Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 259

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 259
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 approximately $9.2 million as of December 31, 2024. The state credits have no expiration date.

Federal, California and other state tax laws impose substantial restrictions on the utilization of NOLs and credit carryforwards in the event of an “ownership change” for tax purposes, as defined in Section 382 of the Internal Revenue Code. Accordingly, the Company’s ability to utilize these carryforwards is limited based on the ownership change. In December 2024, the Company had an ownership change pursuant to Internal Revenue Code Section 382 which could materially impact the ability to utilize the tax net operating loss carryforwards and other tax attributes recorded. The net operating loss and other tax attributes recorded as deferred tax asset are fully offset with valuation allowance. Accordingly the state and federal net operating loss carryforwards and credits which have expiring provisions are reduced to the expected available amount. The annual IRC 382 limit for pre ownership change attributes that can be utilized each year is approximately $0.8 million. The total tax effected attributes expected to be unable to be utilized due to expiration is approximately $31.9 million. As a result of the ownership change federal net operating losses of $35.2 million and California net operating loss of $250.0 million are expected to expire before they will be able to be utilized. Federal R&D credits of $7.1 million are also expected to expire before they can be utilized due to IRC Section 382 limitations.

| F-48 |

<div align='center'>Velo3D, Inc.

Notes to Consolidated Financial Statements</div>

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

Schedule of Unrecognized Tax Benefits Roll Forward

|                                                    |     | December   
 31,        
 2024       
 (In        
 thousands) |        |   |     | 2023 |       |
|:---------------------------------------------------|:----|:-----------|-------:|:--|:----|:-----|------:|
| Balance                                            
 at beginning of year                               |     | $          |  6,060 |   |     | $    | 4,750 |
| Additions                                          
 based on tax positions related to the current year |     |            | (3,301 | ) |     |      | 1,310 |
| Balance                                            
 at end of year                                     |     | $          |  2,759 |   |     | $    | 6,060 |

For the years ended December