Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 59

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 65.2% and 66.4%, respectively, of our revenue. Of the top three
customers for the three months ended June 30, 2025, two customers were different from the top three customers for the comparable period
in 2024. For the six months ended June 30, 2025 and 2024, sales to the top three customers accounted for 54.6% and 53.7%, respectively,
of our revenue. Of the top three customers for the six months ended June 31, 2025, two customers were different from the top three customers
for the comparable period in 2024.

While
our objective is to diversify our customer base, we continue to be susceptible to risks associated with customer concentration.

Continued
Investment and Innovation

We
continue to be a customer-focused company working to develop innovative solutions to address customers’ needs and focus on our
customers to identify the most impactful areas for research and development as we seek to further improve the capabilities of our AM
solutions. We believe this process has contributed significantly to our development of the most advanced metal AM systems in the world.
We believe that continued investments in our products are important to our future growth and, as a result, we will invest in enhancing
our portfolio of AM solutions through certain research and development projects based on customer demand.

Macroeconomic
Conditions and Other World Events

General
economic and political conditions such as recessions, interest rates, fuel prices, inflation, foreign currency fluctuations, international
tariffs, social, political and economic risks and acts of war or terrorism (including, for example, the ongoing military conflicts in
Israel and in Ukraine and the economic sanctions related thereto), have added uncertainty in timing of customer orders and supply chain
constraints. In 2024, we implemented a number of supply chain and manufacturing improvements in response and intend to continue to focus
on driving further operational improvements during 2025 to reduce operating costs.

Climate
Change

Material
pending or existing climate change-related legislation, regulations, and international accords could have an adverse effect on our business,
financial condition, and results of operations, including: (1) material past and/or future capital expenditures for climate-related projects,
(2) material indirect consequences of climate-related regulation or business trends, such as the following: decreased/increased demand
for goods or services that produce significant greenhouse gas emissions or are related to carbon-based energy sources; increased competition
to develop innovative new products that