Velo3D, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measures and Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows:


	Fair Value Measured as of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets
Money market funds (i)		37,124		—		—		37,124
Total financial assets	$	37,124	$	—	$	—	$	37,124
Liabilities
Common stock warrant liabilities (2022 Private Warrant) (ii)		—		—		2		2
Common stock warrant liabilities (Placement Agent Warrants) (ii)		—		—		29		29
Common stock warrant liabilities (BEPO Warrants) (ii)		—		—		48		48
Common stock warrant liabilities (BEPO Agent Warrants) (ii)		—		—		30		30
Contingent earnout liabilities		—		—		1		1
Total financial liabilities	$	—	$	—	$	110	$	110

	Fair Value Measured as of December 31, 2024
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets
Money market funds (i)	$	215	$	—	$	—	$	215
Total financial assets	$	215	$	—	$	—	$	215
Liabilities
Common stock warrant liabilities (2022 Private Warrant) (ii)	$	—	$	—	$	1	$	1
Common stock warrant liabilities (RDO Warrants) (ii)		—		—		90		90
Common stock warrant liabilities (Placement Agent Warrants) (ii)		—		—		16		16
Common stock warrant liabilities (2024 Private Warrants) (ii)		—		—		378		378
Common stock warrant liabilities (BEPO Warrants) (ii)		—		—		18		18
Common stock warrant liabilities (BEPO Agent Warrants) (ii)		—		—		2		2
Common stock warrant liabilities (July 2024 Private Warrants) (ii)		—		—		866		866
Common stock warrant liabilities (August Inducement Warrants) (ii)		—		—		796		796
Contingent earnout liabilities		—		—		11		11
Total financial liabilities	$	—	$	—	$	2,178	$	2,178

(i)

Included in cash and cash equivalents on the consolidated balance sheets.

(ii)

Included in warrant liabilities on the consolidated balance sheets.

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:


	Private placement warrant liabilities			2022 Private Warrant			Contingent earnout liabilities			Debt derivatives		RDO Warrants			Placement Agent Warrants			2024 Private Warrants			BEPO Warrants			BEPO Agent Warrants			July 2024 Private Warrants			August Inducement Warrants
	(In Thousands)
Fair value as of January 1, 2025	$	—		$	1		$	11		$	—	$	90		$	16		$	2		$	378		$	18		$	866		$	796
Issuance of instruments		—			—			—			—		—			—			—			—			—			—			—
Change in fair value		—			1			(10	)		—		55			13			(1	)		218			12			440			402
Change due to exchange		—			—			—			—		(145	)		—			(1	)		(548	)		—			(1,306	)		(1,198	)
Fair value as of December 31, 2025	$	—		$	2		$	1		$	—	$	—		$	29		$	—		$	48		$	30		$	—		$	—

Fair value as of January 1, 2024	$	127		$	23		$	1,456		$	—	$	10,891		$	536		$	—		$	—		$	—		$	—		$	—
Issuance of instruments		—			—			—			—		—			—			6,321			9,020			446			4,200			2,437
Change in fair value		(127	)		(22	)		(1,445	)		—		(10,801	)		(520	)		(6,319	)		(8,642	)		(428	)		(3,334	)		(1,641	)
Change due to exchange		—			—			—			—		—			—			—			—			—			—			—
Fair value as of December 31, 2024	$	—		$	1		$	11		$	—	$	90		$	16		$	2		$	378		$	18		$	866		$	796