Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 200

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 200
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 required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.

We conducted our audit of these consolidated
financial statements, before the effects of the adjustments described above, in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free
of material misstatement, whether due to error or fraud.

Our audit included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Jose, California

April 3, 2024, except for the effects of the
June 2024 reverse stock split discussed in Note 1 and the change in the manner in which the Company accounts for segments discussed in
Note 2 to the consolidated financial statements, as to which the date is March 31, 2025

We served as the Company’s auditor from
2020 to 2024.

| F-2 |

<div align='center'>Velo3D, Inc.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2024 and 2023

(In thousands, except share and per share data)</div>

| Assets                                                          
 Current                                                         
 assets:                                                         |     | 2024 |          |   |     | 2023 |          |   |
|:----------------------------------------------------------------|:----|:-----|---------:|:--|:----|:-----|---------:|:--|
| Cash                                                            
 and cash equivalents                                            |     | $    |    1,212 |   |     | $    |   24,494 |   |
| Short-term                                                      
 investments                                                     |     |      |        — |   |     |      |    6,621 |   |
| Accounts                                                        
 receivable, net                                                 |     |      |    3,723 |   |     |      |    9,