Velo3D, Inc. Quarterly report [Sections 13 or 15(d)]

Leases (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31,		December 31,
	2026		2025
	(In thousands)
Right-of-use assets:
Net book value (Other assets)	$	7,098	$	7,633
Operating lease liabilities:
Current (Accrued expense and other current liabilities)	$	1,905	$	1,917
Noncurrent (Other noncurrent liabilities)		6,495		6,970
Total operating lease liabilities		8,400		8,887
Financing lease liabilities:
Current (Accrued expense and other current liabilities)	$	145	$	182
Noncurrent (Other noncurrent liabilities)		127		145
Total financing lease liabilities	$	272	$	327
Total lease liabilities	$	8,672	$	9,214

Information about lease-related balances were as follows:


	Three Months Ended March 31,
	2026			2025
	(In thousands, except years and percentages)
Operating lease expense	$	675		$	578
Financing lease expense		57			40
Short-term lease expense		348			41
Total lease expense	$	1,080		$	659
Cash paid for leases	$	740		$	595
Weighted — average remaining lease term — operating leases (years)		5.7			6.9
Weighted — average discount rate — operating leases		8.9	%		9.0	%
Weighted — average remaining lease term — financing leases (years)		2.1			0.0
Weighted — average discount rate — financing leases		5.2	%		0.0	%

Maturity of operating lease liabilities as of March 31, 2026 are as follows:


	Operating Leases			Financing Leases			Total
Year Ending December 31,	(In thousands)
Remainder of 2026	$	2,052		$	133		$	2,185
2027		2,540			75			2,615
2028		2,490			75			2,565
2029		2,585			—			2,585
2030		2,684			—			2,684
Thereafter		3,510			—			3,510
Total operating lease payments	$	15,861		$	283		$	16,144
Less portion representing imputed interest		(7,461	)		(11	)		(7,472	)
Total operating lease liabilities	$	8,400		$	272		$	8,672
Less current portion		1,905			145			2,050
Long-term portion	$	6,495		$	127		$	6,622