Technology

Velo3D Announces Third Quarter 2026 Financial Results

Published

2 days ago

November 10, 2026

Revenue of $20.5 million, up 50% year-over-yearNew bookings of $28.9 million Gross margin of 26.5%Cash and cash equivalents of $75.7 million as of September 30, 2026Reaffirms 2026 Revenue Guidance; Revises 2026 Gross Margin Guidance; Reduces 2026 Capital Expenditures Guidance; Now Expects Positive Net Cash from Operations in 2028

FREMONT, Calif., Nov. 10, 2026 /PRNewswire/ — Velo3D, Inc. (Nasdaq: VELO) (“Velo3D” or the “Company”), a leading metal additive manufacturing (“AM”) technology company focused on aerospace and defense supply chains, today announced financial results for its third quarter ended September 30, 2026.

Arun Jeldi, Chief Executive Officer of Velo3D, said, “We delivered solid third quarter results, with revenue increasing approximately 50% year-over-year to $20.5 million and new bookings reaching $28.9 million, exceeding revenue for the quarter. These results reflect continued customer demand for our metal additive manufacturing technology and the progress we are making in executing our growth strategy. Operating expenses increased as we continued investing in the people, technology and operational capabilities needed to bring our Livermore Production Campus, Forge 1, online and prepare for expanded production. We believe these investments are an important step in positioning Velo3D to scale operations and meet customer demand.

Looking ahead, Forge 1 is central to Velo3D’s next phase of growth and is expected to significantly expand our production capacity as it becomes fully operational, enabling us to pursue larger production programs and capture opportunities across aerospace, defense, space and energy. While a substantial portion of our planned capital expenditures is shifting into 2027, we believe these investments in infrastructure, talent and manufacturing capabilities are essential to scaling our operations, strengthening execution and building the foundation for sustainable, profitable growth.”

Recent Business Developments

Opened the new Livermore Production Campus, Forge 1 in July 2026. The campus has commenced operations in phases and is not yet operating at scale. It is expected to significantly expand the Company’s manufacturing production capacity as it is brought to full operation, and to support demand from aerospace and defense customers for the Company’s metal additive manufacturing solutions. The Company expects Forge 1 to serve as its primary production and manufacturing center.Joined the Government-Industry Data Exchange Program (GIDEP) to further strengthen quality, reliability and supply-chain risk management for defense manufacturing activities, providing access to critical technical and quality information that supports risk mitigation and the production of mission-critical components for U.S. defense programs.Expanded partnership with Mears Machine Corporation as Mears ordered its sixth Sapphire® XC system, dedicated to copper-nickel (CuNi) additive manufacturing. The system expands Velo3D’s production platform into a material critical to shipbuilding and offshore applications, enabling U.S.-based production of corrosion-resistant components.Expanded technology and operational capabilities with the appointments of Vic Fryzel as Executive Vice President, Technology, and Robert Purnell as Senior Director, Operations, to advance platform reliability, manufacturing readiness, quality and delivery performance at Forge 1, supporting scalable production and Velo3D’s Rapid Production Solutions offering.

($ in Millions, except percentages and per-share data)

3rd Quarter 2026

3rd Quarter 2025

GAAP revenue

$20.5

$13.6

GAAP gross margin

26.5 %

3.2 %

GAAP net loss1

($16.7)

($11.2)

GAAP net loss per share – basic and diluted

($0.52)

($0.65)

Non-GAAP net loss1,2

($10.8)

($9.3)

Non-GAAP net loss per share – basic and diluted1,2

($0.34)

($0.54)

Information about Velo3D’s use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States of America (“GAAP”), is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.

Non-GAAP net loss and non-GAAP net loss per basic and diluted share exclude stock-based compensation expense, loss on warrant cancellation, and fair value adjustments for the Company’s warrants and earnout liability.

Summary of Third Quarter 2026 Results

Total revenue was $20.5 million. 3D Printer and parts revenue was $18.8 million and increased 57.0% compared to $12.0 million in the third quarter of 2025. This increase was driven by an increase in the number of 3D Printer systems sold, higher average selling prices and a more favorable product mix, as well as an increase in RPS revenue driven by higher production volume during the three months ended September 30, 2026, compared to the three months ended September 30, 2025.

Gross margin for the third quarter was 26.5% compared to 3.2% in the third quarter of 2025. Gross profit and gross margin improved primarily due to higher average selling prices, a more favorable product mix, improved manufacturing efficiencies and increased production volumes that improved the absorption of fixed manufacturing costs, a net release of excess and obsolete inventory reserves in the current period, reflecting the utilization in production of previously reserved inventory, partially offset by increases in reserves for other inventory. Results also benefited from the prospective refinement in the allocation of certain labor and overhead costs between cost of revenue and operating expenses, implemented in the second quarter of 2026 to better align such costs with current operational activities.

Operating expenses for the third quarter were $22.7 million compared to $10.4 million in the third quarter of 2025. Non-GAAP adjusted operating expenses, excluding stock-based compensation recorded in operating expenses of $5.7 million, were $17.0 million, up from $9.1 million in the third quarter of 2025.

GAAP net loss for the third quarter was ($16.7) million, or ($0.52) per basic and diluted share, compared to ($11.2) million, or ($0.65) per basic and diluted share in the third quarter of 2025.

Non-GAAP net loss for the third quarter was ($10.8) million compared to ($9.3) million in the third quarter of 2025. Adjusted EBITDA for the third quarter was ($9.8) million compared to ($7.3) million in the third quarter of 2025. For more information regarding the Company’s non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Information” below.

The Company had $28.9 million in new bookings during the third quarter and backlog of $40.1 million as of September 30, 2026.

As of September 30, 2026, the Company had $75.7 million of cash and cash equivalents, compared to $39.0 million as of December 31, 2025. The increase was driven primarily by net cash provided by financing activities of approximately $98.6 million during the first nine months of 2026, partially offset by approximately $52.2 million of cash used in operating activities and approximately $6.4 million of cash used in investing activities. In April 2026, the Company completed a firm commitment underwritten registered direct offering of 3,571,428 shares of its common stock, resulting in gross proceeds of approximately $50 million (approximately $46.6 million net of issuance costs). The Company also raised gross proceeds of approximately $59.4 million during the second quarter under its at-the-market offering program (approximately $57.4 million net of issuance costs). As a result of the conversion of the Company’s convertible secured notes into common stock in March 2026, the repayment in full of its Secured Notes and scheduled repayments under its equipment loan, the Company’s total outstanding debt decreased by approximately 76% to $7.4 million as of September 30, 2026, from $31.0 million as of December 31, 2025.

In connection with the preparation of its financial statements for the third quarter of 2026, management evaluated the Company’s ability to continue as a going concern and concluded that there is no longer substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of its third quarter 2026 financial statements. Management’s assessment does not assume that additional financing is required to fund operations or satisfy obligations during that period. Additional information will be included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Guidance

Management is reaffirming its full-year 2026 revenue and non-GAAP adjusted operating expense guidance, is revising its gross margin guidance and reducing its capital expenditure outlook, and is providing an expected timeline for achieving positive net cash from operations and an updated expected timeline for achieving positive EBITDA as follows:

Revenue in the range of $65 million to $75 million.Sequential improvement in gross margin in the fourth quarter of 2026. The Company is no longer providing its prior expectation of greater than 30% gross margin in the second half of 2026.Non-GAAP adjusted operating expenses in the range of $45 million to $55 million.Capital expenditures in the range of $10 million to $20 million, reduced from the Company’s prior expectation of $40 million to $50 million, primarily reflecting the shift of a substantial portion of planned capital expenditures into 2027.Positive net cash from operations and positive EBITDA in 2028, compared with the Company’s prior expectation of positive EBITDA in the second half of 2026.

Conference Call

The Company will host a conference call for investors to discuss its third quarter 2026 financial results at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time on November 10, 2026. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D’s website at ir.velo3d.com.

About Velo3D:

Velo3D is a metal 3D printing technology company that enables customers to build mission-critical metal parts. The fully integrated solution includes the Flow print preparation software, the Sapphire® family of printers, and the Assure quality control system—all of which are powered by Velo3D’s Intelligent Fusion® manufacturing process. Learn more at velo3d.com.

Velo, Velo3D, Sapphire and Intelligent Fusion are registered trademarks of Velo3D, Inc. Flow, Flow Developer, Without Compromise and Assure are trademarks of Velo3D, Inc.

Investor Relations:
Hayden IR
James Carbonara
investors@velo3d.com

Media Contact:
Velo3D
press@velo3d.com

During the third quarter of 2026, the Company revised its previously issued unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 to correct errors related to its excess and obsolete inventory reserve. The revisions reduced the previously reported net loss for the six months ended June 30, 2026 by approximately $1.6 million. Nine-month 2026 amounts in this release reflect the revised amounts. See Note 2 to the condensed consolidated financial statements in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Amounts herein pertaining to the Company’s third quarter ended September 30, 2026 results represent a preliminary estimate as of the date of this earnings release and may be revised upon filing of the Company’s Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”). Additional information on the Company’s results of operations for the three and nine months ended September 30, 2026 will be provided upon the filing of its Quarterly Report on Form 10-Q with the SEC.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s guidance for fiscal year 2026 (including the Company’s estimates for revenue, gross margin, non-GAAP adjusted operating expenses and capital expenditures), the Company’s expectations regarding the timing and amount of its capital expenditures, including the shift of planned capital expenditures into 2027 and its ability to finance them, the Company’s expectations regarding its ability to achieve positive EBITDA and positive net cash provided by operating activities in 2028, management’s conclusion that conditions and events no longer raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following issuance of its third quarter 2026 financial statements, the Company’s expectations regarding the remediation of the remaining material weaknesses in its internal control over financial reporting, the Company’s expectations about future demand, growth, profitability, long-term value, capacity requirements and operational efficiencies, scaled production, pipeline of opportunities, customer priorities, gross margins, the Company’s expectations regarding its liquidity and capital requirements, including any plans to raise additional capital to support its expansion and the potential sources and uses of that capital, and the Company’s beliefs regarding its ability to execute on strategic initiatives, scale operations, achieve sustainable, profitable growth and capitalize on demand, the Company’s expectations regarding the timing of the Livermore Production Campus (Forge 1) becoming fully operational and its expected manufacturing capacity, role as the Company’s primary production and manufacturing center, delivery timelines, and cost benefits, the expected benefits of the Company’s participation in the Government-Industry Data Exchange Program and its recent leadership appointments, the Company’s expectations regarding the development, introduction, timing and anticipated benefits of new products, including expected improvements in productivity, output per printer and cost, the Company’s expectations regarding its potential cost savings, the Company’s expectations about its market strategy and financial and operational position, the Company’s expectations that the RPS parts production business will contribute an increasing share of revenue, and the Company’s other expectations, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “FY 2025 10-K”) and its Quarterly Reports on Form 10-Q (“Quarterly Reports”), including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 to be filed with the SEC, and the other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability of the Company to execute its business plan, which may be affected by, among other things, competition, the Company’s liquidity position, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (2) whether the Company’s existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements, and the Company’s ability to continue as a going concern; (3) the Company’s ability to service and comply with its indebtedness; (4) the Company’s ability to raise additional capital on acceptable terms, or at all; (5) the Company’s ability to equip, commission, qualify and ramp Forge 1 on the expected timeline and budget, and the risk of operating Forge 1 below capacity given its fixed lease and operating costs; (6) the impact of tariffs, supplier pricing and credit terms on the Company’s cost of revenue and gross margin, and the risk that gross margin will vary from period to period, including as a result of inventory-related adjustments; (7) the Company’s dependence on a limited number of customers for a significant portion of its revenue; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the risk that future sales of common stock, including sales under the Company’s at-the-market offering program, will dilute existing stockholders and may adversely affect the market price of the Company’s common stock; (10) changes in the applicable laws and regulations; (11) risks related to the Company’s exposure to government and defense contracts, including potential delays or reductions in government funding, government shutdowns, changes in defense procurement priorities or spending levels, and the timing and uncertainty of government contract awards and modifications; (12) the risk that the Company’s backlog and bookings may not convert into revenue on the timelines the Company expects, or at all; (13) the Company’s ability to remediate the remaining material weaknesses in its internal control over financial reporting; (14) the risk that the Company may not achieve its financial guidance for fiscal year 2026, or its expectations regarding positive EBITDA and positive net cash provided by operating activities in 2028, and that actual results may differ materially from, or that the Company may revise, such guidance or expectations; and (15) other risks and uncertainties described in the FY 2025 10-K and the Quarterly Reports, including those under “Risk Factors” therein, and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable law.

Non-GAAP Financial Information

The information in the table below sets forth the non-GAAP financial measures that the Company uses in this release. Because of the inherent limitations associated with these non-GAAP financial measures, “Non-GAAP Net Loss”, “Non-GAAP net loss per basic and diluted share”, “EBITDA”, “Adjusted EBITDA” and “Non-GAAP Adjusted Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. The Company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, Non-GAAP net loss per basic and diluted share, EBITDA, Adjusted EBITDA, and Non-GAAP Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the Company’s business.

Management uses “Non-GAAP Net Loss”, “Non-GAAP net loss per basic and diluted share”, “EBITDA”, “Adjusted EBITDA” and “Non-GAAP Adjusted Operating Expenses” to evaluate operating performance, prepare budgets and forecasts, and evaluate performance for compensation purposes. Management believes these measures are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies.

Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

The Company’s non-GAAP adjusted operating expenses are calculated by excluding stock-based compensation recorded in operating expenses. The Company’s EBITDA is calculated as net loss excluding interest expense, provision for (benefit from) income taxes, and depreciation and amortization. Adjusted EBITDA further excludes stock-based compensation, loss on warrant cancellation, fair value adjustments for the Company’s warrants and earnout liability. With respect to the Company’s guidance regarding non-GAAP adjusted operating expenses for 2026 and EBITDA for 2028, the Company cannot provide, without unreasonable effort, a quantitative reconciliation to the most directly comparable GAAP measures, operating expenses and net loss, respectively, because it cannot predict with reasonable certainty certain items needed to calculate such measures, including stock-based compensation expense, which depends on future grants and the price of the Company’s common stock, and interest income and expense, income taxes and depreciation and amortization associated with the timing of future capital expenditures. These items could have a significant impact on the Company’s GAAP results.

Velo3D, Inc.

Non-GAAP Net Loss Reconciliation

(Unaudited)

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

($ In thousands)

Revenue

20,450

13,640

54,930

36,532

Gross profit (loss)

5,418

433

14,369

(458)

Net Loss

(16,692)

(11,188)

(33,608)

(49,465)

Stock-based compensation

5,928

1,905

10,311

7,335

(Gain) loss on fair value of warrants

(68)

—

(27)

1,044

Gain on fair value of contingent earnout

(1)

—

(1)

—

Loss on warrant cancellation

—

11,357

Non-GAAP Net Loss

(10,833)

(9,283)

(23,325)

(29,729)

Velo3D, Inc.

Non-GAAP Adjusted EBITDA Reconciliation

(Unaudited)

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

($ In thousands)

Revenue

20,450

13,640

54,930

36,532

Net Loss

(16,692)

(11,188)

(33,608)

(49,465)

Interest expense

160

1,198

1,068

3,840

Provision for (benefit from) income taxes

(21)

(14)

(4)

Depreciation and amortization

884

813

2,358

2,630

EBITDA

(15,669)

(9,191)

(30,186)

(42,912)

Stock-based compensation

5,928

1,905

10,311

7,335

(Gain) loss on fair value of warrants

(68)

—

(27)

1,044

Gain on fair value of contingent earnout

(1)

—

(1)

—

Loss on warrant cancellation

—

11,357

Non-GAAP Adjusted EBITDA

(9,810)

(7,286)

(19,903)

(23,176)

Velo3D, Inc.

Non-GAAP Adjusted Operating Expenses Reconciliation

(Unaudited)

Three months ended

Nine months ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

($ In thousands)

Revenue

20,450

13,640

54,930

36,532

Operating expenses

Research and development

5,387

2,722

12,948

7,369

Selling and marketing

3,178

1,797

7,749

4,351

General and administrative

14,141

5,907

27,377

20,934

Total operating expenses

22,706

10,426

48,074

32,654

Stock-based compensation recorded in operating expenses

5,696

1,310

9,332

5,933

Non-GAAP Adjusted operating expenses

17,010

9,116

38,742

26,721

Velo3D, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)

The three months ended September 30,

The nine months ended September 30,

2026

2025

2026

2025

Revenue

3D Printer and parts

18,832

11,993

49,821

31,598

Recurring payment

—

Support services

1,411

1,351

4,174

4,500

Other

207

296

935

364

Total Revenue

20,450

13,640

54,930

36,532

Cost of revenue

3D Printer and parts

13,950

11,855

37,802

33,389

Recurring payment

—

Support services

1,082

1,352

2,759

3,589

Total cost of revenue

15,032

13,207

40,561

36,990

Gross profit (loss)

5,418

433

14,369

(458)

Operating expenses

Research and development

5,387

2,722

12,948

7,369

Selling and marketing

3,178

1,797

7,749

4,351

General and administrative

14,141

5,907

27,377

20,934

Total operating expenses

22,706

10,426

48,074

32,654

Loss from operations

(17,288)

(9,993)

(33,705)

(33,112)

Interest expense

(160)

(1,198)

(1,068)

(3,840)

Gain (loss) on fair value of warrants

—

(1,044)

Gain on fair value of contingent earnout liabilities

—

Loss on warrant cancellation

—

(11,357)

Other income (expense), net

666

(11)

1,133

(29)

Loss before income taxes

(16,713)

(11,202)

(33,612)

(49,382)

Provision for (benefit from) income taxes

(21)

(14)

(4)

Net loss

(16,692)

(11,188)

(33,608)

(49,465)

Net loss per share:

Basic and Diluted

(0.52)

(0.65)

(1.16)

(3.33)

Shares used in computing net loss per share:

Basic and Diluted

32,199,624

17,124,361

28,915,965

14,868,372

Velo3D, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

September 30,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

75,732

39,013

Accounts receivable, net

8,658

6,263

Inventories, net

30,765

27,083

Contract assets

16,303

2,039

Prepaid expenses and other current assets

12,963

5,722

Total current assets

144,421

80,120

Property and equipment, net

23,216

13,094

Equipment subject to operating lease, net

494

1,629

Other assets

84,174

10,505

Total assets

252,305

105,348

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

6,440

10,301

Accrued expenses and other current liabilities

7,702

7,915

Debt – current portion

3,261

6,305

Contract liabilities

10,788

9,281

Total current liabilities

28,191

33,802

Long-term debt – less current portion

4,135

24,710

Contingent earnout liabilities

—

Warrant liabilities

109

Other noncurrent liabilities

82,595

8,570

Total liabilities

115,002

67,192

Stockholders’ equity:

Common stock, $0.00001 par value — 500,000,000 shares authorized at September 30, 2026 and December 31, 2025, respectively, 32,260,870 and 24,607,630 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

669,049

536,294

Accumulated deficit

(531,751)

(498,143)

Total stockholders’ equity

137,303

38,156

Total liabilities and stockholders’ equity

252,305

105,348

Velo3D, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

The nine months ended September 30,

2026

2025

Cash flows from operating activities

Net loss

(33,608)

(49,465)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

2,358

2,630

Amortization of debt discount and deferred financing costs

148

Stock-based compensation

10,311

7,335

(Gain) loss on fair value of warrants

(27)

1,044

Gain on fair value of contingent earnout liabilities

(1)

—

Loss on warrant cancellation

—

11,357

Reserve for excess and obsolete inventory

1,948

—

Provision for credit losses

Non-cash lease expense

156

105

Loss on sale/disposal of fixed assets

—

Changes in operating assets and liabilities

Accounts receivable

(2,452)

(2,986)

Inventories

(3,177)

11,333

Contract assets

(14,264)

(2,938)

Prepaid expenses and other current assets

(7,241)

507

Other assets

871

(5,890)

Accounts payable

(10,052)

(1,762)

Accrued expenses and other liabilities

(1,543)

11,876

Contract liabilities

1,507

(2,057)

Other noncurrent liabilities

2,947

(888)

Net cash used in operating activities

(52,193)

(19,590)

Cash flows from investing activities

Purchase of property and equipment

(6,375)

(2,112)

Net cash used in investing activities

(6,375)

(2,112)

Cash flows from financing activities

Proceeds from convertible secured notes

—

15,000

Gross proceeds from April 2026 Offering

50,000

—

Payment for issuance costs related to April 2026 Offering

(3,408)

—

Gross proceeds from ATM Offering

59,428

—

Payment for issuance costs related to ATM Offering

(2,070)

—

Gross proceeds from August 2025 Offering

—

20,125

Payment for issuance cost related to August 2025 Offering

—

(2,303)

Repayment of 2025 equipment loan

(2,282)

—

Repayment of secured notes

(3,039)

(499)

Net cash provided by financing activities

98,629

32,323

Effect of exchange rate changes on cash and cash equivalents

Net change in cash and cash equivalents and restricted cash

40,067

10,625

Cash and cash equivalents and restricted cash at beginning of period

39,636

1,840

Cash and cash equivalents and restricted cash at end of period

79,703

12,465

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown on the condensed consolidated statements of cash flows:

The nine months ended September 30,

2026

2025

Cash and cash equivalents

75,732

11,842

Restricted cash (Other assets)

3,971

623

Total cash and cash equivalents and restricted cash

79,703

12,465

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SOURCE Velo3D, Inc.

Technology

Govee Strengthens Its Commitment to User Security with Updated Security Response Center

Published

19 minutes ago

November 12, 2026

BELLEVUE, Wash., Nov. 12, 2026 /PRNewswire/ — Govee, a global leader in smart lighting, today announced the update of its official Security Response Center, reinforcing its ongoing commitment to protecting user privacy and product security through greater transparency and closer collaboration with the global security research community.

At Govee, user privacy and product security are top priorities. The updated Security Response Center provides a centralized platform where users and researchers can access security advisories, stay informed about security updates, and learn more about Govee’s coordinated vulnerability disclosure process.

As part of this initiative, Govee is strengthening its engagement with security researchers worldwide through its Vulnerability Reward Program. Researchers are encouraged to responsibly report potential vulnerabilities, with eligible submissions qualifying for bounty rewards following review and verification, directly through Govee’s Security Response Center Portal.

The platform also features a Contributors section, publicly recognizing researchers who have helped improve Govee products and services, with their consent.

Through continued investment in security, transparent communication, and collaboration with independent researchers, Govee remains committed to delivering safer, more reliable products and experiences for its users.

For more information, visit the Govee Security Response Center: security.govee.com

About Govee

Govee has been revolutionizing the smart living experience with innovative, ambient lighting solutions since 2017. From living spaces, gaming setups, and outdoor areas, Govee’s smart home tech is not just visually stunning, but also functional – transforming small everyday moments into more personalized and brighter engaging lighting experiences. Embracing the idea that users should “Life is Colorful” and push the boundaries of what lighting can do by blending design, and utility. To learn more about Govee, please visit govee.com.

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SOURCE Govee

Technology

Rafay and Fortanix Help Neoclouds, Sovereign AI Clouds and Enterprises Deliver Confidential AI as a Service

Published

19 minutes ago

November 12, 2026

Joint solution lets operators run customers’ AI workloads in attested, hardware-isolated environments where sensitive data and models stay encrypted even while in use.

SUNNYVALE, Calif., Nov. 12, 2026 /PRNewswire/ — Rafay Systems and Fortanix® Inc. today announced a joint solution that lets neoclouds, sovereign AI clouds and enterprises deliver confidential AI as a Service. The Rafay Platform now orchestrates workloads that run on CNCF® Confidential Containers (CoCo) with Fortanix Confidential AI, extending the companies’ existing integration for confidential virtual machines.

With the joint solution, operators can offer AI workloads that run inside hardware-based Trusted Execution Environments (TEEs), where encryption keys are released only after Fortanix verifies the environment and AI workload through cryptographic attestation. End users launch those workloads from the Rafay Developer Hub without filing a support ticket.

In regulated industries such as financial services, healthcare and the public sector, many of the mission critical AI use cases involve sensitive data such as customer records, patient information and financial transactions, and model providers need to protect the proprietary models that process it. These workloads often run on GPU infrastructure operated by a 3rd party: a neocloud, a sovereign cloud or a shared internal AI factory. Encryption protects data at rest and in transit, but without confidential computing, data and model weights must be decrypted for processing, leaving them exposed in CPU and GPU memory to anyone with privileged access to the infrastructure. Research from Fortanix and Atomik Research found that while 93% of AI leaders understand traditional encryption does not protect data while AI is processing it, only half can fully verify that protection is in place during inference.

“Confidential computing enables model owners to deploy proprietary AI models on third-party infrastructure with reduced risk of exposing valuable intellectual property, while creating new revenue opportunities for cloud operators to offer premium, security-focused AI inference services.” said Mohan Atreya, chief product officer at Rafay. “Fortanix verifies the environment through cryptographic attestation and controls the secure key release. Rafay turns that into a governed, multi-tenant service, so a neocloud or sovereign cloud can offer confidential AI as a SKU, and its customers can run sensitive workloads on infrastructure they don’t operate. With Confidential Containers, that model now reaches the Kubernetes pod, where AI teams already ship their workloads.”

How the Joint Solution Works

CoCo, a CNCF Incubating project, applies confidential computing to the Kubernetes pod. Built on Kata Containers, CoCo runs each pod in its own lightweight confidential virtual machine, with memory encrypted by the CPU and, on supported hardware, GPUs included in the trust boundary. Developers deploy workloads with standard Kubernetes workflows.

Fortanix Confidential Computing Manager (CCM) performs composite attestation across the confidential computing environment, verifying the integrity of CPU and GPU trusted execution environments, firmware, and software components before authorizing the release of encryption keys. Fortanix Data Security Manager (DSM), backed by a FIPS 140-3 Level 3 HSM certification, releases encryption keys only to environments CCM has attested. If attestation fails, encryption keys remain protected, preventing the workload from accessing sensitive data or executing successfully.

The Rafay Platform turns that infrastructure into a service operators can deliver to their own customers:

Cluster automation: Rafay blueprints install the Fortanix CoCo add-ons and keep them in sync on every confidential cluster.Multi-tenancy: Operators onboard GPU infrastructure once, then give each customer an isolated tenant.Self-service SKUs: Administrators package a confidential workload as a SKU in Rafay SKU Studio, and end users launch it on demand from the Rafay Developer Hub.Governance: Policy, access controls and quotas apply across tenants and clusters.

“Every AI Factory faces a trust dilemma. Model owners want their weights hidden from operators and customers; enterprises want their data hidden from model owners and operators; and operators must prove they can see neither, even via another tenant or compromised software,” said Anuj Jaiswal, Chief Product Officer at Fortanix. “Fortanix and Rafay resolve that dilemma in one click. Rafay orchestrates the deployment of proprietary models and AI applications across on-premises, sovereign and cloud infrastructures. Fortanix Confidential AI releases keys only to attested workloads, so model owners, enterprises, and operators, each keep control of what they own, every time it runs.”

Use Cases

Neoclouds and GPU cloud providers can offer confidential AI as a premium service, backed by attestation evidence that tenant workloads run in TEEs and that keys go only to verified workloads. Sovereign AI clouds can keep keys in an HSM under the operator’s control, on-premises or as SaaS, and attest what is running before any data is decrypted. Regulated enterprises in financial services, healthcare and the public sector can run AI on customer, patient or financial data while keeping it protected from the infrastructure operator during processing. AI model providers can deliver proprietary models into customer environments with weights that stay encrypted until the environment is attested.

A recorded demo shows the end-to-end workflow, with a customer of a neocloud launching a confidential application via the Rafay end user portal with attestation and key release by Fortanix.

Availability

Rafay support for CoCo-based deployments with Fortanix Confidential AI is available now, alongside the existing confidential VM integration. Fortanix announced Fortanix Confidential AI for CoCo on Oct. 19, 2026.

About Rafay Systems

Rafay Systems is a leading software provider powering the operators building the AI cloud, including neoclouds, telecommunications providers, enterprises, and sovereign AI operators. The Rafay Platform lets these organizations operationalize GPU and compute infrastructure with self-service automation, governance, and multi-tenancy, spanning bare metal provisioning, infrastructure lifecycle management, virtual machines, Kubernetes, GPU PaaS, AI development environments, and Token Factory for publishing AI models as token-metered inference services. By simplifying orchestration and operations across this stack, Rafay helps operators increase GPU utilization and turn raw infrastructure into monetizable, production-ready AI services, all while maintaining security, consistency, and control. Rafay is a validated partner in the NVIDIA AI Cloud Ready initiative. For more information, visit rafay.co.

About Fortanix

Fortanix is the global leader in data and AI security and a pioneer of Confidential Computing, delivering a unified platform to protect sensitive data, AI models, and applications across on-premises and multi-cloud environments—at rest, in transit, and in use. Built on hardware-enforced security, Fortanix enables workloads to run in tamper-proof, isolated enclaves, protecting against data leakage, model extraction, and unauthorized access, even from privileged insiders.

As enterprises scale modern AI factories, Fortanix provides a Confidential AI foundation built on attestation-based trust, secure key release, and zero-trust enforcement. This ensures AI systems remain verifiable, auditable, and trustworthy—while enabling crypto agility and long-term resilience through post-quantum cryptography (PQC).

Trusted by leading enterprises and sovereign entities in highly regulated industries and powered by an industry-standard approach to Confidential Computing supported by leading technology providers, including Intel, Microsoft, and NVIDIA, Fortanix enables organizations to safely use sensitive data and drive AI adoption with confidence.

Media Contacts

Rafay Systems: Angela Shugarts, angela@rafay.co

Fortanix: BOCA Marketing for Fortanix, Fortanix@bocamarketing.com

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SOURCE Rafay Systems

Technology

Allot Announces Third Quarter 2026 Financial Results

Published

19 minutes ago

November 12, 2026

Revenue growth of 16% and SECaaS ARR increases 41% year-over-year

HOD HASHARON, Israel, Nov. 12, 2026 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative Security-as-a-Service (SECaaS) and network intelligence solutions for communications service providers and enterprises, today announced its unaudited financial results for the third quarter of 2026.

Financial Highlights for the Third Quarter of 2026

Strong revenue growth to $30.6 million, up 16% year-over-year;Security-as-a-Service (SECaaS) revenues of $9.9 million, increasing 37% year-over-year;September 2026 SECaaS ARR* of $38.8 million, up 41% year-over-year;GAAP operating income of $2.8 million, compared with $2.2 million in the third quarter of 2025;Non-GAAP operating income of $3.9 million compared with $3.7 million in the third quarter of 2025;Operating cash flow of $7.4 million, up 85% compared with $4.0 million in the third quarter of 2025.

Management Comment

Eyal Harari, CEO of Allot, commented, ” This quarter demonstrated continued excellent execution and showed the strength of our business model. Allot is now a sustainably profitable company, and we continue to expand our profitability as we grow our business. We delivered a strong third quarter, combining double-digit revenue growth with improved profitability and robust cash generation. Growth was driven by both SECaaS and SMART solutions, that are both now showing double-digit year-over-year revenue increases. The SMART product growth follows our high level of backlog which we are converting into revenue, following our recent significant wins.”

Mr. Harari added, “SECaaS ARR continues to grow strongly at 41% year-over-year, further building our recurring revenue base and our visibility into the quarters ahead. We continue to innovate to find new ways to protect consumers, as demonstrated with our recent launch of Allot IOT security. As threat actors use AI to target individuals and businesses at-scale, it is becoming more critical for service providers to provide a layer of protection for their end-customers, supporting demand for cyber-security solutions.”

Mr. Harari concluded, “Given the momentum, we are raising the midpoint of our guidance for 2026 and narrowing the range to between $116 million and $118 million. We also expect SECaaS revenue growth for 2026, to be above 40%.”

Third Quarter 2026 Financial Results Summary

Total revenues for the third quarter of 2026 were $30.6 million, a 16% increase year-over-year compared with $26.4 million in the third quarter of 2025.

Gross profit on a GAAP basis for the third quarter of 2026 was $21.9 million (gross margin of 71.6%), a 16% increase compared with $18.9 million (gross margin of 71.4%) in the third quarter of 2025.

Gross profit on a non-GAAP basis for the third quarter of 2026 was $22.0 million (gross margin of 71.9%), a 15% increase compared with $19.1 million (gross margin of 72.2%) in the third quarter of 2025.

Operating income on a GAAP basis for the third quarter of 2026 was $2.8 million (operating margin of 9.2%), a 31% increase compared with $2.2 million (operating margin of 8.1%) in the third quarter of 2025.

Operating income on a non-GAAP basis for the third quarter of 2026 was $3.9 million (operating margin of 12.9%), a 6% increase compared with $3.7 million (operating margin of 14.0%) in the third quarter of 2025.

Net income on a GAAP basis for the third quarter of 2026 was $3.4 million, or $0.07 per diluted share, compared with $2.8 million, or $0.07 per diluted share, in the third quarter of 2025.

Net income on a non-GAAP basis for the third quarter of 2026 was $4.7 million, or $0.09 per diluted share, compared with $4.6 million, or $0.10 per diluted share, in the third quarter of 2025.

Operating cash flow generated in the quarter was $7.4 million, compared with $4.0 million in the third quarter of 2025.

Cash and cash equivalents, bank deposits, restricted deposits and investments as of September 30, 2026, totaled $112 million, compared with $88 million as of December 31, 2025.

Conference Call & Webcast:

The Allot management team will host a conference call to discuss its third quarter 2026 earnings results today, November 12, 2026, at 8:30 am ET, 1:30 pm UK, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:

US: 1-888-668-9141, UK: 0-800-917-5108, Israel: +972-3-918-0644

A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: https://investors.allot.com/

About Allot

Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a leading provider of innovative converged cybersecurity solutions and network intelligence offerings for service providers and enterprises worldwide. Allot enhances value to its customers’ customers through its solutions, which are deployed globally for network-native cybersecurity services, network and application analytics, traffic control and shaping, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1,000 enterprises. Allot’s industry-leading network-native security-as-a-service solution is already used by many millions of subscribers globally.

For more information, visit www.allot.com

Performance Metrics

* SECaaS ARR – measures the current annual recurring SECaaS revenues, calculated as estimated SECaaS revenues for the month of September 2026, multiplied by 12.

GAAP to Non-GAAP Reconciliation:

The Company presents non–GAAP financial measures that adjust GAAP results to exclude items that management considers not reflective of the Company’s ongoing operational performance. Non-GAAP gross profit is defined as GAAP gross profit excluding share-based compensation expenses, amortization of intangible assets and acquisition–related expenses. Non-GAAP operating income is defined as GAAP operating income excluding primarily share-based compensation expenses, amortization of intangible assets and acquisition–related expenses. Non-GAAP net income is defined as GAAP net income excluding primarily share-based compensation expenses, amortization of intangible assets, loss from extinguishment, acquisition–related and other non–recurring expenses, financial income or expenses related to exchange rate differences and changes in tax-related items.

These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results are presented below. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance including our revenue guidance, revenue, growth, demand for our solutions, our ability to execute our strategy, our ability to convert backlog into revenue, our product innovation, capital allocation, share repurchase programs, maximizing shareholder value, and future opportunities, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivable, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on third party channel partners for a material portion of our revenues; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year 2025, filed with the Securities and Exchange Commission as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Additionally, the forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:
EK Global Investor Relations
Ehud Helft
+1 212 378 8040
allot@ekgir.com

Public Relations Contact:
Seth Greenberg, Allot Ltd.
+972 54 922 2294
sgreenberg@allot.com

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

September 30,

December 31,

2026

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 29,650

$ 17,107

Restricted deposit

4,243

3,573

Short-term bank deposits

24,500

15,100

Available-for-sale marketable securities

52,355

48,663

Trade receivables, net (net of allowance for credit losses of $9,095 and
$9,611 on September 30, 2026, and December 31, 2025, respectively)

28,974

17,451

Other receivables and prepaid expenses

6,845

9,906

Inventories

17,011

13,180

Total current assets

163,578

124,980

NON-CURRENT ASSETS:

Severance pay fund

$ 324

$ 295

Restricted deposit

908

3,327

Operating lease right-of-use assets

6,143

5,518

Other assets

835

732

Property and equipment, net

4,978

6,014

Goodwill

31,833

Total non-current assets

45,021

47,719

Total assets

$ 208,599

$ 172,699

LIABILITIES AND

SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

$ 2,776

$ 938

Employees and payroll accruals

11,433

9,254

Deferred revenues

42,980

24,700

Short-term operating lease liabilities

1,622

348

Other payables and accrued expenses

14,806

11,919

Total current liabilities

73,617

47,159

LONG-TERM LIABILITIES:

Deferred revenues

$ 9,004

$ 5,912

Long-term operating lease liabilities

4,463

5,392

Accrued severance pay

672

886

Total long-term liabilities

14,139

12,190

SHAREHOLDERS’ EQUITY

120,843

113,350

Total liabilities and shareholders’ equity

$ 208,599

$ 172,699

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues

$ 30,588

$ 26,405

$ 84,750

$ 73,606

Cost of revenues

8,690

7,539

24,342

21,362

Gross profit

21,898

18,866

60,408

52,244

Operating expenses:

Research and development
costs, net

6,351

5,489

19,624

18,741

Sales and marketing

8,580

8,148

24,445

22,747

General and administrative

4,153

3,079

10,898

9,722

Total operating expenses

19,084

16,716

54,967

51,210

Operating income

2,814

2,150

5,441

1,034

Loss from extinguishment

–

(1,410)

Other income

–

100

Financial income, net

1,091

869

3,851

1,902

Income before tax

3,905

3,019

9,292

1,626

Income tax expenses

486

195

1,358

823

Net income

$ 3,419

$ 2,824

$ 7,934

$ 803

Income per share

Basic

$ 0.07

$ 0.16

$ 0.02

Diluted

$ 0.07

$ 0.16

$ 0.02

Weighted average shares
outstanding

Basic

49,276,707

41,487,057

49,070,116

42,580,555

Diluted

49,806,002

43,253,509

49,845,813

44,909,810

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Cash flows from operating activities:

Net income

$ 3,419

$ 2,824

$ 7,934

$ 803

Adjustments to reconcile net income to net cash
used in operating activities:

Depreciation and amortization

588

835

1,933

3,254

Share-based compensation

1,123

1,559

3,860

3,989

Capital loss

113

–

113

255

Loss from extinguishment

–

1,410

Other income

–

(100)

Amortization of premium, discount and accrued
interest on marketable securities

162

(237)

(283)

(1,099)

Financial income from lease modification

–

(1,158)

–

Loss (gain) on foreign exchange on cash and
cash equivalents

(44)

(454)

Changes in operating assets and liabilities:

Increase (decrease) in accrued severance pay, net

(243)

117

Decrease (increase) in other assets, other
receivables and prepaid expenses

1,443

(3,817)

510

(2,198)

(Increase) decrease in operating leases liability

(834)

190

(253)

(13)

Increase in operating lease right-of-use asset

404

292

1,131

871

Increase in trade receivables

(3,804)

(679)

(11,523)

(4,332)

Decrease (increase) in inventories

486

(5,703)

(3,831)

(5,597)

Increase in trade payables

1,358

6,274

1,838

6,252

Increase (decrease) in employees and
payroll accruals

2,651

844

2,179

1,417

(Decrease) increase in deferred revenues

(1,963)

420

21,372

2,956

Increase in other payables and accrued expenses

2,125

1,211

2,737

2,126

Net cash provided by operating activities

7,375

3,997

26,415

9,657

Cash flows from investing activities:

(Increase) decrease in restricted deposit

(848)

–

1,749

353

Investment in short-term bank deposits

(13,000)

(16,800)

(44,400)

(32,550)

Withdrawal of short-term bank deposits

19,600

11,050

35,000

31,000

Purchase of property and equipment

(360)

(100)

(1,010)

(789)

Investment in marketable securities

(30,844)

(44,213)

(65,398)

(99,647)

Proceeds from redemption or sale of
marketable securities

35,660

38,694

61,910

88,377

Proceeds from sale of patent

–

100

Net cash provided by (used in)
investing activities

10,208

(11,369)

(12,149)

(13,156)

Cash flows from financing activities:

Issuance of share capital

–

4,617

–

42,308

Purchase of treasury stocks

(1,624)

Exercise of employee stock options

–

238

Redemption of convertible debt

–

(31,410)

Net cash (used in) provided by
financing activities

(1,624)

4,617

(1,624)

11,136

Effect of exchange rate changes on cash and
cash equivalents

(68)

(99)

454

Increase (decrease) in cash and
cash equivalents

15,891

(2,711)

12,543

8,090

Cash and cash equivalents at the beginning
of the period

13,759

26,943

17,107

16,142

Cash and cash equivalents at the end
of the period

$ 29,650

$ 24,232

$ 29,650

$ 24,232

Non-cash activities:

Right-of-use assets obtained in exchange for
operating lease liabilities

–

(12)

593

(83)

Redemption of convertible debt

–

(10,000)

ALLOT LTD.

AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

(Unaudited)

GAAP cost of revenues

$ 8,690

$ 7,539

$ 24,342

$ 21,362

Share-based compensation

(80)

(211)

(320)

(465)

Amortization of intangible assets

–

(305)

Non-GAAP cost of revenues

$ 8,610

$ 7,328

$ 24,022

$ 20,592

GAAP gross profit

$ 21,898

$ 18,866

$ 60,408

$ 52,244

Share-based compensation

211

320

465

Amortization of intangible assets

–

305

Non-GAAP gross profit

$ 21,978

$ 19,077

$ 60,728

$ 53,014

GAAP operating expenses

$ 19,084

$ 16,716

$ 54,967

$ 51,210

Share-based compensation – Research and development costs, net

(203)

(400)

(731)

(1,022)

Share-based compensation – Sales and marketing

(427)

(466)

(1,590)

(1,237)

Share-based compensation – General and administrative

(413)

(482)

(1,219)

(1,265)

Non-GAAP operating expenses

$ 18,041

$ 15,368

$ 51,427

$ 47,686

GAAP operating Income

$ 2,814

$ 2,150

$ 5,441

$ 1,034

Share-based compensation

1,123

1,559

3,860

3,989

Amortization of intangible assets

$ –

$ 305

Non-GAAP operating Income

$ 3,937

$ 3,709

$ 9,301

$ 5,328

GAAP Net income

$ 3,419

$ 2,824

$ 7,934

$ 803

Share-based compensation

1,123

1,559

3,860

3,989

Amortization of intangible assets

–

305

Loss from extinguishment

–

1,410

Exchange rate differences*

(189)

116

(86)

159

Changes in tax related items

329

627

150

Non-GAAP Net income

$ 4,682

$ 4,579

$ 12,335

$ 6,816

Non-GAAP income per share

Basic

$ 0.10

$ 0.11

$ 0.25

$ 0.16

Diluted

$ 0.09

$ 0.10

$ 0.24

$ 0.15

Weighted average shares outstanding

Basic

49,276,707

41,487,057

49,070,116

42,580,555

Diluted

51,204,432

44,592,351

51,102,519

46,409,437

* Financial income or expenses related to exchange rate differences in connection
with revaluation of assets and liabilities in non-dollar denominated currencies.

Other financial metrics (Unaudited)

U.S. dollars in millions, except top 10 customers as a % of revenues and number of shares

Q3-26

FY 2025

FY 2024

Revenues geographic breakdown

Americas

5.8

19 %

19.1

19 %

14.2