Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 195

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 195
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, in conformity with accounting principles generally accepted in the
United States of America.

The consolidated financial statements of the
Company as of and for the year ended December 31, 2023, before the effects of the adjustments to retrospectively apply the reverse stock-split
described in Note 18 to the consolidated financial statements, were audited by other auditors whose report is dated April 3, 2024, except
for the effects of the 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, expressed an unqualified opinion
on those statements. We audited the adjustments to the 2023 consolidated financial statements to retrospectively apply the reverse stock-split,
as described in Note 18 to the consolidated financial statements. In our opinion, such retrospective adjustments are appropriate and
have been properly applied. However, we were not engaged to audit, review, or apply any procedures to the 2023 consolidated financial
statements of the Company, other than with respect to the retrospective adjustments described in Note 18, and, accordingly, we do not
express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a whole.

Substantial Doubt about the Company’s
Ability to Continue as a Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has incurred losses from operations and negative cash flows from operations since inception that raise substantial doubt
about their ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and the PCAOB.

We conducted our audit in accordance with the
standards of the PCAOB.