Company: VLDXW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047760
Chunk: 194

Company: Velo3D, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 194
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 Our focus for revenue has shifted to ensuring customer success and improving system reliability to strengthen our existing customer network and developing new customer networks to increase demand.

Revenue trends from our largest customer have historically been driven by the timing of its major orders for 3D Printers and the timing of the shipments under those orders. We shipped our first Sapphire system to our largest customer in 2018, and as of December 31, 2024, we have shipped to this customer 26 in total (Sapphire and Sapphire XC systems). We expect our largest customer to remain an important relationship going forward. However, the largest customer contribution's as a percentage of our total revenue will depend on the growth of our customer base. As of December 31, 2024, over 50% of our customers have multiple Sapphire family of systems. 

 62

Cost of Revenue 

The following table presents the Cost of Revenue disaggregated by product and service type, as well as the percentage of total cost of revenue.

    Year Ended December 31,

    2024

    2023

    Change

    %

    Cost of Revenue
     
    (in thousands, except percentages)

    Cost of 3D Printers
     
    $
    34,159

    79.3
    %
     
    $
    94,448

    91.1
    %
     
    $
    (60,289
    )

    (63.8
    )%

    Cost of Recurring   Payment

    866

    2.0
    %

    1,291

    1.2
    %

    (425
    )

    (32.9
    )%

    Cost of Support Services

    8,063

    18.7
    %

    7,971

    7.7
    %

    92

    1.2
    %

    Total Cost of Revenue
     
    $
    43,088

    100.0
    %
     
    $
    103,710

    100.0
    %
     
    $
    (60,622
    )

    (58.5
    )%

Total cost of revenue for the years ended December 31, 2024 and 2023 was $43.1 million and $103.7 million, respectively, a decrease of $60.6 million, or 58.5