Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 103

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 103
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 adequacy of available funds will depend on many factors, including our operating performance,
competitive and industry developments, and financial market conditions.

Cash Flows for the years ended December 31, 2024 and 2023

|                                           |     | Years Ended December 
 31,                  
 2024                 
 (In thousands)       |         |   |     | 2023 |          |   |     | Change |         |   |
|:------------------------------------------|:----|:---------------------|--------:|:--|:----|:-----|---------:|:--|:----|:-------|--------:|:--|
| Net cash used in operating activities     |     | $                    | (32,677 | ) |     | $    | (105,636 | ) |     | $      |  72,959 |   |
| Net cash provided by investing activities |     |                      |   7,767 |   |     |      |   38,891 |   |     |        | (31,124 | ) |
| Net cash provided by financing activities |     |                      |   1,460 |   |     |      |   59,261 |   |     |        | (57,801 | ) |

Operating Activities

Net cash used in operating activities for
the year ended December 31, 2024 was $32.7 million, consisting primarily of a net loss of $73.3 million, cash used from net operating
assets of $31.5 million, and non cash charges of $9.1 million. The cash used from operating assets was primarily comprised of accounts
payable of $0.1 million, accrued expenses and other current liabilities of $2.6 million, and other noncurrent liabilities of $2.2 million,
partially offset by a decrease in inventories of $13.3 million for Sapphire and Sapphire XC system production, contract assets of $7.0
million, accounts receivable of $5.9 million, contract liabilities of $5.2 million, other assets of $4.0 million, and prepaid expenses
and other current assets of $1.8 million related to insurance and vendor prepayments. The noncash charges primarily consisted of amortization
of debt discount and deferred financing costs of $13.6 million, stock-based compensation of $15.4 million, loss on debt extinguishment
of $7.5 million, depreciation and amortization of $