Velo3D(US:VLD)2025-11-10 21:02Revenue and Growth - Revenue for Q3 2025 was $13.6 million, an increase from $8.2 million in Q3 2024, representing a 66% year-over-year growth[4]. - The company has a backlog of $21.1 million as of September 30, 2025, with expectations to achieve revenue between $50 million and $60 million for the full year 2025[4][13]. - Revenue for the three months ended September 30, 2025, was $13,640,000, a 65.5% increase from $8,247,000 in the same period of 2024[23]. Profitability and Loss - Non-GAAP net loss for Q3 2025 was $9.2 million, compared to a loss of $14.5 million in Q3 2024[11]. - Net loss for the three months ended September 30, 2025, was $(11,825,000), compared to $(23,125,000) for the same period in 2024, representing a 48.9% improvement[25]. - The company reported a gross profit of $433,000 for the three months ended September 30, 2025, compared to a gross profit of $4,071,000 in the same period of 2024[29]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(7,251,000), an improvement from $(9,737,000) in the same period of 2024[25]. - Net loss for the nine months ended September 30, 2025, was $50,992, compared to a net loss of $51,611 in the same period of 2024[33]. Operating Expenses and Management - Operating expenses for Q3 2025 were $11.1 million, down from $22.9 million in Q3 2024, indicating improved cost management[10]. - Total operating expenses for the three months ended September 30, 2025, were $11,063,000, down from $22,947,000 in the same period of 2024, a reduction of 51.7%[27]. - Research and development expenses for the three months ended September 30, 2025, were $3,042,000, down from $4,438,000 in the same period of 2024[27]. - The company incurred stock-based compensation of $9,106 in 2025, down from $13,041 in 2024[33]. Cash and Assets - Cash and cash equivalents increased to $11,842,000 as of September 30, 2025, compared to $1,212,000 as of December 31, 2024[31]. - Total assets as of September 30, 2025, were $93,899,000, up from $89,180,000 as of December 31, 2024[31]. - Total cash and cash equivalents and restricted cash at the end of the period was $12,465, significantly up from $2,437 in 2024[33]. - Cash flows from operating activities resulted in a net cash used of $19,590 for 2025, an improvement from $30,465 in 2024[33]. - Cash and cash equivalents increased to $11,842 in 2025, compared to $1,637 in 2024[33]. Strategic Developments - New customers accounted for more than 9% of Q3 2025 bookings, with 48% of bookings coming from the Space and Defense sector[5]. - The company signed agreements valued at $6 million to develop copper nickel alloy for U.S. Navy ship repairs, enhancing its strategic partnerships[5]. - Velo3D achieved AS9100D certification for its Rapid Production Solution Quality Management System, affirming compliance with stringent aerospace standards[5]. - The company expects to achieve EBITDA positivity in the first half of 2026, supported by disciplined cost management and targeted investments[4][13]. - The company anticipates greater than 30% gross margin in Q4 2025 as operational efficiencies improve[13]. Liabilities and Financing - The company had total liabilities of $63,743,000 as of September 30, 2025, compared to $49,516,000 as of December 31, 2024[31]. - The company raised $15,000 from secured convertible notes and $20,125 from the August 2025 Offering[33]. - The net cash provided by financing activities was $32,323 in 2025, compared to $958 in 2024[33]. - The company experienced a loss on warrant cancellation amounting to $11,357 in 2025[33]. - The company reported a gain on fair value of warrants of $1,044 in 2025, contrasting with a loss of $31,910 in 2024[33].