Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 198

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 198
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ricewaterhouseCoopers LLP

San Jose, California

April 3, 2024, except for the effects of the
June 2024 reverse stock split discussed in Note 1 and the change in the manner in which the Company accounts for segments discussed in
Note 2 to the consolidated financial statements, as to which the date is March 31, 2025

We served as the Company’s auditor from
2020 to 2024.

| F-2 |

<div align='center'>Velo3D, Inc.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2024 and 2023

(In thousands, except share and per share data)</div>

| Assets                                                          
 Current                                                         
 assets:                                                         |     | 2024 |          |   |     | 2023 |          |   |
|:----------------------------------------------------------------|:----|:-----|---------:|:--|:----|:-----|---------:|:--|
| Cash                                                            
 and cash equivalents                                            |     | $    |    1,212 |   |     | $    |   24,494 |   |
| Short-term                                                      
 investments                                                     |     |      |        — |   |     |      |    6,621 |   |
| Accounts                                                        
 receivable, net                                                 |     |      |    3,723 |   |     |      |    9,583 |   |
| Inventories,                                                    
 net                                                             |     |      |   49,953 |   |     |      |   60,816 |   |
| Contract                                                        
 assets                                                          |     |      |      500 |   |     |      |    7,510 |   |
| Prepaid                                                         
 expenses and other current assets                               |     |      |    2,336 |   |     |      |    4,000 |   |
| Total                                                           
 current assets                                                  |     |      |   57,724 |   |     |      |  113,024 |   |
| Property                                                        
 and equipment, net                                              |     |      |   14,270 |   |     |      |   16,326 |   |
| Equipment                                                       
 on lease, net                                                   |     |      |    3,673 |   |     |      |    6,667 |   |
| Other                                                           
 assets                                                          |     |      |