v3.25.4
Balance Sheet Components
12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components

Note 6. Balance Sheet Components

 

Accounts Receivable, Net

 

Accounts receivable, net consisted of the following:

 

Schedule of Accounts Receivable, Net 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Trade Receivables  $7,130   $10,203 
Less: Allowances for Doubtful Accounts   (3,407)   (620)
Total  $3,723   $9,583 

 

Inventories

 

Inventories consisted of the following:

 

Schedule of Inventories 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Raw materials  $29,386   $48,488 
Work-in-progress   9,660    9,922 
Finished goods   10,907    2,406 
Total  $49,953   $60,816 

 

The Company recorded $27.1 million in inventory reserves related to the valuation of inventory for the years ended December 31, 2024 and 2023.

 

 

Velo3D, Inc.

Notes to Consolidated Financial Statements

 

Prepaid Expenses and Other Current Assets

 

Prepaid expenses and other current assets consisted of the following:

 

Schedule of Prepaid Expenses and Other Current Assets 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Prepaid insurance and other  $1,724   $2,738 
Vendor prepayments   612    1,262 
Total  $2,336   $4,000 

 

Property and Equipment, Net

 

Property and equipment, net consisted of the following:

 

Schedule of Property and Equipment, Net 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Computers and software  $2,525   $2,549 
Lab equipment and other equipment   11,011    8,075 
Furniture and fixtures   206    206 
Leasehold improvements   13,312    14,406 
Total property, plant and equipment   27,054    25,236 
Less accumulated depreciation and amortization   (12,784)   (8,910)
Property, plant and equipment, net  $14,270   $16,326 

 

Depreciation expense for the years ended December 31, 2024 and 2023 was $4.0 million and $5.2 million, respectively.

 

The manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no significant asset retirement obligations. The Company accelerated depreciation of $0.4 million in leasehold improvements, which are included in depreciation expense, related to the Company’s exit from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use. The Company disposed of $2.1 million in fully-depreciated leasehold improvements during the year ended December 31, 2023.

 

Other Assets

 

Other assets consisted of the following:

 

Schedule of Other Assets 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Right of use assets  $8,774   $10,672 
Net investment in sales type lease   2,712    — 
Non-current contract assets   —    5,117 
Non-current prepaid expenses and other assets   2,027    1,993 
Total Other assets  $13,513   $17,782 

 

 

Velo3D, Inc.

Notes to Consolidated Financial Statements

 

Accrued Expenses & Other Current Liabilities

 

Accrued expenses and other current liabilities consisted of the following:

 

Schedule of Accrued and Other Current Liabilities 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Accrued expenses  $1,173   $1,948 
Accrued salaries and benefits   560    2,277 
Lease liability – current portion   1,778    2,266 
Total accrued expenses and other current liabilities  $3,511   $6,491 

 

Other Noncurrent Liabilities

 

Other noncurrent liabilities consisted of the following:

 

Schedule of Other Noncurrent Liabilities 

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Lease liabilities - noncurrent portion  $8,475   $10,176 
Other noncurrent liabilities   863    1,380 
Total other noncurrent liabilities  $9,338   $11,556