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

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Total right-of-use ("ROU") assets and lease liabilities are as follows:


	December 31,
	2025		2024
	(In thousands)
Right-of-use assets:
Net book value (Other assets)	$	7,633	$	8,774
Operating lease liabilities:
Current (Accrued expense and other current liabilities)	$	1,917	$	1,612
Noncurrent (Other noncurrent liabilities)		6,970		8,361
Total operating lease liabilities		8,887		9,973
Financing lease liabilities:
Current (Accrued expense and other current liabilities)	$	182	$	142
Noncurrent (Other noncurrent liabilities)		145		114
Total financing lease liabilities	$	327	$	256
Total lease liabilities	$	9,214	$	10,229

Information about lease-related balances were as follows:


	December 31,
	2025			2024
	(In thousands, except years and percentages)
Operating lease expense	$	2,570		$	2,830
Financing lease expense		157			175
Short-term lease expense		195			195
Total lease expense	$	2,922		$	3,200
Cash paid for leases	$	2,599		$	2,850
Weighted — average remaining lease term — operating leases (years)		6.3			7.3
Weighted — average discount rate — operating leases		9.0	%		9.0	%
Weighted — average remaining lease term — financing leases (years)		2.2			1.8
Weighted — average discount rate — financing leases		5.6	%		9.3	%

Maturity of operating lease liabilities as of December 31, 2025 are as follows:


Year Ending December 31,	Operating Leases			Financing Leases			Total
	(In thousands)
2026		2,733			192			2,925
2027		2,540			75			2,615
2028		2,490			75			2,565
2029		2,585			—			2,585
Thereafter		6,194			—			6,194
Total lease payments	$	16,542		$	342		$	16,884
Less portion representing imputed interest		(7,655	)		(15	)		(7,670	)
Total lease liabilities	$	8,887		$	327		$	9,214
Less current portion		1,917			182			2,099
Long-term portion	$	6,970		$	145		$	7,115