Velo3D Q2 Revenue Rises 52% as Backlog Nears $31 Million

Velo3D turned in a strong second quarter. Revenue hit $20.7 million, up 52.3% from $13.6 million a year earlier. The company also returned to positive gross margin, posting 21.5% compared with negative 11.7% in Q2 2025.

The gains came from the core printer and parts business. Revenue from 3D printers and parts rose 57% to $19 million. Higher average selling prices, product mix, and growth in the Rapid Production Solutions parts business all contributed.

Backlog nearly doubled year over year to $31 million. That gives the company a visible pipeline of work as it scales.

Cash position improved sharply. Velo3D ended June with $91.1 million in cash and equivalents, up from $39 million at the end of 2025. The company raised about $50 million in a registered direct offering in April and another $59.4 million through its at-the-market program during Q2. Debt dropped more than 70% to $8.2 million.

The company lifted its full-year 2026 revenue guidance to $65 million to $75 million, up from $60 million to $70 million. A new production campus in Livermore, California is expected to open later this year and triple manufacturing capacity.

New orders reached $29 million during the quarter. Mears Machine Corporation ordered its fifth Sapphire XC system, and a new partnership with Aurelia Technologies will focus on metal AM for gas turbine systems.

Velo3D still reported a GAAP net loss of $11.5 million, though that was better than the $13.3 million loss a year ago. Adjusted net loss improved to $9 million from $11.4 million. Operating expenses rose to $15.5 million from $10 million as the company invested in growth.

The results signal that Velo3D is moving from development to production. Aerospace and defense customers are placing larger, recurring orders. The Livermore expansion and the growing RPS business suggest the company is trying to capture more of the parts market, not just sell machines.

For a metal AM company that went public, relisted, and survived a brutal market downturn, Q2 2026 is the strongest quarter in its history. The question is whether it can keep gross margin above 30% and reach positive EBITDA by year end.