Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 30

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 on the latest data available, and adjusts the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result of a change in estimation. There was no revenue related to variable consideration and $3.9 million in revenue related to variable considerations during the three ended September 30, 2024 and 2023. There was no revenue related to variable consideration and $3.9 million in revenue related to variable consideration for the nine months ended September 30, 2024 and 2023, respectively.

Note 16. Revision of Previously Issued Condensed Consolidated Interim Financial StatementsAs discussed in Note 1, during the fourth quarter of 2023, the Company identified errors related to revenue, other assets and contract assets which also impacted the interim periods in 2023 as originally presented in the Company’s quarterly reports on Form 10-Q. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors including the 

29

classification of stock-based compensation as cost of revenue for the three and nine months ended September 30, 2023. The Company concluded that these errors were not material, either individually or in the aggregate, to its previously issued unaudited condensed consolidated interim financial statements. There were no changes to previously issued total cash flows generated from (used by) operating, investing, or financing activities for any of the impacted periods. The Company revised the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 to reflect the corrections of these immaterial errors in this Quarterly Report. 

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The impact of the revision is as follows: 

        For the Three Months Ended

        For the Nine Months Ended

        September 30, 2023

        September 30, 2023

        As PreviouslyReported

        Adjustment

        As Revised

        As PreviouslyReported

        Adjustment

        As Revised

        Revenue

        3D Printer
         
        $
        21,428

        $
        (641
        )
         
        $
        20,787

        $
        69,193

        $
        (768
        )
         
        $
        68,425

        Recurring payment

        531

        —

        531

        1,141

        —

        1