Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 13

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
---
.8 million as of September 30, 2024. The equipment leased to customers had a cost basis of $7.4 million and accumulated depreciation of $0.8 million as of December 31, 2023. The total depreciation expense was $0.1 million and $0.1 million included in cost of revenue for the three months ended September 30, 2024 and 2023, respectively. The total depreciation expense was $0.6 million and $0.7 million included in cost of revenue for the nine months ended September 30, 2024 and 2023, respectively.Lease payments from customers consisted of the following: 

        Three Months Ended September 30,

        Nine Months Ended September 30,

        2024

        2023

        2024

        2023

        (In thousands)

        Equipment on lease payments
         
        $
        192

        $
        531

        $
        954

        $
        1,141

16

Lease payments to be received as of September 30, 2024 are as follows: 

        (In thousands)

        Remainder of 2024
         
        $
        500

        2025

        1,167

        2026

        —

        2027

        —

        2028

        —

        Thereafter

        —

        Total lease payments to be received
         
        $
        1,667

Note 8. LeasesThe Company leases its office and manufacturing facilities under four non-cancellable operating leases, including options to extend, which expire between 2024 to 2032. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease.As noted above in Note 6, Balance Sheet Components, the manufacturing facility operating lease at Campbell (McGlincy) was terminated during the quarter ended March 31, 2023, and is no longer in use. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) during the quarter ended December 31, 2023, which are no longer in use, however the lease agreements have not been terminated as of September 30, 2024.Total right-of-use (“ROU”) assets and lease liabilities are as follows: 

        September