Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 72

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 72
---
, sales to the top three customers accounted for 54.6% and 53.7%, respectively, of our revenue. Of the top three
customers for the six months ended June 31, 2025, two customers were different from the top three customers for the comparable period
in 2024.

While our objective is to diversify our customer
base, we continue to be susceptible to risks associated with customer concentration.

Continued Investment and Innovation

We continue to be a customer-focused company
working to develop innovative solutions to address customers’ needs and focus on our customers to identify the most impactful areas
for research and development as we seek to further improve the capabilities of our AM solutions. We believe this process has contributed
significantly to our development of the most advanced metal AM systems in the world. We believe that continued investments in our products
are important to our future growth and, as a result, we will invest in enhancing our portfolio of AM solutions through certain research
and development projects based on customer demand.

| 47 |

Macroeconomic Conditions and Other World Events

General economic and political conditions
such as recessions, interest rates, fuel prices, inflation, foreign currency fluctuations, international tariffs, social, political and
economic risks and acts of war or terrorism (including, for example, the ongoing military conflicts in Israel and in Ukraine and the
economic sanctions related thereto), have added uncertainty in timing of customer orders and supply chain constraints. In 2024, we implemented
a number of supply chain and manufacturing improvements in response and intend to continue to focus on driving further operational improvements
during 2025 to reduce operating costs.

Climate Change

Material pending or existing climate change-related
legislation, regulations, and international accords could have an adverse effect on our business, financial condition, and results of
operations, including: (1) material past and/or future capital expenditures for climate-related projects, (2) material indirect consequences
of climate-related regulation or business trends, such as the following: decreased/increased demand for goods or services that produce
significant greenhouse gas emissions or are related to carbon-based energy sources; increased competition to develop innovative new products
that result in lower emissions; increased demand for generation and transmission of energy from alternative energy sources; and any anticipated
reputational risks resulting from operations or products that produce material greenhouse gas emissions and (3) material increased compliance
costs related to climate change. In addition, extreme weather and other natural disasters may become more intense or more