.5M | $42.0M | $46.3M | $27.0M | $14.2M | — |
| SG&A | $30.1M | $48.4M | $41.7M | $37.0M | $23.4M | $6.4M | — |
| Total operating expenses | $47.5M | $76.7M | $107.0M | $107.2M | $62.7M | $27.6M | — |
| Operating income | -$54.9M | -$78.8M | -$133.3M | -$106.3M | -$57.8M | -$21.2M | — |
| Interest expense | $4.4M | $16.0M | $9.7M | $372.0K | $2.7M | $639.0K | — |
| Pre-tax income | -$71.2M | -$69.8M | -$135.1M | $8.0M | -$107.1M | -$21.8M | — |
| Income tax | $117.0K | $20.0K | $0 | $0 | $0 | $0 | — |
| Net income | -$71.4M | -$69.7M | -$135.1M | $8.0M | -$107.1M | -$21.8M | — |
| EPS, basic | -4.33 | -82.32 | -23.97 | 0.04 | -1.82 | -0.56 | — |
| EPS, diluted | -4.33 | -82.32 | -23.97 | 0.04 | -1.82 | -0.56 | — |
| Shares, diluted (wtd. avg.) | $16.5M | $847.3K | $5.6M | $202.2M | $58.7M | $15.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $39.0M | $1.2M | $25.3M | $32.8M | $104.4M | $15.5M | $9.8M |
| Short-term investments | — | — | $6.6M | $98.3M | $81.7M | $0 | — |
| Receivables | $6.3M | $3.7M | $9.6M | $11.8M | $10.2M | $1.2M | — |
| Inventory | $27.1M | $50.0M | $60.8M | $61.1M | $42.7M | $7.3M | — |
| Total current assets | $80.1M | $57.7M | $113.0M | $221.7M | $249.8M | $27.9M | — |
| Property, plant and equipment | $2.9M | $14.3M | $16.3M | $17.7M | $12.4M | $1.0M | — |
| Total assets | $78.4M | $89.2M | $153.8M | $262.5M | $287.2M | $32.7M | — |
| Accounts payable | $10.3M | $18.5M | $15.9M | $15.7M | $19.6M | $1.2M | — |
| Short-term debt | — | $29.9M | — | — | — | — | — |
| Total current liabilities | $33.8M | $38.0M | $48.7M | $53.5M | $55.5M | $12.1M | — |
| Long-term debt | $31.0M | $6.0M | $44.0M | $8.4M | — | — | — |
| Total liabilities | $67.2M | $49.5M | $85.5M | $80.8M | $237.9M | $16.8M | — |
| Retained earnings | -$465.1M | -$383.6M | -$384.6M | -$168.2M | -$295.5M | -$122.8M | — |
| Total equity | $21.4M | $39.7M | $68.3M | $138.8M | $110.4M | -$107.8M | -$100.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$27.3M | -$32.7M | -$105.6M | -$124.0M | -$56.4M | -$26.4M | — |
| Depreciation and amortisation | $3.4M | $4.8M | $9.3M | $5.3M | $3.0M | $1.2M | — |
| Stock-based compensation | $9.5M | $11.8M | $24.9M | $20.1M | $4.4M | $1.5M | — |
| Capital expenditure | $2.7M | $9.0K | $1.0M | $13.8M | $9.6M | $401.0K | — |
| Investing cash flow | -$2.7M | $7.8M | $38.9M | -$53.0M | -$33.6M | -$3.4M | — |
| Financing cash flow | $67.8M | $1.5M | $59.3M | $1.3M | $282.9M | $35.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001825079-26-000007.
Others in SIC 3559
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LRCX | LAM RESEARCH CORP | $384.97B | 53.4x | 26.0% |
| ACMR | ACM Research, Inc. | $5.05B | 54.3x | 15.2% |
| ACLS | AXCELIS TECHNOLOGIES INC | $3.55B | 30.3x | -17.6% |
| VECO | VEECO INSTRUMENTS INC | $2.73B | 75.7x | -7.4% |
| AZTA | Azenta, Inc. | $1.37B | — | 3.6% |
| CRCT | Cricut, Inc. | $1.16B | 15.8x | -0.5% |
| ERII | Energy Recovery, Inc. | $389.5M | 18.2x | -6.9% |
| ASYS | AMTECH SYSTEMS INC | $261.7M | — | -21.6% |