Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 95

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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        4,000

       Property and Equipment, NetProperty and equipment, net consisted of the following: 

        September 30,

        December 31,

        2024

        2023

        (In thousands)

        Computers and software
         
        $
        2,525

        $
        2,549

        Lab equipment and other equipment

        8,018

        8,075

        Furniture and fixtures

        206

        206

        Leasehold improvements

        14,484

        14,406

        Total property, plant and equipment

        25,233

        25,236

        Less accumulated depreciation and amortization

        (12,081
        )

        (8,910
        )

        Property, plant and equipment, net
         
        $
        13,152

        $
        16,326

       Depreciation expense for the three months ended September 30, 2024 and 2023 was $1.1 million and $1.5 million, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $3.3 million and $3.8 million, respectively.The manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no significant asset retirement obligations for McGlincy. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use, however the lease agreement was not terminated.

15

Other AssetsOther assets consisted of the following: 

        September 30,

        December 31,

        2024

        2023

        (In thousands)

        Right of use assets
         
        $
        8,041

        $
        10,672

        Non-current contract assets

        2,957

        5,117

        Non-current prepaid expenses and other assets

        3,062

        1,993

        Total Other assets
         
        $
        14,060

        $
        17,782

       Certain balances included in contract assets for prior periods have been reclassified to conform