Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 197

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 197
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 F-56 |
| Notes to Condensed Consolidated Interim Financial Statements (unaudited)                                 |     | F-57 |

| 120 |

<div align='center'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Board of Directors and Stockholders of

Velo3D,
Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated
balance sheet of Velo3D, Inc. and Subsidiaries (collectively the “Company”) as of December 31, 2024, and the related consolidated
statements of operations and comprehensive loss, stockholders’ equity, and cash flows, for the year then ended, and the related
notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements
present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and the results
of their operations and their cash flows for the year then ended, 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