Velo3D, Inc. (VELO) Income Statement
VELO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVELO revenue and net income
Where VELO's revenue goes
2025Each bar shows an amount and its share of revenue. VELO kept −155.2% of revenue as net income.
VELO profit margins
VELO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.1% | −16.4% | +19.4% | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VELO quarterly EPS vs estimates
Velo3D beat the analyst EPS estimate in 1 of the last 4 quarters. Next report: November 9, 2026 (estimate $-0.25).
VELO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $46.0M | $41.0M | $77.4M | $78.7M | $27.4M | $19.0M | $15.2M |
| Cost of revenue | $53.4M | $43.1M | $103.7M | $77.9M | $22.5M | $12.6M | $10.4M |
| Gross profit | −$7.4M | −$2.1M | −$26.3M | $843,000 | $5.0M | $6.4M | $4.8M |
| Research & development | $10.7M | $15.5M | $42.0M | $46.3M | $27.0M | $14.2M | $14.6M |
| Sales, general & admin | $36.9M | $61.2M | $65.0M | $60.9M | $35.7M | $13.4M | $15.1M |
| Total operating expenses | $47.5M | $76.7M | $107.0M | $107.2M | $62.7M | $27.6M | $29.9M |
| Operating income | −$54.9M | −$78.8M | −$133.3M | −$106.3M | −$57.8M | −$21.2M | −$25.3M |
| Interest income | — | — | — | — | $26,133 | — | — |
| Interest expense | $4.4M | $16.0M | $9.7M | $372,000 | $2.7M | $639,000 | — |
| Income before taxes | −$71.2M | −$69.8M | −$135.1M | $8.0M | −$107.1M | −$21.8M | −$25.7M |
| Income taxes | $117,000 | −$20,000 | — | −$114.3M | $65,161 | — | — |
| Net income | −$71.4M | −$69.7M | −$135.1M | $8.0M | −$107.1M | −$21.8M | −$25.7M |
| EBITDA | −$63.4M | −$49.0M | −$116.1M | $13.6M | −$102.2M | −$20.0M | −$24.2M |
| EPS (diluted) | −$99.76 | −$40.54 | −$294.06 | −$125.20 | −$388.17 | −$0.01 | — |
| Gross margin | −16.1% | −5.1% | −33.9% | 1.1% | 18.1% | 33.6% | 31.7% |
| Operating margin | −119.5% | −192.2% | −172.1% | −135.1% | −210.5% | −111.8% | −166.1% |
| Net margin | −155.2% | −170.1% | −174.5% | 10.1% | −390.3% | −114.9% | −168.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.7M | $13.8M | $9.4M | $13.6M | $13.6M | $9.3M | $12.6M | $8.2M | $10.3M | $9.8M | $2.5M | $23.8M |
| Cost of revenue | $16.2M | $11.4M | $16.4M | $13.2M | $15.2M | $8.6M | $13.1M | $4.2M | $13.2M | $12.6M | $34.0M | $22.3M |
| Gross profit | $4.4M | $2.4M | −$6.9M | $433,000 | −$1.6M | $697,000 | −$444,000 | $4.1M | −$2.9M | −$2.8M | −$31.5M | $1.5M |
| Research & development | $4.3M | $2.7M | $10.65B | $3.0M | $2.8M | $1.2M | $3.1M | $4.4M | $4.5M | $5.0M | $9.9M | $9.8M |
| Sales, general & admin | $11.2M | $6.6M | $8.9M | $8.0M | $7.7M | $11.4M | $18.1M | $18.4M | $13.1M | $13.6M | $12.7M | $16.9M |
| Total operating expenses | $15.5M | $9.3M | $13.3M | $11.1M | $10.5M | $12.6M | $21.2M | $22.8M | $17.6M | $18.6M | $25.9M | $26.7M |
| Operating income | −$11.1M | −$6.9M | −$20.3M | −$10.6M | −$12.1M | −$11.9M | −$21.6M | −$18.7M | −$20.5M | −$21.4M | −$57.4M | −$25.2M |
| Interest expense | $175,000 | $733,000 | $524,000 | $1.2M | $1.6M | $1.1M | $3.6M | $10.9M | $5.5M | $3.9M | — | $1.1M |
| Income before taxes | −$11.5M | −$7.0M | −$20.3M | −$11.8M | −$13.7M | −$25.4M | −$22.0M | −$22.9M | −$176,000 | −$28.3M | −$56.1M | −$17.4M |
| Income taxes | −$9,000 | $26,000 | $34,000 | −$14,000 | $89,000 | $8,000 | −$20,000 | — | −$4,000 | $4,000 | — | $1.5M |
| Net income | −$11.5M | −$7.0M | −$20.4M | −$11.8M | −$13.8M | −$25.4M | −$22.0M | −$22.9M | −$172,000 | −$28.3M | −$56.1M | −$17.4M |
| EBITDA | −$10.3M | −$6.2M | −$19.4M | −$9.9M | −$10.4M | −$24.3M | −$25.3M | −$10.7M | $6.6M | −$23.0M | −$54.6M | −$16.3M |
| EPS (diluted) | −$0.39 | −$0.28 | −$1.03 | −$0.69 | −$0.98 | −$1.90 | — | −$37.11 | −$0.30 | −$57.75 | −$141.81 | −$52.50 |
| Gross margin | 21.5% | 17.2% | −73.6% | 3.2% | −11.7% | 7.5% | −3.5% | 49.4% | −28.0% | −28.8% | −1,283.0% | 6.2% |
| Operating margin | −53.5% | −50.3% | −214.8% | −77.9% | −89.1% | −127.9% | −171.3% | −227.3% | −198.4% | −219.2% | −2,339.6% | −105.9% |
| Net margin | −55.7% | −50.7% | −215.8% | −86.7% | −101.4% | −272.7% | −173.9% | −277.2% | −1.7% | −289.3% | −2,287.1% | −73.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VELO's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VELO financial results
In fiscal year 2025 (ended December 31, 2025), Velo3D reported revenue of $46.0 million, up 12.1% from the year before. It had a net loss of $71.4 million, a net profit margin of −155.2%. Diluted earnings per share came to −$99.76. Over five years revenue grew at an average rate of 19.4% a year.
See the VELO stock overview for the latest quote and news, or the VELO chart for price history and technical indicators.
VELO income statement FAQ
What is Velo3D's annual revenue?
Velo3D reported total revenue of $46.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.1% from $41.0 million the previous year.
Is Velo3D profitable?
No. Velo3D reported a net loss of $71.4 million in fiscal 2025, a net profit margin of −155.2%; its operating margin was −119.5%.
What is Velo3D's gross margin?
Velo3D's gross margin was −16.1% in fiscal 2025: for every $100 of revenue, Velo3D kept $-16 after the direct cost of its products and services.
How much does Velo3D spend on research and development?
Velo3D spent $10.7 million on research and development in fiscal 2025, 23.2% of revenue.
How fast is Velo3D growing?
Revenue grew 19.4% a year on average over the last five fiscal years, from $19.0 million to $46.0 million.
What are Velo3D's earnings per share?
Velo3D earned $-99.76 per diluted share in fiscal 2025, compared with $-40.54 a year earlier.
When will Velo3D report its next earnings?
Velo3D is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Velo3D's fiscal year end?
Velo3D's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.