Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 86

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 86
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, 2025 and 2024, respectively.

Income Taxes

No provision for federal and state income taxes was recorded for both the three months ended March 31, 2025 and 2024 due to projected losses, and we maintained a full valuation allowance on the deferred tax assets as of March 31, 2025 and December 31, 2024.

We will continue to review our conclusions about the appropriate amount of the valuation allowance on a quarterly basis. If we were to generate profits in the remainder of 2025 and beyond, the U.S. valuation allowance position could be reversed in the foreseeable future. We expect a benefit to be recorded in the period the valuation allowance reversal is recorded and a higher effective tax rate in periods following the valuation allowance reversal.

| 54 |

<div align='center'>Confidential Treatment Requested by Velo3D, Inc.

Pursuant to 17 CFR 200.83</div>

Comparison of the Years Ended December 31, 2024 and 2023:

The following table summarizes our historical results of operations and as a percentage of revenue for the periods presented:

|                                              |     | Year                   
 Ended December 31,     |    2024 |   |     |        |    |     |   |     2023 |   |     |        |    |     |   |  Change |   |     |     |      % |    |
|:---------------------------------------------|:----|:-----------------------|--------:|:--|:----|-------:|:---|:----|:--|---------:|:--|:----|-------:|:---|:----|:--|--------:|:--|:----|:----|-------:|:---|
|                                              |     | -In thousands,         
 except for percentages |         |   |     |        |    |     |   |          |   |     |        |    |     |   |         |   |     |     |        |    |
| Revenue                                      |     |                        |         |   |     |        |    |     |   |          |   |     |        |    |     |   |         |   |     |     |        |    |
| 3D Printer                                   |     | $                      |  25,368 |   |     |   61.9 | %  |     | $ |   68,938 |   |     |