Q1 2026 Velo3D Inc Earnings Call Transcript
Key Points
- Revenue increased by 48% year-over-year, driven by strong demand in defense and aerospace markets.
- The Rapid Production Solution (RPS) business is expanding, representing a significant portion of total revenue and creating long-term production relationships.
- Gross margin improved to 17% due to higher utilization rates, improved manufacturing efficiency, and better absorption of fixed costs.
- Velo3D secured significant contracts, including an $11.5 million full-rate production contract from a major US defense contractor.
- The company is advancing plans for manufacturing capacity expansion and investing in AI-driven process optimization and robotics integration.
- Backlog decreased slightly from $31 million at year-end to $30 million in the first quarter.
- Cash and cash equivalents decreased from $39 million at the end of 2025 to $16.6 million as of March 31, 2026.
- The company reported a GAAP net loss of $7 million for the quarter, although this was an improvement from previous quarters.
- There is a reliance on government procurement cycles, which can cause fluctuations in bookings from quarter to quarter.
- Execution at scale presents new challenges, and the company must manage costs and capital carefully as it grows.
Greetings, and welcome to Velo3D first quarter 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.
I will now turn the conference over to James Carbonara, Investor Relations. Thank you. You may be here.
Thank you, operator. Good day, everyone, and welcome to Velo3D's first quarter 2026 earnings call. Before we begin, please note that today's call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our press release issued earlier today as well as our filings with the SEC, including our 2025 Form 10-K for a discussion of these risks.
We will also reference certain non-GAAP financial measures during the call. Reconciliations between GAAP and non-GAAP results can be found in today's press release, which is available on the Investor Relations
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