🧾 What This Document Is

This is Velo3D’s annual report (Form 10-K) for the year ended December 31, 2025. Think of it as a detailed, required check-up for investors. It covers their business, financial health, risks, and future plans. It’s not just numbers; it’s the story of a company in a tough spot.

🏢 What The Company Does

👉 In simple terms, Velo3D makes high-end metal 3D printers and offers related services. They help customers like aerospace and defense companies print complex, critical metal parts that are hard to make with traditional methods.

Their goal is to move customers from just prototyping to full-scale, repeatable production. Their key products are the Sapphire family of 3D printers, supported by their Flow software and Assure quality control system. They are betting that industries needing secure, domestic manufacturing (especially for defense) will drive their growth.

💰 Financial Highlights (The Tough Numbers)

This part reveals the core challenge: the company is burning through cash.

Revenue: $20.1 million for 2025, down from $88.1 million in 2024. That’s a steep drop.
Net Loss: A massive $96.5 million loss in 2025. They lost money in 2024 too ($65.7 million), but it's getting worse.
Cash Situation: They ended 2025 with only $5.4 million in cash. They burned $74.2 million in cash from operations in 2025 alone.
👉 The Big Red Flag: The auditors explicitly warned about a "going concern" – meaning there’s substantial doubt about Velo3D’s ability to survive the next year without a major financial rescue.

⚖️ Big Picture: Strengths & Risks

👍 Strengths (The Promise):

Advanced technology for printing complex metal parts.
Focus on production-scale manufacturing, not just prototypes.
Positioned to serve high-demand sectors like defense and aerospace.

⚠️ Risks (The Reality):

Financial Peril: The "going concern" warning is the biggest risk. They need money desperately.
Customer Concentration: A small number of customers accounted for most of their revenue. Losing one could be catastrophic.
Operating Losses: They have a history of deep losses and may never become profitable.
Material Weaknesses: They have serious problems in their internal financial controls, which means their numbers might not be reliable.
Market Risks: Dependence on a growing market for additive manufacturing, intense competition, and supply chain issues.

🚀 Key Moves & Strategy

The company is trying to pivot to survive:

Shift to Services: They are pushing their Rapid Production Solutions (RPS) – a service where customers pay Velo3D to print parts for them, instead of buying the whole printer. This is meant to generate more recurring revenue.
Seeking Capital: The filing is full of notes about debt, convertible notes, and new stock/warrant issuances (like in August 2025). They are constantly scrambling to raise cash to keep the lights on.
Restructuring: They mention attempts to restructure operations to cut costs.

📦 Financial Position & Liquidity

The balance sheet is weak and strained.

Assets: Total assets fell to $84.7 million at the end of 2025 from $168.3 million a year earlier.
Debt: They have various Secured Notes and other debt obligations. About $3.2 million in senior secured notes are still outstanding.
👉 Why It Matters: With minimal cash, dwindling assets, and ongoing huge losses, the company has very little financial cushion. Its survival depends entirely on raising new money.

🔮 What's Next & The Path Forward

The company’s future hinges on two things:

Raising Enough Money: They need significant new capital from investors, likely through more debt or stock sales, which will dilute existing shareholders.
Executing the Pivot: They must successfully grow their service-based (RPS) business to create a steadier, less capital-intensive revenue stream.

Without both happening soon, the "going concern" warning could become a reality.

🧠 The Analogy

Imagine a company that built a fantastic, high-performance race car engine (their 3D printing technology). They’re trying to sell the entire car (the printers), but it’s incredibly expensive and they’re burning cash on fuel (operating costs). Now, they’re offering to rent out their car for specific races (Rapid Production Services) instead. The problem? Their wallet is almost empty, and the bank (auditors) just publicly said they might not afford the next race entry fee. The technology is impressive, but the business is running on fumes.

📇 Key Contacts & People

CEO: Benjaminy (Ben)戈 (listed as Chief Executive Officer in the filing metadata)
Address: 2710 Lakeview Court, Fremont, California 94538
Phone: (408) 610-3915
Investor Relations: The filing does not list a specific IR contact beyond the general company address and phone.

🧩 Final Takeaway

Velo3D has compelling technology for a growing market but is in a fight for financial survival. The "going concern" warning and massive cash burn overshadow its technical strengths. Its 2025 story is not about growth, but about desperately seeking the capital needed to pivot its business model before time runs out.

Velo3D, Inc. — 10-K Filing