Velo3D Inc (NYSE: VELO) is a metal additive manufacturing company that designs, manufactures, and sells the Sapphire family of laser powder bed fusion (L-PBF) 3D printing systems to industrial customers. Revenue comes from printer and parts sales, support services, and recurring payment arrangements tied to equipment leases. The company sells into defense, aerospace, space, energy, semiconductor, and contract manufacturing markets, with 56% of FY2025 revenue derived from defense-related programs and 24% from aerospace and aviation. Total FY2025 revenue was $45.97 million, up 12.1% from $41.00 million in FY2024, but cost of revenue exceeded revenue in both years, producing a gross loss of $7.4 million (negative 16.1% gross margin) in FY2025. The 10-K filed March 31, 2026 discloses substantial doubt about the company's ability to continue as a going concern. Customers include RTX Corporation, Honeywell International, Lockheed Martin, Lam Research, Ursa Major Technologies, Vast Space, and Avio S.p.A., among others, spanning original equipment manufacturers and contract manufacturers.

Revenue model

Printer and parts sales generated $39.18 million (85.2% of FY2025 revenue). Support services contributed $6.20 million (13.5%). Recurring payment arrangements from equipment lessees added $0.07 million (0.2%). Other revenue was $0.52 million (1.1%). Printer sales typically include software licenses, installation, and initial support; extended support agreements are available for renewal after the initial contract period.

Products and services

Sapphire, Sapphire 1MZ, Sapphire XC, and Sapphire XC 1MZ metal additive manufacturing printers using proprietary L-PBF technology. Assure quality validation software. Support services and extended support agreements. Production services providing access to manufacturing capability without requiring customers to own equipment.

Customers and end markets

Customers are OEMs and contract manufacturers in defense (56% of FY2025 revenue), aerospace and aviation (24%), and energy, semiconductor, and other industrial applications (20%). Named customers include RTX Corporation, Honeywell International, Lockheed Martin, Ursa Major Technologies, Vast Space, Avio S.p.A., and Lam Research. Programs supporting U.S. Navy, U.S. Army, and U.S. Air Force are referenced. The going-concern disclosure has caused some customers to delay printer orders as of the FY2025 filing.

Value-chain role

Hardware and software manufacturer and production services provider sitting between component suppliers and industrial end-use manufacturers. Sells directly to OEMs and contract manufacturers, supporting process validation, qualification, and production-scale additive manufacturing.

Geographic exposure

Primarily U.S.-based operations. Foreign income taxes were immaterial as of December 31, 2025 and December 31, 2024. Some international customer relationships referenced, including Avio S.p.A. (Italy) and Vast Space. No geographic revenue breakdown disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

Industry: Special Industry Machinery, NEC Peers: Berkshire Grey, Inc. Enerpac Tool Group Corp Columbus McKinnon Corp Desktop Metal, Inc. Gorman- Rupp Co Hyster-Yale Inc Illinois Tool Works Inc Omega Flex Inc Proto Labs Inc Standex International Corp