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Side-by-side financial comparison of Scilex Holding Co (SCLX) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Velo3D, Inc. is the larger business by last-quarter revenue ($9.4M vs $4.8M, roughly 2.0× Scilex Holding Co). Velo3D, Inc. runs the higher net margin — -231.9% vs -961.9%, a 730.0% gap on every dollar of revenue. On growth, Velo3D, Inc. posted the faster year-over-year revenue change (-25.2% vs -67.8%). Over the past eight quarters, Velo3D, Inc.'s revenue compounded faster (-1.8% CAGR vs -33.6%).
Scilex Holding Co is a commercial-stage biopharmaceutical firm focused on developing and commercializing innovative non-opioid pain management therapies for acute and chronic pain segments. It primarily serves the US market, offering prescription and over-the-counter pain relief solutions for patients and healthcare providers.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
SCLX vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $9.4M |
| Net Profit | $-46.1M | $-21.9M |
| Gross Margin | 45.5% | -73.6% |
| Operating Margin | -2317.8% | -231.0% |
| Net Margin | -961.9% | -231.9% |
| Revenue YoY | -67.8% | -25.2% |
| Net Profit YoY | -613.7% | -2.9% |
| EPS (diluted) | $-4.63 | $-0.87 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.8M | $9.4M | ||
| Q3 25 | $10.6M | $13.6M | ||
| Q2 25 | $9.9M | $13.6M | ||
| Q1 25 | $5.0M | $9.3M | ||
| Q4 24 | $14.9M | $12.6M | ||
| Q3 24 | $14.4M | $8.2M | ||
| Q2 24 | $16.4M | $10.3M | ||
| Q1 24 | $10.9M | $9.8M |
| Q4 25 | $-46.1M | $-21.9M | ||
| Q3 25 | $-257.8M | $-11.2M | ||
| Q2 25 | $-44.0M | $-13.3M | ||
| Q1 25 | $-26.1M | $-25.0M | ||
| Q4 24 | $-6.5M | $-21.3M | ||
| Q3 24 | $-4.4M | $-21.9M | ||
| Q2 24 | $-37.6M | $935.0K | ||
| Q1 24 | $-24.4M | $-27.5M |
| Q4 25 | 45.5% | -73.6% | ||
| Q3 25 | 68.5% | 3.2% | ||
| Q2 25 | 66.9% | -11.7% | ||
| Q1 25 | 72.3% | 7.5% | ||
| Q4 24 | 68.5% | -3.5% | ||
| Q3 24 | 73.9% | 49.4% | ||
| Q2 24 | 73.2% | -28.0% | ||
| Q1 24 | 64.7% | -28.8% |
| Q4 25 | -2317.8% | -231.0% | ||
| Q3 25 | -1766.2% | -73.3% | ||
| Q2 25 | -207.2% | -85.4% | ||
| Q1 25 | -557.5% | -123.6% | ||
| Q4 24 | -190.5% | -167.0% | ||
| Q3 24 | -138.0% | -213.8% | ||
| Q2 24 | -95.4% | -187.7% | ||
| Q1 24 | -179.0% | -211.1% |
| Q4 25 | -961.9% | -231.9% | ||
| Q3 25 | -2441.5% | -82.0% | ||
| Q2 25 | -445.1% | -97.7% | ||
| Q1 25 | -521.2% | -268.4% | ||
| Q4 24 | -43.4% | -168.5% | ||
| Q3 24 | -30.4% | -265.3% | ||
| Q2 24 | -229.6% | 9.0% | ||
| Q1 24 | -224.0% | -281.2% |
| Q4 25 | $-4.63 | $-0.87 | ||
| Q3 25 | $-22.17 | $-0.65 | ||
| Q2 25 | $-7.42 | $-0.94 | ||
| Q1 25 | $-2.26 | $-1.87 | ||
| Q4 24 | $8.53 | $7.06 | ||
| Q3 24 | $-0.58 | $-35.52 | ||
| Q2 24 | $-7.67 | $1.65 | ||
| Q1 24 | $-8.33 | $-55.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.0M | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $-207.8M | $38.2M |
| Total Assets | $365.0M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | $39.0M | ||
| Q3 25 | $878.0K | $11.8M | ||
| Q2 25 | $4.1M | $854.0K | ||
| Q1 25 | $5.8M | $3.9M | ||
| Q4 24 | $3.3M | $1.2M | ||
| Q3 24 | $77.0K | $1.6M | ||
| Q2 24 | $6.9M | $3.2M | ||
| Q1 24 | $1.8M | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | $-207.8M | $38.2M | ||
| Q3 25 | $-176.9M | $29.9M | ||
| Q2 25 | $-249.0M | $21.4M | ||
| Q1 25 | $-211.5M | $32.8M | ||
| Q4 24 | $-192.6M | $39.7M | ||
| Q3 24 | $-211.3M | $34.4M | ||
| Q2 24 | $-214.7M | $52.1M | ||
| Q1 24 | $-189.8M | $45.5M |
| Q4 25 | $365.0M | $105.3M | ||
| Q3 25 | $275.9M | $93.7M | ||
| Q2 25 | $83.8M | $78.4M | ||
| Q1 25 | $79.0M | $91.3M | ||
| Q4 24 | $93.0M | $89.2M | ||
| Q3 24 | $100.4M | $110.8M | ||
| Q2 24 | $104.5M | $116.7M | ||
| Q1 24 | $91.2M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-17.5M | $-7.7M |
| Free Cash FlowOCF − Capex | — | $-8.3M |
| FCF MarginFCF / Revenue | — | -88.3% |
| Capex IntensityCapex / Revenue | — | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-17.5M | $-7.7M | ||
| Q3 25 | $8.2M | $-6.0M | ||
| Q2 25 | $7.0M | $-1.2M | ||
| Q1 25 | $6.0M | $-12.3M | ||
| Q4 24 | $2.5M | $-2.2M | ||
| Q3 24 | $5.1M | $-2.0M | ||
| Q2 24 | $2.3M | $-8.0M | ||
| Q1 24 | $9.4M | $-20.5M |
| Q4 25 | — | $-8.3M | ||
| Q3 25 | — | $-6.3M | ||
| Q2 25 | — | $-3.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-2.2M | ||
| Q3 24 | — | $-2.0M | ||
| Q2 24 | — | $-8.0M | ||
| Q1 24 | — | $-20.5M |
| Q4 25 | — | -88.3% | ||
| Q3 25 | — | -46.5% | ||
| Q2 25 | — | -22.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -17.7% | ||
| Q3 24 | — | -24.2% | ||
| Q2 24 | — | -77.1% | ||
| Q1 24 | — | -209.8% |
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
