Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 89

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 89
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 the February 2025 Warrant
Exchange transaction.

Other Income (Expense), Net

Other (expense) and income, net was less than
$(0.1) million and $(1.2) million for the six months ended June 30, 2025 and 2024, respectively.

Income Taxes

No provision for federal and state income
taxes was recorded for both the six months ended June 30, 2025 and 2024 due to projected losses, and we maintained a full valuation allowance
on the deferred tax assets as of June 30, 2025 and December 31, 2024.

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 in the remainder of 2025
and beyond, 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.

Comparison of the Years Ended December 31, 2024 and 2023:

The following table summarizes our historical
results of operations and as a percentage of revenue for the periods presented:

|                                                      |     | Year Ended December                   
 31,                                   |    2024 |   |     |        |    |     |   |     2023 |   |     |        |    |     |   |  Change |   |     |     |      % |    |
|:-----------------------------------------------------|:----|:--------------------------------------|--------:|:--|:----|-------:|:---|:----|:--|---------:|:--|:----|-------:|:---|:----|:--|--------:|:--|:----|:----|-------:|:---|
|                                                      |     | -In thousands, except for percentages |         |   |     |        |    |     |   |          |   |     |        |    |     |   |         |   |     |     |        |    |
| Revenue                                              |     |                                       |         |   |     |        |    |     |   |          |   |     |        |    |     |   |         |   |     |     |        |    |
| 3D Printer                                           |     | $                                     |  25,368 |   |     |