Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 199

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 199
---
center'>Report of Independent Registered Public Accounting Firm</div>

To the Board of Directors and Stockholders of Velo3D, Inc.

Opinion on the Financial Statements

We have audited the consolidated balance sheet
of Velo3D, Inc. and its subsidiaries (the “Company”) as of December 31, 2023, and the related consolidated statements of operations
and comprehensive loss, of stockholders’ equity and of cash flows for the year then ended, including the related notes (collectively
referred to as the “consolidated financial statements”), before the effects of the adjustments to retrospectively reflect the
2025 reverse stock split described in Note 18. In our opinion, the consolidated financial statements, before the effects of the adjustments
to retrospectively reflect the 2025 reverse stock split described in Note 18, present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in conformity
with accounting principles generally accepted in the United States of America (the 2023 financial statements before the effects of the
adjustments discussed in Note 18 are not presented herein).

We were not engaged to audit, review, or apply
any procedures to the adjustments to retrospectively reflect the 2025 reverse stock split described in Note 18 and accordingly, we do
not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by other auditors.

Substantial Doubt About the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has incurred losses from operations and negative cash flows from operations since inception that raise substantial doubt
about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial
statements, before the effects of the adjustments described above, based on our audit. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (PCAOB) and are