Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 66

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 66
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 exercise of outstanding stock options; 
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| ● | 0                                                                            
 shares of our common stock reserved for future issuance under the 2021 Plan. |

To the extent that any outstanding options or warrants are exercised, new options or other equity awards are issued under our equity incentive plans, or we issue additional shares in the future, there will be further dilution to new investors participating in this offering.

| 44 |

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.

Overview

We seek to fulfill the promise of additive
manufacturing, also referred to as 3D printing (“AM”), to deliver breakthroughs in performance, cost, and lead time in the
production of high-value metal parts.

We produce a fully integrated hardware and
software solution based on our proprietary laser powder bed fusion (“L-PBF”) technology, which greatly reduces and often
eliminates the need for support structures. Our technology enables the production of highly complex, mission-critical parts that existing
AM solutions cannot produce without the need for redesign or additional assembly.

Our Sapphire Family of Printers give our customers
who are in space, aviation, defense, automotive, energy and industrial markets the freedom to design and produce metal parts with complex
internal features and geometries that had previously been considered impossible for AM. We believe our technology is years ahead of competitors.

Our technology is novel compared to other
AM technologies because of its ability to deliver high-value metal parts that have complex internal channels, structures, and geometries.
This affords a wide breadth of design freedom for creating new metal parts and it enables replication of existing parts