VELO

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Exhibit 99.1

Velo3D Announces Second Quarter 2026 Financial Results

• Revenue of $20.7 million, up 52.3% year-over-year

• Gross margin of 21.5%

• Cash and cash equivalents of $91.1 million as of June 30, 2026

• New Livermore Production Campus expected to triple manufacturing capacity and support accelerating demand

• Increases 2026 revenue guidance to $65 million to $75 million, from $60 million to $70 million

FREMONT, Calif., August 11, 2026- Velo3D, Inc. (Nasdaq: VELO) (“Velo3D” or the “Company”), a leader in additive manufacturing (“AM”) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its second quarter ended June 30, 2026.

Arun Jeldi, Chief Executive Officer of Velo3D, said, "We delivered a strong quarter, with 52.3% year-over-year revenue growth, expanding margins and disciplined execution across our business. The strength of our results reflects the increasing demand for our advanced metal additive manufacturing solutions, the successful execution of our commercial strategy and our team's relentless focus on operational excellence. During the quarter, we expanded strategic customer relationships, advanced new partnerships and continued building momentum across the aerospace, defense, energy and space markets, positioning Velo3D for continued growth.

"Looking ahead, we are entering an exciting new phase for Velo3D with the launch of our Livermore Production Campus, which we expect will triple our manufacturing capacity and become our primary production and manufacturing center. This expansion is expected to significantly enhance our ability to meet growing customer demand, shorten delivery timelines and support larger production programs as additive manufacturing becomes an increasingly important part of next-generation industrial supply chains. With expanded capacity, a strengthened balance sheet and a growing pipeline of opportunities, we believe Velo3D is well-positioned to capitalize on the market opportunities ahead."

Recent Business Developments

• Launched the new Livermore Production Campus, which is expected to triple the Company’s manufacturing production capacity and support accelerating demand from aerospace and defense customers for the Company’s metal additive manufacturing solutions. The campus is expected to become operational later this year. It will serve as the Company’s primary production and manufacturing center.

• Expanded strategic partnership with Mears Machine Corporation to accelerate distributed manufacturing. Mears ordered its fifth Velo3D Sapphire® XC metal additive manufacturing system, with options for two additional systems, further expanding manufacturing capacity supporting aviation, defense, energy and space applications.

• Entered into a strategic partnership with Aurelia Technologies advancing the use of metal additive manufacturing in next-generation gas turbine systems, supporting design consolidation, faster product iteration, supply chain resilience and cost reduction initiatives.

• Strengthened institutional market presence and broadened market exposure with inclusion in the Russell 3000® Index and Russell Microcap® Index.

• Enhanced Board leadership and strategic expertise with the appointment of Lily Mei, former Mayor of Fremont, California and an experienced public- and private-sector leader, as an independent director to the Company’s Board of Directors.

• Closed a firm commitment underwritten registered direct offering in April 2026 of 3,571,428 shares of common stock, with gross proceeds of approximately $50 million. In addition, the Company raised gross proceeds of approximately $59.4 million during the second quarter of 2026 through sales of common stock under its at-the-market offering program established in May 2026, before issuance costs of approximately $2.0 million.

($ in Millions, except percentages and per-share data)

2nd Quarter 2026

2nd Quarter 2025

GAAP revenue

$20.7

$13.6

GAAP gross margin

21.5 %

(11.7)%

GAAP net loss1

($11.5)

($13.3)

GAAP net loss per share  – basic and diluted

($0.39)

($0.94)

Non-GAAP net loss1,2

($9.0)

($11.4)

Non-GAAP net loss per share  – basic and diluted1,2

($0.30)

($0.81)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States of America ("GAAP"), is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.

2. Non-GAAP net loss and non-GAAP net loss per basic and diluted share exclude stock-based compensation expense, loss on warrant cancellation, and fair value adjustment

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Exhibit 99.1

Velo3D Announces First Quarter 2026 Financial Results

• Revenue of $13.8 million, up 48% year-over-year

• Gross margin of 17.2%

• Reaffirms outlook for 2026 revenue between $60 million and $70 million and to turn EBITDA positive in the second half of 2026

FREMONT, Calif., May 12, 2026- Velo3D, Inc. (Nasdaq: VELO) (“Velo3D” or the “Company”), a leader in additive manufacturing (“AM”) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its first quarter ended March 31, 2026.

Recent Business Developments

• Awarded a $9.8 million, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract supporting the Defense Logistics Agency's (DLA) Joint Additive Manufacturing Acceptability (JAMA) Pilot Parts Program, an initiative aimed at accelerating adoption of additively manufactured components across Department of War sustainment operations.

• Appointed Jim Suva as Chief Financial Officer.

• Closed a firm commitment underwritten registered direct offering in April 2026 of 3,571,428 shares of common stock, with gross proceeds of approximately $50 million.

“For the first quarter, we delivered a strong start to 2026 with revenue up 48% year‑over‑year, reflecting recent sales momentum and disciplined execution across our end markets,” said Arun Jeldi, CEO of Velo3D. “Importantly, we achieved positive gross margin this quarter, a key inflection point that validates our operating model as we scale production and continue to drive cost efficiency. With a robust pipeline of opportunities, we believe we have a solid foundation for continued growth.”

“Demand remains particularly strong in defense and aerospace, where customers are prioritizing scalable, high‑performance additive manufacturing solutions. To support this demand and accelerate our expansion, we completed a successful equity offering in April, securing additional capital to invest in talent and operational infrastructure. We believe our competitive position is strengthening as we deepen customer relationships and expand into new programs. We remain focused on executing our expansion plans to capture these opportunities and drive long‑term value creation.”

($ in Millions, except percentages and per-share data)

1st Quarter 2026

1st Quarter 2025

GAAP revenue

$13.8

$9.3

GAAP gross margin

17.2 %

7.5 %

GAAP net loss1

($7.0)

($25.0)

GAAP net loss per share  – basic and diluted

($0.28)

($1.87)

Non-GAAP net loss1,2

($5.1)

($9.0)

Non-GAAP net loss per share  – basic and diluted1,2

($0.20)

($0.67)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States of America ("GAAP"), is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company’s

performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.

2. Non-GAAP net loss and non-GAAP net loss per basic and diluted share exclude stock-based compensation expense, loss on warrant cancellation, fair value adjustments for the Company’s warrants and earnout liabilities, impairment of equipment subject to operating lease, and non-routine inventory adjustments for excess and obsolete inventory.

Summary of First Quarter 2026 Results

Total Revenue was $13.8 million. 3D Printer and parts revenue increased 60% compared to the first quarter of 2025, driven by an increase in the average selling price, number of systems sold, and an increase in RPS revenues. While system sales are expected to remain the primary driver of revenue in 2026, the Company anticipates that, under its new go-to-market strategy, its RPS parts production business will contribute an increasing share of revenue.

Gross margin for the first quarter was 17.2% compared to 7.5% in the first quarter of 2025. This change was primarily driven by the higher average selling price of Sapphire XC systems and increased RPS volume.

Operating expenses for the first quarter were $9.3 million compared to $12.2 million in the first quarter of 2025. Non-GAAP adjusted operating expenses, excluding stock-based compensation recorded in operating expenses of $1.2 million, were $8.1 million, down from $8.8 million in the first quarter of 2025.

GAAP net loss for the first quarter was ($7.0) million compared to ($25.0) million in the first quarter of 2025. Non-GAAP net loss for the first quarter was ($5.1) million compared to ($9.0) million in the three months ended March 31, 2025. Adjusted EBITDA for the first quarter was ($3.6) million compared to ($6.9) million in the first quarter of 2025. For more information regarding the Company’s non-GAAP financial measures, see “Non-GAAP Financial Informatio

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Exhibit 99.1

Velo3D Announces Fourth Quarter and Full-Year 2025 Financial Results;

Unveils Long-Term Capacity Plan Envisioning up to Approximately 400 Production Systems

• Full-year 2025 Revenue of $46 million

• Backlog of $31 million as of December 31, 2025

• Expects 2026 revenue between $60 million and $70 million

• Expects to turn EBITDA positive in the second half of 2026

• Announces demand-driven capacity plan envisioning up to approximately 400 production systems over the next decade, supported by potential asset-backed financing and expanding defense and aerospace program portfolio

FREMONT, Calif., March 24, 2026- Velo3D, Inc. (Nasdaq: VELO) ("Velo3D” or the "Company"), a leader in additive manufacturing ("AM") technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its fourth quarter and full year ended December 31, 2025.

Recent Business Developments

• Qualified as the first additive manufacturing vendor to support the U.S. Army’s Ground Vehicle Systems Center qualification initiative, accelerating AM adoption for ground combat vehicle components.

• Entered a Cooperative Research & Development Agreement (CRADA) with U.S. Army DEVCOM Ground Vehicle Systems Center, advancing additive manufacturing solutions to address critical defense supply chain challenges.

• Secured a contract from the Department of War valued at $32.6 million to support Project FORGE, prototyping and qualifying AM components to eliminate defense manufacturing bottlenecks.

• Secured a multi‑year $11.5 million full rate production Rapid Production Solutions (“RPS”) contract from a key U.S. defense prime contractor to supply essential components for a national security program.

• Enabled Intergalactic, a GE Aerospace company, to manufacture IN718 microtube heat exchanger headers for an accelerated aviation program timeline, going from design to printed parts in weeks using Velo3D's Rapid Production Solutions (RPS) offering and Sapphire XC platform.

• Raised $30 million through a private placement of common stock, led by institutional investors to support growth, capital expenditures and expanded RPS demand.

• Completed an aggregated $15 million debt to equity conversion, thereby reducing debt by ~60% and substantially deleveraging the Company’s Consolidated Balance Sheet.

"We achieved double-digit revenue growth in 2025, reflecting strong demand for our Rapid Production Solutions," said Mr. Arun Jeldi, CEO of Velo3D. "Importantly, we set a new record for bookings in the fourth quarter, and with a robust backlog, we entered 2026 with tremendous momentum. Key initiatives, including the Department of War contract, multi-year defense RPS contract and adoption by the U.S. Army’s Ground Vehicle Systems Center, are accelerating our impact across defense and aerospace supply chains. Supported by private placement financing, debt-to-equity conversions that reduced outstanding debt by 60% and continued supply

chain optimization, we believe we are well positioned to drive growth and deliver long-term value as we scale our operations globally."

"Demand signals across the market are strong and clear, with accelerating interest in our Rapid Production Solutions and large-format additive manufacturing capabilities," said Mr. Jeldi. "The defense sector is evolving rapidly, and as programs move from development into production and customers focus on resilient, localized supply chains, expanding our production capacity and capabilities will be critical to meeting this demand and driving the company’s growth. As individual programs scale, in some cases growing from a single production system to multiple systems within months, the compounding effect on capacity requirements is significant.”

Mr. Jeldi added, “Based on current demand trajectories and our expanding program portfolio, we have developed a long-term capacity plan envisioning up to approximately 400 production systems, ramping over the next decade, subject to securing additional financing and continued program growth. This is a practical, demand-driven buildout: as contracts grow and new programs come online, each drives incremental capacity requirements, creating a compounding growth profile. To support this expansion, we expect to raise additional capital in the near term. As an asset-rich operation, our production systems are well-suited to asset-backed debt financing, enabling us to scale our fleet with minimal dilution to shareholders. We are also exploring potential government-backed lending programs and other non-dilutive funding sources to further support capacity buildout. In addition, we are considering selective M&A opportunities in 2026 that could complement our organic growth strategy, accelerate our expansion into key defense and aerospace programs and strengthen our supply chain, particularly in feedstock and metal powder. Any equity c

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EX-99.1

Exhibit 99.1

Velo3D Now Listed on Nasdaq (Ticker: VELO)

Announces Third Quarter 2025 Financial Results

• Revenue of $13.6 million

• Backlog of $21.1 million as of September 30, 2025

• Reaffirms expectation for 2025 revenue between $50 and $60 million

• Reaffirms expectation to be EBITDA positive in the first half of 2026

FREMONT, Calif., Nov. 10, 2025- Velo3D, Inc. (Nasdaq: VELO) ("Velo3D or the "Company"), a leader in additive manufacturing ("AM") technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its third quarter ended September 30, 2025.

Recent Business Developments

• Completed uplisting of the Company’s common stock to the Nasdaq Capital Market ("Nasdaq")

• Completed a public offering of 5,833,333 shares of its common stock at $3.00 per share for aggregate gross proceeds of approximately $17.5 million. Additionally fully exercised 15% overallotment

• Strong momentum continues in Rapid Production Services (RPS)

o RPS backlog increased 22% quarter to quarter

o New customers represented more than 9% of 3Q’25 bookings

o 48% bookings from Space and Defense sector

• Signed sales and service agreements valued at $6 million, to develop and qualify copper nickel alloy (CuNi) for use in its line of Sapphire printers in support of the U.S. Navy Maritime Industrial Base Program's efforts to accelerate ship repairs

• Announced participation in a U.S. Army Combat Capabilities Development Command Aviation & Missile Center (DEVCOM AvMC) and Manufacturing & Sustainment (M&S) program funded initiative focused on advancing high-throughput, cost-effective additive manufacturing processes for Aluminum CP1 to support defense applications

• Signed an agreement with Linde AMT to supply domestically produced CuNi (70-30 Copper-Nickel) powder in support of the U.S. Navy and the Maritime Industrial Base (MIB) Program

• Achieved AS9100D certification, a globally recognized benchmark, for its Rapid Production Solution (RPS) Quality Management System affirming that Velo3D's RPS processes meet the extremely stringent standards set by the International Aerospace Quality Group for aviation, space and defense supply chains

• Announced the integration of Dyndrite's LPBF Pro software with the Company’s Sapphire and Sapphire XC print platform, which provides advanced users with complete vector-level control of laser speeds and feeds and giving the Company’s customers new capabilities for toolpath optimization and process development that can scale up into production

• Expanded partnership with Innovative Rocket Technologies Inc. for use of Sapphire printers and Rapid Production Solutions to scale U.S.-based production of reusable launch vehicle and defense hardware

"Our third-quarter results reflect the progress we are making in strengthening our operational efficiency and positioning the Company for sustained growth and profitability," said Arun Jeldi, CEO of Velo3D. "We are

encouraged by the commercial market response to our Rapid Production Services (RPS), which is leading to repeat customer orders, new customer signings and strategic agreements across aerospace and defense. Recent partnerships, including the U.S. Navy Maritime Industrial Base Program, the U.S. Army DEVCOM AvMC initiative and Linde AMT, strengthen our backlog and support the delivery of high-value, cost-effective production capabilities. Through disciplined cost management and targeted investments, we are improving margins and moving toward positive EBITDA in the first half of 2026 while scaling our technology for long-term growth."

($ in Millions, except percentages and per-share data)

3rd Quarter 2025

3rd Quarter 2024

GAAP revenue

$13.6

$8.2

GAAP gross margin

3.2 %

49.4 %

GAAP net loss1

($11.8)

($23.1)

GAAP net loss per share - basic and diluted

($0.69)

($37.54)

Non-GAAP net loss2

($9.2)

($14.5)

Non-GAAP net loss per share - basic and diluted2

($0.54)

($23.59)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States ("GAAP"), is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.

2. Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative and loss on extinguishment of debt.

Summary of Third Quarter 2025 Results

Revenue was $13.6 million. 3D Printer and parts revenue increased compared to the third quarter of 2024, driven by product mix and

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Exhibit 99.1

Velo3D Announces Second Quarter 2025 Financial Results

• Revenue of $13.6 million

• Backlog of $15.9 million as of June 30, 2025 and $17.8 million as of July 25, 2025

• Reaffirms expectation for 2025 annual revenue growth of more than 30%

• Reaffirms expectation to be EBITDA positive in the first half of 2026

FREMONT, Calif., August 6, 2025- Velo3D, Inc. (OTCQX: VLDX), a leader in additive manufacturing ("AM") technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its second quarter ended June 30, 2025.

Recent Business Developments

• Strong momentum continues in Rapid Production Services (RPS)

o RPS bookings increased 79% quarter over quarter

o New customers represented more than 78% of 2Q’25 bookings

o 54% bookings from Space and 33% bookings from Defense sector

• Signed a Cooperative Research and Development Agreement (CRADA) with two Naval Air Systems Command (NAVAIR) federal laboratories to advance additive manufacturing capabilities for the aerospace and defense sectors

• Signed a $4 million, two-year Master Services Agreement (MSA) with Vaya Space to collaborate on production and innovation efforts in high-performance additive manufacturing

• Announced and advanced $22.0 million strategic partnership with Amaero following achievement of powder qualification milestone by Auburn University's National Center for Additive Manufacturing Excellence

• Signed a five-year, $15 million master services agreement (MSA) with Momentus, Inc. to leverage to RPS Offering

• Received an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programs

• Announced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.

• Appointed retired U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government Relations

• Appointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of Directors

“Our second quarter results reflect solid topline performance” said Arun Jeldi, CEO of Velo3D. “More importantly, the composition of our backlog made a significant shift toward RPS driven by strong demand from the Space and Defense sectors.”

“This quarter marked a pivotal period of strategic advancement for our business,” said Arun Jeldi, CEO of Velo3D. “We are proud to have signed a Cooperative Research and Development Agreement with two NAVAIR federal laboratories, which positions us at the forefront of innovation in additive manufacturing for aerospace and defense. Additionally, our new $4 million Master Services Agreement with Vaya Space underscores the growing demand for our high-performance production capabilities. We also deepened our collaboration with Amaero,

bolstered by a key powder qualification milestone achieved by Auburn University’s National Center for Additive Manufacturing Excellence. These milestones reflect our continued momentum and commitment to advancing next-generation manufacturing solutions across critical sectors.”

Jeldi concluded, “Momentum is building as several of our strategic initiatives begin to take hold. We remain focused on operational discipline and initial indications point to improved performance across the business. Looking ahead, we expect to build on this progress quarter by quarter as we continue advancing our position in the additive manufacturing industry.”

($ in Millions, except percentages and per-share data)

2nd Quarter 2025

2nd Quarter 2024

GAAP revenue

$13.6

$10.3

GAAP gross margin

(11.7)%

(28.0)%

GAAP net loss1

($13.8)

($0.2)

GAAP net loss per share - basic and diluted

($0.98)

($0.30)

Non-GAAP net loss2

($11.3)

($21.7)

Non-GAAP net loss per share - basic and diluted2

($0.81)

($38.49)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to accounting principles generally accepted in the United States ("GAAP"), is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP.

2. Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative and loss on extinguishment of debt.

Summary of Second Quarter 2025 Results

Revenue was $13.6 million. System revenue increased compared to the second quarter of 2024, driven by product mix and the number of systems sold. While system sales are expected to remain the primary driver of revenue in 2025, the

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EX-99.1

Exhibit 99.1

Velo3D Announces First Quarter 2025 Financial Results

• Revenue of $9.3 million

• Gross margin of 7.5%

• Backlog of $18 million as of March 31, 2025

• Reaffirms expectation for 2025 annual revenue growth of more than 30%

• Reaffirms expectation to be EBITDA positive in the first half of 2026

FREMONT, Calif., May 13, 2025- Velo3D, Inc. (OTCQX: VLDX), a leader in additive manufacturing (AM) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its first quarter ended March 31, 2025.

Recent Business Developments

• Demand mix shift to Rapid Production Services (RPS) underway

• RPS backlog increased 3x as compared to year-end 2024

• New customers represented more than 75% of 1Q’25 bookings

• 50% demand from defense sector

• Signed a five-year, $15 million master services agreement (MSA) with Momentus, Inc.to leverage to RPS Offering

• Signed a five-year exclusive supply agreement with Amaero Advanced Materials & Manufacturing, Inc. (“Amaero”) advancing efforts to re-shore advanced manufacturing and accelerate the adoption of additive manufacturing

• Received an order for a fourth Sapphire XC printer from Mears Machine Corporation to support the continued development of aerospace and industrial-related programs

• Announced an agreement with Ohio Ordinance Works, Inc. to provide RPS as part of its 3D Printed Military Weapons Development initiative.

• Appointed retired U.S. Army Green Beret, Brice Cooper, as Vice President of Defense and Government Relations

• Appointed retired Navy Rear Admiral Jason Lloyd and Kenneth Thieneman to Board of Directors

• Upgraded to OTCQX® Best Market from the Pink® market

“Momentum is building across our business as we implement a number of strategic initiatives that we believe position Velo3D for sustainable, long-term growth and a return to profitability,” said Arun Jeldi, CEO of Velo3D. “We are seeing early results from our new go-to-market strategy, which is gaining significant traction with both new and existing customers, particularly in the defense and aerospace industries where domestic supply chain resiliency is a priority.”

Jeldi, continued, “A $15 million, five-year MSA with Momentus, along with our exclusive supply agreement with Amaero, further validates our RPS offering and underscores our expanding role in reshoring critical manufacturing capabilities in the U.S. RPS is designed to address the growing demand for scalable, high-quality parts by providing a seamless path from design to production. It reduces design cycles, accelerates production qualification and ensures consistent output through a U.S.-based supply chain. Awareness and interest are

accelerating among top-tier companies in defense, aerospace and technology, and we believe RPS could account for up to 40% of our revenue by 2026.”

Jeldi continued, “We further strengthened our leadership team with the appointment of retired U.S. Army Green Beret Brice Cooper as Vice President of Defense and Government Relations and welcomed Rear Admiral Jason Lloyd and Kenneth Thieneman to our Board of Directors. Their deep industry and defense expertise will be instrumental as we expand our presence in key strategic markets.”

Jeldi, concluded, “With a number of initiatives in motion, we believe we are in a strong position to execute our strategy and reclaim our leadership in additive manufacturing. We are already seeing measurable improvements in performance and expect sequential quarterly progress throughout 2025.”

($ in Millions, except percentages and per-share data)

1st Quarter 2025

1st Quarter 2024

GAAP revenue

$9.3

$9.8

GAAP gross margin

7.5 %

(28.8)%

GAAP net loss1

($25.4)

($28.3)

GAAP net loss per share - basic and diluted

($0.13)

($3.81)

Non-GAAP net loss2

($8.9)

($20.2)

Non-GAAP net loss per share - basic and diluted2

($0.04)

($2.71)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.

2. Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative and loss on extinguishment of debt.

Summary of First Quarter 2025 Results

Revenue was $9.3 million. System revenue decreased compared to the first quarter of 2024, driven by a modest decrease in the number of printer sales, consistent with our strategy of main

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Exhibit 99.1

Velo3D Announces Fourth Quarter and Fiscal Year 2024 Financial Results

New Go to Market Strategy Accelerates Path to Profitability

Arrayed Notes Acquisition Corp Acquires Majority Stake – Strategic Review Concluded

Completed Debt and Warrant Exchange Significantly Strengthens Balance Sheet

• Launched new Rapid Production Solutions (RPS) for parts production – strong initial demand – expected to account for up to 40% of 2026 revenue

• Q4 2024 revenue of $13 million / Backlog of $16 million exiting 2024

• 2024 operating expenses down 25% year over year

• Forecasting 2025 annual revenue growth of >30%

• Expect to be EBITDA positive in the first half of 2026

FREMONT, Calif., March 31, 2025- Velo3D, Inc. (OTC: VLDX), a leader in additive manufacturing (AM) technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced financial results for its fourth quarter and fiscal year ended December 31, 2024.

“The fourth quarter of 2024 was a transformational quarter as we completed the debt for equity exchange where Arrayed Notes Acquisition Corp., a wholly owned subsidiary of Arrayed Additive Inc, became our majority shareholder in addition to successfully implementing a number of strategic initiatives that we believe position the company for future growth,” said Arun Jeldi, CEO of Velo3D. “These initiatives focused on a number of critical areas including expanding our revenue streams to maximize growth, increasing gross margin, improving our manufacturing efficiency and reducing operating expenses, all while laying the foundation for our new business model – one we believe will accelerate our path to long-term profitability. As a result of our progress, we believe we are now in a much stronger financial and operational position to execute our strategic priorities and reclaim our leadership in additive manufacturing. We are already seeing material benefits from our new programs and expect sequential quarterly improvement in our operational performance in 2025. With our disciplined strategic execution, improved financial health and strengthened market position, we have renewed confidence in achieving our future goals”.

“Our new go-to-market strategy is gaining significant traction with both new and existing customers, especially in the U.S. defense and aerospace industries as customers look to expand their domestic supply chains. Our new total solutions approach builds upon our legacy of successful systems sales to OEMs by integrating internal parts production capabilities for our customers while maintaining our industry-leading customer service. We believe this model fully leverages our extensive product and materials expertise and will result in more diversified revenue streams while driving margin expansion.

“Specifically, our recently launched Rapid Production Solutions (RPS) business is designed to meet the growing demand for scalable, high-quality production parts, providing customers with a clear, reliable path from concept to production. This solution streamlines the production process by shortening design cycles, accelerating production qualification, and ensuring consistent, high-quality parts. Additionally, RPS utilizes a U.S.-based supply chain to offer flexible production options tailored to each customer’s needs. Current partners include leading companies in the defense, aerospace, and technology industries where RPS is making additive manufacturing more accessible, cost-effective and scalable. We are encouraged by the increasing customer demand we are seeing for this solution and expect it to account for up to 40 percent of our revenue in 2026.”

($ in Millions, except percentages and per-share data)

4th Quarter 2024

4th Quarter 2023

FY2024

FY2023

GAAP revenue

$12.6

$2.5

$41.0

$77.4

GAAP gross margin

(3.5)%

(>100)%

(5.1)%

(33.9)%

GAAP net loss1

($21.7)

($56.1)

($73.3)

($135.1)

GAAP net loss per share - basic and diluted

($0.84)

($9.45)

($5.77)

($23.97)

Non-GAAP net loss2

($22.2)

($58.6)

($86.6)

($117.5)

Non-GAAP net loss per basic and diluted share2

($0.86)

($9.87)

($6.81)

($20.84)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.

2. Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, gain on exchange of debt for common stock, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative and loss on extinguishmen

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0001825079

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xbrli:shares

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

8-K

CURRENT

REPORT

PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES

EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 15, 2024

Velo3D, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-39757

98-1556965

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

2710 Lakeview Court,

Fremont, California

94538

(Address of principal executive offices)

(Zip Code)

(408) 610-3915

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

N/A

N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 15, 2024, Velo3D, Inc. (the “Company”) filed a Notification of Late Filing on Form 12b-25 (the “Form 12b-25”) with respect to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Quarterly Report”) with the Securities and Exchange Commission (the “SEC”). In the Form 12b-25, the Company disclosed the following information regarding the results of operations and financial condition of the Company:

Management expects a significant reduction in revenue for the three and nine months ended September 30, 2024 as compared to the corresponding period for the last fiscal year. To a lesser extent, management also expects a reduction in operating costs for the three and nine months ended September 30, 2024 as compared to the corresponding period for the last fiscal year. The anticipated reduction in revenue is primarily a result of the lack of customer orders stemming from the lack of clarity on the Company’s strategic review outcome, which is still on-going. The reduction in operating costs is a result of on-going cost discipline measures including, but not limited to, reductions in force. Due to delays in finalizing certain financial and other related data in the Quarterly Report, primarily due to (i) a lack of staff on the Company’s accounting team, (ii) a lack of financial resources available to the Company, which have impacted the Company’s ability to, among other things, finalize the Company’s financial statements and footnotes thereto in a timely manner, and (iii) the Company’s on-going evaluation of its ability to meet its financial obligations and continue as a going concern, for which the Company has concluded it has substantial doubt, the Company is unable to provide a reasonable estimate of its results of operations for the third quarter ended September 30, 2024 or the anticipated changes from corresponding prior period results.

The information furnished with this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Forward-Looking

Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts, including, but not limited to, statements regarding the Company’s expectations regarding its results of operations, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such

EX-99.1

2 vld-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Velo3D Announces Second Quarter 2024 Financial Results

Continued Focus on Realignment Priorities

Company Institutes Additional Cost Reduction Programs

Strategic Review Process Remains Ongoing

• Q2 2024 sales update

• 2024 year to date bookings of $21 million; >40% of orders from existing customers

• $17 million in backlog exiting Q2 2024

• Continued defense sector expansion – >20% of 1H’24 shipments

• Reduced quarterly operating expenses

• Down 37% year over year

• Instituted additional cost control programs - ~30% headcount reduction

• Improved year over year operating cash flow in Q2 2024

• Operating and financial conditions remain challenging

FREMONT, Calif., August 14, 2024- Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its second quarter ended June 30, 2024.

“Our second quarter results reflected continued execution on our strategic priorities as we added to our year-to-date bookings, maintained a healthy backlog and reduced our operating expenses,” said Brad Kreger, CEO of Velo3D. “Specifically, we continued to expand our defense and space sector footprint during the quarter and expect to add to our backlog in these important industries in the second half of the year. We also further executed on our re-alignment efforts as we reduced our quarterly operating costs by 37% year over year and improved our manufacturing and operational efficiency. However, while we have made significant financial and operational progress year to date, we have made the difficult decision to right size the business as we expect industry conditions to remain challenging into the second half of 2024”.

“Our second quarter results also reflected the impact of delays in the funding of certain governmental projects with those system orders now expected in the second half of the year. While we still expect to close these

transactions, these delays have negatively impacted our revenue forecast for the balance of the year. As a result, we have instituted a number of material cost reduction programs to reduce expenses and manage our liquidity, including a headcount reduction of approximately 30%. We expect these programs to drive significant annual operating savings and we continue to look at various options to support our balance sheet during our ongoing the strategic review process.”

Looking forward, we believe the continued focus on our key priorities will position us well to capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.

($ in Millions, except percentages and per-share data)

2nd Quarter 2024

2nd Quarter 2023

GAAP revenue

$10.3

$25.1

GAAP gross margin

(28.0)%

10.1%

GAAP net loss1

($0.2)

($23.2)

GAAP net loss per share - basic and diluted

($0.02)

($4.10)

Non-GAAP net loss2

($21.7)

($19.3)

Non-GAAP net loss per basic and diluted share2

($2.57)

($3.42)

1. Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.

2. Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, and contingent earnout.

Summary of Second Quarter 2024 Results

Revenue for the second quarter was $10.3 million. System revenue increased compared to the first quarter of 2024, primarily driven by a mix shift to the company’s higher priced Sapphire XC systems. Support services and recurring payment revenue declined sequentially compared to the first quarter of 2024 due to the expiration of certain lease contracts as well as a slight reduction in customers with active field service contracts.

Gross margin for the second quarter was negative 28% and primarily reflected the impact of lower fixed cost absorption as certain systems orders were delayed to the second half of 2024.

GAAP operating expenses for the second quarter were $17.6 million compared to $28.2 million in the second quarter of 2023. Non-GAAP operating expenses, excluding stock-based compensation expense of $3.8 million, was $13.8 million, down 37% compared to the second quarter of 2023.

Net loss for the quarter was $0.2 million and reflected a non-cash gain of $27.1 million on the change in the fair value of warrants and contingent earnout liabilities. Non-GAAP net loss was $21.7 million in the three months ended June 30, 2024. Adjusted EBITDA for the quarter, was negative $15.0 million. For

EX-99.1

2 exhibit991q12024earningsre.htm

EX-99.1

Document

Exhibit 99.1

Velo3D Announces First Quarter 2024 Financial Results

Successfully Executing on Realignment Priorities

Strong Demand Provides Significant Second Quarter Visibility

Strategic Review Process to Maximize Shareholder Value Remains Ongoing

•Continued sales execution in Q1 2024

▪Bookings of $17 million; 50% of orders from existing customers - $27 million in bookings since mid-December 2023

▪$22 million in backlog exiting Q124

▪Continued defense sector expansion – added 3 new customers in Q124

▪Q2 revenue visibility – expect >30% sequential revenue growth

•Successfully reduced quarterly operating expenses

▪Down 30% year over year – down 15% sequentially (excluding one-time charges)

▪On track for Q224 cost reduction goals

•Operating cash flow – 35% year over year improvement, well positioned to achieve cash flow breakeven in the second half of FY 2024

FREMONT, Calif., May 15, 2024 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its first quarter ended March 31, 2024.

“We were pleased with our first quarter performance as we continued to successfully execute on our strategic priorities,” said Brad Kreger, CEO of Velo3D. “Specifically, we are now just starting to see the benefit of our new go to market initiatives as we booked $17 million in new orders during the quarter. Additionally, we entered the second quarter with $22 million in backlog. We believe this strength reflects the continued customer confidence in our technology as well as our success in expanding our footprint in our core markets, including the defense sector, as we added 3 new defense customers in the first quarter. Our re-alignment efforts are also showing progress as we further reduced our quarterly costs and improved our operational

efficiency. We also executed on our initiatives to improve system reliability which is reflected in the fact that approximately 50% of first quarter bookings were from existing customers. Finally, we remain committed to achieving cash flow breakeven in the second half of the year.”

Key highlights related to the company’s strategic initiatives:

•Ensuring customer success / system reliability – resolved 100% of high priority tickets in Q124

•Increased revenue 1H24 visibility through bookings growth – booked $17 million in new orders in Q124 - $27 million since mid-December with approximately 50% of orders from existing customers

•Improved Sapphire printer quality – increased sequential Sapphire XC installation efficiency - >40% reduction in install days and labor

•Improving cash flow and cost structure – successfully reduced year over year operating expenses by 30%, expect sequential quarterly improvement in operating cash flow for FY 2024

“Looking forward, we believe the focus on our key priorities, as well as further executing on our margin and cash flow initiatives, will position us to profitably capitalize on the increasing industry demand for leading-edge additive manufacturing solutions,” concluded Kreger.

($ in Millions, except percentages and per-share data) 1st Quarter 2024

4th Quarter 2023 1st Quarter 2023

GAAP revenue$9.8$2.5$26.7

GAAP gross margin(28.8)%(>100)%9.5%

GAAP net loss1 $(28.3)$(56.1)$(36.3)

GAAP net loss per diluted share $(0.11)$(0.27)$(0.19)

Non-GAAP net loss2

$(20.2)$(58.6)$(17.9)

Non-GAAP net loss per diluted share2

$(0.08)$(0.28)$(0.09)

Cash and Investments$11$31$64

1.Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release under “Non-GAAP Financial Information”. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for,

comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative liabilities, and loss on extinguishment of debt.

Summary of First Quarter 2024 Results

Revenue for the first quarter was $10 million. Revenue increased compared to the fourth quarter of 2023, primarily driven by an increase in shipments. Given its strong backlog and shipping forecast exiting the first quarter, the company expects revenue growth of more than 30% in the second quarter of 2024. Support services and recurring payment revenue increased sequentially due to a higher number of systems in operation.

Gross margin for the first quarter was negative 29%. While shipments increased sequentially, gross margin primarily reflected the impact of lower fixed cost absorption. The company expects positive gross margin in

vld-20240404

0001825079FALSE00018250792024-04-042024-04-040001825079us-gaap:CommonStockMember2024-04-042024-04-040001825079us-gaap:WarrantMember2024-04-042024-04-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 4, 2024

Velo3D, Inc.

(Exact name of registrant as specified in its charter)

Delaware001-3975798-1556965

(State or other jurisdiction of incorporation)

(Commission File Number) (IRS Employer Identification No.)

2710 Lakeview Court,

Fremont, California94538

(Address of principal executive offices)(Zip Code)

(408) 610-3915

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common stock, par value $0.00001 per shareVLDNew York Stock Exchange

Warrants to purchase one share of common stock, each at an exercise price of $11.50 per shareVLD WSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 4, 2024, Velo3D, Inc. (the “Company”) issued a press release announcing certain updated bookings and backlog information, as well as certain preliminary, unaudited financial estimates for the three months ended March 31, 2024 (the “Press Release”). A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statement and Exhibits.

(d) Exhibits.

Exhibit

Number Description

99.1

Press Release, dated April 4, 2024

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Velo3D, Inc.

Date:April 4, 2024By:/s/ Bernard Chung

Name:Bernard Chung

Title:Acting Chief Financial Officer

EX-99.1

2 exhibit991q42023earningsre.htm

EX-99.1

Document

Exhibit 99.1

Velo3D Announces Fourth Quarter and Fiscal Year 2023 Financial Results

Successfully Executing on Strategic Realignment Priorities

Strategic Review Remains Ongoing – Board of Directors in Discussions with Multiple Parties to Maximize Stockholder Value

•Bookings recovery

◦As of March 26, 2024, total bookings of $15 million since mid-December 2023; >50% of orders from existing customers

•Successfully reduced quarterly operating expenses

◦Down >15% sequentially (excluding one-time charges)

◦Expect >30% reduction Q3 2023 through end of Q1 2024 in non-GAAP operating expenses

•Further expanded installed base - added 12 new customers in 2023 including 3 new defense customers

•Continued free cash flow progress – 35% year over year improvement, well positioned to achieve cash flow breakeven in the second half of FY 2024

FREMONT, Calif., March 26, 2024 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fourth quarter and fiscal year 2023 ended December 31, 2023.

“2023 was a transformational year for the company as we re-aligned our strategic and business priorities from driving revenue growth to ensuring customer success, improving system reliability and materially reducing our cost structure,” said Brad Kreger, CEO of Velo3D. “We are pleased with the significant progress we are making related to our key initiatives as we have significantly reduced our costs and materially improved our operational efficiency. Additionally, our new go to market approach is paying dividends as we have resumed our bookings growth, including signing a number of new, strategic customers in the defense industry with Kratos Defense and Bechtel Plant Machinery. I remain very excited about our market opportunities in 2024, especially in defense given the recent $825 billion Department of Defense funding

approval. We have already received one purchase order tied to this approval and expect we will close additional orders by the end of the quarter as a result. I firmly believe the benefits from our re-alignment are just beginning.”

Key highlights related to the company’s strategic initiatives:

•Ensuring customer success / system reliability – reduced field issue resolution times by more than 45% since Q3 2023 and improved system uptime by 10%

•Increased revenue 1H24 visibility through bookings growth – as of March 26, 2024, booked >$15 million in new orders since mid-December, more than 50% of orders from existing customers

•Improved Sapphire printer quality – reduced system installation time by 40% over the last 6 months

•Improving cash flow – successfully reduced sequential operating expenses by >15%, expect sequentially quarterly improvement in free cash for FY 2024

“The entire Velo3D team remains focused on these four objectives and we’re beginning to see these changes yield results, including existing customers purchasing new systems. We believe this reflects their confidence in our technology as well as the success of our initiatives in improving customer satisfaction,” said Kreger. “We’re continuing to execute on our cost realignment programs to improve margins and cash flow, while prudently managing working capital. By doing so, we believe we are well positioned to profitably capitalize on the increasing industry demand for leading-edge additive manufacturing solutions.”

($ Millions, except percentages and per-share data) 4th Quarter 2023

3rd Quarter 2023

4th Quarter 2022

FY2023FY2022

GAAP revenue$1.8$23.8$29.8$77.6$80.8

GAAP gross margin(>100)%6.3%5.9%(33.7)%3.6%

GAAP Net Income (Loss)1 $(58.2)($17.4)$22.6$(135.0)$10.0

GAAP Net Income (Loss) per diluted share$(0.28)($0.09)$0.11$(0.68)$0.05

Non-GAAP Net Loss2

$(61.1)($19.2)($16.4)$(117.4)($83.0)

Non-GAAP Net Loss per diluted share2

$(0.29)($0.10)($0.08)$(0.59)($0.41)

Cash and investments$31$72$80$31$80

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative liabilities, and loss on extinguishment of debt in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022 and years ended December 31, 2022 and 2023.

Summary of Fourth Quarter 2023 results

Revenue for the fourth quarter was $2 million and reflected a significant reduction in system shipments due to lower than planned bookings in the second half of 2023 and the company’s re-alignment transition. For fiscal year 2023, revenue was $77.6 million compared to $80.8 million in 2022.

vld-20231115

0001825079FALSE00018250792023-11-152023-11-150001825079us-gaap:CommonStockMember2023-11-152023-11-150001825079us-gaap:WarrantMember2023-11-152023-11-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 15, 2023

Velo3D, Inc.

(Exact name of registrant as specified in its charter)

Delaware001-3975798-1556965

(State or other jurisdiction of incorporation)

(Commission File Number) (IRS Employer Identification No.)

511 Division Street

Campbell, California95008

(Address of principal executive offices)(Zip Code)

(408) 610-3915

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common stock, par value $0.00001 per shareVLDNew York Stock Exchange

Warrants to purchase one share of common stock, each at an exercise price of $11.50 per shareVLD WSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 15, 2023, Velo3D, Inc. (the “Company”) filed a Form 12b-25 with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Quarterly Report”).

The Company previously furnished a Current Report on Form 8-K with the SEC on November 6, 2023 with the Company’s results for the three and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022 (the “Earnings 8-K”). Subsequent to the Earnings 8-K, in connection with the preparation of the Quarterly Report, the Company determined that approximately $200,000 of revenues previously reported in the Earnings 8-K should have been deferred. As a result of the expected corresponding reduction in the third quarter revenues previously reported in the Earnings 8-K, the Company expects the Quarterly Report to report for the quarter ended September 30, 2023 revenues of $23.8 million, gross profit of $1.5 million, gross margin of 6.3%, and a net loss of $(17.4 million) million, or $(0.09) per diluted share. The Company does not expect any additional changes to the results reported in the Earnings 8-K other than those resulting from the $200,000 of revenues as discussed above; however, results may be subject to change after the completion of the Company’s condensed consolidated financial statements as of and for the periods ended September 30, 2023.

Further, as a result, the Company expects that it will not satisfy the minimum revenue covenant for the quarter ended September 30, 2023 in the Company’s senior secured convertible notes due 2026 (the “Notes”) when the Company finalizes its condensed consolidated financial statements as of and for the periods ended September 30, 2023 in connection with the filing of the Quarterly Report, which, if not waived, would result in an event of default under the Notes and allow the holders of the Notes to declare the Notes due and payable in cash in an amount equal to the Event of Default Acceleration Amount (as defined in the Notes). Since discovering the issue, the Company has been negotiating a proposed amendment to the Notes with the holders thereof, although the Company does not expect that a waiver or an amendment will be obtained within the extension period provided for by Rule 12b-25. As such, the Company will present the debt as current on the consolidated balance sheet and will include disclosure that the Company has substantial doubt about its ability to continue as a going concern. The Company expects to continue discussions with the holders of the Notes subsequent to filing the Quart

EX-99.1

2 exhibit991q32023earningsre.htm

EX-99.1

Document

Exhibit 99.1

Velo3D Reports Third Quarter 2023 Financial Results

Strategic Realignment Positions the Company for Profitability Goal in FY 2024

•Q323 revenue of $24 million – 26% year over year increase

•Significant free cash flow progress – 30% sequential improvement

•Completed >20% reduction in force – >15% quarterly opex savings expected

•Strong liquidity position – ended Q323 with $72M in cash

•Updated 2023 revenue guidance of $91 to $103M – result of delays in booking certain orders / impact of realignment initiatives

CAMPBELL, Calif., Nov. 6, 2023 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fiscal third quarter ended September 30, 2023.

“Our third quarter results reflect solid execution as we posted year over year revenue growth of 26%, significantly improved our free cash flow1 on a sequential basis and prudently managed our operational expenses,” said Benny Buller, CEO of Velo3D. “However, while we are proud of our significant success over the last two years resulting from the increasing acceptance of our Sapphire technology, we now believe our industry leading growth has come at the expense of cash flow, profitability and our commitment to the highest level of customer service. As a result, in October 2023, we made the strategic decision to realign our operations to pivot from emphasizing top line growth to optimizing free cash flow, maximizing customer success, reducing expenditures, and improving our operational efficiency. We firmly believe that this strategy will ensure the company will have the liquidity it needs to achieve its profitability goal in 2024.

“Specifically, we expect this realignment to lower our overall cost structure by approximately 40%, by the first quarter of 2024, including reductions in operating and facilities expenses.

1 Free cash flow refers to cash flow from operations excluding financing activities

Additionally, we have also implemented new go-to-market and service strategies to rebuild our bookings and backlog pipeline which came in below our plan for the third quarter. With the early success of these programs, we expect to resume bookings growth in the fourth quarter for fiscal year 2024 deliveries. However, given the delays in certain fourth quarter orders, as well as the impact of our realignment, we now see our fiscal year 2023 revenue to be in the range of $91 million to $103 million.

“We remain excited about the significant future opportunity for the additive manufacturing industry as companies continue to choose Velo3D to produce their mission critical, high value metal parts. With our realignment focused on free cash flow and our expected bookings growth, we believe we are well positioned to execute on a profitable growth strategy in 2024.”

($ in Millions, except percentages and per-share data) 3rd Quarter 2023

2nd Quarter 2023

3rd Quarter 2022

GAAP revenue $24.1 $25.1$19.1

GAAP gross margin 7.2% 11.9%(0.6%)

GAAP net loss1

($17.1) ($23.2)($75.2)

GAAP net loss per diluted share

($0.09) ($0.12)($0.41)

Non-GAAP net loss2

($18.9) ($19.3)($22.5)

Non-GAAP net loss per diluted share2

($0.10) ($0.10)($0.12)

Cash and Investments $72 $47$113

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, fair value adjustments for the Company’s warrants, contingent earnout and debt derivative liabilities, and loss on extinguishment of debt in the three months ended September 30, 2023, June 30, 2023 and September 30, 2022.

Summary of Third Quarter 2023 results

Revenue for the third quarter was $24.1 million, an increase of 26% year over year. Compared to the third quarter of 2022, Year of Sale revenue2 improvement was driven by a higher average selling price due to higher transaction pricing and a more favorable Sapphire XC system product mix. On a sequential basis, Year of Sale revenue declined primarily due to delayed shipments as well as lower transaction pricing resulting from a shift in product mix. Support service and recurring payment revenue of $2.4 million was in line with the third quarter of 2022.

Gross margin for the third quarter was 7.2%, down sequentially, primarily driven by reduced system volume, increased inventory costs as well as a lower average selling price resulting from a sequential shift in product mix. The company expects gross margin to rise in the fourth quarter, though the level of increase is dependent on the expansion of its average selling price, execution on its material reduction initiatives and improvement

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Exhibit 99.1

Velo3D Reports Second Quarter 2023 Financial Results

Year Over Year Second Quarter Revenue up 28% / 1H23 up 63%

•Q223 revenue of $25 million – 28% year over year increase

•Continued gross margin expansion – 12%, up from 11% in Q123

•Record new customer demand – 90% of bookings in Q223

•Net cash flow in line with forecast – ended Q223 with $47M in cash

•Updated 2023 revenue guidance of $105M to $115M – result of delays in booking certain orders

CAMPBELL, Calif., Aug. 10, 2023 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fiscal second quarter ended June 30, 2023.

“Our second quarter results reflect strong execution as we expanded our global footprint, improved manufacturing cycle times through our efficiency initiatives and prudently managed our costs,” said Benny Buller, CEO of Velo3D. “Demand for our industry leading technology remains strong as we booked a record amount of new customer orders during the quarter and exited Q223 with a growing pipeline across a diverse set of industries. In particular, we continued to expand our presence in the defense vertical while maintaining our leading position as a preferred supplier to the global space industry. However, despite these positive demand trends, second quarter bookings came in below plan, primarily due to delays in booking certain orders, which will impact our second half revenue forecast. As a result, we now expect our fiscal year 2023 revenue to be in the range of $105 million to $115 million. Importantly, our path to profitability remains clear and with the announcement of our registered direct offering of $70 million of senior secured convertible notes, we believe we have strong liquidity to reach our goal of sustained profitability.

“Operationally, manufacturing cycle times continue to improve for our Sapphire XC and Sapphire XC 1MZ systems. As these systems have become the majority of our quarterly shipments, we are now seeing the benefits of scale in our production processes. This scale,

combined with the continued improvement in materials costs and manufacturing efficiency, has enabled us to improve our gross margin in the second quarter. We also remain committed to managing our expense structure and expect to materially reduce our operating costs in the second half of the year.

“Finally, we continue to execute on our 2023 strategic priorities and our focus for the balance of the year continues to be on margin expansion, reducing our manufacturing and operating costs and improving cash flow. We are excited about the future as demand for our industry leading technology remains high as customers continue to look to Velo3D to manufacture the critical, high value metal parts they need.”

($ in Millions, except percentages and per-share data) 2nd Quarter 2023

1st Quarter 2023

2nd Quarter 2022

GAAP revenue$25.1$26.8$19.6

GAAP gross margin11.9%10.9%6.3%

GAAP net income (loss)1 ($23.2)($36.2)$128.0

GAAP net income (loss) per diluted share($0.12)($0.19)$0.63

Non-GAAP net loss2

($19.3)($17.8)($21.0)

Non-GAAP net loss per diluted share2

($0.10)($0.09)($0.10)

Cash and Investments$47$64$142

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022.

Summary of Second Quarter 2023 results

Revenue for the second quarter was $25.1 million, an increase of 28% year over year. Compared to the second quarter of 2022, Year of Sale revenue1 improvement was driven by a higher average selling price due to higher transaction pricing and a more favorable Sapphire XC system product mix. On a sequential basis, Year of Sale revenue declined slightly due to lower transaction pricing and lower maintenance and other part sales. Support service and recurring payment revenue of $1.9 million was in line with the second quarter of 2022 as the increase in support service revenue resulting from a larger installed base was offset by a decrease in recurring payment revenue due to a one-time charge and expiration and buyouts of system leases.

Gross margin for the second quarter was 11.9%, up 100 basis points sequentially. Printer sales margin increased approximately 400 basis points to 14.9% due to improved material and production efficiency. This improvement was partially offset by higher service support costs and a one-time charge affecting recurring payment revenue. The company expects fu

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Exhibit 99.1

Velo3D Announces First Quarter 2023 Financial Results

Reiterates 2023 Guidance on Continued Strong Demand

•Q123 revenue of $27 million, 120% year over year increase

•Gross margin expansion to 11%, up from 6% in Q422

•Strong bookings of $20 million, up >30% sequentially

•Net cash flow improved from ($33) million to ($16) million, ahead of guidance

CAMPBELL, Calif., May 1, 2023 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fiscal first quarter ended March 31, 2023.

“We were pleased with our results as continued demand for our industry leading Sapphire platform, combined with strong manufacturing execution, enabled us to achieve our first quarter forecasts,” said Benny Buller, CEO of Velo3D. “Operationally, we continued to successfully ramp our Sapphire XC and Sapphire XC 1MZ production in order to meet the increasing demand from both new and existing customers for these systems. Importantly, we significantly improved our gross margin for the quarter as we are starting to see the initial benefits our recently implemented operational efficiency initiatives to reduce production costs and improve system manufacturing cycle times. Additionally, our operating expense reduction initiatives are on plan and we remain confident in meeting our goal of a 20% reduction in year over year fourth quarter Non-GAAP operating expenses. Overall, our first quarter success reflects the increasing acceptance of our technology as more customers turn to Velo3D to manufacture the critical, high value metal parts they need.”

“Looking forward, demand remains strong as bookings rose more than 30% sequentially to $20 million and our backlog now totals $24 million. With 75% of our second quarter revenue either booked, recurring or in backlog, we have increasing confidence in our ability to achieve revenue growth of more than 50% this year. Finally, we continue to successfully execute on our 2023 strategic priorities and our path to profitability remains clear. Given our first quarter results,

increasing demand for our leading technology and strong industry fundamentals, we remain confident in our ability to achieve our 2023 operational and financial goals,” concluded Buller.

($ in Millions, except percentages and per-share data) 1st Quarter 2023

4th Quarter 2022

1st Quarter 2022

GAAP revenue$26.8$29.8$12.2

GAAP gross margin10.9%5.9%0.1%

GAAP net income (loss)1 ($36.2)$22.6($65.3)

GAAP net income (loss) per diluted share($0.19)$0.11($0.36)

Non-GAAP net loss2

($17.8)($16.4)($23.1)

Non-GAAP net loss per diluted share2

($0.09)($0.08)($0.13)

Cash and Investments$64$80$186

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities in the three months ended March 31, 2023, December 31, 2022 and March 31, 2022.

Summary of First Quarter 2023 results

Revenue for the first quarter was $26.8 million, an increase of 120% year over year. Compared to the first quarter of 2022, Year of Sale revenue1 improvement was driven by an increase in system volume and a higher average selling price due to a more favorable transaction mix. On a sequential basis, Year of Sale revenue declined primarily due to slightly lower system volume as the fourth quarter included shipments deferred from the third quarter, and a lower average selling price reflecting the absence of deferred payment transactions compared to the fourth quarter. Support service and recurring payment revenue rose 10% to $2.2 million compared to the first quarter of 2022, primarily due to an increase in the company’s installed base.

Gross margin for the first quarter was 10.9%, up approximately 500 basis points sequentially, as the company benefited from a sequential reduction in material costs and improved manufacturing efficiency. Labor and overhead costs for the first quarter were in line with forecasts and the company expects further improvement in its material costs through the end of 2023.

Operating expenses for the first quarter increased 14% to $27.0 million compared to $23.7 million in the fourth quarter of 2022. Fourth quarter operating expenses included $3.4 million of non-recurring expense reductions, primarily in research and development. On a comparable basis, excluding these non-recurring expenses, operating expenses were in line sequentially. Non-GAAP operating expenses, which excludes stock-based compensation expense of $6.2 million, was $20.8 million. Excluding

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Exhibit 99.1

Velo3D Announces Fourth Quarter and Fiscal Year 2022 Financial Results

Strategic Initiatives to Drive Significant Improvement in Profitability in 2023

•Record Q422 revenue - 56% sequential increase

•Continued demand - expected revenue growth of >50% for FY 2023

•Technology leadership – record Sapphire XC shipments in Q422

•Strong year on year sales growth - 200% for 2022

•New customers – increased customer base by >50% in 2022

CAMPBELL, Calif., Mar 2, 2022 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its fourth quarter and fiscal year ended December 31, 2022.

“We exited the year with a strong fourth quarter performance as we exceeded our revenue forecast, added to our diversified customer base and maintained our technology leadership with the continued, successful ramp up of our Sapphire XC system,” said Benny Buller, CEO of Velo3D. “Overall, 2022 was another important and successful year for Velo3D. Despite a number of challenges, we were able to triple our annual revenue and demonstrate our commitment to innovation by further expanding our range of industry leading products. This success reflects strong execution as well as our ability to capitalize on customer’s increasing deployment of additive manufacturing solutions to produce the high value metal parts they need.”

“Specifically, we continue to see strong demand for our Sapphire family of printers as we shipped a record number of Sapphire XC systems during the quarter and commenced initial volume shipments of our next generation Sapphire XC 1MZ product. We also expanded our installed base with annual new customer growth in excess of 50% for the year. Finally, we booked $15 million in new orders in the fourth quarter and our backlog now totals $43 million. This provides significant revenue visibility for the first half of this year and positions us well to achieve 2023 revenue growth of more than 50%.”

“Looking forward, we remain very excited about the future given the significant market opportunity and the increasing adoption of our industry leading technology. We are confident that we have a clear path to profitability and our key initiatives for 2023 reflect this focus. These initiatives include programs for continued gross margin improvement, a 20% reduction in quarterly non-GAAP operating expenses by the end of 2023 as well as the benefits from the further execution of our previously announced supply chain and manufacturing efficiency improvements. Given our positive momentum coming into this year and the further ramp up of our new products, we believe we are well positioned to capitalize on the rapidly expanding market for mission critical, high value metal parts,” concluded Buller.

($ Millions, except percentages and per-share data) 4th Quarter 2022

3rd Quarter 2022

4th Quarter 2021

FY2022FY2021

GAAP revenue$29.8$19.1$10.4$80.8$27.4

GAAP gross margin5.9%(0.6%)16.2%3.6%18.1%

GAAP Net Income (Loss)1 $22.6($75.2)($14.4)$10.0($107.1)

GAAP Net Income (Loss) per diluted share$0.11($0.41)($0.08)$0.05($1.82)

Non-GAAP Net Loss2

($16.4)($22.5)($17.5)($83.0)($51.9)

Non-GAAP Net Loss per diluted share2

($0.08)($0.12)($0.10)($0.41)($0.88)

Cash and investments$80$113$223$80$223

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities in the three months and years ended December 31, 2022 and 2021, and transaction costs related to the JAWS Spitfire merger transaction and charge related to the loss on fair value on the convertible note modification in conjunction with the merger transaction for the three months and year ended December 31, 2021.

Summary of Fourth Quarter 2022 results

Revenue for the fourth quarter was $30 million, an increase of 56% compared to the third quarter of 2022. For fiscal year 2022, revenue rose 194% to $81 million compared to fiscal year 2021. Sequential Year of Sale revenue1 improvement was driven by an increase in system volume, a higher average selling price due to a more favorable transaction mix resulting from record Sapphire XC shipments and an increase in deferred payment transactions compared to the third quarter of 2022. On a year over year basis, revenue growth reflected higher annual system sales, specifically a significant increase in the sales of the company’s Sapphire XC system compared to fiscal year 2021, as well as the growth in support service and recurring payment revenue resulting from an increase

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Exhibit 99.1

Velo3D Announces Preliminary, Unaudited Fourth Quarter

and Fiscal Year 2022 Financial Results

Company to Announce Full Fiscal Year 2022 Financial Results on March 2, 2023

CAMPBELL, California – Feb. 6, 2023 – Velo3D, Inc. (NYSE: VLD) — a leading additive manufacturing technology company for mission-critical metal parts, today announced preliminary, unaudited fourth quarter and fiscal year 2022 financial results.

Based on the information and data currently available, the company preliminarily estimates that:

•For the fourth quarter ended December 31,2022, revenue will exceed the company’s previous guidance and be in the range of $29 million to $30 million. Gross margin (the company's gross profit as a percentage of revenue) for the fourth quarter will be in line with the company’s previous guidance and will be in the range of 5.0 percent to 6.0 percent.

•For fiscal year ended December 31, 2022, revenue will be in the range of $80 million to $81 million and gross margin will be in the range of 3.0 percent to 4.0 percent.

•The company will continue to incur an operating loss for the fourth quarter and fiscal year ended December 31, 2022.

•The company had approximately $81 million in cash and investments as of December 31, 2022.

The company has not completed the preparation of its consolidated financial statements for the year ended December 31, 2022. The preliminary, unaudited results presented in this press release as of and for the fourth quarter and year ended December 31, 2022 are based on current expectations and are subject to adjustment, as the company completes the preparation of its 2022 year-end consolidated financial statements. These preliminary, unaudited results are not a comprehensive statement of the company’s financial results for these periods and should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles. Actual results may differ materially from those disclosed in this press release. The preliminary financial data included in this press release has been prepared by, and is the responsibility of, Velo3D, Inc.’s management. PricewaterhouseCoopers LLP has not audited,

reviewed, examined, compiled, nor applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.

In addition, the company’s assessment of the effectiveness of its internal control over financial reporting as of December 31, 2022 will not be completed until sometime in March 2023 and, accordingly, the company has not made any conclusions as to whether if any of the material weaknesses previously identified in the company’s Annual Report on Form 10-K for the year ended December 31, 2021 have been remediated. In addition, the company will report an additional material weakness in its internal control over financial reporting related to its design and controls over the existence of inventory and the completeness and accuracy of cost of revenue.

The company will host a conference call for investors on Thursday, March 2, 2023 at 2:00 p.m. Pacific Time to discuss its full fiscal year 2022 financial results. The call will be webcast and can be accessed from the Events page of the Investor Relations section of Velo3D’s website at https://ir.velo3d.com/. The information on the company’s website, however, is not, and should not be deemed to be, a part of this press release.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. The company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s preliminary, unaudited results presented in this press release as of and for the fourth quarter and year ended December 31, 2022, the company’s assessment of the effectiveness of its internal control over financial reporting as of December 31, 2022 and the

company’s other expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the fiscal year e

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Exhibit 99.1

Velo3D Announces 119% Year Over Year Revenue Growth for the

Third Quarter of 2022

Path to Profitability Driven by Strong Demand and Improved Efficiency

Q3 Bookings Growth / Increased Backlog by 20% Sequentially

Third Quarter Results Impacted by Supply Chain Shortages

•Continued revenue growth – up 119% year over year

•Strong demand – $27 million in new bookings / backlog at $66 million

•New customer expansion –2 European OEMs, U.S. automotive sector

•Updated 2022 revenue guidance of $75-$80M – result of supply chain disruptions causing Q322 shipment delays and potential Q422 impact

CAMPBELL, Calif., Nov. 8, 2022 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its third fiscal quarter of 2022.

“Our third quarter performance reflects solid execution as we again posted strong year over year revenue growth, increased our sizeable backlog and expanded our new and existing customer footprint,” said Benny Buller, CEO of Velo3D. “However, our third quarter financial results were primarily impacted by key component shortages which affected our production schedule, resulting in certain system shipment delays. We have instituted a number of strategic initiatives to address these challenges and are confident in achieving our fourth quarter financial forecasts. As a result of the shipment delays, and potential fourth quarter supply chain and production disruptions, we are reducing our 2022 revenue forecast from $89 million to a range of $75 million to $80 million.”

“Specifically, demand for our industry-leading Sapphire family of systems remains high as we expanded both our new and existing customer footprint during the quarter. For example, new customer additions included two marquee European aerospace OEMs as well as our first sale to a strategic, Fortune 100, U.S. automotive manufacturer. Additionally, we had three customers

purchasing multiple systems, reinforcing our credibility as a technology leader in the AM market. We also booked $27 million in new orders in the third quarter and our backlog now totals $66 million. This success provides significant revenue visibility for the fourth quarter as well as building a strong foundation for future growth as we enter 2023.”

“Looking forward, we remain very excited about the future as our bookings and backlog growth reflect the increasing adoption of our technology. We are confident that we have a clear path to profitability given our current capital resources. We expect to achieve this by leveraging our strong top line growth, our focus on rapidly accelerating production efficiency, prudent expense and working capital management and a return to normalized pricing. As a result, we believe we are well positioned to profitably capitalize on the rapidly expanding market for mission critical, high value metal parts,” concluded Buller.

($ in Millions, except percentages and per-share data) 3rd Quarter 2022

2nd Quarter 2022

3rd Quarter 2021

GAAP revenue$19.1$19.6$8.7

GAAP gross margin(0.6%)6.3%16.9%

GAAP net income (loss)1 ($75.2)$128.0($66.6)

GAAP net income (loss) per diluted share($0.41)$0.63($3.36)

Non-GAAP net loss2

($22.5)($21.0)($14.6)

Non-GAAP net loss per diluted share2

($0.12)($0.10)($0.74)

Cash and Investments$113$142$297

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities, as well as, in the three months ended September 30, 2021, transaction costs related to the JAWS Spitfire merger transaction and charge related to the loss on fair value on the convertible note modification in conjunction with the merger transaction.

Summary of Third Quarter 2022 results

Revenue for the third quarter was $19.1 million, in line with the second quarter of 2022 and an increase of 119% compared to the third quarter of 2021. Compared to our original 2022 plan, third quarter 2022 revenue reflected the impact of system shipment delays due to supply chain component shortages and production constraints. On a sequential basis, year of sale revenue was impacted by system sales mix as well as a higher proportion of launch customer shipments than in the second quarter. This impact was partially offset by higher recurring revenue due to a greater number of systems in the field. The year over year improvement in revenue was primarily driven by increased system sales and a more favorable mix of Sapphire XC system sales resulting in an increase in average selling price.

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Exhibit 99.1

Velo3D Announces Sequential Revenue Growth of 60% / Year over Year Growth of More Than 160% for Second Quarter 2022

Company Reiterates FY2022 Revenue Guidance of $89 Million

•>15x revenue growth over last 6 quarters – on track to become the largest metal additive manufacturing company, possibly as early as the end of 20221

•Strong demand - booked $18 million in new orders, backlog of $55 million

•2022 confidence – 1H22 revenue / backlog account for >95% of 2022 revenue guidance

•Launched new Sapphire XC 1MZ system – largest build volume of any laser PBF printer in its class - initial shipments in Q322

•Maintained strong balance sheet – exited Q222 with $142 million in cash

CAMPBELL, Calif., Aug. 9, 2022 - Velo3D, Inc. (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, today announced financial results for its second fiscal quarter of 2022.

“Our tremendous success in providing our customers with the industry leading additive manufacturing solutions they need is reflected in our revenue growth, increasing more than 15 fold since the first quarter of 2021,” said Benny Buller, CEO of Velo3D. “We have accomplished this while the revenue of our peers has been relatively flat over the same period. As a result, given our expected strength of our business in the second half of the year, it is possible that we will be the industry leader in metal additive manufacturing as we exit 2022, quicker than even we anticipated.”

1 Company comments and forecasts concerning market share, peer revenue performance and AM industry growth based on data published in the CONTEXT World - Shipment and Forecast Report for Global AM / 3DP Industry as of June 30, 2022 for metal printer sales for the leading Western AM brands. Additional details related to this report can be found in the company’s second quarter supplemental earnings slides available on the company’s investor relations website at https://ir.velo3d.com/.

“Demand for our industry-leading Sapphire family of systems remains high as we booked $18 million in new orders during the quarter and exited the quarter with $55 million in total backlog. As a result of this strong demand, we now have significant visibility in achieving our revenue guidance this year as more than 95% of our 2022 revenue forecast is now either recognized, booked or recurring revenue. We also expanded our product leadership during the quarter with the recent launch of our Sapphire XC 1MZ. With part sizes up to 10 cubic feet, we believe this is the world’s largest commercially available metal powder bed fusion production system with initial customer shipments commencing this quarter,” continued Buller.

“Looking forward, given our first half execution, strong second quarter bookings, revenue visibility through our backlog and the further scaling of Sapphire XC production, we are very confident in our ability to meet our 2022 revenue guidance of $89 million,” concluded Buller.

($ in Millions, except percentages and per-share data) 2nd Quarter 2022

1st Quarter 2022

2nd Quarter 2021

GAAP revenue$19.6$12.2$7.1

GAAP gross margin6.3%0%30.6%

GAAP net income (loss)1 $128.0($65.3)($12.5)

GAAP net income (loss) per diluted share$0.63($0.36)($0.78)

Non-GAAP net loss2

($21.0)($23.1)($10.0)

Non-GAAP net loss per diluted share2

($0.10)($0.13)($0.62)

Cash and Investments$142$186$12

Information about Velo3D’s use of non-GAAP information, including a reconciliation to U.S. GAAP, is provided at the end of this release.

1.Reconciliations to U.S. generally accepted accounting principles (GAAP) financial measures are presented below under “Non-GAAP Financial Information”.

2.Non-GAAP net loss and non-GAAP net loss per diluted share exclude stock-based compensation expense, and fair value adjustments for the Company’s warrants and earnout liabilities.

Summary of Second Quarter 2022 results

Revenue for the second quarter was $19.6 million, an increase of 60% compared to the first quarter of 2022 and more than 160% year over year. The improvement in revenue was primarily driven by a more favorable mix of Sapphire XC system sales resulting in an increase in average

selling price. Recurring revenue was in line with forecasts and is expected to increase in the second half of 2022 due to the higher number of systems in the field.

Gross margin for the quarter was 6% and continues to reflect the impact of launch customer pricing for the company’s Sapphire XC systems shipped during the quarter as well as elevated overhead absorption and bill of materials costs as the company scales its manufacturing operations. While the company’s gross margin for the second quarter was in line with expectations, ongoing supply chain challenges have changed the timing of certain forecasted cost reduction benefits that will impact gross margin in the second half of the year. Bill of material cost savin