Note 8. Leases

The Company leases its office and manufacturing facilities under four non-cancellable operating leases, with expiration dates ranging from 2024 to 2032. Each lease includes options to extend and a provision for renewal at the prevailing market rate at the time of renewal, as specified in the agreements.

As noted above in Note 6, Balance Sheet Components, the manufacturing facility operating lease at Campbell (“McGlincy”) was terminated on March 31, 2023, and is no longer in use. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use, however the lease agreement was not terminated. On November 20, 2024, the Company exited the Augsburg Technology Center lease for which no lease termination costs were incurred.

Total ROU assets and lease liabilities are as follows:

 Schedule of Right-of-use Assets and Lease Liabilities

There were no impairments recorded related to these assets as of December 31, 2024 and 2023.

Velo3D, Inc.

Notes to Consolidated Financial Statements

Information about lease-related balances were as follows:

 Schedule of Lease-related Balances

Maturity of operating lease liabilities as of December 31, 2024 are as follows:

 Schedule of Maturity of Operating Lease Liabilities