December, 2025
Dear Velo3D Team, Customers, Partners, and Investors
Nearly one year ago, I made one of the biggest decisions in my life to acquire and lead Velo3D, Inc. As I reflect on this anniversary, I’m reminded of another defining moment in my journey, arriving in America decades ago with just $200 in my pocket and a belief that in this country, anything is possible.
Today, as CEO of one of America’s most advanced manufacturing companies, I can tell you the American Dream is alive, and it’s being built right here at Velo3D, one part at a time.
From $200 to Leading a National Treasure
My story is not unique among immigrants who helped build American innovation. What’s unique is the privilege of leading a company that our CTO, Darren Beckett, rightfully calls “a national treasure,” the only U.S. company with our levels of advanced additive manufacturing capabilities.
When I arrived in America with that $200 in my pocket, I couldn’t have imagined that one day I’d be entrusted with securing America’s manufacturing sovereignty. But that’s the beauty of this country: it doesn’t matter where you come from or what you start with. What matters is your willingness to work, to innovate, and to never give up.
That same spirit defines Velo3D today.
One Year of Transformation
When Arrayed Notes Acquisition Group became the majority shareholder of Velo3D in December 2024, I inherited a company that had never been profitable in its 10 year history. The easy path would have been to cut deep, reduce headcount, and shrink to survive. Instead, we chose the American way: we invested, we innovated, and we grew.
Here’s what we’ve accomplished in just 12 months:
Financial Renaissance
- Revenue Surge: From crisis to $13.6 million in Q3 2025, projecting $50 to 60 million for the full year, over 30% growth
- Nasdaq Listing: Successfully uplisted and raised $17.5 million in new capital
- Path to Profitability: On track for EBITDA positive in H1 2026, a first in company history
Operational Excellence
- AS9100D Certified: Achieved aerospace’s gold standard for quality
- RPS Growth: Rapid Production Services backlog up 22% quarter-over-quarter
- Production Speed: Delivering in 3 months what traditionally takes 2 years at 40% less cost
- Customer Expansion: 40% of RPS customers are net new since the start of FY
Strategic Victories
- $6 Million U.S. Navy Contract: Developing copper-nickel alloy for ship repairs
- $4 Million Army DEVCOM Partnership: Advancing missile defense manufacturing
- First U.S. OEM to qualify CuNi for naval applications
- 48% of bookings from Defense & Space sectors
We Invested in Our People
When I interviewed our Sr. Director of HR, Persi Shafto, I made one thing crystal clear: we will invest in our people. We’re upskilling our people for the future of manufacturing. Because I know what it’s like to start with little and build something meaningful. Every one of our employees represents not just a job, but a team member, a dream, an American story.
As I tell my team: “Leave your ego at the door and put our customers first.” When we work as one, we can achieve what others call impossible.
Grit, Discipline, and Dedication
This isn’t just a comeback story; it’s an American success story of grit. It’s about a company that refused to quit, employees who rolled up their sleeves, and loyal customers who had our backs.
Our CRO, Michelle Sidwell, captured it perfectly: “The fact that we’re back didn’t come by chance. Came from grit, discipline, and dedication.”
That grit is American grit. That discipline is immigrant discipline. That dedication is the dedication of people who know that in this country, second chances can become first-place finishes.
Building America’s Future, One Part at a Time
Today, Velo3D parts:
- Power rocket engines reaching for Mars
- Strengthen our Navy’s fleet readiness
- Advance our Army’s defense capabilities
- Enable the next generation of American innovation
By 2050, our components will fly to the Moon and Mars, defend our nation, and power our infrastructure. But we’re not waiting, we’re delivering that future now.
A Personal Promise
Coming to America taught me that success isn’t measured by what you start with, but by what you build for others. Today, Velo3D isn’t just building parts, we’re building opportunities:
- For our employees to grow and lead the industry
- For our customers to achieve the impossible
- For America to lead in advanced manufacturing
Join Our American Story
To our customers who stayed with us through the storm: Your trust made this transformation possible. We will never forget.
To new partners evaluating Velo3D: We offer what no other American company can: advanced technology, proven resilience, and the work ethic that built this nation.
To prospective employees: This is your chance to be part of something historic. As our Director of Manufacturing notes, our floor today is drastically different than six months ago, creating unprecedented opportunities for growth.
To our investors: You’re not just funding a company; you’re investing in American manufacturing independence.
Year Two Begins Now
One year ago, I took on the challenge of saving Velo3D. Today, we’re moving faster than ever. But I’m not satisfied. I know there’s more work to do, more to build, more to prove.
My vision for year two is simple: Make Velo3D synonymous with American manufacturing excellence and innovation. Make it the company where impossible becomes inevitable. Make it proof that the American Dream isn’t just alive, it’s thriving right here in Fremont, California, in the heart of Silicon Valley.
This Is Our Time
You can count on Velo3D because we’re not just building parts. We’re printing the future.
And we’re just getting started.
With gratitude and determination,
Dr. Arun Jeldi Chief Executive Officer Velo3D, Inc.
This letter contains forward-looking statements regarding our projected financial performance, business plans, and future operations. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.