10-Q · May 14, 2026
Velo3D reported strong Q1 2026 results with revenues of $13.8 million, significantly surpassing expectations and reflecting a 48.2% increase from Q1 2025. The company achieved an EPS loss of -0.20, markedly better than…
Earnings analysis · 10-Q
VELO earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Q2 revenue was $14 million and diluted EPS was a $0.28 loss, with revenue roughly flat versus Q1 and losses still substantial. The most material filing developments are the continuation of multiple material weaknesses…
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Q2 revenue was $14 million and diluted EPS was a $0.28 loss, with revenue roughly flat versus Q1 and losses still substantial. The most material filing developments are the continuation of multiple material weaknesses as of June 30, 2026 and the opening of Forge 1 in July 2026, which brings significant future capital expenditure, lease, and execution commitments. The filing extract does not provide sufficient data to assess Q2 margins, cash flow, balance-sheet changes, or updated quantitative guidance.
Reported figures
- Earnings per share
- $-0.28
What stood out
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Revenue Holds at $14 Million
Q2 revenue was $14 million, approximately flat versus the $14 million reported in Q1 2026 and above the $13.5248 million consensus estimate provided for the quarter.
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EPS Loss Remains Improved
Diluted EPS was a loss of $0.28, improving from the $0.90 loss in Q4 2025 and broadly in line with the $0.28 loss reported in Q1 2026.
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Initial Control Remediation Progress
Management states that it has designed and remediated effective controls over segregation of duties related to journal entries and account reconciliations as of June 30, 2026.
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Forge 1 Campus Opened
The company opened its new Livermore, California production campus, Forge 1, in July 2026, which is expected to serve as its primary production and manufacturing center.
What to watch
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Material Weaknesses Remain
Disclosure controls were not effective as of June 30, 2026, and material weaknesses identified as of December 31, 2025 had not been remediated. The weaknesses cover inventory, contract assets and liabilities, financial statement preparation, stock-based compensation, leased-equipment depreciation, and IT general controls.
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Expansion Requires Significant Investment
Forge 1 is not yet operating at scale as of July 2026. The company expects significant future capital expenditures and ongoing operating and lease commitments, with potential delays, cost overruns, equipment constraints, hiring challenges, and below-capacity utilization.
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Profitability and Liquidity Visibility
The Q2 diluted EPS loss remained $0.28 despite $14 million of revenue, indicating the company remains loss-making. The filing does not provide Q2 free cash flow, cash, debt, inventory, or receivables figures, limiting visibility into liquidity and working-capital trends.
Management's outlook
The supplied 10-Q extract does not provide updated quantitative revenue or EPS guidance. Prior reported outlook was revenue of $60 million to $70 million for 2026, with positive EBITDA targeted in the latter half of 2026, but the filing does not state whether that outlook was raised, maintained, lowered, or withdrawn.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.