Velo3D Inc (VELO) Stock Forecast & Price Target

Velo3D is positioned to benefit from accelerating adoption of metal additive manufacturing in aerospace, defense, and energy, where its Sapphire platform and Flow/Assure software enable complex, mission-critical parts that traditional processes struggle to produce. Revenue rose 52% year over year to $20.7 million in 2Q26, bookings reached $29 million, backlog was $31 million, and cash stood at $91.1 million, while the company raised 2026 revenue guidance to $65 million-$75 million and reaffirmed >30% gross margin and positive adjusted EBITDA in 2H26. Its shift toward Rapid Production Solutions and the new 289,000-square-foot Forge 1 campus support more durable recurring demand, better utilization, and operating leverage as qualified programs move into production.

Velo3D is viewed negatively because, despite 2Q26 revenue rising 52.3% y/y to $20.7M, the company still posted a non-GAAP net loss of $(9.0)M, adjusted EBITDA of $(8.1)M, and non-GAAP operating expenses of $13.1M, underscoring weak operating leverage and persistent cash burn. Its 21.5% non-GAAP gross margin improved from (11.7)%, but management still faces execution risk, slow adoption of its RPS platform, customer concentration in space, energy, and defense, and ongoing competition from larger, better-capitalized peers. The outlook remains pressured by substantial going-concern doubt disclosed in 2023 and still present in March 2026, along with 2025 operating losses of $54.9M, prior reverse stock splits, and likely future financing needs.