Note 6. Balance Sheet Components

Accounts Receivable, Net

Accounts receivable, net consisted of the following:

Schedule of Accounts Receivable, Net 

Inventories

Inventories consisted of the following:

Schedule of Inventories 

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 

Property and Equipment, Net

Property and equipment, net consisted of the following:

Schedule of Property and Equipment, Net 

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 

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 

Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following:

Schedule of Other Noncurrent Liabilities