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

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Total right-of-use (“ROU”) assets and lease liabilities are as follows:


	March 31,		December 31,
	2023		2022
	(In thousands)
Right-of-use assets:
Net book value (Other assets)	$	12,855	$	13,545
Operating lease liabilities:
Current (Accrued expense and other current liabilities)	$	2,375	$	2,411
Noncurrent (Other noncurrent liabilities)	11,606		12,201
	13,981		14,612
Financing lease liabilities:
Current (Accrued expense and other current liabilities)	$	32	$	35
Noncurrent (Other noncurrent liabilities)	—		5
	$	32	$	40
Total lease liabilities	$	14,013	$	14,652

Information about lease-related balances were as follows:


	Three Months Ended March 31,
	2023		2022
	(In thousands, except years and percentages)
Operating lease expense	$	764	$	717
Financing lease expense	9		9
Short-term lease expense	84		99
Total lease expense	$	857	$	825
Cash paid for leases	$	706	$	281
Weighted – average remaining lease term – operating leases (years)	3.8		4.6
Weighted – average discount rate – operating leases	8.7%		4.4%

Maturity of operating lease liabilities as of March 31, 2023 are as follows:


	(In thousands)
Remainder of 2023	$	2,080
2024	2,730
2025	2,266
2026	2,313
2027	2,400
Thereafter	11,270
Total operating lease payments	$	23,059
Less portion representing imputed interest	(9,078)
Total operating lease liabilities	$	13,981
Less current portion	2,375
Long-term portion	$	11,606