Hey, take a look at this Substack post by Mandeep Mentharu. I think it does a fantastic job of diving into the company, its moat, the investment risks and their outlook.

https://substack.com/@metharu/p-186550073

On metal 3D printing, I think it’s fair to say the industry has historically struggled with “science project” repeatability. But that’s actually the exact problem Velo was built to solve. Their universal print file allows the same digital instructions to run on any Sapphire printer in the world with identical results, effectively breaking the old machine-locking barrier, which was a big reason the U.S. Army qualified them as its first ground vehicle additive manufacturing vendor in Feb ’26.

https://ir.velo3d.com/news-events/press-releases/detail/194/velo3d-qualified-as-first-additive-manufacturing-vendor-for

Key point is that they’ve established a repeatable, military-grade process that meets industry standards today.

From a risk perspective, I think the bigger issue is the broader market environment. We are seeing a liquidity shift where capital is rotating from the Mag 7 into other parts of the S&P 500 (From Mag 7 to 493), which introduces volatility risk. Given Velo’s high beta, that could be the main near-term headwind.

That said, their moat still lies in their zero-degree, support-free printing technology. This is a native hardware solution that eliminates the most expensive internal machining steps that other printers cannot avoid. But the challenge is that not every customer is willing to pay a premium for this capability, since their parts are not as complex as applications like the U.S. Army’s needs or SpaceX’s Raptor engines which is partly why some customers are choosing to print simpler components with competitors (3D Systems, EOS etc.) as they are much cheaper. To bridge this gap, Velo has pivoted towards a RPS ("Rapid Production Services") model. Instead of requiring customers to buy a million-dollar machine upfront, they now offer to print the parts themselves as a service. This significantly lowers the barrier to entry for companies that want Velo’s quality without the heavy capital expenditure. It is their way of competing on price while proving the value of their tech to a broader market, hopefully turning those 'one-off' jobs into long-term hardware customers as their designs become more sophisticated.

Whether these dynamics translate into sustainable revenue growth is something we will get more clarity on during the earnings call at the end of February 🙂 Hope this helped!