Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 114

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 8
Chunk 114
---
3

        2024

        2023

        (In thousands)

        Americas
         
        $
        8,031

        $
        22,766

        $
        27,507

        $
        65,852

        Europe

        205

        329

        706

        8,927

        Other

        11

        72

        164

        209

        Total
         
        $
        8,247

        $
        23,167

        $
        28,377

        $
        74,988

       Contract Assets and LiabilitiesThere was $0.5 million and $2.1 million of revenue recognized during the three and nine months ended September 30, 2024, respectively, included in contract liabilities as of December 31, 2023. The amount of revenue recognized during the three and nine months ended September 30, 2023 included in contract liabilities as of December 31, 2022 was $0.6 million and $2.3 million, respectively. The change in contract assets reflects the difference in timing between the Company’s satisfaction of remaining performance obligations and the Company’s contractual right to bill its customers. The Company had no material asset impairment charges related to contract assets in the periods presented.Variable ConsiderationThe Company estimates its variable consideration on a quarterly basis based on the latest data available, and adjusts the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result of a change in estimation. There was no revenue related to variable consideration and $3.9 million in revenue related to variable considerations during the three ended September 30, 2024 and 2023. There was no revenue related to variable consideration and $3.9 million in revenue related to variable consideration for the nine months ended September 30, 2024 and 2023, respectively.

Note 16. Revision of Previously Issued Condensed Consolidated Interim Financial StatementsAs discussed in Note 1, during the fourth quarter of 2023, the Company identified errors related to revenue, other assets and contract assets which also impacted the interim periods in 2023 as originally presented in the Company’s quarterly reports on Form 10-Q. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors including the