Velo3D reported third quarter 2026 revenue of $20.5 million, a 50% year-over-year increase that beat analyst estimates. While the company demonstrated strong demand and significant balance sheet deleveraging, management pushed the expected timeline for positive EBITDA and cash flow from operations from late 2026 to 2028 and retracted its 30% gross margin target for the second half of the year.
Key Highlights
- New bookings of $28.9 million exceeded quarterly revenue, bringing the total order backlog to $40.1 million as of September 30, 2026.
- GAAP gross margin expanded to 26.5% from 3.2% year-over-year, though management no longer expects margins to exceed 30% in the second half of 2026.
- Total debt was reduced by 76% to $7.4 million, leading management to conclude there is no longer substantial doubt regarding the company’s ability to continue as a going concern.
- Management lowered 2026 capital expenditure guidance to a range of $10 million to $20 million, down from the previous $40 million to $50 million estimate, as spending shifted into 2027.