Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 26

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 26
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 may have an adverse effect on our results of operations and financial condition.

Future competition may arise from the development of allied or related techniques for equipment, materials and services that are not encompassed by our patents, from the issuance of patents to other companies that may inhibit our ability to develop certain products and from improvements to existing technologies.

We intend to continue to follow a strategy of continuing product development and distribution network expansion to enhance our competitive position to the extent practicable. However, we cannot ensure that we will be able to maintain our current position or continue to compete successfully against current and future sources of competition. If we do not keep pace with technological change and introduce new products and technologies, demand for our products may decline, and our operating results may suffer.

| 16 |

Our existing and planned global operations subject us to a variety of risks and uncertainties that could adversely affect our business and operating results. Our business is subject to risks associated with selling machines and other products in non-United States locations.

Our products and services, and product outputs from CMs who use our 3D printer systems, are distributed in more than 25 countries around the world. Accordingly, we face significant operational risks from doing business internationally. For current and potential international customers whose contracts are denominated in U.S. dollars, the relative change in local currency values creates relative fluctuations in our product pricing. These changes in international end-user costs may result in lost orders and reduce the competitiveness of our products in certain foreign markets. As we realize our strategy to expand internationally, our exposure to currency risks may increase.

Other risks and uncertainties we face from our global operations include:

| ● | limited                                                                                          
 protection for the enforcement of contract and IP rights in certain countries where we may       
 sell our products or work with suppliers or other third parties;                                 |
| ● | potentially                                                                                      
 longer sales and payment cycles and potentially greater difficulties in collecting accounts      
 receivable;                                                                                      |
| ● | costs                                                                                            
 and difficulties of customizing products for foreign countries;                                  |
| ● | challenges                                                                                       
 in providing solutions across a significant distance, in different languages and among different 
 cultures;                                                                                        |
| ● | laws                                                                                             
 and business practices favoring local competition;                                               |
| ● | being                                                                                            
 subject to a wide variety of complex foreign laws, treaties and regulations and adjusting        
 to any unexpected changes in such laws, treaties and regulations;                                |
| ● | compliance                                                                                       
 with U.S. laws affecting activities of U.S. companies abroad, including the U.S. Foreign         
 Cor