| Balance Sheet Components |
Note
6. Balance Sheet Components
Accounts
Receivable, Net
Accounts
receivable, net consisted of the following:
Schedule
of Accounts Receivable, Net
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In thousands) |
|
| Trade receivables |
|
$ |
7,216 |
|
|
$ |
7,130 |
|
| Less: Allowances for credit losses |
|
|
(1,822 |
) |
|
|
(3,407 |
) |
| Total |
|
$ |
5,394 |
|
|
$ |
3,723 |
|
Inventories,
Net
Inventories
consisted of the following:
Schedule
of Inventories
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In thousands) |
|
| Raw materials |
|
$ |
30,024 |
|
|
$ |
29,386 |
|
| Work-in-progress |
|
|
3,076 |
|
|
|
9,660 |
|
| Finished goods |
|
|
5,317 |
|
|
|
10,907 |
|
| Total |
|
$ |
38,417 |
|
|
$ |
49,953 |
|
The
Company recorded $24.1 million and $27.1 million in inventory reserves related to the valuation of inventory as of June 30, 2025 and
December 31, 2024, respectively.
Prepaid
Expenses and Other Current Assets
Prepaid
expenses and other current assets consisted of the following:
Schedule
of Prepaid Expenses and Other Current Assets
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In thousands) |
|
| Prepaid insurance and other |
|
$ |
1,706 |
|
|
$ |
1,724 |
|
| Vendor prepayments |
|
|
1,077 |
|
|
|
612 |
|
| Total |
|
$ |
2,783 |
|
|
$ |
2,336 |
|
Property
and Equipment, Net
Property
and equipment, net consisted of the following:
Schedule
of Property and Equipment, Net
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In thousands) |
|
| Computers and software |
|
$ |
2,525 |
|
|
$ |
2,525 |
|
| Lab equipment and other equipment |
|
|
13,395 |
|
|
|
11,011 |
|
| Furniture and fixtures |
|
|
206 |
|
|
|
206 |
|
| Leasehold improvements |
|
|
13,379 |
|
|
|
13,312 |
|
| Construction in progress |
|
|
88 |
|
|
|
— |
|
| Total property, plant and equipment |
|
|
29,593 |
|
|
|
27,054 |
|
| Less accumulated depreciation and amortization |
|
|
(14,392 |
) |
|
|
(12,784 |
) |
| Property, plant and equipment, net |
|
$ |
15,201 |
|
|
$ |
14,270 |
|
Depreciation
expense for the three months ended June 30, 2025 and 2024 was $0.8 million and $1.1 million, respectively. Depreciation expense for the
six months ended June 30, 2025 and 2024 was $1.7 million and $2.2 million, respectively.
Other
Assets
Other
assets consisted of the following:
Schedule
of Other Assets
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In thousands) |
|
| Right of use assets |
|
$ |
7,838 |
|
|
$ |
8,774 |
|
| Net Investment in sales type lease |
|
|
2,220 |
|
|
|
2,712 |
|
| Non-current prepaid expenses and other assets |
|
|
1,383 |
|
|
|
2,027 |
|
| Total Other assets |
|
$ |
11,441 |
|
|
$ |
13,513 |
|
Accrued
Expenses and Other Current Liabilities
Accrued
expenses and other current liabilities consisted of the following:
Schedule
of Accrued and Other Current Liabilities
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In
thousands) |
|
| Accrued
expenses |
|
$ |
1,759 |
|
|
$ |
1,173 |
|
| Accrued
salaries and benefits |
|
|
786 |
|
|
|
560 |
|
| Lease
liability – current portion |
|
|
1,718 |
|
|
|
1,778 |
|
| Total
Accrued expenses and other current liabilities |
|
$ |
4,263 |
|
|
$ |
3,511 |
|
Other
Noncurrent Liabilities
Other
noncurrent liabilities consisted of the following:
Schedule
of Other Noncurrent Liabilities
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
(In
thousands) |
|
| Lease
liabilities – noncurrent portion |
|
$ |
7,620 |
|
|
$ |
8,475 |
|
| Other
noncurrent liabilities |
|
|
1,076 |
|
|
|
863 |
|
| Total
other noncurrent liabilities |
|
$ |
8,696 |
|
|
$ |
9,338 |
|
|
Note
6. Balance Sheet Components
Accounts
Receivable, Net
Accounts
receivable, net consisted of the following:
Schedule
of Accounts Receivable, Net
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Trade
Receivables |
|
$ |
7,130 |
|
|
$ |
10,203 |
|
| Less:
Allowances for Doubtful Accounts |
|
|
(3,407 |
) |
|
|
(620 |
) |
| Total |
|
$ |
3,723 |
|
|
$ |
9,583 |
|
Inventories
Inventories
consisted of the following:
Schedule
of Inventories
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Raw
materials |
|
$ |
29,386 |
|
|
$ |
48,488 |
|
| Work-in-progress |
|
|
9,660 |
|
|
|
9,922 |
|
| Finished
goods |
|
|
10,907 |
|
|
|
2,406 |
|
| Total |
|
$ |
49,953 |
|
|
$ |
60,816 |
|
The
Company recorded $27.1 million in inventory reserves related to the valuation of inventory for the years ended December 31, 2024 and
2023.
Velo3D,
Inc.
Notes
to Consolidated Financial Statements
Prepaid
Expenses and Other Current Assets
Prepaid
expenses and other current assets consisted of the following:
Schedule
of Prepaid Expenses and Other Current Assets
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Prepaid
insurance and other |
|
$ |
1,724 |
|
|
$ |
2,738 |
|
| Vendor
prepayments |
|
|
612 |
|
|
|
1,262 |
|
| Total |
|
$ |
2,336 |
|
|
$ |
4,000 |
|
Property
and Equipment, Net
Property
and equipment, net consisted of the following:
Schedule
of Property and Equipment, Net
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Computers
and software |
|
$ |
2,525 |
|
|
$ |
2,549 |
|
| Lab
equipment and other equipment |
|
|
11,011 |
|
|
|
8,075 |
|
| Furniture
and fixtures |
|
|
206 |
|
|
|
206 |
|
| Leasehold
improvements |
|
|
13,312 |
|
|
|
14,406 |
|
| Total
property, plant and equipment |
|
|
27,054 |
|
|
|
25,236 |
|
| Less
accumulated depreciation and amortization |
|
|
(12,784 |
) |
|
|
(8,910 |
) |
| Property,
plant and equipment, net |
|
$ |
14,270 |
|
|
$ |
16,326 |
|
Depreciation
expense for the years ended December 31, 2024 and 2023 was $4.0 million and $5.2 million, respectively.
The
manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no
significant asset retirement obligations. The Company accelerated depreciation of $0.4 million in leasehold improvements, which are included
in depreciation expense, related to the Company’s exit from its two facilities at Campbell (Division) on December 31, 2023, which
are no longer in use. The Company disposed of $2.1 million in fully-depreciated leasehold improvements during the year ended December
31, 2023.
Other
Assets
Other
assets consisted of the following:
Schedule
of Other Assets
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Right
of use assets |
|
$ |
8,774 |
|
|
$ |
10,672 |
|
| Net
investment in sales type lease |
|
|
2,712 |
|
|
|
— |
|
| Non-current
contract assets |
|
|
— |
|
|
|
5,117 |
|
| Non-current
prepaid expenses and other assets |
|
|
2,027 |
|
|
|
1,993 |
|
| Total
Other assets |
|
$ |
13,513 |
|
|
$ |
17,782 |
|
Velo3D,
Inc.
Notes
to Consolidated Financial Statements
Accrued
Expenses & Other Current Liabilities
Accrued
expenses and other current liabilities consisted of the following:
Schedule
of Accrued and Other Current Liabilities
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Accrued
expenses |
|
$ |
1,173 |
|
|
$ |
1,948 |
|
| Accrued
salaries and benefits |
|
|
560 |
|
|
|
2,277 |
|
| Lease
liability – current portion |
|
|
1,778 |
|
|
|
2,266 |
|
| Total
accrued expenses and other current liabilities |
|
$ |
3,511 |
|
|
$ |
6,491 |
|
Other
Noncurrent Liabilities
Other
noncurrent liabilities consisted of the following:
Schedule
of Other Noncurrent Liabilities
| |
|
2024 |
|
|
2023 |
|
| |
|
December
31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
(In
thousands) |
|
| Lease
liabilities - noncurrent portion |
|
$ |
8,475 |
|
|
$ |
10,176 |
|
| Other
noncurrent liabilities |
|
|
863 |
|
|
|
1,380 |
|
| Total
other noncurrent liabilities |
|
$ |
9,338 |
|
|
$ |
11,556 |
|
|