Velo3D Inc. (NASDAQ: VELO) reported full-year 2025 revenue of $46 million, an increase from $41 million in 2024, according to the company's financial results released March 24, 2026.

The additive manufacturing company posted a fourth-quarter 2025 revenue of $9.4 million compared to $12.6 million in the same period of 2024. Full-year gross margin was negative 16.1% compared to negative 5.1% in 2024, primarily due to a $7.0 million write-down of obsolete inventory recorded in the fourth quarter.

Velo3D reported a GAAP net loss of $71.4 million for 2025 versus $69.9 million in 2024. The company ended 2025 with $39.0 million in cash and cash equivalents, up from $1.2 million at the end of 2024, and maintained a backlog of $31 million as of December 31, 2025.

The company announced a long-term capacity plan targeting up to approximately 400 production systems over the next decade, subject to securing additional financing and continued program growth. Velo3D expects to raise additional capital and is exploring asset-backed debt financing and government-backed lending programs to support the expansion.

For 2026, Velo3D projects revenue between $60 million and $70 million and expects to achieve positive EBITDA in the second half of the year. The company anticipates gross margins exceeding 30% in the second half of 2026.

Velo3D secured several defense contracts during 2025, including a $32.6 million Department of War contract for Project FORGE and an $11.5 million multi-year contract from a U.S. defense prime contractor. The company also raised $30 million through a private placement and completed $15 million in debt-to-equity conversions, reducing outstanding debt by approximately 60%.