Velo3D Stock Falls 19% After Q3 Results Cut Gross Margin and Capex Guidance

Velo3D (Nasdaq: VELO) shares fell 18.9% on Wednesday, Nov. 11, 2026, closing at $4.90 from $6.04 the previous close, while the S&P 500 ETF (SPY) rose 1.32%. The stock traded on 2.9 times its normal volume. The move followed the company's third-quarter results, which it released in an 8-K filed the evening before the session with the press release attached.

Guidance was revised lower in key areas

Velo3D reaffirmed its 2026 revenue guidance of $65 million to $75 million, but it revised its gross margin outlook and said it is no longer providing its prior expectation of greater than 30% gross margin in the second half of 2026. It now expects only sequential improvement in gross margin in the fourth quarter. The company also cut its 2026 capital expenditure guidance to $10 million to $20 million from $40 million to $50 million, citing a shift of a substantial portion of planned spending into 2027. It now expects positive net cash from operations and positive EBITDA in 2028, compared with its prior expectation of positive EBITDA in the second half of 2026.

Third-quarter figures

Revenue rose about 50% to $20.5 million, and new bookings were $28.9 million. Gross margin was 26.5%, up from 3.2% a year earlier. GAAP net loss widened to $16.7 million, or $0.52 per share, from $11.2 million, or $0.65 per share, a year earlier. Operating expenses rose to $22.7 million from $10.4 million.

Cash and debt

Cash and cash equivalents were $75.7 million as of Sept. 30, 2026. Total debt fell about 76% to $7.4 million. The company said it no longer has substantial doubt about its ability to continue as a going concern for the next twelve months. The company's 10-Q was filed later that evening.

The company did not give a reason for the stock's decline beyond the results and guidance changes described in its release.