Velo3D, Inc.

Metal additive-manufacturing (3D-printing) company with a negative gross margin and deep losses.

Strengths

• Adequate near-term liquidity — current ratio 2.4 (18th)

Risks

• Negative gross margin, deep losses — gross margin -16%, operating margin -119%
• Leverage — D/E 0.81 (76th)
• Going-concern/capital-need risk — per 10-K

Notable findings

• Going concern• There is substantial doubt about our ability to continue as a going concern, which could have a material adverse impact on our business
• Net lossNet loss (net margin -155.2%)
• Cash burnNegative free cash flow (-30.0M)
• Material weakness• We have identified material weaknesses in our internal control over financial reporting and we may identify additional material weaknesses in the future or otherwise fail to maintain effective inter
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
• Buying back stockNet buyback — share count -52%/yr over 4y
• Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, ARK Investment Management LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
• New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC, ARK Investment Management LLC
• China exposure• Our participation in defense and government-related programs may subject us to heightened contractual, regulatory, cybersecurity, export control and audit requirements, and any failure to comply cou