Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 196

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 196
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 Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an
understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of
the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.

/s/ Frank, Rimerman + Co. LLP

We have served as the Company’s auditor
since 2024.

San Francisco, California

March 31, 2025, except for Note 18 and its related
effects to the consolidated financial statements, as to which the date is August 6, 2025

| F-1 |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Board of Directors and Stockholders of Velo3D, Inc.

Opinion on the Financial Statements

We have audited the consolidated balance sheet
of Velo3D, Inc. and its subsidiaries (the “Company”) as of December 31, 2023, and the related consolidated statements of operations
and comprehensive loss, of stockholders’ equity and of cash flows for the year then ended, including the related notes (collectively
referred to as the “consolidated financial statements”), before the effects of the adjustments to retrospectively reflect the
2025 reverse stock split described in Note 18. In our opinion, the consolidated financial statements, before the effects of the adjustments
to retrospectively reflect the 2025 reverse stock split described in Note 18, present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in