Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 48

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 to warrant issuances.

Income Taxes 

No provision for federal and state income taxes was recorded for both the three months ended September 30, 2024 and 2023 due to projected losses, and we maintained a full valuation allowance on the deferred tax assets as of September 30, 2024 and December 31, 2023. 

We will continue to review our conclusions about the appropriate amount of the valuation allowance on a quarterly basis. If we were to generate profits in the remainder of 2024 and beyond, the U.S. valuation allowance position could be reversed in the foreseeable future. We expect a benefit to be recorded in the period the valuation allowance reversal is recorded and a higher effective tax rate in periods following the valuation allowance reversal. 

42

Comparison of the Nine Months Ended September 30, 2024 and 2023: 

The following table summarizes our historical results of operations for the periods presented:

    Nine Months Ended September 30,

    2024
     
    2023
     
    Change
     
    %

    (In thousands, except for percentages)

    Revenue

    3D Printer
     
    $17,388
     
    $68,425
     
    $(51,037)
     
    (74.6)%

    Recurring payment
     
    954
     
    1,141
     
    (187)
     
    (16.4)%

    Licensing
     
    5,000
     
    —
     
    5,000
     
    100.0%

    Support services
     
    5,035
     
    5,422
     
    (387)
     
    (7.1)%

    Total Revenue
     
    28,377
     
    74,988
     
    (46,611)
     
    (62.2)%

    Cost of revenue

    3D Printer
     
    22,362
     
    62,992
     
    (40,630)
     
    (64.5)%

    Recurring payment
     
    742
     
    893
     
    (151)
     
    (16.9)%

    Support services
     
    6,914
     
    5,872
     
    1,042