Over the past six months, Velo3D’s stock has been among the most volatile industrial-technology firms on Nasdaq for a reason that sounds almost archaic: the US government has realized again how important it is to manufacture goods domestically. Context is important. The Department of Defense, which is now formally known as the Department of War, started pushing hard in late 2025 to replace slow, conventional metal manufacturing processes with qualified 3D-printed alternatives for vital military components.
Because Velo3D, a U.S.-based industrial-scale OEM with its headquarters located in Fremont, California, is the only company with domestically created Laser Powder-Bed Fusion technology, its Sapphire printers comply with the National Defense Authorization Act’s prohibitions on foreign equipment. Velo3D was essentially a category of one for a defense procurement pipeline searching for large-scale additive manufacturing produced in the United States. For the past few months, the stock price has accurately reflected that.
| Category | Detail |
|---|---|
| Company Profile | Metal additive manufacturing (3D printing) company; headquartered in Fremont, California; CEO Dr. Arun Jeldi; described as the only U.S.-based industrial-scale OEM with domestically developed Laser Powder-Bed Fusion (LPBF) technology; Nasdaq-listed under VELO |
| 52-Week Price Range | $2.81 (low) to $23.84 (high) — one of the wider ranges in the small-cap industrial technology sector; currently trading around $16–$17 in late April 2026 |
| $32.6M Department of War Contract | Announced December 22, 2025 — Other Transition Agreement (OTA) with the Defense Innovation Unit for “Project FORGE”; addresses manufacturing bottlenecks in U.S. defense industrial base; shares surged 14% in premarket trading on announcement day |
| $11.5M Defense Contractor Contract | Announced February 2026 — multi-year contract with a U.S. defense contractor for high-performance critical components using Rapid Production Solution (RPS) and industrial-scale LPBF printing; Velo3D also qualified as first additive manufacturing vendor for U.S. Army ground vehicles |
| $9.8M DLA Five-Year Contract | Announced March 2026 — Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the Defense Logistics Agency for the Joint Additive Manufacturing Acceptability (JAMA) Pilot Parts Program; allows DLA procurement across all U.S. military service branches |
| Andretti Performance Partnership | Announced April 21, 2026 — sponsorship and additive manufacturing partnership for two 2026 IMSA Michelin Pilot Challenge events at Laguna Seca and Indianapolis; shares jumped roughly 34% on announcement day — best single-day move in four months |
| 2025 Financial Performance | Revenue of $46 million (up from $41 million in 2024); 3D printer and parts sales up 54%; GAAP net loss of $71.4 million; gross margin of -16.1%; cash position increased to $39 million following the December 2025 $30 million PIPE financing |
| 2026 Guidance & Further Reference | Management guided to $60–$70 million revenue for 2026 with positive EBITDA expected in the second half; additional coverage at Benzinga and Stock Titan |
Since the defense contract sequence explains the majority of the price activity, it is worthwhile to follow it chronologically. A $32.6 million Other Transition Agreement for “Project FORGE,” which addresses manufacturing bottlenecks throughout U.S. defense supply chains, was announced by Velo3D and the Defense Innovation Unit on December 22, 2025. In premarket trading that morning, the shares saw a 14% increase. In February 2026, the company qualified as the first supplier of additive manufacturing for U.S. Army ground vehicles and announced a $11.5 million multi-year deal for high-performance key components with a U.S. defense contractor.
Then, in March, the Defense Logistics Agency signed a $9.8 million, five-year IDIQ contract for the Joint Additive Manufacturing Acceptability Pilot Parts Program. This contract is significant because it enables the DLA to purchase additively manufactured parts for the Army, Navy, Air Force, Marine Corps, and Space Force. These are not speculative sources of income. They are formalized agreements with specified procurement routes and determined ceiling values.
There has been significant price movement. The company’s comeback from existential problems in early 2025 and the speculative exuberance that has been connected to the defense manufacturing narrative are both reflected in the roughly 9x spread of VELO’s 52-week trading range, which ranges from $2.81 at the low end to $23.84 at the high end.
On April 21, 2026, the announcement that Velo3D had partnered with Andretti Performance as an official sponsor and supplier of additive manufacturing technology for two 2026 IMSA Michelin Pilot Challenge events, showcasing a 3D-printed aluminum CP1 radio-control mounting bracket designed for the No. 43 Porsche, caused shares to jump about 34% in a single session. Although the racing relationship may appear insignificant, the underlying market perception was that Velo3D’s technology has a wide range of applications outside of defense, which helps to allay the stock’s persistent concerns about client concentration.
Beneath the rise, the financial situation is less clear. Revenue for the entire year of 2025 was $46 million, up from $41 million in 2024. This is a slight increase for a business that is currently trading at the kinds of multiples Velo3D commands. A less positive picture is painted by the GAAP net loss of $71.4 million and gross margin of -16.1%.
Due to years of cash burn, Velo3D needed a $30 million PIPE financing in December 2025 (priced at $8.25 per share) to increase its cash position to about $39 million. The route to steady profitability is still limited for a company projecting $60–$70 million in revenue for 2026 with positive EBITDA only anticipated in the second half. Assistance is obtained through the defense contract. The underlying scale issue is not resolved by them.
Observing VELO trading through April 2026 gives the impression that the market is pricing a particular scenario in which the military manufacturing thesis turns into long-term recurring revenue over the course of the following 24 months. The revenue trajectory appears significantly different from the $46 million base if the $32.6 million Project FORGE contract expands into follow-on work, if the DLA IDIQ structure generates consistent order flow across service branches, and if the Rapid Production Solution platform becomes a preferred vendor for additional critical components.
The stock’s current range will appear pricey in retrospect if any of those conditions worsen, such as if procurement slows, if competitors like Relativity Space or conventional machine manufacturers catch up on qualification, or if the capital requirements for scaling production exceed what Velo3D can fund without dilution. The defensive tailwind might actually be long-lasting. It’s also feasible that the chart will change significantly in a year. The question will start to be addressed in the upcoming earnings report.
