| Schedule of Prior Period Adjustments |
The
following table reflects the revisions to the previously issued unaudited condensed consolidated statement of operations and
comprehensive loss for the three months ended March 31, 2025:
Schedule of Prior Period Adjustments
| |
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
| |
|
Three Months Ended March 31, 2025 |
|
| |
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
| |
|
(In thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| Research and development |
|
$ |
1,212 |
|
|
$ |
1,063 |
|
|
$ |
2,275 |
|
| Selling and marketing |
|
$ |
2,275 |
|
|
$ |
(1,063 |
) |
|
$ |
1,212 |
|
During
the second quarter of 2025, the Company discovered that the cash paid for interest reported under the supplemental disclosure of cash
flow information on the unaudited condensed consolidated statement of cash flows for the three months ended March 31, 2025 was incorrect and should
have been zero.
The
following table reflects the revisions to the previously issued unaudited condensed consolidated statement of cash flows for the three months ended
March 31, 2025:
| |
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
| |
|
Three Months Ended March 31, 2025 |
|
| |
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
| |
|
(In thousands) |
|
| |
|
|
|
| Cash paid for interest |
|
$ |
202 |
|
|
$ |
(202 |
) |
|
$ |
- |
|
|
The
following table reflects the revisions to the previously issued Condensed Consolidated Balance Sheet as of September 30, 2024:
Summary
of Revisions to Previously Issued Financial Statements
| |
|
As
Previously
Reported
|
|
|
Adjusted |
|
|
As
Revised |
|
| |
|
September
30, 2024 |
|
| |
|
As
Previously
Reported
|
|
|
Adjusted |
|
|
As
Revised |
|
| |
|
(In
thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| Debt
– current portion |
|
$ |
29,602 |
|
|
$ |
267 |
|
|
$ |
29,869 |
|
| Total
current liabilities |
|
|
63,402 |
|
|
|
267 |
|
|
|
63,669 |
|
| Total
liabilities |
|
$ |
76,100 |
|
|
$ |
267 |
|
|
$ |
76,367 |
|
| Accumulated
deficit |
|
$ |
(408,381 |
) |
|
$ |
(267 |
) |
|
$ |
(408,648 |
) |
| Total
stockholders’ equity |
|
|
34,687 |
|
|
|
(267 |
) |
|
|
34,420 |
|
| Total
liabilities and stockholders’ equity |
|
$ |
110,787 |
|
|
$ |
- |
|
|
$ |
110,787 |
|
The
following table reflects the revisions to the previously issued Condensed Consolidated Statement of Operations and Comprehensive Income
(Loss) for the three months ended September 30, 2024:
| |
|
As
Previously Reported |
|
|
Adjusted |
|
|
As
Revised |
|
|
As
Previously Reported |
|
|
Adjusted |
|
|
As
Revised |
|
| |
|
For
the three months ended September 30, 2024 |
|
|
For
the nine months ended September 30, 2024 |
|
| |
|
As
Previously Reported |
|
|
Adjusted |
|
|
As
Revised |
|
|
As
Previously Reported |
|
|
Adjusted |
|
|
As
Revised |
|
| |
|
(In
thousands) |
|
|
(In
thousands) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General
and administrative |
|
$ |
15,279 |
|
|
$ |
131 |
|
|
$ |
15,410 |
|
|
$ |
32,867 |
|
|
$ |
131 |
|
|
$ |
32,998 |
|
| Total
operating expenses |
|
|
22,816 |
|
|
|
131 |
|
|
|
22,947 |
|
|
|
59,074 |
|
|
|
131 |
|
|
|
59,205 |
|
| Loss
from operations |
|
|
(18,745 |
) |
|
|
131 |
|
|
|
(18,876 |
) |
|
|
(60,715 |
) |
|
|
131 |
|
|
|
(60,846 |
) |
| Interest
expense |
|
|
(10,949 |
) |
|
|
7,389 |
|
|
|
(3,560 |
) |
|
|
(20,309 |
) |
|
|
7,389 |
|
|
|
(12,920 |
) |
| Loss
on debt extinguishment |
|
|
— |
|
|
|
(7,525 |
) |
|
|
(7,525 |
) |
|
|
— |
|
|
|
(7,525 |
) |
|
|
(7,525 |
) |
| Net
loss |
|
$ |
(22,858 |
) |
|
$ |
(267 |
) |
|
$ |
(23,125 |
) |
|
$ |
(51,344 |
) |
|
$ |
(267 |
) |
|
$ |
(51,611 |
) |
| Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(37.11 |
) |
|
$ |
(0.43 |
) |
|
$ |
(37.54 |
) |
|
$ |
(91.35 |
) |
|
$ |
(0.47 |
) |
|
$ |
(91.82 |
) |
| Diluted |
|
$ |
(37.11 |
) |
|
$ |
(0.43 |
) |
|
$ |
(37.54 |
) |
|
$ |
(91.35 |
) |
|
$ |
(0.47 |
) |
|
$ |
(91.82 |
) |
| Net
loss |
|
$ |
(22,858 |
) |
|
$ |
(267 |
) |
|
$ |
(23,125 |
) |
|
$ |
(51,344 |
) |
|
$ |
(267 |
) |
|
$ |
(51,611 |
) |
| Total
comprehensive loss |
|
$ |
(22,856 |
) |
|
$ |
(267 |
) |
|
$ |
(23,123 |
) |
|
$ |
(51,248 |
) |
|
$ |
(267 |
) |
|
$ |
(51,515 |
) |
Velo3D,
Inc.
Notes
to Consolidated Financial Statements
The
following table reflects the revisions to the previously issued Condensed Consolidated Statement of Cash Flows for the three months ended
September 30, 2024:
| |
|
As
Previously
Reported
|
|
|
Adjusted |
|
|
As
Revised |
|
| |
|
For
the nine months ended September 30, 2024 |
|
| |
|
As
Previously
Reported
|
|
|
Adjusted |
|
|
As
Revised |
|
| |
|
(In
thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| Net
Loss |
|
$ |
(51,344 |
) |
|
$ |
(267 |
) |
|
$ |
(51,611 |
) |
| Adjustments
to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
on debt extinguishment |
|
$ |
- |
|
|
$ |
7,525 |
|
|
$ |
7,525 |
|
| Amortization
of debt discount and deferred financing costs |
|
$ |
14,541 |
|
|
$ |
(7,258 |
) |
|
$ |
7,283 |
|
|