Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 224

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 224
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891 |     |       | 10,891 |
| Common                                                     
 stock warrant liabilities (Placement Agent Warrants) (iii) |     |                                        |     — |     |       |     — |     |       |    536 |     |       |    536 |
| Warrant liabilities                                        |     |                                        |     — |     |       |     — |     |       |    536 |     |       |    536 |
| Contingent                                                 
 earnout liabilities                                        |     |                                        |     — |     |       |     — |     |       |  1,456 |     |       |  1,456 |
| Total                                                      
 financial liabilities                                      |     | $                                      |   258 |     | $     |     — |     | $     | 13,033 |     | $     | 13,291 |

| (i) |     | Included in cash and cash equivalents 
 on the consolidated balance sheets.   |

| (ii) |     | Included in short-term                          
 investments on the consolidated balance sheets. |

| (iii) |     | Included in warrant                             
 liabilities on the consolidated balance sheets. |

For more information regarding the Public Warrants, the Private Placement Warrants, the 2022 Private Warrants, the RDO Warrants, the Placement Agent Warrants, the 2024 Private Warrants, the BEPO warrants, the BEPO Agent Warrants, the July 2024 Private Warrants, the August Inducement Warrants, and the Contingent earnout liabilities, see Note 10, Equity Instruments.

The aggregate fair value of the Company’s money market funds approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds as of December 31, 2024 and 2023. Realized gains and losses, net of tax, were not material for any of the periods presented.

| F-23 |

<div align='center'>Velo3D, Inc.

Notes to Consolidated Financial Statements</div>

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:

Summary of Changes in Fair Value of Level 3 Financial Instruments

|                                                            |     | Private     
 placement   
 warrant     
 liabilities 
 (In         
 Thousands)  |      |   |     | 2022    
 Private 
 Warrant |     |   |     | Contingent  
 earnout     
 liabilities