Why Velo3D Stock Is Rising After Hours

Velo3D Inc VLD shares are trading higher in Wednesday's after-hours session after the company announced that Kevton Technologies had purchased seven of the company's Sapphire printers.

Kevton's purchase represents one of the largest ever with Velo3D from a contract manufacturer and will make Kevton one of the top suppliers of additively manufactured parts relying on Velo3D's laser powder bed fusion technology.

"Additive manufacturing is seeing extensive growth right now, and we've only scratched the surface of the adoption we expect to see over the next decade," said Benny Buller, CEO of Velo3D.

Kevton provides its customers with an array of manufacturing services, including CNC turning, CNC milling, coordinate measuring machine inspections, wire EDM, and other finishing services. 

The first two Sapphire printers are expected to begin producing parts for customers in the first quarter of 2023.

Velo3D is a metal additive manufacturing technology company with a focus on mission-critical parts.

VLD Price Action: Velo3D has a 52-week high of $10.90 and a 52-week low of $1.28.

The stock was up 5.65% in after-hours at $5.05 at the time of publication.

Photo: Lorenzo Cafaro from Pixabay.