Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 97

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 97
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 $2.1 million decrease in
other miscellaneous expenses.

We expect research and development costs to
increase in 2025 and beyond due to a refreshed technology roadmap to meet our customers’ demand in rapidly bring and scale parts
in production and to enhance and advance our portfolio of AM solutions.

| 61 |

Selling and Marketing Expenses

Selling and marketing expenses were $13.8
million and $23.2 million for the years ended December 31, 2024 and 2023, respectively. There was a decrease of $9.4 million for the
year ended December 31, 2024 as compared to 2023.

The decrease in selling and marketing expenses
for the year ended December 31, 2024 was attributable to a $2.1 million decrease in trade show expenses, marketing initiatives, and branding
expenses, a $1.4 million decrease in travel, a $3.2 million decrease for headcount, salaries and employee-related expenses and a $3.0
million decrease in stock-based compensation. offset by a $0.3 increase in miscellaneous expenses.

We expect selling and marketing expenses to
continue to increase during 2025 as we re-ignite sales and marketing efforts such as participating in certain markets that show strong
attendance at additive manufacturing conferences to build product awareness.

General and Administrative

General and administrative expenses were $49.3
million and $41.7 million for the years ended December 31, 2024 and 2023, respectively. The increase of $7.6 million in the year ended
December 31, 2024 in general and administrative expenses as compared to 2023 was attributable to a $13.2 million increase in bad debt
expense and a $4.4 million increase in public company related expenses for advisory, legal and accounting fees and insurance, offset
by a $5.3 million decrease in headcount, salaries and employee-related benefits, a $0.5 million decrease in travel expenses, a $0.3 million
decrease in depreciation, a $3.6 million decrease in facilities expenses and a $0.3 million decrease in miscellaneous expenses.

We expected general and administrative expenses
to increase as a result of one-time charges incurred in 2024 related to bad debt of $13.2 million, which would offset a decrease from
our reduction in force, and facilities expenses. We continue to focus on our company-wide initiatives to reduce operating costs for 2025
as