US Market News
7日前
Every Space Stock Just Got a YardstickJune 11, 2026 9:05 AM
PR Newswire (US) Issued on behalf of Starfighters Space, Inc.A historic IPO is about to hand the orbital economy its first public price tag — and that single number will echo across every space ticker on the board.BREVARD COUNTY, Fla., June 11, 2026 /PRNewswire/ -- American News Group News Commentary — In private markets, value is whispered. In public markets, it is shouted — printed on a ticker, updated by the second, available to everyone. The commercial space sector is about to make that transition at its very summit. As reported, SpaceX is set to price its initial public offering in this window, ahead of a Nasdaq debut, and the figure it settles on will become the reference point against which the entire sector is measured for years to come. It is a fitting capstone to a stretch in which public markets have moved decisively to embrace space. Only days ago, the broad-market Russell 3000® Index confirmed its 2026 reconstitution would add commercial-space names — including Starfighters Space, Inc. (NYSE: FJET), effective June 29, 2026 — formally recognizing that the sector has grown large enough to matter to the market's broadest benchmarks. Pricing the giant and indexing its peers are two expressions of the same shift: the orbital economy is being assigned public value at unprecedented scale.From Private Whisper to Public NumberSpaceX has spent its life valued in the half-light of private rounds and secondary transactions. Its IPO drags that valuation into daylight. Having filed its public S-1 and applied to list on Nasdaq under the symbol SPCX, the company is reported to be pricing around $135 per share, at a valuation in the trillions, with a potential raise that at the high end would rank among the largest ever brought to market. (Those figures are as reported and remain subject to final pricing.) The valuation narrative leans heavily on Starlink, the satellite-internet business believed to generate most of SpaceX's revenue.What makes this a sector event rather than a company event is the benchmark it creates. The instant a public price exists for the orbital economy's flagship, every other space name is implicitly compared against it — its growth rate, its path to profitability, the multiple the market assigns it. A public anchor at the top changes how investors think about the price of everything below it. That is why the pricing of one company reverberates across an entire board of tickers.CONTINUED … Learn more about Starfighters Space, Inc. at: https://usanewsgroup.com/fjet-landingThe Spectrum of Space the Market Is PricingTo see why this repricing matters broadly, consider how varied the listed space sector has become — from orbital habitats to phone-connecting satellites to imaging constellations to advanced manufacturing. Four companies sketch that range.Voyager Technologies, Inc. (NYSE: VOYG) sits at the infrastructure summit of the group, developing the Starlab commercial space station intended as a successor to the International Space Station and recently agreeing to acquire lunar-delivery company Astrobotic in a deal valued at up to $300 million. With raised guidance and rising analyst targets, Voyager captures how aggressively the market is re-rating the companies building the orbital economy's largest structures.Planet Labs PBC (NYSE: PL) runs one of the world's largest Earth-observation satellite fleets, selling imagery and analytics into agriculture, government, mapping, and defense. As a recurring-revenue data business riding on space hardware, Planet represents the information-services layer of the sector — proof that space value is not only about launch and hardware but about the data that orbit makes possible.AST SpaceMobile, Inc. (NASDAQ: ASTS) is chasing direct-to-smartphone connectivity from orbit, working with major mobile carriers and recently advancing both a North American spectrum settlement and a pending Russell 1000® Index addition. ASTS shows the market's willingness to richly value space companies aiming at vast terrestrial markets — here, global mobile coverage.Velo3D, Inc. (NASDAQ: VELO) provides metal additive-manufacturing systems that produce complex, production-grade parts across defense, space, and aerospace markets — a reminder that a sector-wide repricing also lifts the specialized manufacturers beneath the headline launch and satellite names. With first-quarter 2026 revenue up 48% year-over-year and a multi-year defense logistics contract, Velo3D anchors the production-and-supply-chain layer of the orbital economy. These companies are cited to illustrate the breadth of the space sector and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they vary widely in scale and maturity.Starfighters' Place on the YardstickStarfighters Space approaches orbit from an angle unlike any of these peers. It operates what it calls the world's only flight-ready MACH 2+ supersonic aircraft fleet at NASA's Kennedy Space Center, pursuing an air-launch model in which a fast, high-flying aircraft gives a launch vehicle a head start in altitude and velocity — with the runway responsiveness and reusability that an aircraft, rather than a fixed pad, can offer. As a newly public and newly indexed company, it is exactly the sort of differentiated name that draws fresh eyes when a sector-wide repricing is underway. CEO Tim Franta described the Russell inclusion as an important milestone reflecting growing awareness of the company's differentiated platform.As always, perspective matters: Starfighters is an early-stage, small-cap company with a volatile share history, and a benchmark set by a trillion-dollar peer raises expectations as much as it raises visibility. The yardstick that lifts sentiment can also expose how far an emerging operator still has to travel. Both arrive at once.Why This Catalyst, Why NowA sector gets re-rated when something forces the market to confront it whole — and a record-scale IPO is one of the most powerful forcing events there is. Until now, the space category lacked a large, liquid, public anchor; valuations leaned on private marks and a scattering of smaller listed names too varied to set a standard. Pricing a flagship of this magnitude changes that instantly. The most-scrutinized space business on earth gets a visible, market-cleared multiple, and every valuation model in the sector must be re-examined against it. The argument-by-analogy era ends; the era of a public benchmark begins.This is precisely why the window around a mega-listing produces the sharpest, most broad-based moves in a sector. Sidelined capital finds a credible entry; crowded positions get rebalanced as the investable map widens. Launch providers, satellite operators, infrastructure suppliers, and specialists all get caught in the same wave of re-pricing. The investors who navigate it best tend to look past the giant's opening print and toward how the surge of attention redistributes across the names surrounding it.From Specialist Bet to Mainstream HoldingThe deeper shift is structural and durable. Reporting around the SpaceX offering has highlighted an unusually large planned retail allocation — an intent to place shares with ordinary investors rather than reserving them almost entirely for big institutions. Even setting aside the precise mechanics, the message is clear: the sector's flagship is being framed as a broadly owned, mainstream stock. Pair that with index inclusion pulling smaller space names into benchmark funds, and the destination is unmistakable — space is migrating from specialist mandates and venture rounds into everyday portfolios, index products, and retirement accounts.Mainstream ownership reshapes the sector's economics. It deepens liquidity, widens shareholder bases, and elevates the entire category's profile, which makes emerging names easier to discover, research, and finance. When the sector's giant becomes a household holding, the ceiling rises for every credible company beneath it. That is the compounding dividend of a watershed listing: it does not merely value one business — it enlarges the audience and the capital pool for the whole field.A Reference Point for a GenerationWhen SpaceX prints its price, the space sector inherits something it has never had — a public, market-set valuation at its core, a number every other company can be weighed against. Combined with the broadest U.S. index simultaneously absorbing space names into trillions of tracked dollars, the message is unmistakable: the orbital economy is now being valued in the open, by the whole market, all at once. The yardstick is here. What investors do with it will shape the sector's next decade.CONTINUED … Learn more about Starfighters Space, Inc. at:
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info @therooster-2873SOURCES:Starfighters Space, Inc. — "Starfighters Space (NYSE: FJET) Added to Membership of Russell 3000® Index" (Business Wire, June 3, 2026; inclusion effective June 29; CEO Tim Franta quote):
https://finance.yahoo.com/markets/stocks/articles/starfighters-space-nyse-fjet-added-100000658.htmlFTSE Russell / Investing.com — 2026 Russell reconstitution detail ($12.2T benchmarked; Russell 3000 up 29% to $75.6T; rank day April 30; SIDU and OPTX also added):
https://www.investing.com/news/company-news/starfighters-space-added-to-russell-3000-index-effective-june-29-93CH-4723661TECHi / Reuters — SpaceX IPO terms (S-1/A June 1; Nasdaq symbol SPCX; reported ~$135/share, pricing targeted June 11, debut June 12; figures as reported, subject to final pricing):
https://www.techi.com/spacex-ipo/Bloomberg — SpaceX record-IPO scale (reported raise up to ~$75B; valuation in the trillions; would rank among the largest offerings ever):
https://www.bloomberg.com/graphics/2026-spacex-ipo-stock-market-nasdaq-listings/CNBC / Benzinga — Voyager Technologies (VOYG) IPO debut, Astrobotic acquisition, Starlab; ASTS spectrum and Russell 1000 addition; sector context:
https://www.cnbc.com/quotes/VOYGStocktwits — space-sector trading and sentiment coverage into the SpaceX pricing window (ASTS, PL, VOYG and peers):
https://stocktwits.com/news-articles/markets/equity/space-stocks-slip-spacex-ipo-buzz-retail-bullish-bear-case/cZ0Sr77ReDqDISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution, and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.This communication is being distributed by American News Group on behalf of Market IQ Media Group, Inc. ("MIQ"), as a digital media distribution and not as a paid advertisement in the traditional sense. MIQ has been paid a fee for Starfighters Space, Inc. advertising and digital media by Creative Direct Marketing Group ("CDMG"). USA News Group distributes this communication on behalf of MIQ regardless of the brand under which it appears. MIQ does not own any shares of Starfighters Space, Inc. and reserves the right to buy and sell shares of Starfighters Space, Inc. at any time without any further notice. There may be 3rd parties who may have shares of Starfighters Space, Inc. and may liquidate their shares which could have a negative effect on the price of the stock. All material disseminated by MIQ on behalf of Starfighters Space, Inc. has been reviewed and approved by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our publication is not trustworthy unless verified by their own independent research. Comparisons to other companies referenced in this publication are for contextual and illustrative purposes only and do not imply any partnership, endorsement, affiliation, or comparable financial performance. References to third-party companies, indexes, and the SpaceX initial public offering are for context only; MIQ has no relationship with and is not compensated by any of those parties. Forward-looking statements regarding index inclusion, the SpaceX offering, market growth, and company plans are subject to risks and uncertainties, and actual results may differ materially. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. View original content to download multimedia:https://www.prnewswire.com/news-releases/every-space-stock-just-got-a-yardstick-302797779.html Original: Every Space Stock Just Got a Yardstick
US Market News
7日前
The Day the Market Puts a Price on the Final FrontierJune 11, 2026 8:45 AM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc.When the sector's largest company sets its price, every other space stock suddenly has a number to be measured against. That reckoning is happening now.Baystreet.ca News Commentary CAPE CANAVERAL, Fla., June 11, 2026 /CNW/ -- Markets run on price discovery, and there is no more dramatic example than the moment a long-private giant finally tells the world what it thinks it is worth. As reported, that moment arrives for SpaceX around now, with the company's initial public offering expected to price ahead of its Nasdaq debut. The number it lands on will not just value one company — it will recalibrate how investors value an entire sector, because for the first time the orbital economy will have a public, market-cleared anchor at its center. That repricing is landing on a sector that public markets have only just begun to formally embrace. Just days ago, the broad-market Russell 3000® Index confirmed it is adding commercial-space names in its 2026 reconstitution — including Starfighters Space, Inc. (NYSE: FJET), effective June 29, 2026 — a structural signal that space has grown large enough to register on the market's broadest screens. The pricing of SpaceX and the indexing of its smaller peers are two halves of the same story: capital is assigning real, public value to space at a pace and scale the sector has never experienced.Putting a Number on the UntouchableFor most of its life, SpaceX could only be valued through the narrow window of private funding rounds and secondary sales — numbers visible to a select few. Its public offering changes that overnight. Having filed its public S-1 and applied to list on Nasdaq under the ticker SPCX, the company is reported to be pricing its shares around $135, at a valuation measured in the trillions of dollars, with a raise that at the upper end would stand among the largest in the history of public markets. (All figures are as reported and remain subject to final pricing.) Much of the case rests on Starlink, the satellite-broadband arm estimated to drive the majority of company revenue.The significance for everyone else is the benchmark effect. Once the market sets a public price on the sector's flagship, every other space company is implicitly measured against it — on growth, on margins, on the multiple investors are willing to pay for a slice of the orbital economy. Some names will look cheap by comparison; others expensive. But all of them gain something they lacked before: a reference point. Price discovery at the top cascades down through the whole category.A Sector Being Valued in Real TimeThe clearest evidence that this is a sector-wide repricing, not a one-company event, is how broadly capital has been moving across listed space names — spanning space stations, direct-to-phone satellites, Earth observation, and the advanced manufacturing that makes missions possible. Four names map that breadth.CONTINUED … Learn more about Starfighters Space, Inc. at: https://usanewsgroup.com/fjet-landingVoyager Technologies, Inc. (NYSE: VOYG) has become a centerpiece of the 'space has never been hotter' narrative. The defense-and-space company is developing Starlab, a commercial successor to the International Space Station, and recently agreed to acquire lunar-delivery specialist Astrobotic in a deal valued at up to $300 million to deepen its Moon-economy exposure. With analysts raising targets and management raising guidance, Voyager illustrates how quickly the market is re-rating credible space-infrastructure stories.AST SpaceMobile, Inc. (NASDAQ: ASTS) is pursuing one of the sector's boldest ideas: a satellite network that connects directly to ordinary, unmodified smartphones, in partnership with major carriers. With a North American spectrum settlement and its own pending addition to the Russell 1000® Index, ASTS shows how the market is willing to assign substantial value to space companies attacking enormous terrestrial end-markets — in its case, global mobile connectivity.Planet Labs PBC (NYSE: PL) operates one of the largest Earth-observation satellite fleets in the world, selling imagery and analytics to agriculture, government, mapping, and defense customers. As a data-and-analytics business built on space hardware, Planet represents the recurring-revenue, information-services layer of the orbital economy — a different and increasingly valued way to monetize space.Velo3D, Inc. (NASDAQ: VELO) supplies metal additive-manufacturing systems used to build mission-critical components for space, aviation, and defense programs — a reminder that the repricing sweeping the sector reaches the specialized manufacturers behind the hardware, not just the launch and satellite names. After posting first-quarter 2026 revenue up 48% year-over-year and reaching a positive gross-margin inflection, Velo3D represents the production-and-supply-chain layer of the orbital economy. These companies are referenced to illustrate the breadth of the space sector and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they differ widely in size and stage.Where Starfighters Sits in the RepricingStarfighters Space brings a model that looks like none of the above. The company operates what it describes as the world's only flight-ready MACH 2+ supersonic aircraft fleet from NASA's Kennedy Space Center, pursuing air-launch — releasing a vehicle from a fast, high-flying aircraft so the launch system inherits altitude and speed, with the runway responsiveness and reusability an aircraft platform implies. As a freshly public, recently indexed company, it is precisely the kind of differentiated niche name that a sector-wide repricing tends to surface, as investors hunt for exposure beyond the obvious giants. CEO Tim Franta framed the Russell inclusion as a milestone reflecting growing awareness of that differentiated platform.The caution is the same one that applies to any emerging name: Starfighters is early-stage and small-cap, its shares have been volatile, and a benchmark anchor set by a trillion-dollar peer cuts both ways — it can lift sentiment, but it also raises the bar for what investors expect operators to deliver. The opportunity and the scrutiny arrive together.Why the Timing Is the Whole StorySectors do not get repriced on a random Tuesday. They get repriced when a catalyst forces the market to look at an entire category with fresh eyes — and the SpaceX pricing is exactly that kind of forcing event. For years, valuing a space company meant arguing by analogy, because the sector lacked a large, liquid, public reference point. Private marks were stale and selective; public space names were too small or too varied to anchor the category. The pricing of a trillion-dollar flagship removes that excuse. Suddenly there is a live, visible multiple attached to the most scrutinized space business in the world, and every analyst model in the sector has to be re-run against it.That is why the days around a mega-listing tend to see the sharpest moves across an entire peer group, in both directions. Capital that had been waiting on the sidelines for a credible entry point finds one; capital that had been crowded into a handful of names reallocates as the opportunity set widens. The result is a burst of price discovery that ripples through launch providers, satellite operators, infrastructure suppliers, and niche specialists alike. Investors who understand that dynamic tend to focus less on the giant's first print and more on how the repricing redistributes attention across the names around it.A Sector Pulled Into the MainstreamThere is also a structural dimension that outlasts any single trading session. Reporting on the SpaceX offering has emphasized an unusually large intended retail allocation — a deliberate effort to put shares in the hands of ordinary investors rather than reserving them almost entirely for institutions. Whether or not those specifics hold at pricing, the signal is meaningful: the sector's flagship is being positioned as a broadly owned, mainstream holding, not a closed institutional club. That ambition, paired with index inclusion sweeping smaller space names into benchmark funds, points to the same destination — space becoming a category that shows up in everyday portfolios, retirement accounts, and index products, not just venture funds and specialist mandates.For the companies in the sector, mainstream ownership changes the game. It deepens liquidity, broadens the shareholder base, and raises the profile of the entire category — which in turn makes it easier for emerging names to be discovered, researched, and ultimately financed. A rising profile for the sector's giant tends to raise the ceiling for everyone operating credibly beneath it. That is the quiet, compounding benefit of a watershed listing: it does not just value one company; it expands the audience for the whole field.The Number That Reframes EverythingBy the time the week is out, the space sector will have something it has never had: a public, market-set price on its single most important company. That number becomes the gravitational center around which every other valuation in the sector orbits. For investors, the pricing of SpaceX is not the end of the story — it is the moment the whole sector gets a yardstick. And with the broadest U.S. index simultaneously folding space names into trillions in tracked capital, the orbital economy is being measured, valued, and owned by the public market all at once.CONTINUED … Learn more about Starfighters Space, Inc. at: https://usanewsgroup.com/fjet-landingPOWERED BY EAGLE EYETrack the signal, not the noise.Eagle Eye delivers real-time investor intelligence — aggregating social, forum, and news data across the tickers that matter, so you can see what the market is talking about before it moves.Explore it now at Eagle-Eye.devCONTACT:Baystreet.ca
US Market News
3月前
Velo3D Announces Fourth Quarter and Full-Year 2025 Financial Results; Unveils Long-Term Capacity Plan Envisioning up to Approximately 400 Production SystemsMarch 24, 2026 4:05 PM
PR Newswire (US)
Full-year 2025 Revenue of $46 millionBacklog of $31 million as of December 31, 2025Expects 2026 revenue between $60 million and $70 millionExpects to turn EBITDA positive in the second half of 2026Announces demand-driven capacity plan envisioning up to approximately 400 production systems over the next decade, supported by potential asset-backed financing and expanding defense and aerospace program portfolioFREMONT, Calif., March 24, 2026 /PRNewswire/ -- Velo3D, Inc. (Nasdaq: VELO) ("Velo3D" or the "Company"), a leader in additive manufacturing ("AM") technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its fourth quarter and full year ended December 31, 2025.
Recent Business DevelopmentsQualified as the first additive manufacturing vendor to support the U.S. Army's Ground Vehicle Systems Center qualification initiative, accelerating AM adoption for ground combat vehicle components.Entered a Cooperative Research & Development Agreement (CRADA) with U.S. Army DEVCOM Ground Vehicle Systems Center, advancing additive manufacturing solutions to address critical defense supply chain challenges.Secured a contract from the Department of War valued at $32.6 million to support Project FORGE, prototyping and qualifying AM components to eliminate defense manufacturing bottlenecks.Secured a multi-year $11.5 million full rate production Rapid Production Solutions ("RPS") contract from a key U.S. defense prime contractor to supply essential components for a national security program.Enabled Intergalactic, a GE Aerospace company, to manufacture IN718 microtube heat exchanger headers for an accelerated aviation program timeline, going from design to printed parts in weeks using Velo3D's Rapid Production Solutions (RPS) offering and Sapphire XC platform.Raised $30 million through a private placement of common stock, led by institutional investors to support growth, capital expenditures and expanded RPS demand.Completed an aggregated $15 million debt to equity conversion, thereby reducing debt by ~60% and substantially deleveraging the Company's Consolidated Balance Sheet."We achieved double-digit revenue growth in 2025, reflecting strong demand for our Rapid Production Solutions," said Mr. Arun Jeldi, CEO of Velo3D. "Importantly, we set a new record for bookings in the fourth quarter, and with a robust backlog, we entered 2026 with tremendous momentum. Key initiatives, including the Department of War contract, multi-year defense RPS contract and adoption by the U.S. Army's Ground Vehicle Systems Center, are accelerating our impact across defense and aerospace supply chains. Supported by private placement financing, debt-to-equity conversions that reduced outstanding debt by 60% and continued supply chain optimization, we believe we are well positioned to drive growth and deliver long-term value as we scale our operations globally.""Demand signals across the market are strong and clear, with accelerating interest in our Rapid Production Solutions and large-format additive manufacturing capabilities," said Mr. Jeldi. "The defense sector is evolving rapidly, and as programs move from development into production and customers focus on resilient, localized supply chains, expanding our production capacity and capabilities will be critical to meeting this demand and driving the company's growth. As individual programs scale, in some cases growing from a single production system to multiple systems within months, the compounding effect on capacity requirements is significant."Mr. Jeldi added, "Based on current demand trajectories and our expanding program portfolio, we have developed a long-term capacity plan envisioning up to approximately 400 production systems, ramping over the next decade, subject to securing additional financing and continued program growth. This is a practical, demand-driven buildout: as contracts grow and new programs come online, each drives incremental capacity requirements, creating a compounding growth profile. To support this expansion, we expect to raise additional capital in the near term. As an asset-rich operation, our production systems are well-suited to asset-backed debt financing, enabling us to scale our fleet with minimal dilution to shareholders. We are also exploring potential government-backed lending programs and other non-dilutive funding sources to further support capacity buildout. In addition, we are considering selective M&A opportunities in 2026 that could complement our organic growth strategy, accelerate our expansion into key defense and aerospace programs and strengthen our supply chain, particularly in feedstock and metal powder. Any equity capital raised would be targeted toward workforce expansion and operational infrastructure rather than equipment, keeping dilution low relative to the significant long-term value this growth is expected to generate. We believe this approach will allow us to scale operations, invest in manufacturing capacity and continue delivering the speed, quality and reliability our customers require for mission-critical applications."($ in Millions, except percentages and per-share data)4th Quarter 20254th Quarter 2024FY 2025FY 2024GAAP revenue$9.4$12.6$46.0$41.0GAAP gross margin(73.6) %(3.5) %(16.1) %(5.1) %GAAP net loss1($21.9)($21.3)($71.4)($69.9)GAAP net loss per share - basic and diluted($1.03)($12.37)($4.33)($82.46)
Non-GAAP net loss2($11.6)($15.0)($41.3)($79.4)Non-GAAP net loss per share - basic and diluted2($0.54)($8.71)($2.51)($93.70)Information about Velo3D's use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States of America ("GAAP"), is provided at the end of this release under "Non-GAAP Financial Information". The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company's performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, loss on warrant cancellation, fair value adjustments for the Company's warrants and earnout liabilities, impairment of equipment subject to operating lease, gain/loss on extinguishment of debt and non routine inventory adjustments for excess and obsolete inventory.Summary of Fourth Quarter 2025 Results Total Revenue was $9.4 million. 3D Printer and parts revenue decreased 5% compared to the fourth quarter of 2024, driven by product mix and the number of systems sold. While system sales are expected to remain the primary driver of revenue in 2026, the Company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue. Gross margin for the fourth quarter was (73.6)% compared to (3.5)% in the fourth quarter of 2024. This change was primarily driven by the write-down of approximately $7.0 million of obsolete inventory recorded during the quarter and production volume delays related to the government shutdown during the fourth quarter of 2025. Operating expenses for the fourth quarter were $14.9 million compared to $20.6 million in the fourth quarter of 2024. Non-GAAP adjusted operating expenses, excluding stock-based compensation expense of $1.5 million, were $13.3 million, down from $18.9 million in the fourth quarter of 2024. GAAP net loss for the fourth quarter was ($21.9) million compared to ($21.3) million in the fourth quarter of 2024. Non-GAAP net loss for the fourth quarter was ($11.6) million compared to ($14.8) million in the three months ended December 31, 2024. Adjusted EBITDA for the fourth quarter was ($10.0) million compared to ($11.0) million in the fourth quarter of 2024. For more information regarding the Company's non-GAAP financial measures, see "Non-GAAP Financial Information" below.Summary of Full Year 2025 Results Revenue was $46.0 million. 3D Printer and parts revenue increased 54% compared to 2024, driven by product mix and the number of systems sold. Gross margin for 2025 was (16.1)% compared to (5.1)% in 2024. This change was primarily driven by the write-down of approximately $7.0 million of obsolete inventory recorded during the fourth quarter. The Company expects gross margin to continue to improve going forward as historical factors become a less significant driver of margin and as a result of operational efficiencies and an anticipated ramp-up of its RPS business. Operating expenses for 2025 were $47.5 million compared to $76.8 million in 2024. Non-GAAP adjusted operating expenses, excluding stock-based compensation expense of $7.5 million, were $40.1 million, down from $66.5 million in 2024. GAAP net loss for 2025 was ($71.4) million compared to ($69.9) million in 2024. Non-GAAP net loss was ($41.3) million compared to ($79.4) million in 2024. Adjusted EBITDA for 2025 was ($33.3) million compared to ($58.5) million in 2024. For more information regarding the Company's non-GAAP financial measures, see "Non-GAAP Financial Information" below.As of December 31, 2025, the Company had $39.0 million of cash and cash equivalents compared to $1.2 million as of December 31, 2024.GuidanceManagement expectations for the full year 2026 to include:Revenue in the range of $60 million to $70 million.Sequential improvement in gross marginGreater than 30% gross margin in second half of 2026Non-GAAP adjusted operating expenses in the range of $45 million to $55 millionCapEx in the range of $40 million to $50 millionThe Company previously expected to achieve positive EBITDA in the first half of 2026. Based on the timing of capacity investments and revenue ramp, the Company now expects to achieve positive EBITDA in the second half of 2026.Conference CallThe Company will host a conference call for investors to discuss its fourth quarter and full-year 2025 financial results at 5 p.m. Eastern time / 2 p.m. Pacific time on March 24, 2026. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D's website at ir.velo3d.com. About Velo3D: Velo3D is a metal 3D printing technology company. 3D printing—also known as AM—has a unique ability to improve the way high-value metal parts are built. However, legacy metal AM has been greatly limited in its capabilities since its invention almost 30 years ago. This has prevented the technology from being used to create the most valuable and impactful parts, restricting its use to specific niches where the limitations were acceptable.Velo3D has overcome these limitations so engineers can design and print the parts they want. The Company's solution unlocks a wide breadth of design freedom and enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries. Using Velo3D, these customers can now build mission-critical metal parts that were previously impossible to manufacture. The fully integrated solution includes the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system—all of which are powered by Velo3D's Intelligent Fusion manufacturing process. The Company delivered its first Sapphire system in 2018 and has been a strategic partner to innovators such as Honeywell, Honda, Chromalloy, and Lam Research. Velo3D was named as one of Fast Company's Most Innovative Companies for 2024. For more information, please visit Velo3D.com, or follow the Company on LinkedIn or X.VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.Amounts herein pertaining to the Company's fourth quarter ended December 31, 2025 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of our Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (the "SEC"). Additional information on our results of operations for the three and twelve months ended December 31, 2025 will be provided upon the filing of our Annual Report on Form 10-K with the SEC.Forward-Looking Statements:This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect", "estimate", "project", "budget", "forecast", "anticipate", "intend", "plan", "may", "will", "could", "should", "believes", "predicts", "potential", "continue", and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's guidance for fiscal year 2026 (including the Company's estimates for revenue, gross margin, operating expenses, and capital expenditures), the Company's expectations regarding its ability to achieve positive EBITDA in the second half of 2026, the Company's long-term capacity plan and production system targets, the Company's expectations about future demand, growth, profitability, long-term value, capacity requirements and operational efficiencies, positive gross margins, the Company's strategic realignment and initiatives, the Company's expectations regarding its liquidity and capital requirements, including plans to raise additional capital to support its expansion and the potential sources and uses of that capital, the Company's expectations regarding its potential cost savings, the Company's expectations about its market strategy and financial and operational position, the Company's expectations about M&A opportunities, and the Company's other expectations, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "FY 2024 10-K") and its Quarterly Reports on Form 10-Q ("Quarterly Reports") and the other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the Company to execute its business plan, which may be affected by, among other things, competition, the Company's liquidity position//lack of available cash, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) the Company's ability to continue as a going concern; (3) the Company's ability to service and comply with its indebtedness; (4) the Company's ability to raise additional capital in the near-term; (5) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (6) changes in the applicable laws and regulations, and (7) other risks and uncertainties described in the FY 2024 10-K and the Quarterly Reports, including those under "Risk Factors" therein, and in the Company's other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial InformationThe information in the table below sets forth the non-GAAP financial measures that the Company uses in this release. Because of the inherent limitations associated with these non-GAAP financial measures, "Non-GAAP Net Loss", "Non-GAAP net loss per basic and diluted share", "EBITDA", "Adjusted EBITDA" and "Non-GAAP Adjusted Operating Expenses", should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The Company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, Non-GAAP net loss per basic and diluted share, EBITDA, Adjusted EBITDA, and Non-GAAP Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the Company's business.The following tables reconcile Net Loss to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Adjusted Operating Expenses during the periods below: Velo3D, Inc.Non-GAAP Net Loss Reconciliation(Unaudited)
Three months endedTwelve months ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
($ In thousands)
Revenue
$9,441
$12,626
$45,973
$41,003
Gross profit (loss)
(6,946)
(444)
(7,404)
(2,085)
Net Loss
$(21,897)
$(21,276)
$(71,362)
$(69,865)
Stock-based compensation
2,175
1,912
9,509
11,931
Loss on warrant cancellation
—
—
11,357
—
(Gain) loss on fair value of warrants
96
(183)
1,140
(32,094)
Impairment of equipment subject to operating lease
1,066
—
1,066
—
Gain on fair value of contingent earnout liabilities
(10)
—
(10)
(1,445)
(Gain) loss on debt extinguishment
—
(2,619)
—
4,904
Non-routine inventory adjustment for excess and obsolete inventory
6,979
7,179
6,979
7,179
Non-GAAP Net Loss
$(11,591)
$(14,987)
$(41,321)
$(79,390)
Velo3D, Inc.Non-GAAP Adjusted EBITDA Reconciliation(Unaudited)
Three months endedTwelve months ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
($ In thousands)
Revenue
$9,441
$12,626
$45,973
$41,003
Net Loss
(21,897)
(21,276)
(71,362)
(69,865)
Interest expense
524
3,048
4,364
15,968
Provision (benefit) for income taxes
34
(20)
117
(20)
Depreciation and amortization
1,026
968
3,518
4,912
EBITDA
$(20,313)
$(17,280)
$(63,363)
$(49,005)
Stock-based compensation
2,175
1,912
9,509
11,931
Loss on warrant cancellation
—
—
11,357
—
(Gain) loss on fair value of warrants
96
(183)
1,140
(32,094)
Impairment of equipment subject to operating lease
1,066
—
1,066
-
Gain on fair value of contingent earnout liabilities
(10)
—
(10)
(1,445)
(Gain) loss on debt extinguishment
—
(2,619)
—
4,904
Non-routine inventory adjustment for excess and obsolete inventory
6,979
7,179
6,979
7,179
Non-GAAP Adjusted EBITDA
$(10,007)
$(10,991)
$(33,322)
$(58,530)
Velo3D, Inc.Non-GAAP Adjusted Operating Expenses Reconciliation(Unaudited)
Three months endedTwelve months ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
($ In thousands)
Revenue
$9,441
$12,626
$45,973
$41,003
Operating expenses
Research and development
3,283
2,895
10,653
15,543
Selling and marketing
2,415
1,518
6,766
12,888
General and administrative
9,163
16,234
30,097
48,399
Total operating expenses
$14,861
$20,647
$47,516
$76,830
Stock-based compensation recorded in operating expenses
1,533
1,733
7,465
10,284
Non-GAAP Adjusted operating expenses
$13,328
$18,914
$40,051
$66,546
Velo3D, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except share and per share data)
The three months ended December 31,
The twelve months ended December 31,
2025
2024
2025
2024
Revenue
3D Printer and parts
$7,585
$7,980
$39,183
$25,368
Recurring payment
—
100
70
1,054
Support services
1,696
4,546
6,196
9,581
Other
160
—
524
5,000
Total Revenue
9,441
12,626
45,973
41,003
Cost of revenue
3D Printer and parts
13,822
11,797
47,211
34,159
Recurring payment
—
124
12
866
Support services
2,565
1,149
6,154
8,063
Total cost of revenue
16,387
13,070
53,377
43,088
Gross profit (loss)
(6,946)
(444)
(7,404)
(2,085)
Operating expenses
Research and development
3,283
2,895
10,653
15,543
Selling and marketing
2,415
1,518
6,766
12,888
General and administrative
9,163
16,234
30,097
48,399
Total operating expenses
14,861
20,647
47,516
76,830
Loss from operations
(21,807)
(21,091)
(54,920)
(78,915)
Interest expense
(524)
(3,048)
(4,364)
(15,968)
Gain (loss) on fair value of warrants
(96)
183
(1,140)
32,094
Gain on fair value of contingent earnout liabilities
10
—
10
1,445
Loss on warrant cancellation
—
—
(11,357)
—
Gain (loss) on debt extinguishment
—
2,621
—
(4,904)
Other income (expense), net
554
39
526
(3,637)
Loss before income taxes
(21,863)
(21,296)
(71,245)
(69,885)
(Provision) benefit for income taxes
(34)
20
(117)
20
Net loss
$(21,897)
$(21,276)
$(71,362)
$(69,865)
Net loss per share:
Basic
$(1.03)
$(12.37)
$(4.33)
$(82.46)
Diluted
$(1.03)
$(12.37)
$(4.33)
$(82.46)
Shares used in computing net loss per share:
Basic
21,290,201
1,720,262
16,486,845
847,265
Diluted
21,290,201
1,720,262
16,486,845
847,265
Velo3D, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands, except share and per share data)
December 31,
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$39,013
$1,212
Accounts receivable, net
6,263
3,723
Inventories
27,083
49,953
Contract assets
2,039
500
Prepaid expenses and other current assets
4,564
2,336
Total current assets
78,962
57,724
Property and equipment, net
13,094
14,270
Equipment subject to operating lease, net
1,629
3,673
Other assets
11,663
13,513
Total assets
$105,348
$89,180
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$10,301
$18,538
Accrued expenses and other current liabilities
7,915
3,511
Debt – current portion
6,305
5,666
Contract liabilities
9,281
10,285
Total current liabilities
33,802
38,000
Long-term debt – less current portion
24,710
—
Contingent earnout liabilities
1
11
Warrant liabilities
109
2,167
Other noncurrent liabilities
8,570
9,338
Total liabilities
67,192
49,516
Commitments and contingencies
Stockholders' equity:
Common stock, $0.00001 par value – 500,000,000 shares authorized at December 31, 2025 and December 31, 2024, 24,607,630 and 12,993,962 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
5
4
Additional paid-in capital
536,294
466,441
Accumulated other comprehensive loss
—
—
Accumulated deficit
(498,143)
(426,781)
Total stockholders' equity
38,156
39,664
Total liabilities and stockholders' equity
$105,348
$89,180
Velo3D, Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)
The twelve months ended December 31,
2025
2024
Cash flows from operating activities
Net loss
$(71,362)
$(69,865)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
3,518
4,912
Amortization of debt discount and deferred financing costs
3,306
13,637
Stock-based compensation
9,509
11,931
Gain on exchange of debt for common stock
—
(2,619)
Change in fair value of warrants
1,140
(32,094)
Change in fair value of contingent earnout liabilities
(10)
(1,445)
Impairment of equipment subject to operating lease
1,066
—
Loss on warrant cancellation
11,357
—
Reserve for excess and obsolete inventory
6,979
7,179
Non-cash cost of issuance of common stock warrants on BEPO Offering
—
1,311
Loss on debt extinguishment
—
7,525
Non-cash warrant issuance in connection with August warrant inducement
—
2,439
Provision for credit losses
1,392
2,786
Loss on sale/disposal of fixed assets
24
11
Realized loss on available-for-sale securities
—
23
Changes in operating assets and liabilities
Accounts receivable
(3,932)
3,074
Inventories
11,783
6,121
Contract assets
(1,539)
7,010
Prepaid expenses and other current assets
(2,539)
1,824
Other assets
1,706
3,952
Accounts payable
(2,668)
(743)
Accrued expenses and other liabilities
4,404
(2,578)
Contract liabilities
(846)
5,150
Other noncurrent liabilities
(926)
(2,218)
Net cash used in operating activities
(27,638)
(32,677)
Cash flows from investing activities
Purchase of property and equipment
(2,715)
(9)
Reimbursement of previously incurred leasehold expenditures
—
1,084
Sales of property and equipment
—
20
Proceeds from the sale of available-for-sale securities
—
3,172
Proceeds from maturity of available-for-sale investments
—
3,500
Net cash (used in) provided by investing activities
(2,715)
7,767
Cash flows from financing activities
Proceeds from secured notes
15,000
500
Repayment of secured notes
(2,627)
(11,750)
Proceeds from equipment loan
10,000
—
Payments for issuance cost related to equipment loan
(19)
—
Gross proceeds from December 2025 PIPE Offering
30,000
—
Payments for issuance cost related to December 2025 PIPE Offering
(2,033)
—
Gross proceeds from August 2025 Offering
20,126
—
Payments for issuance cost related to August 2025 Offering
(2,303)
—
Proceeds from capital raise — August Warrant Inducement
—
1,695
Gross proceeds from BEPO Offering
—
12,000
Payments for issuance cost related to the BEPO Offering
—
(1,300)
Issuance of common stock upon exercise of stock options
—
315
Net cash provided by financing activities
68,144
1,460
Effect of exchange rate changes on cash and cash equivalents
5
(4)
Net change in cash and cash equivalents
37,796
(23,454)
Cash and cash equivalents and restricted cash at beginning of period
1,840
25,294
Cash and cash equivalents and restricted cash at end of period
$39,636
$1,840
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:
The twelve months ended December 31,
2025
2024
Cash and cash equivalents
$39,013
$1,212
Restricted cash (Other assets)
623
628
Total cash and cash equivalents and restricted cash
$39,636
$1,840
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Original: Velo3D Announces Fourth Quarter and Full-Year 2025 Financial Results; Unveils Long-Term Capacity Plan Envisioning up to Approximately 400 Production Systems