Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 105

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 105
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 value of debt derivatives of $8.5 million, and fair value related to the warrants of $2.3 million.

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We expect our cash used in operating activities
to increase, driven by investments in our RPS model in anticipation of increased demand for production level components and in R&D
to maintain technology leadership. Our continued efforts in increasing operational efficiency, reducing overhead and expense reduction
would offset operating cash needs.

Investing Activities

Net cash provided by investing activities
during the year ended December 31, 2024 was $7.8 million, consisting of $3.5 million of proceeds from maturity of available for sale
investments and $3.2 million in sales of available for sale securities, and reimbursement of previously incurred leasehold expenditures
of $1.1 million.

Net cash provided by investing activities
during the year ended December 31, 2023 was $38.9 million, consisting of $35.1 million of proceeds from maturity of available for sale
investments and $10.7 million in sales of available for sale securities, offset by property and equipment purchases of $1.0 million,
purchases of available-for-sale investments of $3.7 million consisting primarily of high quality investment-grade securities, and production
of equipment for lease to customers of $2.2 million.

We expect our capital expenditures to increase
in 2025 compared to 2024 as we ramp up operations to meet our customers’ production level parts demand while being offset by our
intent to limit the number of 3D Printer systems as equipment for lease to customers.

Financing Activities

Net cash provided by financing activities
during the year ended December 31, 2024 was $1.5 million, consisting of proceeds of $10.7 million from capital raise, net of issuance
costs, $1.7 million proceeds from the August Warrant Inducement (as defined below) capital raise, $0.5 million of proceeds from secured
notes, net of issuance costs, and $0.3 million of proceeds from issuance of common stock upon exercise of stock options, partially offset
by $11.7 million from the repayment of Secured Notes.

Net cash provided by financing activities
during the year ended December 31, 2023 was $59.3 million, consisting of proceeds of $65.7 million from the issuance of the Secured Convertible
Notes, net of issuance costs, proceeds of $57.1 million from the