Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 94

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 94
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    (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%.

Cost of 3D Printers was $34.2 million and
$94.4 million, for the years ended December 31, 2024 and 2023, respectively. The decrease of $60.3 million was primarily due to a decrease
in the number of 3D Printers sold, which included both Sapphire and Sapphire XC systems, compared to the number of 3D Printers sold for
the year ended December 31, 2023.

During the year ended December 31, 2024, the
cost of the Sapphire 1MZ, Sapphire XC, and Sapphire XC 1MZ systems included lower factory overhead costs to scale up operations, production
engineering development costs, and lower costs to expedite shipping for manufacturing materials and assemblies related to supply chain
disruption in the global markets. As we gain experience with Sapphire XC production, we expect to further lower our material costs and
reduce labor and overhead expenses per unit.

Cost of Recurring Payment was $0.9 million
and $1.3 million for the years ended December 31, 2024 and 2023, respectively. This decrease of $0.4 million was due to a decrease in
depreciation of the equipment on lease and allocable Cost of Support Services as a result of less 3D Printers in service in 2024 compared
to 2023.

Cost of Support Services was $8.1 million
and $8.0 million, for the years