Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 18

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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, the related note disclosure has been revised to separately present (i) “Equipment
on Lease”, and (ii) “Equipment available on lease”. These changes are intended to improve clarity and more accurately
represent the composition and status of our equipment subject to operating lease.

For
more information, see Note 7, Equipment Subject to Operating Lease, Net, in the notes of the unaudited condensed consolidated
interim financial statements included elsewhere in this Quarterly Report.

Our 3D printers subject to operating leases are classified using the following criteria:

    Equipment
on 
Lease
     
    Equipment
Available 
for Lease
  
    Revenue
    generation – under contract or not under contract but held for potential redeployment to existing or new customers

    Yes (lease income active)
     
    No
(not on active lease)
  
    Physical
    location – remains in a condition, location, and business context rendering it suitable for future lease arrangements
     
    At
customer site
     
    At
customer site, idle, or warehouse
  
    Intended
    use – for third party customers and not for internal usage

    On
Lease 
     
    Available
for Lease
  
    Depreciation
    – the lesser of the useful life of the equipment or the contract period and annually tested for impairment

    Yes, per original schedule
     
    Yes,
may accelerate if impaired

If
the 3D printers does not meet the above criteria, the equipment is classified under property and equipment, net.

Revision
of Previously Filed Financial Statements

During
the second quarter of 2025, the Company discovered the initial research and development and sales and marketing operating expenses
for the three months ended March 31, 2025, were incorrectly presented on the unaudited condensed consolidated statement of
operations and comprehensive loss. The Company initially reported the research and development expenses under the sales and
marketing financial statement line item and the sales and marketing expenses under the research and development financial statement
line item in the operating expenses section of the unaudited condensed consolidated statement of operations and comprehensive loss.
There was no impact to the total operating expenses, net loss or net loss per share on the unaudited condensed consolidated
statement of operations and comprehensive loss for the three months ended March 31, 2025.

The
following table reflects the revisions to the previously issued unaudited condensed consolidated statement of operations and
comprehensive loss for the three months ended March 31, 2025