Velo3D Files Q3 2024 10-Q

TL;DR

Velo3D's Q3 10-Q is in. Financials and warrant details disclosed.

AI Summary

Velo3D, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and disclosures regarding liabilities and warrants are presented.

Why It Matters

This filing provides investors with a crucial update on Velo3D's financial health and operational status as of Q3 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including liabilities and warrant disclosures, which can indicate financial risk.

Key Numbers

• 0.0285 — Other Assets Noncurrent (Represents a portion of Velo3D's non-current assets as of Q3 2024.)

Key Players & Entities

• Velo3D, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20250114 (date) — Filing date
• JAWS Spitfire Acquisition Corp (company) — Former company name
• Spitfire Acquisition Corp (company) — Former company name

FAQ

Key Financial Figures

• $0.00001 — had 194,896,717 shares of common stock, $0.00001 per share outstanding. TABLE OF CONTE

Filing Documents

• vldx-20240930.htm (10-Q) — 3884KB
• vldx-ex31_1.htm (EX-31.1) — 16KB
• vldx-ex31_2.htm (EX-31.2) — 16KB
• vldx-ex32_1.htm (EX-32.1) — 10KB
• vldx-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-25-005443.txt ( ) — 17199KB
• vldx-20240930.xsd (EX-101.SCH) — 1623KB
• vldx-20240930_htm.xml (XML) — 4474KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets (unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) 4 Condensed Consolidated Statements of Cash Flows (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 7 Notes to Condensed Consolidated Interim Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 56 Item 5. Other Information 56 Item 6. Exhibits 57

Signatures

Signatures 58 Explanatory Note Unless otherwise stated in this Quarterly Report or the context otherwise requires, references to: " Legacy Velo3D " refer to Velo3D, Inc., a Delaware corporation, prior to the closing of the Merger; " Merger " refer to the merger pursuant to that certain Business Combination Agreement, dated as of March 22, 2021, by and among JAWS Spitfire Acquisition Corporation, a Cayman Islands exempted company (" JAWS Spitfire "), Legacy Velo3D and Spitfire Merger Sub, Inc., a Delaware corporation (" Merger Sub "), as amended by Amendment No. 1 to the Business Combination Agreement, dated as of July 20, 2021 (the " Business Combination Agreement "), whereby Merger Sub merged with and into Legacy Velo3D, with Legacy Velo3D surviving the merger as a wholly-owned subsidiary of the Company, on September 29, 2021; " Velo3D " refer to Velo3D, Inc., a Delaware corporation (f/k/a JAWS Spitfire Acquisition Corporation, prior to its domestication), and its consolidated subsidiaries following the closing of the Merger; " we ," " us ," and " our " or the " Company " refer to Velo3D following the closing of the Merger and to Legacy Velo3D prior to the closing of the Merger; and " 2023 Form 10-K " refer to our Annual Report on Form 10-K for the year-ended December 31, 2023, filed with the Securities and Exchange Commission (the " SEC ") on April 3, 2024. " Velo ", " Velo3D ", " Sapphire " and " Intelligent Fusion " are registered trademarks of Velo3D, Inc; and " Without Compromise ", " Flow " and " Assure " are trademarks of Velo3D, Inc. Cautionary Note Regarding Forward-looking Statements Certain statements in this Quarterly Report may constitute "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, our strategic realignment and re

FINA NCIAL INFORMATION

PART I. FINA NCIAL INFORMATION

Fina ncial Statements

Item 1. Fina ncial Statements Velo3D, Inc. CONDENSED CONSOLID ATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 1,637 $ 24,494 Short-term investments — 6,621 Accounts receivable, net 10,213 9,583 Inventories, net 61,976 60,816 Contract assets 4,032 7,510 Prepaid expenses and other current assets 1,934 4,000 Total current assets 79,792 113,024 Property and equipment, net 13,152 16,326 Equipment on lease, net 3,783 6,667 Other assets 14,060 17,782 Total assets $ 110,787 $ 153,799 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 17,673 $ 15,854 Accrued expenses and other current liabilities 5,325 6,491 Debt–current portion 29,602 21,191 Contract liabilities 10,802 5,135 Total current liabilities 63,402 48,671 Long-term debt–less current portion — 11,941 Contingent earnout liabilities 11 1,456 Warrant liabilities 2,350 11,835 Other noncurrent liabilities 10,337 11,556 Total liabilities 76,100 85,459 Commitments and contingencies (Note 13) Stockholders' equity: Common stock, $ 0.00001 par value- 500,000,000 shares authorized at September 30, 2024 and December 31, 2023, 9,647,652 and 7,502,478 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 443,066 425,471 Accumulated other comprehensive loss — ( 96 ) Accumulated deficit ( 408,381 ) ( 357,037 ) Total stockholders' equity 34,687 68,340 Total liabilities and stockholders' equity $ 110,787 $ 153,799 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. 3 Velo3D, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

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