Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 99

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 99
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 cash, cash equivalents and short-term investments, respectively, and an accumulated deficit of $430.3 million
and $357.0 million, respectively. Our business requires substantial amounts of cash for operating activities, including salaries and
wages paid to our employees, component and sub-assembly purchases, general and administrative expenses, and others.

Our purchase commitments per terms and conditions
with suppliers and vendors are cancellable in whole or in part prior to shipment. Purchase commitments (purchase orders) of $4.4 million
for parts and assemblies are due upon receipt and will primarily be delivered throughout the remainder of 2025. If inventory is shipped,
we will accrue a liability under accrued expenses. We have no other commitments and contingencies, except for the operating leases and
the Secured Notes, the January Note, and the February Note. See Note 8, Leases, in the unaudited condensed consolidated interim financial
statements included elsewhere in this prospectus for further discussion.

During the six months ended June 30, 2025,
we experienced less revenue growth than expected due to our focus on high-value customers, resulting in a small decrease in system sales
as compared to the first quarter in 2025. As of June 30, 2025, we do not have sufficient working capital to meet our financial needs
for the twelve-month period following the filing date of these unaudited condensed consolidated interim financial statements. As such,
we believe that there is substantial doubt about our ability to continue as a going concern for the twelve-month period following the
issuance of these unaudited condensed consolidated interim financial statements. See Note 1 Description of Business and Basis of Presentation—Going Concern, Financial Condition and Liquidity and Capital Resources in the unaudited condensed consolidated interim financial statements
included elsewhere in this prospectus.

We will need to engage in additional financings
to fund our operations and satisfy our debt obligations in the near-term as well as to respond to business challenges and opportunities,
including the need to repay the Secured Notes, provide working capital, continue to fund payroll for employees, improve our operating
infrastructure, and continue to sustain operations. Accordingly, subject to our compliance with the covenants in the Secured Notes, to
fund our operations, we will need to engage in equity or debt financings to secure additional funds, including seeking additional capital
from public or private offerings of our equity or debt securities, electing to repay, restructure or refinance our existing indebtedness