Core Insights - Velo3D, Inc. reported significant progress in operational efficiency and growth potential, particularly in its Rapid Production Services (RPS) which has led to repeat orders and new customer signings in the aerospace and defense sectors [3][5]. Financial Performance - The company achieved GAAP revenue of $13.6 million in Q3 2025, up from $8.2 million in Q3 2024, reflecting a year-over-year increase of approximately 66% [4]. - GAAP gross margin decreased to 3.2% in Q3 2025 from 49.4% in Q3 2024, primarily due to a one-off license revenue in the previous year [4][7]. - The GAAP net loss narrowed to $11.8 million in Q3 2025 compared to a loss of $23.1 million in Q3 2024 [4][7]. - Non-GAAP net loss was $9.2 million for Q3 2025, an improvement from $14.5 million in Q3 2024 [4][7]. Operational Highlights - The backlog as of September 30, 2025, stood at $21.1 million, indicating strong demand for the company's services [5]. - The company reaffirmed its revenue guidance for 2025 to be between $50 million and $60 million, with expectations of achieving positive EBITDA in the first half of 2026 [5][12]. - The RPS backlog increased by 22% quarter-over-quarter, with 48% of bookings coming from the Space and Defense sector [6]. Strategic Developments - Velo3D completed its uplisting to the Nasdaq Capital Market and raised approximately $17.5 million through a public offering of 5,833,333 shares at $3.00 per share [6]. - The company signed significant agreements, including a $6 million contract to develop copper-nickel alloy for the U.S. Navy and partnerships with the U.S. Army and Linde AMT [6][7]. - Velo3D achieved AS9100D certification for its RPS Quality Management System, affirming compliance with stringent aerospace standards [6]. Cash Position - As of September 30, 2025, Velo3D had cash and cash equivalents of $11.8 million, a substantial increase from $1.2 million at the end of 2024 [8].