Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 71

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 71
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price remains the same, and after deducting estimated underwriting discounts and commissions.

The foregoing discussion and tables above are based on 210,232,762 shares of common stock outstanding as of March 31, 2025, and excludes:

| ● | 257,256                                                                                 
 shares of common stock issuable upon the vesting of outstanding restricted stock units; |

| ● | 553,326                                                                    
 shares of common stock issuable upon the exercise of outstanding warrants; |

| ● | 254,291                                                                                     
 shares of common stock issuable upon the vesting and exercise of outstanding stock options; 
 and                                                                                         |

| ● | 43,957                                                                       
 shares of our common stock reserved for future issuance under the 2021 Plan. |

To the extent that any outstanding options or warrants are exercised, new options or other equity awards are issued under our equity incentive plans, or we issue additional shares in the future, there will be further dilution to new investors participating in this offering.

| 44 |

<div align='center'>Confidential Treatment Requested by Velo3D, Inc.

Pursuant to 17 CFR 200.83

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.

Overview

We seek to fulfill the promise of AM to deliver breakthroughs in performance, cost, and lead time in the production of high-value metal parts.

We produce a fully integrated hardware and software solution based on our proprietary L-PBF technology, which greatly reduces and often eliminates the need for support structures. Our technology enables the production of highly complex, mission-critical parts that existing AM solutions cannot produce without the need