Velo3D (VLD) Registration Filing summary

Company overview and business model

• Designs and manufactures integrated metal additive manufacturing (3D printing) systems using proprietary laser powder bed fusion technology, enabling production of complex, high-value metal parts for aerospace, defense, energy, and industrial markets.

• Offers both direct sales and recurring payment (lease) models for its Sapphire family of printers, with bundled support services and extended support agreements.

• Technology eliminates or reduces the need for support structures, allowing for greater design freedom and production of parts previously not feasible with traditional or legacy AM methods.

• Customers include OEMs and contract manufacturers seeking to address limitations of traditional manufacturing and legacy AM for low-volume, high-complexity parts.

• Manufactures all systems in a U.S.-based facility and supports supply chain resilience for mission-critical applications.

Financial performance and metrics

• Reported 2024 revenue of $41.0 million, down from $77.4 million in 2023, with a gross loss of $2.1 million in 2024 compared to a gross loss of $26.3 million in 2023.

• Net loss for 2024 was $73.3 million, improved from a net loss of $135.1 million in 2023.

• Cash and cash equivalents at year-end 2024 were $1.2 million, with an accumulated deficit of $430.3 million.

• Management and auditors have raised substantial doubt about the company's ability to continue as a going concern due to recurring losses and negative cash flows.

• Significant inventory reserves and write-downs were recorded, and the company is actively seeking additional financing.

Use of proceeds and capital allocation

• The company will not receive any proceeds from the resale of shares by selling stockholders; all proceeds go to the selling stockholders.

• Company bears registration and related offering expenses, while selling stockholders pay underwriting discounts, commissions, and transfer taxes.

• Recent capital raises and debt-for-equity exchanges have been used to repay debt, fund working capital, and support ongoing operations.