Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 93

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 93
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 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.

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 |   |     |     |     % |    |
|:--------------------------|:----|:----------------------|-------:|:----|------:|:--|:----|:--|--------:|:----|------:|:--|:----|:--|--------:|:--|:----|:----|------:|:---|
|                           |     | -in thousands, except 
 percentages           |        |     |       |   |     |   |         |     |       |   |     |   |         |   |     |     |       |    |
| Cost of Revenue           |     |                       |        |     |       |   |     |   |         |     |       |   |     |   |         |   |     |     |       |    |
| 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 | % |     |   |