Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 88

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 88
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General and Administrative Expenses

General and administrative expenses were $15.2
million and $17.6 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $2.4 million. The decrease was
attributable to a $1.7 million decrease in headcount, salaries and employee-related expenses, a $1.0 million decrease in facilities related
expenses and a $0.9 million decrease in legal and other professional services, offset by a $0.7 million increase in other miscellaneous
expenses and $0.5 million increase in state taxes.

We expect general and administrative expenses
to decrease as a result of savings from our reduction in force implemented in late 2024. We continue to focus on our company-wide initiatives
to reduce operating costs for the remainder of 2025 as we continue to reducing our general and administrative expenses through reducing
our reliance on outside consultants, managing facility costs, negotiating with vendors for improved pricing and enterprise level efficiency
improvements.

Interest Expense

Interest expense was $2.6 million and $9.4
million for the six months ended June 30, 2025 and 2024, respectively, due to the reduction in Senior Secured Notes and offset by the
issuance of the Secured Convertible Notes.

We expect our interest expense will continue
to decrease as a result of our reduced debt.

| 57 |

Gain (loss) on Fair Value of Warrants

The change in fair value of warrants resulted
in a gain (loss) of $(1.0) and $22.7 million for the six months ended June 30, 2025 and 2024, respectively, and was related to the non-cash
fair value change of the warrant liabilities driven by the relative change in our stock price.

Gain (loss) on Fair value of Contingent Earnout Liabilities

The change in fair value of the contingent
earnout liability was $0.0 and $1.4 million for the six months ended June 30, 2025 and 2024, respectively, and was related to the non-cash
fair value change of the earnout liabilities driven by the relative change in our stock price.

Loss on Warrant Cancellation

Loss on warrant cancellation was $11.4 million
and $0.0 for the six months ended June 30, 2025 and 2024 and related to the loss recognized in conjunction with