Velo3D makes industrial metal 3D printers and provides metal parts manufacturing services, primarily for defense, aerospace, and space customers. The company's core product is the Sapphire family of laser powder bed fusion systems, which customers use to produce complex, high-performance metal components — propulsion hardware, hypersonic engine components, heat exchangers, and airframe parts — that are difficult to make with traditional casting, forging, or machining. Defense and aerospace together represent roughly 80% of revenue, with customers including RTX, Honeywell, Lockheed Martin, and programs tied to the U.S. military. Velo3D generates revenue two ways: selling or leasing Sapphire printers to OEMs and contract manufacturers, and producing parts directly for customers through its Rapid Production Solutions (RPS) service using its own fleet of printers. Printer sales are lumpy and capital-equipment in nature; RPS revenue is more recurring and volume-driven. Velo3D's strategy is to land customers with initial validation projects, then expand as programs scale — customers who design parts around Velo3D's platform face high switching costs, supporting repeat purchases. RPS also serves as a demand-generation tool, designed to convert service customers into printer buyers over time. A key enabler of the model is Velo3D's "Golden Print File" methodology — validated, locked process files that allow the same qualified part to be reproduced consistently across different Sapphire systems, which is a prerequisite for production-stage adoption in defense and aerospace.