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Sign InVelo3D (VLD) reported fourth-quarter revenue of $9.4 million, representing a 25% year-over-year decline that triggered a sharp sell-off in its shares. The company's GAAP gross margin plummeted to -74%, heavily impacted by a substantial $7 million inventory write-off. Consequently, management has pushed back the expected timeline for reaching EBITDA breakeven to the second half of 2026. Despite these immediate struggles, the firm is targeting $65 million in revenue and a 30% gross margin by 2026. Investors focused primarily on the current operational weaknesses and margin compression rather than the long-term recovery goals. This performance highlights the ongoing challenges Velo3D faces in stabilizing its financial position and managing inventory effectively in the short term.