Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 102

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 102
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 decrease from accounts payable of $2.4 million, a decrease from contract liabilities of $0.3 million,
a decrease from other net operating assets of $1.3 million, and a decrease in accrued expenses and other current liabilities of $0.6
million. The noncash gain of $2.4 million primarily consisted of the gain on fair value of warrants of $22.7 million, and the gain on
fair value of contingent earnout liabilities of $1.4 million, offset by the stock-based compensation expense of $9.3 million, depreciation
and amortization of $2.7 million, amortization of debt discount and deferred financing costs of $8.3 million and non-cash cost of issuance
of common stock warrants in connection with the BEPO Offering of $1.3 million.

We expect our cash used in operating activities
to decrease, driven by our efforts to stabilize our working capital requirements through our expense reduction efforts and overall enterprise
efficiency improvement programs.

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Investing Activities

Net cash used by investing activities during
the six months ended June 30, 2025 was $1.8 million, consisting of purchases of property and equipment of $1.8 million.

Net cash provided by investing activities
during the six months ended June 30, 2024 was $6.0 million, consisting of the sale of available for sale securities of $2.5 million,
and maturities of available-for-sale investment securities of $3.5 million.

We expect our capital expenditures to increase
in 2025 compared to 2024 as we invest in printer capacity and related facilities for RPS.

Financing Activities

Net cash provided by financing activities
during the six months ended June 30, 2025 was $15.0 million, consisting of proceeds of $15.0 million from the issuance of the January
Note and the February Note.

Net cash provided by financing activities
during the six months ended June 30, 2024 was $0.5 million, consisting of proceeds of $10.7 million from the capital raise, and $0.3
million from the issuance of common stock upon exercise of stock options, offset by the repayment of the secured notes of $10.5 million.

We expect cash provided by financing activities
to increase by issuing new equity or incurring new debt to continue operations, subject to our compliance with the covenants in the Secured
Notes. Our future cash requirements and the