Velo3D (VELO) Q4-25 earnings: Biting a $7M bullet to build a 400-machine defense empire

Velo3D’s Q4 2025 print pairs a brutal negative 73% gross margin with a record $31 million defense backlog as they radically pivot the business model.In this episode:• Why a $7M inventory write-down wiped out Q4 profitability.• The massive 400-machine gigafactory expansion plan over the next decade.• Becoming the first 3D vendor qualified for US Army Ground Vehicles.• Why management delayed their positive EBITDA target to late 2026.The company is completely tearing down its legacy hardware model to sell rapid manufacturing capacity as a service. While sticky defense contracts and localized California micro-factories present massive upside, Velo3D will need serious capital to fund this infrastructure push. We explore how they plan to finance a hardware empire using asset-backed debt instead of shareholder dilution.Velo3D (VELO) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.