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

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Assets and Liabilities

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


		June 30,				December 31,
		2024				2023
		(In thousands)
Right-of-use assets:
Net book value (Other assets)		$	9,792			$	10,672
Operating lease liabilities:
Current (Accrued expense and other current liabilities)		$	1,865			$	2,153
Noncurrent (Other noncurrent liabilities)			9,159				9,973
			11,024				12,126
Financing lease liabilities:
Current (Accrued expense and other current liabilities)		$	136			$	113
Noncurrent (Other noncurrent liabilities)			186				203
		$	322			$	316
Total lease liabilities		$	11,346			$	12,442

Lease-Related Balances

Information about lease-related balances were as follows:


		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
		(In thousands, except years and percentages)
Operating lease expense		$	746			$	746			$	1,492			$	1,510
Financing lease expense			43				9				92				18
Short-term lease expense			40				66				108				160
Total lease expense		$	829			$	821			$	1,692			$	1,688
Cash paid for leases		$	752			$	700			$	1,498			$	1,406
Weighted – average remaining lease term – operating leases (years)			7.5				3.6				7.5				3.6
Weighted – average discount rate – operating leases			8.9	%			8.7	%			8.9	%			8.7	%

Future Minimum Operating Lease Payments

Maturity of operating lease liabilities as of June 30, 2024 are as follows:


		(In thousands)
Remainder of 2024		$	1,353
2025			2,390
2026			2,430
2027			2,400
2028			2,490
Thereafter			8,779
Total operating lease payments		$	19,842
Less portion representing imputed interest			(8,818	)
Total operating lease liabilities		$	11,024
Less current portion			1,865
Long-term portion		$	9,159