Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 89

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 89
---
 existing customer network and developing new customer networks to increase demand.

Revenue trends from our largest customer have historically been driven by the timing of its major orders for 3D Printers and the timing of the shipments under those orders. We shipped our first Sapphire system to our largest customer in 2018, and as of December 31, 2024, we have shipped to this customer 26 in total (Sapphire and Sapphire XC systems). We expect our largest customer to remain an important relationship going forward. However, the largest customer’s contribution as a percentage of our total revenue will depend on the growth of our customer base. As of December 31, 2024, over 50% of our customers have multiple Sapphire family of systems.

| 56 |

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

Pursuant to 17 CFR 200.83</div>

Cost of Revenue

The following table presents the Cost of Revenue disaggregated by product and service type, as well as the percentage of total cost of revenue.

|                           |     | Year               
 Ended December 31, |   2024 |     |       |   |     |   |    2023 |     |       |   |     |   |  Change |   |     |     |     % |    |
|:--------------------------|:----|:-------------------|-------:|:----|------:|:--|:----|:--|--------:|:----|------:|:--|:----|:--|--------:|:--|:----|:----|------:|:---|
| Cost of Revenue           |     | -in thousands,     
 except percentages |        |     |       |   |     |   |         |     |       |   |     |   |         |   |     |     |       |    |
| Cost of 3D Printers       |     | $                  | 34,159 |     |  79.3 | % |     | $ |  94,448 |     |  91.1 | % |     | $ | (60,289 | ) |     |     | (63.8 | )% |
| Cost of Recurring Payment |     |                    |    866 |     |   2.0 | % |     |   |   1,291 |     |   1.2 | % |     |