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

Leases (Tables)

9 Months Ended

Sep. 30, 2026

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


	September 30,		December 31,
	2026		2025
	(In thousands)
Right-of-use assets:
Net book value (Other assets)	$	78,408	$	7,633
Operating lease liabilities:
Current (Accrued expenses and other current liabilities)	$	—	$	1,917
Noncurrent (Other noncurrent liabilities)		81,277		6,970
Total operating lease liabilities		81,277		8,887
Financing lease liabilities:
Current (Accrued expenses and other current liabilities)	$	77	$	182
Noncurrent (Other noncurrent liabilities)		92		145
Total financing lease liabilities	$	169	$	327
Total lease liabilities	$	81,446	$	9,214

Information about lease-related balances were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(In thousands, except years and percentages)
Operating lease expense	$	1,854	$	739	$	3,392	$	1,895
Financing lease expense		47		39		159		119
Short-term lease expense		775		39		1,675		125
Total lease expense	$	2,676	$	817	$	5,226	$	2,139
Cash paid for leases	$	921	$	700	$	1,890	$	1,890

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


	As of September 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		9.1	%		9.0	%
Weighted — average remaining lease term — financing leases (years)		2.2			2.2
Weighted — average discount rate — financing leases		3.8	%		5.6	%

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


	Operating Leases			Financing Leases			Total
Year Ending December 31,	(In thousands)
Remainder of 2026	$	(858	)	$	25		$	(833	)
2027		6,884			75			6,959
2028		8,986			75			9,061
2029		9,325			—			9,325
2030		9,677			—			9,677
Thereafter		118,504			—			118,504
Total operating lease payments	$	152,518		$	175		$	152,693
Less: Portion representing imputed interest		(71,241	)		(6	)		(71,247	)
Total operating lease liabilities	$	81,277		$	169		$	81,446
Less: Current portion		—			77			77
Long-term portion	$	81,277		$	92		$	81,369