Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 71

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 71
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 and challenges, including those discussed
herein and in the section of this prospectus entitled “Risk Factors” starting on page 9.

We regularly evaluate several metrics, including
the metrics presented in the table below, to measure our performance, identify trends affecting our business, prepare financial projections,
make strategic decisions, and establish performance goals for compensation and we periodically review and revise these metrics to reflect
changes in our business.

|                          |     | 2025 |           As of and for the 
 Three Months Ended June 30, |     | 2024 |    |     | 2025 |         As of and for the 
 Six Months Ended June 30, |     | 2024 |    |
|:-------------------------|:----|:-----|----------------------------:|:----|:-----|---:|:----|:-----|--------------------------:|:----|:-----|---:|
| Revenue ($ in millions)  |     | $    |                          14 |     | $    | 10 |     | $    |                        23 |     | $    | 20 |
| Bookings ($ in millions) |     | $    |                          12 |     | $    |  5 |     | $    |                        20 |     | $    | 22 |
| Backlog ($ in millions)  |     | $    |                          16 |     | $    | 17 |     | $    |                        16 |     | $    | 17 |

Bookings ($ in millions):Bookings ($ in millions) are defined as a confirmed order for a 3D printer system and printed parts in contracted dollars.

Backlog ($ in millions):Backlog ($ in millions) is defined as the unfulfilled 3D printer systems and printed parts to be delivered to customers in contracted
dollars as of period end.

Customer Concentration

Our operating results for the foreseeable
future will continue to depend on sales to a small group of customers. For the three months ended June 30, 2025 and 2024, sales to the
top three customers accounted for 65.2% and 66.4%, respectively, of our revenue. Of the top three customers for the three months ended
June 30, 2025, two customers were different from the top three customers for the comparable period in 2024. For the six months ended
June 30, 2025 and 2024