Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 218

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 218
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 entities, as indicated below.

Revision of Previously Filed Financial Statements

During the fourth quarter of 2024, the Company discovered the initial calculations regarding the debt balances as of September 30, 2024 and certain income statement line items related to the debt for the three and nine months ended September 30, 2024 were incorrectly presented. The Company initially calculated the change in debt balance resulting from the Third Note Amendment (the “Amendment”) executed on July 1, 2024 as a modification of the existing debt instrument. The Company failed to assess whether or not the Amendment and accompanying warrants collectively would require the use of different accounting methodologies in recording the carrying value of the debt as of September 30, 2024.

After performing an assessment of the Third Note Amendment and concurrent issuance of warrants impact on the carrying value of the debt, it was determined that the debt was substantially modified which resulted in the conclusion that the debt was extinguished. Based on the application of debt extinguishment accounting, the carrying value of the debt immediately before the Amendment was derecognized while the carrying value of the debt immediately after the Amendment was concurrently recognized, which resulted in a loss on debt extinguishment of approximately $ 7.5million. Additionally, the carrying value of the debt was determined to be $ 29.9million as compared to $ 29.6million as previously reported, a difference of $ 0.3million.

| F-18 |

Velo3D, Inc.

Notes to Consolidated Financial Statements

It was also determined that the interest expense reported during the third quarter relating to the debt was incorrectly calculated resulting in an overstatement of approximately $ 7.4million. After correcting the error in calculation methodology using the effective interest method, the resulting interest expense should have been $ 12.9million for the nine months ended September 30, 2024.

All changes were included in the financial statements as of and for the year ending December 31, 2024 as seen below:

The following table reflects the revisions to the previously issued Condensed Consolidated Balance Sheet as of September 30, 2024:

Summary of Revisions to Previously Issued Financial Statements

|                                      |     | As         
 Previously 
 Reported   
 September  
 30, 2024   |          |   |     | Adjusted |      |   |     | As      
 Revised |          |   |
|:-------------------------------------|:----|:-----------|---------:|:--|:----|:---------