Velo3D, Inc. reported total revenue of $46.0 million for the year ended December 31, 2025, an increase of 12.1% compared to $41.0 million in 2024. The increase was primarily driven by a $13.8 million increase in 3D Printer and parts sales, partially offset by decreases in Recurring Payment, Support Services, and Other revenue. The company experienced a gross loss of $7.4 million in 2025, compared to a gross loss of $2.1 million in the previous year.
Operating expenses decreased by 38.1% to $47.5 million in 2025 from $76.7 million in 2024, primarily due to reductions in research and development, selling and marketing, and general and administrative expenses. Research and development expenses decreased to $10.7 million from $15.5 million, while selling and marketing expenses fell to $6.8 million from $12.9 million. General and administrative expenses also decreased significantly to $30.1 million from $48.4 million. The company's loss from operations was $54.9 million in 2025, compared to $78.8 million in 2024.
Velo3D's net loss for the year ended December 31, 2025, was $71.4 million, or $4.33 per share, compared to a net loss of $69.7 million, or $82.32 per share, for the year ended December 31, 2024. The company's financial results were impacted by a loss on fair value of warrants of $1.1 million and a loss on warrant cancellation of $11.4 million in 2025, compared to a gain on fair value of warrants of $32.1 million and a loss on debt extinguishment of $4.9 million in 2024. As of December 31, 2025, Velo3D had cash and cash equivalents of $39.0 million, compared to $1.2 million as of December 31, 2024.
During 2025, Velo3D focused on uncontested market segments requiring complex geometries and reliable production scalability. The company also accelerated global acquisition of new customers and extended its competitive advantage with higher quality and new products. However, the company noted substantial doubt about its ability to continue as a going concern, requiring additional financing to fund operations and satisfy debt obligations. The company's strategy includes a focus on customer success, global customer acquisition, and product quality improvements.
About Velo3D, Inc.
Velo3D specializes in advanced additive manufacturing solutions for high-value metal parts, utilizing proprietary laser powder bed fusion technology. Its integrated hardware and software platform enables complex, high-performance components with minimal support structures, serving aerospace, defense, automotive, energy, and industrial markets. The company focuses on scalable, cost-effective production, leveraging a strong IP portfolio and a flexible, asset-light business model to deliver innovative, reliable 3D printing systems.
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