Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 104

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 104
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 noncurrent liabilities of $2.2 million,
partially offset by a decrease in inventories of $13.3 million for Sapphire and Sapphire XC system production, contract assets of $7.0
million, accounts receivable of $5.9 million, contract liabilities of $5.2 million, other assets of $4.0 million, and prepaid expenses
and other current assets of $1.8 million related to insurance and vendor prepayments. The noncash charges primarily consisted of amortization
of debt discount and deferred financing costs of $13.6 million, stock-based compensation of $15.4 million, loss on debt extinguishment
of $7.5 million, depreciation and amortization of $4.9 million, warrant issuance in connection with the August warrant inducement of
$2.4 million, and cost of issuance of common stock warrants in the BEPO Offering (defined herein) of $1.3 million, partially offset by
the fair value related to the warrants of $32.1 million, gain on exchange of debt for common stock of $2.6 million and the change in
fair value related to the contingent earnout liabilities of $1.4 million.

Net cash used in operating activities for
the year ended December 31, 2023 was $105.6 million, consisting primarily of a net loss of $135.1 million, cash used from net operating
assets of $1.2 million, and noncash charges of $28.3 million. The cash used from operating assets was primarily comprised of contract
liabilities of $10.1 million, accrued expenses and other current liabilities of $9.0 million, and contract assets of $7.2 million, partially
offset by a decrease in inventories of $13.7 million for Sapphire and Sapphire XC system production, other assets of $10.2 million, prepaid
expenses and other current assets of $2.8 million related to insurance and vendor prepayments, and accounts payable of $2.2 million.
The noncash charges primarily consisted of stock-based compensation of $24.9 million, the change in loss on debt extinguishment of $19.5
million, depreciation and amortization of $9.3 million, cost of issuance of common stock warrants of $1.4 million, and realized loss
on available for sale securities, partially offset by the change in fair value related to the contingent earnout liabilities of $16.0
million, the change in fair