Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 129

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 129
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 RPS enables customers to build resilient supply chains for production parts across industries, including aerospace, defense, energy, and others.

Customers

Our customers range from small- and medium-sized enterprises to Fortune 500 companies in the space, aviation, defense, automotive, energy and industrial markets. Our largest customer, Space Exploration Technologies Corp. (“SpaceX”), accounted for 23.0% and 4.0% of our revenue for the year ended December 31, 2024 and 2023, respectively. Our customers include both OEMs, as well as CMs who provide service and parts on behalf of OEMs. Our 3D printer sales occur under purchase orders that are governed by our terms and conditions of sale. Our terms and conditions with our largest customer are consistent with all other customers and permit the customers to terminate our services at any time (subject to notice and certain other provisions).

We serve some of the
most well-known companies in their respective industries. For example, in the Space industry, SpaceX, Vaya Space, Firefly Aerospace,
Avio are notable customers. In the defense and aerospace end-markets, in addition to companies such as RTX, Lockheed Martin and Kratos,
Velo3D is working with the U.S. Airforce and the U.S. Navy on multiple projects including several different types of metal alloys to
meet specific requirements for high temperature, high strength, low weight and high corrosion resistance characteristics. In the semiconductor
industry, Velo3D is working with one of the top semiconductor equipment manufacturers to advance capabilities and production readiness
to produce the next generation of semiconductor devices. Velo3D also works with a network of contract manufacturer customers such as
ATI, Mears Machines, Valiant that serve the defense, space and industrials markets.

We only sell to production customers. Our machines are not resalable without consent and software licenses are not transferable to certain geographic markets to protect our IP.

Research and Development

The high-value metal parts and AM segments are undergoing technological advancements across hardware, software and materials. Specifically, our R&D team is focused on continuing advances in technology that include, but are not limited to:

| ● | enhancements                                                       
 of the Sapphire family of systems, such as our 1MZ systems;        |
| ● | improvement                                                        
 of reliability and productivity of the Sapphire family of systems; |
| ● | expansion                                                          
 of functionality of Flow software;                                 |
| ● | qualifying                                                         
 new materials;                                                     |
| ● |