Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Velo3D, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
19
27.4
78.7
77.4
41
46
Cost of revenue
12.6
22.5
77.9
104
43.1
53.4
Gross profit
6.37
4.96
0.84
-26.3
-2.09
-7.4
Research and development
14.2
27
46.3
42
15.5
10.7
Selling and marketing
7
12.4
23.9
23.2
12.9
6.77
General and administrative
6.38
23.4
37
41.7
48.4
30.1
Operating expenses
27.6
62.7
107
107
76.7
47.5
Operating income
-21.2
-57.8
-106
-133
-78.8
-54.9
Interest expense
0.64
2.74
0.37
9.72
16
4.36
Other non-operating income
0.04
-0.09
1.45
0.51
-3.64
0.53
Pre-tax income
-21.8
-107
7.97
-135
-69.8
-71.2
Income tax
0
0
0
0
-0.02
0.12
Net income
-21.8
-107
7.97
-135
-69.7
-71.4
EBITDA
-20
-54.8
-101
-124
-74
-51.5
EPS, basic
-222.51
-723.15
19.87
-337.74
-82.32
-4.33
EPS, diluted
-222.51
-723.15
19.87
-337.73
-82.32
-4.33
Shares, basic (weighted)
0.04
0.15
0.37
0.4
0.85
16.5
Shares, diluted (weighted)
0.04
0.15
0.41
0.4
0.85
16.5
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
15.5
208
32
24.5
1.21
39
Short-term investments
0
15.5
48.2
6.62
Receivables
1.23
12.8
9.19
9.58
3.72
6.26
Inventory
7.31
22.5
71.2
60.8
50
27.1
Other current assets
0.81
9.46
5.53
4
2.34
5.72
Total current assets
27.9
268
172
113
57.7
80.1
Property, plant and equipment
1.01
10
19.8
16.3
14.3
13.1
Lease right-of-use assets
0.63
11.1
13.5
10.7
8.77
7.63
Other non-current assets
0.93
16.2
22.7
17.8
13.5
10.5
Total assets
32.7
303
223
154
89.2
105
Accounts payable
1.23
9.88
12.2
15.9
18.5
10.3
Accrued liabilities
0.79
3.02
8.6
1.95
1.17
2.1
Deferred revenue
4.7
22.3
15.2
5.14
10.3
9.28
Short-term debt
5.67
Total current liabilities
12.1
46.7
46.1
48.7
38
33.8
Lease liabilities
0.23
9.14
12.2
9.97
8.36
6.97
Other non-current liabilities
-0.05
0.31
0.43
1.38
0.86
1.46
Total liabilities
16.8
192
84.3
85.5
49.5
67.2
Total debt
8.36
44
5.67
31
Paid-in capital
15
340
362
425
466
536
Retained earnings
-123
-230
-222
-357
-427
-498
Other comprehensive income
0
-0.01
-0.84
-0.1
0
0
Shareholders' equity
-108
110
139
68.3
39.7
38.2
Total equity
-108
110
139
68.3
39.7
38.2
Total liabilities and equity
32.7
303
223
154
89.2
105
Shares outstanding
0.04
0.46
0.38
0.52
13
24.6
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-21.8
-107
7.97
-135
-69.7
-71.4
Depreciation and amortization
1.24
3.01
5.29
9.31
4.78
3.38
Stock-based compensation
1.46
4.37
20.1
24.9
11.8
9.51
Deferred income tax
0
0
Change in receivables
0.74
-11.5
3.59
-0.4
3.07
-4.4
Change in inventory
-2.74
-8.01
-47
13.7
6.12
24.4
Change in payables
-0.49
1.88
2.34
2.21
-0.74
-15.3
Cash from operations
-26.4
-56.4
-124
-106
-32.7
-27.3
Capital expenditures
-0.4
-9.62
-13.8
-1.05
-0.01
-2.72
Purchases of investments
0
-15.5
-87.7
-3.66
0
Cash from investing
-3.43
-33.6
-53
38.9
7.77
-2.72
Debt issued
19.3
0
Stock issued
0.05
0.39
1.26
0.56
0.32
0
Cash from financing
35.6
283
1.34
59.3
1.46
67.8
Exchange rate effect
0
-0.01
0.02
-0.01
-0
0.01
Net change in cash
5.7
193
-176
-7.49
-23.5
37.8
Free cash flow
-26.8
-66
-138
-107
-32.7
-30
Interest paid
0.46
1.42
0.37
9.72
1.18
1.13
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.97 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
0.5%
Gross profit / revenue.
Operating margin
-86.5%
Operating income / revenue.
EBITDA margin
-81.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-89.6%
Pre-tax income / revenue.
Net margin
-89.6%
Net income / revenue.
FCF margin
-101.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-92.6%
Cash from operations / revenue.
Return on equity (ROE)
-35.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-25.8%
Net income / average total assets.
Return on invested capital (ROIC)
-61.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
22.6%
Research and development expense / revenue.
Stock-based pay / revenue
16.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
9.3%
Capital expenditures / revenue.
D&A / revenue
5.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
12.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-16.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
19.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-3.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-35.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
18.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-22.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
26.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1,846.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
243.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
234.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.33x
Current assets / current liabilities.
Quick ratio
4.04x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.70x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.06x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
4.1%
Total debt / total assets.
Liabilities / assets
26.8%
Total liabilities / total assets.
Net debt
-$83.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.75
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.95
Revenue / diluted weighted shares.
FCF per share
-$1.99
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.81
Cash from operations / diluted weighted shares.
Book value per share
$4.56
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.13x
Market cap / revenue.
P/B
2.41x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.41x
Market cap / tangible book value, when positive.
EV/Sales
4.69x
Enterprise value / revenue.
FCF yield
-16.6%
Free cash flow / market cap.
Earnings yield
-14.6%
Net income / market cap (the inverse of P/E).
What was Velo3D, Inc.'s revenue in fiscal 2025?
Velo3D, Inc. reported revenue of $46.0M for fiscal 2025, 12.1% higher than the year before.
Was Velo3D, Inc. profitable in fiscal 2025?
No. It reported a net loss of $71.4M.
How much free cash flow did Velo3D, Inc. generate in fiscal 2025?
Cash from operations of $27.3M minus capital expenditures of $2.7M left free cash flow of -$30.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.