VELO Velo3D, Inc.

Overview and Growth

Fiscal 2025 results for Velo3D, Inc. combined $45.97M of revenue with net loss of $71.36M and an operating cash outflow of $27.33M. At $45.97M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 12.1% above fiscal 2024 revenue of $41.00M, marking a year-over-year increase. On a per-share basis, diluted EPS was -$4.33, which connects the reported earnings outcome with the company’s diluted share count. At period end, total assets were $105.35M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.44x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The company recorded a $7.40M gross loss after reported cost of revenue. Gross margin was -16.1%, reflecting direct costs that exceeded revenue by 16.1%. The company recorded an operating loss of $54.92M after the reported operating expense base. Relative to revenue, the operating deficit measured 119.5%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $71.36M for the fiscal year. Net margin was -155.2%, reflecting a loss equal to 155.2% of reported revenue. The pretax result was a loss of $71.25M, establishing the deficit before tax effects. Pretax margin was -155.0%, reflecting a pre-tax loss equal to 155.0% of revenue. Income tax expense totaled $117.00K, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 187.0% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 67.7%. The net loss widened to $71.36M from $69.74M in fiscal 2024.

Liquidity and Capital Structure

The company held $105.35M of assets against $67.19M of liabilities and $38.16M of equity, revealing how the asset base was financed. Current assets were $80.12M against $33.80M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.37x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $39.01M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 115.4%, excluding receivables and other current assets. Total debt was $31.02M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.81x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 29.4% of total assets, placing borrowing in the context of the company’s full resource base. Equity equaled 36.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 63.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 37.0% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 18.1% from $89.18M in fiscal 2024, leaving current total assets higher year over year. Against $39.66M of equity in fiscal 2024, the current book-equity balance moved 3.8% and ended lower.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $27.33M, rather than cash generation from operations. The company spent $2.71M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $30.04M cash deficit after capital spending. Free-cash-flow margin was -65.3%, reflecting a cash deficit equal to 65.3% of revenue after capital spending. The free-cash-flow deficit equaled 28.5% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.