Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 14

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 14
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5, and excludes:

| ● | 12,876,395                                                                                   
 shares of common stock issuable upon the vesting of outstanding restricted stock units;      |
| ● | 839,039                                                                                      
 shares of common stock issuable upon the exercise of outstanding warrants;                   |
| ● | 66,576                                                                                       
 shares of common stock issuable upon the vesting and exercise of outstanding stock options;  
 and                                                                                          |
| ● | 9,740,087                                                                                    
 shares of our common stock reserved for future issuance under our 2021 Equity Incentive Plan 
 (the “2021 Plan”).                                                                           |

| 8 |

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

Pursuant to 17 CFR 200.83

RISK FACTORS</div>

Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this prospectus, including our financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” before deciding whether to invest in our common stock. We have listed below (not necessarily in order of importance or probability of occurrence) what we believe to be the most significant risk factors applicable to us. The occurrence of any of the events or developments described below could materially and adversely affect our business, financial condition, results of operations and prospects. In such an event, the market price of our common stock could decline and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Some of the statements in the following risk factors constitute forward-looking statements. Please see the section titled “Cautionary Note Regarding Forward-Looking Statements.”

Risks Related to Our Financial Position and Need for Additional Capital

We are an early-stage company with a history of operating losses and may not maintain profitability in the future.

We experienced loss from operations of $82.3 million and $133.3 million for the years ended December 31, 2024 and 2023, respectively, and $11.9 million and $21.5 million for the three months ended March 31, 2025 and 2024, respectively. We anticipate incurring operating losses and negative cash flow in the near-term as we continue to invest significantly in our business, in particular across our sales and marketing programs. These investments may not result in