Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 100

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 100
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included elsewhere in this prospectus.

We will need to engage in additional financings
to fund our operations and satisfy our debt obligations in the near-term as well as to respond to business challenges and opportunities,
including the need to repay the Secured Notes, provide working capital, continue to fund payroll for employees, improve our operating
infrastructure, and continue to sustain operations. Accordingly, subject to our compliance with the covenants in the Secured Notes, to
fund our operations, we will need to engage in equity or debt financings to secure additional funds, including seeking additional capital
from public or private offerings of our equity or debt securities, electing to repay, restructure or refinance our existing indebtedness,
or electing to borrow additional amounts under new credit lines or from other sources. We may also seek to raise additional capital,
including from offerings of our equity or debt securities, on an opportunistic basis when we believe there are suitable opportunities
for doing so.

Additionally, our recent and projected financial
results, and the related conditions that raise substantial doubt about our ability to continue as a going concern, and general concerns
among potential investors and creditors about our financial well-being, may make securing additional financing and cost cutting activities
on commercially reasonable terms or in an amount sufficient to fund our operations for at least 12 months especially difficult.

More generally, our ability to meet our cash
requirements depends on, among other things, our operating performance, competitive and industry developments, and financial market conditions,
all of which are significantly affected by business, financial, economic, political, and other factors, many of which we may not be able
to control or influence. To the extent that our actual operating results or other developments differ from our expectations, our liquidity
will continue to be adversely affected.

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Debt Facilities

As of June 30, 2025, our debt arrangements
comprised the Secured Notes, the January Notes, and the February Notes, of which we had approximately $22 million aggregate principal
amount outstanding as of June 30, 2025.

See our other debt facilities as described
in the “Liquidity and Capital Resources” section above.

We do not hedge our exposure to changes in
interest rates. A 10% change in interest rates would not have a material impact on annualized interest expense.

For more information, see Note 9, Debt,
in the notes of the unaudited condensed consolidated interim financial statements included elsewhere in this prospectus.