Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 76

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 and 2024, respectively, a decrease
of $4.5 million. The decrease in research and development expenses was driven by a $2.5 million decrease in headcount, salaries and employee-related
expenses, a decrease of $1.4 million in stock-based compensation, a decrease of $0.6 million in other research and development expenses.

We
expect research and development costs to remain at similar levels for the remainder of 2025 due to the maturation of our Sapphire family
of systems and certain investments in improvements current product line and to increase in the long term as we continue to invest in
enhancing and advancing our portfolio of AM solutions.

Selling
and Marketing Expenses 

Selling
and marketing expenses were $2.8 million and $9.1 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of
$6.3 million. The decrease was attributable to a decrease of $5.0 million in headcount, salaries and employee-related expenses and a
$1.3 million decrease in stock-based compensation.

We
expect selling and marketing expenses to increase for the remainder of 2025 as we re-engage with key customers and drive RPS traction.
During the remainder of 2025, we intend to continue our focus on certain markets that show strong attendance at additive manufacturing
conferences to build product awareness.

General
and Administrative Expenses

General
and administrative expenses were $15.2 million and $17.6 million for the six months ended June 30, 2025 and 2024, respectively, a decrease
of $2.4 million. The decrease was attributable to a $1.7 million decrease in headcount, salaries and employee-related expenses, a $1.0
million decrease in facilities related expenses and a $0.9 million decrease in legal and other professional services, offset by a $0.7
million increase in other miscellaneous expenses and $0.5 million increase in state taxes.

We
expect general and administrative expenses to decrease as a result of savings from our reduction in force implemented in late 2024. We
continue to focus on our company-wide initiatives to reduce operating costs for the remainder of 2025 as we continue to reducing our
general and administrative expenses through reducing our reliance on outside consultants, managing facility costs, negotiating with vendors
for improved pricing and enterprise level efficiency improvements.

40

Interest
Expense

Interest
expense was $2.6 million