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Velo3D Inc. (Market Cap: $116.82M; Price: $5.95) is a leading provider of industrial metal 3D printing systems, best known for its Sapphire family of printers. These advanced systems enable manufacturers to produce complex, high-performance components, such as those used in jet engines, rockets, fuel systems, and heat exchangers, that can endure extreme heat, stress, and pressure with unmatched precision. This capability sets Velo3D apart from traditional manufacturing methods and most competing 3D printers.
Demonstrating its strong industry credibility, SpaceX is Velo3D’s largest customer; however, the company has also secured multi-year agreements with other reputable organizations, including Momentus, Amaero, Vaya Space, RTX/Raytheon, and the U.S. Navy.
Under the leadership of CEO Arun Jeli, the company has undergone a major strategic transformation. Jeli, a serial entrepreneur who previously scaled a $10,000 medical startup into a $50 million enterprise, acquired Velo3D in 2024 when it was near bankruptcy and has since led its turnaround. He refocused the business from primarily selling machines to emphasizing Rapid Production Services (RPS), a high-margin parts production model. RPS bookings grew 79% quarter-over-quarter, with space and defense customers driving 87% of demand. While the company’s backlog remained steady at $15.9 million in Q2 2025 versus $16 million in Q4 2024, its quality improved due to a stronger mix of RPS contracts.
Velo3D is also benefiting from powerful industry tailwinds, including rising U.S. defense spending and a national push toward onshoring critical manufacturing. Its metal 3D printing technology is increasingly adopted by the Army, Navy, and defense contractors, enabling faster, more cost-effective domestic production of mission-critical components.
Velo is currently deeply unprofitable (-83.3% EBITDA margins in Q2 2025); however, management expects the company to achieve EBITDA profitability in FY2026. Analysts project FY2026 revenue of $82.8 million and positive EBITDA, implying a forward EV/Sales multiple of approximately 1.7x. This valuation appears reasonable given the company’s improving fundamentals and growing presence in the defense and aerospace markets.
The primary risk facing the company is its continued lack of profitability. As of Q2 2025, Velo3D reported EBITDA margins of -83.3%. However, management expects to reach EBITDA break-even by FY2026