Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 70

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 of warrants was $0.0 and $25.3 million for the three months ended June 30, 2025 and 2024, respectively, and was related
to the non-cash fair value change of the warrant liabilities driven by the relative change in our stock price.

Gain
(loss) on Fair value of Contingent Earnout Liabilities

The
change in fair value of the contingent earnout liability was $0.0 and $1.8 million for the three months ended June 30, 2025 and 2024,
respectively, and was related to the non-cash fair value change of the earnout liabilities driven by the relative change in our stock
price.

Other
Income (Expense), Net

Other
income (expense), net was less than $(0.1) million and $(1.3) million for the three months ended June 30, 2025 and 2024, respectively.

Income
Taxes 

No
provision for federal and state income taxes was recorded for both the three months ended June 30, 2025 and 2024 due to projected losses,
and we maintained a full valuation allowance on the deferred tax assets as of June 30, 2025 and December 31, 2024.

We
will continue to review our conclusions about the appropriate amount of the valuation allowance on a quarterly basis. If we were to generate
profits in the remainder of 2025 and beyond, the U.S. valuation allowance position could be reversed in the foreseeable future. We expect
a benefit to be recorded in the period the valuation allowance reversal is recorded and a higher effective tax rate in periods following
the valuation allowance reversal.

37

Comparison
of the Six Months Ended June 30, 2025 and 2024: 

The
following table summarizes our historical results of operations for the periods presented:

    Six Months Ended June 30,  

    2025  
    2024  
    Change  
    % 

    (In thousands, except for percentages) 
  
    Revenue 

    3D Printer 
    $19,605  
    $16,339  
    $3,266  
     20.0%
  
    Recurring payment 
     70  
     762  
     (692) 
     (90.8)%
  
    Support services 
     3,149  
     3,029