Velo3D reports $20.7 million in Q2 2026 revenue, up 52.3% year over year

Velo3D reported Q2 2026 revenue of $20.7 million, up +52.3% year over year from $13.6 million. Gross margin was 21.5%, compared with 11.7% in the second quarter of 2025. Cash and cash equivalents stood at $91.1 million as of June 30, 2026, up from $39.0 million at the end of 2025.

3D printer and parts revenue, the largest piece of the total, was $19.0 million, up +57.0% year over year from $12.1 million, driven by higher average selling prices, product mix, and growth in RPS revenue tied to higher production volume. System sales will remain Velo3D’s primary revenue driver in 2026, but RPS parts production is expected to contribute a growing share of revenue under the company’s newer go-to-market strategy. The gross margin improvement reflected a reallocation of certain labor and overhead costs between cost of revenue and operating expenses to match current operations, as well as higher average selling prices, a more favorable product mix, higher RPS revenue, and manufacturing efficiencies.

Operating expenses were $15.5 million, up from $10.0 million a year earlier; non-GAAP adjusted operating expenses, which exclude stock-based compensation, were $13.1 million, up from $8.8 million. GAAP net loss narrowed to $11.5 million from $13.3 million, a $1.8 million improvement, while non-GAAP net loss narrowed to $9.0 million from $11.4 million and adjusted EBITDA loss narrowed to $8.1 million from $8.9 million.

The increase in cash balance came mainly from $99.5 million in net cash provided by financing activities during the first half of the year, partly offset by $39.5 million used in operating activities. In April, Velo3D closed a registered direct offering of 3,571,428 shares of common stock for gross proceeds of about $50 million, and during the second quarter raised a further $59.4 million in gross proceeds through its at-the-market offering program, established in May 2026. Combined with debt-to-equity conversions completed in the period, those raises cut Velo3D’s total outstanding debt by more than 70%, to $8.2 million as of June 30, 2026. The company booked $29 million in new orders during the quarter, ending the period with a $31 million backlog.

Velo3D launched its new Livermore Production Campus during the quarter, which it expects will triple its manufacturing capacity and become its primary production and manufacturing center once operational later this year. It also expanded its partnership with Mears Machine Corporation, which ordered its fifth Velo3D Sapphire XC metal additive manufacturing system with options for two more, and entered a strategic partnership with Aurelia Technologies to advance metal additive manufacturing for next-generation gas turbine systems, focusing on design consolidation, faster iteration, supply chain resilience, and cost reduction. Velo3D was added to the Russell 3000 and Russell Microcap indices during the quarter and appointed Lily Mei, former mayor of Fremont, California, as an independent director.