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

Leases (Tables)

6 Months Ended

Jun. 30, 2026

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


	June 30,		December 31,
	2026		2025
	(In thousands)
Right-of-use assets:
Net book value (Other assets)	$	20,921	$	7,633
Operating lease liabilities:
Current (Accrued expenses and other current liabilities)	$	—	$	1,917
Noncurrent (Other noncurrent liabilities)		22,428		6,970
Total operating lease liabilities		22,428		8,887
Financing lease liabilities:
Current (Accrued expenses and other current liabilities)	$	107	$	182
Noncurrent (Other noncurrent liabilities)		110		145
Total financing lease liabilities	$	217	$	327
Total lease liabilities	$	22,645	$	9,214

Information about lease-related balances were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands, except years and percentages)
Operating lease expense	$	864	$	578	$	1,539	$	1,156
Financing lease expense		56		40		113		80
Short-term lease expense		45		45		488		86
Total lease expense	$	965	$	663	$	2,140	$	1,322
Cash paid for leases	$	740	$	595	$	1,480	$	1,190

'Other information related to lease terms and discount rates is as follows:


	As of June 30, 2026			As of December 31, 2025
Weighted — average remaining lease term — operating leases (years)		14.1			6.3
Weighted — average discount rate — operating leases		9.2	%		9.0	%
Weighted — average remaining lease term — financing leases (years)		2.1			2.2
Weighted — average discount rate — financing leases		4.6	%		5.6	%

Maturity of operating lease liabilities as of June 30, 2026 are as follows:


	Operating Leases			Financing Leases			Total
Year Ending December 31,	(In thousands)
Remainder of 2026	$	(874	)	$	75		$	(799	)
2027		1,864			75			1,939
2028		2,712			75			2,787
2029		2,824			—			2,824
2030		2,941			—			2,941
Thereafter		35,503			—			35,503
Total operating lease payments	$	44,970		$	225		$	45,195
Less: Portion representing imputed interest		(22,542	)		(8	)		(22,550	)
Total operating lease liabilities	$	22,428		$	217		$	22,645
Less: Current portion		—			107			107
Long-term portion	$	22,428		$	110		$	22,538