Velo3D, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Investments

Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Investments

The following table summarizes the Company’s available-for-sale (“AFS”) investments. These are classified as “Short-term investments” on the condensed consolidated balance sheets.


	March 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(In thousands)
U.S. Treasury securities	$	14,582	$	—	$	(259)	$	14,323
Corporate bonds	12,837		—		(290)		12,547
Total available-for-sale investments	$	27,419	$	—	$	(549)	$	26,870


	December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(In thousands)
U.S. Treasury securities	$	25,124	$	—	$	(423)	$	24,701
Corporate bonds	23,927		—		(414)		23,513
Total available-for-sale investments	$	49,051	$	—	$	(837)	$	48,214

The following table presents the breakdown of the AFS investments in an unrealized loss position as of March 31, 2023 and December 31, 2022, respectively.


	March 31, 2023				December 31, 2022
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(In thousands)
U.S. Treasury securities
Less than 12 months	$	—	$	—	$	16,702	$	(365)
12 months or longer	14,323		(259)		7,999		(58)
Total	$	14,323	$	(259)	$	24,701	$	(423)

Corporate bonds
Less than 12 months	$	—	$	—	$	18,951	$	(387)
12 months or longer	12,547		(290)		1,478		(27)
Total	$	12,547	$	(290)	$	20,429	$	(414)

The Company does not believe these AFS investments to be other-than-temporarily impaired as of March 31, 2023 and December 31, 2022.

There were no material realized gains or losses on AFS investments during the three months ended March 31, 2023 and March 31, 2022.

The fair value of AFS investments with maturities greater than 12 months were $4.6 million at March 31, 2023.