Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 51

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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30, 2024 included
in contract liabilities as of December 31, 2023 was $0.8 million and $1.6 million, respectively. The change in contract assets reflects
the difference in timing between the Company’s satisfaction of remaining performance obligations and the Company’s contractual
right to bill its customers. The Company had no material asset impairment charges related to contract assets in the periods presented.

Variable
Consideration

The
Company estimates its variable consideration on a quarterly basis based 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 during the three months ended June 30, 2025 and 2024. There was no revenue related to variable consideration
during the six months ended June 30, 2025 and 2024.

    27

Note
16. Momentus Master Service Agreement

On
April 12, 2025, the Company entered into a Master Service Agreement (“MSA”) with Momentus, Inc.
(“Momentus”). Under the terms of the MSA, for a period of five years, Velo3D will provide consulting and parts
production through Velo3D’s Rapid Production Solutions (“RPS”) offering. Momentus is entitled to services equal to
the equivalent capacity of two Velo3D Sapphire XC 3D metal printers (or successor or comparable printers) (the “Equivalent
Capacity”). Momentus will have first priority to utilize the Equivalent Capacity, and Velo3D will ensure the Equivalent
Capacity is available for use as and when required by Momentus. If and when the Equivalent Capacity is not utilized by Momentus,
Velo3D may use the Equivalent Capacity to provide services to other customers. Services to be provided under the MSA will be
detailed in individual Statements of Work issued by Momentus and accepted by the Company from time to time, specifying the scope,
pricing, and delivery schedule for the applicable goods and services

On
April 14, 2025, Momentus issued an aggregate of 477,455
shares of Class A Common Stock and 673,408
shares of non-voting Momentus Series A Convertible Preferred Stock, par value 0.00001
per share for goods and services that will