Company: VLDXW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047760
Chunk: 66

Company: Velo3D, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 66
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        10,907

        2,406

        Total
         
        $
        49,953

        $
        60,816

       The Company recorded $27.1 million in inventory reserves related to the valuation of inventory for the years ended December 31, 2024 and 2023.

 101

Velo3D, Inc.Notes to Consolidated Financial Statements 

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following: 

        December 31,

        2024

        2023

        (In thousands)

        Prepaid insurance and other
         
        $
        1,724

        $
        2,738

        Vendor prepayments

        612

        1,262

        Total
         
        $
        2,336

        $
        4,000

       Property and Equipment, NetProperty and equipment, net consisted of the following: 

        December 31,

        2024

        2023

        (In thousands)

        Computers and software
         
        $
        2,525

        $
        2,549

        Lab equipment and other equipment

        11,011

        8,075

        Furniture and fixtures

        206

        206

        Leasehold improvements

        13,312

        14,406

        Total property, plant and equipment

        27,054

        25,236

        Less accumulated depreciation and amortization

        (12,784
        )

        (8,910
        )

        Property, plant and equipment, net
         
        $
        14,270

        $
        16,326

       Depreciation expense for the years ended December 31, 2024 and 2023 was $4.0 million and $5.2 million, respectively.The manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no significant asset retirement obligations. The Company accelerated depreciation of $0.4 million in leasehold improvements, which are included in depreciation expense, related to the Company's exit from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use. The Company disposed of $2.1 million in fully-depreciated leasehold