Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 42

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 and depreciation and other general and administrative expenses. 

Interest Expense

Interest expense primarily consists of interest incurred under our outstanding debt and finance leases. 

Gain (Loss) on Fair Value of Warrants

Gain (loss) on valuation of warrant liabilities relates to the changes in the fair value of warrant liabilities which are subject to remeasurement at each balance sheet date. 

Gain (Loss) on Fair value of Contingent Earnout Liabilities

Gain (loss) on valuation of contingent earnout liabilities relates to the changes in fair value of the contingent earnout liabilities in connection with the earnout shares, which are subject to remeasurement at each balance sheet date. 

Other Income (Expense), Net

Other income (expense), net includes interest earned on our bank sweep account, gains and losses on disposals of fixed assets, transaction costs related to the warrant inducement transaction and other miscellaneous income/expenses. 

Income Taxes

No provision for federal and state income taxes was recorded for any periods presented due to projected losses,  and we maintained a full valuation allowance on the deferred tax assets as of September 30, 2024 and 2023.  

We will continue to review our conclusions about the appropriate amount of the valuation allowance on a quarterly basis. If we were to generate profits, the U.S. valuation allowance position could be reversed in the foreseeable future. We expect a benefit to be recorded in the period the valuation allowance reversal is recorded and a higher effective tax rate in periods following the valuation allowance reversal.

38

Results of Operations

Comparison of the Three Months Ended September 30, 2024 and 2023: 

The following table summarizes our historical results of operations for the periods presented:

    Three Months Ended September 30,

    2024
     
    2023
     
    Change
     
    %

    (In thousands, except for percentages)

    Revenue

    3D Printer
     
    $1,049
     
    $20,787
     
    $(19,738)
     
    (95.0)%

    Recurring payment
     
    192
     
    531
     
    (339)
     
    (63.8)%

    Licensing
     
    5,000
     
    —
     
    5,000
     
    100.0%

    Support services
     
    2,006
     
    1,849