Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 128

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 128
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 of sale. Our terms and conditions with our largest customer are consistent with all other customers and permit the customers to terminate our services at any time (subject to notice and certain other provisions).

We serve some of the
most well-known companies in their respective industries. For example, in the Space industry, SpaceX, Vaya Space, Firefly Aerospace,
Avio are notable customers. In the defense and aerospace end-markets, in addition to companies such as RTX, Lockheed Martin and Kratos,
Velo3D is working with the U.S. Airforce and the U.S. Navy on multiple projects including several different types of metal alloys to
meet specific requirements for high temperature, high strength, low weight and high corrosion resistance characteristics. In the semiconductor
industry, Velo3D is working with one of the top semiconductor equipment manufacturers to advance capabilities and production readiness
to produce the next generation of semiconductor devices. Velo3D also works with a network of contract manufacturer customers such as
ATI, Mears Machines, Valiant that serve the defense, space and industrials markets.

We only sell to production customers. Our machines are not resalable without consent and software licenses are not transferable to certain geographic markets to protect our IP.

Research and Development

The high-value metal parts and AM segments are undergoing technological advancements across hardware, software and materials. Specifically, our R&D team is focused on continuing advances in technology that include, but are not limited to:

| ● | enhancements                                                       
 of the Sapphire family of systems, such as our 1MZ systems;        |
| ● | improvement                                                        
 of reliability and productivity of the Sapphire family of systems; |
| ● | expansion                                                          
 of functionality of Flow software;                                 |
| ● | qualifying                                                         
 new materials;                                                     |
| ● | additional                                                         
 quality control features in Assure; and                            |
| ● | addition                                                           
 of recipes for new and for qualified metal alloys.                 |

We have historically invested a significant amount of our resources in R&D because we believe that superior technology is a key to maintaining a leading market position. For the six months ended June 30, 2025 and 2024, our R&D expenses were approximately $5.1 million and $9.6 million, respectively. For the year ended December 31, 2024 and 2023, our R&D expenses were approximately $17.1 million and $42.0 million, respectively.

Sales and Marketing

We sell our AM solutions directly, as