Velo3D, Inc.

https://www.velo3d.com

Velo3D, Inc. is a leading technology company specializing in metal additive manufacturing (AM), also known as 3D printing. Headquartered in Fremont, California, with a global presence including a European technology center in Germany and operations in Japan, the company's core mission is to empower engineers to design and produce complex, mission-critical metal parts without the traditional constraints of manufacturing.

Velo3D offers a fully integrated metal AM solution comprising its proprietary Flow intelligent print preparation software, the Sapphire family of production systems (including Sapphire, Sapphire 1MZ, Sapphire XC, and Sapphire XC 1MZ printers), and Assure real-time quality assurance software. This comprehensive suite enables the creation of intricate geometries without the need for support structures, a key differentiator in the industry. The company serves demanding sectors such as aerospace, defense, energy, and automotive, providing both advanced printing systems and Rapid Production Solutions for customers seeking high-value metal components.

In a significant corporate development, Velo3D completed a strategic review in January 2025, which led to a debt-for-equity exchange where Arrayed Notes Acquisition Corp. (now Arrayed Additive Inc.) acquired 95% of Velo3D's common shares, making Velo3D a subsidiary. Following this, Arun Jeldi, CEO of Arrayed Additive, was appointed CEO of Velo3D in December 2024. The company has since pivoted its market strategy with a strong focus on defense applications, which constituted over half of its revenue mix in Q4 2025, and secured notable contracts, including qualification as the first additive manufacturing vendor for the U.S. Army's Ground Vehicle Systems Center. Velo3D projects revenues between $60 million and $70 million for 2026, aiming for sustainable growth and improved financial performance.

Latest updates

Velo3D Boosts Balance Sheet with $50 Million Registered Direct Offering

Event summary

  • Velo3D closed a registered direct offering of 3,571,428 common shares, raising approximately $50 million in gross proceeds.
  • Cantor Fitzgerald acted as the sole book-running manager for the offering.
  • The proceeds will be used for working capital and general corporate purposes.
  • The offering was conducted under an effective shelf registration statement filed with the SEC on April 3, 2026.

The big picture

The $50 million registered direct offering provides Velo3D with a much-needed capital infusion, signaling a degree of investor confidence despite ongoing challenges in the additive manufacturing sector. While the stated use of funds is broad ('working capital and general corporate purposes'), the company will need to demonstrate a clear path to profitability and sustainable growth to justify the offering's valuation and avoid future dilution. The move also highlights the ongoing need for additive manufacturing companies to secure external funding to support R&D and expansion.

What we're watching

Capital Allocation
The effectiveness of Velo3D's use of the raised capital will be critical, particularly given the company's history of losses and the need to scale its operations.
Market Adoption
The offering's success suggests investor confidence, but the pace of adoption of metal additive manufacturing in mission-critical applications will ultimately determine Velo3D's long-term viability.
Competitive Landscape
How Velo3D differentiates its technology and customer service against competitors in the metal 3D printing space will be key to maintaining market share and justifying its valuation.

Velo3D Raises $50 Million in Registered Direct Offering

Event summary

  • Velo3D priced a registered direct offering of 3,571,428 shares at $14.00 per share.
  • The offering is expected to close on April 28, 2026, raising approximately $50 million in gross proceeds.
  • Cantor is acting as the sole book-running manager for the offering.
  • Proceeds will be used for working capital and general corporate purposes.

The big picture

Velo3D's registered direct offering signals a continued need for capital to fuel growth in the competitive metal additive manufacturing space. The move avoids a potentially dilutive secondary offering and provides immediate liquidity, but the discount suggests investor caution. The company's ability to translate this capital into profitable growth and market share gains will be key to long-term success.

What we're watching

Capital Allocation
The effectiveness of Velo3D's use of the raised capital will be crucial, particularly given the company's history of losses and the need to scale its operations to compete in the metal additive manufacturing market.
Shareholder Dilution
The offering represents a significant dilution for existing shareholders, and the market will scrutinize whether the anticipated benefits justify the reduction in ownership stake.
Market Sentiment
The $14.00 offering price suggests a discount to current market valuation, indicating potential investor concerns about Velo3D’s near-term prospects and the broader economic environment.

Velo3D Partners with Andretti Performance to Showcase Additive Manufacturing in Racing

Event summary

  • Velo3D has partnered with Andretti Performance as an official sponsor and additive manufacturing technology provider for two 2026 IMSA Michelin Pilot Challenge events.
  • Velo3D designed and manufactured an aluminum radio controls mounting bracket for Andretti’s Porsche, utilizing Constellium’s Aheadd® CP1 aluminum alloy.
  • The bracket was optimized using generative design tools to minimize weight and maximize structural efficiency, reflecting a philosophy of 'smart, but aggressive'.
  • Velo3D's technology will be featured on the No. 43 Andretti Performance Porsche at WeatherTech Raceway Laguna Seca and Indianapolis Motor Speedway.

The big picture

This partnership represents a strategic move by Velo3D to expand its market reach beyond its traditional aerospace and defense sectors. By showcasing its additive manufacturing capabilities in the demanding environment of auto racing, Velo3D aims to demonstrate the technology's broader applicability and appeal to a wider range of industrial customers. The move also underscores the increasing convergence of advanced materials science, generative design, and high-performance engineering across industries.

What we're watching

Market Expansion
The success of this partnership will hinge on Velo3D’s ability to demonstrate tangible performance benefits in a highly visible, competitive environment, potentially opening doors to broader adoption within the automotive sector.
Material Science
The reliance on Constellium’s Aheadd® alloy highlights the importance of material science advancements in enabling additive manufacturing applications; future partnerships may require similar specialized materials.
Brand Perception
Velo3D's association with a well-known racing team will test whether the partnership can elevate brand awareness and shift perceptions beyond its established aerospace and defense client base.

Velo3D Secures $9.8M Defense Contract, Expanding Additive Manufacturing Adoption

Event summary

  • Velo3D has been awarded a $9.8 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract by the Defense Logistics Agency (DLA).
  • The contract supports the DLA's Joint Additive Manufacturing Acceptability (JAMA) Pilot Parts Program, focused on accelerating additive manufacturing adoption within the Department of War.
  • Velo3D will utilize its Laser Powder Bed Fusion (LPBF) manufacturing capabilities and Rapid Production Solution (RPS) to produce complex metal components.
  • The contract covers all branches of the U.S. military: Army, Navy, Air Force, Marine Corps, and Space Force.

The big picture

The Department of War's increased adoption of additive manufacturing represents a strategic shift towards greater supply chain resilience and reduced reliance on traditional manufacturing sources. This $9.8 million contract validates Velo3D's position as a key enabler of this transition, but also signals a broader trend of government investment in advanced manufacturing technologies to mitigate geopolitical risks and address obsolescence challenges within legacy systems. The contract’s IDIQ structure suggests a long-term commitment to additive manufacturing, but also introduces uncertainty regarding the ultimate value of the award.

What we're watching

Contract Expansion
The success of this pilot program will likely determine the scope of future additive manufacturing contracts within the Department of War, potentially opening up larger opportunities for Velo3D and competitors.
Production Scaling
Velo3D's ability to scale its Rapid Production Solution to meet the demands of the DLA and support surge capacity will be critical to retaining the contract and securing follow-on work.
Competitive Landscape
The JAMA program's focus on repeatable qualifications will intensify competition among additive manufacturing providers, forcing Velo3D to continually innovate and demonstrate cost-effectiveness.

Velo3D Appoints Seasoned Finance Chief Amid Growth Push

Event summary

  • Velo3D has appointed James Suva as Chief Financial Officer, effective April 6, 2026.
  • Bernard Chung, who served as Acting CFO, will remain as Controller.
  • Suva brings over 20 years of capital markets and technology experience, most recently from Cricut.
  • The appointment follows a search initiated in December 2025 after Chung assumed the interim role.

The big picture

Velo3D’s appointment of a CFO with capital markets experience signals a maturing of the company's ambitions within the rapidly expanding additive manufacturing sector. The move suggests a focus on financial rigor and investor confidence as Velo3D seeks to capitalize on the growing demand for advanced metal 3D printing solutions in aerospace, defense, and other high-value industries. The transition also highlights the ongoing challenge for AM companies to attract and retain experienced financial leadership.

What we're watching

Financial Discipline
Suva’s experience at Cricut, a consumer-focused company, suggests a potential emphasis on tighter cost controls and improved financial reporting as Velo3D scales its industrial AM operations.
Investor Relations
The new CFO’s capital markets expertise will be crucial in managing investor expectations and potentially securing further funding to support Velo3D’s expansion plans.
Execution Risk
The success of Suva’s tenure will depend on his ability to integrate into Velo3D’s existing operational structure and effectively communicate the company’s strategic priorities to both internal and external stakeholders.

Velo3D Plans 400-System Expansion Amid Defense Contract Wins

Event summary

  • Velo3D reported FY2025 revenue of $46 million, a 54% increase year-over-year.
  • The company anticipates 2026 revenue between $60 million and $70 million and expects to achieve positive EBITDA in the second half of 2026.
  • Velo3D has unveiled a long-term capacity plan to support up to 400 production systems over the next decade.
  • The company secured a $32.6 million contract from the Department of War for Project FORGE and a $11.5 million RPS contract from a defense prime contractor.

The big picture

Velo3D's aggressive expansion plan reflects a broader trend of reshoring and localized supply chains within the defense and aerospace industries. The company's focus on additive manufacturing addresses critical bottlenecks in these sectors, but the scale of the planned buildout requires significant capital and operational execution. The reliance on asset-backed financing and potential M&A activity suggests a strategy to minimize dilution while accelerating growth in a rapidly evolving market.

What we're watching

Financing Risk
The ambitious capacity expansion plan hinges on securing additional financing, potentially through asset-backed debt or government programs, which introduces execution risk if those avenues prove unavailable or more costly than anticipated.
RPS Adoption
The success of Velo3D's transition to a greater reliance on its Rapid Production Solutions (RPS) business will be crucial for margin improvement and overall revenue growth, and its adoption rate remains a key uncertainty.
M&A Impact
Potential M&A activity could accelerate Velo3D's growth, but the integration of any acquired entities and their technologies will need to be carefully managed to avoid disruption and maximize synergies.

Velo3D CEO Bets on Company Future, Converts Debt to Equity at Premium

Event summary

  • Velo3D CEO Arun Jeldi acquired a $5 million promissory note and converted it into equity at $16.38 per share.
  • Director Ken Thieneman converted a separate $10 million note at $10.50 per share.
  • The combined conversions reduced Velo3D's outstanding debt by 60%, leaving approximately $10 million outstanding.
  • The conversion price for Jeldi's note represents a significant premium to Velo3D's current market price.
  • The transactions occurred on March 11, 2026.

The big picture

The debt conversion represents a significant move to strengthen Velo3D's balance sheet, a common strategy for companies in the capital-intensive additive manufacturing sector. The CEO's personal investment is an unusual but potentially powerful signal of confidence, though it also introduces governance considerations. The premium paid for the equity suggests a belief in substantial future value creation, but also highlights the current undervaluation of the company.

What we're watching

Governance Dynamics
The CEO's significant personal investment, coupled with a director's participation, signals a strong endorsement of the company's strategy but raises questions about potential conflicts of interest and future capital raises.
Market Sentiment
Whether the debt conversion and CEO's investment can sustainably improve investor confidence and drive a corresponding increase in the company’s stock price remains to be seen, particularly given the premium paid for the equity.
Execution Risk
The company's stated focus on scaling its platform and delivering results will be critical; failure to achieve these goals could undermine the rationale behind the debt conversion and the CEO’s investment.

Velo3D Schedules FY25 Results Release Amidst Metal AM Expansion

Event summary

  • Velo3D will announce its fiscal year 2025 financial results on March 24, 2026.
  • The earnings conference call and webcast will begin at 2:00 PM Pacific Time / 5:00 PM Eastern Time on the same day.
  • Velo3D is a leader in metal additive manufacturing, focusing on aerospace and defense supply chains.
  • The company's integrated solution includes Flow software, Sapphire printers, and Assure quality control.

The big picture

Velo3D's position in the metal additive manufacturing market is predicated on overcoming limitations of legacy AM technologies. The company's success hinges on its ability to expand adoption beyond its initial aerospace and defense focus, capitalizing on the growing demand for complex, high-value metal parts across various industries. The 'Most Innovative Companies' recognition from Fast Company highlights the company's technological edge, but execution and market penetration remain key challenges.

What we're watching

Growth Trajectory
The company's ability to sustain its growth rate will depend on its success in penetrating new markets beyond aerospace and defense, particularly within the semiconductor and power generation sectors.
Competitive Landscape
Increased competition within the metal AM space could pressure Velo3D's margins and necessitate further differentiation through technological advancements or strategic partnerships.
Customer Concentration
Velo3D's reliance on a relatively small number of key customers poses a risk; diversification of its customer base will be crucial for long-term stability.

Velo3D's Rapid Production Solutions Accelerates Aviation Component Delivery for Intergalactic

Event summary

  • Velo3D's Rapid Production Solutions (RPS) enabled Intergalactic to produce IN718 microtube heat exchanger headers for an aviation program.
  • The components are intended for use in a cabin air heat exchanger assembly for a mass-produced commercial aircraft.
  • Production utilized Velo3D's Sapphire XC platform, known for large-format IN718 printing.
  • The RPS process reduced the time from design to printed parts to just a couple of weeks.
  • Velo3D’s standard parameter sets were used, eliminating the need for part-specific development.

The big picture

Velo3D’s RPS offering represents a strategic shift towards providing end-to-end additive manufacturing solutions, moving beyond just hardware sales. This focus on accelerating time-to-market is crucial in the aerospace sector, where delays can have significant financial consequences. The ability to create a distributed, flexible supply chain through standardized parameter sets addresses a key vulnerability in the industry, particularly given recent geopolitical instability.

What we're watching

Supply Chain
The success of RPS hinges on Velo3D’s ability to scale its integrated solution (Flow, Sapphire, Assure) to support a broader range of customers and part geometries.
Competitive Landscape
Whether Intergalactic’s adoption of RPS will spur similar adoption by other aviation manufacturers remains to be seen, and will depend on the cost-effectiveness of the solution compared to traditional methods.
Technical Debt
The reliance on standard parameter sets could limit design flexibility in the future; Velo3D must balance speed with the ability to adapt to increasingly complex component requirements.

Velo3D Lands $11.5M Defense Contract, Signaling Scaling Success

Event summary

  • Velo3D secured a $11.5 million, multi-year full rate production contract from an unnamed U.S. defense contractor.
  • The contract supports a high-profile national security program entering full-rate production.
  • The agreement leverages Velo3D’s Rapid Production Solution (RPS) and Laser Powder Bed Fusion (LPBF) printing capabilities.
  • Velo3D’s Sapphire printers are assembled in the U.S. and can produce parts up to 600mm in diameter and 1 meter in height.
  • The company was recognized as one of Fast Company’s Most Innovative Companies in 2024.

The big picture

This contract represents a significant validation of Velo3D’s strategy to penetrate the defense sector with its additive manufacturing technology. The U.S. government’s increasing reliance on advanced manufacturing for national security applications creates a substantial long-term market opportunity, but also exposes Velo3D to the scrutiny and cost pressures inherent in government contracts. The ability to scale production while maintaining quality and cost-effectiveness will be critical to Velo3D’s success.

What we're watching

Program Expansion
The success of this contract will likely determine the scope of Velo3D’s involvement in other national security programs, potentially opening doors to larger, more complex projects.
Margin Pressure
While RPS offers cost advantages, Velo3D will need to demonstrate it can maintain healthy margins at full-rate production volumes, especially given the price sensitivity of defense contracts.
Competitive Landscape
The contract validates Velo3D's technology, but increased adoption of LPBF in defense will likely intensify competition from other 3D printing vendors and traditional manufacturing processes.

Velo3D Secures First U.S. Army Additive Manufacturing Qualification

Event summary

  • Velo3D has been qualified as the first additive manufacturing vendor for U.S. Army ground vehicles, under a Cooperative Research & Development Agreement (CRADA) with DEVCOM GVSC.
  • The qualification was achieved in under two weeks, validating components on Velo3D’s Sapphire printers using Aluminum CP1 and Inconel 718 materials.
  • The Army intends to integrate Velo3D’s AM alternatives into its supply chain to address sustainment bottlenecks.
  • The initiative aims to accelerate additive manufacturing solutions for the Army and replicate the process with other industrial base partners.
  • Velo3D’s systems meet Department of War cybersecurity standards and can connect securely to military networks.

The big picture

This qualification represents a significant validation of Velo3D’s technology and a strategic move towards reshoring and strengthening the U.S. military’s supply chain. The Army’s push for additive manufacturing aligns with broader efforts to reduce reliance on foreign suppliers and accelerate the production of critical components. The CRADA and subsequent qualification provide Velo3D with a potential pathway to larger, recurring government contracts, though the company’s ability to scale production and maintain quality will be key to long-term success.

What we're watching

Contract Expansion
The speed with which the U.S. Army expands the vendor pool for additive manufacturing beyond Velo3D will indicate the broader adoption rate of AM within military supply chains.
Material Diversification
Whether Velo3D can successfully validate and qualify additional materials beyond Aluminum CP1 and Inconel 718 will be crucial for expanding the range of applicable Army ground vehicle components.
Cybersecurity
The ongoing scrutiny and evolution of Department of War cybersecurity standards will likely impact Velo3D's system updates and potentially influence the speed of integration into military networks.

Velo3D Secures U.S. Army Contract to Bolster Ground Vehicle Supply Chain

Event summary

  • Velo3D has entered into a Cooperative Research & Development Agreement (CRADA) with the U.S. Army DEVCOM Ground Vehicle Systems Center (GVSC).
  • The agreement focuses on rapidly developing and qualifying additively manufactured parts for ground combat vehicles and military systems.
  • Velo3D will leverage its Rapid Production Solution (RPS) and explore qualified alloys for its Sapphire printers.
  • The partnership aims to mitigate supply chain challenges and support the U.S. Army's maintenance modernization efforts.
  • Velo3D is the first U.S.-based industrial-scale OEM with domestically developed Laser Powder-Bed Fusion additive manufacturing technologies to work with the U.S. Army in this capacity.

The big picture

This partnership underscores the growing trend of military organizations leveraging additive manufacturing to address supply chain vulnerabilities and accelerate innovation. The U.S. Army's investment in Velo3D's technology signals a strategic shift towards on-demand manufacturing and localized production capabilities, reducing reliance on traditional, often geographically concentrated, supply chains. While the financial impact of this CRADA is currently unclear, it positions Velo3D as a key player in the burgeoning defense additive manufacturing market.

What we're watching

Government Contracts
The success of this CRADA could pave the way for further defense-related contracts for Velo3D, but hinges on successful prototype qualification and integration into the Army's supply chain.
Scalability
Velo3D's ability to scale its Rapid Production Solution to meet the Army's potential surge capacity needs will be critical to the long-term value of the partnership.
Cybersecurity
Continued adherence to DoD cybersecurity standards and secure network connectivity will be essential for maintaining the integrity of Velo3D’s manufacturing operations within the military ecosystem.

Velo3D Secures $30 Million PIPE Investment Amid Defense Sector Demand

Event summary

  • Velo3D (VELO) has closed a $30 million private investment in public equity (PIPE) transaction.
  • The PIPE is led by a new fundamental institutional investor and includes participation from an existing institutional shareholder.
  • The shares were priced at $8.25 per share, resulting in the issuance of approximately 3.6 million common shares.
  • Proceeds will be used for general corporate purposes and capital expenditures, specifically to meet growing demand for Rapid Production Services (RPS) in the space and defense sectors.
  • The transaction is expected to close on December 23, 2025.

The big picture

This PIPE investment underscores the growing demand for additive manufacturing in mission-critical sectors like space and defense, where supply chain resilience and rapid prototyping are increasingly vital. The influx of capital allows Velo3D to expand its RPS offerings, but also introduces the risk of dilution and the pressure to deliver on ambitious growth targets. The involvement of fundamental investors suggests a long-term view, but the company's execution will be critical to maintaining investor confidence.

What we're watching

Investor Sentiment
The participation of both a new and existing institutional investor suggests a degree of confidence in Velo3D's strategy, but sustained performance will be needed to justify the valuation.
RPS Growth
The stated focus on Rapid Production Services (RPS) for space and defense indicates a strategic bet on these sectors; the company's ability to secure and scale these contracts will be crucial.
Dilution Impact
The issuance of 3.6 million shares will dilute existing shareholders; the company must demonstrate that the capital infusion generates sufficient returns to offset this dilution.

Velo3D Wins $32.6M DoD Contract to Address Defense Manufacturing Bottlenecks

Event summary

  • Velo3D secured a $32.6 million Other Transition Agreement (OTA) contract from the U.S. Department of War's Defense Innovation Unit (DIU).
  • The contract supports DIU's Project FORGE, aimed at resolving manufacturing bottlenecks within the U.S. defense industrial base.
  • Velo3D will collaborate with the U.S. Navy and a key industry prime to prototype and qualify additively manufactured (AM) components.
  • The agreement includes an option to explore development of the largest format Laser Powder Bed Fusion (LPBF) printing capability within the U.S.

The big picture

The Department of War's investment in Velo3D highlights the increasing recognition of additive manufacturing's role in addressing critical supply chain vulnerabilities within the defense industrial base. Project FORGE represents a strategic shift towards on-demand manufacturing and reduced reliance on traditional, often geographically concentrated, production methods. This contract, while substantial, is likely part of a broader trend of government initiatives to bolster domestic manufacturing capabilities and reduce dependence on foreign suppliers.

What we're watching

Execution Risk
The success of this contract hinges on Velo3D's ability to rapidly prototype and qualify components, potentially exposing challenges in scaling AM solutions for military applications.
Competitive Landscape
DIU's engagement with Velo3D may accelerate adoption of AM across the defense sector, intensifying competition among additive manufacturing technology providers.
Geopolitical Impact
The focus on domestic AM capabilities underscores the ongoing effort to de-risk defense supply chains, potentially leading to further government investment in U.S.-based manufacturers.
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