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

Leases (Tables)

6 Months Ended

Jun. 30, 2025

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

	June 30,		December 31,
	2025		2024
	(In thousands)
Right-of-use assets:
Net book value (Other assets)	$	7,838	$	8,774
Operating lease liabilities:
Current (Accrued expense and other current liabilities)	$	1,569	$	1,612
Noncurrent (Other noncurrent liabilities)		7,583		8,361
Total operating lease liabilities		9,152		9,973
Financing lease liabilities:
Current (Accrued expense and other current liabilities)	$	149	$	142
Noncurrent (Other noncurrent liabilities)		37		114
Total financing lease liabilities	$	186	$	256
Total lease liabilities	$	9,338	$	10,229

Information about lease-related balances were as follows:

Schedule of Lease-related Balances

	2025			2024			2025			2024
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(In thousands, except years and percentages)						(In thousands, except years and percentages)
Operating lease expense	$	578		$	746		$	1,156		$	1,492
Financing lease expense		40			43			80			92
Short-term lease expense		45			40			86			108
Total lease expense	$	663		$	829		$	1,322		$	1,692
Cash paid for leases	$	595		$	752		$	1,190		$	1,498
Weighted – average remaining lease term – operating leases (years)		6.8			7.5			6.8			7.5
Weighted – average discount rate – operating leases		9.0	%		8.9	%		9.0	%		8.9	%

Maturity of operating lease liabilities as of June 30, 2025 are as follows:

Year Ending December 31,	(In thousands)
Remainder of 2025	$	1,200
2026		2,430
2027		2,400
2028		2,490
2029		2,585
Thereafter		6,195
Total operating lease payments	$	17,300
Less portion representing imputed interest		(8,148	)
Total operating lease liabilities	$	9,152
Less current portion		1,569
Long-term portion	$	7,583